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Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of March 31, 2024 and December 31, 2023, the fair value carrying amount of the Company's derivatives designated as hedging instruments are recorded as follows (dollars in thousands):
|  |  |  | Asset / (Liability) Derivatives
Derivatives designated as hedging instruments |  | Balance Sheet Caption |  | March 31, 2024 |  | December 31, 2023
Net Investment Hedges |  |  |  |  |  |
Cross-currency swaps |  | Accrued liabilities |  | $ | — |  |  | $ | (6,510) |
Cross-currency swaps |  | Other long-term liabilities |  | (6,010) |  |  | — |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table summarizes the income recognized in accumulated other comprehensive income (loss) ("AOCI") on derivative contracts designated as hedging instruments as of March 31, 2024 and December 31, 2023, and the amounts reclassified from AOCI into earnings for the three months ended March 31, 2024 and 2023 (dollars in thousands):
| Amount of Income Recognized in AOCI on Derivatives (Effective Portion, net of tax) |  |  |  |  |  |  | Amount of Income (Loss) Reclassified from AOCI into Earnings
| As of March 31, 2024 |  | As of December 31, 2023 |  | Location of Income (Loss) Reclassified from AOCI into Earnings (Effective Portion) |  |  |  | Three months ended March 31,
|  |  |  |  |  |  |  | 2024 |  | 2023
Net Investment Hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swaps | $ | 13,850 |  |  | $ | 13,260 |  |  | Other income (expense), net |  |  |  |  |  | $ | — |  |  | $ | — |
Derivatives Not Designated as Hedging Instruments | The following table summarizes the effects of derivatives not designated as hedging instruments on the Company's consolidated statement of income (dollars in thousands):
|  |  |  |  |  |  | Amount of Income (Loss) Recognized in Earnings on Derivatives
|  |  |  |  |  | Three months ended March 31,
|  | Location of Income (Loss) Recognized in Earnings on Derivatives |  |  |  |  |  | 2024 |  | 2023
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other income (expense), net |  |  |  |  |  | $ | 1,710 |  |  | $ | (760) |
Cross-currency swaps |  | Other income (expense), net |  |  |  |  |  | (300) |  |  | — |
Fair Value Measurements, Recurring and Nonrecurring | Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 are shown below (dollars in thousands):
Description |  | Frequency |  | Asset / (Liability) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
March 31, 2024 |  |  |  |  |  |  |  |  |  |
Cross-currency swaps |  | Recurring |  | $ | (10,870) |  |  | $ | — |  |  | $ | (10,870) |  |  | $ | — |
Foreign exchange contracts |  | Recurring |  | $ | 5,060 |  |  | $ | — |  |  | $ | 5,060 |  |  | $ | — |
December 31, 2023 |  |  |  |  |  |  |  |  |  |
Cross-currency swaps |  | Recurring |  | $ | (6,510) |  |  | $ | — |  |  | $ | (6,510) |  |  | $ | — |
Foreign exchange contracts |  | Recurring |  | $ | (140) |  |  | $ | — |  |  | $ | (140) |  |  | $ | — |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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