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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

As of September 30, 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

September 30, 2024

December 31, 2023

Net Investment Hedges

Cross-currency swaps

Accrued liabilities

$

—

$

(6,510)

Cross-currency swaps

Other long-term liabilities

(10,300)

—

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 September 30, 2024 and December 31, 2023, and the amounts reclassified from AOCI into earnings for the nine months ended September 30, 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 September 30, 2024						As of December 31, 2023						Location of Income (Loss) Reclassified from AOCI into Earnings (Effective Portion)						Three months ended September 30,												Nine months ended September 30,
																					2024						2023						2024						2023
Net Investment Hedges
Cross-currency swaps			$	10,620					$	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 September 30,												Nine months ended September 30,
						Location of Income (Loss) Recognized in Earnings on Derivatives						2024						2023						2024						2023
Derivatives not designated as hedging instruments
Foreign exchange contracts						Other income (expense), net						$	1,600					$	940					$	5,110					$	130
Cross-currency swaps						Other income (expense), net						—						—						810						—

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 September 30, 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)
September 30, 2024
Cross-currency swaps						Recurring						$	(10,300)					$	—					$	(10,300)					$	—
Foreign exchange contracts						Recurring						$	1,170					$	—					$	1,170					$	—
December 31, 2023
Cross-currency swaps						Recurring						$	(6,510)					$	—					$	(6,510)					$	—
Foreign exchange contracts						Recurring						$	(140)					$	—					$	(140)					$	—

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Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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