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Fair Value Measurements and Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | The notional amounts of our outstanding derivative instruments as of March 31, 2022 and December 31, 2021 were as follows:
| As of March 31, 2022 | As of December 31, 2021
| Notional Amount |  | Notional Amount
| (Dollars in thousands)
Derivative instruments designated as hedges: |  |  |
Foreign currency derivatives | $ | 85,664 |  |  | $ | — |
Commodity derivative contracts | 9,737 |  |  | 19,474 |
Interest rate swap contracts | 250,000 |  |  | 500,000 |
Derivative instruments not designated as hedges: |  |  |
Foreign currency derivatives | $ | 69,184 |  |  | $ | 99,260 |
Interest rate swap contracts | 250,000 |  |  | — |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the fair value of our outstanding derivatives designated as hedges (on a gross basis) and balance sheet classification as of March 31, 2022 and December 31, 2021:
| As of March 31, 2022 |  | As of December 31, 2021
| Fair Value |  | Fair Value
| (Dollars in thousands)
Prepaid and other current assets |  |  |
Commodity derivative contracts | $ | 9,509 |  |  | $ | 8,469 |
Interest rate swap contracts | 2,740 |  |  | — |
Total | $ | 12,249 |  |  | $ | 8,469 |
Other assets |  |  |
Interest rate swap contracts | $ | 7,649 |  |  | $ | 6,060 |
Total | $ | 7,649 |  |  | $ | 6,060 |
Other accrued liabilities |  |  |
Foreign currency derivatives | $ | (963) |  |  | $ | — |
Interest rate swap contracts | — |  |  | (140) |
Total | $ | (963) |  |  | $ | (140) |
Net asset (liability) | $ | 18,935 |  |  | $ | 14,389 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The realized (gains) losses on cash flow hedges are recognized in the Statements of Operations when the hedged item impacts earnings and are as follows for the periods ended March 31, 2022 and 2021:
|  |  |  | Amount of (Gain)/Loss Recognized
|  | Location of Realized (Gain)/Loss Recognized in the Condensed Consolidated Statement of Operations |  | For the Three Months Ended March 31,
|  |  | 2022 |  | 2021
Derivatives designated as cash flow hedges: |  |  |  | (Dollars in thousands)
Commodity derivative contracts |  | Cost of sales |  | $ | (2,978) |  |  | $ | 549 |
Interest rate swap contracts |  | Interest expense |  | 421 |  |  | 1,330 |
Derivatives Not Designated as Hedging Instruments | The following table summarizes the fair value of our outstanding derivatives not designated as hedging instruments (on a gross basis) and balance sheet classification as of March 31, 2022 and December 31, 2021:
| As of March 31, 2022 |  | As of December 31, 2021
| Fair Value |  | Fair Value
| (Dollars in thousands)
Prepaid and other current assets |  |  |
Interest rate swap contracts | $ | 2,735 |  |  | $ | — |
Foreign currency derivatives | 474 |  |  | 388 |
Other assets |  |  |
Interest rate swap contracts | 7,605 |  |  | — |
Other accrued liabilities |  |  |
Foreign currency derivatives | (154) |  |  | (2) |
Net asset (liability) | $ | 10,660 |  |  | $ | 386 |

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