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Fair Value Measurements and Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2022 and December 31, 2021 were as follows:

			September 30, 2022						December 31, 2021
			Notional Amount						Notional Amount
			(Dollars in thousands)
Derivative instruments designated as hedges:
Foreign currency derivatives			$	28,685					$	—
Commodity derivative contracts			—						19,474
Interest rate swap contracts			250,000						500,000
Derivative instruments not designated as hedges:
Foreign currency derivatives			$	53,946					$	99,260
Interest rate swap contracts			183,000						—

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 September 30, 2022 and December 31, 2021:

			September 30, 2022						December 31, 2021
			Fair Value						Fair Value
			(Dollars in thousands)
Prepaid and other current assets
Commodity derivative contracts			$	—					$	8,469
Interest rate swap contracts			8,873						—
Total			$	8,873					$	8,469
Other assets
Interest rate swap contracts			$	7,682					$	6,060
Total			$	7,682					$	6,060
Other accrued liabilities
Foreign currency derivatives			$	(3,865)					$	—
Interest rate swap contracts			—						(140)
Total			$	(3,865)					$	(140)
Net asset			$	12,690					$	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 September 30, 2022 and 2021:

												Amount of (Gain)/Loss Recognized
						Location of Realized (Gain)/Loss Recognized in the Condensed Consolidated Statement of Operations						Three Months Ended September 30,
												2022						2021
Derivatives designated as cash flow hedges:												(Dollars in thousands)
Foreign currency derivatives						Cost of sales						$	762					$	—
Commodity derivative contracts						Cost of sales						(5,018)						1,191
Interest rate swap contracts						Interest expense						(991)						285
												Amount of (Gain)/Loss Recognized
						Location of Realized (Gain)/Loss Recognized in the Condensed Consolidated Statement of Operations						Nine Months Ended September 30,
												2022						2021
Derivatives designated as cash flow hedges:												(Dollars in thousands)
Foreign currency derivatives						Cost of sales						$	762					$	—
Commodity derivative contracts						Cost of sales						(10,973)						6,238
Interest rate swap contracts						Interest expense						(532)						1,571

Derivatives Not Designated as Hedging Instruments

The following table summarizes the fair value of our outstanding derivatives not designated as hedges (on a gross basis) and balance sheet classification as of September 30, 2022 and December 31, 2021:

			September 30, 2022						December 31, 2021
			Fair Value						Fair Value
			(Dollars in thousands)
Prepaid and other current assets
Interest rate swap contracts			$	6,483					$	—
Foreign currency derivatives			191						388
Other assets
Interest rate swap contracts			5,596						—
Other accrued liabilities
Foreign currency derivatives			(437)						(2)
Net asset			$	11,833					$	386

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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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-SubTopic 10
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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the 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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