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Fair Value Measurements And Derivative Instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Fair Value Measurements, Recurring and Nonrecurring | The following tables present the classification of our assets and liabilities measured at fair value on a recurring basis:
December 31, 2022 | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | (Dollars in thousands)
Foreign currency derivatives | $ | 92 |  |  | $ | — |  |  | $ | 92 |  |  | $ | — |
Interest rate swap contracts | 27,384 |  |  | — |  |  | 27,384 |  |  | — |
Total assets at fair value | $ | 27,476 |  |  | $ | — |  |  | $ | 27,476 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Foreign currency derivatives | $ | 282 |  |  | $ | — |  |  | $ | 282 |  |  | $ | — |
Total liabilities at fair value | $ | 282 |  |  | $ | — |  |  | $ | 282 |  |  | $ | — |
December 31, 2021 | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | (Dollars in thousands)
Foreign currency derivatives | $ | 388 |  |  | $ | — |  |  | $ | 388 |  |  | $ | — |
Commodity derivative contracts | 8,469 |  |  | — |  |  | 8,469 |  |  | — |
Interest rate swap contracts | 6,060 |  |  | — |  |  | 6,060 |  |  | — |
Total assets at fair value | $ | 14,917 |  |  | $ | — |  |  | $ | 14,917 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Foreign currency derivatives | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |
Interest rate swap contracts | 140 |  |  | — |  |  | 140 |  |  | — |
Total liabilities at fair value | $ | 142 |  |  | $ | — |  |  | $ | 142 |  |  | $ | — |
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 December 31, 2022 and 2021:
| December 31, 2022 |  | December 31, 2021
| Fair Value |  | Fair Value
| (Dollars in thousands)
Prepaid and other current assets |  |  |
Interest rate swap contracts | $ | 7,492 |  |  | $ | — |
Foreign currency derivatives | 92 |  |  | 388 |
Other assets |  |  |
Interest rate swap contracts | 4,071 |  |  | — |
Other accrued liabilities |  |  |
Foreign currency derivatives | (282) |  |  | (2) |
Net asset | $ | 11,373 |  |  | $ | 386 |
Schedule Of Realized (Gains) Losses On Derivatives Recognized In Statement Of Operations | 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 years ended December 31, 2022, 2021 and 2020:
|  |  |  | Amount of (Gain)/Loss Recognized
|  | Location of Realized (Gain)/Loss Recognized in the Consolidated Statement of Operations |  | 2022 |  | 2021 |  | 2020
Derivatives designated as cash flow hedges: |  | (Dollars in thousands)
Foreign currency derivatives |  | Cost of sales |  | $ | 1,975 |  |  | $ | — |  |  | $ | — |
Commodity derivative contracts |  | Cost of sales |  | (11,452) |  |  | 6,440 |  |  | (4,134) |
Interest rate swaps |  | Interest expense |  | (2,423) |  |  | 1,846 |  |  | 4,390 |
Schedule of Notional Amounts of Outstanding Derivative Positions | The notional amounts of our outstanding derivative instruments as of December 31, 2022 and 2021 were as follows:
| December 31, 2022 |  | December 31, 2021
| Notional Amount |  | Notional Amount
| (Dollars in thousands)
Derivative instruments designated as hedges: |  |  |
Commodity derivative contracts | $ | — |  |  | $ | 19,474 |
Interest rate swap contracts | 250,000 |  |  | 500,000 |
Derivative instruments not designated as hedges: |  |  |
Foreign currency derivatives | $ | 70,420 |  |  | $ | 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 December 31, 2022 and 2021:
| December 31, 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 | 10,246 |  |  | — |
Total | $ | 10,246 |  |  | $ | 8,469 |
Other assets |  |  |
Interest rate swap contracts | $ | 5,575 |  |  | $ | 6,060 |
Total | $ | 5,575 |  |  | $ | 6,060 |
Other accrued liabilities |  |  |
Interest rate swap contracts | $ | — |  |  | $ | (140) |
Total | $ | — |  |  | $ | (140) |
Net asset | $ | 15,821 |  |  | $ | 14,389 |
Pretax gains and losses on derivative contracts not designated as hedging instruments not recognized in earnings | Pre-tax gains and losses on non-designated derivatives recognized in earnings are as follows:
|  |  |  | Amount of (Gain)/Loss Recognized
|  | Location of Realized (Gain)/Loss Recognized in the Consolidated Statement of Operations |  | 2022 |  | 2021 |  | 2020
Derivatives not designated as hedges: |  | (Dollars in thousands)
Foreign currency derivatives |  | Cost of sales, other (income) expense, net |  | $ | (938) |  |  | $ | 3,895 |  |  | $ | (2,671) |
Commodity derivative contracts |  | Cost of sales |  | — |  |  | (1,399) |  |  | (530) |
Interest rate swaps |  | Interest expense |  | (11,716) |  |  | 866 |  |  | — |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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