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Fair Value Measurements and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022 were as follows:

			March 31, 2023						December 31, 2022
			Notional Amount						Notional Amount
			(Dollars in thousands)
Derivative instruments designated as hedges:
Interest rate swap contracts			$	250,000					$	250,000
Derivative instruments not designated as hedges:
Foreign currency derivatives			$	37,332					$	70,420
Interest rate swap contracts			183,000						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 March 31, 2023 and December 31, 2022:

			March 31, 2023						December 31, 2022
			Fair Value						Fair Value
			(Dollars in thousands)
Prepaid and other current assets
Interest rate swap contracts			$	9,885					$	10,246
Total			$	9,885					$	10,246
Other assets
Interest rate swap contracts			$	3,191					$	5,575
Total			$	3,191					$	5,575
Net asset			$	13,076					$	15,821

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, 2023 and 2022:

												Amount of (Gain)/Loss Recognized
						Location of Realized (Gain)/Loss Recognized in the Condensed Consolidated Statement of Operations						Three Months Ended March 31,
												2023						2022
Derivatives designated as cash flow hedges:												(Dollars in thousands)
Foreign currency derivatives						Cost of goods sold						$	2,040					$	—
Commodity derivative contracts						Cost of goods sold						(2,817)						(2,978)
Interest rate swap contracts						Interest expense						(2,445)						421

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 March 31, 2023 and December 31, 2022:

			March 31, 2023						December 31, 2022
			Fair Value						Fair Value
			(Dollars in thousands)
Prepaid and other current assets
Interest rate swap contracts			$	7,225					$	7,492
Foreign currency derivatives			160						92
Other assets
Interest rate swap contracts			2,327						4,071
Other accrued liabilities
Foreign currency derivatives			(96)						(282)
Net asset			$	9,616					$	11,373

PretaxGainsAndLossesOnDerivativeContractsNotDesignatedAsHedgingInstrumentsNotRecognizedInEarningsTableTextBlock

Pretax gains and losses on non-designated derivatives recognized in earnings are as follows:

												Amount of (Gain)/Loss Recognized
						Location of (Gain)/Loss Recognized in the Condensed Consolidated Statement of Operations						Three Months Ended March 31,
												2023						2022
Derivatives not designated as hedges:												(Dollars in thousands)
Foreign currency derivatives						Cost of goods sold, other expense (income), net						$	436					$	474
Interest rate swap contracts						Interest expense						1,361						(3,917)

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