Fair Value Measurements and Derivative Instruments (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 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 June 30, 2023 and December 31, 2022 were as follows:


	June 30, 2023		December 31, 2022
	Notional Amount		Notional Amount
	(Dollars in thousands)
Derivative instruments designated as hedges:
Foreign currency derivatives	$	12,964	$	—
Interest rate swap contracts	—		250,000

Derivative instruments not designated as hedges:
Foreign currency derivatives	$	33,633	$	70,420
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 June 30, 2023 and December 31, 2022:


	June 30, 2023		December 31, 2022
	Fair Value		Fair Value
	(Dollars in thousands)
Prepaid and other current assets
Foreign currency derivatives	$	194	$	—
Interest rate swap contracts	—		10,246
Total	$	194	$	10,246

Other assets
Interest rate swap contracts	$	—	$	5,575
Total	$	—	$	5,575

Net asset	$	194	$	15,821

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The pre-tax realized (gains) losses on designated cash flow hedges are recognized in the Statements of Operations when the hedged item impacts earnings and were as follows for the periods ended June 30, 2023 and 2022:


		Amount of (Gain)/Loss Recognized
	Location of Realized (Gain)/Loss Recognized in the Condensed Consolidated Statement of Operations	Three Months Ended June 30,
		2023		2022
Derivatives designated as cash flow hedges:		(Dollars in thousands)
Foreign currency derivatives	Cost of goods sold	$	—	$	—
Commodity derivative contracts	Cost of goods sold	(4,470)		(2,977)
Interest rate swap contracts	Interest expense	(2,737)		581

		Amount of (Gain)/Loss Recognized
	Location of Realized (Gain)/Loss Recognized in the Condensed Consolidated Statement of Operations	Six Months Ended June 30,
		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	(7,287)		(5,955)
Interest rate swap contracts	Interest expense	(5,182)		1,002

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 June 30, 2023 and December 31, 2022:


	June 30, 2023		December 31, 2022
	Fair Value		Fair Value
	(Dollars in thousands)
Prepaid and other current assets
Interest rate swap contracts	$	—	$	7,492
Foreign currency derivatives	592		92

Other assets
Interest rate swap contracts	—		4,071

Other accrued liabilities
Foreign currency derivatives	(19)		(282)

Net asset	$	573	$	11,373

PretaxGainsAndLossesOnDerivativeContractsNotDesignatedAsHedgingInstrumentsNotRecognizedInEarningsTableTextBlock

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


		Amount of (Gain)/Loss Recognized
	Location of (Gain)/Loss Recognized in the Condensed Consolidated Statement of Operations	Three Months Ended June 30,
		2023		2022
Derivatives not designated as hedges:		(Dollars in thousands)
Foreign currency derivatives	Cost of goods sold, other expense (income), net	$	(116)	$	(31)
Interest rate swap contracts	Interest expense	(4,318)		(2,798)

		Amount of (Gain)/Loss Recognized
	Location of (Gain)/Loss Recognized in the Condensed Consolidated Statement of Operations	Six Months Ended June 30,
		2023		2022
Derivatives not designated as hedges:		(Dollars in thousands)
Foreign currency derivatives	Cost of goods sold, other expense (income), net	$	320	$	443
Interest rate swap contracts	Interest expense	(2,957)		(6,715)