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Fair Value Measurements and Derivative Instruments (Tables) | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2023 | Sep. 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 September 30, 2023 and December 31, 2022 were as follows:
| September 30, 2023 |  | December 31, 2022
| Notional Amount |  | Notional Amount
| (Dollars in thousands)
Derivative instruments designated as hedges: |  |  |
Foreign currency derivatives | $ | 21,264 |  |  | $ | — |
Interest rate swap contracts | — |  |  | 250,000 |
Derivative instruments not designated as hedges: |  |  |
Foreign currency derivatives | $ | 40,049 |  |  | $ | 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 September 30, 2023 and December 31, 2022:
| September 30, 2023 |  | December 31, 2022
| Fair Value |  | Fair Value
| (Dollars in thousands)
Prepaid and other current assets |  |  |
Interest rate swap contracts | $ | — |  |  | $ | 10,246 |
Total | $ | — |  |  | $ | 10,246 |
Other assets |  |  |
Interest rate swap contracts | $ | — |  |  | $ | 5,575 |
Total | $ | — |  |  | $ | 5,575 |
Other accrued liabilities |  |  |
Foreign currency derivatives | $ | (565) |  |  | $ | — |
Net (liability) asset | $ | (565) |  |  | $ | 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 September 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 September 30,
|  |  | 2023 |  | 2022
Derivatives designated as cash flow hedges: |  |  |  | (Dollars in thousands)
Foreign currency derivatives |  | Cost of goods sold |  | $ | 3,501 |  |  | $ | 762 |
Commodity derivative contracts |  | Cost of goods sold |  | (4,234) |  |  | (5,018) |
Interest rate swap contracts |  | Interest expense |  | (2,700) |  |  | (991) |
|  |  |  | Amount of (Gain)/Loss Recognized
|  | Location of Realized (Gain)/Loss Recognized in the Condensed Consolidated Statement of Operations |  | Nine Months Ended September 30,
|  |  | 2023 |  | 2022
Derivatives designated as cash flow hedges: |  |  |  | (Dollars in thousands)
Foreign currency derivatives |  | Cost of goods sold |  | $ | 5,541 |  |  | $ | 762 |
Commodity derivative contracts |  | Cost of goods sold |  | (11,521) |  |  | (10,973) |
Interest rate swap contracts |  | Interest expense |  | (7,882) |  |  | (532) |
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, 2023 and December 31, 2022:
| September 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 | 516 |  |  | 92 |
Other assets |  |  |
Interest rate swap contracts | — |  |  | 4,071 |
Other accrued liabilities |  |  |
Foreign currency derivatives | (84) |  |  | (282) |
Net asset | $ | 432 |  |  | $ | 11,373 |
Pretax Gains (Losses) on Derivative Contracts Not Designated as Hedging Instruments Not Recognized in Earnings | 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 September 30,
|  |  | 2023 |  | 2022
Derivatives not designated as hedges: |  |  |  | (Dollars in thousands)
Foreign currency derivatives |  | Cost of goods sold, other expense (income), net |  | $ | 180 |  |  | $ | (144) |
Interest rate swap contracts |  | Interest expense |  | — |  |  | (249) |
|  |  |  | Amount of (Gain)/Loss Recognized
|  | Location of (Gain)/Loss Recognized in the Condensed Consolidated Statement of Operations |  | Nine Months Ended September 30,
|  |  | 2023 |  | 2022
Derivatives not designated as hedges: |  |  |  | (Dollars in thousands)
Foreign currency derivatives |  | Cost of goods sold, other expense (income), net |  | $ | 500 |  |  | $ | 299 |
Interest rate swap contracts |  | Interest expense |  | (2,957) |  |  | (6,964) |

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