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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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Pretax Gains (Losses) On Derivative Contracts Not Designated As Hedging Instruments Not Recognized In Earnings

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