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Fair Value Measurements and Derivative Instruments (Tables) | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2024 | Sep. 30, 2024
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, 2024 and December 31, 2023 were as follows:
| September 30, 2024 |  | December 31, 2023
| Notional Amount |  | Notional Amount
| (Dollars in thousands)
Derivative instruments designated as hedges: |  |  |
Foreign currency derivatives | $ | 7,068 |  |  | $ | 10,684 |
Derivative instruments not designated as hedges: |  |  |
Foreign currency derivatives | $ | 19,988 |  |  | $ | 41,863 |
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, 2024 and December 31, 2023:
| September 30, 2024 |  | December 31, 2023
| Fair Value |  | Fair Value
| (Dollars in thousands)
Prepaid and other current assets |  |  |
Foreign currency derivatives | $ | 195 |  |  | $ | 386 |
Total | $ | 195 |  |  | $ | 386 |
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, 2024 and 2023:
|  |  |  | Amount of Loss/(Gain) Recognized
|  | Location of Realized Loss/(Gain) Recognized in the Condensed Consolidated Statement of Operations |  | Three Months Ended September 30,
|  |  | 2024 |  | 2023
Derivatives designated as cash flow hedges: |  |  |  | (Dollars in thousands)
Foreign currency derivatives |  | Cost of goods sold |  | $ | (244) |  |  | $ | 3,501 |
Commodity derivative contracts |  | Cost of goods sold |  | — |  |  | (4,234) |
Interest rate swap contracts |  | Interest expense |  | (1,876) |  |  | (2,700) |
|  |  |  | Amount of Loss/(Gain) Recognized
|  | Location of Realized Loss/(Gain) Recognized in the Condensed Consolidated Statement of Operations |  | Nine Months Ended September 30,
|  |  | 2024 |  | 2023
Derivatives designated as cash flow hedges: |  |  |  | (Dollars in thousands)
Foreign currency derivatives |  | Cost of goods sold |  | $ | 111 |  |  | $ | 5,541 |
Commodity derivative contracts |  | Cost of goods sold |  | (2,462) |  |  | (11,521) |
Interest rate swap contracts |  | Interest expense |  | (7,384) |  |  | (7,882) |
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, 2024 and December 31, 2023:
| September 30, 2024 |  | December 31, 2023
| Fair Value |  | Fair Value
| (Dollars in thousands)
Prepaid and other current assets |  |  |
Foreign currency derivatives | 116 |  |  | 244 |
Other accrued liabilities |  |  |
Foreign currency derivatives | (10) |  |  | (519) |
Net asset (liability) | $ | 106 |  |  | $ | (275) |
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,
|  |  | 2024 |  | 2023
Derivatives not designated as hedges: |  |  |  | (Dollars in thousands)
Foreign currency derivatives |  | Cost of goods sold, other (income) expense, net |  | $ | (453) |  |  | $ | 180 |
|  |  |  | Amount of (Gain)/Loss Recognized
|  | Location of (Gain)/Loss Recognized in the Condensed Consolidated Statement of Operations |  | Nine Months Ended September 30,
|  |  | 2024 |  | 2023
Derivatives not designated as hedges: |  |  |  | (Dollars in thousands)
Foreign currency derivatives |  | Cost of goods sold, other (income) expense, net |  | $ | (496) |  |  | $ | 500 |
Interest rate swap contracts |  | Interest expense |  | — |  |  | (2,957) |

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