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Derivative Instruments (Tables)
3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
As of March 31, 2022 and December 31, 2021, the fair value carrying amount of the Company's derivatives designated as hedging instruments are recorded as follows (dollars in thousands):
  Asset / (Liability) Derivatives
Derivatives designated as hedging instrumentsBalance Sheet CaptionMarch 31,
2022
December 31,
2021
Net Investment Hedges    
Cross-currency swapsOther assets$9,680 $7,590 
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following table summarizes the income recognized in accumulated other comprehensive income (loss) ("AOCI") on derivative contracts designated as hedging instruments as of March 31, 2022 and December 31, 2021, and the amounts reclassified from AOCI into earnings for the three months ended March 31, 2022 and 2021 (dollars in thousands):
Amount of Income Recognized
in AOCI on Derivatives
(Effective Portion, net of tax)
Amount of Income (Loss) Reclassified
from AOCI into Earnings
Three months ended
March 31,
As of
March 31,
2022
As of December 31, 2021Location of Income Reclassified from AOCI into Earnings (Effective Portion)20222021
Net Investment Hedges
Cross-currency swaps$7,470 $5,910 Other income (expense), net$— $— 
Derivatives Not Designated as Hedging Instruments
The following table summarizes the effects of derivatives not designated as hedging instruments on the Company's consolidated statement of income (dollars in thousands):
Amount of Income Recognized in
Earnings on Derivatives
Three months ended
March 31,
Location of Income
Recognized in
Earnings on Derivatives
20222021
Derivatives not designated as hedging instruments
Foreign exchange contractsOther income (expense), net$810 $4,020 
Fair Value Measurements, Recurring and Nonrecurring Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 are shown below (dollars in thousands):  
DescriptionFrequencyAsset / (Liability)Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
March 31, 2022
Cross-currency swapsRecurring$9,680 $— $9,680 $— 
Foreign exchange contractsRecurring$90 $— $90 $— 
December 31, 2021
Cross-currency swapsRecurring$7,590 $— $7,590 $— 
Foreign exchange contractsRecurring$(110)$— $(110)$—