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Derivative Instruments (Notes)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
Derivatives Designated as Hedging Instruments
The Company uses cross-currency swap agreements to hedge its net investment in Euro-denominated assets against future volatility in the exchange rate between the U.S. dollar and the Euro. By doing so, the Company synthetically converts a portion of its U.S. dollar-based long-term debt into Euro-denominated long-term debt. At inception, the Company designates its cross-currency swaps as net investment hedges.
In July 2022, the Company entered into cross-currency swap agreements at notional amounts declining from $150.0 million to $75.0 million over contract periods ending on October 15, 2023, and April 15, 2024. Under the terms of the agreements, the Company is to receive net interest payments at fixed rates of approximately 2.4% to 2.6% of the notional amounts. As of December 31, 2023, the notional amount of these cross-currency swaps was $75.0 million.
In July 2022, immediately prior to entering into the new cross-currency swap agreements, the Company terminated its existing cross-currency swap agreements, de-designated the swaps as net investment hedges and received $26.2 million of cash, which was classified as an investing activity in the accompanying consolidated statement of cash flows. The cross-currency swap agreements had notional amounts totaling $250.0 million, which declined to $25.0 million over various contract periods ending between October 15, 2023 and October 15, 2027. Under the terms of the agreements, the Company was to receive net interest payments at fixed rates ranging from approximately 0.8% to 2.9% of the notional amounts.
As of December 31, 2023 and 2022, the fair value carrying amount of the Company's derivatives designated as hedging instruments are recorded as follows (dollars in thousands):
Asset / (Liability) Derivatives
Derivatives designated as hedging instrumentsBalance Sheet CaptionDecember 31, 2023December 31, 2022
Net Investment Hedges
Cross-currency swapsAccrued liabilities$(6,510)$— 
Cross-currency swapsOther long-term liabilities— (7,090)
The following table summarizes the income recognized in AOCI on derivative contracts designated as hedging instruments as of December 31, 2023 and 2022, and the amounts reclassified from AOCI into earnings for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands):
Amount of Income Recognized
in AOCI on Derivative
(net of tax)		Location of Loss Reclassified from AOCI into Earnings Amount of Loss Reclassified from
AOCI into Earnings
As of December 31,Year ended December 31,
20232022202320222021
Net Investment Hedges
Cross-currency swaps$13,260 $15,320 Other income (expense), net$— $— $— 
Over the next 12 months, the Company does not expect to reclassify any pre-tax deferred amounts from AOCI into earnings.
Derivatives Not Designated as Hedging Instruments
As of December 31, 2023, the Company was party to foreign currency exchange forward contracts to economically hedge changes in foreign currency rates with notional amounts of $138.6 million. The Company uses foreign exchange contracts to mitigate the risk associated with fluctuations in currency rates impacting cash flows related to certain of its receivables, payables and intercompany transactions denominated in foreign currencies. The foreign exchange contracts primarily mitigate currency exposures between the U.S. dollar and the Euro, Canadian dollar, Chinese yuan, and the Mexican peso, as well as between the Euro and British pound, and have various settlement dates through March 2024. These contracts are not designated as hedge instruments; therefore, gains and losses on these contracts are recognized each period directly into the consolidated statement of income.
The following table summarizes the effects of derivatives not designated as hedging instruments on the Company's consolidated statement of income (dollars in thousands):
Amount of Income (Loss) Recognized in Earnings on Derivatives
Year ended December 31,
Location of Income (Loss)
Recognized in
Earnings on Derivatives		202320222021
Derivatives not designated as hedging instruments
Foreign exchange contractsOther income (expense), net$(1,880)$1,540 $7,130 
Fair Value of Derivatives
The fair value of the Company's derivative instruments are estimated using an income approach based on valuation techniques to convert future amounts to a single, discounted amount. Estimates of the fair value of the Company's cross-currency swaps and foreign exchange contracts use observable inputs such as interest rate yield curves and forward currency exchange rates. Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022 are as follows (dollars in thousands):
DescriptionFrequencyAsset / (Liability)Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
December 31, 2023
Cross-currency swapsRecurring$(6,510)$— $(6,510)$— 
Foreign exchange contractsRecurring$(140)$— $(140)$— 
December 31, 2022
Cross-currency swapsRecurring$(7,090)$— $(7,090)$— 
Foreign exchange contractsRecurring$(1,790)$— $(1,790)$—