Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

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 instruments	Balance Sheet Caption	December 31, 2023		December 31, 2022
Net Investment Hedges
Cross-currency swaps	Accrued liabilities	$	(6,510)	$	—
Cross-currency swaps	Other long-term liabilities	—		(7,090)

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

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,
	2023		2022			2023		2022		2021
Net Investment Hedges
Cross-currency swaps	$	13,260	$	15,320	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 (Loss) Recognized in Earnings on Derivatives
		Year ended December 31,
	Location of Income (Loss) Recognized in Earnings on Derivatives	2023		2022		2021
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other income (expense), net	$	(1,880)	$	1,540	$	7,130

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 December 31, 2023 and 2022 are as follows (dollars in thousands):

Description	Frequency	Asset / (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 swaps	Recurring	$	(6,510)	$	—	$	(6,510)	$	—
Foreign exchange contracts	Recurring	$	(140)	$	—	$	(140)	$	—
December 31, 2022
Cross-currency swaps	Recurring	$	(7,090)	$	—	$	(7,090)	$	—
Foreign exchange contracts	Recurring	$	(1,790)	$	—	$	(1,790)	$	—