XML 97 R36.htm IDEA: XBRL DOCUMENT v3.24.0.1
Fair Value Measurements And Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
The following tables present the classification of our assets and liabilities measured at fair value on a recurring basis:
December 31, 2023TotalLevel 1Level 2Level 3
Assets:(Dollars in thousands)
Foreign currency derivatives$630 $— $630 $— 
Total assets at fair value$630 $— $630 $— 
Liabilities:
Foreign currency derivatives$519 $— $519 $— 
Total liabilities at fair value$519 $— $519 $— 
December 31, 2022TotalLevel 1Level 2Level 3
Assets:(Dollars in thousands)
Foreign currency derivatives$92 $— $92 $— 
Interest rate swap contracts27,384 — 27,384 — 
Total assets at fair value$27,476 $— $27,476 $— 
Liabilities:
Foreign currency derivatives$282 $— $282 $— 
Total liabilities at fair value$282 $— $282 $— 
Schedule of Notional Amounts of Outstanding Derivative Positions
The notional amounts of our outstanding derivative instruments as of December 31, 2023 and 2022 were as follows:
December 31, 2023December 31, 2022
 Notional AmountNotional Amount
(Dollars in thousands)
Derivative instruments designated as hedges:
Foreign currency derivatives$10,684 $— 
Interest rate swap contracts— 250,000 
Derivative instruments not designated as hedges:
Foreign currency derivatives$41,863 $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 December 31, 2023 and 2022:
December 31, 2023December 31, 2022
    Fair Value   Fair Value
(Dollars in thousands)
Prepaid and other current assets
Foreign currency derivatives$386 $— 
Interest rate swap contracts— 10,246 
Total$386 $10,246 
Other assets
Interest rate swap contracts$— $5,575 
Total$— $5,575 
Total asset$386 $15,821 
Schedule Of Realized (Gains) Losses On Derivatives Recognized In Statement Of Operations
The realized (gains) losses on cash flow hedges are recognized in the Statements of Operations when the hedged item impacts earnings and are as follows for the years ended December 31, 2023, 2022 and 2021:
  Amount of (Gain)/Loss
Recognized
Location of Realized (Gain)/Loss Recognized in the Consolidated Statement of Operations202320222021
Derivatives designated as cash flow hedges:(Dollars in thousands)
Foreign currency derivativesCost of goods sold$5,541 $1,975 $— 
Commodity derivative contractsCost of goods sold(15,089)(11,452)6,440 
Interest rate swapsInterest expense (10,617)(2,423)1,846 
Pretax gains and losses on derivative contracts not designated as hedging instruments not recognized in earnings
Pre-tax gains and losses on non-designated derivatives recognized in earnings are as follows:
  Amount of (Gain)/Loss
Recognized
Location of Realized (Gain)/Loss Recognized in the Consolidated Statement of Operations202320222021
Derivatives not designated as hedges:(Dollars in thousands)
Foreign currency derivativesCost of goods sold, other expense (income), net$(314)$(938)$3,895 
Commodity derivative contractsCost of goods sold— — (1,399)
Interest rate swapsInterest expense(2,957)(11,716)866 
Derivatives Not Designated as Hedging Instruments
The following table summarizes the fair value of our outstanding derivatives not designated as hedges (on a gross basis) and balance sheet classification as of December 31, 2023 and 2022:
December 31, 2023December 31, 2022
    Fair Value   Fair Value
(Dollars in thousands)
Prepaid and other current assets
Interest rate swap contracts$— $7,492 
Foreign currency derivatives244 92 
Other assets
Interest rate swap contracts— 4,071 
Other accrued liabilities
Foreign currency derivatives(519)(282)
Net (liability) asset $(275)$11,373