Fair Value Measurements and Derivative Instruments (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 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 June 30, 2024 and December 31, 2023 were as follows:

	June 30, 2024		December 31, 2023
	Notional Amount		Notional Amount
	(Dollars in thousands)
Derivative instruments designated as hedges:
Foreign currency derivatives	$	19,535	$	10,684
Derivative instruments not designated as hedges:
Foreign currency derivatives	$	9,725	$	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 June 30, 2024 and December 31, 2023:

	June 30, 2024		December 31, 2023
	Fair Value		Fair Value
	(Dollars in thousands)
Prepaid and other current assets
Foreign currency derivatives	$	—	$	386
Total	$	—	$	386
Other accrued liabilities
Foreign currency derivatives	$	(164)	$	—
Net (liability) asset	$	(164)	$	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 June 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 June 30,
		2024		2023
Derivatives designated as cash flow hedges:		(Dollars in thousands)
Foreign currency derivatives	Cost of goods sold	$	423	$	—
Commodity derivative contracts	Cost of goods sold	—		(4,470)
Interest rate swap contracts	Interest expense	(2,771)		(2,737)
		Amount of Loss/(Gain) Recognized
	Location of Realized Loss/(Gain) Recognized in the Condensed Consolidated Statement of Operations	Six Months Ended  June 30,
		2024		2023
Derivatives designated as cash flow hedges:		(Dollars in thousands)
Foreign currency derivatives	Cost of goods sold	$	355	$	2,040
Commodity derivative contracts	Cost of goods sold	(2,462)		(7,287)
Interest rate swap contracts	Interest expense	(5,508)		(5,182)

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 June 30, 2024 and December 31, 2023:

	June 30, 2024		December 31, 2023
	Fair Value		Fair Value
	(Dollars in thousands)
Prepaid and other current assets
Foreign currency derivatives	389		244
Other accrued liabilities
Foreign currency derivatives	—		(519)
Net asset (liability)	$	389	$	(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 June,
		2024		2023
Derivatives not designated as hedges:		(Dollars in thousands)
Foreign currency derivatives	Cost of goods sold, other (income) expense, net	$	(170)	$	(116)
Interest rate swap contracts	Interest expense	—		(4,318)
		Amount of (Gain)/Loss Recognized
	Location of (Gain)/Loss Recognized in the Condensed Consolidated Statement of Operations	Six Months Ended  June 30,
		2024		2023
Derivatives not designated as hedges:		(Dollars in thousands)
Foreign currency derivatives	Cost of goods sold, other (income) expense, net	$	(43)	$	320
Interest rate swap contracts	Interest expense	—		(2,957)