Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Derivatives by Balance Sheet Line Item

The following tables display the fair value of derivatives by balance sheet line item at September 30, 2023 and December 31, 2022:

	September 30, 2023
	Other Current Assets		Other Noncurrent Assets		Accrued Liabilities		Other Noncurrent Liabilities
(Dollars in thousands)
Foreign exchange forward contracts designated as    hedging instruments	$	24,643	$	31,048	$	1,305	$	686
Foreign exchange forward contracts not    designated as hedging instruments		367		—		1,281		—
Aluminum forward contracts designated as    hedging instruments		200		—		—		—
Natural gas forward contracts designated as    hedging instruments		222		373		947		499
Interest rate swap contracts designated as hedging    instruments		4,562		2,382		—		—
Total derivative financial instruments	$	29,994	$	33,803	$	3,533	$	1,185

	December 31, 2022
	Other Current Assets		Other Noncurrent Assets		Accrued Liabilities		Other Noncurrent Liabilities
(Dollars in thousands)
Foreign exchange forward contracts designated as    hedging instruments	$	11,210	$	15,890	$	2,873	$	5,212
Foreign exchange forward contracts not    designated as hedging instruments		603		—		192		—
Aluminum forward contracts designated as    hedging instruments		—		—		1,213		—
Natural gas forward contracts designated as    hedging instruments		498		655		1,520		770
Interest rate swap contracts designated as hedging    instruments		4,112		1,992		—		—
Total derivative financial instruments	$	16,423	$	18,537	$	5,798	$	5,982

Summary of Notional Amount and Estimated Fair Value of Derivative Financial Instruments

The following table summarizes the notional amount and estimated fair value of our derivative financial instruments:

	September 30, 2023					December 31, 2022
	Notional U.S. Dollar Amount		Fair Value			Notional U.S. Dollar Amount		Fair Value
(Dollars in thousands)
Foreign exchange forward contracts designated as    hedging instruments	$	409,409	$	53,700		$	462,783	$	19,015
Foreign exchange forward contracts not designated    as hedging instruments		40,831		(914	)		39,726		411
Aluminum forward contracts designated as    hedging instruments		4,066		200			9,495		(1,213	)
Natural gas forward contracts designated as hedging    instruments		12,400		(851	)		13,500		(1,137	)
Interest rate swap contracts designated as hedging    instruments		250,000		6,944			250,000		6,104
Total derivative financial instruments	$	716,706	$	59,079		$	775,504	$	23,180

Summary of Gain or Loss Recognized in AOCI

The following tables summarize the gain or loss recognized in AOCI, the amounts reclassified from AOCI into earnings and the amounts recognized directly into earnings for the three and nine months ended September 30, 2023 and September 30, 2022:

Three Months Ended September 30, 2023	Amount of Gain or (Loss) Recognized in AOCI on Derivatives			Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income		Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives
(Dollars in thousands)
Derivative contracts	$	(13,201	)	$	9,138	$	(375	)
Nine Months Ended September 30, 2023	Amount of Gain or (Loss) Recognized in AOCI on Derivatives			Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income		Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives
(Dollars in thousands)
Derivative contracts	$	35,263		$	19,216	$	3,618

Three Months Ended September 30, 2022	Amount of Gain or (Loss) Recognized in AOCI on Derivatives		Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income		Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives
(Dollars in thousands)
Derivative contracts	$	7,091	$	2,578	$	(157	)
Nine Months Ended September 30, 2022	Amount of Gain or (Loss) Recognized in AOCI on Derivatives		Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income		Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives
(Dollars in thousands)
Derivative contracts	$	8,329	$	11,913	$	512