Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023:

	March 31, 2024
	Derivative Financial Instruments (Current Asset)		Derivative Financial Instruments (Noncurrent Asset)		Accrued Liabilities		Other Noncurrent Liabilities
(Dollars in thousands)
Foreign exchange forward contracts designated as    hedging instruments	$	36,021	$	38,573	$	332	$	168
Foreign exchange forward contracts not    designated as hedging instruments		713		—		118		—
Aluminum forward contracts designated as    hedging instruments		165		—		—		—
Natural gas forward contracts designated as    hedging instruments		192		71		2,371		734
Interest rate swap contracts designated as hedging    instruments		3,507		1,026		—		—
Total derivative financial instruments	$	40,598	$	39,670	$	2,821	$	902

	December 31, 2023
	Derivative Financial Instruments (Current Asset)		Derivative Financial Instruments (Noncurrent Asset)		Accrued Liabilities		Other Noncurrent Liabilities
(Dollars in thousands)
Foreign exchange forward contracts designated as    hedging instruments	$	33,075	$	39,902	$	440	$	596
Foreign exchange forward contracts not    designated as hedging instruments		1,512		—		677		—
Aluminum forward contracts designated as    hedging instruments		366		—		36		—
Natural gas forward contracts designated as    hedging instruments		183		115		2,358		729
Interest rate swap contracts designated as hedging    instruments		3,162		454		—		—
Total derivative financial instruments	$	38,298	$	40,471	$	3,511	$	1,325

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:

	March 31, 2024					December 31, 2023
	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	$	382,274	$	74,094		$	432,529	$	71,941
Foreign exchange forward contracts not designated    as hedging instruments		35,690		595			34,764		835
Aluminum forward contracts designated as    hedging instruments		7,092		165			15,751		330
Natural gas forward contracts designated as hedging    instruments		12,741		(2,842	)		11,262		(2,789	)
Interest rate swap contracts designated as hedging    instruments		200,000		4,533			200,000		3,616
Total derivative financial instruments	$	637,797	$	76,545		$	694,306	$	73,933

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 months ended March 31, 2024 and March 31, 2023:

Three Months Ended March 31, 2024	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	$	2,694	$	9,177	$	225

Three Months Ended March 31, 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	$	18,120	$	3,928	$	2,595