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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Measurements [Abstract]  
Fair Value Disclosures FAIR VALUE MEASUREMENTS
At December 31, 2024 and 2023, the Company had derivative assets totaling $9.2 million and $8.3 million, respectively, and derivative liabilities totaling $8.5 million and $25.2 million, respectively. The Company has limited involvement with derivative financial instruments and therefore does not present all the required disclosures in tabular format. The fair values of the interest rate swap agreements, the cross currency swap agreements, and the foreign currency forward contracts that economically hedge short-term intercompany balances are estimated based upon inputs from current valuation information obtained from dealer quotes and priced with observable market assumptions and appropriate valuation adjustments for credit risk. The Company has evaluated the valuation methodologies used to develop the fair values by dealers in order to determine whether such valuations are representative of an exit price in the Company’s principal market. In addition, the Company uses an internally developed model to perform testing on the valuations received from brokers. The Company has also considered both its own credit risk and counterparty credit risk in determining fair value and determined these adjustments were insignificant for the years ended December 31, 2024 and 2023.
Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement consists of observable and unobservable inputs that reflect the assumptions that a market participant would use in pricing an asset or liability.
A fair value hierarchy has been established that categorizes these inputs into three levels:
Level 1: Quoted prices in active markets for identical assets and liabilities
Level 2: Observable inputs other than quoted prices in active markets for identical assets and liabilities
Level 3: Unobservable inputs
The following table presents the Company’s assets and liabilities, which are all categorized as Level 2 and are measured at fair value on a recurring basis at December 31, 2024 and 2023. The Company does not have any assets or liabilities which are categorized as Level 1.
 20242023Balance Sheet Location
Foreign currency forward contracts not designated as hedging instruments$7,949 $8,330 Other current assets and prepaid expenses
Cash flow hedges:
Cross currency swap agreement855 — Other current assets and prepaid expenses
Cross currency swap agreement398 — Other non-current assets
Total derivative assets$9,202 $8,330 
Foreign currency forward contracts not designated as hedging instruments$4,078 $8,245 Accrued and other liabilities
Cash flow hedges:
Cross currency swap agreements— 2,678 Accrued and other liabilities
Cross currency swap agreements4,463 14,270 Other non-current liabilities
Total derivative liabilities$8,541 $25,193 
The Company had $3.7 million and $4.0 million of cash equivalents at December 31, 2024 and 2023, respectively, the fair value of which is determined using Level 2 inputs through quoted and corroborated prices in active markets. The fair value of cash equivalents approximates cost.
The fair value of the Company’s debt is less than the carrying value by approximately $202.6 million as of December 31, 2024. The fair value of the Company’s fixed interest rate debt was estimated using Level 2 inputs and primarily discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company.
During the period ended December 31, 2022, $10.0 million of contingent consideration was paid relating to the PendoTECH acquisition of which $7.9 million is included in financing activities and $2.1 million is included in operating activities for the amount not accrued at the acquisition date on the Consolidated Statement of Cash Flows in accordance with U.S. GAAP.