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Derivative Instruments | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments The Company’s foreign currency risk management strategy is principally designed to mitigate the potential financial impact of changes in the value of transactions and balances denominated in foreign currencies resulting from changes in foreign currency exchange rates. The Company enters into economic hedges utilizing foreign currency forward contracts with maturities that do not exceed approximately three months to manage the exposure to fluctuations in foreign currency exchange rates arising primarily from foreign-denominated receivables and payables. The gains and losses on these derivatives are intended to be offset by the changes in the fair value of the assets and liabilities being hedged. These economic hedges are not designated as hedging instruments for hedge accounting treatment. Additionally, during 2023, the Company entered into a foreign currency forward contract to exchange U.S. Dollars for ¥40,000,000,000 to hedge the Japanese Yen purchase price of the acquisition of Moritex Corporation (refer to Note 21). Upon the settlement of this contract, the Company recorded a foreign currency loss of $8,456,000, which was recorded in "Foreign currency gain (loss)" on the Consolidated Statements of Operations. The Company had the following outstanding forward contracts (in thousands):
| December 31, 2023 |  | December 31, 2022
Currency | Notional Value | USD Equivalent |  | Notional Value | USD Equivalent
Derivatives Not Designated as Hedging Instruments:
Euro | 40,000 |  | $ | 44,302 |  |  | 60,000 |  | $ | 64,174 |
Singapore Dollar | 39,700 |  | 30,136 |  |  | — |  | — |
Mexican Peso | 145,000 |  | 8,505 |  |  | 185,000 |  | 9,480 |
Chinese Renminbi | 50,000 |  | 7,025 |  |  | 55,000 |  | 7,619 |
Hungarian Forint | 2,240,000 |  | 6,466 |  |  | 1,590,000 |  | 4,238 |
British Pound | 3,345 |  | 4,258 |  |  | 3,445 |  | 4,161 |
Japanese Yen | 600,000 |  | 4,255 |  |  | 700,000 |  | 5,281 |
Canadian Dollar | 1,470 |  | 1,112 |  |  | 1,730 |  | 1,278 |
Swiss Franc | — |  | — |  |  | 1,120 |  | 1,218 |
Information regarding the fair value of the outstanding forward contracts was as follows (in thousands):
| Asset Derivatives |  | Liability Derivatives
| Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
|  | December 31, 2023 |  | December 31, 2022 |  |  | December 31, 2023 |  | December 31, 2022
Derivatives Not Designated as Hedging Instruments:
Economic hedge forward contracts | Prepaid expenses and other current assets |  | $ | 151 |  |  | $ | 27 |  |  | Accrued expenses |  | $ | 106 |  |  | $ | 479 |
The following table summarizes the gross activity for all derivative assets and liabilities which were presented on a net basis on the Consolidated Balance Sheets due to the right of offset with each counterparty (in thousands):
Asset Derivatives |  | Liability Derivatives
|  | December 31, 2023 |  | December 31, 2022 |  |  |  | December 31, 2023 |  | December 31, 2022
Gross amounts of recognized assets |  | $ | 151 |  |  | $ | 27 |  |  | Gross amounts of recognized liabilities |  | $ | 106 |  |  | $ | 479 |
Gross amounts offset |  | — |  |  | — |  |  | Gross amounts offset |  | — |  |  | — |
Net amount of assets presented |  | $ | 151 |  |  | $ | 27 |  |  | Net amount of liabilities presented |  | $ | 106 |  |  | $ | 479 |
Information regarding the effect of derivative instruments, net of the underlying exposure, on the consolidated financial statements was as follows (in thousands):
| Location in Financial Statements |  | Year Ended December 31,
2023 |  | 2022 |  | 2021
Derivatives Not Designated as Hedging Instruments:
Gains (losses) recognized in current operations | Foreign currency gain (loss) |  | $ | (10,023) |  |  | $ | 9,823 |  |  | $ | 4,262 |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
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