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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Values of Hedge Instruments on the Unaudited Condensed Consolidated Balance Sheets

The fair value of hedge instruments recognized on the unaudited condensed consolidated balance sheets was as follows:

(in thousands)												September 30,						December 31,
Balance Sheet Location						Hedge Instrument Type						2024						2023
Prepaid and other assets						Foreign exchange forward						$	1,912					$	4,378
						Interest rate swap						79						452
Accrued expenses and other liabilities						Foreign exchange forward						5,246						1,931
						Interest rate swap						40						63
Other noncurrent liabilities						Foreign exchange forward						19						—
						Interest rate swap						—						88

Schedule of Effect of Hedge Instruments Losses on Accumulated Other Comprehensive Loss, Net of Tax

The hedge instrument (losses) gains recognized in accumulated other comprehensive loss, net of tax was as follows:

						Three months ended												Nine months ended
						September 30,												September 30,
(in thousands)						2024						2023						2024						2023
Type of hedge
Foreign exchange forward						$	(3,635)					$	3,658					$	1,702					$	6,719
Interest rate swap						(258)						432						511						1,601
Total						$	(3,893)					$	4,090					$	2,213					$	8,320

Schedule of Effect of Hedge Instrument in the Unaudited Condensed Consolidated Statement of Operations

The hedge instrument gains (losses) recognized on the unaudited condensed consolidated statements of operations were as follows:

						Three months ended												Nine months ended
						September 30,												September 30,
(in thousands)						2024						2023						2024						2023
Location of gains (losses) in statements of operations
Foreign exchange forward:
Cost of goods sold						$	3,040					$	682					$	8,443					$	6,975
Selling, general and administrative (1)						(1,634)						1,106						(253)						1,463
Total						$	1,406					$	1,788					$	8,190					$	8,438
Interest Rate Swap:
Interest expense, net						$	256					$	241					$	773					$	429
Total						$	256					$	241					$	773					$	429

_______________________________________________________________________________

(1)    Relates to net (losses) gains on foreign exchange forward contracts derived from previously designated cash flow hedges.

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- Definition

Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

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-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
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Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts.

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-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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