XML 53 R21.htm IDEA: XBRL DOCUMENT v3.24.0.1
Derivative Instruments (Notes)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments [Abstract]  
Derivative Instruments
Note L – Derivative Instruments
The Company uses derivative instruments, specifically, forward foreign exchange contracts, to manage the risk associated with the volatility of future cash flows. The foreign exchange contracts are used to mitigate the impact of exchange rate fluctuations on certain forecasted purchases of inventory and are designated as cash flow hedging instruments. As of December 31, 2023, the Company's entire net forward contracts hedging portfolio consisted of a notional amount of $105,602, with current maturity dates ranging from January 2024 to December 2024 and the fair value included on the Consolidated Balance Sheets in other current assets of $708 and other current liabilities of $1,904. For the twelve months ended December 31, 2023 and 2022, the Company's hedging activities were considered effective, and, thus, no ineffectiveness from hedging activities was recognized in the Consolidated Statements of Income during the year. These gains and losses are recognized in cost of sales on the Consolidated Statements of Income.