XML 33 R20.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Derivative Instruments
 3 Months Ended
Mar. 31, 2024
Derivative Instruments Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Disclosure [Text Block] 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 March 31, 2024, the Company's entire net forward contracts hedging portfolio consisted of a notional amount of $78,464, with current maturity dates ranging from January 2024 to December 2024 and the fair value included on the Company's Condensed Consolidated Balance Sheets in other current assets of $1,242 and other current liabilities of $792. For the three months ended March 31, 2024, a loss of $9 was reclassified from accumulated other comprehensive income and recognized in cost of sales on the Consolidated Statements of Income. For the three months ended March 31, 2023, the Company's hedging activities were considered effective, and, thus, no ineffectiveness from hedging activities was recognized during the first quarter of 2023.