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Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments Gain Loss [Line Items]

Fair Value of Financial Instruments

The carrying values of the Company’s Cash and Cash Equivalents, Accounts Receivable, Accounts Payable and Accrued Liabilities due within one year approximate their fair values due to the short-term maturity of these instruments. Including these instruments, the Company’s financial instruments consist of the following:

		As of September 30, 2021								As of December 31, 2020
(In thousands of U.S. Dollars)		Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
Level 1
Cash and cash equivalents(1)		$	193,008			$	193,008			$	317,379			$	317,379
Equity securities(2)			1,089				1,089				13,633				13,633
Level 2
Net financed sales receivables(3)		$	113,200			$	113,210			$	112,396			$	112,603
Net investment in sales-type leases(3)			22,002				21,850				19,414				19,373
Equity securities(1)			1,000				1,000				1,000				1,000
COLI(4)			3,244				3,244				3,155				3,155
Foreign exchange contracts — designated forwards(3)			(209	)			(209	)			1,635				1,635
Foreign exchange contracts — non-designated forwards(3)			(61	)			(61	)			344				344
Working Capital Facility borrowings(1)			(10,974	)			(10,974	)			(7,643	)			(7,643	)
Credit Facility borrowings(1)			—				—				(300,000	)			(300,000	)
Convertible Notes(5)			(230,000	)			(224,574	)			—				—

(1) Recorded at cost, which approximates fair value.

(2) Fair value is determined using quoted prices in active markets.

(3) Fair value is estimated based on discounting future cash flows at currently available interest rates with comparable terms.

(4) Measured at cash surrender value, which approximates fair value.

(5) Fair value is determined using quoted market prices that are observable in the market or that could be derived from observable market data.

Notional Amount of Derivative

The following tabular disclosures reflect the impact that derivative instruments and hedging activities have on the Company’s Condensed Consolidated Financial Statements:

Notional value of foreign exchange contracts:

		September 30,				December 31,
(In thousands of U.S. Dollars)		2021				2020
Derivatives designated as hedging instruments:
Foreign exchange contracts — Forwards		$	24,642			$	26,358
Derivatives not designated as hedging instruments:
Foreign exchange contracts — Forwards			1,123				5,552
		$	25,765			$	31,910

Fair Value of Foreign Exchange Contracts

Fair value of derivatives in foreign exchange contracts:

				September 30,				December 31,
(In thousands of U.S. Dollars)		Balance Sheet Location		2021				2020
Derivatives designated as hedging instruments:
Foreign exchange contracts — Forwards		Other assets		$	128			$	1,635
		Accrued and other liabilities			(337	)			—
Derivatives not designated as hedging instruments:
Foreign exchange contracts — Forwards		Other assets			—				344
		Accrued and other liabilities			(61	)			—
				$	(270	)		$	1,979

Derivatives in Foreign Currency Hedging Relationships

Derivatives in foreign currency hedging relationships are as follows:

				Three Months Ended September 30,								Nine Months Ended September 30,
(In thousands of U.S. Dollars)				2021				2020				2021				2020
Foreign exchange contracts		Derivative (Loss) Gain
— Forwards		Recognized in OCI
		(Effective Portion)		$	(759	)		$	591			$	(159	)		$	(935	)
		Location of Derivative Gain (Loss)
		Reclassified from AOCI		Three Months Ended September 30,								Nine months ended September 30,
(In thousands of U.S. Dollars)		(Effective Portion)		2021				2020				2021				2020
Foreign exchange contracts		Selling, general and
— Forwards		administrative expenses		$	312			$	(110	)		$	1,367				(779	)
		Inventory			—				—			$	—				(26	)
				$	312			$	(110	)		$	1,367			$	(805	)

				Three Months Ended September 30,								Nine months ended September 30,
(In thousands of U.S. Dollars)				2021				2020				2021				2020
Foreign exchange contracts		Derivative Loss Recognized In
— Forwards		and Out of OCI
		(Effective Portion)		$	—			$	—			$	—			$	(55	)

Not Designated as Hedging Instrument [Member]

Derivative Instruments Gain Loss [Line Items]

Derivatives in Foreign Currency Hedging Relationships

Non-designated derivatives in foreign currency relationships are as follows:

				Three Months Ended September 30,								Nine months ended September 30,
(In thousands of U.S. Dollars)				2021				2020				2021				2020
Foreign exchange contracts		Derivative Gain Reclassified
— Forwards		From AOCI
		(Ineffective Portion)		$	(25	)		$	—			$	(318	)		$	—

				Three Months Ended September 30,								Nine months ended September 30,
(In thousands of U.S. Dollars)		Location of Derivative (Loss) Gain		2021				2020				2021				2020
Foreign exchange contracts		Selling, general and
— Forwards		administrative expenses		$	(122	)		$	75			$	269			$	102
				$	(122	)		$	75			$	269			$	102

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