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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table presents the notional contract amounts for forward contracts outstanding:
|  |  | As of
| FASB ASC Topic 815 Designation |  | September 30, 2021 |  | December 31, 2020
Forward exchange contracts | Cash flow hedge |  | $ | 178,908 |  |  | $ | 154,504 |
Forward exchange contracts | Non-designated |  | 37,254 |  |  | 42,380 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Foreign exchange contracts designated as cash flow hedges had the following effects on accumulated other comprehensive income (loss) ("AOCI") and net earnings on our consolidated condensed statements of comprehensive income (loss) and our consolidated condensed balance sheets:
|  | Amount of Gain (Loss) Recognized in AOCI |  | Consolidated Condensed Statements of Comprehensive Income (Loss) |  | Amount of Gain (Loss) Reclassified from AOCI
|  | Three Months Ended September 30,
|  |  |  |  |  |  |  | Total Amount of Line Item Presented |  |  |  |
Derivative Instrument |  | 2021 |  | 2020 |  | Location of amount reclassified |  | 2021 | 2020 |  | 2021 |  | 2020
Foreign exchange contracts |  | $ | 3,188 |  |  | $ | (3,542) |  |  | Net Sales |  | $ | 248,827 |  | $ | 237,835 |  |  | $ | (1,077) |  |  | $ | 663 |
|  |  |  |  |  | Cost of Sales |  | 106,521 |  | 104,137 |  |  | 419 |  |  | (215) |
Pre-tax gain (loss) |  | $ | 3,188 |  |  | $ | (3,542) |  |  |  |  |  |  |  | $ | (658) |  |  | $ | 448 |
Tax expense (benefit) |  | 770 |  |  | (856) |  |  |  |  |  |  |  | (159) |  |  | 108 |
Net gain (loss) |  | $ | 2,418 |  |  | $ | (2,686) |  |  |  |  |  |  |  | $ | (499) |  |  | $ | 340 |
|  | Amount of Gain (Loss) Recognized in AOCI |  | Consolidated Condensed Statements of Comprehensive Income (Loss) |  | Amount of Gain (Loss) Reclassified from AOCI
|  | Nine Months Ended September 30,
|  |  |  |  |  |  |  | Total Amount of Line Item Presented |  |  |  |
Derivative Instrument |  | 2021 |  | 2020 |  | Location of amount reclassified |  | 2021 | 2020 |  | 2021 |  | 2020
Foreign exchange contracts |  | $ | 6,778 |  |  | $ | (2,526) |  |  | Net Sales |  | $ | 736,665 |  | $ | 609,631 |  |  | $ | (4,948) |  |  | $ | 2,206 |
|  |  |  |  |  | Cost of Sales |  | 324,485 |  | 284,845 |  |  | 1,094 |  |  | (710) |
Pre-tax gain (loss) |  | $ | 6,778 |  |  | $ | (2,526) |  |  |  |  |  |  |  | $ | (3,854) |  |  | $ | 1,496 |
Tax expense (benefit) |  | 1,637 |  |  | (610) |  |  |  |  |  |  |  | (931) |  |  | 362 |
Net gain (loss) |  | $ | 5,141 |  |  | $ | (1,916) |  |  |  |  |  |  |  | $ | (2,923) |  |  | $ | 1,134 |
Derivatives Not Designated as Hedging Instruments | Net losses from derivative instruments not accounted for as hedges and gains and losses on our intercompany receivables on our consolidated condensed statements of comprehensive income (loss) were:
|  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Derivative Instrument |  | Location on Consolidated Condensed Statements of Comprehensive Income (Loss) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Net loss on currency forward contracts |  | Selling and administrative expense |  | $ | (48) |  |  | $ | (682) |  |  | $ | (398) |  |  | $ | (1,224) |
Net gain (loss) on currency transaction exposures |  | Selling and administrative expense |  | $ | (441) |  |  | $ | 312 |  |  | $ | (1,320) |  |  | $ | 143 |
Schedule of Fair Value for Forward Foreign Exchange Contracts | The following tables summarize the fair value for forward foreign exchange contracts outstanding at September 30, 2021 and December 31, 2020:
September 30, 2021 | Location on Consolidated Condensed Balance Sheet |  | Asset Fair Value |  | Liabilities Fair Value |  | Net Fair Value
Derivatives designated as hedged instruments: |  |  |  |  |  |  |
Foreign exchange contracts | Prepaid expenses and other current assets |  | $ | 3,319 |  |  | $ | (1,311) |  |  | $ | 2,008 |
Foreign exchange contracts | Other long-term assets |  | 932 |  |  | (145) |  |  | 787 |
|  |  | $ | 4,251 |  |  | $ | (1,456) |  |  | $ | 2,795 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange contracts | Other current liabilities |  | 21 |  |  | (160) |  |  | (139) |
Total derivatives |  |  | $ | 4,272 |  |  | $ | (1,616) |  |  | $ | 2,656 |
December 31, 2020 | Location on Consolidated Condensed Balance Sheet |  | Asset Fair Value |  | Liabilities Fair Value |  | Net Fair Value
Derivatives designated as hedged instruments: |  |  |  |  |  |  |
Foreign exchange contracts | Other current liabilities |  | $ | 1,500 |  |  | $ | (8,826) |  |  | $ | (7,326) |
Foreign exchange contracts | Other long-term liabilities |  | 23 |  |  | (535) |  |  | (512) |
|  |  | $ | 1,523 |  |  | $ | (9,361) |  |  | $ | (7,838) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange contracts | Other current liabilities |  | 25 |  |  | (150) |  |  | (125) |
Total derivatives |  |  | $ | 1,548 |  |  | $ | (9,511) |  |  | $ | (7,963) |

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