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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2023
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 |  | March 31, 2023 |  | December 31, 2022
Forward exchange contracts | Cash flow hedge |  | $ | 199,005 |  |  | $ | 198,473 |
Forward exchange contracts | Non-designated |  | 98,173 |  |  | 81,929 |
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 and our consolidated condensed balance sheets:
|  | Amount of Gain Recognized in AOCI |  | Consolidated Condensed Statements of Comprehensive Income |  | Amount of Gain Reclassified from AOCI
|  | Three Months Ended March 31,
|  |  |  |  |  |  |  | Total Amount of Line Item Presented |  |  |  |
Derivative Instrument |  | 2023 |  | 2022 |  | Location of amount reclassified |  | 2023 | 2022 |  | 2023 |  | 2022
Foreign exchange contracts |  | $ | 2,538 |  |  | $ | 3,247 |  |  | Net Sales |  | $ | 295,468 |  | $ | 242,327 |  |  | $ | 575 |  |  | $ | 1,744 |
|  |  |  |  |  | Cost of Sales |  | 140,147 |  | 106,336 |  |  | 806 |  |  | 75 |
Pre-tax gain |  | $ | 2,538 |  |  | $ | 3,247 |  |  |  |  |  |  |  | $ | 1,381 |  |  | $ | 1,819 |
Tax expense |  | 615 |  |  | 787 |  |  |  |  |  |  |  | 335 |  |  | 441 |
Net gain |  | $ | 1,923 |  |  | $ | 2,460 |  |  |  |  |  |  |  | $ | 1,046 |  |  | $ | 1,378 |
Derivatives Not Designated as Hedging Instruments | Net gains and losses from derivative instruments not accounted for as hedges and losses on our intercompany receivables on our consolidated condensed statements of comprehensive income were:
|  |  |  | Three Months Ended March 31, |  |
Derivative Instrument |  | Location on Consolidated Condensed Statements of Comprehensive Income |  | 2023 |  | 2022 |  |  |  |
Net loss on currency forward contracts |  | Selling and administrative expense |  | $ | (366) |  |  | $ | (958) |  |  |  |  |
Net gain on currency transaction exposures |  | Selling and administrative expense |  | $ | 76 |  |  | $ | 415 |  |  |  |  |
Schedule of Fair Value for Forward Foreign Exchange Contracts | The following tables summarize the fair value for forward foreign exchange contracts outstanding at March 31, 2023 and December 31, 2022:
March 31, 2023 | 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 |  | $ | 6,869 |  |  | $ | (2,476) |  |  | $ | 4,393 |
Foreign exchange contracts | Other assets |  | 485 |  |  | (424) |  |  | 61 |
|  |  | $ | 7,354 |  |  | $ | (2,900) |  |  | $ | 4,454 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange contracts | Other current liabilities |  | 52 |  |  | (334) |  |  | (282) |
Total derivatives |  |  | $ | 7,406 |  |  | $ | (3,234) |  |  | $ | 4,172 |
December 31, 2022 | 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 |  | $ | 6,757 |  |  | $ | (3,121) |  |  | $ | 3,636 |
Foreign exchange contracts | Other long-term liabilities |  | 60 |  |  | (400) |  |  | (340) |
|  |  | $ | 6,817 |  |  | $ | (3,521) |  |  | $ | 3,296 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange contracts | Other current liabilities |  | 48 |  |  | (395) |  |  | (347) |
Total derivatives |  |  | $ | 6,865 |  |  | $ | (3,916) |  |  | $ | 2,949 |
Fair Value Measurement Inputs and Valuation Techniques | The recurring Level 3 fair value measurements of contingent consideration for which the liabilities are recorded include the following significant unobservable inputs as of March 31, 2023:
|  | Assumptions
Unobservable Input |  | In2Bones | Biorez
Discount rate |  | 6.52% | 11.32%
Revenue volatility |  | 13.11% | 20.88%
Projected year of payment |  | 2023-2026 | 2023-2026
Schedule of Business Acquisitions by Acquisition, Contingent Consideration | Changes in the fair value of contingent consideration liabilities for the three months ended March 31, 2023 are as follows:
| In2Bones |  | Biorez |  | Location in Financial Statements
Balance as of January 1, 2023 | $ | 70,198 |  |  | $ | 116,234 |  |  |
Changes in fair value of contingent consideration | 2,637 |  |  | 1,799 |  |  | Selling and administrative expense
Balance as of March 31, 2023 | $ | 72,835 |  |  | $ | 118,033 |  |  |

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- Definition Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References No definition available. + Details
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