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Fair Value Measurement (Tables) | 12 Months Ended
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Dec. 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 |  | December 31, 2023 |  | December 31, 2022
Forward exchange contracts | Cash flow hedge |  | $ | 223,839 |  |  | $ | 198,473 |
Forward exchange contracts | Non-designated |  | 55,789 |  |  | 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 statements of comprehensive income (loss) and our consolidated balance sheets:
|  | Amount of Gain Recognized in AOCI |  | Consolidated Statements of Comprehensive Income (Loss) |  | Amount of Gain (Loss) Reclassified from AOCI
|  | Years Ended |  |  |  | Total Amount of Line Item Presented |  | Years Ended
Derivative Instrument |  | 2023 | 2022 | 2021 |  | Location of amount reclassified |  | 2023 | 2022 | 2021 |  | 2023 | 2022 | 2021
Foreign exchange contracts |  | $ | 5,489 |  | $ | 14,494 |  | $ | 8,650 |  |  | Net Sales |  | $ | 1,244,744 |  | $ | 1,045,472 |  | $ | 1,010,635 |  |  | $ | 3,790 |  | $ | 15,085 |  | $ | (5,421) |
|  |  |  |  |  | Cost of Sales |  | 568,499 |  | 474,227 |  | 442,599 |  |  | 4,840 |  | 939 |  | 1,411 |
Pre-tax gain (loss) |  | $ | 5,489 |  | $ | 14,494 |  | $ | 8,650 |  |  |  |  |  |  |  |  | $ | 8,630 |  | $ | 16,024 |  | $ | (4,010) |
Tax expense (benefit) |  | 1,331 |  | 3,513 |  | 2,090 |  |  |  |  |  |  |  |  | 2,092 |  | 3,884 |  | (969) |
Net gain (loss) |  | $ | 4,158 |  | $ | 10,981 |  | $ | 6,560 |  |  |  |  |  |  |  |  | $ | 6,538 |  | $ | 12,140 |  | $ | (3,041) |
Derivatives Not Designated as Hedging Instruments | Net losses from derivative instruments not accounted for as hedges and losses on our intercompany receivables on our consolidated statements of comprehensive income (loss) were:
|  |  |  | Years Ended
Derivative Instrument |  | Location on Consolidated Statements of Comprehensive Income (Loss) |  | 2023 |  | 2022 |  | 2021
Net loss on currency forward contracts |  | Selling and administrative expense |  | $ | (891) |  |  | $ | (240) |  |  | $ | (451) |
Net loss on currency transaction exposures |  | Selling and administrative expense |  | $ | (1,305) |  |  | $ | (1,950) |  |  | $ | (1,832) |
Schedule of Fair Value for Forward Foreign Exchange Contracts | We record these forward foreign exchange contracts at fair value. The following tables summarize the fair value for forward foreign exchange contracts outstanding at December 31, 2023 and 2022:
December 31, 2023 | Location on Consolidated Balance Sheet |  | Asset Fair Value |  | Liabilities Fair Value |  | Net Fair Value
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange contracts | Prepaid expenses and other current assets |  | $ | 3,761 |  |  | $ | (3,197) |  |  | $ | 564 |
Foreign exchange contracts | Other long-term liabilities |  | 24 |  |  | (433) |  |  | (409) |
|  |  | $ | 3,785 |  |  | $ | (3,630) |  |  | $ | 155 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange contracts | Other current liabilities |  | 39 |  |  | (209) |  |  | (170) |
Total derivatives |  |  | $ | 3,824 |  |  | $ | (3,839) |  |  | $ | (15) |
December 31, 2022 | Location on Consolidated Balance Sheet |  | Asset Fair Value |  | Liabilities Fair Value |  | Net Fair Value
Derivatives designated as hedging 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 December 31, 2023:
|  | Assumptions
Unobservable Input |  | In2Bones | Biorez
Discount rate |  | 7.62% | 12.25%
Revenue volatility |  | 15.49% | 21.39%
Projected year of payment |  | 2024-2026 | 2024-2026
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | Changes in the fair value of contingent consideration liabilities for years ended December 31, 2023 and December 31, 2022 are as follows:
| In2Bones |  | Biorez
Balance at January 1, 2022 | $ | — |  |  | $ | — |
Purchase price contingent consideration | 69,402 |  |  | 114,512 |
Changes in fair value of contingent consideration | 796 |  |  | 1,722 |
Balance at December 31, 2022 | $ | 70,198 |  |  | $ | 116,234 |
Payments | (13,867) |  |  | — |
Changes in fair value of contingent consideration | (14,938) |  |  | 12,517 |
Balance at December 31, 2023 | $ | 41,393 |  |  | $ | 128,751 |

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