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Fair Value Measurement (Tables)

12 Months Ended

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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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts.

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