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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024						December 31, 2023
Forward exchange contracts			Cash flow hedge						$	223,240					$	223,839
Forward exchange contracts			Non-designated						48,025						55,789

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						2024						2023						Location of amount reclassified						2024			2023						2024						2023
Foreign exchange contracts						$	7,258					$	2,538					Net Sales						$	312,273		$	295,468					$	641					$	575
																		Cost of Sales						140,308			140,147						746						806
Pre-tax gain						$	7,258					$	2,538																				$	1,387					$	1,381
Tax expense						1,759						615																					336						335
Net gain						$	5,499					$	1,923																				$	1,051					$	1,046

Derivatives Not Designated as Hedging Instruments

Net gains (losses) from derivative instruments not accounted for as hedges and gains (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						2024						2023
Net gain (loss) on currency forward contracts						Selling and administrative expense						$	671					$	(366)
Net gain (loss) on currency transaction exposures						Selling and administrative expense						$	(1,245)					$	76

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, 2024 and December 31, 2023:

March 31, 2024			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						$	6,217					$	(743)					$	5,474
Foreign exchange contracts			Other assets						664						(112)						552
									$	6,881					$	(855)					$	6,026
Derivatives not designated as hedging instruments:
Foreign exchange contracts			Other current liabilities						21						(118)						(97)
Total derivatives									$	6,902					$	(973)					$	5,929

December 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						$	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)

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, 2024:

						Assumptions
Unobservable Input						In2Bones			Biorez
Discount rate						8.21%			13.11%
Revenue volatility						18.62%			22.08%
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 the three months ended March 31, 2024 and 2023 are as follows:

			In2Bones									Biorez
			2024			2023						2024			2023
Balance as of January 1,			$	41,393		$	70,198					$	128,751		$	116,234
Payments			(2,187)			—						(24,741)			—
Changes in fair value of contingent consideration			(8,561)			2,637						2,016			1,799
Balance as of March 31,			$	30,645		$	72,835					$	106,026		$	118,033

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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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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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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