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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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						June 30, 2024						December 31, 2023
Forward exchange contracts			Cash flow hedge						$	228,171					$	223,839
Forward exchange contracts			Non-designated						53,524						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 (Loss) Recognized in AOCI												Consolidated Condensed Statements of Comprehensive Income															Amount of Gain Reclassified from AOCI
						Three Months Ended June 30,
																								Total Amount of Line Item Presented
Derivative Instrument						2024						2023						Location of amount reclassified						2024			2023						2024						2023
Foreign exchange contracts						$	(499)					$	2,753					Net Sales						$	332,097		$	317,652					$	1,349					$	915
																		Cost of Sales						148,368			146,962						626						1,175
Pre-tax gain (loss)						$	(499)					$	2,753																				$	1,975					$	2,090
Tax expense (benefit)						(121)						667																					479						507
Net gain (loss)						$	(378)					$	2,086																				$	1,496					$	1,583

						Amount of Gain Recognized in AOCI												Consolidated Condensed Statements of Comprehensive Income															Amount of Gain Reclassified from AOCI
						Six Months Ended June 30,
																								Total Amount of Line Item Presented
Derivative Instrument						2024						2023						Location of amount reclassified						2024			2023						2024						2023
Foreign exchange contracts						$	6,759					$	5,291					Net Sales						$	644,371		$	613,121					$	1,990					$	1,490
																		Cost of Sales						288,677			287,110						1,372						1,981
Pre-tax gain						$	6,759					$	5,291																				$	3,362					$	3,471
Tax expense						1,639						1,281																					815						842
Net gain						$	5,120					$	4,010																				$	2,547					$	2,629
.

Derivatives Not Designated as Hedging Instruments

Net gains 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 June 30,												Six Months Ended June 30,
Derivative Instrument						Location on Consolidated Condensed Statements of Comprehensive Income						2024						2023						2024						2023
Net gain on currency forward contracts						Selling and administrative expense						$	211					$	768					$	882					$	403
Net loss on currency transaction exposures						Selling and administrative expense						$	(965)					$	(1,355)					$	(2,210)					$	(1,279)

Schedule of Fair Value for Forward Foreign Exchange Contracts

The following tables summarize the fair value for forward foreign exchange contracts outstanding at June 30, 2024 and December 31, 2023:

June 30, 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						$	4,677					$	(1,258)					$	3,419
Foreign exchange contracts			Other assets						824						(692)						132
									$	5,501					$	(1,950)					$	3,551
Derivatives not designated as hedging instruments:
Foreign exchange contracts			Other current liabilities						7						(214)						(207)
Total derivatives									$	5,508					$	(2,164)					$	3,344

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 June 30, 2024:

						Assumptions
Unobservable Input						In2Bones			Biorez
Discount rate						8.28%			13.31%
Revenue volatility						19.26%			22.15%
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 six months ended June 30, 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			(3,028)			—						(36,401)			—
Changes in fair value of contingent consideration			(20,760)			136						5,541			3,663
Balance as of June 30,			$	17,605		$	70,334					$	97,891		$	119,897

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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 gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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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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