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Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Location and Fair Values of Derivative Instruments

The location and fair values of derivative instruments designated as hedging instruments in the Condensed Consolidated Balance Sheets as of June 30, 2024, are shown in the following table:

		As of
		June 30,				December 31,
		2024				2023
Interest rate swaps reported in Other current assets		$	1,183			$	1,121
Interest rate swaps reported in Other assets		$	1,061			$	706
Cross-currency swap reported in Accrued expenses and other liabilities		$	(146	)		$	(747	)
Foreign currency hedges reported in Other current assets		$	—			$	1,087
Foreign currency hedges reported in Accrued expenses and other liabilities		$	(319	)		$	—

Schedule of Effect of Derivative Instruments on Consolidated Statements of Earnings

The effect of derivative instruments on the Condensed Consolidated Statements of Earnings is as follows:

		Three Months Ended								Six Months Ended
		June 30,				June 30,				June 30,				June 30,
		2024				2023				2024				2023
Foreign Exchange Contracts:
Amounts reclassified from AOCI to earnings:
Net sales		$	70			$	(63	)		$	96			$	(97	)
Cost of goods sold			384				589				1,141				844
Total net gain reclassified from AOCI to earnings			454				526				1,237				747
Total derivative gain on foreign exchange contracts recognized in earnings		$	454			$	526			$	1,237			$	747
Interest Rate Swaps:
Income recorded in Interest expense		$	371			$	441			$	776			$	817
Cross-Currency Swap:
Income recorded in Interest expense		$	95			$	136			$	189			$	295
Total net gains on derivatives		$	920			$	1,103			$	2,202			$	1,859

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- References

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

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