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Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Information Related to Recurring Fair Value Measurement of Derivative Instruments in Our Consolidated Condensed Balance Sheet | Information related to the recurring fair value measurement of derivative instruments in our consolidated condensed balance sheet as of June 30, 2023 is as follows:
|  |  |  |  |  |  | Asset Derivatives |  |  | Liability Derivatives |  |  |  |
|  | Fair Value Hierarchy |  | Notional Amount |  |  | Balance Sheet Location |  | Fair Value |  |  | Balance Sheet Location |  | Fair Value |  |  | Net Asset/ (Liabilities) |
Derivatives Designated as Cash Flow Hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives |  | Level 2 |  | $ | 54,861 |  |  | Other current assets |  | $ | 9,380 |  |  | Other current liabilities |  | $ | — |  |  | $ | 9,380 |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | Level 2 |  | $ | 100,000 |  |  | Other current assets |  | $ | 3,445 |  |  | Other current liabilities |  | $ | — |  |  | $ | 3,445 |
Information related to the recurring fair value measurement of derivative instruments in our consolidated condensed balance sheet as of December 31, 2022 is as follows:
|  |  |  |  |  |  | Asset Derivatives |  |  | Liability Derivatives |  |  |  |
|  | Fair Value Hierarchy |  | Notional Amount |  |  | Balance Sheet Location |  | Fair Value |  |  | Balance Sheet Location |  | Fair Value |  |  | Net Asset/ (Liabilities) |
Derivatives Designated as Cash Flow Hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives |  | Level 2 |  | $ | 40,063 |  |  | Other current assets |  | $ | 3,791 |  |  | Other current liabilities |  | $ | — |  |  | $ | 3,791 |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | Level 2 |  | $ | 100,000 |  |  | Other current assets |  | $ | 2,772 |  |  | Other current liabilities |  | $ | — |  |  | $ | 2,772 |
Information Related to Effect of Derivative Instruments on Our Consolidated Condensed Statements of Income and Consolidated Condensed Statements of Comprehensive Income (Loss) | Information relating to the effect of derivative instruments on our consolidated condensed statements of (loss) income and the consolidated condensed statements of comprehensive (loss) income is as follows:
|  |  |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | Location (Income/(Loss)) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Derivatives Designated as Cash Flow Hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives |  | Cost of sales – income |  | $ | 1,984 |  |  | $ | 333 |  |  | $ | 3,043 |  |  | $ | 486 |
|  | Other comprehensive income (loss) |  |  | 2,905 |  |  |  | (316 | ) |  |  | 5,588 |  |  |  | 294 |
Total foreign currency derivatives |  |  |  | $ | 4,889 |  |  | $ | 17 |  |  | $ | 8,631 |  |  | $ | 780 |
Commodity derivatives |  | Cost of sales – income |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19 |
|  | Other comprehensive loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6 | )
Total commodity derivatives |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives |  | Foreign currency gain |  | $ | — |  |  | $ | 482 |  |  | $ | — |  |  | $ | 482 |
Total foreign currency derivatives |  |  |  | $ | — |  |  | $ | 482 |  |  | $ | — |  |  | $ | 482 |
Interest rate contracts |  | Interest expense, net |  | $ | 1,371 |  |  | $ | (693 | ) |  | $ | 672 |  |  | $ | (693 | )
Total interest rate derivatives |  |  |  | $ | 1,371 |  |  | $ | (693 | ) |  | $ | 672 |  |  | $ | (693 | )
Summary of Receivables Factored and Availability Under Receivables Factoring Agreements | Receivables factored and availability under receivables factoring agreements balances as of June 30, 2023 and December 31, 2022 were as follows:
|  | June 30, 2023 |  |  | December 31, 2022 |
Receivables factored and outstanding |  | $ | 21,623 |  |  | $ | 19,108 |
Amount available under the credit limit |  |  | 2,471 |  |  |  | 5,034 |
Collective factoring limit |  | $ | 24,094 |  |  | $ | 24,142 |
Summary of Trade Receivables Sold and Factoring Fees Incurred | Trade receivables sold and factoring fees incurred during the three and six months ended June 30, 2023 and 2022 were as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Trade receivables sold |  | $ | 38,261 |  |  | $ | — |  |  | $ | 76,801 |  |  | $ | — |
Factoring fees incurred |  |  | 207 |  |  |  | — |  |  |  | 368 |  |  |  | — |

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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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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