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Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Information related to the recurring fair value measurement of derivative instruments in the consolidated condensed balance sheet as of September 30, 2024 is as follows:


				Asset Derivatives			Liability Derivatives
	Fair Value Hierarchy	Notional Amount		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Net Assets/ (Liabilities)
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Level 2	$	63,714	Other current assets	$	—	Other current liabilities	$	490	$	(490	)
Derivatives Not Designated as Hedging Instruments
Interest rate contracts	Level 2	$	100,000	Other current assets	$	901	Other current liabilities	$	—	$	901

Information related to the recurring fair value measurement of derivative instruments in the consolidated condensed balance sheet as of December 31, 2023 is as follows:


				Asset Derivatives			Liability Derivatives
	Fair Value Hierarchy	Notional Amount		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Net Assets/ (Liabilities)
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Level 2	$	101,109	Other current assets	$	8,655	Other current liabilities	$	—	$	8,655
Derivatives Not Designated as Hedging Instruments
Interest rate contracts	Level 2	$	100,000	Other current assets	$	2,062	Other current liabilities	$	—	$	2,062

Information relating to the effect of derivative instruments on the consolidated condensed statements of income and the consolidated condensed statements of comprehensive income (loss) is as follows:


		Three Months Ended September 30,						Nine Months Ended September 30,
	Location (Income/(Loss))	2024			2023			2024			2023
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Cost of sales – income	$	(455	)	$	2,771		$	5,817		$	5,814
	Other comprehensive (loss) income		(2,272	)		(2,673	)		(10,685	)		2,915
Total foreign currency derivatives		$	(2,727	)	$	98		$	(4,868	)	$	8,729

Derivatives Not Designated as Hedging Instruments
Interest rate contracts	Interest (expense) income, net	$	(1,157	)	$	62		$	(1,161	)	$	734
Total interest rate derivatives		$	(1,157	)	$	62		$	(1,161	)	$	734

Summary of Receivables Factored and Availability Under Receivables Factoring Agreements

Receivables factored and availability under receivables factoring agreements balances as of September 30, 2024 and December 31, 2023 were as follows:


	September 30, 2024		December 31, 2023
Receivables factored and outstanding	$	15,722	$	18,532
Amount available under the credit limit		—		5,891
Collective factoring limit (a)	$	15,722	$	24,423

(a)

During the three months ended September 30, 2024, the factoring agreements the Company was party to either expired or were terminated. As of September 30, 2024 there were remaining receivables factored and outstanding that will be collected in the future, however, no further factoring can occur under these factoring agreements.

Summary of Trade Receivables Sold and Factoring Fees Incurred

Trade receivables sold and factoring fees incurred during the three and nine months ended September 30, 2024 and 2023 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Trade receivables sold	$	27,885	$	35,115	$	98,761	$	111,915
Factoring fees incurred		186		221		564		588