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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Information Related to Recurring Fair Value Measurement of Derivative Financial Instruments in the Consolidated Balance Sheet | Information related to the recurring fair value measurement of derivative financial instruments in the consolidated balance sheet as of December 31, 2024 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 |  | $ | 126,496 |  |  | Other current assets |  | $ | — |  |  | Other current liabilities |  | $ | 2,037 |  |  | $ | (2,037 | )
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | Level 2 |  | $ | 100,000 |  |  | Other current assets |  | $ | 719 |  |  | Other current liabilities |  | $ | — |  |  | $ | 719 |
Information related to the recurring fair value measurement of derivative financial instruments in the consolidated 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 Asset/ (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 Related to Effect of Derivative Instruments in the Consolidated Statements of Income | Information related to the effect of derivative instruments in the consolidated statements of income is as follows:
|  |  |  | Year Ended December 31, |
|  | Location |  | 2024 |  |  | 2023 |  |  | 2022 |
Derivatives Designated as Cash Flow Hedges |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives |  | Cost of sales – income |  | $ | 3,717 |  |  | $ | 8,630 |  |  | $ | 1,458 |
|  | Other comprehensive (loss) income |  |  | (11,259 | ) |  |  | 3,483 |  |  |  | 3,496 |
Total foreign currency derivatives |  |  |  | $ | (7,542 | ) |  | $ | 12,113 |  |  | $ | 4,954 |
Commodity derivatives |  | Cost of sales – income |  | $ | — |  |  | $ | — |  |  | $ | 19 |
|  | Other comprehensive (loss) income |  |  | — |  |  |  | — |  |  |  | (6 | )
Total commodity derivatives |  |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives |  | Foreign currency gain (loss) |  | $ | — |  |  | $ | — |  |  | $ | (3,806 | )
Total foreign currency derivatives |  |  |  | $ | — |  |  | $ | — |  |  | $ | (3,806 | )
Interest rate contracts |  | Interest expense, net |  | $ | (1,343 | ) |  | $ | (710 | ) |  | $ | 2,772 |
Total interest rate derivatives |  |  |  | $ | (1,343 | ) |  | $ | (710 | ) |  | $ | 2,772 |
Summary of Receivables Factored and Availability Under Receivables Factoring Agreements | Receivables factored and availability under receivables factoring agreements balances as of December 31, 2024 and 2023 were as follows:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Receivables factored and outstanding (a) |  | $ | 755 |  |  | $ | 18,532 |
(a) During the year ended December 31, 2024, the factoring agreements the Company was party to either expired or were terminated. As of December 31, 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 years ended December 31, 2024 and 2023 were as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Trade receivables sold |  | $ | 98,761 |  |  | $ | 135,116 |
Factoring fees incurred |  |  | 615 |  |  |  | 800 |

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