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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 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