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Financial Instruments | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Financial Instruments | Note 10 – Financial Instruments Derivative Financial Instruments The Company is exposed to various market risks including, but not limited to, changes in foreign currency exchange rates, changes in interest rates and price fluctuations of certain material commodities, such as copper. The Company regularly enters into derivative contracts with the objective of managing its financial and operational exposure arising from these risks by offsetting gains and losses on the underlying exposures with gains and losses on the financial instruments used to hedge them. The decision of whether and when to execute derivative financial instruments, along with the duration of the instrument, may vary from period to period depending on market conditions, the relative costs of the instruments and capacity to hedge. The Company does not enter into derivative financial instruments for speculative or trading purposes. Some derivative contracts do not qualify for hedge accounting; for other derivative contracts, we elect to not apply hedge accounting. Information related to the recurring fair value measurement of derivative instruments in the consolidated condensed balance sheet as of September 30, 2025 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 |  | $ | 80,649 |  |  | Other current assets |  | $ | 5,870 |  |  | Other current liabilities |  | $ | — |  |  | $ | 5,870 |
Interest rate contracts |  | Level 2 |  | $ | 100,000 |  |  | Other current assets |  | $ | — |  |  | Other current liabilities |  | $ | 757 |  |  | $ | (757 | )
Information related to the recurring fair value measurement of derivative instruments in the consolidated condensed 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 Assets/ (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 relating to the effect of derivative instruments on the consolidated condensed statements of income and the consolidated condensed statements of comprehensive income is as follows:
|  |  |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | Location (Income/(Loss)) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Derivatives Designated as Cash Flow Hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives |  | Cost of sales – income (loss) |  | $ | 2,086 |  |  | $ | (455 | ) |  | $ | 273 |  |  | $ | 5,817 |
|  | Other comprehensive income (loss) |  |  | 91 |  |  |  | (2,272 | ) |  |  | 9,844 |  |  |  | (10,685 | )
Total foreign currency derivatives |  |  |  | $ | 2,177 |  |  | $ | (2,727 | ) |  | $ | 10,117 |  |  | $ | (4,868 | )
Interest rate contracts |  | Interest expense, net |  | $ | 156 |  |  | $ | — |  |  | $ | 156 |  |  | $ | — |
|  | Other comprehensive income (loss) |  |  | (58 | ) |  |  | — |  |  |  | (757 | ) |  |  | — |
Total interest rate derivatives |  |  |  | $ | 98 |  |  | $ | — |  |  | $ | (601 | ) |  | $ | — |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | Interest expense, net |  | $ | (104 | ) |  | $ | (1,157 | ) |  | $ | (719 | ) |  | $ | (1,161 | )
Total interest rate derivatives |  |  |  | $ | (104 | ) |  | $ | (1,157 | ) |  | $ | (719 | ) |  | $ | (1,161 | )
The Company did no t incur any hedge ineffectiveness during the three and nine months ended September 30, 2025 and 2024. Accounts Receivable Factoring The Company previously sold certain customer trade receivables on a non-recourse basis under factoring arrangements with designated financial institutions. The sale of receivables under these agreements was considered an off-balance sheet arrangement to the Company and was accounted for as a true sale and excluded from accounts receivable in the consolidated condensed balance sheets. These factoring arrangements included a deferred purchase price component in which a portion of the purchase price for the receivable was paid by the financial institution in cash upon sale and the remaining portion was recorded as a deferred purchase price receivable and paid at a later date. Deferred purchase price receivables are recorded in other current assets within the consolidated condensed balance sheets. Cash proceeds received upon the sale of the receivables are included in net cash from operating activities and the cash proceeds received on the deferred purchase price receivables are included in net cash from investing activities. During the year ended December 31, 2024, the factoring agreements the Company was party to either expired or were terminated. Receivables factored under receivables factoring agreements balance as of December 31, 2024 were as follows:
|  | December 31, 2024 |
Receivables factored and outstanding |  | $ | 755 |
Trade receivables sold and factoring fees incurred during the three and nine months ended September 30, 2024 were as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2024 |
Trade receivables sold |  | $ | 27,885 |  |  | $ | 98,761 |
Factoring fees incurred |  |  | 186 |  |  |  | 564 |

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/825/tableOfContent + Details
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