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Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Notional Amounts and Fair Values of Derivative Instruments in the Consolidated Balance | The notional amounts and fair values of derivative instruments in the condensed consolidated balance sheets were as follows:
|  | Notional amounts (A) |  | Prepaid expenses and other current assets |  | Accrued expenses and other current liabilities
|  | June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |
Forward currency contracts |  | $ | 29,023 |  |  | $ | 26,613 |  |  | $ | — |  |  | $ | 1,858 |  |  | $ | 838 |  |  | $ | — |
_____________________________ (A)Notional amounts represent the gross contract of the derivatives outstanding in U.S. dollars.
Schedule of Amounts Recorded for the Cash Flow Hedges in Other Comprehensive Income (Loss) in Shareholders' Equity and in Net Income (Loss) | Gross amounts recorded for the cash flow hedges in other comprehensive (loss) income and in net income (loss) for the three months ended June 30 were as follows:
| (Loss) gain recorded in other comprehensive (loss) income |  | Gain reclassified from other comprehensive (loss) income into net income (loss) (A)
| 2024 |  | 2023 |  | 2024 |  | 2023
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |
Forward currency contracts | $ | (2,371) |  |  | $ | 416 |  |  | $ | 414 |  |  | $ | 51 |
_____________________________
(A) | Gains reclassified from other comprehensive (loss) income into net income (loss) recognized in selling, general and administrative expenses (“SG&A”) in the Company’s condensed consolidated statements of operations were $134 and $13 for the three months ended June 30, 2024 and 2023, respectively. Gains reclassified from other comprehensive (loss) income into net income (loss) recognized in cost of goods sold (“COGS”) in the Company’s condensed consolidated statements of operations were $280 and $38 for the three months ended June 30, 2024 and 2023, respectively.
Gross amounts recorded for the cash flow and net investment hedges in other comprehensive (loss) income and in net income (loss) for the six months ended June 30 were as follows:
| (Loss) gain recorded in other comprehensive (loss) income |  | Gain reclassified from other comprehensive (loss) income into net loss (A)
| 2024 |  | 2023 |  | 2024 |  | 2023
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |
Forward currency contracts | $ | (1,628) |  | $ | 416 |  | $ | 1,068 |  | $ | 51
Interest rate swap | $ | — |  | $ | (4) |  |  | $ | — |  | $ | 290 |
(A) | Gains reclassified from other comprehensive (loss) income into net loss recognized in SG&A in the Company’s condensed consolidated statements of operations were $251 and $13 for the six months ended June 30, 2024 and 2023, respectively. Gains reclassified from other comprehensive (loss) income into net loss recognized in COGS in the Company’s condensed consolidated statements of operations were $817 and $38 for the six months ended June 30, 2024 and 2023, respectively. Gains reclassified from other comprehensive (loss) income into net loss recognized in interest expense, net in the Company’s condensed consolidated statements of operations were $0 and $290 for the six months ended June 30, 2024 and 2023, respectively.
Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis | The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the three levels of the fair value hierarchy based on the reliability of inputs used.
|  |  | June 30, 2024 |  | December 31, 2023
|  |  | Fair values estimated using |  |
| Fair value |  | Level 1 inputs |  | Level 2 inputs |  | Level 3 inputs |  | Fair value
Financial assets carried at fair value: |  |  |  |  |  |  |  |  |
Forward currency contracts | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,858 |
Total financial assets carried at fair value | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,858 |
Financial liabilities carried at fair value: |  |  |  |  |  |  |  |  |
Forward currency contracts | $ | 838 |  |  | $ | — |  |  | $ | 838 |  |  | $ | — |  |  | $ | — |
Total financial liabilities carried at fair value | $ | 838 |  |  | $ | — |  |  | $ | 838 |  |  | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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