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Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 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
						September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023
Derivatives designated as hedging instruments:
Cash flow hedges:
Forward currency contracts						$	31,183					$	26,613					$	—					$	1,858					$	2,032					$	—

_____________________________

(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 (Loss) Income

Gross amounts recorded for the cash flow hedges in other comprehensive income (loss) and in net (loss) income for the three months ended September 30 were as follows:

			(Loss) gain recorded in other comprehensive income (loss)												(Loss) gain reclassified from other comprehensive income (loss) into net (loss) income (A)
			2024						2023						2024						2023
Derivatives designated as cash flow hedges:
Forward currency contracts			$	(1,629)					$	67					$	(435)					$	227

_____________________________

(A) (Losses) gains reclassified from other comprehensive income (loss) into net (loss) income recognized in selling, general and administrative expenses (“SG&A”) in the Company’s condensed consolidated statements of operations were $(142) and $54 for the three months ended September 30, 2024 and 2023, respectively. (Losses) gains reclassified from other comprehensive income (loss) into net (loss) income recognized in cost of goods sold (“COGS”) in the Company’s condensed consolidated statements of operations were $(293) and $173 for the three months ended September 30, 2024 and 2023, respectively.

Gross amounts recorded for the cash flow and net investment hedges in other comprehensive (loss) income and in net loss for the nine months ended September 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			$	(3,257)					$	483					$	633					$	278
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 $109 and $66 for the nine months ended September 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 $524 and $212 for the nine months ended September 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 nine months ended September 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.

									September 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			$	2,032					$	—					$	2,032					$	—					$	—
Total financial liabilities carried at fair value			$	2,032					$	—					$	2,032					$	—					$	—

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

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-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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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).

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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

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-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

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