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Derivatives

6 Months Ended

Jun. 30, 2023

Derivatives

Derivatives

9.       Derivatives

The Company is exposed to foreign currency exchange rate risk related to its international purchases. In the first quarter of 2023, the Company started utilizing euro currency contracts to manage euro currency risk in purchasing inventory and future settlement of euro denominated assets and liabilities. The volume of the Company’s foreign currency contract activity is limited by the amount of transaction exposure in each foreign currency and the Company’s election whether to hedge the transactions. There are no derivative instruments entered into for speculative or trading purposes.

The Company did not elect hedge accounting for any of its currency contracts. All outstanding contracts are with the same counterparty. Changes in the net fair value of contracts are recorded in other income (expense), net in the condensed consolidated statements of operations.

The Company's derivatives have settlement dates through September 30, 2023. The following table summarizes the derivative fair value:

​

​	​	​	​	​	​	​	​
​	​		June 30, 2023
(in thousands)	Balance Sheet Classification	​	Notional		​	Fair Value
Derivative assets	Other prepaids and current assets	​	$	2,550	​	$	8
Derivative liabilities	Accrued and other current liabilities	​	$	3,600	​	$	90

​

The pre-tax gain (loss) of foreign currency contracts not designated as hedging instruments were recorded on the condensed consolidated statements of operations as follows:

​

​	​	​	​	​	​	​	​
​	​	​	Three Months Ended		​	Six Months Ended
(in thousands)	Statement of Operations Classification		June 30, 2023			June 30, 2023
Currency contracts	Other income (expense), net	​	$	41	​	$	(82)

​

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- References

No definition available.

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- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//815/tableOfContent

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