XML 30 R24.htm IDEA: XBRL DOCUMENT
v3.25.1

Derivatives | 3 Months Ended
--- | ---
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Note 15 – Derivatives The Company’s operations and expenditures in its normal course of business are subject to opportunities and risks related to foreign currency fluctuations. The Company currently utilizes foreign currency forward contracts to protect against downward currency exposure by hedging Mexican Peso denominated expenses against the risk of volatility in foreign currency exchange rates between the Mexican Peso and the United States Dollar. Since 2023, the Company has entered into forward contracts to hedge the Company’s anticipated and probable Mexican Peso denominated expenses against the foreign currency rate exposure. The contracts have terms between one and 12 months and require the Company to exchange currencies at agreed-upon rates at each settlement date. The counterparties to the contracts consist of a limited number of domestic and international financial institutions. The Company classifies these contracts as cash flow hedges in accordance with ASC 815, Derivatives and Hedging. The Company does not have any non-designated derivatives. The Company assesses the assumed effectiveness of the contracts at each reporting period. The foreign currency derivatives are recorded on the balance sheets at fair value. The Company records unrealized gains or losses related to changes in the fair value of the forward contracts in other comprehensive income as long as the contracts are assumed to be effective. Amounts accumulated in other comprehensive income are reclassified to the condensed consolidated statements of operations on the same line as the items being hedged when the hedged item impacts earnings or upon determination that the contract is no longer assumed to be effective. The notional amounts of outstanding foreign currency derivatives are as follows:
|  | March 31, |  |  | December 31, |
Notional Amount |  | 2025 |  |  | 2024 |
Derivative instruments designated as hedges: |  |  |  |  |  |
Foreign currency derivatives |  | $ | 21,136 |  |  | $ | 8,780 |
The fair value of outstanding foreign currency derivatives designated as hedges are as follows:
|  | March 31, |  |  | December 31, |
Fair Value |  | 2025 |  |  | 2024 |
Other current liabilities: |  |  |  |  |  |
Foreign currency derivatives |  | $ | 452 |  |  | $ | 1,396 |
The pre-tax realized loss on foreign currency derivatives is recognized in the condensed consolidated statements of operations as follows:
|  |  |  | Amount of Loss Recognized |
|  |  |  | Three Months Ended March 31, |
|  | Location of Realized Loss Recognized in the Condensed Consolidated Statements of Operations |  | 2025 |  |  | 2024 |
Derivative instruments designated as cash flow hedges: |  |  |  |  |  |  |  |
Foreign currency derivatives |  | Cost of sales |  | $ | 591 |  |  | $ | 525 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration