XML 33 R22.htm IDEA: XBRL DOCUMENT
v3.21.2

Fair Value of Financial Instruments | 9 Months Ended
--- | ---
Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in a transaction between market participants as of the measurement date. Fair value is measured using the fair value hierarchy and related valuation methodologies as defined in the authoritative literature. This guidance provides a fair value framework that requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1 -Quoted prices in active markets for identical assets and liabilities. Level 2 -Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations, in which all significant inputs are observable in active markets. Level 3 -Significant unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, debt, interest rate swaps and foreign currency derivatives. Cash and cash equivalents, accounts receivable and accounts payable carrying values as of September 30, 2021 and December 31, 2020 approximate fair value due to the short-term maturities of these financial instruments. The carrying amounts of WF Term Loan and WF Revolving Loan approximate fair value as of September 30, 2021 and December 31, 2020 due to the short term nature of the underlying variable rate LIBOR agreements. The FGI Term Loan approximate fair value as of September 30, 2021 and December 31, 2020 due to immaterial movement in interest rates since the Company entered into the Promissory Note on October 20, 2020.The following tables summarize the amount of unrealized and realized gain (loss) recognized in Accumulated Other Comprehensive Income ("AOCI") for the three months ended September 30, 2021 and 2020 (in thousands):
Derivatives in subtopic 815-20 Cash Flow Hedging Relationship |  | Amount of Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative |  | Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income(A) |  | Amount of Realized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income
|  | 2021 |  | 2020 |  |  |  | 2021 |  | 2020
Foreign exchange contracts |  | $ | — |  |  | $ | 668 |  |  | Cost of goods sold |  | $ | — |  |  | $ | (219) |
|  |  |  |  |  | Selling, general and administrative expense |  | $ | — |  |  | $ | (33) |
Interest rate swaps |  | $ | — |  |  | $ | 321 |  |  | Interest expense |  | $ | — |  |  | $ | (149) |
The following tables summarize the amount of unrealized and realized gain (loss) recognized in Accumulated Other Comprehensive Income ("AOCI") for the nine months ended September 30, 2021 and 2020 (in thousands):
Derivatives in subtopic 815-20 Cash Flow Hedging Relationship |  | Amount of Unrealized Loss Recognized in Accumulated Other Comprehensive Income on Derivative |  | Location of Loss Reclassified from Accumulated Other Comprehensive Income (A) |  | Amount of Realized Loss Reclassified from Accumulated Other Comprehensive Income
|  | 2021 |  | 2020 |  |  |  | 2021 |  | 2020
Foreign exchange contracts |  | $ | — |  |  | $ | 135,000 |  |  | Cost of goods sold |  | $ | — |  |  | $ | (525,000) |
|  |  |  |  |  | Selling, general and administrative expense |  | $ | — |  |  | $ | (67,000) |
Interest rate swaps |  | $ | — |  |  | $ | (206,000) |  |  | Interest expense |  | $ | — |  |  | $ | (343,000) |
(A)The foreign currency derivative activity reclassified from Accumulated Other Comprehensive Income is allocated to cost of goods sold and selling, general and administrative expense based on the percentage of foreign currency spend.

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

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration