XML 43 R32.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Fair Value Measurement (Tables)
6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Summary of Fair Values of Our Derivative Assets and Liabilities
The fair values of our derivative assets and liabilities measured on a recurring basis are categorized as follows: 
June 30, 2024December 31, 2023
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Foreign exchange contract designated as hedging instruments$151 $— $151 $— $1,318 $— $1,318 $— 
Interest rate swap agreement$1,889 $— $1,889 $— $1,073 $— $1,073 $— 
Liabilities:
Foreign exchange contract designated as hedging instruments$1,704 $— $1,704 $— $— $— $— $— 
Foreign exchange contract not designated as hedging instruments$216 $— $216 $— $304 $— $304 $— 
Summary of Notional Amount of Foreign Exchange Contracts
The following table summarizes the notional amount of our open foreign exchange contracts:
June 30, 2024December 31, 2023
U.S. $
Equivalent
U.S. $
Equivalent
Fair Value
U.S. $
Equivalent
U.S. $
Equivalent
Fair Value
Commitments to buy or sell currencies - Foreign exchange contract designated as hedging instruments$83,055 $85,424 $56,741 $58,094 
Commitments to buy or sell currencies - Foreign exchange contract not designated as hedging instruments$13,655 $14,197 $16,608 $16,806 
Summary of Fair Value and Presentation in Consolidated Balance Sheets for Derivatives none of which are Designated as Accounting Hedges
The following table summarizes the fair value and presentation of derivatives in the Condensed Consolidated Balance Sheets: 
 Derivative Asset
Balance Sheet
Location
Fair Value
June 30, 2024December 31, 2023
Foreign exchange contract designated as hedging instrumentsOther current assets$120 $1,179 
Foreign exchange contract designated as hedging instrumentsOther assets, net$31 $139 
Interest rate swap agreementOther assets, net$1,889 $1,073 
 Derivative Liability
Balance Sheet
Location
Fair Value
June 30, 2024December 31, 2023
Foreign exchange contract designated as hedging instrumentsAccrued liabilities and other$1,548 $— 
Foreign exchange contract designated as hedging instrumentsOther long-term liabilities$156 $— 
Foreign exchange contracts not designated as hedging instrumentsAccrued liabilities and other$213 $304 
Foreign exchange contracts not designated as hedging instrumentsOther long-term liabilities$$— 
 Derivative Equity
Balance Sheet
Location
Fair Value
June 30, 2024December 31, 2023
Foreign exchange contracts designated as hedging instrumentsAccumulated other comprehensive loss$(796)$1,354 
Interest rate swap agreementsAccumulated other comprehensive loss$3,692 $3,484 
Summary of Effect of Derivative Instruments on Consolidated Statements of Operations for Derivatives not Designated as Hedging Instruments
The following table summarizes the effect of derivative instruments on the Condensed Consolidated Statements of Operations:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Location of Gain (Loss) on Derivatives
Recognized in Income (Loss)
Amount of Gain (Loss) on Derivatives
Recognized in Income (Loss)
Amount of Gain (Loss) on Derivatives
Recognized in Income (Loss)
Foreign exchange contracts designated as hedging instrumentsCost of revenues$513 $1,242 $602 $1,693 
Interest rate swap agreementInterest expense$403 $365 $819 $630 
Interest rate swap agreement settled in 2022Interest expense$188 $188 $377 $377 
Foreign exchange contractsOther (income) expense$304 $(157)$98 $312 
Summary of Carrying Amounts and Fair Values of Our Long-Term Debt Obligations The carrying amounts and fair values of our long-term debt obligations are as follows:
 June 30, 2024December 31, 2023
 Carrying
Amount
Fair ValueCarrying
Amount
Fair Value
Term loan and security agreement 1
$134,958 $133,946 $141,514 $139,213 
Revolving credit facility$7,000 $7,000 $— $— 
1.Presented in the Condensed Consolidated Balance Sheets as the current portion of long-term debt of $17.5 million and long-term debt of $117.5 million as of June 30, 2024 and current portion of long-term debt of $15.3 million and long-term debt of $126.2 million as of December 31, 2023.