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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table presents the notional contract amounts for forward contracts outstanding:

As of
FASB ASC Topic 815 DesignationJune 30, 2023December 31, 2022
Forward exchange contractsCash flow hedge$214,933 $198,473 
Forward exchange contractsNon-designated80,528 81,929 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
Foreign exchange contracts designated as cash flow hedges had the following effects on accumulated other comprehensive income (loss) ("AOCI") and net earnings on our consolidated condensed statements of comprehensive income (loss) and our consolidated condensed balance sheets:

Amount of Gain Recognized in AOCIConsolidated Condensed Statements of Comprehensive Income (Loss)Amount of Gain Reclassified from AOCI
Three Months Ended June 30,
Total Amount of Line Item Presented
Derivative Instrument20232022Location of amount reclassified2023202220232022
Foreign exchange contracts$2,753 $9,756 Net Sales$317,652 $277,190 $915 $3,403 
 Cost of Sales146,962 125,413 1,175 199 
Pre-tax gain$2,753 $9,756 $2,090 $3,602 
Tax expense667 2,365 507 873 
Net gain$2,086 $7,391 $1,583 $2,729 

Amount of Gain Recognized in AOCIConsolidated Condensed Statements of Comprehensive Income (Loss)Amount of Gain Reclassified from AOCI
Six Months Ended June 30,
Total Amount of Line Item Presented
Derivative Instrument20232022Location of amount reclassified2023202220232022
Foreign exchange contracts$5,291 $13,003 Net Sales$613,121 $519,516 $1,490 $5,147 
Cost of Sales287,110 231,748 1,981 274 
Pre-tax gain$5,291 $13,003 $3,471 $5,421 
Tax expense1,281 3,152 842 1,314 
Net gain $4,010 $9,851 $2,629 $4,107 
Derivatives Not Designated as Hedging Instruments
Net gains from derivative instruments not accounted for as hedges and losses on our intercompany receivables on our consolidated condensed statements of comprehensive income (loss) were:

Three Months Ended June 30,Six Months Ended June 30,
Derivative InstrumentLocation on Consolidated Condensed Statements of Comprehensive Income (Loss)2023202220232022
  
Net gain on currency forward contractsSelling and administrative expense$768 $1,155 $403 $196 
Net loss on currency transaction exposuresSelling and administrative expense$(1,355)$(2,178)$(1,279)$(1,764)
Schedule of Fair Value for Forward Foreign Exchange Contracts The following tables summarize the fair value for forward foreign exchange contracts outstanding at June 30, 2023 and December 31, 2022:
June 30, 2023Location on Consolidated Condensed Balance SheetAsset Fair ValueLiabilities Fair ValueNet
Fair
Value
Derivatives designated as hedged instruments:   
Foreign exchange contractsPrepaid expenses and other current assets$6,845 $(2,283)$4,562 
Foreign exchange contractsOther assets1,240 (684)556 
$8,085 $(2,967)$5,118 
Derivatives not designated as hedging instruments:   
Foreign exchange contractsOther current liabilities15 (224)(209)
Total derivatives$8,100 $(3,191)$4,909 

December 31, 2022Location on Consolidated Condensed Balance SheetAsset Fair ValueLiabilities Fair ValueNet
Fair
Value
Derivatives designated as hedged instruments:  
Foreign exchange contracts Prepaid expenses and other current assets$6,757 $(3,121)$3,636 
Foreign exchange contractsOther long-term liabilities60 (400)(340)
$6,817 $(3,521)$3,296 
Derivatives not designated as hedging instruments:  
Foreign exchange contractsOther current liabilities48 (395)(347)
Total derivatives$6,865 $(3,916)$2,949 
Fair Value Measurement Inputs and Valuation Techniques The recurring Level 3 fair value measurements of contingent consideration for which the liabilities are recorded include the following significant unobservable inputs as of June 30, 2023:
Assumptions
Unobservable InputIn2BonesBiorez
Discount rate7.41%12.02%
Revenue volatility13.56%20.62%
Projected year of payment
2023-2026
2023-2026
Schedule of Business Acquisitions by Acquisition, Contingent Consideration Changes in the fair value of contingent consideration liabilities for the six months ended June 30, 2023 are as follows:
In2BonesBiorezLocation in Financial Statements
Balance as of January 1, 2023$70,198 $116,234 
Changes in fair value of contingent consideration136 3,663 Selling and administrative expense
Balance as of June 30, 2023$70,334 $119,897