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Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 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 DesignationSeptember 30, 2023December 31, 2022
Forward exchange contractsCash flow hedge$218,929 $198,473 
Forward exchange contractsNon-designated49,918 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 September 30,
Total Amount of Line Item Presented
Derivative Instrument20232022Location of amount reclassified2023202220232022
Foreign exchange contracts$6,180 $11,695 Net Sales$304,578 $275,088 $1,095 $5,090 
 Cost of Sales136,519 123,473 1,482 225 
Pre-tax gain$6,180 $11,695 $2,577 $5,315 
Tax expense1,498 2,835 625 1,288 
Net gain$4,682 $8,860 $1,952 $4,027 

Amount of Gain Recognized in AOCIConsolidated Condensed Statements of Comprehensive Income (Loss)Amount of Gain Reclassified from AOCI
Nine Months Ended September 30,
Total Amount of Line Item Presented
Derivative Instrument20232022Location of amount reclassified2023202220232022
Foreign exchange contracts$11,471 $24,698 Net Sales$917,699 $794,605 $2,585 $10,237 
Cost of Sales423,629 355,222 3,463 499 
Pre-tax gain$11,471 $24,698 $6,048 $10,736 
Tax expense2,779 5,987 1,466 2,602 
Net gain $8,692 $18,711 $4,582 $8,134 
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 September 30,Nine Months Ended September 30,
Derivative InstrumentLocation on Consolidated Condensed Statements of Comprehensive Income (Loss)2023202220232022
  
Net gain on currency forward contractsSelling and administrative expense$227 $892 $630 $1,088 
Net loss on currency transaction exposuresSelling and administrative expense$(552)$(1,110)$(1,831)$(2,874)
Schedule of Fair Value for Forward Foreign Exchange Contracts The following tables summarize the fair value for forward foreign exchange contracts outstanding at September 30, 2023 and December 31, 2022:
September 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$8,124 $(658)$7,466 
Foreign exchange contractsOther assets1,344 (89)1,255 
$9,468 $(747)$8,721 
Derivatives not designated as hedging instruments:   
Foreign exchange contractsOther current liabilities39 (150)(111)
Total derivatives$9,507 $(897)$8,610 

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 September 30, 2023:
Assumptions
Unobservable InputIn2BonesBiorez
Discount rate8.02%12.71%
Revenue volatility14.50%21.38%
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 nine months ended September 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 consideration860 6,089 Selling and administrative expense
Balance as of September 30, 2023$71,058 $122,323