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Derivative Instruments (Tables)
6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding Forward Contracts Table
The Company had the following outstanding forward contracts (in thousands):
June 30, 2024December 31, 2023
CurrencyNotional
Value
USD
Equivalent
Notional
Value
USD
Equivalent
Derivatives Not Designated as Hedging Instruments:
Singapore Dollar40,700 $30,041 39,700 $30,136 
Euro22,000 23,577 40,000 44,302 
Chinese Renminbi100,000 13,711 50,000 7,025 
Mexican Peso215,000 11,663 145,000 8,505 
Hungarian Forint2,180,000 5,883 2,240,000 6,466 
British Pound3,245 4,112 3,345 4,258 
Japanese Yen600,000 3,750 600,000 4,255 
Swiss Franc1,675 1,875 — — 
Canadian Dollar1,660 1,212 1,470 1,112 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
Information regarding the fair value of the outstanding forward contracts was as follows (in thousands):
 Asset DerivativesLiability Derivatives
 BalanceFair ValueBalanceFair Value
 Sheet
Location
June 30, 2024December 31, 2023Sheet
Location
June 30, 2024December 31, 2023
Derivatives Not Designated as Hedging Instruments:
Economic hedge forward contractsPrepaid expenses and other current assets$57 $151 Accrued expenses$152 $106 
Offsetting Assets
The following table presents the gross activity for all derivative assets and liabilities which were presented on a net basis on the Consolidated Balance Sheets due to the right of offset with each counterparty (in thousands):
Asset DerivativesLiability Derivatives
June 30, 2024December 31, 2023June 30, 2024December 31, 2023
Gross amounts of recognized assets$57 $151 Gross amounts of recognized liabilities$152 $106 
Gross amounts offset — Gross amounts offset — 
Net amount of assets presented$57 $151 Net amount of liabilities presented$152 $106 
Derivative Instruments, Gain (Loss)
Information regarding the effect of derivative instruments on the consolidated financial statements was as follows (in thousands):
 Location in Financial StatementsThree-months Ended
Six-months Ended
 June 30, 2024July 2, 2023June 30, 2024July 2, 2023
Derivatives Not Designated as Hedging Instruments:
Gains (losses) recognized in current operationsForeign currency gain (loss)$876 $859 $631 $(612)