Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Derivatives by Financial Statement Line Item

The following tables display the fair value of derivatives by financial statement line item as of June 30, 2024 and December 31, 2023:

	June 30, 2024
	Current Derivative Financial Instruments		Derivative Financial Instruments		Accrued Liabilities		Other Noncurrent Liabilities
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	26,422	$	27,418	$	382	$	10
Commodity contracts		533		46		2,037		1,085
Interest rate contracts		3,306		811		—		—
Derivatives not designated as hedging instruments:
Foreign exchange contracts		—		—		1,966		—
Total derivative financial instruments	$	30,261	$	28,275	$	4,385	$	1,095

	December 31, 2023
	Current Derivative Financial Instruments		Derivative Financial Instruments		Accrued Liabilities		Other Noncurrent Liabilities
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	33,075	$	39,902	$	440	$	596
Commodity contracts		549		115		2,394		729
Interest rate contracts		3,162		454		—		—
Derivatives not designated as hedging instruments:
Foreign exchange contracts		1,512		—		677		—
Total derivative financial instruments	$	38,298	$	40,471	$	3,511	$	1,325

Summary of Notional Amount of Derivative Financial Instruments

The following table summarizes the notional amount of the Company's derivative financial instruments as of June 30, 2024 and December 31, 2023:

	Notional Amount
	June 30, 2024		December 31, 2023
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	377,035	$	432,529
Commodity contracts		16,601		27,013
Interest rate contracts		200,000		200,000
Derivatives not designated as hedging instruments:
Foreign exchange contracts		49,079		34,764
Total derivative financial instruments	$	642,715	$	694,306

Summary of Gain or Loss Recognized in OCI or OCL

The following table summarizes the gain or loss recognized in OCI or OCL, the amounts reclassified from accumulated OCI or OCL into earnings, and the amounts recognized directly into earnings for the three and six months ended June 30, 2024 and June 30, 2023:

	Three Months Ended					Six Months Ended
	June 30, 2024			June 30, 2023		June 30, 2024			June 30, 2023
Derivatives designated as hedging instruments:
Amount of gain or (loss) recognized in OCI on derivatives, net of tax	$	(15,976	)	$	30,344	$	(13,282	)	$	48,464
Amount of pre-tax gain or (loss) reclassified from accumulated OCI into:
Cost of sales		8,785			4,946		16,815			7,978
Interest expense, net		1,140			1,204		2,287			2,100
Derivatives not designated as hedging instruments:
Amount of pre-tax gain or (loss) recognized in other income (expense), net		(2,049	)		1,398		(1,824	)		3,993