Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Notional Amounts and Fair Values of Derivative Instruments in the Consolidated Balance

The notional amounts and fair values of derivative instruments in the condensed consolidated balance sheets were as follows:


	Notional amounts (A)				Prepaid expenses and other current assets
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Derivatives designated as hedging instruments:
Cash flow hedges:
Forward currency contracts	$	16,878	$	26,613	$	1,947	$	1,858

_____________________________

(A)Notional amounts represent the gross contract of the derivatives outstanding in U.S. dollars.

Amounts Recorded for the Cash Flow Hedges in Other Comprehensive Loss in Shareholders' Equity and in Net Income

Gross amounts recorded for the cash flow hedges in other comprehensive loss and in net loss for the three months ended March 31 were as follows:


	Gain recorded in other comprehensive loss				Gain reclassified from other comprehensive loss into net loss (A)
	2024		2023		2024		2023
Derivatives designated as cash flow hedges:
Forward currency contracts	$	654	$	—	$	743	$	—
Interest rate swap	$	—	$	(4)	$	—	$	290

_____________________________


(A)			Gains reclassified from other comprehensive loss into net loss recognized in selling, general and administrative expenses (“SG&A”) in the Company’s condensed consolidated statements of operations were $117 and $0 for the three months ended March 31, 2024 and 2023, respectively. Gains reclassified from other comprehensive loss into net loss recognized in cost of goods sold (“COGS”) in the Company’s condensed consolidated statements of operations were $537 and $0 for the three months ended March 31, 2024 and 2023, respectively. Gains reclassified from other comprehensive loss into net loss recognized in interest expense, net in the Company’s condensed consolidated statements of operations were $0 and $290 for the three months ended March 31, 2024 and 2023, respectively.

Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the three levels of the fair value hierarchy based on the reliability of inputs used.


			March 31, 2024						December 31, 2023
			Fair values estimated using
	Fair value		Level 1 inputs		Level 2 inputs		Level 3 inputs		Fair value
Financial assets carried at fair value:
Forward currency contracts	$	1,947	$	—	$	1,947	$	—	$	1,858


Total financial assets carried at fair value	$	1,947	$	—	$	1,947	$	—	$	1,858