FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Fair Value Disclosures [Abstract] |
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following tables provide information regarding assets and liabilities recorded at fair value on a recurring basis (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value | | Quoted Prices in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | December 31, 2022 | | | | | | | | Assets: Interest rate swap | $ | 1,262 | | | $ | — | | | $ | 1,262 | | | $ | — | | Assets: Foreign currency hedging contracts | 521 | | | — | | | 521 | | | — | | | | | | | | | | Liabilities: Foreign currency hedging contracts | 23 | | | — | | | 23 | | | — | | Liabilities: Contingent consideration | 11,756 | | | — | | | — | | | 11,756 | | | | | | | | | | December 31, 2021 | | | | | | | | | | | | | | | | Assets: Foreign currency hedging contracts | $ | 687 | | | $ | — | | | $ | 687 | | | $ | — | | | | | | | | | | Liabilities: Interest rate swap | 2,978 | | | — | | | 2,978 | | | — | | Liabilities: Contingent consideration | 2,415 | | | — | | | — | | | 2,415 | | Information regarding the Company’s outstanding interest rate swap designated as a cash flow hedge as of December 31, 2022 is as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Notional Amount | | | | | | Maturity Date | | Pay Fixed Rate | | Receive Current Floating Rate | | Fair Value | | Balance Sheet Location | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 100,000 | | | | | | | Jun 2023 | | 2.1785 | % | | 4.3869 | % | | $ | 1,262 | | | Prepaid expenses and other current assets |
(17.) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued) Information regarding the Company’s outstanding interest rate swap designated as cash flow hedges as of December 31, 2021 is as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Notional Amount | | | | | | Maturity Date | | Pay Fixed Rate | | Receive Current Floating Rate | | Fair Value | | Balance Sheet Location | $ | 150,000 | | | | | | | Jun 2023 | | 2.1785 | % | | 0.1013 | % | | $ | (2,978) | | | Other long-term liabilities |
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2022 is as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Notional Amount | | | | Maturity Date | | $/Foreign Currency | | Fair Value | | Balance Sheet Location | $ | 37,175 | | | | | Dec 2023 | | 0.0489 | | MXN Peso | | $ | 504 | | | Prepaid expenses and other current assets | 2,685 | | | | | Mar 2023 | | 0.0249 | | UYU Peso | | 17 | | | Prepaid expenses and other current assets | 17,309 | | | | | Mar 2023 | | 1.0751 | | Euro | | (23) | | | Accrued expenses and other current liabilities | | | | | | | | | | | | | |
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of December 31, 2021 is as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Notional Amount | | | | Maturity Date | | $/Foreign Currency | | Fair Value | | Balance Sheet Location | $ | 22,201 | | | | | Dec 2022 | | 0.0463 | | MXN Peso | | $ | 408 | | | Prepaid expenses and other current assets | 17,017 | | | | | Dec 2022 | | 1.1344 | | Euro | | 130 | | | Prepaid expenses and other current assets | 9,020 | | | | | Dec 2022 | | 0.0220 | | UYU Peso | | 149 | | | Prepaid expenses and other current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
The following table presents the impact of cash flow hedge derivative instruments on other comprehensive income (“OCI”), AOCI and the Company’s Consolidated Statement of Operations for fiscal years 2022, 2021 and 2020 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gain (Loss) Recognized in OCI | | Gain (Loss) Reclassified from AOCI | Derivative | | 2022 | | 2021 | | 2020 | | Location in Statement of Operations | | 2022 | | 2021 | | 2020 | Interest rate swaps | | $ | 3,322 | | | $ | 642 | | | $ | (7,405) | | | Interest expense | | $ | (918) | | | $ | (3,406) | | | $ | (3,447) | | Foreign exchange contracts | | (2,226) | | | (943) | | | 1,017 | | | Sales | | (2,073) | | | (674) | | | 618 | | Foreign exchange contracts | | 2,225 | | | 399 | | | (355) | | | Cost of sales | | 2,205 | | | 1,437 | | | (1,177) | | Foreign exchange contracts | | 328 | | | (7) | | | 60 | | | Operating expenses | | 384 | | | 69 | | | (79) | |
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Schedule of Rollforward of Contingent Consideration |
The following table presents the changes in the estimated fair values of the Company’s liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for fiscal years 2022 and 2021 (in thousands): | | | | | | December 31, 2020 | $ | 3,900 | | | | Fair value measurement adjustment | 133 | | Payments | (1,621) | | Foreign currency translation | 3 | | December 31, 2021 | 2,415 | | | | Amount recorded for current year acquisitions | 7,375 | | Fair value measurement adjustment | 3,097 | | Payments | (972) | | Foreign currency translation | (159) | | December 31, 2022 | $ | 11,756 | |
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Schedule of Contingent Consideration Measurement Inputs |
The following table provides quantitative information associated with the fair value measurement of the Company’s liabilities for contingent consideration as of December 31, 2021: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | | | | | | Contingency Type | | Remaining Maximum Payout (undiscounted) | | Fair Value | | Valuation Technique | | Unobservable Inputs | | Weighted Average or Range | Revenue-based payments: | | | | | | | | | | | InoMec and USB | | $ | 6,750 | | | $ | 2,415 | | | Monte Carlo | | Revenue volatility | | 29.0 | % | | | | | | | | | Discount rate | | 1.8 | % | | | | | | | | | Projected year(s) of payment | | 2022-2024 |
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Schedule of Equity Method Investments |
Equity investments comprise the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | December 31, 2021 | Equity method investment | | | | | $ | 8,252 | | | $ | 16,192 | | Non-marketable equity securities | | | | | 5,637 | | | 5,637 | | Total equity investments | | | | | $ | 13,889 | | | $ | 21,829 | |
The components of (Gain) loss on equity investments, net for each period were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | Equity method investment (income) loss | | | $ | 7,636 | | | $ | 3,057 | | | $ | (5,706) | | Impairment charges | | | — | | | 86 | | | 369 | | | | | | | | | | Total (gain) loss on equity investments, net | | | $ | 7,636 | | | $ | 3,143 | | | $ | (5,337) | |
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