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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
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 ValueQuoted
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 contracts521 — 521 — 
Liabilities: Foreign currency hedging contracts23 — 23 — 
Liabilities: Contingent consideration11,756 — — 11,756 
December 31, 2021
Assets: Foreign currency hedging contracts$687 $— $687 $— 
Liabilities: Interest rate swap2,978 — 2,978 — 
Liabilities: Contingent consideration2,415 — — 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 AmountMaturity
Date
Pay Fixed RateReceive Current Floating RateFair ValueBalance Sheet Location
$100,000 Jun 20232.1785 %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 AmountMaturity
Date
Pay Fixed RateReceive Current Floating RateFair ValueBalance Sheet Location
$150,000 Jun 20232.1785 %0.1013 %$(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 AmountMaturity
Date
$/Foreign CurrencyFair ValueBalance Sheet Location
$37,175 Dec 20230.0489MXN Peso$504 Prepaid expenses and other current assets
2,685 Mar 20230.0249UYU Peso17 Prepaid expenses and other current assets
17,309 Mar 20231.0751Euro(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 AmountMaturity
Date
$/Foreign CurrencyFair ValueBalance Sheet Location
$22,201 Dec 20220.0463MXN Peso$408 Prepaid expenses and other current assets
17,017 Dec 20221.1344Euro130 Prepaid expenses and other current assets
9,020 Dec 20220.0220UYU Peso149 Prepaid expenses and other current assets
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 OCIGain (Loss) Reclassified from AOCI
Derivative202220212020Location in Statement of Operations 202220212020
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 contracts2,225 399 (355)Cost of sales2,205 1,437 (1,177)
Foreign exchange contracts328 (7)60 Operating expenses384 69 (79)
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 adjustment133 
Payments
(1,621)
Foreign currency translation
December 31, 20212,415 
Amount recorded for current year acquisitions
7,375 
Fair value measurement adjustment3,097 
Payments
(972)
Foreign currency translation(159)
December 31, 2022$11,756 
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 TypeRemaining Maximum Payout (undiscounted)Fair ValueValuation TechniqueUnobservable InputsWeighted Average or Range
Revenue-based payments:
InoMec and USB$6,750 $2,415 Monte CarloRevenue volatility29.0 %
Discount rate1.8 %
Projected year(s) of payment2022-2024
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 securities5,637 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):
202220212020
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)