Fair Value Measurement (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Fair Value Disclosures [Abstract] |
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| Fair Values of Our Derivative Assets and Liabilities |
The fair values of our derivative assets and liabilities and Contingent Consideration measured on a recurring basis are categorized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2022 | | December 31, 2021 | | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Assets: | | | | | | | | | | | | | | | | | | Foreign exchange contract | | $ | 981 | | | $ | — | | | $ | 981 | | | $ | — | | | $ | 1,375 | | | $ | — | | | $ | 1,375 | | | $ | — | | | Interest rate swap agreement | | $ | 1,944 | | | $ | — | | | $ | 1,944 | | | $ | — | | | $ | 241 | | | $ | — | | | $ | 241 | | | $ | — | | | Liabilities: | | | | | | | | | | | | | | | | | | Foreign exchange contract | | $ | 134 | | | $ | — | | | $ | 134 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Interest rate swap agreement | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 498 | | | $ | — | | | $ | 498 | | | $ | — | | | Contingent Consideration | | $ | 4,750 | | | $ | — | | | $ | — | | | $ | 4,750 | | | $ | 4,409 | | | $ | — | | | $ | — | | | $ | 4,409 | |
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| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
Details of the changes in value for the Contingent Consideration that is measured using significant unobservable inputs (Level 3) are as follows: | | | | | | | | | | | Amount | Contingent Consideration liability balance at December 31, 2021 | | $ | 4,409 | | | Change in fair value | | 341 | | | | | Contingent Consideration liability balance at September 30, 2022 | | $ | 4,750 | |
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| Notional Amount of Foreign Exchange Contracts |
The following table summarizes the notional amount of our open foreign exchange contracts: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2022 | | December 31, 2021 | | U.S. $
Equivalent | | U.S. $
Equivalent
Fair Value | | U.S. $
Equivalent | | U.S. $
Equivalent
Fair Value | | Commitments to buy or sell currencies | $ | 12,640 | | | $ | 12,863 | | | $ | 49,601 | | | $ | 48,712 | |
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| Fair Value and Presentation in Consolidated Balance Sheets for Derivatives none of which are Designated as Accounting Hedges |
The following table summarizes the fair value and presentation of derivatives in the Condensed Consolidated Balance Sheets: | | | | | | | | | | | | | | | | | | | Derivative Asset | | Balance Sheet
Location | | Fair Value | | | September 30, 2022 | | December 31, 2021 | | | | | | | | Foreign exchange contracts | Other current assets | | $ | 981 | | | $ | 1,375 | | | Interest rate swap agreement | Other current assets | | $ | 389 | | | $ | — | | | Interest rate swap agreement | Other assets, net | | $ | 1,555 | | | $ | — | | | Interest rate swap agreement | Accrued liabilities and other | | $ | — | | | $ | 241 | |
| | | | | | | | | | | | | | | | | | | Derivative Liability | | Balance Sheet
Location | | Fair Value | | | September 30, 2022 | | December 31, 2021 | | Foreign exchange contracts | Accrued liabilities and other | | $ | 134 | | | $ | — | | | | | | | | | Interest rate swap agreement | Accrued liabilities and other | | $ | — | | | $ | 498 | |
| | | | | | | | | | | | | | | | | | | Derivative Equity | | Balance Sheet
Location | | Fair Value | | | September 30, 2022 | | December 31, 2021 | | Derivative instruments | Accumulated other comprehensive (loss) income | | $ | 4,768 | | | $ | 757 | |
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| Effect of Derivative Instruments on Consolidated Statements of Operations for Derivatives not Designated as Hedging Instruments |
The following table summarizes the effect of derivative instruments on the Condensed Consolidated Statements of Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | 2022 | | 2021 | | 2022 | | 2021 | | Location of Gain (Loss) on Derivatives
Recognized in Income (Loss) | | Amount of Gain (Loss) on Derivatives
Recognized in Income (Loss) | | Amount of Gain (Loss) on Derivatives
Recognized in Income (Loss) | | Foreign exchange contracts | Cost of revenues | | $ | 776 | | | $ | 807 | | | $ | 2,076 | | | $ | 1,654 | | | Interest rate swap agreements | Interest and other expense | | $ | (67) | | | $ | (1) | | | $ | (344) | | | $ | (7) | | | Foreign exchange contracts | Other (income) expense | | $ | (185) | | | $ | 63 | | | $ | (219) | | | $ | 286 | |
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| Carrying Amounts and Fair Values of Our Long-Term Debt Obligations |
The carrying amounts and fair values of our long-term debt obligations are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2022 | | December 31, 2021 | | | Carrying
Amount | | Fair Value | | Carrying
Amount | | Fair Value | Term loan and security agreement 1 | $ | 172,746 | | | $ | 161,081 | | | $ | 145,556 | | | $ | 142,265 | | Revolving credit facility 1 | $ | 11,588 | | | $ | 11,588 | | | $ | 49,400 | | | $ | 49,400 | |
1.Presented in the Condensed Consolidated Balance Sheets as the current portion of long-term debt of $9.8 million and long-term debt of $174.5 million as of September 30, 2022 and current portion of long-term debt of $9.4 million and long-term debt of $185.6 million as of December 31, 2021.
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