Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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 as of December 31 and are categorized as follows:

	December 31, 2023								December 31, 2022
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Foreign exchange contract designated as hedging instruments	$	1,318	$	—	$	1,318	$	—	$	—	$	—	$	—	$	—
Interest rate swap agreement	$	1,073	$	—	$	1,073	$	—	$	1,849	$	—	$	1,849	$	—
Liabilities:
Foreign exchange contract designated as hedging instruments	$	—	$	—	$	—	$	—	$	246	$	—	$	246	$	—
Foreign exchange contract not designated as hedging instruments	$	304	$	—	$	304	$	—	$	110	$	—	$	110	$	—

Notional Amount of Foreign Exchange Contracts

The following table summarizes the notional amount of our open foreign exchange contracts at December 31:

	2023				2022
	U.S. $ Equivalent		U.S. $ Equivalent Fair Value		U.S. $ Equivalent		U.S. $ Equivalent Fair Value
Commitments to buy or sell currencies - Foreign exchange contract designated as hedging instruments	$	56,741	$	58,094	$	41,049	$	40,797
Commitments to buy or sell currencies - Foreign exchange contract not designated as hedging instruments	$	16,608	$	16,806	$	14,171	$	13,050

Summary of Fair Value and Presentation in Consolidated Balance Sheets for Derivatives

The following table summarizes the fair value and presentation of derivatives in the Consolidated Balance Sheets at December 31 : 

	Derivative Asset
	Balance Sheet Location	Fair Value
		2023		2022
Foreign exchange contract designated as hedging instruments	Other current assets	$	1,179	$	—
Foreign exchange contract designated as hedging instruments	Other assets	$	139	$	—
Interest rate swap agreement	Other assets	$	1,073	$	1,849

	Derivative Liability
	Balance Sheet Location	Fair Value
		2023		2022
Foreign exchange contract designated as hedging instruments	Accrued liabilities and other	$	—	$	246
Foreign exchange contract not designated as hedging instruments	Accrued liabilities and other	$	304	$	110

	Derivative Equity
	Balance Sheet Location	Fair Value
		2023		2022
Foreign exchange contract designated as hedging instruments	Accumulated other comprehensive (loss) income	$	1,354	$	(235)
Interest rate swap agreements	Accumulated other comprehensive (loss) income	$	3,484	$	4,012

Effect of Derivative Instruments on Consolidated Statements of Income for Derivatives not Designated as Accounting Hedges

The following table summarizes the effect of derivative instruments on the Consolidated Statements of Operations:

		2023		2022
	Location of Gain (Loss) Recognized on Derivatives	Amount of Gain (Loss) Recognized in Income on Derivatives
Foreign exchange contract designated as hedging instruments	Cost of revenues	$	5,339	$	3,236
Interest rate swap agreements	Interest expense	$	1,466	$	(458)
Interest rate swap agreements settled in 2022	Interest expense	$	756	$	378
Foreign exchange contract not designated as hedging instruments	Other (income) expense	$	(220)	$	(334)

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:

	December 31, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Term loan and security agreement 1	$	141,514	$	139,213	$	152,437	$	143,477

1    Presented in the Consolidated Balance Sheets as the current portion of long-term debt of $15.3 million and long-term debt of $126.2 million as of December 31, 2023, and current portion of long-term debt of $10.9 million and long-term debt of $141.5 million as of December 31, 2022.