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Derivative Instruments
12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments DERIVATIVE INSTRUMENTS
The Company accounts for derivative instruments in accordance with the ASC Topic 815, Derivatives and Hedging ("ASC 815"). These principles require that all derivative instruments be recognized at fair value on each balance sheet date unless they qualify for a scope exclusion as a normal purchase or sale transaction, which is accounted for under the accrual method of accounting. In addition, these principles permit derivative instruments that qualify for hedge accounting to reflect the changes in the fair value of the derivative instruments through earnings or stockholders’ equity as other comprehensive income on a net basis until the hedged item is settled and recognized in earnings, depending on whether the derivative is being used to hedge changes in fair value or cash flows. The ineffective portion of a derivative instrument’s change in fair value is immediately recognized in earnings. As of December 31, 2023 and December 31, 2022, the Company did not have any derivative instruments that it had designated as fair value or cash flow hedges, and therefore all changes in fair value were immediately recognized in earnings.
The Company is subject to the following currency risks:
Inventory purchases from Brazilian, Thai and Malaysian manufacturers—In order to mitigate the currency risk on inventory purchases from its Brazilian, Malaysian and Thai manufacturers, which are settled in Brazilian real ("BRL"),
Malaysian ringgit ("MYR") and Thai baht ("THB"), the Company's subsidiary, All Market Singapore Pte. Ltd. ("AMS"), enters a series of forward currency swaps to buy BRL, MYR and THB.
Intercompany transactions between AME and AMS—In order to mitigate the currency risk on intercompany transactions between AME and AMS, AMS enters into foreign currency swaps to sell British pound ("GBP").
Intercompany Transactions with Canadian Customer and Vendors—In order to mitigate the currency risk on transactions with Canadian customer and vendors, the Company enters into foreign currency swaps to sell Canadian dollars ("CAD").
The notional amount and fair value of all outstanding derivative instruments in the consolidated balance sheets consist of the following at:


December 31, 2023
Derivatives not designated as
hedging instruments under
ASC 815-20
Notional
Amount
 Fair Value Balance Sheet Location
Assets
Foreign currency exchange contracts
Receive BRL/sell USD$62,253 $3,876 Derivative assets
Liabilities
Foreign currency exchange contracts
Receive THB/sell USD$21,971 $(285)Derivative liabilities
Receive USD/pay EUR5,627 (90)Derivative liabilities
Receive USD/pay GBP23,512 (749)Derivative liabilities
Receive USD/pay CAD7,666 (89)Derivative liabilities
December 31, 2022
Derivatives not designated as
hedging instruments under
ASC 815-20
Notional
Amount
Fair ValueBalance Sheet Location
Assets
Foreign currency exchange contracts
Receive USD/pay GBP$23,702 $1,104 Derivative assets
Receive BRL/sell USD$46,301 $2,314 Derivative assets
Receive USD/pay CAD$4,819 $188 Derivative assets
Liabilities
Foreign currency exchange contracts
Receive USD/pay EUR$604 $(7)Derivative liabilities
Receive THB/sell USD21,990 (64)Derivative liabilities
The amount of realized and unrealized gains and losses and consolidated statements of operations and comprehensive income location of the derivative instruments as of December 31, 2023 and 2022 are as follows:
 202320222021
Unrealized gain (loss) on derivative instruments$(872)$6,606 $2,093 
LocationUnrealized gain on derivative instrumentsUnrealized gain on derivative instrumentsUnrealized (loss) on derivative instruments
Foreign currency gain (loss)$5,697 $2,682 $(5,679)
LocationForeign currency gainForeign currency (loss)Foreign currency gain
The Company applies recurring fair value measurements to its derivative instruments in accordance with ASC Topic 820, Fair Value Measurements ("ASC 820"). In determining fair value, the Company used a market approach and incorporates the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable internally developed inputs.