Derivative Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

The Company’s foreign currency risk management strategy is principally designed to mitigate the potential financial impact of changes in the value of transactions and balances denominated in foreign currencies resulting from changes in foreign currency exchange rates. The Company enters into economic hedges utilizing foreign currency forward contracts with maturities that do not exceed approximately three months to manage the exposure to fluctuations in foreign currency exchange rates arising primarily from foreign-denominated receivables and payables. The gains and losses on these derivatives are intended to be offset by the changes in the fair value of the assets and liabilities being hedged. These economic hedges are not designated as hedging instruments for hedge accounting treatment.

Additionally, during 2023, the Company entered into a foreign currency forward contract to exchange U.S. Dollars for ¥40,000,000,000 to hedge the Japanese Yen purchase price of the acquisition of Moritex Corporation (refer to Note 21). Upon the settlement of this contract, the Company recorded a foreign currency loss of $8,456,000, which was recorded in "Foreign currency gain (loss)" on the Consolidated Statements of Operations.

The Company had the following outstanding forward contracts (in thousands):

	December 31, 2023			December 31, 2022
Currency	Notional Value	USD Equivalent		Notional Value	USD Equivalent
Derivatives Not Designated as Hedging Instruments:
Euro	40,000	$	44,302	60,000	$	64,174
Singapore Dollar	39,700	30,136		—	—
Mexican Peso	145,000	8,505		185,000	9,480
Chinese Renminbi	50,000	7,025		55,000	7,619
Hungarian Forint	2,240,000	6,466		1,590,000	4,238
British Pound	3,345	4,258		3,445	4,161
Japanese Yen	600,000	4,255		700,000	5,281
Canadian Dollar	1,470	1,112		1,730	1,278
Swiss Franc	—	—		1,120	1,218

Information regarding the fair value of the outstanding forward contracts was as follows (in thousands):

	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	Fair Value				Balance Sheet Location	Fair Value
		December 31, 2023		December 31, 2022			December 31, 2023		December 31, 2022
Derivatives Not Designated as Hedging Instruments:
Economic hedge forward contracts	Prepaid expenses and other current assets	$	151	$	27	Accrued expenses	$	106	$	479

The following table summarizes the gross activity for all derivative assets and liabilities which were presented on a net basis on the Consolidated Balance Sheets due to the right of offset with each counterparty (in thousands):

Asset Derivatives					Liability Derivatives
	December 31, 2023		December 31, 2022			December 31, 2023		December 31, 2022
Gross amounts of recognized assets	$	151	$	27	Gross amounts of recognized liabilities	$	106	$	479
Gross amounts offset	—		—		Gross amounts offset	—		—
Net amount of assets presented	$	151	$	27	Net amount of liabilities presented	$	106	$	479

Information regarding the effect of derivative instruments, net of the underlying exposure, on the consolidated financial statements was as follows (in thousands):

	Location in Financial Statements	Year Ended December 31,
		2023		2022		2021
Derivatives Not Designated as Hedging Instruments:
Gains (losses) recognized in current operations	Foreign currency gain (loss)	$	(10,023)	$	9,823	$	4,262