Derivatives (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value of derivative instruments on a gross basis was as follows on the dates indicated (in thousands):

Fair Value of Derivative Instruments Designated as Hedging Instruments	Balance Sheet Location	September 30, 2023		December 31, 2022
Assets
Interest rate swaps	Prepaid expenses and other assets	$	2,320	$	—
Interest rate swaps	Other assets (long-term)		—		3,444
Foreign currency forward contracts	Prepaid expenses and other assets		3,463		3,215
Foreign currency forward contracts	Other assets (long-term)		698		56
(Liabilities)
Foreign currency forward contracts	Accrued expenses		(845)		(1,509)
Foreign currency forward contracts	Other long-term obligations		(238)		(531)
Fair Value of Derivative Instruments Not Designated as Hedging Instruments	Balance Sheet Location	September 30, 2023		December 31, 2022
Assets
Foreign currency forward contracts	Prepaid expenses and other assets	$	1,874	$	1,512
(Liabilities)
Foreign currency forward contracts	Accrued expenses		(1,897)		(1,946)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

Derivative instruments designated as cash flow hedges had the following effects, before income taxes, on other comprehensive income (“OCI”), accumulated other comprehensive income (“AOCI”), and net earnings in our consolidated statements of income, consolidated statements of comprehensive income and consolidated balance sheets (in thousands):

	Amount of Gain/(Loss)					Consolidated Statements				Amount of Gain/(Loss)
	Recognized in OCI					of Income				Reclassified from AOCI
	Three Months Ended September 30,					Three Months Ended September 30,				Three Months Ended September 30,
Derivative instrument	2023		2022		Location in statements of income	2023			2022	2023			2022
Interest rate swaps	$	126	$	1,504	Interest expense	$	(4,841)	$	(1,831)	$	685	$	94
Foreign currency forward contracts		1,503		3,491	Revenue		315,230		287,175		866		1,491
					Cost of sales		(173,031)		(158,602)		617		(440)

	Amount of Gain/(Loss)					Consolidated Statements				Amount of Gain/(Loss)
	Recognized in OCI					of Income				Reclassified from AOCI
	Nine Months Ended September 30,					Nine Months Ended September 30,				Nine Months Ended September 30,
Derivative instrument	2023		2022		Location in statements of income	2023			2022	2023			2022
Interest rate swaps	$	726	$	4,507	Interest expense	$	(10,534)	$	(4,180)	$	1,850	$	(379)
Foreign currency forward contracts		6,067		8,713	Revenue		932,851		857,566		2,851		1,303
					Cost of sales		(499,508)		(473,019)		900		(886)

Derivative Instruments, Gain (Loss)

The following gains/(losses) from these derivative instruments were recognized in our consolidated statements of income for the periods presented (in thousands):

		Three Months Ended September 30,				Nine Months Ended September 30,
Derivative Instrument	Location in statements of income	2023		2022		2023		2022
Foreign currency forward contracts	Other income (expense) — net	$	(452)	$	1,034	$	2,748	$	1,212