Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Information Related to Recurring Fair Value Measurement of Derivative Instruments in Our Consolidated Condensed Balance Sheet

Information related to the recurring fair value measurement of derivative instruments in our consolidated condensed balance sheet as of September 30, 2023 is as follows:

				Asset Derivatives			Liability Derivatives
	Fair Value Hierarchy	Notional Amount		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Net Asset/ (Liabilities)
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Level 2	$	103,771	Other current assets	$	6,706	Other current liabilities	$	—	$	6,706
Derivatives Not Designated as Hedging Instruments
Interest rate contracts	Level 2	$	100,000	Other current assets	$	3,506	Other current liabilities	$	—	$	3,506

Information related to the recurring fair value measurement of derivative instruments in our consolidated condensed balance sheet as of December 31, 2022 is as follows:

				Asset Derivatives			Liability Derivatives
	Fair Value Hierarchy	Notional Amount		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Net Asset/ (Liabilities)
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Level 2	$	40,063	Other current assets	$	3,791	Other current liabilities	$	—	$	3,791
Derivatives Not Designated as Hedging Instruments
Interest rate contracts	Level 2	$	100,000	Other current assets	$	2,772	Other current liabilities	$	—	$	2,772

Information Related to Effect of Derivative Instruments on Our Consolidated Condensed Statements of Income and Consolidated Condensed Statements of Comprehensive Income (Loss)

Information relating to the effect of derivative instruments on our consolidated condensed statements of income and the consolidated condensed statements of comprehensive income is as follows:

		Three Months Ended September 30,						Nine Months Ended September 30,
	Location (Income/(Loss))	2023			2022			2023		2022
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Cost of sales – income	$	2,771		$	321		$	5,814	$	807
	Other comprehensive income (loss)		(2,673	)		1,627			2,915		1,921
Total foreign currency derivatives		$	98		$	1,948		$	8,729	$	2,728
Commodity derivatives	Cost of sales – income	$	—		$	—		$	—	$	19
	Other comprehensive loss		—			—			—		(6	)
Total commodity derivatives		$	—		$	—		$	—	$	13
Derivatives Not Designated as Hedging Instruments
Foreign currency derivatives	Foreign currency gain	$	—		$	(4,288	)	$	—	$	(3,806	)
Total foreign currency derivatives		$	—		$	(4,288	)	$	—	$	(3,806	)
Interest rate contracts	Interest expense, net	$	62		$	3,191		$	734	$	2,498
Total interest rate derivatives		$	62		$	3,191		$	734	$	2,498

Summary of Receivables Factored and Availability Under Receivables Factoring Agreements

Receivables factored and availability under receivables factoring agreements balances as of September 30, 2023 and December 31, 2022 were as follows:

	September 30, 2023		December 31, 2022
Receivables factored and outstanding	$	22,372	$	19,108
Amount available under the credit limit		1,169		5,034
Collective factoring limit	$	23,541	$	24,142

Summary of Trade Receivables Sold and Factoring Fees Incurred

Trade receivables sold and factoring fees incurred during the three and nine months ended September 30, 2023 and 2022 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022(a)		2023		2022(a)
Trade receivables sold	$	35,115	$	23,706	$	111,915	$	23,706
Factoring fees incurred		221		64		588		64

Represents trade receivables sold and factoring fees incurred since the acquisition of Alfmeier (acquired on August 1, 2022)