Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Information Related to Recurring Fair Value Measurement of Derivative Financial Instruments in the Consolidated Balance Sheet

Information related to the recurring fair value measurement of derivative financial instruments in the consolidated balance sheet as of December 31, 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	$	101,109	Other current assets	$	8,655	Other current liabilities	$	—	$	8,655
Derivatives Not Designated as Hedging Instruments
Interest rate contracts	Level 2	$	100,000	Other current assets	$	2,062	Other current liabilities	$	—	$	2,062

Information related to the recurring fair value measurement of derivative financial instruments in the consolidated 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 in the Consolidated Statements of Income

Information related to the effect of derivative instruments in the consolidated statements of income is as follows:

		Year Ended December 31,
	Location	2023			2022			2021
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Cost of sales – income	$	8,630		$	1,458		$	1,609
	Other comprehensive (loss) income		3,483			3,496			(1,217	)
Total foreign currency derivatives		$	12,113		$	4,954		$	392
Commodity derivatives	Cost of sales – income	$	—		$	19		$	14
	Other comprehensive (loss) income		—			(6	)		6
Total commodity derivatives		$	—		$	13		$	20
Derivatives Not Designated as Hedging Instruments
Foreign currency derivatives	Foreign currency (loss) gain	$	—		$	(3,806	)	$	—
Total foreign currency derivatives		$	—		$	(3,806	)	$	—
Interest rate contracts	Interest income (expense), net	$	(710	)	$	2,772		$	—
Total interest rate derivatives		$	(710	)	$	2,772		$	—

Summary of Receivables Factored and Availability Under Receivables Factoring Agreements

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

	December 31,
	2023		2022
Receivables factored and outstanding	$	18,532	$	19,108
Amount available under the credit limit		5,891		5,034
Collective factoring limit	$	24,423	$	24,142

Summary of Trade Receivables Sold and Factoring Fees Incurred

Trade receivables sold and factoring fees incurred during the years ended December 31, 2023 and 2022 were as follows:

	Year Ended December 31,
	2023		2022(a)
Trade receivables sold	$	135,116	$	61,482
Factoring fees incurred		800		180

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