Fair Value Measurement (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Summary of Fair Values of Our Derivative Assets and Liabilities |
The fair values of our derivative assets and liabilities measured on a recurring basis are categorized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Assets: | | | | | | | | | | | | | | | | | | Foreign exchange contract designated as hedging instruments | | $ | 66 | | | $ | — | | | $ | 66 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Interest rate swap agreement settled in 2025 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,069 | | | $ | — | | | $ | 1,069 | | | $ | — | | | Liabilities: | | | | | | | | | | | | | | | | | | Foreign exchange contract designated as hedging instruments | | $ | 2,179 | | | $ | — | | | $ | 2,179 | | | $ | — | | | $ | 5,698 | | | $ | — | | | $ | 5,698 | | | $ | — | | | Foreign exchange contract not designated as hedging instruments | | $ | 16 | | | $ | — | | | $ | 16 | | | $ | — | | | $ | 53 | | | $ | — | | | $ | 53 | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| Summary of Notional Amount of Foreign Exchange Contracts |
The following table summarizes the notional amount of our open foreign exchange contracts: | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | | U.S. $
Equivalent | | U.S. $
Equivalent
Fair Value | | U.S. $
Equivalent | | U.S. $
Equivalent
Fair Value | | Commitments to buy or sell currencies - Foreign exchange contract designated as hedging instruments | $ | 47,735 | | | $ | 48,436 | | | $ | 54,359 | | | $ | 55,251 | | | Commitments to buy or sell currencies - Foreign exchange contract not designated as hedging instruments | $ | 9,425 | | | $ | 9,346 | | | $ | 4,697 | | | $ | 5,023 | |
|
| Summary of Fair Value and Presentation in Consolidated Balance Sheets for Derivatives none of which are Designated as Accounting Hedges |
The following table summarizes the fair value and presentation of derivatives in the Condensed Consolidated Balance Sheets: | | | | | | | | | | | | | | | | | | | Derivative Asset | | Balance Sheet
Location | | Fair Value | | | March 31, 2025 | | December 31, 2024 | | | | | | | | Foreign exchange contract designated as hedging instruments | Other current assets | | $ | 66 | | | $ | — | | | | | | | | | Interest rate swap agreement settled in 2025 | Other assets, net | | $ | — | | | $ | 1,069 | | | | | | | |
| | | | | | | | | | | | | | | | | | | Derivative Liability | | Balance Sheet
Location | | Fair Value | | | March 31, 2025 | | December 31, 2024 | | Foreign exchange contract designated as hedging instruments | Accrued liabilities and other | | $ | 2,179 | | | $ | 5,648 | | | Foreign exchange contract designated as hedging instruments | Other long-term liabilities | | $ | — | | | $ | 50 | | | Foreign exchange contracts not designated as hedging instruments | Accrued liabilities and other | | $ | 16 | | | $ | 53 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | Derivative Equity | | Balance Sheet
Location | | Fair Value | | | March 31, 2025 | | December 31, 2024 | | Foreign exchange contracts designated as hedging instruments | Accumulated other comprehensive income (loss) | | $ | (1,760) | | | $ | (2,119) | | | Interest rate swap agreements | Accumulated other comprehensive income | | $ | 2,599 | | | $ | 897 | |
|
| Summary of Effect of Derivative Instruments on Consolidated Statements of Operations for Derivatives not Designated as Hedging Instruments |
The following table summarizes the effect of derivative instruments on the Condensed Consolidated Statements of Operations: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | | | 2025 | | 2024 | | | | | | Location of Gain (Loss) on Derivatives
Recognized in Income (Loss) | | Amount of Gain (Loss) on Derivatives
Recognized in Income (Loss) | | | | Foreign exchange contracts designated as hedging instruments | Cost of revenues | | $ | (1,982) | | | $ | 89 | | | | | | | Interest rate swap agreement settled in 2025 | Interest expense | | $ | 127 | | | $ | 416 | | | | | | | Interest rate swap agreement settled in 2022 | Interest expense | | $ | 230 | | | $ | 189 | | | | | | | Foreign exchange contracts not designated as hedging instruments | Other (income) expense | | $ | 43 | | | $ | (206) | | | | | |
|
| Summary of Carrying Amounts and Fair Values of Our Long-Term Debt Obligations |
The carrying amounts and fair values of our long-term debt obligations are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | | | Carrying
Amount | | Fair Value | | Carrying
Amount | | Fair Value | Term loan and security agreement 1 | $ | 85,000 | | | $ | 85,000 | | | $ | 85,000 | | | $ | 84,363 | | | Revolving credit facility | $ | 32,400 | | | $ | 32,400 | | | $ | 50,500 | | | $ | 50,500 | |
1.Presented in the Condensed Consolidated Balance Sheets as the current portion of long-term debt of $13.9 million and long-term debt of $71.1 million as of March 31, 2025 and current portion of long-term debt of $8.4 million and long-term debt of $76.6 million as of December 31, 2024.
|