v3.25.2
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table presents the notional contract amounts for forward contracts outstanding:

As of
FASB ASC Topic 815 DesignationJune 30, 2025December 31, 2024
Forward exchange contractsCash flow hedge$228,427 $224,177 
Forward exchange contractsNon-designated57,223 38,892 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
Foreign exchange contracts designated as cash flow hedges had the following effects on accumulated other comprehensive income (loss) ("AOCI") and net earnings on our consolidated condensed statements of comprehensive income and our consolidated condensed balance sheets:

Amount of Loss Recognized in AOCI
Consolidated Condensed Statements of Comprehensive Income
Amount of Gain (Loss) Reclassified from AOCI
Three Months Ended June 30,
Total Amount of Line Item Presented
Derivative Instrument20252024Location of amount reclassified2025202420252024
Foreign exchange contracts$(9,927)$(499)Net Sales$342,345 $332,097 $(693)$1,349 
 Cost of Sales154,025 148,368 (207)626 
Pre-tax gain (loss)
$(9,927)$(499)$(900)$1,975 
Tax expense (benefit)
(2,406)(121)(218)479 
Net gain (loss)
$(7,521)$(378)$(682)$1,496 

Amount of Gain (Loss) Recognized in AOCI
Consolidated Condensed Statements of Comprehensive Income
Amount of Gain (Loss) Reclassified from AOCI
Six Months Ended June 30,
Total Amount of Line Item Presented
Derivative Instrument20252024Location of amount reclassified2025202420252024
Foreign exchange contracts$(13,603)$6,759 Net Sales$663,600 $644,371 $1,158 $1,990 
Cost of Sales297,529 288,677 (892)1,372 
Pre-tax gain (loss)
$(13,603)$6,759 $266 $3,362 
Tax expense (benefit)
(3,297)1,639 64 815 
Net gain (loss)
$(10,306)$5,120 $202 $2,547 
.
Derivatives Not Designated as Hedging Instruments
Net gains (losses) from derivative instruments not accounted for as hedges and gains (losses) on our intercompany receivables on our consolidated condensed statements of comprehensive income were:

Three Months Ended June 30,Six Months Ended June 30,
Derivative Instrument
Location on Consolidated Condensed Statements of Comprehensive Income
2025202420252024
  
Net gain (loss) on currency forward contracts
Selling and administrative expense$(1,291)$211 $(2,080)$882 
Net gain (loss) on currency transaction exposures
Selling and administrative expense$432 $(965)$1,343 $(2,210)
Schedule of Fair Value for Forward Foreign Exchange Contracts The following tables summarize the fair value for forward foreign exchange contracts outstanding at June 30, 2025 and December 31, 2024:
June 30, 2025Location on Consolidated Condensed Balance SheetAsset Fair ValueLiabilities Fair ValueNet
Fair
Value
Derivatives designated as hedged instruments:   
Foreign exchange contractsOther current liabilities$1,347 $(7,030)$(5,683)
Foreign exchange contracts
Other long-term liabilities
590 (3,105)(2,515)
$1,937 $(10,135)$(8,198)
Derivatives not designated as hedging instruments:   
Foreign exchange contractsOther current liabilities12 (435)(423)
Total derivatives$1,949 $(10,570)$(8,621)

December 31, 2024Location on Consolidated Condensed Balance SheetAsset Fair ValueLiabilities Fair ValueNet
Fair
Value
Derivatives designated as hedged instruments:  
Foreign exchange contracts Prepaid expenses and other current assets$8,702 $(3,294)$5,408 
Foreign exchange contracts
Other assets
388 (124)264 
$9,090 $(3,418)$5,672 
Derivatives not designated as hedging instruments:  
Foreign exchange contractsOther current liabilities33 (110)(77)
Total derivatives$9,123 $(3,528)$5,595 
Fair Value Measurement Inputs and Valuation Techniques The recurring Level 3 fair value measurements of contingent consideration for which the liabilities are recorded include the following significant unobservable inputs as of June 30, 2025:
Assumptions
Unobservable InputIn2BonesBiorez
Discount rate7.32%12.28%
Revenue volatility17.23%20.70%
Projected year of payment
2025-2026
2025-2026
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation Changes in the fair value of contingent consideration liabilities for the six months ended June 30, 2025 and 2024 are as follows:
In2BonesBiorez
2025202420252024
Balance as of January 1,$11,196 $41,393 $61,021 $128,751 
Payments
— (3,028)(14,094)(36,401)
Changes in fair value of contingent consideration(6,193)(20,760)8,356 5,541 
Balance as of June 30,$5,003 $17,605 $55,283 $97,891