| 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 | | June 30, 2024 | | December 31, 2023 | Assets | | | | | | | | | Interest rate swap | | Prepaid expenses and other assets | | $ | 254 | | $ | 1,503 | Foreign currency forward contracts | | Prepaid expenses and other assets | | | 2,877 | | | 2,061 | Foreign currency forward contracts | | Other assets (long-term) | | | 497 | | | 216 | | | | | | | | | | (Liabilities) | | | | | | | | | Foreign currency forward contracts | | Accrued expenses | | | (954) | | | (1,898) | Foreign currency forward contracts | | Other long-term obligations | | | (343) | | | (499) | | | | | | | | | | Fair Value of Derivative Instruments Not Designated as Hedging Instruments | | Balance Sheet Location | | June 30, 2024 | | December 31, 2023 | Assets | | | | | | | | | Foreign currency forward contracts | | Prepaid expenses and other assets | | $ | 1,572 | | $ | 828 | | | | | | | | | | (Liabilities) | | | | | | | | | Foreign currency forward contracts | | Accrued expenses | | | (953) | | | (1,463) |
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| 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 June 30, | | | | Three Months Ended June 30, | | Three Months Ended June 30, | Derivative instrument | | 2024 | | 2023 | | Location in statements of income | | 2024 | | | 2023 | | 2024 | | | 2023 | Interest rate swap | | $ | (197) | | $ | 719 | | Interest expense | | $ | (7,679) | | $ | (3,682) | | $ | 699 | | $ | 631 | Foreign currency forward contracts | | | (31) | | | 4,325 | | Revenue | | | 338,003 | | | 320,056 | | | 427 | | | 658 | | | | | | | | | Cost of sales | | | (176,903) | | | (167,274) | | | 357 | | | 333 |
| | | | | | | | | | | | | | | | | | | | | | | | Amount of Gain/(Loss) | | | Consolidated Statements | | Amount of Gain/(Loss) | | | | Recognized in OCI | | | of Income | | Reclassified from AOCI | | | | Six Months Ended June 30, | | | Six Months Ended June 30, | | Six Months Ended June 30, | | Derivative instrument | | 2024 | | 2023 | | Location in statements of income | | 2024 | | | 2023 | | 2024 | | | 2023 | | Interest rate swap | | $ | 151 | | $ | 600 | | Interest expense | | $ | (15,725) | | $ | (5,693) | | $ | 1,401 | | $ | 1,165 | | Foreign currency forward contracts | | | 4,135 | | | 4,564 | | Revenue | | | 661,511 | | | 617,621 | | | 840 | | | 1,985 | | | | | | Cost of sales | | | (348,696) | | | (326,477) | | | 784 | | | 283 | |
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| 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 June 30, | | Six Months Ended June 30, | | Derivative Instrument | | Location in statements of income | | 2024 | | 2023 | | 2024 | | 2023 | | Foreign currency forward contracts | | Other income (expense) — net | | $ | 645 | | $ | 2,141 | | $ | 1,528 | | $ | 3,200 | |
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