| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
The fair value of derivative instruments on a gross basis is as follows (in thousands): | | | | | | | | | Fair Value of Derivative Instruments Designated as Hedging Instruments | | Balance Sheet Location | | December 31, 2024 | | December 31, 2023 | Assets | | | | | | | | | Interest rate swap | | Prepaid expenses and other assets | | $ | — | | $ | 1,503 | Foreign currency forward contracts | | Prepaid expenses and other assets | | | 3,771 | | | 2,061 | Foreign currency forward contracts | | Other assets (long-term) | | | 1,064 | | | 216 | | | | | | | | | | (Liabilities) | | | | | | | | | Foreign currency forward contracts | | Accrued expenses | | | (1,332) | | | (1,898) | Foreign currency forward contracts | | Other long-term obligations | | | (287) | | | (499) | | | | | | | | | | Fair Value of Derivative Instruments Not Designated as Hedging Instruments | | Balance Sheet Location | | December 31, 2024 | | December 31, 2023 | Assets | | | | | | | | | Foreign currency forward contracts | | Prepaid expenses and other assets | | $ | 2,595 | | $ | 828 | | | | | | | | | | (Liabilities) | | | | | | | | | Foreign currency forward contracts | | Accrued expenses | | | (1,288) | | | (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") in our consolidated statements of comprehensive income and consolidated balance sheets (in thousands): | | | | | | | | | | | | Amount of Gain | | | Recognized in OCI | | | Year Ended December 31, | Derivative instrument | | 2024 | | 2023 | | 2022 | Interest rate swap | | $ | 152 | | $ | 609 | | $ | 4,879 | Foreign currency forward contracts | | | 5,732 | | | 3,909 | | | 6,263 |
Derivative instruments designated as cash flow hedges had the following effects, before income taxes, on AOCI and net earnings in our consolidated statements of income, consolidated statements of comprehensive income and consolidated balance sheets (in thousands): | | | | | | | | | | | | | | | | | | | | | | Consolidated Statements | | | Amount of Gain/(Loss) | | | of Income | | | Reclassified from AOCI | | | Year Ended December 31, | | | Year Ended December 31, | Location in statements of income | | 2024 | | | 2023 | | 2022 | | | 2024 | | 2023 | | 2022 | Interest expense | | $ | (31,219) | | $ | (15,511) | | $ | (6,339) | | | $ | 1,656 | | $ | 2,550 | | $ | (12) | Revenue | | | 1,356,514 | | | 1,257,366 | | | 1,150,981 | | | | 2,140 | | | 4,081 | | | 3,583 | Cost of sales | | | (713,181) | | | (673,494) | | | (631,882) | | | | 644 | | | 1,457 | | | (1,436) |
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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 years presented (in thousands): | | | | | | | | | | | | | | | | Year ended December 31, | Derivative Instrument | | Location in statements of income | | 2024 | | 2023 | | 2022 | Foreign currency forward contracts | | Other income (expense) — net | | $ | 1,961 | | $ | 2,004 | | $ | 1,420 |
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