DERIVATIVE FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

DERIVATIVE FINANCIAL INSTRUMENTS

Foreign Currency Contracts

From time to time, the Company enters into foreign currency forward exchange contracts and foreign currency option contracts to manage its exposure to foreign exchange rates associated with short-term operating receivables of a Canadian subsidiary that are payable by the U.S. operations. The terms of these contracts are generally less than a year. Changes in the fair value of such contracts are reported in earnings as a component of “Other (income) expense, net.”

The Company did not enter into any foreign currency contracts during the three months ended March 31, 2014. The Company entered into one foreign currency contract during the three months ended March 31, 2013. This contract expired unexercised during 2013. There were no outstanding derivative contracts as of March 31, 2014 and December 31, 2013.