Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Financial Instruments and Fair Value Measurements [Abstract]

Notional Amounts and Fair Values of Derivative Instruments in the Consolidated Balance

The notional amounts and fair values of derivative instruments in the condensed consolidated balance sheets were as follows: 

					Prepaid expenses and other
					current assets / Other				Accrued expenses and other
	Notional amounts (A)				long-term assets				current liabilities
	June 30,		December 31,		June 30,		December 31,			June 30,		December 31,
	2014		2013		2014		2013			2014		2013
Derivatives designated as hedging instruments:
Cash Flow Hedges:
Forward currency contracts		$ 11,250		$ 45,000		$ 29		$-			$-		$ 263
Fixed price commodity contracts		152		1,582		$-		$ 152			$ 10		$-
Fair Value Hedge:
Interest rate swap contract		$ 45,000		$ 45,000		$ 899		$ 793			$-		$-
Derivatives not designated as hedging instruments:
Forward currency contracts		$ 24,529		$ 13,335		$ 320		$-			$ 19		$ 18

Fixed price commodity contracts 1,085  -2  $42- $- $- $-

(A) Notional amounts represent the gross contract / notional amount of the derivatives outstanding. The fixed price commodity contract notional amounts are in pounds.

Amounts Recorded for the Cash Flow Hedges in Other Comprehensive Income (Loss) in Shareholders' Equity and in Net Income

Amounts recorded for the cash flow hedges in other comprehensive income (loss) and in net income (loss) for the three months ended June 30 are as follows: 

	Gain (loss) recorded in other comprehensive income (loss)				Gain (loss) reclassified from other comprehensive income (loss) into net income (loss)
	2014		2013		2014		2013
Derivatives designated as cash flow hedges:
Forward currency contracts	$	416	$	(1,430)	$	423	$	863
Fixed price commodity contracts		154		(988)		(91)		(344)
Total derivatives designated as cash flow hedges	$	570	$	(2,418)	$	332	$	519

Amounts recorded for the cash flow hedges in other comprehensive income (loss) and in net income (loss) for the six months ended June 30 are as follows: 

	Gain (loss) recorded in other comprehensive income (loss)				Gain (loss) reclassified from other comprehensive income (loss) into net income (loss)
	2014		2013		2014		2013
Derivatives designated as cash flow hedges:
Forward currency contracts	$	534	$	311	$	242	$	1,538
Fixed price commodity contracts		(318)		(1,734)		(121)		(283)
Total derivatives designated as cash flow hedges	$	216	$	(1,423)	$	121	$	1,255

Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the three levels of the fair value hierarchy based on the reliability of the inputs used.

	June 30,								December 31,
	2014								2013
	Fair values estimated using
			Level 1		Level 2		Level 3
	Fair value		inputs (A)		inputs (B)		inputs (C)		Fair value
Financial assets carried at fair value:
Interest rate swap contract	$	899	$	-	$	899	$	-	$	793
Forward currency contracts		349		-		349		-		-
Fixed price commodity contracts		42		-		42				152
Total financial assets carried at fair value	$	1,290	$	-	$	1,290	$	-	$	945
Financial liabilities carried at fair value:
Forward currency contracts	$	19	$	-	$	19	$	-	$	281
Fixed price commodity contracts		10		-		10		-		-
Total financial liabilities carried at fair value	$	29	$	-	$	29	$	-	$	281

(A)	Fair values estimated using Level 1 inputs, which consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. The Company did not have any recurring fair value estimates using Level 1 inputs at June 30, 2014 or December 31, 2013.
(B)	Fair values estimated using Level 2 inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly and include among other things, quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable. For forward currency, fixed price commodity and interest rate swap contracts, inputs include foreign currency exchange rates, commodity indexes and the six-month forward LIBOR.
(C)	Fair values estimated using Level 3 inputs consist of significant unobservable inputs. The Company did not have any recurring fair value estimates using Level 3 inputs at June 30, 2014 or December 31, 2013.