XML 42 R28.htm IDEA: XBRL DOCUMENT v3.3.1.900
Financial Instruments and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2015
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 consolidated balance sheets were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepaid expenses

 

 

 

 

 

Notional

 

and other current assets /

 

Accrued expenses and

 

amounts (A)

 

other long-term assets

 

other current liabilities

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 2015  2014 

 

 2015  2014 

 

 2015  2014 

Derivatives designated as hedging instruments

 

 

 

 

 

 

 

Cash Flow Hedges:

 

 

 

 

 

 

 

 

Forward currency contracts

 $22,208  $26,266 

 

 $474  $479 

 

 $84  $478 

 

 

 

 

 

 

 

 

 

Derivatives not designated as hedging instruments

 

 

 

 

 

 

Forward currency contracts

 $1,647  $3,523 

 

$  -

$  -

 

 $9  $13 

Fixed price commodity contracts

 -

 317 

 

 -

 -

 

 -

 $69 

 

(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 loss in shareholders’ equity and in net income (loss) for the years ended December 31 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) reclassified from

 

 

Gain (loss) recorded in other

 

other comprehensive loss

 

 

comprehensive loss

 

into net income (loss)

 

 

 2015 

 

 2014 

 

 2013 

 

 2015 

 

 2014 

 

 2013 

Derivatives designated as cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency contracts

$

 (671)

$

 (46)

$

 683 

$

 (1,060)

$

 (310)

$

 2,746 

Fixed price commodity contracts

 

 -

 

 (408)

 

 (1,008)

 

 -

 

 (256)

 

 (820)

Total derivatives designated as cash flow hedges

$

 (671)

$

 (454)

$

 (325)

$

 (1,060)

$

 (566)

$

 1,926 

 

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 fair value hierarchy.  The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

December 31,

 

 

 

 

 

 

 2015 

 

 2014 

 

 

 

 

 

 

Fair value estimated using

 

 

 

 

 

 

Fair value

 

Level 1 inputs (A)

 

Level 2 inputs (B)

 

Level 3 inputs (C)

 

Fair value

Financial assets carried at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency contracts

 $                474

 

 $                       -

 

$                474

 

 $                       -

 

$                 479

 

 

 

 

 

                  

 

 

 

                  

 

 

 

 

Total financial assets carried at fair value

$                474

 

$                    -

 

$                474

 

$                    -

 

$                479

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities carried at fair value:

 

 

 

 

 

 

 

 

 

Forward currency contracts

$                     -

 

$                    -

 

$                    -

 

$                    -

 

$                491

Fixed price commodity contracts

                    93

          

                      -

 

                    93

 

                      -

 

                    69

 

 

 

 

 

 

 

 

 

 

 

 

 

Total financial liabilities carried at fair value

$                  93

 

$                    -

 

$                  93

 

$                    -

 

$                560

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 fair value estimates using Level 1 inputs at December 31, 2015 or 2014.

(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 and fixed price commodity contracts, inputs include foreign currency exchange rates and commodity indexes.

(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 December 31, 2015 or 2014.