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Fair Value Measurement (Tables)
 9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Summary of Financial Liability Measured at Fair Value on a Recurring Basis
The table below summarizes our financial assets that were measured at fair value on a recurring basis at September 30, 2017:
 
 
 
Quoted
 
 
 
 
 
 

 
Prices
 
 
 
 
 
 
Asset
 
in Active
 
Significant
 
 
 
 
Carrying
 
Markets for
 
Other
 
Significant
 
 
Value at
 
Identical
 
Observable
 
Unobservable
 
 
September 30,
 
Instruments
 
Inputs
 
Inputs
 

2017
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Interest rate swaps
$
650

 
$
—

 
$
650

 
$
—

 
Foreign currency hedges
$
260

 
$
—

 
$
260

 
$
—

 
 
The table below summarizes the financial assets (liabilities) that were measured at fair value on a recurring basis as of December 31, 2016:
 
 
 
Quoted
 
 
 
 
 
Asset
 
Prices
 
 
 
 
 
(Liability)
 
in Active
 
Significant
 
 
 
Carrying
 
Markets for
 
Other
 
Significant
 
Value at
 
Identical
 
Observable
 
Unobservable
 
December 31,
 
Instruments
 
Inputs
 
Inputs

2016
 
(Level 1)
 
(Level 2)
 
(Level 3)
Interest rate swaps
$
753

 
$
—

 
$
753

 
$
—

Foreign currency hedges
$
(601
)

$
—


$
(601
)

$
—
Reconciliation of Recurring Financial Liability Related to Interest Rate Swaps
The effect of derivative instruments on the Condensed Consolidated Statements of Earnings is as follows:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
September 30,

September 30,
 
2017

2016
 
2017

2016
Foreign Exchange Contracts:
 
 
 
 
 
 
 
Loss recognized in Net Sales
$
(194
)
 
$
(35
)
 
$
(253
)
 
$
(125
)
Gain recognized in Cost of Goods Sold
268

 
51

 
182

 
139

Gain recognized in Selling, General and Administrative expense
21

 
—

 
31

 
10

Loss recognized in Other (expenses) income
(2
)
 
(5
)
 
(11
)
 
(9
)
 
 
 
 
 

 

Interest Rate Swaps:
 
 
 
 

 

Benefit recorded in Interest Expense
$
12

 
$
158

 
$
12

 
$
471

  Total gain / (loss)
$
105

 
$
169

 
$
(39
)
 
$
486

The table below provides a reconciliation of the recurring financial assets (liabilities) for our derivative instruments:
 
 
 
Foreign
 
Interest
 
Currency

Rate Swaps
 
Hedges
Balance at January 1, 2016
$
(768
)
 
$
—

Settled in cash
—


54

Included in earnings
928

 
(18
)
Included in other comprehensive earnings
593

 
(637
)
Balance at December 31, 2016
$
753

 
$
(601
)
Settled in cash
(6
)

(75
)
Included in earnings
(6
)
 
(51
)
Included in other comprehensive earnings
(91
)
 
987

Balance at September 30, 2017
$
650

 
$
260