Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Summary of Financial Liability Measured at Fair Value on a Recurring Basis

The table below summarizes our financial assets that are measured at fair value on a recurring basis at June 30, 2019:

			Quoted
			Prices
	Asset		in Active		Significant
	Carrying		Markets for		Other		Significant
	Value at		Identical		Observable		Unobservable
	June 30,		Instruments		Inputs		Inputs
	2019		(Level 1)		(Level 2)		(Level 3)
Interest rate swaps	$	252	$	—	$	252	$	—
Foreign currency hedges	$	718	$	—	$	718	$	—

The table below summarizes the financial assets (liabilities) that are measured at fair value on a recurring basis as of December 31, 2018:

			Quoted
			Prices
	Asset		in Active		Significant
	Carrying		Markets for		Other		Significant
	Value at		Identical		Observable		Unobservable
	December 31,		Instruments		Inputs		Inputs
	2018		(Level 1)		(Level 2)		(Level 3)
Interest rate swaps	$	945	$	—	$	945	$	—
Foreign currency hedges	$	393	$	—	$	393	$	—

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					Six Months Ended
	June 30,		June 30,			June 30,		June 30,
	2019		2018			2019		2018
Foreign Exchange Contracts:
Amounts reclassified from AOCI to earnings:
Net sales	$	—	$	21		$	—	$	(37	)
Cost of goods sold	233		32			276		140
Selling, general and administrative expense	23		(4		)	39		(5		)
Total amounts reclassified from AOCI to earnings	256		49			315		98
Loss recognized in other expense for hedge ineffectiveness	—		—			—		(1		)
Total derivative gain on foreign exchange contracts recognized in earnings	$	256	$	49		$	315	$	97
Interest Rate Swaps:
Benefit recorded in Interest expense	$	156	$	105		$	313	$	170
Total gain	$	412	$	154		$	628	$	267

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, 2018	$	971		$	(742	)
Cash settlements paid (received)	421			(402		)
Total gains (losses) for the period:
Included in earnings	(421		)	484
Included in other comprehensive income	(26		)	1,053
Balance at December 31, 2018	$	945		$	393
Cash settlements received	(313		)	(403		)
Total gains (losses) for the period:
Included in earnings	313			315
Included in other comprehensive income	(693		)	413
Balance at June 30, 2019	$	252		$	718