Fair Value Measurement (Tables)

9 Months Ended

Sep. 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 (liabilities) that are measured at fair value on a recurring basis at September 30, 2019:

				Quoted
	Asset			Prices
	(Liability)			in Active		Significant
	Carrying			Markets for		Other			Significant
	Value at			Identical		Observable			Unobservable
	September 30,			Instruments		Inputs			Inputs
	2019			(Level 1)		(Level 2)			(Level 3)
Interest rate swaps	$	(372	)	$	—	$	(372	)	$	—
Foreign currency hedges	$	395		$	—	$	395		$	—

The table below summarizes the financial assets 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					Nine Months Ended
	September 30,		September 30,			September 30,		September 30,
	2019		2018			2019		2018
Foreign Exchange Contracts:
Amounts reclassified from AOCI to earnings:
Net sales	$	—	$	152		$	—	$	115
Cost of goods sold	286		(52		)	562		88
Selling, general and administrative expense	23		3			62		(2		)
Total amounts reclassified from AOCI to earnings	309		103			624		201
Loss recognized in other expense for hedge ineffectiveness	—		—			—		(1		)
Total derivative gain on foreign exchange contracts recognized in earnings	$	309	$	103		$	624	$	200
Interest Rate Swaps:
Benefit recorded in Interest expense	$	117	$	114		$	430	$	284
Total gain	$	426	$	217		$	1,054	$	484

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	(430		)	(703		)
Total gains (losses) for the period:
Included in earnings	430			624
Included in other comprehensive income	(1,317		)	81
Balance at September 30, 2019	$	(372	)	$	395