Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2019

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

The table below summarizes the financial asset that were measured at fair value on a recurring basis as of December 31, 2019 and the (gain) loss recorded during the year ended December 31, 2019:



	Asset Carrying Value at December 31, 2019		Quoted Prices in Active Markets for Identical (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		(Gain) loss for Year Ended December 31, 2019
Interest rate swap	$	4	$	—	$	4	$	—	$	(491	)
Foreign currency hedges	$	580	$	—	$	580	$	—	$	(952	)

The table below summarizes the financial assets that were measured at fair value on a recurring basis as of December 31, 2018 and the (gain) loss recorded during the year ended December 31, 2018:



	Asset Carrying Value at December 31, 2018		Quoted Prices in Active Markets for Identical (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		(Gain) loss for Year Ended December 31, 2018
Interest rate swap	$	945	$	—	$	945	$	—	$	(421	)
Foreign currency hedges	$	393	$	—	$	393	$	—	$	(484	)

Reconciliation of Recurring Financial Liability Related to Interest Rate Swaps

The effect of derivative instruments on the Consolidated Statements of Earnings is as follows:



	Years Ended December 31,
	2019		2018			2017
Foreign Exchange Contracts:
Amounts reclassified from AOCI to earnings:
Net sales	$	—	$	383		$	(488	)
Cost of goods sold	860		(6		)	497
Selling, general and administrative	92		107			45
Total amounts reclassified from AOCI to earnings	952		484			54
Loss recognized in other expense for hedge ineffectiveness	—		—			(1		)
Loss recognized in other expense for derivatives not designated as cash flow hedges	—		—			(15		)
Total derivative gain on foreign exchange contracts recognized in earnings	$	952	$	484		$	38

Interest Rate Swaps:
Benefit recorded in interest expense	$	491	$	421		$	37
Total gain	$	1,443	$	905		$	75