Derivative Financial Instruments

9 Months Ended

Sep. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Derivative Financial Instruments

Foreign Currency Exchange Rate Contracts

In general, the gains and losses related to the Company's foreign currency exchange rate contracts recorded in other expense, net are offset by the reciprocal gains and losses generated from foreign currency changes on the settlement of underlying assets or liabilities which originally gave rise to the exposure. The net losses for the three and nine months ended September 30, 2016 were $3.1 million and $5.2 million, respectively. The net losses for the three and nine months ended September 30, 2015 were $8.9 million and $7.0 million, respectively.

The following table provides volume information about the Company's foreign currency exchange rate contracts. The table below presents the net notional amounts of the Company's outstanding foreign currency forward contracts in United States dollar equivalent amounts (in thousands):

	September 30, 2016		December 31, 2015
Swedish kronor	$	89,433	$	59,198
Euro	52,277		281
Canadian dollar	12,978		10,799
British pound sterling	7,484		10,203
Brazilian real	7,478		6,440
Australian dollar	4,967		2,342
Japanese yen	1,011		2,124
Other	—		526
	$	175,628	$	91,913

At September 30, 2016, the Company’s foreign currency forward contracts, in general, had maturities of one month or less.

Note 5. Derivative Financial Instruments - (Continued)

Foreign Currency Exchange Rate Contracts - (Continued)

The carrying amount of the foreign currency forward contracts included in the Consolidated Balance Sheets are as follows (in thousands):

	September 30, 2016				December 31, 2015
	Other current assets		Other current liabilities		Other current assets		Other current liabilities
Foreign currency forward contracts	$	61	$	1,811	$	767	$	1,314

Interest Rate Swap Contracts

At September 30, 2016, the effective interest rate on the Company's revolving credit facility was 2.37 percent. As of September 30, 2016, the following interest rate swaps were outstanding:

Contract Date	Notional Amount (in millions)		Fixed Rate		Effective Date	Maturity Date
March 15, 2013	$	48.8	1.02	%	April 5, 2013	March 31, 2019
March 29, 2013	$	48.8	0.97	%	April 5, 2013	March 31, 2019

The net fair value carrying amount of the Company's interest rate swaps was a liability of $0.4 million of which $0.3 million has been recorded in other current liabilities and $0.1 million has been recorded to other long-term liabilities in the Consolidated Balance Sheet as of September 30, 2016.