Derivative Financial Instruments

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Derivative Financial Instruments

Foreign Currency Exchange Rate Risk

In general, the gains and losses related to outstanding derivative instruments recorded in other expense (income) are offset by the reciprocal gains and losses from the underlying assets or liabilities which originally gave rise to the exposure. The net amounts of these gains and losses related to the outstanding derivative instruments for the three months ended March 31,2014 and 2013 were a loss of $2.0 million and a gain of $1.5 million, respectively.

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

	March 31, 2014		December 31, 2013
Swedish kronor	$	97,650	$	99,214
British pound sterling	8,282		5,641
Australian dollar	3,402		5,986
Japanese yen	1,943		4,462
Euro	12,288		265
Canadian dollar	13,588		2,914
Other	3,584		3,448
	$	140,737	$	121,930

At March 31, 2014, the Company’s foreign currency forward contracts, in general, had maturities of five months or less.

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

	March 31, 2014				December 31, 2013
	Other Current Assets		Other Current Liabilities		Other Current Assets		Other Current Liabilities
Foreign currency forward contracts	$	65	$	1,905	$	392	$	613

Interest Rates

At March 31, 2014, the effective interest rate on the Company's term loan was 2.49 percent. As of March 31, 2014, the following interest rate swaps were outstanding:

Contract Date	Notional Amount (in millions)		Fixed Rate		Effective Date	Maturity Date
March 15, 2013	$	67.5	1.0165	%	April 5, 2013	March 31, 2019
March 29, 2013	67.5		0.97	%	April 5, 2013	March 31, 2019

The net fair value carrying amount of the Company's interest rate swaps was $2.2 million, of which $3.2 million and $1.0 million have been recorded to other assets and other current liabilities, respectively, in the Consolidated Balance Sheet as of March 31, 2014.