Derivative Financial Instruments

6 Months Ended

Jun. 30, 2014

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 (income) expense 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 for the three and six months ended June 30, 2014 were a loss of $0.9 million and a loss of $2.9 million, respectively. The net amounts of these gains and losses for the three and six months ended June 30, 2013 were a loss of $5.0 million and a loss of $3.5 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):

	June 30, 2014		December 31, 2013
Swedish kronor	$	93,558	$	99,214
British pound sterling	10,094		5,641
Australian dollar	4,422		5,986
Japanese yen	3,387		4,462
Euro	12,057		265
Canadian dollar	15,933		2,914
Other	4,259		3,448
	$	143,710	$	121,930

At June 30, 2014, the Company’s foreign currency forward contracts, in general, had maturities of six months or less.

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

	June 30, 2014				December 31, 2013
	Other current assets		Other current liabilities		Other current assets		Other current liabilities
Foreign currency forward contracts	$	619	$	2,328	$	392	$	613

Interest Rate Swap Contracts

At June 30, 2014, the effective interest rate on the Company's term loan was 2.49 percent. As of June 30, 2014, the following interest rate swaps were outstanding:

Contract Date	Notional Amount (in millions)		Fixed Rate		Effective Date	Maturity Date
March 15, 2013	$	65.6	1.02	%	April 5, 2013	March 31, 2019
March 29, 2013	$	65.6	0.97	%	April 5, 2013	March 31, 2019

The net fair value carrying amount of the Company's interest rate swaps was $1.4 million, of which $2.4 million and $1.0 million have been recorded to other assets and other current liabilities, respectively, in the Consolidated Balance Sheet as of June 30, 2014.