Derivative Financial Instruments

9 Months Ended

Sep. 30, 2015

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 (income), net are offset by the reciprocal gains and losses from the underlying assets or liabilities which originally gave rise to the exposure. The net losses for the three and nine months ended September 30, 2015 were $8.9 million and $7.0 million, respectively. The net losses for the three and nine months ended September 30, 2014 were $2.8 million and $5.7 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, 2015		December 31, 2014
Swedish kronor	$	71,088	$	67,809
British pound sterling	41,396		14,928
Canadian dollar	20,852		17,446
Brazilian real	6,240		2,449
Australian dollar	3,830		6,566
Japanese yen	3,765		3,718
Euro	1,441		5,391
Other	176		701
	$	148,788	$	119,008

At September 30, 2015, the Company’s foreign currency forward contracts, in general, had maturities of three months 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, 2015				December 31, 2014
	Other current assets		Other current liabilities		Other current assets		Other current liabilities
Foreign currency forward contracts	$	429	$	2,080	$	112	$	3,247

Interest Rate Swap Contracts

At September 30, 2015, the effective interest rate on the Company's term loan was 2.49 percent. As of September 30, 2015, the following interest rate swaps were outstanding:

Contract Date	Notional Amount (in millions)		Fixed Rate		Effective Date	Maturity Date
March 15, 2013	$	56.3	1.02	%	April 5, 2013	March 31, 2019
March 29, 2013	$	56.3	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 $0.3 million, of which $0.3 million and $0.6 million have been recorded to other assets and other current liabilities, respectively, in the Consolidated Balance Sheet as of September 30, 2015.