Derivative Financial Instruments

6 Months Ended

Jun. 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 (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 six months ended June 30, 2016 were $9.1 million and $2.1 million, respectively. The net gains for the three and six months ended June 30, 2015 were $5.8 million and $1.8 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, 2016		December 31, 2015
Swedish kronor	$	93,760	$	59,198
Euro	21,280		281
Canadian dollar	14,954		10,799
Brazilian real	8,145		6,440
British pound sterling	3,064		10,203
Australian dollar	2,856		2,342
Norwegian krone	836		453
Other	1,035		2,197
	$	145,930	$	91,913

At June 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):

	June 30, 2016				December 31, 2015
	Other current assets		Other current liabilities		Other current assets		Other current liabilities
Foreign currency forward contracts	$	447	$	2,034	$	767	$	1,314

Interest Rate Swap Contracts

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

Contract Date	Notional Amount (in millions)		Fixed Rate		Effective Date	Maturity Date
March 15, 2013	$	50.6	1.02	%	April 5, 2013	March 31, 2019
March 29, 2013	$	50.6	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 $0.9 million of which $0.5 million has been recorded in other current liabilities and $0.4 million has been recorded to other long-term liabilities in the Consolidated Balance Sheet as of June 30, 2016.