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Non-derivative Financial Instrument
12 Months Ended
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Non-derivative Financial Instrument
Non-derivative Financial Instrument
On November 2, 2017, in connection with the acquisition of Alliance Automotive Group, the Company designated euro-denominated debt as hedging instruments in a hedge of the net investment in certain European subsidiaries. The Company’s risk management objective and strategy for this hedge is to mitigate a designated monetary amount of the Company’s net investment in Euro functional currency subsidiaries.
As of December 31, 2017, the Company had designated €700,000,000 of the face value of Euro-denominated debt, a non-derivative financial instrument, as a hedge of the foreign currency exchange rate exposure of an equal amount to the Company's euro-denominated net investment in certain European subsidiaries. As of December 31, 2017, the euro-denominated debt has a total carrying value of $839,860,000, which is included in long-term debt in the Company’s consolidated balance sheet. For the year ended December 31, 2017, the Company recorded a loss, net of tax, of approximately $17,388,000 in the net investment hedge section of the accumulated other comprehensive loss in the Company’s consolidated balance sheet. No hedge ineffectiveness was recognized in income.