XML 34 R23.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Financial Instruments | 6 Months Ended
--- | ---
Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Financial Instruments | Financial Instruments Foreign Currency Forward Contracts The Company uses foreign currency forward contracts to hedge a portion of its foreign currency exchange rate exposure to forecasted foreign currency denominated cash flows. These instruments are not held for speculative or trading purposes. A summary of the Company's designated and non-designated cash flow hedges follows:
|  | June 30, 2018 |  | December 31, 2017
(in millions) |  | Fair Value (1) |  | Notional Value |  | Fair Value (1) |  | Notional Value
Designated hedges |  | $ | 0.1 |  |  | $ | 10.5 |  |  | $ | (0.2 | ) |  | $ | 22.3 |
Non-designated hedges |  | (2.0 | ) |  | 55.6 |  |  | 0.2 |  |  | 38.6 |
(1) | The fair value of foreign currency forward contracts is included in other current assets. The fair value was estimated using observable market inputs such as forward and spot prices of the underlying exchange rate pair. Based on these inputs, derivative assets and liabilities are classified as Level 2 in the fair value hierarchy.
For instruments that are designated and qualify as cash flow hedges, the Company had foreign forward contracts with maturities less than one year. The changes in the fair value of the contracts are recorded in accumulated other comprehensive income (loss) on the Condensed Consolidated Statements of Shareholders' Equity and recognized in the same Condensed Consolidated Statements of Income line item as the impact of the hedged item, revenues or cost of goods sold, when the underlying forecasted transaction impacts earnings. Gains and losses on the contracts representing hedge components excluded from the assessment of hedged effectiveness are recognized in the same Condensed Consolidated Statements of Income line item as the hedged item, revenues or cost of goods sold, currently. The change in accumulated other comprehensive income (loss) related to cash flow hedges for the three and six months ended June 30, follows:
(in millions) |  | 2018 |  | 2017
Balance as of April 1 |  | $ | (3.8 | ) |  | $ | 0.8 |
Other comprehensive income before reclassifications |  | — |  |  | (0.3 | )
Amounts reclassified from accumulated other comprehensive loss |  | 0.3 |  |  | (0.3 | )
Other comprehensive income (loss) |  | 0.3 |  |  | (0.6 | )
Balance as of June 30 |  | $ | (3.5 | ) |  | $ | 0.2 |
(in millions) |  | 2018 |  | 2017
Balance as of January 1 |  | $ | (4.0 | ) |  | $ | 0.9 |
Other comprehensive income before reclassifications |  | 0.3 |  |  | (0.2 | )
Amounts reclassified from accumulated other comprehensive loss |  | 0.2 |  |  | (0.5 | )
Other comprehensive income (loss) |  | 0.5 |  |  | (0.7 | )
Balance as of June 30 |  | $ | (3.5 | ) |  | $ | 0.2 |
For instruments that are not designated as a cash flow hedge, the Company had foreign exchange contracts with maturities less than one year. The unrealized gains and losses resulting from these contracts were immaterial and are recognized in other non-operating (income) expense, net and partially offset corresponding foreign exchange gains and losses on these balances. Rabbi Trust The Company has established a Rabbi Trust to provide for a degree of financial security to cover its obligations associated with its deferred compensation plan. Contributions to the Rabbi Trust by the Company are made at the discretion of management and generally are made in cash and invested in money-market funds. The Company consolidates the Rabbi Trust and therefore includes the investments in its Condensed Consolidated Balance Sheets. As of June 30, 2018 and December 31, 2017, the Company had $10.7 million and $13.2 million of cash, respectively, and $4.8 million and $4.0 million of short-term investments, respectively. The short-term investments are measured at fair value using quoted market prices in active markets (i.e., Level 1 measurements) with changes in fair value recorded in net income and the associated cash flows presented as operating cash flows. Other Financial Instruments Other financial instruments include cash and cash equivalents, accounts receivable, net, accounts payable, accrued expenses and long-term debt. The carrying value for cash and cash equivalents, accounts receivable, net, accounts payable and accrued expenses approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 13 for the fair value of long-term debt).

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration