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Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities [Abstract]

Outstanding commodity forward contracts

The Company primarily utilizes commodity contracts with maturities of less than 12 months. The impact of such contracts is intended to offset the effect of price fluctuations on actual inventory purchases. Outstanding commodity forward contracts in place to hedge the Company’s projected commodity purchases were as follows:

As of March 31, 2014:
Commodity	Trade Date		Effective Date	Notional Amount		Termination Date
Copper	6/21/2013		10/1/2013	$ 2,169		6/30/2014
Copper	1/31/2014		2/1/2014	$ 3,879		12/31/2014
Copper	3/11/2014		4/1/2014	$ 3,014		12/31/2014
As of December 31, 2013:
Commodity		Trade Date	Effective Date	Notional Amount		Termination Date
Copper		6/21/2013	10/1/2013	$ 2,169		6/30/2014
As of March 31, 2013:
Commodity		Trade Date	Effective Date	Notional Amount		Termination Date
Copper		10/29/2012	1/1/2013	$ 3,472		9/30/2013
Copper		2/26/2013	3/1/2013	$ 2,677		12/31/2013
Copper		3/1/2013	3/1/2013	$ 2,636		12/31/2013

Foreign currency contracts

As of March 31, 2014 and December 31, 2013, the following foreign currency contracts were outstanding:

As of March 31, 2014:
Currency Denomination					Notional Amount
United States Dollar (USD)					450
British Pound Sterling (GBP)					3,000
As of  December 31, 2013:
Currency Denomination					Notional Amount
United States Dollar (USD)					650
British Pound Sterling (GBP)					4,000

Fair value of derivatives

The following table presents the fair value of the Company’s derivatives:

		March 31, 2014				December 31, 2013
Commodity contracts		$	(255	)		$	69
Foreign currency contracts			(30	)			56
Interest rate swaps			452				1,236
Net derivatives asset		$	167			$	1,361

Impact of interest rate swaps and commodity contracts

The following presents the impact of interest rate swaps, commodity contracts and foreign currency contracts on the condensed consolidated statements of comprehensive income for the three months ended March 31, 2014 and 2013:

		Amount of (loss) recognized in Accumulated Other Comprehensive Loss for the three months ended March 31,							Location of gain (loss) recognized in net income on ineffective portion of hedges		Amount of (loss) reclassified from Accumulated Other Comprehensive Loss into net income for the three months ended March 31,								Amount of gain (loss) recognized in net income on hedges (ineffective portion) for the three months ended March 31,
		2014				2013					2014				2013				2014				2013
Derivatives designated as hedging instruments
Interest rate swaps		$	(500	)		$	-		Interest  expense		$	-			$	-			$	-			$	-
Derivatives not designated as hedging instruments
Interest rate swaps (1)		$	-			$	-		Interest  expense		$	-			$	(1,002	)		$	-			$	1,206
Commodity contracts		$	-			$	-		Cost of goods sold		$	-			$	-			$	(368	)		$	(292	)

(1) Amounts recorded for the three months ended March 31, 2013 relate to interest rate swap agreements outstanding as of May 30, 2012, the date the hedging relationships for these agreements were terminated

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Tabular disclosure of derivative assets and liabilities at fair value.

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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4A

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959

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- Definition

Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4B

-Subparagraph (c)(1)

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1A

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