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Financial Instruments | 12 Months Ended
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Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Financial Instruments | Financial Instruments The Company established risk management policies and procedures, which seek to reduce the Company’s risk exposure to fluctuations in foreign currency exchange rates and interest rates. However, there can be no assurance that these policies and procedures will be successful. Although the instruments utilized involve varying degrees of credit, market and interest risk, the counterparties to the agreements are expected to perform fully under the terms of the agreements. The Company monitors counterparty credit risk, including lenders, on a regular basis, but cannot be certain that all risks will be discerned or that its risk management policies and procedures will always be effective. Additionally, in the event of default under the Company’s master derivative agreements, the non-defaulting party has the option to set-off any amounts owed with regard to open derivative positions. Foreign Currency Exchange Rate Risk The Company’s objective in managing exposure to foreign currency fluctuations is to limit the exposure of certain cash flows and earnings to foreign currency exchange rate changes through the use of various derivative contracts. The Company experiences foreign currency risks in its global operations as a result of various factors, including intercompany local currency denominated loans, rental operations in various currencies and purchasing fleet in various currencies. Interest Rate Swap Arrangement The Company entered into a three-year LIBOR-based interest rate swap arrangement on a portion of its outstanding ABL Credit Facility. The aggregate amount of the swap is equal to a portion of the U.S. dollar principal amount of the ABL Credit Facility and the payment dates of the swap coincide with the interest payment dates of the ABL Credit Facility. The swap contract provides for the Company to pay a fixed interest rate and receive a floating rate. The variable interest rate resets monthly. The swap has been accounted for as a cash flow hedge of a portion of the ABL Credit Facility. The following table summarizes the outstanding interest rate swap arrangement as of December 31, 2017 (dollars in millions):
| Aggregate Notional Amount |  | Receive Rate |  | Receive Rate as of December 31, 2017 |  | Pay Rate
ABL Credit Facility | $ | 350.0 |  |  | 1 month LIBOR + 1.75% |  | 3.3 | % |  | 3.5 | %
The following table summarizes the estimated fair value of the Company's financial instruments (in millions):
| Fair Value of Financial Instruments
| Other Long-Term Assets |  | Accrued Liabilities
| December 31, 2017 |  | December 31, 2016 |  | December 31, 2017 |  | December 31, 2016
Derivatives Designated as Hedging Instruments |  |  |  |  |  |  |
Interest rate swap | $ | 2.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |
Foreign currency forward contracts | $ | — |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | — |
The following table summarizes the gains and losses on derivative instruments for the periods indicated. Gains and losses recognized on foreign currency forward contracts and the effective portion of interest rate swaps are included in the consolidated statements of operations together with the corresponding offsetting gains and losses on the underlying hedged transactions. All gains and losses recognized are included in "Selling, general and administrative" in the consolidated statements of operations (in millions).
| Gain (Loss) Recognized
| 2017 |  | 2016 |  | 2015
Derivatives Not Designated as Hedging Instruments |  |  |  |  |
Foreign currency forward contracts | $ | (4.0 | ) |  | $ | 5.0 |  |  | $ | (5.9 | )

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- References No definition available. + Details
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- 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
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