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Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative instruments – The Company's primary market exposures are to interest rates and foreign exchange rates. The Company uses certain derivative financial instruments to help manage these exposures. The Company executes these instruments with financial institutions it judges to be credit-worthy. The Company does not hold or issue derivative financial instruments for trading or speculative purposes.
The Company recognizes all derivative financial instruments as either assets or liabilities at fair value in the consolidated balance sheets. The Company has no derivatives that are not accounted for as a hedging instrument.
Cash flow hedges – The Company entered into a cash flow hedge which is an interest rate swap associated with a long-term note issued during the second quarter of 2016 that will terminate with the long-term note in May 2023. The fair value amounts in the consolidated balance sheet related to the interest rate swap was:
Notional Amounts1
 
Other Assets
 
Other Long-Term Liabilities
March 31,
 
December 31,
 
March 31,
 
December 31,
 
March 31,
 
December 31,
2017
 
2016
 
2017
 
2016
 
2017
 
2016
$
22,860

 
$
23,156

 
$
50

 
$
77

 
$
—

 
$
—

  (1) Notional amounts represent the gross contract/notional amount of the derivatives outstanding.
The derivative gains and losses in the consolidated statements of income related to the Company's interest rate swap contracts was as follows:
 
Three Months Ended March 31,
 
2017
 
2016
Effective portion recognized in other comprehensive income, pretax:
 
 
 
Interest rate swap
$
(27
)
 
$
—

Effective portion reclassified from other comprehensive income to interest expense, pretax:
 
 
 
Interest rate swap
$
—

 
$
—

Ineffective portion recognized in income:
 
 
 
Interest rate swap
$
—

 
$
—