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Derivative Instruments

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

DERIVATIVE INSTRUMENTS

The Company's only outstanding derivative financial instrument is an interest rate swap that is classified as a cash flow hedge of its variable rate debt. The fair value amounts in the consolidated balance sheets were:

			Notional Amounts1																		Other Assets
			December 31,																		December 31,
			2018						2017						2018						2017
			$	20,781					$	21,969					$	31					$	16

1.Notional amounts represent the gross contract/notional amount of the derivative outstanding.

The derivative gains and losses in the consolidated financial statements for the years ended December 31, 2018, 2017 and 2016, related to the Company's current and previous interest rate swap contracts were as follows:

						Year Ended December 31,
						2018						2017						2016
Effective portion recognized in other comprehensive income (loss), pretax:
Interest rate swap						$	15					$	(61)					$	85
Effective portion reclassified from other comprehensive income (loss) to interest expense, pretax:
Interest rate swap						—						—						(8)
Ineffective portion recognized in income:
Interest rate swap						—						—						—

During the year ended December 31, 2018, the Company also entered into foreign currency forward contracts to hedge the value of intercompany dividends declared and paid in Euros by the Company's German subsidiary. These contracts were not designated as hedging instruments for accounting purposes and were fully settled during the year.

Losses associated with derivative instruments not designated as hedging instruments were as follows:

												Year Ended December 31,
						Classification						2018						2017						2018
Losses recognized in income						Gain (loss) on foreign exchange						$	(19)					$	—					$	—

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- References

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-URI http://asc.fasb.org/topic&trid=2229140

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