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Derivative Instruments and Risk Management | 12 Months Ended
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Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Risk Management | Note 14. Derivative Instruments and Risk Management The Company has limited involvement with derivative instruments and does not trade them. The Company does use derivatives to manage certain interest rate, foreign currency exchange rate and raw material cost exposures, as the need arises. The Company enters into interest rate swap contracts to reduce interest rate risk on its core debt. As at 31 December 2016, interest rate swaps with a notional value of $160,000,000 were in place. Fixed interest rates payable under the interest rate swaps vary from 1.41% to 1.67%. Interest rate swaps in place to hedge interest rate risk on the term loan are for a notional value that matches the repayment profile of the term loan. These interest rate swap contracts have been designated as hedging instruments, and their impact on other comprehensive loss for 2016 was a gain of $0.4 million. The Company enters into various foreign currency forward exchange contracts to minimize currency exchange rate exposure from expected future cash flows. As at December 31, 2016 the contracts have maturity dates of up to one year from the date of inception. These foreign currency forward exchange contracts have not been designated as hedging instruments, and their impact on the income statement for 2016 was a gain of $4.4 million. As at December 31, 2016 and December 31, 2015 the Company did not hold any raw material derivatives. The Company sells a range of specialty chemicals to major oil refineries and chemical companies throughout the world. Credit limits, ongoing credit evaluation and account monitoring procedures are intended to minimize bad debt risk. Collateral is not generally required.

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