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Derivative Instruments | 12 Months Ended
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Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments In October 2017, the Company entered into cross-currency swap agreements to hedge its net investment in Euro-denominated assets against future volatility in the exchange rate between the U.S. dollar and the Euro. By doing so, the Company synthetically converted a portion of its U.S. dollar-based long-term debt into Euro-denominated long-term debt. The agreements have a five year tenor at notional amounts declining from $150.0 million to $75.0 million over the contract period. Under the terms of the swap agreements, the Company is to receive net interest payments at a fixed rate of approximately 2.10% of the notional amount. At inception, the cross-currency swaps were designated as net investment hedges. The Company has historically utilized interest rate swap agreements to fix the LIBOR-based variable portion of the interest rate on its long-term debt. Prior to its debt refinancing in September 2017, the Company had interest rate swap agreements in place that hedged a declining notional value of debt ranging from approximately $238.4 million to approximately $192.7 million, amortizing consistent with future scheduled debt principal payments. The interest rate swap agreements required the Company to receive a variable interest rate and pay a fixed interest rate in a range of 0.74% to 2.68% with various expiration terms extending to June 30, 2020. At inception, the interest rate swaps were designated as cash flow hedges. In September 2017, immediately following the debt refinancing, the Company determined the likelihood of the hedged transactions occurring was not probable and de-designated the interest rate swaps as cash flow hedges and terminated the interest rate swaps for a cash payment of approximately $4.7 million. There were no interest rate swaps outstanding as of December 31, 2017. The cash flows associated with the cash flow hedges are reported in net cash provided by operating activities in the accompanying consolidated statement of cash flows. Up to the date of the termination, the Company utilized hedge accounting, which allows for the effective portion of the interest rate swaps to be recorded in accumulated other comprehensive income or loss ("AOCI") in the accompanying consolidated balance sheet. At the date the Company de-designated the swaps as effective hedges, there was approximately $2.9 million (net of tax of $1.8 million) of unrealized losses remaining in AOCI, which were reclassified into debt financing and related expenses in the accompanying consolidated statement of operations during the third quarter of 2017. As of December 31, 2017 and 2016, the fair value carrying amount of the Company's derivatives designated as hedging instruments are recorded as follows (dollars in thousands):
|  |  |  | Asset / (Liability) Derivatives
Derivatives designated as hedging instruments |  | Balance Sheet Caption |  | December 31, 2017 |  | December 31, 2016
Net Investment Hedges |  |  |  |  |  |
Cross-currency swaps |  | Other long-term liabilities |  | $ | (4,110 | ) |  | $ | — |
Cash Flow Hedges |  |  |  |  |  |
Interest rate swaps |  | Prepaid expenses and other current assets |  | — |  |  | 160 |
Interest rate swaps |  | Accrued liabilities |  | — |  |  | (870 | )
Interest rate swaps |  | Other long-term liabilities |  | — |  |  | (3,360 | )
Total derivatives designated as hedging instruments |  | $ | (4,110 | ) |  | $ | (4,070 | )
The following table summarizes the loss recognized in accumulated other comprehensive income ("AOCI") on derivative contracts designated as hedging instruments as of December 31, 2017 and 2016, and the amounts reclassified from AOCI into earnings for the years ended December 31, 2017, 2016 and 2015 (dollars in thousands):
|  | Amount of Loss Recognized in AOCI on Derivative (Effective Portion, net of tax) |  | Location of Loss Reclassified from AOCI into Earnings (Effective Portion) |  | Amount of Loss Reclassified from AOCI into Earnings
|  | As of December 31, |  |  | Year ended December 31,
|  | 2017 |  | 2016 |  |  | 2017 |  | 2016 |  | 2015
Net Investment Hedges |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swaps |  | $ | (3,170 | ) |  | $ | — |  |  | Other expense, net |  | $ | — |  |  | $ | — |  |  | $ | — |
Cash Flow Hedges |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | — |  |  | $ | (2,520 | ) |  | Interest expense |  | $ | (320 | ) |  | $ | (670 | ) |  | $ | (420 | )
|  |  |  |  |  | Debt financing and related expenses |  | $ | (4,680 | ) |  | $ | — |  |  | $ | — |
|  |  |  |  |  | Loss from discontinued operations |  | $ | — |  |  | $ | — |  |  | $ | (440 | )
Over the next 12 months, the Company does not expect to reclassify any pre-tax deferred losses from AOCI into earnings. The fair value of the Company's derivatives are estimated using an income approach based on valuation techniques to convert future amounts to a single, discounted amount. Estimates of the fair value of the Company's interest rate swaps and cross-currency swaps use observable inputs such as interest rate yield curves and forward currency exchange rates. Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 and 2016 are shown below (dollars in thousands).
| Description |  | Frequency |  | Asset / (Liability) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
December 31, 2017 | Cross-currency swaps |  | Recurring |  | $ | (4,110 | ) |  | $ | — |  |  | $ | (4,110 | ) |  | $ | — |
December 31, 2016 | Interest rate swaps |  | Recurring |  | $ | (4,070 | ) |  | $ | — |  |  | $ | (4,070 | ) |  | $ | — |

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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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