XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Market Risks and Derivative Hedge Contracts | 6 Months Ended
--- | ---
Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Hedge Contracts | MARKET RISKS AND DERIVATIVE CONTRACTS We are exposed to financial and market risks that affect our businesses. We have concentrations of credit risk as a result of trade receivables owed to us by companies in the energy industry. We have currency exchange rate risk exposure related to transactions denominated in foreign currencies as well as to investments in certain of our international operations. As a result of our variable rate bank credit facility, we face market risk exposure related to changes in applicable interest rates. Our financial risk management activities may at times involve, among other measures, the use of derivative financial instruments, such as swap and collar agreements, to hedge the impact of market price risk exposures. Derivative Contracts Foreign Currency Derivative Contracts. We and CCLP each enter into 30-day foreign currency forward derivative contracts with third parties as part of a program designed to mitigate the currency exchange rate risk exposure on selected transactions of certain foreign subsidiaries. As of June 30, 2018, we and CCLP had the following foreign currency derivative contracts outstanding relating to portions of our foreign operations:
Derivative Contracts |  | US Dollar Notional Amount |  | Traded Exchange Rate |  | Settlement Date
|  | (In Thousands) |  |  |  |
Forward purchase Euro |  | $ | 464 |  |  | 1.16 |  | 7/19/2018
Forward sale pounds sterling |  | 2,521 |  |  | 1.33 |  | 7/19/2018
Forward sale Canadian dollar |  | 5,941 |  |  | 1.31 |  | 7/19/2018
Forward purchase Mexican peso |  | 1,692 |  |  | 20.68 |  | 7/19/2018
Forward purchase Norwegian krone |  | 985 |  |  | 8.12 |  | 7/19/2018
Forward sale Mexican peso |  | 6,083 |  |  | 20.71 |  | 7/19/2018
Derivative Contracts |  | Swedish Krona Notional Amount |  | Traded Exchange Rate |  | Settlement Date
|  | (In Thousands) |  |  |  |
Forward purchase Euro |  | 27,437 |  |  | 10.16 |  | 7/19/2018
Under this program, we and CCLP may enter into similar derivative contracts from time to time. Although contracts pursuant to this program will serve as an economic hedge of the cash flow of our currency exchange risk exposure, they are not formally designated as hedge contracts or qualify for hedge accounting treatment. Accordingly, any change in the fair value of these derivative instruments during a period will be included in the determination of earnings for that period. The fair values of foreign currency derivative instruments are based on quoted market values as reported to us by our counterparty (a level 2 fair value measurement). The fair values of our and CCLP's foreign currency derivative instruments as of June 30, 2018 and December 31, 2017, are as follows:
Foreign currency derivative instruments | Balance Sheet Location |  | Fair Value at June 30, 2018 |  | Fair Value at December 31, 2017
|  |  |  | (In Thousands)
Forward purchase contracts |  | Current assets |  | $ | 158 |  |  | $ | 111 |
Forward sale contracts |  | Current assets |  | 22 |  |  | 130 |
Forward sale contracts |  | Current liabilities |  | (241 | ) |  | (255 | )
Forward purchase contracts |  | Current liabilities |  | — |  |  | (113 | )
Net asset (liability) |  |  |  | $ | (61 | ) |  | $ | (127 | )
None of the foreign currency derivative contracts contain credit risk related contingent features that would require us to post assets or collateral for contracts that are classified as liabilities. During the three and six month periods ended June 30, 2018, we recognized $0.7 million and $0.8 million of net gains (losses), respectively, reflected in other (income) expense, net, associated with our foreign currency derivative program. During the three and six month periods ended June 30, 2017, we recognized $0.4 million and $1.1 million of net gains (losses), respectively, reflected in other (income) expense, net, associated with our foreign currency derivative program.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration