Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Financial Instruments and Fair Value Measurements [Abstract]

Notional Amounts and Fair Values of Derivative Instruments in the Consolidated Balance

The notional amounts and fair values of derivative instruments in the condensed consolidated balance sheets are as follows:


					Prepaid expenses and other
					current assets / Other				Accrued expenses and other
	Notional amounts (A)				long-term assets				current liabilities
	March 31,		December 31,		March 31,		December 31,			March 31,		December 31,
	2014		2013		2014		2013			2014		2013
Derivatives designated as hedging instruments:
Cash Flow Hedges:
Forward currency contracts		$ 33,750		$ 45,000		$ 36		$-			$-		$ 263
Fixed price commodity contracts		1,146		1,582		$-		$ 152			$ 290		$-

Fair Value Hedge:
Interest rate swap contract		$ 45,000		$ 45,000		$ 937		$ 793			$-		$-

Derivatives not designated as hedging instruments:
Forward currency contracts		$ 13,526		$ 13,335		$-		$-			$ 16		$ 18


(A)	Notional amounts represent the gross contract / notional amount of the derivatives outstanding. The fixed price commodity contract notional amounts are in pounds.

Amounts Recorded for the Cash Flow Hedges in Other Comprehensive Income (Loss) in Shareholders' Equity and in Net Income

Amounts recorded for the cash flow hedges in other comprehensive income and in net income for the three months ended March 31 are as follows:


	Gain (loss) recorded in other comprehensive income				Gain (loss) reclassified from other comprehensive income into net income
	2014		2013		2014		2013
Derivatives designated as cash flow hedges:
Forward currency contracts	$	118	$	1,741	$	(181)	$	675
Fixed price commodity contracts		(472)		(745)		(30)		62
Total derivatives designated as cash flow hedges	$	(354)	$	996	$	(211)	$	737

Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the three levels of the fair value hierarchy based on the reliability of the inputs used.


	March 31,								December 31,
	2014								2013
	Fair values estimated using
			Level 1		Level 2		Level 3
	Fair value		inputs (A)		inputs (B)		inputs (C)		Fair value

Financial assets carried at fair value:
Interest rate swap contract	$	937	$	-	$	937	$	-	$	793
Forward currency contracts		36		-		36		-		-
Fixed price commodity contracts		-		-		-				152

Total financial assets carried at fair value	$	973	$	-	$	973	$	-	$	945

Financial liabilities carried at fair value:
Forward currency contracts	$	16	$	-	$	16	$	-	$	281
Fixed price commodity contracts		290		-		290		-		-

Total financial liabilities carried at fair value	$	306	$	-	$	306	$	-	$	281


(A)	Fair values estimated using Level 1 inputs, which consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. The Company did not have any fair value estimates using Level 1 inputs at March 31, 2014 or December 31, 2013.

(B)	Fair values estimated using Level 2 inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly and include among other things, quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable. For forward currency, fixed price commodity and interest rate swap contracts, inputs include foreign currency exchange rates, commodity indexes and the six-month forward LIBOR.

(C)	Fair values estimated using Level 3 inputs consist of significant unobservable inputs. The Company did not have any fair value estimates using Level 3 inputs at March 31, 2014 or December 31, 2013.