Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

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 were as follows:


			Prepaid expenses
		Notional	and other current assets /		Accrued expenses and
	Amounts (A)		other long-term assets		other current liabilities
	March 31,	December 31,	March 31,	December 31,	March 31,	December 31,
	2015	2014	2015	2014	2015	2014
Derivatives designated as hedging instruments
Cash Flow Hedges:
Forward currency contracts	$ 19,796	$ 26,266	$ 1,510	$ 479	$ 574	$ 478

Derivatives not designated as hedging instruments
Forward currency contracts	$ 1,631	$ 3,523	-	-	$ 5	$ 13
Fixed price commodity contracts	-	317	-	-	-	$ 69


(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 (loss) and in net income for the three months ended March 31 are as follows:


	Gain (loss) recorded in other comprehensive income (loss)				Gain (loss) reclassified from other comprehensive income (loss) into net income
	2015		2014		2015		2014
Derivatives designated as cash flow hedges:
Forward currency contracts	$	797	$	118	$	(138)	$	(181)
Fixed price commodity contracts		-		(472)		-		(30)
Total derivatives designated as cash flow hedges	$	797	$	(354)	$	(138)	$	(211)

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,
	2015								2014
	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	$	-	$	-	$	-	$	-	$	-

Forward currency contracts	$	1,510	$	-	$	1,510	$	-	$	479

Total financial assets carried at fair value	$	1,510	$	-	$	1,510	$	-	$	479

Financial liabilities carried at fair value:
Forward currency contracts	$	579	$	-	$	579	$	-	$	491
Fixed price commodity contracts		-		-		-		-		69

Total financial liabilities carried at fair value	$	579	$	-	$	579	$	-	$	560


(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 recurring fair value estimates using Level 1 inputs at March 31, 2015 or December 31, 2014.

(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 and fixed price commodity, inputs include foreign currency exchange rates and commodity indexes.

(C)	Fair values estimated using Level 3 inputs consist of significant unobservable inputs. The Company did not have any recurring fair value estimates using Level 3 inputs at March 31, 2015 or December 31, 2014.