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Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

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				Accrued expenses and
	Notional amounts (A)				and other current assets				other current liabilities
	September 30,		December 31,		September 30,		December 31,		September 30,		December 31,
	2018		2017		2018		2017		2018		2017
Derivatives designated as hedging instruments:
Cash flow hedges:
Forward currency contracts	$                7,112		$                9,143		$                   665		$                       -		$                       -		$                   221
Derivatives not designated as hedging instruments:
Forward currency contracts	$                   920		$                1,486		$                       4		$                       -		$                       -		$                     48






(A)	Notional amounts represent the gross contract of the derivatives outstanding in U.S. dollars.



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

Gross amounts recorded for the cash flow hedges in other comprehensive income (loss) and in net income for the three months ended September 30 are as follows: 




						Gain reclassified from
		Gain recorded in other				other comprehensive income
		comprehensive income (loss)				(loss) into net income (A)
		2018		2017		2018		2017
Derivatives designated as cash flow hedges:
Forward currency contracts	$	637	$	56	$	558	$	268







Gross amounts recorded for the cash flow hedges in other comprehensive income (loss) and in net income for the nine months ended September 30 are as follows: 




						Gain reclassified from
		Gain recorded in other				other comprehensive income
		comprehensive income (loss)				(loss) into net income (A)
		2018		2017		2018		2017
Derivatives designated as cash flow hedges:
Forward currency contracts	$	1,819	$	717	$	933	$	452


(A)   Gains reclassified from other comprehensive income (loss) into net income recognized in cost of goods sold in the Company's condensed consolidated statements of operations were $495 and $834 for the three and nine months ended September 30, 2018, respectively.  Gains reclassified from other comprehensive income (loss) into net income recognized in design and development (“D&D”) in the Company's condensed consolidated statements of operations were $63 and $99 for the three and nine months ended September 30, 2018, respectively. Gains reclassified from other comprehensive income (loss) were recognized in cost of goods sold for the three and nine months ended September 30, 2017.

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 inputs used.






								September 30, 2018		December 31, 2017
			Fair values estimated using
				Level 1		Level 2		Level 3
		Fair value		inputs		inputs		inputs		Fair value
Financial assets carried at fair value:
Forward currency contracts	$	669	$	-	$	669	$	-	$	-
Total financial assets carried at fair value	$	669	$	-	$	669	$	-	$	-

Financial liabilities carried at fair value:
Forward currency contracts	$	-	$	-	$	-	$	-	$	269
Earn-out consideration		20,002		-		-		20,002		20,746
Total financial liabilities carried at fair value	$	20,002	$	-	$	-	$	20,002	$	21,015




Summary of the Change in Fair Value of the Level 3 Financial Liabilities Related to Contingent Consideration

The following table sets forth a summary of the change in fair value of the Company’s Level 3 financial liabilities related to earn-out consideration that are measured at fair value on a recurring basis.






		Orlaco		PST		Total
Balance at December 31, 2017	$	8,637	$	12,109	$	20,746
Change in fair value		369		1,549		1,918
Foreign currency adjustments		(300)		(2,362)		(2,662)
Balance at September 30, 2018	$	8,706	$	11,296	$	20,002





		Orlaco		PST		Total
Balance at December 31, 2016	$	-	$	-	$	-
Fair value on acquisition date		3,243		10,180		13,423
Change in fair value		3,926		719		4,645
Foreign currency adjustments		408		(181)		227
Balance at September 30, 2017	$	7,577	$	10,718	$	18,295




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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258

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Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258

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