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Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

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:

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Prepaid expenses

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Accrued expenses and

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Notional amounts (A)

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and other current assets

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other current liabilities

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June 30,

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December 31,

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June 30,

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December 31,

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June 30,

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December 31,

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2019

2018

2019

2018

2019

2018

Derivatives designated as hedging instruments:

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Cash flow hedges:

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​

​

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​

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​

​

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Forward currency contracts

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$

2,953

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$

9,017

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$

281

​

$

370

​

$

-

​

$

-

​

(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 June 30 are as follows:

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Gain reclassified from

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Gain recorded in other

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other comprehensive income

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comprehensive income (loss)

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(loss) into net income (A)

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2019

2018

2019

2018

Derivatives designated as cash flow hedges:

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Forward currency contracts

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$

157

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$

24

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$

299

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$

224

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

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Gains reclassified from

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Gain recorded in other

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other comprehensive income

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comprehensive income (loss)

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(loss) into net income (A)

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2019

2018

2019

2018

Derivatives designated as cash flow hedges:

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​

​

​

​

​

​

​

​

​

​

​

Forward currency contracts

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$

426

​

$

1,182

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$

515

​

$

375

(A) Gains reclassified from other comprehensive income (loss) into net income were recognized in cost of goods sold (“COGS”) in the Company’s condensed consolidated statements of operations.

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.

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June 30,

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December 31,

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2019

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2018

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Fair values estimated using

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Level 1

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Level 2

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Level 3

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Fair value

inputs

inputs

inputs

Fair value

Financial assets carried at fair value:

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Forward currency contracts

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$

281

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$

-

​

$

281

​

$

-

​

$

370

Total financial assets carried at fair value

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$

281

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$

-

​

$

281

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$

-

​

$

370

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​

​

​

​

​

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​

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Financial liabilities carried at fair value:

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​

​

​

​

​

​

​

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Earn-out consideration

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$

11,057

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$

-

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$

-

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$

11,057

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$

18,672

Total financial liabilities carried at fair value

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$

11,057

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$

-

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$

-

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$

11,057

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$

18,672

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.

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​		Orlaco			PST			Total
Balance at December 31, 2018	​	$	8,602	​	$	10,070	​	$	18,672
Change in fair value	​	​	-	​	​	921	​	​	921
Foreign currency adjustments	​	​	(128)	​	​	66	​	​	(62)
Earn-out consideration cash payment	​	​	(8,474)	​	​	-	​	​	(8,474)
Balance at June 30, 2019	​	$	-	​	$	11,057	​	$	11,057

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​	​	​	​	​	​	​	​	​	​
​		Orlaco			PST			Total
Balance at December 31, 2017	​	$	8,637	​	$	12,109	​	$	20,746
Change in fair value	​	​	369	​	​	1,048	​	​	1,417
Foreign currency adjustments	​	​	(244)	​	​	(1,873)	​	​	(2,117)
Balance at June 30, 2018	​	$	8,762	​	$	11,284	​	$	20,046

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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.

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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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
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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
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-SubTopic 10
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