Fair Value Measurements

12 Months Ended

Dec. 31, 2016

(4) Fair Value Measurements

As of December 31, 2016 and 2015, there were no financial assets or liabilities measured at fair value on a recurring basis.

The fair value of the Company’s foreign currency forward contracts is determined using Level 2 observable market inputs to extrapolate forward points to be added to or subtracted from the closing market spot rate on the reporting date, and then discounted to present value.

Changes in the fair value of the Company’s foreign currency forward contracts during 2016, 2015, and 2014 were as follows (in thousands):

		Years Ended December 31,
	Location	2016		2015			2014
Non-hedging derivative instruments:
Unrealized (loss) gain on foreign currency forward contracts	Other income, net	$	0	$	(1,641	)	$	1,682
Realized gain (loss) on foreign currency forward contracts	Other income, net	$	0	$	2,129		$	(562	)

The “Unrealized (loss) gain on foreign currency forward contracts” line item in the above table includes both the unrealized fair value gains and losses on outstanding foreign currency forward contracts and the reversal of previous period unrealized gains and losses upon the settlement of foreign currency forward contracts. There were no foreign currency forward contracts outstanding as of December 31, 2016. There were no transfers among the levels within the fair value hierarchy during the years ended December 31, 2016, 2015, and 2014. As of December 31, 2016 and 2015, the Company had no assets or liabilities that were required to be measured at fair value on a non-recurring basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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