Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Losses recognized on derivative financial instruments were as follows:



	Three Months Ended
	March 31,
	2017			2016			Financial Statement Account
Non-designated foreign exchange contracts	$	(8	)	$	(6	)	Other items, net

Fair Value Measurements

The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2017 and December 31, 2016. These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability.



At March 31, 2017	Level 1		Level 2		Level 3		Total
Assets:
Foreign currency hedges	$	—	$	23	$	—	$	23
Total Assets	$	—	$	23	$	—	$	23
Liabilities:
Deferred compensation	$	—	$	358	$	—	$	358
Foreign currency hedges	—		4		—		4
Total Liabilities	$	—	$	362	$	—	$	362



At December 31, 2016	Level 1		Level 2		Level 3		Total
Assets:
Foreign currency hedges	$	—	$	34	$	—	$	34
Total Assets	$	—	$	34	$	—	$	34
Liabilities:
Deferred compensation	$	—	$	347	$	—	$	347
Foreign currency hedges	—		1		—		1
Total Liabilities	$	—	$	348	$	—	$	348