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Derivative Instruments
 6 Months Ended
Jun. 30, 2016
Derivative Instruments [Abstract]  
Derivative Instruments
9.Derivative Instruments

The Company utilizes forward foreign currency exchange contracts to manage market risks associated with the fluctuations in foreign currency exchange rates.  It is the Company's policy to use such derivative financial instruments to protect against market risk arising in the normal course of business in order to reduce the impact of these exposures.  The Company minimizes credit exposure by limiting counterparties to nationally recognized financial institutions.
As of June 30, 2016, the Company had foreign exchange contracts outstanding of approximately 24.4 million Japanese Yen, 1.6 million Euro, 0.9 million Australian Dollars, 0.5 million Canadian Dollars, and 0.2 million Pounds Sterling at fixed rates.  The contracts expire on various dates through June 2017.  At December 31, 2015, the Company had contracts outstanding of approximately 2.1 million Euro, 1.3 million Canadian Dollars, 0.5 million Pounds Sterling, and 0.4 million Australian Dollars at fixed rates.
The Company has not designated any of the foreign exchange contracts outstanding as hedges and has recorded the estimated fair value of the contracts in the consolidated balance sheets as follows:

  
June 30,
  
December 31,
 
(in thousands)
 
2016
  
2015
 
       
Asset derivatives
      
Prepaid expenses and other current assets
 
$
23
  
$
115
 
Other assets
  
-
   
6
 
   
23
   
121
 
Liability derivatives
        
Other current liabilities
  
(136
)
  
(57
)
   
(136
)
  
(57
)
         
Net fair value
 
$
(113
)
 
$
64
 

The changes in the fair value of the foreign exchange contracts are included in loss on derivative instruments, net in the consolidated statements of operations.

The foreign currency denominated contract receivables, billings in excess of revenue earned and subcontractor accruals that are related to the outstanding foreign exchange contracts are remeasured at the end of each period into the functional currency using the current exchange rate at the end of the period.  The gain or loss resulting from such remeasurement is also included in loss on derivative instruments, net in the consolidated statements of operations.

For the three and six months ended June 30, 2016 and June 30, 2015, the Company recognized a net gain (loss) on its derivative instruments as outlined below:

  
Three months ended
June 30,
  
Six months ended
June 30,
 
(in thousands)
 
2016
  
2015
  
2016
  
2015
 
             
Foreign exchange contracts-change in fair value
 
$
6
  
$
(86
)
 
$
(177
)
 
$
(86
)
Remeasurement of related contract receivables,
 billings in excess of revenue earned, and
 subcontractor accruals
  
(23
)
  
55
   
42
   
7
 
                 
Loss on derivative instruments, net
 
$
(17
)
 
$
(31
)
 
$
(135
)
 
$
(79
)