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Derivatives
 12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives
Derivatives
We periodically enter into foreign currency exchange contracts with terms normally lasting less than nine months to protect against the adverse effects that exchange-rate fluctuations may have on our foreign currency-denominated receivables, payables, cash flows and reported income. We are exposed to market risks from foreign currency exchange rates, which may adversely affect our operating results and financial position. Our foreign currency exposures are primarily concentrated in the Argentinian Peso, Brazilian Real, British Pound, Chinese Yuan Renminbi, Euro, Hong Kong Dollar, Indian Rupee, Japanese Yen and Mexican Peso. Derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes. We do not use leveraged derivative financial instruments and these derivatives have not qualified for hedge accounting.
Gains and losses on derivatives are recorded in other income (expense), net. Derivatives are recorded on the balance sheet at fair value. The estimated fair values of our derivative financial instruments represent the amount required to enter into offsetting contracts with similar remaining maturities based on quoted market prices. We have determined that the fair value of our derivatives are derived from level 2 inputs in the fair value hierarchy. The following table sets forth the fair value of derivatives:
 
 
December 31, 2016
 
December 31, 2015
 
 
Fair Value Measurement Using
 
Total
 
Fair Value Measurement Using
 
Total
(In thousands)
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Balance
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Balance
Foreign currency exchange contracts
 
$
—

 
$
(1,584
)
 
$
—

 
$
(1,584
)
 
$
—

 
$
(1,146
)
 
$
—

 
$
(1,146
)

We held foreign currency exchange contracts which resulted in a net pre-tax loss of $1.3 million, a net pre-tax gain of $0.3 million, and a net pre-tax loss of $0.5 million for the years ended December 31, 2016, 2015, and 2014, respectively.
Details of foreign currency exchange contracts held were as follows:
Date Held
 
Type
 
Position Held
 
Notional Value
(in millions)
 
Forward Rate
 
Unrealized Gain/(Loss) Recorded at Balance Sheet
Date
(in thousands)(1)
 
Settlement Date
December 31, 2016
 
USD/Euro
 
USD
 
$
18.0

 
1.0513
 
$
(61
)
 
January 27, 2017
December 31, 2016
 
USD/Chinese Yuan Renminbi
 
Chinese Yuan Renminbi
 
$
25.0

 
6.7230
 
$
(974
)
 
January 13, 2017
December 31, 2016
 
USD/Chinese Yuan Renminbi
 
Chinese Yuan Renminbi
 
$
10.0

 
6.6757
 
$
(457
)
 
January 13, 2017
December 31, 2016
 
USD/Brazilian Real
 
USD
 
$
2.0

 
3.4775
 
$
(131
)
 
January 13, 2017
December 31, 2016
 
USD/Brazilian Real
 
USD
 
$
4.0

 
3.2316
 
$
39

 
January 13, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
USD/Euro
 
USD
 
$
7.0

 
1.0864
 
$
(7
)
 
January 22, 2016
December 31, 2015
 
USD/Chinese Yuan Renminbi
 
Chinese Yuan Renminbi
 
$
22.5

 
6.2565
 
$
(1,100
)
 
January 15, 2016
December 31, 2015
 
USD/Brazilian Real
 
Brazilian Real
 
$
1.0

 
3.7461
 
$
(57
)
 
January 15, 2016
December 31, 2015
 
USD/Brazilian Real
 
USD
 
$
3.0

 
3.9503
 
$
18

 
January 15, 2016
(1) 
Gains on foreign currency exchange contracts are recorded in prepaid expenses and other current assets. Losses on foreign currency exchange contracts are recorded in other accrued expenses.