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Derivative Instruments
 9 Months Ended
Oct. 29, 2016
Derivative [Line Items]  
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS

We may enter into derivative instruments designed to mitigate certain risks, including collar contracts to mitigate our risk associated with market fluctuations in diesel fuel prices. These contracts are used strictly to limit our risk exposure and not as speculative transactions. Our derivative instruments associated with diesel fuel do not meet the requirements for cash flow hedge accounting. Therefore, our derivative instruments associated with diesel fuel will be marked-to-market to determine their fair value and the associated gains and losses will be recognized currently in other income (expense) on our consolidated statements of operations.

Our outstanding derivative instrument contracts for the third quarter of 2016 were comprised of the following:
 
Third Quarter
(In thousands)
2016
Diesel fuel collars (in gallons)
5,425


The fair value of our outstanding derivative instrument contracts was as follows:
(In thousands)
 
Assets (Liabilities)
Derivative Instrument
Balance Sheet Location
October 29, 2016
 
January 30, 2016
Diesel fuel collars
Other current assets
$
144

 
$
78

 
Other assets
283

 
794

 
Accrued operating expenses
(1,602
)
 
(2,799
)
 
Other liabilities
(646
)
 
(2,738
)
Total derivative instruments
 
$
(1,821
)
 
$
(4,665
)


The effect of derivative instruments on the consolidated statements of operations was as follows:
 
 
Amount of Gain (Loss)
(In thousands)
 
Third Quarter
 
Year-to-Date
Derivative Instrument
Statements of Operations Location
2016
 
2015
 
2016
 
2015
Diesel fuel collars
 
 
 
 
 
 
 
 
Realized
Other income (expense)
$
(483
)
 
$
(163
)
 
$
(1,845
)
 
$
(163
)
Unrealized
Other income (expense)
1,180

 
(510
)
 
2,844

 
(2,224
)
Total derivative instruments
 
$
697

 
$
(673
)
 
$
999

 
$
(2,387
)


The fair values of our derivative instruments are determined using observable inputs from commonly quoted markets. These fair value measurements are classified as Level 2 within the fair value hierarchy.