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Derivative Instruments
 3 Months Ended
Apr. 29, 2017
Derivative [Line Items]  
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS

We 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 first quarter of 2017 were comprised of the following:
(In thousands)
April 29, 2017
 
January 28, 2017
Diesel Fuel Collars
5,900

 
4,425



The fair value of our outstanding derivative instrument contracts was as follows:
(In thousands)
 
Assets (Liabilities)
Derivative Instrument
Balance Sheet Location
April 29, 2017
 
January 28, 2017
Diesel fuel collars
Other current assets
$
119

 
$
135

 
Other assets
568

 
180

 
Accrued operating expenses
(1,001
)
 
(1,001
)
 
Other liabilities
(915
)
 
(322
)
Total derivative instruments
 
$
(1,229
)
 
$
(1,008
)


The effect of derivative instruments on the consolidated statements of operations was as follows:
 
 
Amount of Gain (Loss)
(In thousands)
 
First Quarter
Derivative Instrument
Statements of Operations Location
2017
 
2016
Diesel fuel collars
 
 
 
 
Realized
Other income (expense)
$
(285
)
 
$
(510
)
Unrealized
Other income (expense)
(221
)
 
1,480

Total derivative instruments
 
$
(506
)
 
$
970



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.