The fair value of all derivatives is recorded as assets or liabilities on a gross basis in our Condensed Consolidated Balance Sheets. As of September 30, 2018 and December 31, 2017, respectively, the fair value of our derivatives and their respective balance sheet locations are presented in the following table: | | | | | | | | | | | | | | Asset Derivatives | | Liability Derivatives | | Location | | Fair Value | | Location | | Fair Value | As of September 30, 2018 | (Dollars in thousands) | Derivatives designated as cash flow hedges: | | | | | | | Commodity derivative contracts | Prepaid and other current assets | | $ | 18,024 |
| | Other accrued liabilities | | $ | — |
| | Other long-term assets | | 23,950 |
| | Other long-term obligations | | — |
| Total fair value | | | $ | 41,974 |
| | | | $ | — |
| | | | | | | | | As of December 31, 2017 | | Derivatives designated as cash flow hedges: | | | | | | | Commodity derivative contracts | Prepaid and other current assets | | $ | 2,518 |
| | Other accrued liabilities | | $ | — |
| | Other long-term assets | | 2,808 |
| | Other long-term obligations | | 581 |
| Total fair value | | | $ | 5,326 |
| | | | $ | 581 |
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The realized (gains) losses on commodity derivatives remain in Other Comprehensive Income until they are recognized in the Statements of Operations when the hedged item impacts earnings, which is when the finished product is sold. With respect to the inputs used to determine the fair value, we use observable, quoted market rates that are determined by active markets and, therefore, classify the contracts as "Level 2". | | | | | | | | | | | | | | Asset Derivatives | | Liability Derivatives | | Location | | Fair Value | | Location | | Fair Value | As of September 30, 2018 | (Dollars in Thousands) | Derivatives not designated as hedges: | | | | | | | Foreign currency derivatives | Prepaid and other current assets | | $ | 30 |
| | Other current liabilities | | $ | 9 |
| | | | | | | | | As of December 31, 2017 | | | | | | | | Derivatives not designated as hedges: | | | | | | | Foreign currency derivatives | Prepaid and other current assets | | $ | 9 |
| | Other current liabilities | | $ | 90 |
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