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Derivative Instruments and Hedging Activities | 12 Months Ended
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Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company is exposed to certain risks arising from both its business operations and economic conditions. The primary risks that the Company manages through its derivative instruments from time to time are foreign currency exchange rate risk and commodity pricing risk. We enter into derivative financial instruments with various financial institutions to minimize counterparty credit risk. Depending on the type of transaction, we may enter into either derivatives that are designated as hedging instruments and/or derivatives that are not designated as hedging instruments. As of December 31, 2016, we do not currently hold any derivatives classified as hedging instruments and qualifying for hedge accounting. Derivatives not designated as hedging instruments Commodity options and forward exchange options are recorded in the consolidated balance sheet at fair value and the resulting gains or losses are recorded to other income in the consolidated statement of operations. Resulting gains and losses are included in operating activities in the consolidated statement of cash flows. The (gains) losses recognized for the twelve months ended December 31, are as follows (in thousands):
Derivatives not designated as hedging instruments | 2016 |  | 2015
Commodity options | $ | — |  |  | $ | 399 |
Foreign exchange forwards | — |  |  | 187 |
Foreign exchange options | — |  |  | (5,736 | )
Total non-designated derivative realized net gain | $ | — |  |  | $ | (5,150 | )
As of December 31, 2016, the Company does not hold any derivatives not designated as hedging instruments. Summary of Derivatives Derivatives consist of the following (in thousands):
|  |  |  | December 31, 2016 |  | December 31, 2015
Derivatives not designated as hedging instruments |  | Classification |  | Fair Value |  | Fair Value
Foreign exchange options |  | Other current assets |  | $ | — |  |  | $ | 1,792 |
Foreign exchange forwards |  | Accrued expenses |  | $ | — |  |  | $ | 14 |

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