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Market Risks and Derivative Hedge Contracts | 6 Months Ended
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Jun. 30, 2016
Notes to Financial Statements [Abstract] |
Hedge Contracts | NOTE E – MARKET RISKS AND DERIVATIVE CONTRACTS We are exposed to financial and market risks that affect our businesses. We have concentrations of credit risk as a result of trade receivables owed to us by companies in the energy industry. We have currency exchange rate risk exposure related to transactions denominated in foreign currencies as well as to investments in certain of our international operations. As a result of our variable rate bank credit facilities, including the variable rate credit facility of CCLP, we face market risk exposure related to changes in applicable interest rates. Our financial risk management activities may at times involve, among other measures, the use of derivative financial instruments, such as swap and collar agreements, to hedge the impact of market price risk exposures. Derivative Contracts Foreign Currency Derivative Contracts. We and CCLP enter into 30-day foreign currency forward derivative contracts as part of a program designed to mitigate the currency exchange rate risk exposure on selected transactions of certain foreign subsidiaries. As of June 30, 2016, we and CCLP had the following foreign currency derivative contracts outstanding relating to portions of our foreign operations:
Derivative Contracts |  | US Dollar Notional Amount |  | Traded Exchange Rate |  | Settlement Date
|  | (In Thousands) |  |  |  |
Forward purchase Euro |  | $ | 7,415 |  |  | 1.13 |  | 7/18/2016
Forward purchase pounds sterling |  | 6,980 |  |  | 1.42 |  | 7/18/2016
Forward sale Mexican peso |  | 6,990 |  |  | 19.03 |  | 7/18/2016
Forward sale Norwegian krone |  | 1,759 |  |  | 8.36 |  | 7/18/2016
Forward purchase Mexican peso |  | 2,943 |  |  | 19.03 |  | 7/18/2016
Under this program, we and CCLP may enter into similar derivative contracts from time to time. Although contracts pursuant to this program will serve as an economic hedge of the cash flow of our currency exchange risk exposure, they are not formally designated as hedge contracts or qualify for hedge accounting treatment. Accordingly, any change in the fair value of these derivative instruments during a period will be included in the determination of earnings for that period. The fair value of foreign currency derivative instruments are based on quoted market values as reported to us by our counterparty (a level 2 fair value measurement). The fair values of our and CCLP's foreign currency derivative instruments as of June 30, 2016 and December 31, 2015, are as follows:
Foreign currency derivative instruments | Balance Sheet Location |  | Fair Value at June 30, 2016 |  | Fair Value at December 31, 2015
|  |  |  | (In Thousands)
Forward sale contracts |  | Current assets |  | $ | 271 |  |  | $ | 23 |
Forward purchase contracts |  | Current assets |  | — |  |  | — |
Forward sale contracts |  | Current liabilities |  | (111 | ) |  | (31 | )
Forward purchase contracts |  | Current liabilities |  | (634 | ) |  | (354 | )
Net asset (liability) |  |  |  | $ | (474 | ) |  | $ | (362 | )
None of the foreign currency derivative contracts contain credit risk related contingent features that would require us to post assets or collateral for contracts that are classified as liabilities. During the three and six month periods ended June 30, 2016, we recognized $1.1 million and $1.2 million of net losses, respectively, reflected in other income (expense) associated with our foreign currency derivative program. During the three and six month periods ended June 30, 2015, we recognized $0.2 million and $(0.3) million, of net losses and gains, respectively, reflected in other income (expense) associated with this program.

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