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Fair Value | 12 Months Ended
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Dec. 31, 2017
Fair Value [Abstract] |
Fair Value | 14. Fair Value The carrying value of financial instruments including cash and cash equivalents, accounts receivable and accounts payable approximate fair values due to the short-term nature of these instruments. The Company's current investments as of December 31, 2017 include certificates of deposits and pre-refunded municipal bonds that are classified by management as held-to-maturity as the Company had the positive intent and ability to hold to maturity. The carrying value of these current investments approximate fair values due to the short-term nature of these instruments. The Company has classified these instruments as Level 2 in the fair value hierarchy. Fair value estimates are made at a specific point in time, based on relevant market information. The following tables present the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (U.S. dollars in thousands):
|  | Fair Value at December 31, 2016 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets (liabilities): |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents and current investments |  | $ | 50,307 |  |  | $ | ─ |  |  | $ | ─ |  |  | $ | 50,307 |
Other long-term assets |  |  | 2,782 |  |  | ─ |  |  | ─ |  |  |  | 2,782 |
Forward contracts |  | ─ |  |  |  | 1,371 |  |  | ─ |  |  |  | 1,371 |
Life insurance contracts |  | ─ |  |  | ─ |  |  |  | 32,286 |  |  |  | 32,286 |
Total |  | $ | 53,089 |  |  | $ | 1,371 |  |  | $ | 32,286 |  |  | $ | 86,746 |
|  | Fair Value at December 31, 2017 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets (liabilities): |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents and current investments |  | $ | 36,531 |  |  | $ | ─ |  |  | $ | ─ |  |  | $ | 36,531 |
Other long-term assets |  |  | 3,726 |  |  | ─ |  |  | ─ |  |  |  | 3,726 |
Forward contracts |  | ─ |  |  |  | 158 |  |  | ─ |  |  |  | 158 |
Life insurance contracts |  | ─ |  |  | ─ |  |  |  | 37,737 |  |  |  | 37,737 |
Total |  | $ | 40,257 |  |  | $ | 158 |  |  | $ | 37,737 |  |  | $ | 78,152 |
The following methods and assumptions were used to determine the fair value of each class of assets and liabilities recorded at fair value in the consolidated balance sheets: Cash equivalents and current investments: Cash equivalents and current investments primarily consist of highly rated money market funds with maturities of three months or less, and are purchased daily at par value with specified yield rates. Due to the high ratings and short-term nature of the funds, the Company considers all cash equivalents and current investments as Level 1. Current investments include $10.9 million and $11.8 million as of December 31, 2016 and 2017, respectively, that is restricted for the Company's voluntary participation in a consumer protection cooperative in South Korea. Forward contracts: To hedge foreign currency risks, the Company uses foreign currency exchange forward contracts, where possible and practical. These forward contracts are valued using standard valuation formulas with assumptions about foreign currency exchange rates derived from existing exchange rates as discussed in Note 18, "Derivative Financial Instruments". Life insurance contracts: ASC 820 preserves practicability exceptions to fair value measurements provided by other applicable GAAP. The guidance in ASC 715-30-35-60 allows a reporting entity, as a practical expedient, to use cash surrender value or conversion value as an expedient for fair value when it is present. Accordingly, the Company determines the fair value of its life insurance contracts as the cash-surrender value of life insurance policies held in its Rabbi Trust as disclosed in Note 17, "Executive Deferred Compensation Plan". The following table provides a summary of changes in fair value of the Company's Level 3 marketable securities (U.S. dollars in thousands):
Life Insurance Contracts |  | 2016 |  |  | 2017 |
Beginning balance at January 1 |  | $ | 27,292 |  |  | $ | 32,287 |
Actual return on plan assets: |  |  |  |  |  |  |  |
Relating to assets still held at the reporting date |  |  | 2,196 |  |  |  | 4,917 |
Purchases and issuances |  |  | 3,051 |  |  |  | 895 |
Sales and settlements |  |  | (252 | ) |  |  | (362 | )
Transfers into Level 3 |  | ─ |  |  | ─ |
Ending balance at December 31 |  | $ | 32,287 |  |  | $ | 37,737 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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