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FAIR VALUE MEASUREMENTS
 9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
 
Accounting standards for fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.  These tiers are defined as:
 
Level 1 – Quoted prices in active markets for identical instruments.
Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable.
Level 3 – Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
 
Assets and liabilities measured at fair value on a recurring basis consisted of the following as of the dates set forth below (amounts in thousands):
 
September 30, 2017
 
December 31, 2016
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
Contractual obligation investments
$
11,494


$
11,494


$
—


$
—

 
$
9,668

 
$
9,668

 
$
—

 
$
—

Derivative financial instruments asset
566

 
—

 
566

 
—

 
988

 
—

 
988

 
—

Preferred stock
145

 
—

 
—

 
145

 
181

 
—

 
—

 
181

Total
$
12,205

 
$
11,494

 
$
566

 
$
145

 
$
10,837

 
$
9,668

 
$
988

 
$
181


The following table presents the changes, during the periods presented, in Titan's Level 3 investments that are measured at fair value on a recurring basis (amounts in thousands):
 
Preferred stock
Balance at December 31, 2016
$
181

  Total unrealized losses
(36
)
Balance as of September 30, 2017
$
145



The preferred stock was valued based on the book value of the common stock into which it can be converted.