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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 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 follows: 
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 for 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 at the dates set forth below (amounts in thousands):
 
December 31, 2017
 
December 31, 2016
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
Investments for deferred compensation
$
12,393

 
$
12,393

 
$
—

 
$
—

 
$
9,668

 
$
9,668

 
$
—

 
$
—

Derivative financial instruments asset
458

 
—

 
458

 
—

 
988

 
—

 
988

 
—

Preferred stock
154

 
—

 
—

 
154

 
181

 
—

 
—

 
181

Total
$
13,005

 
$
12,393

 
$
458

 
$
154

 
$
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, 2015
$
250

  Total unrealized losses
(69
)
Balance at December 31, 2016
181

  Total unrealized losses
(27
)
Balance as of December 31, 2017
$
154



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