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Derivatives | 12 Months Ended
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Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives We periodically enter into foreign currency exchange contracts with terms normally lasting less than nine months to protect against the adverse effects that exchange-rate fluctuations may have on our foreign currency-denominated receivables, payables, cash flows and reported income. We are exposed to market risks from foreign currency exchange rates, which may adversely affect our operating results and financial position. Our foreign currency exposures are primarily concentrated in the Argentinian Peso, Brazilian Real, British Pound, Chinese Yuan Renminbi, Euro, Hong Kong Dollar, Indian Rupee, Japanese Yen and Mexican Peso. Derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes. We do not use leveraged derivative financial instruments and these derivatives have not qualified for hedge accounting. Gains and losses on derivatives are recorded in other income (expense), net. Derivatives are recorded on the balance sheet at fair value. The estimated fair values of our derivative financial instruments represent the amount required to enter into offsetting contracts with similar remaining maturities based on quoted market prices. We have determined that the fair value of our derivatives are derived from level 2 inputs in the fair value hierarchy. The following table sets forth the fair value of derivatives:
|  | December 31, 2015 |  | December 31, 2014
|  | Fair Value Measurement Using |  | Total |  | Fair Value Measurement Using |  | Total
(In thousands) |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Balance |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Balance
Foreign currency exchange futures contracts |  | $ | — |  |  | $ | (1,146 | ) |  | $ | — |  |  | $ | (1,146 | ) |  | $ | — |  |  | $ | 810 |  |  | $ | — |  |  | $ | 810 |
We held foreign currency exchange contracts which resulted in a net pre-tax gain of $0.3 million, a net pre-tax loss of $0.5 million, and a net pre-tax gain of $0.9 million for the years ended December 31, 2015, 2014, and 2013, respectively. Details of foreign currency exchange contracts held were as follows:
Date Held |  | Type |  | Position Held |  | Notional Value (in millions) |  | Forward Rate |  | Unrealized Gain/(Loss) Recorded at Balance Sheet Date (in thousands)(1) |  | Settlement Date
December 31, 2015 |  | USD/Euro |  | USD |  | $ | 7.0 |  |  | 1.0864 |  | $ | (7 | ) |  | January 22, 2016
December 31, 2015 |  | USD/Chinese Yuan Renminbi |  | Chinese Yuan Renminbi |  | $ | 22.5 |  |  | 6.2565 |  | $ | (1,100 | ) |  | January 15, 2016
December 31, 2015 |  | USD/Brazilian Real |  | Brazilian Real |  | $ | 1.0 |  |  | 3.7461 |  | $ | (57 | ) |  | January 15, 2016
December 31, 2015 |  | USD/Brazilian Real |  | USD |  | $ | 3.0 |  |  | 3.9503 |  | $ | 18 |  |  | January 15, 2016
December 31, 2014 |  | USD/Euro |  | USD |  | $ | 5.0 |  |  | 1.2450 |  | $ | 140 |  |  | January 23, 2015
December 31, 2014 |  | USD/Chinese Yuan Renminbi |  | Chinese Yuan Renminbi |  | $ | 20.0 |  |  | 6.2757 |  | $ | 174 |  |  | January 16, 2015
December 31, 2014 |  | USD/Brazilian Real |  | USD |  | $ | 5.0 |  |  | 2.3401 |  | $ | 609 |  |  | January 16, 2015
December 31, 2014 |  | USD/Brazilian Real |  | Brazilian Real |  | $ | 2.5 |  |  | 2.5442 |  | $ | (113 | ) |  | January 16, 2015
(1) | Gains on futures contracts are recorded in prepaid expenses and other current assets. Losses on futures contracts are recorded in other accrued expenses.

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