Accrued and Other Current Liabilities
 12 Months Ended
Dec. 31, 2015
Payables and Accruals [Abstract]  
Accrued and Other Current Liabilities
CCRUED AND OTHER CURRENT LIABILITIES

Accrued and other current liabilities consisted of the following (in thousands):
 
As of December 31,
 
2015
 
2014
Accrued interest payable
$
5,859

 
$
5,542

Accrued employee compensation and benefits and related taxes
5,613

 
6,069

Deferred gain on sale-leaseback
1,817

 
1,760

Deferred revenue
630

 
795

Foreign currency forward contract
175

 
—

Income taxes payable
95

 
315

Accrued commissions
172

 
1,301

Other
3,467

 
3,567


$
17,828

 
$
19,349



As of December 31, 2015, the Company was a party to six foreign currency forward contracts which will settle at various dates through May 2016, with none as of December 31, 2014. The fair value of foreign currency forward contract is considered a level 2 measurement in the fair value hierarchy as the measurement is based on observable rates or measurements to determine fair value and include rates, spreads, amounts and value dates for such contract.

Prior to 2015, the Company had entered into CPH contracts under which the Company provided components and expendable supplies for a customer’s aircraft at a fixed cost per flight hour. The Company estimated the total covered maintenance costs for the aircraft over the coverage period based on historical trends, with any accrued amount estimated on a per flight hour basis and recorded as the hours are flown on the aircraft. As of December 31, 2014, CPH contracts with such provisions have expired and the Company has not entered into any new CPH contracts with such terms. A summary of the CPH reserves is as follows (in thousands):
 
Years Ended December 31,
 
2014
 
2013
CPH reserve at beginning of year
$
511

 
$
3,569

Increases to reserve
—

 
747

Warranty provided or expired
(511
)
 
(3,805
)
CPH reserve at end of year
$
—

 
$
511