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Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2013
Text Block [Abstract]  
Valuation of Foreign Currency Exchange Contracts by Pricing Levels
The following table summarizes the valuation of the Company’s foreign currency exchange contracts (see Note 16) that are measured at fair value on a recurring basis by the above pricing levels at September 30, 2013 (in thousands):
 
Fair
Value
 
Level 1
 
Level 2
 
Level 3
Foreign currency derivative instruments—asset position
$
536

 
$

 
$
536

 
$

Foreign currency derivative instruments—liability position
(3,286
)
 

 
(3,286
)
 

 
$
(2,750
)
 
$

 
$
(2,750
)
 
$

Fair Value Relating to Financial Assets and Liabilities
The carrying values of cash and cash equivalents, trade accounts receivable and trade accounts payable and accrued expenses at September 30, 2013 and December 31, 2012 are reasonable estimates of fair value due to the short-term nature of these balances. The table below illustrates information about fair value relating to the Company’s financial assets and liabilities that are recognized on the accompanying consolidated condensed balance sheets as of September 30, 2013 and December 31, 2012, as well as the fair value of contingent contracts that represent financial instruments (in thousands).
 
September 30, 2013
 
December 31, 2012
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair 
Value
Convertible notes(1)
$
107,656

 
$
126,000

 
$
107,133

 
$
118,406

Standby letters of credit(2)
$
1,278

 
$
1,278

 
$
3,265

 
$
3,265

         
(1)
The carrying value of the convertible notes at September 30, 2013 and December 31, 2012, is net of the unamortized discount of $4,844,000 and $5,367,000, respectively (see Note 3). The fair value of the convertible notes was determined based on secondary quoted market prices, and as such is classified as Level 2 in the fair value hierarchy.
(2)
Amounts outstanding under standby letters of credit represent the Company’s contingent obligation to perform in accordance with the underlying contracts to which they pertain. The fair value of standby letters is classified as Level 1 as it approximates the carrying value due to the short term nature of these obligations.