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Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2014
Fair Value Disclosures [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 15) that are measured at fair value on a recurring basis by the above pricing levels at September 30, 2014 and December 31, 2013 (in thousands):
 
Fair
Value
 
Level 1
 
Level 2
 
Level 3
September 30, 2014
 
 
 
 
 
 
 
Foreign currency derivative instruments—asset position
$
2,556

 
$
—

 
$
2,556

 
$
—

Foreign currency derivative instruments—liability position
(316
)
 
—

 
(316
)
 
—

 
$
2,240

 
$
—

 
$
2,240

 
$
—

December 31, 2013
 
 
 
 
 
 
 
Foreign currency derivative instruments—asset position
$
557

 
$
—

 
$
557

 
$
—

Foreign currency derivative instruments—liability position
(823
)
 
—

 
(823
)
 
—

 
$
(266
)
 
$
—

 
$
(266
)
 
$
—
Fair Value Relating to Financial Assets and Liabilities
The carrying values of cash and cash equivalents, trade accounts receivable and trade accounts payable at September 30, 2014 and December 31, 2013 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 recorded on the accompanying consolidated condensed balance sheets at their carrying values at September 30, 2014 and December 31, 2013, as well as the fair value of contingent contracts that represent financial instruments (in thousands).
 
September 30, 2014
 
December 31, 2013
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair 
Value
Convertible notes(1)
$
108,386

 
$
126,450

 
$
107,835

 
$
138,668

ABL Facility(2)
$
—

 
$
—

 
$
25,660

 
$
25,660

Standby letters of credit(3)
$
1,278

 
$
1,278

 
$
1,297

 
$
1,297

 
(1)
The carrying value of the convertible notes at September 30, 2014 and December 31, 2013, is net of the unamortized discount of $4,114,000 and $4,665,000, 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)
The carrying value of amounts outstanding under the Company's ABL Facility approximate the fair value due to the short term nature of this obligation. The fair value of this debt is categorized within Level 2 of the fair value hierarchy.
(3)
The carrying value of the Company's standby letters of credit approximates the fair value as they represent the Company’s contingent obligation to perform in accordance with the underlying contracts. There were no amounts outstanding under these letters of credit at September 30, 2014 and December 31, 2013. The fair value of this contingent obligation is categorized within Level 2 of the fair value hierarchy.