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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2016
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 forward contracts (see Note 12) that are measured at fair value on a recurring basis by the above pricing levels at June 30, 2016 and December 31, 2015 (in thousands):
 
Fair
Value
 
Level 1
 
Level 2
 
Level 3
June 30, 2016
 
 
 
 
 
 
 
Foreign currency forward contracts—asset position
$
2,547

 
$
—

 
$
2,547

 
$
—

Foreign currency forward contracts—liability position
(9,857
)
 
—

 
(9,857
)
 
—

 
$
(7,310
)
 
$
—

 
$
(7,310
)
 
$
—

December 31, 2015
 
 
 
 
 
 
 
Foreign currency forward contracts—asset position
$
680

 
$
—

 
$
680

 
$
—

Foreign currency forward contracts—liability position
(342
)
 
—

 
(342
)
 
—

 
$
338

 
$
—

 
$
338

 
$
—
Fair Value Relating to Financial Assets and Liabilities
The carrying values of cash and cash equivalents at June 30, 2016 and December 31, 2015 are categorized within Level 1 of the fair value hierarchy 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 in the accompanying consolidated balance sheets as of June 30, 2016 and December 31, 2015, as well as the fair value of contingent contracts that represent financial instruments (in thousands).
 
June 30, 2016
 
December 31, 2015
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair 
Value
Japan ABL Facility(1)
$
5,331

 
$
5,331

 
$
14,969

 
$
14,969

Standby letters of credit(2)
$
951

 
$
951

 
$
1,030

 
$
1,030

 

(1)
The carrying value of the amount outstanding under the Japan ABL Facility approximates 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. See Note 2 for information on the Company's credit facilities, including certain risks and uncertainties related thereto.
(2)
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 as of June 30, 2016 and December 31, 2015. The fair value of this contingent obligation is categorized within Level 2 of the fair value hierarchy.