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Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2019
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 16) that are measured at fair value on a recurring basis by the above pricing levels at September 30, 2019 and December 31, 2018 (in thousands):
 
Fair
Value
 
Level 1
 
Level 2
 
Level 3
September 30, 2019
 
 
 
 
 
 
 
Foreign currency forward contracts—asset position
$
3,174

 
$
—

 
$
3,174

 
$
—

Foreign currency forward contracts—liability position
(367
)
 
—

 
(367
)
 
—

 
 
 
 
 
 
 
 
Cross-currency debt swap agreements—asset position
10,442

 
—

 
10,442

 
—

Cross-currency debt swap agreements—liability position
(151
)
 
—

 
(151
)
 
—

 
 
 
 
 
 
 
 
Interest rate hedge agreements—asset position
285

 
—

 
285

 
—

Interest rate hedge agreements—liability position
(10,375
)
 
—

 
(10,375
)
 
—

 
$
3,008

 
$
—

 
$
3,008

 
$
—

December 31, 2018
 
 
 
 
 
 
 
Foreign currency forward contracts—asset position
$
4,539

 
$
—

 
$
4,539

 
$
—

Foreign currency forward contracts—liability position
(236
)
 
—

 
(236
)
 
—

 
$
4,303

 
$
—

 
$
4,303

 
$
—
Fair Value Relating to Financial Assets and Liabilities
The carrying values of cash and cash equivalents at September 30, 2019 and December 31, 2018 are categorized within Level 1 of the fair value hierarchy. The table below summarizes information about fair value relating to the Company’s financial assets and liabilities that are recognized in the accompanying consolidated condensed balance sheets as of September 30, 2019 and December 31, 2018, as well as the fair value of contingent contracts that represent financial instruments (in thousands).
 
September 30, 2019
 
December 31, 2018
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair 
Value
Term Loan Facility(1)
$
447,600

 
$
447,600

 
$
—

 
$
—

Primary Asset-Based Revolving Credit Facility(2)
$
62,596

 
$
62,596

 
$
40,300

 
$
40,300

Japan ABL Facility(2)
$
48,115

 
$
48,115

 
$
—

 
$
—

Equipment notes(3)
$
20,902

 
$
20,902

 
$
9,629

 
$
9,629

Standby letters of credit(4)
$
1,014

 
$
1,014

 
$
1,187

 
$
1,187

 

(1)
In January 2019, the Company entered into the Term Loan Facility. The fair value of this debt is categorized within Level 2 of the fair value hierarchy. See Note 5 for further information.
(2)
The carrying value of the amounts outstanding under the Company's ABL Facility and Japan ABL Facility approximates the fair value due to the short-term nature of these obligations. The fair value of this debt is categorized within Level 2 of the fair value hierarchy. See Note 5 for information on the Company's credit facilities, including certain risks and uncertainties related thereto.
(3)
In December 2017, the Company entered into the 2017 Equipment Note and in August 2019, entered into the 2019 Equipment Note, both secured by certain equipment at the Company's golf ball manufacturing facility. The fair value of this debt is categorized within Level 2 of the fair value hierarchy. See Note 5 for further information.
(4)
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. The fair value of this contingent obligation is categorized within Level 2 of the fair value hierarchy.