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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 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, cross-currency debt swap contracts and interest rate hedge contracts (see Note 18) that are measured at fair value on a recurring basis as of December 31, 2019 and 2018 (in thousands):
 
Fair
Value
 
Level 1
 
Level 2
 
Level 3
2019
 
 
 
 
 
 
 
Foreign currency forward contracts — asset position
$
61

 
$
—

 
$
61

 
$
—

Foreign currency forward contracts — liability position
(766
)
 
—

 
(766
)
 
—

 
 
 
 
 
 
 
 
Cross-currency debt swap contracts — asset position
6,163

 
—

 
6,163

 
—

Cross-currency debt swap contracts — liability position
(25
)
 
—

 
(25
)
 
—

 
 
 
 
 
 
 
 
Interest rate hedge contracts — liability position
(8,894
)
 
—

 
(8,894
)
 
—

 
$
(3,461
)
 
$
—

 
$
(3,461
)
 
$
—

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 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 December 31, 2019 and 2018, as well as the fair value of contingent contracts that represent financial instruments (in thousands).
 
December 31, 2019
 
December 31, 2018
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Term Loan Facility(1)
$
446,400

 
$
450,864

 
$
—

 
$
—

Primary Asset-Based Revolving Credit Facility(2)
$
114,480

 
$
114,480

 
$
40,300

 
$
40,300

Japan ABL Facility
$
30,100

 
$
30,100

 
$
—

 
$
—

Equipment notes(3)
$
19,715

 
$
19,715

 
$
9,629

 
$
9,629

Standby letters of credit(4)
$
1,075

 
$
1,075

 
$
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 6 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 based on the observable market borrowing rates. See Note 6 for information on the Company's credit facilities, including certain risks and uncertainties related thereto.
(3)
In December 2017 and August 2019, the Company entered into equipment notes that are 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 6 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, using the exchange rates in effect at December 31, 2019. As such, the fair value of this contingent obligation is categorized within Level 2 of the fair value hierarchy.