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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2020
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 17) that are measured at fair value on a recurring basis by the above pricing levels at June 30, 2020 and December 31, 2019 (in thousands):
 
Fair
Value
 
Level 1
 
Level 2
 
Level 3
June 30, 2020
 
 
 
 
 
 
 
Foreign currency forward contracts—asset position
$
3,378

 
$
—

 
$
3,378

 
$
—

Foreign currency forward contracts—liability position
(825
)
 
—

 
(825
)
 
—

 
 
 
 
 
 
 
 
Interest rate hedge agreements—liability position
(20,602
)
 
—

 
(20,602
)
 
—

 
$
(18,049
)
 
$
—

 
$
(18,049
)
 
$
—

December 31, 2019
 
 
 
 
 
 
 
Foreign currency forward contracts—asset position
$
61

 
$
—

 
$
61

 
$
—

Foreign currency forward contracts—liability position
(766
)
 
—

 
(766
)
 
—

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

 
—

 
6,163

 
—

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

 
(25
)
 
—

 
 
 
 
 
 
 
 
Interest rate hedge agreements—asset position
(8,894
)
 
—

 
(8,894
)
 
—

 
$
(3,461
)
 
$
—

 
$
(3,461
)
 
$
—
Fair Value Relating to Financial Assets and Liabilities
The carrying values of cash and cash equivalents at June 30, 2020 and December 31, 2019 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 June 30, 2020 and December 31, 2019, as well as the fair value of contingent contracts that represent financial instruments (in thousands).
 
June 30, 2020
 
December 31, 2019
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair 
Value
Term Loan Facility(1)
$
444,000

 
$
440,168

 
$
446,400

 
$
450,864

Convertible Notes(2)
$
258,750

 
$
319,952

 
$
—

 
$
—

Primary Asset-Based Revolving Credit Facility(3)
$
27,756

 
$
27,756

 
$
114,480

 
$
114,480

Japan ABL Facility(3)
$
27,795

 
$
27,795

 
$
30,100

 
$
30,100

Equipment notes(4)
$
26,754

 
$
26,754

 
$
19,715

 
$
19,715

 

(1)
In January 2019, the Company entered into a 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)
In May 2020, the Company issued $258,750,000 of 2.75% Convertibles Notes due in 2026. The fair value of this debt is categorized within Level 2 of the fair value hierarchy. For further discussion, see Note 6.
(3)
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.
(4)
In December 2017, August 2019 and March 2020, 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.