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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2015
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 as of December 31, 2015 and 2014 (in thousands):
 
Fair
Value
 
Level 1
 
Level 2
 
Level 3
2015
 
 
 
 
 
 
 
Foreign currency forward contracts —asset position
$
680

 
$
—

 
$
680

 
$
—

Foreign currency forward contracts —liability position
(342
)
 
—

 
(342
)
 
—

 
$
338

 
$
—

 
$
338

 
$
—

2014
 
 
 
 
 
 
 
Foreign currency forward contracts —asset position
$
40

 
$
—

 
$
40

 
$
—

Foreign currency forward contracts —liability position
(246
)
 
—

 
(246
)
 
—

 
$
(206
)
 
$
—

 
$
(206
)
 
$
—
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 on the accompanying consolidated balance sheets as of December 31, 2015 and 2014, as well as the fair value of contingent contracts that represent financial instruments (in thousands):
 
December 31, 2015
 
December 31, 2014
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Convertible notes(1)
$
—

 
$
—

 
$
108,574

 
$
126,222

ABL Facility(2)
$
—

 
$
—

 
$
15,235

 
$
15,235

Japan ABL Facility(2)
$
14,969

 
$
14,969

 
$
—

 
$
—

Standby letters of credit(3)
$
1,030

 
$
1,030

 
$
1,142

 
$
1,142

 
(1) In 2015, the convertible notes were eliminated pursuant to certain exchange transactions and shareholder conversions, which resulted, among other things, in the issuance of shares of the Company's common stock (see Note 3). The carrying value of the convertible notes at December 31, 2014 is net of the unamortized discount of $3,926,000. 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 and 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 3 for information on the ABL Facility, including certain risks and uncertainties.
(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 December 31, 2015 or 2014. The fair value of this contingent obligation is categorized within Level 2 of the fair value hierarchy.