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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2018
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 as of December 31, 2018 and 2017 (in thousands):
 
Fair
Value
 
Level 1
 
Level 2
 
Level 3
2018
 
 
 
 
 
 
 
Foreign currency forward contracts —asset position
$
4,539

 
$
—

 
$
4,539

 
$
—

Foreign currency forward contracts —liability position
(236
)
 
—

 
(236
)
 
—

 
$
4,303

 
$
—

 
$
4,303

 
$
—

2017
 
 
 
 
 
 
 
Foreign currency forward contracts —asset position
$
179

 
$
—

 
$
179

 
$
—

Foreign currency forward contracts —liability position
(239
)
 
—

 
(239
)
 
—

 
$
(60
)
 
$
—

 
$
(60
)
 
$
—
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, 2018 and 2017, as well as the fair value of contingent contracts that represent financial instruments (in thousands).
 
December 31, 2018
 
December 31, 2017
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Primary Asset-Based Revolving Credit Facility(2)
$
40,300

 
$
40,300

 
$
74,000

 
$
74,000

Japan ABL Facility(1)
$
—

 
$
—

 
$
13,755

 
$
13,755

Equipment Note(2)
$
9,629

 
$
9,629

 
$
11,815

 
$
11,815

Standby letters of credit(3)
$
1,187

 
$
1,187

 
$
887

 
$
887

 
(1)
The carrying value of amounts outstanding under the Primary Asset-Based Revolving and the Japan ABL credit facilities approximate 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.
(2)
In December 2017, the Company entered into the Equipment Note secured by certain equipment at the Company's golf ball manufacturing facility. As of December 31, 2018, the Company had $9,629,000 outstanding under the Equipment Note. The fair value of this debt is categorized within Level 2 of the fair value hierarchy. See Note 5 for further information.
(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. The fair value of this contingent obligation is categorized within Level 2 of the fair value hierarchy.