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Fair value measurement | 12 Months Ended
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Dec. 31, 2020
Fair value measurement |
Fair value measurement | 12. Fair value measurement All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement or disclosure:
● | Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the entity can access at measurement date;
● | Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and
● | Level 3: Unobservable inputs for the asset or liability.
​ 12. Fair value measurement (continued) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | December 31, 2020 | ​ | December 31, 2019
​ | ​ | ​ | ​ | Carrying | ​ | ​ | ​ | ​ | Carrying | ​ | ​ | ​
​ |  | Category |  | amount |  | Fair value |  | amount |  | Fair value
Fair values disclosed: |  |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents |  | Level 1 | ​ | $ | 278,766 | ​ | $ | 278,766 | ​ | $ | 359,671 | ​ | $ | 359,671
Restricted cash |  | Level 1 | ​ |  | 28,129 | ​ |  | 28,129 | ​ |  | 60,585 | ​ |  | 60,585
Loan receivables | ​ | Level 2 | ​ | ​ | 5,798 | ​ | ​ | 6,438 | ​ | ​ | — | ​ | ​ | —
Short-term debt |  | Level 2 | ​ |  | 29,145 | ​ |  | 29,145 | ​ |  | 4,705 | ​ |  | 4,705
Long-term debt | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Senior unsecured notes |  | Level 1 | ​ |  | 492,734 | ​ |  | 514,219 | ​ |  | 490,933 | ​ |  | 520,625
Term loan | ​ | Level 2 | ​ | ​ | 97,812 | ​ | ​ | 98,420 | ​ | ​ | 154,548 | ​ | ​ | 155,355
Long-term revolver loan |  | Level 2 | ​ |  | 46,102 | ​ |  | 46,184 | ​ |  | — | ​ |  | —
​ The carrying value of the Company’s cash and cash equivalents, restricted cash, trade and other receivables, advances against auction contracts, auction proceeds payable, trade and other payables, and short-term debt approximate their fair values due to their short terms to maturity. The fair value of the loan receivables is determined by estimating discounted cash flows using market rates. The carrying value of the term loan and long-term revolver loan, before deduction of deferred debt issue costs, approximates their fair value as the interest rates on the loans is short-term in nature. The fair value of the senior unsecured notes is determined by reference to a quoted market price.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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