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Fair value measurement | 3 Months Ended
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Mar. 31, 2022
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) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | March 31, 2022 | ​ | December 31, 2021
​ | ​ | ​ | ​ | Carrying | ​ | ​ | ​ | ​ | Carrying | ​ | ​ | ​
​ |  | Category |  | amount |  | Fair value |  | amount |  | Fair value
Fair values disclosed: |  |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents |  | Level 1 | ​ | $ | 440,120 | ​ | $ | 440,120 | ​ | $ | 326,113 | ​ | $ | 326,113
Restricted cash |  | Level 1 | ​ |  | 1,089,958 | ​ |  | 1,089,958 | ​ |  | 1,036,339 | ​ |  | 1,036,339
Loans receivable | ​ | Level 2 | ​ | ​ | 7,278 | ​ | ​ | 7,278 | ​ | ​ | 7,267 | ​ | ​ | 7,267
Derivative financial assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deal contingent forward contract | ​ | Level 3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 751 | ​ | ​ | 751
Forward currency contract | ​ | Level 2 | ​ | ​ | 576 | ​ | ​ | 576 | ​ | ​ | — | ​ | ​ | —
Derivative financial liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deal contingent forward contract | ​ | Level 3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,005 | ​ | ​ | 2,005
Short-term debt |  | Level 2 | ​ |  | 22,083 | ​ |  | 22,083 | ​ |  | 6,147 | ​ |  | 6,147
Long-term debt | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  | ​
Senior unsecured notes (as defined in Note 17) |  | ​ | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  | ​
2016 Notes | ​ | Level 1 | ​ | ​ | 494,973 | ​ | ​ | 507,188 | ​ | ​ | 494,531 | ​ | ​ | 508,125
2021 USD Notes | ​ | Level 2 | ​ | ​ | 597,397 | ​ | ​ | 589,500 | ​ | ​ | 598,052 | ​ | ​ | 625,125
2021 CAD Notes | ​ | Level 2 | ​ | ​ | 338,007 | ​ | ​ | 330,624 | ​ | ​ | 332,337 | ​ | ​ | 339,100
Term loan | ​ | Level 2 | ​ | ​ | 94,661 | ​ | ​ | 95,044 | ​ | ​ | 92,821 | ​ | ​ | 93,226
Long-term revolver loans |  | Level 2 | ​ |  | 56,946 | ​ |  | 57,000 | ​ |  | 219,699 | ​ |  | 219,772
​ The carrying value of the Company’s cash and cash equivalents, restricted cash, trade and other receivables, advances against auction contracts, loan receivables maturing within a year, 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 with a maturity date greater than one year are determined by estimating discounted cash flows using market rates. The carrying values of the term loan and long-term revolver loan, before deduction of deferred debt issue costs, approximate their fair values as the interest rates on the loans is short-term in nature. The fair values of the senior unsecured notes are determined by reference to a quoted market price of the notes traded in an over-the-counter broker market. ​ The Company holds derivative financial assets and liabilities that are required to be measured at fair value on a recurring basis. The fair values of the deal contingent forward contracts are determined using a probability weighted mark to market valuation and observable Level 2 inputs, including foreign currency spot exchange rates, forward pricing curves, and an unobservable Level 3 input, the expected date of settlement. The change in the valuation of the derivatives due to the range of possible expected settlement dates is not significant to the financial statements. The fair value of the forward currency contract is determined using observable Level 2 inputs, including foreign currency spot exchange rates and forward pricing curves. The fair value considers the credit risk of the Company and its counterparties.

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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=123874694&loc=d3e19207-110258 + Details
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