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Fair Value Measurement
9 Months Ended
Sep. 30, 2011
Fair Value Measurement
5.
Fair Value Measurement:

The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value.
    
(In thousands)
        
Fair Value Measurements at September 30, 2011
  
         
Quoted Prices in
    
Significant Other
    
Significant
  
         
Active Markets for
    
Observable
    
Unobservable
  
         
Identical Assets
    
Inputs
    
Inputs
  
   
Total
    
(Level 1)
    
(Level 2)
    
(Level 3)
  
Assets:
                        
Short-term investments
   $ 6,752     $ —     $ 6,752     $ —  
Liabilities:
                                
Foreign currency forward exchange contracts not accounted for using hedge accounting
   $ 2,281     $ —     $ 2,281     $ —  
Interest rate swaps
     115       —       115       —  
                                 
    $ 2,396     $ —     $ 2,396     $ —  

(In thousands)
        
Fair Value Measurements at December 31, 2010
  
         
Quoted Prices in
    
Significant Other
    
Significant
  
         
Active Markets for
    
Observable
    
Unobservable
  
         
Identical Assets
    
Inputs
    
Inputs
  
   
Total
    
(Level 1)
    
(Level 2)
    
(Level 3)
  
Assets:
                        
Short-term investments
   $ 49,391     $ —     $ 49,391     $ —  
Foreign currency forward exchange contracts not accounted for using hedge accounting
     1,024       —       1,024       —  
                                 
    $ 50,415     $ —     $ 50,415     $ —  
Liabilities:
                                
Interest rate swaps
   $ 333     $ —     $ 333     $ —  

The carrying amount of cash and cash equivalents including money market funds, short-term investments, accounts receivable, other receivables, accounts payable and accrued expenses approximates fair value due to the short terms to maturity of these instruments. The carrying amount of loans payable approximates fair value as the interest rates on the Company’s indebtedness approximate current market rates. The fair value of the Company’s long-term debt was estimated based on the current rates offered to companies for debt with the same remaining maturities and is approximately equal to its carrying value.
 
Foreign currency forward exchange contracts are valued based on quotations from financial institutions and the value of interest rate swaps are the discounted net present value of the swaps using third party quotes obtained from financial institutions.