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Fair Value Measurement
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurement

6.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.

 

                         
       Fair Value Measurements at June 30, 2021 
   Total   Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		   Significant Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		 
Assets:                
Short-term investments  $148,100   $—   $148,100   $— 
Liabilities:                    
Interest rate swaps  $505  $—   $505  $— 
Foreign currency forward exchange contracts accounted for using hedge accounting   328    —    328    — 
Foreign currency forward exchange contracts not accounted for using hedge accounting   59    —    59    — 
                     
   $892  $—   $892  $— 

 

 

 

 

                           
            Fair Value Measurements at December 31, 2020  
      Total     Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		    

Significant Other
Observable
Inputs
(Level 2) 

     Significant
Unobservable
Inputs
(Level 3)		  
Assets:                          
Short-term investments   $ 126,627   $ —   $ 126,627   $ —  
Foreign currency forward exchange contracts not accounted for using hedge accounting     253     —     253      —  
                           
    $ 126,880   $ —   $ 126,880   $ —  

 

The carrying amount of cash and cash equivalents including money market funds, short-term investments, accounts receivable, other receivables, cash held in escrow, accounts payable and accrued expenses approximate 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 from financial institutions.