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Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

 

(5)Fair Value of Financial Instruments

 

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 December 31, 2021 
       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  $160,014   $—   $160,014   $— 
                     
Liabilities:                    
Foreign currency forward exchange contracts accounted for using hedge accounting  $1,982   $—   $1,982   $— 
Foreign currency forward exchange contracts not accounted for using hedge accounting   63    —    63   $ — 
Interest rate swaps   (234)   —    (234)   — 
                     
   $1,811   $—   $1,811   $— 

 

                           
       Fair Value Measurements at December 31, 2020 
       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  $126,627   $—   $126,627   $— 
Foreign currency forward exchange contracts not accounted for using hedge accounting   253    —    253    — 
                     
 Total Assets  $126,880   $—   $126,880   $— 

 

The carrying amount of cash and cash equivalents including money market funds, short-term investments including marketable equity securities, 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 variable interest rates on the Company’s indebtedness approximate current market rates.

 

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.