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Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
(4) 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, 2024  
        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   $ 109,311   $ 7,703   $ 101,608   $ —  
Interest rate swaps     1,967     —     1,967     —  














Total Assets
$ 111,278
$ 7,703
$ 103,575
$ —














    Liabilities:












Foreign currency forward exchange contracts not accounted for using hedge accounting     445     —     445     —  
Foreign currency forward exchange contracts accounted for using hedge accounting     1,435     —     1,435     —  
                           
Total Liabilities   $ 1,880   $ —   $ 1,880   $ —  


                           
          Fair Value Measurements at December 31, 2023  
        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   $ 94,304   $ 12,868   $ 80,614   $ 822  
Interest rate swaps     3,909     —     3,909     —  
Foreign currency forward exchange contracts not accounted for using hedge accounting

359

—

359

—
Foreign currency forward exchange contracts accounted for using hedge accounting   1,533     —     1,533     —  
                           
Total Assets Total Assets   $ 100,105   $ 12,868   $ 86,415   $ 822  


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 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 is the discounted net present value of the swaps using third party quotes from financial institutions.