Financial Instruments	6 Months Ended
Jun. 30, 2021
Financial Instruments
Financial Instruments	13. Financial Instruments At June 30, 2021, the Company had foreign exchange contracts outstanding to sell $5.0 million Canadian dollars at a price of approximately $4.0 million U.S. dollars. These contracts expire in 2021. There were no significant unrealized gains or losses on the Canadian foreign exchange contracts in the first six months of 2021. At June 30, 2021, the Company’s wholly owned subsidiary, Florsheim Australia, had foreign exchange contracts outstanding to buy $4.0 million U.S. dollars at a price of approximately $5.1 million Australian dollars. These contracts expire in the next twelve months. The Company recorded unrealized gains of $141,000 on Australian foreign exchange contracts in the first six months of 2021. The Company determines the fair value of foreign exchange contracts based on the difference between the foreign currency contract rates and the widely available foreign currency rates as of the measurement date. The fair value measurements are based on observable market transactions, and thus represent a level 2 valuation as defined by ASC 820.

Financial Instruments

6 Months Ended

Jun. 30, 2021

13. Financial Instruments

At June 30, 2021, the Company had foreign exchange contracts outstanding to sell $5.0 million Canadian dollars at a price of approximately $4.0 million U.S. dollars. These contracts expire in 2021. There were no significant unrealized gains or losses on the Canadian foreign exchange contracts in the first six months of 2021.

At June 30, 2021, the Company’s wholly owned subsidiary, Florsheim Australia, had foreign exchange contracts outstanding to buy $4.0 million U.S. dollars at a price of approximately $5.1 million Australian dollars. These contracts expire in the next twelve

months. The Company recorded unrealized gains of $141,000 on Australian foreign exchange contracts in the first six months of 2021.

The Company determines the fair value of foreign exchange contracts based on the difference between the foreign currency contract rates and the widely available foreign currency rates as of the measurement date. The fair value measurements are based on observable market transactions, and thus represent a level 2 valuation as defined by ASC 820.