Fair Value Measurement

12 Months Ended

Dec. 31, 2019

Fair Value Measurement

Fair Value Measurement

12.   Fair value measurement

All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement or disclosure:

● Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the entity can access at measurement date;

● Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and

● Level 3: Unobservable inputs for the asset or liability.

		December 31,2019				December 31,2018
		Carrying				Carrying
	Category	amount		Fair value		amount		Fair value
Fair values disclosed:
Cash and cash equivalents	Level 1	$	359,671	$	359,671	$	237,744	$	237,744
Restricted cash	Level 1		60,585		60,585		67,823		67,823
Short-term debt	Level 2		4,705		4,705		19,896		19,896
Long-term debt
Senior unsecured notes	Level 1		490,933		520,625		489,136		487,813
Term loans	Level 2		154,548		155,355		222,162		224,582

The carrying value of the Company’s cash and cash equivalents, restricted cash, trade and other receivables, advances against auction contracts, auction proceeds payable, trade and other payables, and short term debt approximate their fair values due to their short terms to maturity. The carrying value of the term loans, before deduction of deferred debt issue costs, approximates its fair value as the interest rates on the loans were short-term in nature. The fair value of the senior unsecured notes is determined by reference to a quoted market price.