Fair value measurement

12 Months Ended

Dec. 31, 2020

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.

12.   Fair value measurement (continued)

		December 31, 2020				December 31, 2019
		Carrying				Carrying
	Category	amount		Fair value		amount		Fair value
Fair values disclosed:
Cash and cash equivalents	Level 1	$	278,766	$	278,766	$	359,671	$	359,671
Restricted cash	Level 1		28,129		28,129		60,585		60,585
Loan receivables	Level 2		5,798		6,438		—		—
Short-term debt	Level 2		29,145		29,145		4,705		4,705
Long-term debt
Senior unsecured notes	Level 1		492,734		514,219		490,933		520,625
Term loan	Level 2		97,812		98,420		154,548		155,355
Long-term revolver loan	Level 2		46,102		46,184		—		—

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 fair value of the loan receivables is determined by estimating discounted cash flows using market rates. The carrying value of the term loan and long-term revolver loan, before deduction of deferred debt issue costs, approximates their fair value as the interest rates on the loans is short-term in nature. The fair value of the senior unsecured notes is determined by reference to a quoted market price.