Fair Value Measurement

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurement

4. Fair Value Measurement:

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 June 30, 2017
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments	$	123,805	$	—	$	123,805	$	—
Foreign currency forward exchange contracts accounted for using hedge accounting		2,452				2,452
Foreign currency forward exchange contracts not accounted for using hedge accounting		123		—		123		—
	$	126,380	$	—	$	126,380	$	—
Liabilities:
Interest rate swap	$	668	$	—	$	668	$	—

			Fair Value Measurements at December 31, 2016
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments	$	94,202	$	—	$	94,202	$	—
Liabilities:
Foreign currency forward exchange contracts accounted for using hedge accounting	$	181	$	—	$	181	$	—
Foreign currency forward exchange contracts not accounted for using hedge accounting		418		—		418		—
Interest rate swap		908		—		908		—
	$	1,507	$	—	$	1,507	$	—

The carrying amount of cash and cash equivalents including money market funds, accounts receivable, other receivables, and 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 are the discounted net present value of the swaps using third party quotes obtained from financial institutions.