Fair Value Measurement

3 Months Ended

Mar. 31, 2019

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 March 31, 2019
	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	$	71,867		$	—	$	71,867	$	—
Liabilities:
Interest rate swap	$	149		$	—	$	149	$	—
Foreign currency forward exchange contracts accounted for using hedge accounting		349					349
Foreign currency forward  exchange contracts not accounted for using hedge accounting		19			—		19		—
	$	517		$	—	$	517	$	—

			Fair Value Measurements at December 31, 2018
	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	$	67,870		$	—	$	67,870	$	—
Foreign currency forward exchange contracts accounted for using hedge accounting		179					179
	$	68,049		$	—	$	68,049	$	—
Liabilities:
Foreign currency forward exchange contracts not accounted for using hedge accounting	$	45		$	—	$	45	$	—
Interest rate swap		207			—		207		—
	$	252		$	—	$	252	$	—

The carrying amount of cash and cash equivalents including money market funds, short-term investments, 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.

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 from financial institutions.