Fair Value Measurement
 9 Months Ended
Sep. 30, 2016
Fair Value of Financial Instruments [Abstract]  
Fair Value Disclosures [Text Block]
6.
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.
 
(In thousands)
 
 
 
 
Fair Value Measurements at September 30, 2016
 
 
 
 
 
 
Quoted Prices in
 
Significant Other
 
Significant
 
 
 
 
 
 
Active Markets for
 
Observable
 
Unobservable
 
 
 
 
 
Identical Assets
 
Inputs
 
Inputs
 
 
 
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term investments
 
$
117,951
 
$
—
 
$
117,951
 
$
—
 
Foreign currency forward
  exchange contracts
  not accounted for using
  hedge accounting
 
 
86
 
 
—
 
 
86
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
118,038
 
$
—
 
$
118,038
 
$
—
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
$
1,260
 
$
—
 
$
1,260
 
$
—
 
 
 
 
 
 
 
Fair Value Measurements at December 31, 2015
 
 
 
 
 
Quoted Prices in
 
Significant Other
 
Significant
 
 
 
 
 
Active Markets for
 
Observable
 
Unobservable
 
 
 
 
 
Identical Assets
 
Inputs
 
Inputs
 
 
 
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term investments
 
$
82,847
 
$
—
 
$
82,847
 
$
—
 
Foreign currency forward
 exchange contracts
 not accounted for using
 hedge accounting
 
 
123
 
 
—
 
 
123
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
82,970
 
$
—
 
$
82,970
 
$
—
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
$
1,026
 
$
—
 
$
1,026
 
$
—
 
  
The carrying amount of cash and cash equivalents including money market funds, 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. 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.