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Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 5. Fair Value Measurements

Short-term Investments

A summary of the fair value of our short-term investments as of June 30, 2024 is shown in the table below. We held no short-term investments as of December 31, 2023.

(In thousands)

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of deposit

 

$

30,271

 

 

 

-

 

 

$

30,271

 

 

 

-

 

Our certificates of deposit are measured at carrying value including accrued interest, which approximates fair value due to their short-term nature.

Long-term Debt

The carrying value of our total long-term debt, including current maturities, was $60.0 million and $80.0 million at June 30, 2024 and December 31, 2023, respectively. The estimated fair value of our total long-term debt, including current maturities, was $56.0 million and $75.4 million at June 30, 2024 and December 31, 2023, respectively. The fair value measurement of our Series B Notes was determined using a discounted cash flow analysis that factors in current market yields for comparable borrowing arrangements under our credit profile. Since this methodology is based upon market yields for comparable arrangements, the measurement is categorized as Level 2 under the three-level fair value hierarchy as established by the Financial Accounting Standards Board.