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Fair Value Measurements
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
Fair value reflects the amounts that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy has the following three levels:
•Level 1 - quoted prices (unadjusted) in active markets for identical assets and liabilities;
•Level 2 - inputs other than level 1 that are observable either directly or indirectly, such as quoted prices in active markets for similar instruments or on industry models using data inputs, such as interest rates and prices that can be directly observed or corroborated in active markets; and
•Level 3 - unobservable inputs that are supported by little or no market activity that are significant to the fair value measurement.
The classifications within the fair value hierarchy of our financial assets that were measured and recorded at fair value on a recurring basis were as follows (in thousands):
December 31, 2021
Level 1
Level 2
Total
Commercial paper$— $945,841 $945,841 
Corporate bonds— 540,978 540,978 
U.S. Treasury and government-sponsored enterprises— 33,945 33,945 
Municipal bonds— 12,904 12,904 
Total debt securities available-for-sale— 1,533,668 1,533,668 
Money market funds66,531 — 66,531 
Certificates of deposit— 119,056 119,056 
Total financial assets carried at fair value$66,531 $1,652,724 $1,719,255 
December 31, 2020
Level 1
Level 2
Total
Commercial paper$— $569,828 $569,828 
Corporate bonds— 548,757 548,757 
U.S. Treasury and government-sponsored enterprises— 208,554 208,554 
Municipal bonds— 28,762 28,762 
Total debt securities available-for-sale— 1,355,901 1,355,901 
Money market funds40,761 — 40,761 
Certificates of deposit— 60,004 60,004 
Total financial assets carried at fair value$40,761 $1,415,905 $1,456,666 

When available, we value investments based on quoted prices for those financial instruments, which is a Level 1 input. Our remaining investments are valued using third-party pricing sources, which use observable market prices, interest rates and yield curves observable at commonly quoted intervals for similar assets as observable inputs for pricing, which is a Level 2 input.
The carrying amount of our remaining financial assets and liabilities, which include cash, receivables and payables, approximate their fair values due to their short-term nature.