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Fair Value | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value | Fair Value For publicly-traded investment securities, which consisted of the Company’s money market, short-duration bond funds and managed income funds, fair value was determined on the basis of quoted market prices and, accordingly, such investments were classified as Level 1. The Company’s wholly-owned captive insurance company may also invest in the Company’s commercial paper. These short-term commercial paper investments are classified as trading securities and carried at fair value based upon the Level 2 fair value hierarchy. Items Measured at Fair Value The following table presents the items measured at fair value as of December 31, 2021 and December 31, 2020:
|  | Fair Value
|  | December 31, 2021 |  | December 31, 2020 |
Cash and cash equivalents: |  |  |  |  |
Money market fund (Level 1) |  | $ | — |  |  | 197,835 |  |
Short-term investments: |  |  |  |  |
Short-term investments (Level 1) (1) |  | — |  |  | 571,741 |  |
Commercial Paper (Level 2) |  | 323,000 |  |  | — |  |
(1) The Company’s short-term investments at December 31, 2020 consisted of short-duration bond funds and managed income funds that were designed to deliver current income consistent with the preservation of capital through investing in high- and medium grade fixed income securities. The investments were readily convertible into cash. The fair values and carrying values of the Company’s debt are disclosed in Note 10 - Long-Term Debt.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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