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Fair Value Measurements Fair Value Measurements (Notes) | 12 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
Fair Value Disclosures [Text Block] |
3. | Fair Value Measurements
We account for our financial assets in accordance with ASC 820, Fair Value Measurement. This standard defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The fair value measurement disclosures are grouped into three levels based on valuation factors: •Level 1 - quoted prices in active markets using identical assets •Level 2 - significant other observable inputs, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other observable inputs •Level 3 - significant unobservable inputs Fair Value of Instruments Measured and Recognized at Fair Value The following tables summarize the levels of fair value measurements of our financial assets:
| December 31, 2020 |  | December 31, 2019
(in thousands) | Total | Level 1 | Level 2 |  | Total | Level 1 | Level 2
Money market funds | $ | 551,213 |  | $ | 551,213 |  | $ | — |  |  | $ | 363,075 |  | $ | 363,075 |  | $ | — |
U.S. Treasury bills | 10,531 |  | 10,531 |  | — |  |  | 34,728 |  | 34,728 |  | — |
Municipal bonds | 23,998 |  | — |  | 23,998 |  |  | — |  | — |  | — |
Total | $ | 585,742 |  | $ | 561,744 |  | $ | 23,998 |  |  | $ | 397,803 |  | $ | 397,803 |  | $ | — |
The municipal bond securities valued as Level 2 investments are primarily pre-refunded municipal bonds that are secured by escrow funds containing U.S. Government securities. Our valuation techniques used to measure fair value for these securities during the period consisted primarily of third-party pricing services that utilized actual market data such as trades of comparable bond issues, broker/dealer quotations for the same or similar investments in active markets and other observable inputs. The following is a summary of our available-for-sale marketable securities:
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
December 31, 2020 |  |  |  |
U.S. Treasury bills | $ | 10,530 |  | $ | 1 |  | $ | — |  | $ | 10,531 |
Municipal bonds | 23,994 |  | 8 |  | (4) |  | 23,998 |
December 31, 2019 |  |  |  |
U.S. Treasury bills | $ | 34,716 |  | $ | 13 |  | $ | (1) |  | $ | 34,728 |
As of December 31, 2020, the contractual maturities of all marketable securities in our portfolio were less than one year. Fair Value of Other Financial Instruments The carrying amounts of cash, cash equivalents, restricted cash, accounts receivable and accounts payable approximate their fair values due to the short-term maturities of these instruments. At December 31, 2020, the carrying value of our borrowings under our revolving credit facility approximates fair value and was classified as Level 2 in the fair value hierarchy. Please read Note 6, "Long-Term Debt," for additional information.

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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=117815213&loc=d3e19207-110258 + Details
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