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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements Investments The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 - Defined as observable inputs such as quoted prices in active markets for identical assets or liabilities Level 2 - Defined as inputs other than Level 1 inputs that are either directly or indirectly observable Level 3 - Defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions The Company uses the market approach valuation technique to determine fair value for investment securities. The assets classified as Level 1 consist of money market funds for which original cost approximates fair value. The assets classified as Level 2 consist of commercial paper, municipal debt securities, federal agency debt securities, corporate debt securities, and US treasury bonds, which are valued using quoted market prices or alternative pricing sources including transactions involving identical or comparable assets and models utilizing market observable inputs. The Company has no investment securities classified as Level 3. For those assets classified as Level 2 that are not in active markets, the Company obtains fair value from pricing sources using quoted market prices for identical or comparable instruments, and uses pricing models which include all significant observable inputs: maturity dates, issue dates, settlement dates, benchmark yields, reported trades, broker-dealer quotes, issue spreads, benchmark securities, bids, offers and other market related data. These inputs are observable or can be derived from, or corroborated by, observable market data for substantially the full term of the asset. Financial instruments measured at fair value on a recurring basis:
|  | As of December 31, 2020 |  | As of December 31, 2019
(in thousands) |  | Total |  | Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 5,340 |  |  | $ | 5,340 |  |  | $ | — |  |  | $ | 42,653 |  |  | $ | 42,653 |  |  | $ | — |
Commercial paper |  | 48,908 |  |  | — |  |  | 48,908 |  |  | 5,807 |  |  | — |  |  | 5,807 |
Municipal debt securities |  | 34,338 |  |  | — |  |  | 34,338 |  |  | 1,202 |  |  | — |  |  | 1,202 |
Federal agency debt securities |  | 51,400 |  |  | — |  |  | 51,400 |  |  | — |  |  | — |  |  | — |
Total cash equivalents |  | 139,986 |  |  | 5,340 |  |  | 134,646 |  |  | 49,662 |  |  | 42,653 |  |  | 7,009 |
Short-term |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | 229,821 |  |  | — |  |  | 229,821 |  |  | 161,286 |  |  | — |  |  | 161,286 |
Corporate debt securities |  | 166,768 |  |  | — |  |  | 166,768 |  |  | 145,975 |  |  | — |  |  | 145,975 |
Federal agency debt securities |  | 48,598 |  |  | — |  |  | 48,598 |  |  | 13,515 |  |  | — |  |  | 13,515 |
Municipal debt securities |  | 87,290 |  |  | — |  |  | 87,290 |  |  | 12,237 |  |  | — |  |  | 12,237 |
US Treasury Bonds |  | — |  |  | — |  |  | — |  |  | 2,915 |  |  | — |  |  | 2,915 |
Total short-term |  | 532,477 |  |  | — |  |  | 532,477 |  |  | 335,928 |  |  | — |  |  | 335,928 |
Long-term |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | — |  |  | — |  |  | — |  |  | 15,396 |  |  | — |  |  | 15,396 |
US Treasury Bonds |  | — |  |  | — |  |  | — |  |  | 146 |  |  | — |  |  | 146 |
Total long-term |  | — |  |  | — |  |  | — |  |  | 15,542 |  |  | — |  |  | 15,542 |
Total financial instruments |  | $ | 672,463 |  |  | $ | 5,340 |  |  | $ | 667,123 |  |  | $ | 401,132 |  |  | $ | 42,653 |  |  | $ | 358,479 |
There were no significant transfers between Level 1 and Level 2 assets for the years ended December 31, 2020 or 2019. Long-term Debt None of the Company's long-term debt is publicly traded. The Company has determined the estimated fair value of all of this debt to be Level 3, as certain inputs used to determine the fair value of these agreements are unobservable and, therefore, could be sensitive to changes in inputs.The Company utilizes the discounted cash flow method to estimate the fair value of Level 3 debt. Carrying value and estimated fair value of long-term debt, including current maturities and without reduction for related costs:
|  | As of December 31, 2020 |  | As of December 31, 2019 |  |
(in thousands) |  | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value |  | Fair Value Level
Non-publicly held debt |  | $ | 1,555,637 |  |  | $ | 1,191,008 |  |  | $ | 1,329,882 |  |  | $ | 1,140,232 |  |  | 3
Other Due to the short term nature, carrying amounts of cash, cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value.

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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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