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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value, Measurement Inputs, Disclosure | Fair Value MeasurementsThe Company utilizes the market approach to measure the fair value of its financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. The assets classified as Level 2 primarily utilize quoted market prices or alternative pricing sources including transactions involving identical or comparable assets and models utilizing market observable inputs for valuation of these securities. No changes in valuation techniques or inputs occurred during the three months ended March 31, 2021. Financial instruments measured at fair value on a recurring basis:
| March 31, 2021 |  | December 31, 2020
(in thousands) | Total |  | Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2
Cash equivalents |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 160,730 |  |  | $ | 160,730 |  |  | $ | — |  |  | $ | 5,340 |  |  | $ | 5,340 |  |  | $ | — |
Municipal debt securities | 59,417 |  |  | — |  |  | 59,417 |  |  | 34,338 |  |  | — |  |  | 34,338 |
Commercial Paper | 21,889 |  |  | — |  |  | 21,889 |  |  | 48,908 |  |  | — |  |  | 48,908 |
Corporate debt securities | 7,407 |  |  | — |  |  | 7,407 |  |  | — |  |  | — |  |  | — |
Federal agency debt securities | — |  |  | — |  |  | — |  |  | 51,400 |  |  | — |  |  | 51,400 |
Total cash equivalents | 249,443 |  |  | 160,730 |  |  | 88,713 |  |  | 139,986 |  |  | 5,340 |  |  | 134,646 |
Short-term |  |  |  |  |  |  |  |  |  |  |
Commercial paper | 188,937 |  |  | — |  |  | 188,937 |  |  | 229,821 |  |  | — |  |  | 229,821 |
Corporate debt securities | 115,812 |  |  | — |  |  | 115,812 |  |  | 166,768 |  |  | — |  |  | 166,768 |
Municipal debt securities | 84,294 |  |  | — |  |  | 84,294 |  |  | 87,290 |  |  | — |  |  | 87,290 |
Federal agency debt securities | 37,338 |  |  | — |  |  | 37,338 |  |  | 48,598 |  |  | — |  |  | 48,598 |
Total short-term | 426,381 |  |  | — |  |  | 426,381 |  |  | 532,477 |  |  | — |  |  | 532,477 |
Total financial instruments | $ | 675,824 |  |  | $ | 160,730 |  |  | $ | 515,094 |  |  | $ | 672,463 |  |  | $ | 5,340 |  |  | $ | 667,123 |
None of the Company's debt is publicly held and as a result, the Company has determined the estimated fair value of these notes to be Level 3. Certain inputs used to determine fair value 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, are as follows:
| March 31, 2021 |  | December 31, 2020 |  |
(in thousands) | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value |  | Hierarchy Level
Non-publicly held debt | $ | 1,408,823 |  |  | $ | 1,197,427 |  |  | $ | 1,555,637 |  |  | $ | 1,191,008 |  |  | 3
Due to their short-term nature, the carrying amounts of cash, cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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