Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value, Measurement Inputs, Disclosure

Fair Value Measurements

The 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, 2022.

Financial instruments measured at fair value on a recurring basis:


	March 31, 2022						December 31, 2021
(in thousands)	Total		Level 1		Level 2		Total		Level 1		Level 2
Cash equivalents
Money market funds	$	4,295	$	4,295	$	—	$	25,019	$	25,019	$	—
Commercial Paper	144,882		—		144,882		179,455		—		179,455
Municipal debt securities	48,066		—		48,066		63,875		—		63,875
Corporate debt securities	7,849		—		7,849		—		—		—


Total cash equivalents	205,092		4,295		200,797		268,349		25,019		243,330
Short-term
Commercial paper	377,695		—		377,695		419,469		—		419,469

Corporate debt securities	255,848		—		255,848		234,436		—		234,436
Municipal debt securities	173,561		—		173,561		165,573		—		165,573
Federal agency debt securities	1,845		—		1,845		—		—		—
Total short-term	808,949		—		808,949		819,478		—		819,478
Long-term



Municipal debt securities	—		—		—		2,231		—		2,231

Total long-term	—		—		—		2,231		—		2,231
Total financial instruments	$	1,014,041	$	4,295	$	1,009,746	$	1,090,058	$	25,019	$	1,065,039

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, 2022				December 31, 2021
(in thousands)	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value		Hierarchy Level
Non-publicly held debt	$	1,413,414	$	1,198,418	$	1,447,462	$	1,261,170	3

Due to their short-term nature, the carrying amounts of cash, restricted cash, accounts receivable and accounts payable approximate fair value.