XML 59 R14.htm IDEA: XBRL DOCUMENT v3.22.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
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 six months ended June 30, 2022.

Financial instruments measured at fair value on a recurring basis:
June 30, 2022December 31, 2021
(in thousands)TotalLevel 1Level 2TotalLevel 1Level 2
Cash equivalents   
Money market funds$64,859 $64,859 $— $25,019 $25,019 $— 
Commercial Paper193,710 — 193,710 179,455 — 179,455 
Municipal debt securities43,267 — 43,267 63,875 — 63,875 
Total cash equivalents301,836 64,859 236,977 268,349 25,019 243,330 
Short-term     
Commercial paper462,917 — 462,917 419,469 — 419,469 
Corporate debt securities195,698 — 195,698 234,436 — 234,436 
Municipal debt securities103,272 — 103,272 165,573 — 165,573 
Federal agency debt securities51,356 — 51,356 — — — 
Total short-term813,243 — 813,243 819,478 — 819,478 
Long-term      
Municipal debt securities— — — 2,231 — 2,231 
Total long-term— — — 2,231 — 2,231 
Total financial instruments$1,115,079 $64,859 $1,050,220 $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, excluding finance leases, including current maturities and without reduction for related costs, are as follows:
June 30, 2022December 31, 2021
(in thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueHierarchy Level
Non-publicly held debt$1,580,302 $1,275,697 $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.