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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value On a Recurring Basis

Financial instruments measured at fair value on a recurring basis:

			As of March 31, 2023																		As of December 31, 2022
(in thousands)			Total						Level 1						Level 2						Total						Level 1						Level 2
Cash equivalents
Money market funds			$	105,574					$	105,574					$	—					$	88,073					$	88,073					$	—
Commercial paper			70,727						—						70,727						50,791						—						50,791
Municipal debt securities			7,593						—						7,593						8,599						—						8,599
Total cash equivalents			183,894						105,574						78,320						147,463						88,073						59,390
Short-term
Commercial paper			373,285						—						373,285						421,279						—						421,279
US Treasury Bonds			23,457						—						23,457						—						—						—
Corporate debt securities			133,273						—						133,273						166,136						—						166,136
Municipal debt securities			12,157						—						12,157						30,426						—						30,426
Federal agency debt securities			148,421						—						148,421						107,222						—						107,222
Total short-term			690,593						—						690,593						725,063						—						725,063
Long-term
Federal agency debt securities			38,261						—						38,261						20,050						—						20,050
Corporate debt securities			22,904						—						22,904						35,688						—						35,688
Municipal debt securities			7,636						—						7,636						7,580						—						7,580
Total long-term			68,801						—						68,801						63,318						—						63,318
Total financial instruments			$	943,288					$	105,574					$	837,714					$	935,844					$	88,073					$	847,771

Fair Value, Liabilities Measured on Recurring Basis

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:

			As of March 31, 2023												As of December 31, 2022
(in thousands)			Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value						Hierarchy Level
Non-publicly held debt			$	1,655,092					$	1,636,067					$	1,626,114					$	1,561,939					3

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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No definition available.

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X

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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