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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 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, 2023. Financial instruments measured at fair value on a recurring basis:
| As of June 30, 2023 |  | As of December 31, 2022
(in thousands) | Total |  | Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2
Cash equivalents |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 34,211 |  |  | $ | 34,211 |  |  | $ | — |  |  | $ | 88,073 |  |  | $ | 88,073 |  |  | $ | — |
Commercial paper | 25,946 |  |  | — |  |  | 25,946 |  |  | 50,791 |  |  | — |  |  | 50,791 |
Municipal debt securities | 7,998 |  |  | — |  |  | 7,998 |  |  | 8,599 |  |  | — |  |  | 8,599 |
Federal agency debt securities | 2,296 |  |  | — |  |  | 2,296 |  |  | — |  |  | — |  |  | — |
Total cash equivalents | 70,451 |  |  | 34,211 |  |  | 36,240 |  |  | 147,463 |  |  | 88,073 |  |  | 59,390 |
Short-term |  |  |  |  |  |  |  |  |  |  |
Commercial paper | 367,982 |  |  | — |  |  | 367,982 |  |  | 421,279 |  |  | — |  |  | 421,279 |
Federal agency debt securities | 219,032 |  |  | — |  |  | 219,032 |  |  | 107,222 |  |  | — |  |  | 107,222 |
Corporate debt securities | 189,954 |  |  | — |  |  | 189,954 |  |  | 166,136 |  |  | — |  |  | 166,136 |
US Treasury Bonds | 30,713 |  |  | — |  |  | 30,713 |  |  | — |  |  | — |  |  | — |
Municipal debt securities | 17,486 |  |  | — |  |  | 17,486 |  |  | 30,426 |  |  | — |  |  | 30,426 |
Total short-term | 825,167 |  |  | — |  |  | 825,167 |  |  | 725,063 |  |  | — |  |  | 725,063 |
Long-term |  |  |  |  |  |  |  |  |  |  |
Federal agency debt securities | 32,921 |  |  | — |  |  | 32,921 |  |  | 20,050 |  |  | — |  |  | 20,050 |
Corporate debt securities | 22,915 |  |  | — |  |  | 22,915 |  |  | 35,688 |  |  | — |  |  | 35,688 |
Municipal debt securities | 13,460 |  |  | — |  |  | 13,460 |  |  | 7,580 |  |  | — |  |  | 7,580 |
Total long-term | 69,296 |  |  | — |  |  | 69,296 |  |  | 63,318 |  |  | — |  |  | 63,318 |
Total financial instruments | $ | 964,914 |  |  | $ | 34,211 |  |  | $ | 930,703 |  |  | $ | 935,844 |  |  | $ | 88,073 |  |  | $ | 847,771 |
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:
| As of June 30, 2023 |  | As of December 31, 2022 |  |
(in thousands) | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value |  | Hierarchy Level
Fair Value of Notes Payable | $ | 1,711,807 |  |  | $ | 1,719,626 |  |  | $ | 1,626,114 |  |  | $ | 1,561,939 |  |  | 3
Due to their short-term nature, the carrying amounts of cash, 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 -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//820/tableOfContent + Details
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