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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023																		As of December 31, 2022
(in thousands)			Total						Level 1						Level 2						Total						Level 1						Level 2
Cash equivalents
Money market funds			$	165,196					$	165,196					$	—					$	88,073					$	88,073					$	—
Commercial paper			9,940						—						9,940						50,791						—						50,791
Municipal debt securities			7,867						—						7,867						8,599						—						8,599
Total cash equivalents			183,003						165,196						17,807						147,463						88,073						59,390
Short-term
Commercial paper			266,653						—						266,653						421,279						—						421,279
Federal agency debt securities			196,634						—						196,634						107,222						—						107,222
Corporate debt securities			151,610						—						151,610						166,136						—						166,136
US Treasury Bonds			23,578						—						23,578						—						—						—
Municipal debt securities			12,738						—						12,738						30,426						—						30,426
Total short-term			651,213						—						651,213						725,063						—						725,063
Long-term
Federal agency debt securities			30,994						—						30,994						20,050						—						20,050
Corporate debt securities			27,093						—						27,093						35,688						—						35,688
Municipal debt securities			13,495						—						13,495						7,580						—						7,580
Total long-term			71,582						—						71,582						63,318						—						63,318
Total financial instruments			$	905,798					$	165,196					$	740,602					$	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 September 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			$	1,847,028					$	1,747,427					$	1,626,114					$	1,561,939					3

X

- 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
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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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
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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