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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2022
Fair Value Measurements  
Schedule of fair value hierarchy

The carrying values of our assets that are required to be measured at fair value on a recurring basis as of March 31, 2022 and 2021 approximate fair value because of our ability to immediately convert these instruments into cash with minimal expected change in value which are classified in the table below in one of the three categories of the fair value hierarchy described above (in thousands):

    

Fair Value Measurements

    

Level 1

    

Level 2

    

Level 3

    

Total

March 31, 2022

 

  

 

  

 

  

 

  

Cash equivalents:

 

  

 

  

 

  

 

  

Money market mutual fund

$

101,801

$

$

$

101,801

Marketable equity securities:

 

  

 

  

 

  

 

  

Mutual funds

 

105,536

 

 

 

105,536

Available-for-sale debt securities:

 

 

  

 

  

 

U.S. Treasury notes

 

316,939

 

 

 

316,939

Corporate debt securities

42,588

42,588

$

566,864

$

$

$

566,864

Fair Value Measurements 

    

Level 1

    

Level 2

    

Level 3

    

Total

December 31, 2021

Cash equivalents:

 

  

 

  

 

  

 

  

Money market mutual fund

$

111,313

$

$

$

111,313

Marketable equity securities:

 

  

 

  

 

  

 

  

Mutual funds

 

110,006

 

 

 

110,006

Available-for-sale debt securities:

 

  

 

  

 

  

 

  

U.S. Treasury notes

223,896

223,896

Corporate debt securities

 

155,796

 

 

 

155,796

$

601,011

$

$

$

601,011

Schedule of estimated fair values and the carrying values

The following table presents the estimated fair values and the carrying values (in thousands):

    

March 31, 2022

December 31, 2021

    

Carrying Value

    

Fair Value

    

Carrying Value

    

Fair Value

2026 Senior Notes

$

390,790

$

315,008

$

390,523

$

331,783

2025 Senior Notes

$

14,012

$

13,155

$

13,648

$

13,628