Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.21.1
Fair Value Measurements
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 5. Fair Value Measurements

Short-term Investments

A summary of the fair value of our short-term investments as of March 31, 2021 is shown in the table below.

(In thousands)

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Certificates of deposit

 

$

65,059

 

 

$

 

 

$

65,059

 

 

$

 

U.S. government securities

 

 

100,209

 

 

 

100,209

 

 

 

 

 

 

 

Commercial paper

 

 

144,925

 

 

 

 

 

 

144,925

 

 

 

 

Total

 

$

310,193

 

 

$

100,209

 

 

$

209,984

 

 

$

 

Our certificates of deposit are measured at carrying value including accrued interest, which approximates fair value due to their short-term nature. Our commercial paper is valued using broker quotes that utilize observable market inputs.

Long-term Debt

The carrying value of our total long-term debt was $99.9 million at March 31, 2021 and December 31, 2020. The estimated fair value of our total long-term debt was $104.7 million and $105.4 million at March 31, 2021 and December 31, 2020, respectively. The fair value measurement of our senior note was determined using a discounted cash flow analysis that factors in current market yields for comparable borrowing arrangements under our credit profile. Since this methodology is based upon market yields for comparable arrangements, the measurement is categorized as Level 2 under the three-level fair value hierarchy as established by the Financial Accounting Standards Board.