Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.22.1
Fair Value Measurements
3 Months Ended
Mar. 31, 2022
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, 2022 and December 31, 2021 is shown in the tables below.

(In thousands)

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of deposit

 

$

40,034

 

 

$

 

 

$

40,034

 

 

$

 

Commercial paper

 

 

239,149

 

 

 

 

 

 

239,149

 

 

 

 

 

 

$

279,183

 

 

$

 

 

$

279,183

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of deposit

 

$

40,014

 

 

$

 

 

$

40,014

 

 

$

 

Commercial paper

 

 

214,419

 

 

 

 

 

 

214,419

 

 

 

 

 

 

$

254,433

 

 

$

 

 

$

254,433

 

 

$

 

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 $100.0 million and $99.9 million at March 31, 2022 and December 31, 2021, respectively. The estimated fair value of our total long-term debt was $98.1 million and $104.5 million at March 31, 2022 and December 31, 2021, 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.