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

Note 3. Fair Value Measurements

The carrying amounts of the Company’s financial instruments, which include cash equivalents, accounts receivable, accounts payable, accrued liabilities, short-term debt obligations, and other current liabilities, approximate their fair values due to their short maturities.

At March 31, 2021 and December 31, 2020, cash balances in bank checking and savings accounts of $106.9 million and $18.4 million, respectively, were valued using Level 1 of the fair value hierarchy. At March 31, 2021 and December 31, 2020, highly liquid money market funds of  $150.0 million and $55.1 million, respectively, were valued using Level 1 of the fair value hierarchy, quoted prices in active markets for identical assets, and are included in cash equivalents.