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Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Assets (liabilities) measured at fair value
A summary of assets (liabilities) measured at fair value is as follows:
As of December 31, 2021
TotalLevel 1Level 2Level 3
Commercial paper$116,902 $— $116,902 $— 
Corporate bonds$329,777 — 329,777 — 
Municipal bonds$11,906 — 11,906 — 
Commodity contract derivatives$(1,459)(366)(1,093)— 
$457,126 $(366)$457,492 $— 
As of December 31, 2020
TotalLevel 1Level 2Level 3
Commercial paper$48,714 $— $48,714 $— 
Corporate bonds$169,998 — 169,998 — 
U.S. Treasury bills$44,992 44,992 — — 
Municipal bonds$5,839 — 5,839 — 
Commodity contract derivatives$(8,706)(3,069)(5,637)— 
$260,837 $41,923 $218,914 $— 
Estimated fair values of the Company's financial instruments
The estimated fair values of the Company’s financial instruments, which are not recorded at fair value are as follows as of December 31:
20212020
Asset (Liability)
Carrying Amount
Estimated Fair ValueAsset (Liability)
Carrying Amount
Estimated Fair Value
Financial Liabilities:
Debt and lines of credit$(550,000)$(552,877)$(66,977)$(418,107)