Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2022

A summary of assets (liabilities) measured at fair value is as follows:


	As of March 31, 2022
	Total		Level 1		Level 2		Level 3


Commercial paper	$	109,019	$	—	$	109,019	$	—
Corporate bonds	$	325,884	—		325,884		—

Municipal bonds	$	11,800	—		11,800		—
Commodity contract derivatives	$	(13,294)	(2,315)		(10,979)		—


	$	433,409	$	(2,315)	$	435,724	$	—


	As of December 31, 2021
	Total		Level 1		Level 2		Level 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	$	—

The estimated fair values of the Company’s financial instruments, which are not recorded at fair value, are as follows:


	As of March 31, 2022				As of December 31, 2021
	Asset (Liability) Carrying Amount		Fair Value		Asset (Liability) Carrying Amount		Fair Value
Financial liabilities:
Debt and line of credit	$	(550,000)	$	(567,976)	$	(550,000)	$	(552,877)