Annual report pursuant to Section 13 and 15(d)

Fair Value Measures

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Fair Value Measures
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measures
NOTE 19 — FAIR VALUE MEASURES

Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:
Level 1 — observable inputs such as quoted prices for identical assets or liabilities in active liquid markets;
Level 2 —
inputs, other than the quoted market prices in active markets, that are observable, either directly or indirectly; or observable market prices in markets with insufficient volume or infrequent transactions; and
Level 3 —
unobservable inputs for which there is little or no market data available, that require the reporting entity to develop its own assumptions.

The Company's assets and liabilities measured at fair value are categorized as Level 1 or Level 2 instruments. Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from inputs, other than quoted market prices in active markets, that are directly or indirectly observable in the marketplace and quoted prices in markets with limited volume or infrequent transactions.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 are as follows:

(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market funds $ 2,677  $ —  $ —  $ 2,677 
Available-for-sale short-term investments:(1)
U.S. Government treasury bills —  130,168  —  130,168 
Other short-term investments:
Money market funds 73  —  —  73 
Mutual fund shares 904  —  —  904 
Other current assets:
Derivative financial instruments —  9,397  —  9,397 
Non-current assets:
Money market funds 2,219  —  —  2,219 
Mutual fund shares 19,606  —  —  19,606 
Derivative financial instruments —  10,142  —  10,142 
Total assets measured at fair value $ 25,479  $ 149,707  $ —  $ 175,186 
Liabilities:
Accrued liabilities:
Derivative financial instruments $ —  $ 3,572  $ —  $ 3,572 
Other long-term liabilities
Derivative financial instruments —  318  —  318 
Total liabilities measured at fair value $ —  $ 3,890  $ —  $ 3,890 
(1) Available-for-sale short-term investments have remaining maturities of less than one year.
Assets and liabilities measured at fair value on a recurring basis at December 31, 2020 are as follows:

(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market funds $ 119,378  $ —  $ —  $ 119,378 
United States government treasury bills —  234,982  —  234,982 
Short-term investments:
Money market funds 105  —  0 —  105 
Mutual fund shares 1,119  —  —  1,119 
Other current assets:
Derivative financial instruments —  2,597  —  2,597 
Non-current assets:
Money market funds 4,059  —  —  4,059 
Mutual fund shares 14,657  —  —  14,657 
Derivative financial instruments —  1,126  —  1,126 
Total assets measured at fair value $ 139,318  $ 238,705  $ —  $ 378,023 
Liabilities:
Accrued liabilities:
Derivative financial instruments $ —  $ 9,841  $ —  $ 9,841 
Other long-term liabilities:
Derivative financial instruments —  6,590  —  6,590 
Total liabilities measured at fair value $ —  $ 16,431  $ —  $ 16,431 

NON-RECURRING FAIR VALUE MEASUREMENTS

The Company measured the fair value of certain trademark and trade name intangible assets and certain retail store long-lived assets consisting of property, plant and equipment, and lease ROU assets as part of impairment testing for the year ended December 31, 2021. The inputs used to measure the fair value of these assets are primarily unobservable inputs and, as such, considered Level 3 fair value measurements. See Notes 5, 6 and 9 for discussion of impairment charges.