Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measures

v3.22.2.2
Fair Value Measures
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measures
NOTE 12 — 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 September 30, 2022 are as follows:

(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Short-term investments:
Money market funds $ 79  $ —  $ —  $ 79 
Mutual fund shares 893  —  —  893 
Other current assets:
Derivative financial instruments —  35,201  —  35,201 
Non-current assets:
Money market funds 1,201  —  —  1,201 
Mutual fund shares 17,332  —  —  17,332 
Derivative financial instruments —  13,919  —  13,919 
Total assets measured at fair value $ 19,505  $ 49,120  $ —  $ 68,625 
Liabilities:
Accrued liabilities:
Derivative financial instruments $ —  $ 1,514  $ —  $ 1,514 
Other long-term liabilities:
Derivative financial instruments —  436  —  436 
Total liabilities measured at fair value $ —  $ 1,950  $ —  $ 1,950 
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.