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Fair Value Measurements Fair Value Measurements (Notes)
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]
4.Fair Value Measurements
We account for our financial assets in accordance with Accounting Standard Codification 820, Fair Value Measurement. This standard defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The fair value measurement disclosures are grouped into three levels based on valuation factors:
•Level 1 - quoted prices in active markets using identical assets
•Level 2 - significant other observable inputs, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other observable inputs
•Level 3 - significant unobservable inputs
Fair Value of Instruments Measured and Recognized at Fair Value
The following table summarizes the levels of fair value measurements of our financial assets:
September 30, 2020December 31, 2019
(in thousands)TotalLevel 1Level 2TotalLevel 1Level 2
Money market funds$353,819 $353,819 $— $363,075 $363,075 $— 
U.S. Treasury bills10,411 10,411 — 34,728 34,728 — 
Municipal bonds23,583 — 23,583 — — — 
Total$387,813 $364,230 $23,583 $397,803 $397,803 $— 
The municipal bond securities valued as Level 2 are primarily pre-refunded municipal bonds that are secured by escrow funds containing U.S. government securities. Our valuation techniques used to measure fair value for these securities during the period consisted primarily of third-party pricing services that utilized actual market data such as trades of comparable bond issues, broker/dealer quotations for the same or similar investments in active markets and other observable inputs.
The following is a summary of our available-for-sale marketable securities:
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
September 30, 2020
U.S. Treasury bills$10,410 $1 $— $10,411 
Municipal bonds23,554 29 — 23,583 
Total$33,964 $30 $— $33,994 
December 31, 2019
U.S. Treasury bills$34,716 $13 $(1)$34,728 
Total$34,716 $13 $(1)$34,728 

As of September 30, 2020, the contractual maturities of our marketable securities were as follows:
(in thousands)Amortized CostEstimated Fair Value
Less than one year$33,964 $33,994 
One to five years— — 
Total$33,964 $33,994 
Fair Value of Other Financial Instruments
The carrying amounts of cash, cash equivalents, restricted cash, accounts receivable, deposits and accounts payable approximate their fair values due to the short-term maturities of these instruments.
As of September 30, 2020, the carrying value of borrowings under our revolving credit facility approximates fair value and was classified as Level 2 in the fair value hierarchy. Please read Note 5, “Long-Term Debt,” for additional information.