Company Quick10K Filing
Arcbest
Price31.70 EPS2
Shares26 P/E14
MCap839 P/FCF6
Net Debt115 EBIT89
TEV953 TEV/EBIT11
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-05-07
10-K 2020-12-31 Filed 2021-02-26
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-02-23
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-02-24
8-K 2021-02-02
8-K 2021-01-28
8-K 2021-01-11
8-K 2020-12-08
8-K 2020-11-03
8-K 2020-10-30
8-K 2020-09-09
8-K 2020-07-29
8-K 2020-07-24
8-K 2020-06-04
8-K 2020-05-05
8-K 2020-05-01
8-K 2020-05-01
8-K 2020-04-24
8-K 2020-04-01
8-K 2020-03-26
8-K 2020-01-30
8-K 2020-01-28
8-K 2019-12-16
8-K 2019-12-05
8-K 2019-10-31
8-K 2019-10-29
8-K 2019-10-22
8-K 2019-09-27
8-K 2019-09-04
8-K 2019-07-30
8-K 2019-07-26
8-K 2019-06-06
8-K 2019-05-02
8-K 2019-04-30
8-K 2019-04-30
8-K 2019-01-30
8-K 2019-01-25
8-K 2018-12-07
8-K 2018-11-01
8-K 2018-10-30
8-K 2018-09-06
8-K 2018-08-31
8-K 2018-08-03
8-K 2018-07-31
8-K 2018-07-27
8-K 2018-07-26
8-K 2018-07-09
8-K 2018-06-07
8-K 2018-05-11
8-K 2018-05-10
8-K 2018-05-01
8-K 2018-05-01
8-K 2018-04-13
8-K 2018-03-29
8-K 2018-01-31
8-K 2018-01-26

ARCB 10Q Quarterly Report

Part I.
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II.
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.2 arcb-20210331xex10d2.htm
EX-10.3 arcb-20210331xex10d3.htm
EX-10.4 arcb-20210331xex10d4.htm
EX-10.5 arcb-20210331xex10d5.htm
EX-31.1 arcb-20210331xex31d1.htm
EX-31.2 arcb-20210331xex31d2.htm
EX-32 arcb-20210331xex32.htm

Arcbest Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
1.71.41.00.70.30.02012201420172020
Assets, Equity
0.90.70.50.30.1-0.12012201420172020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2021

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                          to                         

Commission file number 000-19969

ARCBEST CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of
incorporation or organization)

71-0673405

(I.R.S. Employer Identification No.)

8401 McClure Drive

Fort Smith, Arkansas 72916

(479) 785-6000

(Address, including zip code, and telephone number, including

area code, of the registrant’s principal executive offices)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock $0.01 Par Value

ARCB

Nasdaq

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class

    

Outstanding at April 30, 2021

Common Stock, $0.01 par value

25,385,513 shares

Table of Contents

ARCBEST CORPORATION

INDEX

    

    

Page

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements

Consolidated Balance Sheets — March 31, 2021 and December 31, 2020

3

Consolidated Statements of Operations — For the Three Months ended March 31, 2021 and 2020

4

Consolidated Statements of Comprehensive Income — For the Three Months ended March 31, 2021 and 2020

5

Consolidated Statement of Stockholders’ Equity — For the Three Months ended March 31, 2021 and 2020

6

Consolidated Statement of Cash Flows — For the Three Months ended March 31, 2021 and 2020

7

Notes to Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

43

Item 4.

Controls and Procedures

43

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

44

Item 1A.

Risk Factors

44

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

44

Item 3.

Defaults Upon Senior Securities

44

Item 4.

Mine Safety Disclosures

44

Item 5.

Other Information

44

Item 6.

Exhibits

45

SIGNATURES

46

Table of Contents

PART I.

FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ARCBEST CORPORATION

CONSOLIDATED BALANCE SHEETS

March 31

December 31

    

2021

    

2020

 

(Unaudited)

(in thousands, except share data)

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

301,542

$

303,954

Short-term investments

 

59,316

 

65,408

Accounts receivable, less allowances (2021 – $7,736; 2020 – $7,851)

 

344,242

 

320,870

Other accounts receivable, less allowances (2021 – $662; 2020 – $660)

 

13,766

 

14,343

Prepaid expenses

 

40,356

 

37,774

Prepaid and refundable income taxes

 

4,604

 

11,397

Other

 

4,893

 

4,422

TOTAL CURRENT ASSETS

 

768,719

 

758,168

PROPERTY, PLANT AND EQUIPMENT

Land and structures

 

344,282

 

342,178

Revenue equipment

 

914,140

 

916,760

Service, office, and other equipment

 

235,727

 

233,810

Software

 

169,004

 

163,193

Leasehold improvements

 

15,534

 

15,156

 

1,678,687

 

1,671,097

Less allowances for depreciation and amortization

 

1,015,989

 

992,407

PROPERTY, PLANT AND EQUIPMENT, net

 

662,698

 

678,690

GOODWILL

 

88,320

 

88,320

INTANGIBLE ASSETS, net

 

54,028

 

54,981

OPERATING RIGHT-OF-USE ASSETS

111,412

115,195

DEFERRED INCOME TAXES

 

6,289

 

6,158

OTHER LONG-TERM ASSETS

 

76,549

 

77,496

TOTAL ASSETS

$

1,768,015

$

1,779,008

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable

$

177,885

$

170,898

Income taxes payable

 

 

316

Accrued expenses

 

235,161

 

246,746

Current portion of long-term debt

 

66,064

 

67,105

Current portion of operating lease liabilities

21,632

21,482

TOTAL CURRENT LIABILITIES

 

500,742

 

506,547

LONG-TERM DEBT, less current portion

 

200,773

 

217,119

OPERATING LEASE LIABILITIES, less current portion

94,473

97,839

POSTRETIREMENT LIABILITIES, less current portion

 

18,518

 

18,555

OTHER LONG-TERM LIABILITIES

 

33,992

 

37,948

DEFERRED INCOME TAXES

 

67,608

 

72,407

STOCKHOLDERS’ EQUITY

Common stock, $0.01 par value, authorized 70,000,000 shares; issued 2021: 29,057,374 shares, 2020: 29,045,309 shares

 

291

 

290

Additional paid-in capital

 

344,542

 

342,354

Retained earnings

 

617,256

 

595,932

Treasury stock, at cost, 2021: 3,671,861 shares; 2020: 3,656,938 shares

 

(112,174)

 

(111,173)

Accumulated other comprehensive income

 

1,994

 

1,190

TOTAL STOCKHOLDERS’ EQUITY

 

851,909

 

828,593

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

1,768,015

$

1,779,008

See notes to consolidated financial statements.

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ARCBEST CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended 

March 31

    

2021

    

2020

    

 

(Unaudited)

(in thousands, except share and per share data)

REVENUES

$

829,213

$

701,399

OPERATING EXPENSES

 

797,022

693,580

OPERATING INCOME

 

32,191

 

7,819

OTHER INCOME (COSTS)

Interest and dividend income

 

392

 

1,375

Interest and other related financing costs

 

(2,428)

 

(2,947)

Other, net

 

1,192

 

(3,862)

 

(844)

 

(5,434)

INCOME BEFORE INCOME TAXES

 

31,347

 

2,385

INCOME TAX PROVISION

 

7,986

 

483

NET INCOME

$

23,361

$

1,902

EARNINGS PER COMMON SHARE

Basic

$

0.92

$

0.07

Diluted

$

0.87

$

0.07

AVERAGE COMMON SHARES OUTSTANDING

Basic

 

25,454,921

 

25,390,377

Diluted

 

26,930,402

 

26,246,800

CASH DIVIDENDS DECLARED PER COMMON SHARE

$

0.08

$

0.08

See notes to consolidated financial statements.

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ARCBEST CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended 

March 31

    

2021

    

2020

    

(Unaudited)

(in thousands)

NET INCOME

$

23,361

$

1,902

OTHER COMPREHENSIVE INCOME (LOSS), net of tax

Postretirement benefit plans:

Net actuarial loss, net of tax of: (2021 – $—; 2020 – $3)

 

 

(8)

Pension settlement expense, net of tax of: (2021 – $—; 2020 – $23)

 

 

66

Amortization of unrecognized net periodic benefit credit, net of tax of: (2021 – $35; 2020 – $37)

Net actuarial gain

 

(100)

 

(108)

Interest rate swap and foreign currency translation:

Change in unrealized gain (loss) on interest rate swap, net of tax of: (2021 – $204; 2020 – $352)

575

(997)

Change in foreign currency translation, net of tax of: (2021 – $118; 2020 – $502)

 

329

 

(1,420)

OTHER COMPREHENSIVE INCOME (LOSS), net of tax

 

804

 

(2,467)

TOTAL COMPREHENSIVE INCOME (LOSS)

$

24,165

$

(565)

See notes to consolidated financial statements.

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ARCBEST CORPORATION

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

Three Months Ended March 31, 2021

Accumulated

Additional

Other

Common Stock

    

Paid-In

Retained

Treasury Stock

    

Comprehensive

Total

    

Shares

    

Amount

    

Capital

    

Earnings

    

Shares

    

Amount

    

Income

    

Equity

 

(Unaudited)

(in thousands)

Balance at December 31, 2020

29,045

$

290

$

342,354

$

595,932

 

3,657

$

(111,173)

$

1,190

$

828,593

Net income

 

23,361

 

23,361

Other comprehensive income, net of tax

 

804

 

804

Issuance of common stock under share-based compensation plans

 

12

 

1

 

(1)

 

Tax effect of share-based compensation plans

 

(165)

 

(165)

Share-based compensation expense

 

2,354

 

2,354

Purchase of treasury stock

15

(1,001)

(1,001)

Dividends declared on common stock

 

(2,037)

 

(2,037)

Balance at March 31, 2021

 

29,057

$

291

$

344,542

$

617,256

 

3,672

$

(112,174)

$

1,994

$

851,909

Three Months Ended March 31, 2020

Accumulated

Additional

Other

Common Stock

    

Paid-In

Retained

Treasury Stock

    

Comprehensive

Total

    

Shares

    

Amount

    

Capital

    

Earnings

    

Shares

    

Amount

    

Income (Loss)

    

Equity

(Unaudited)

(in thousands)

Balance at December 31, 2019

 

28,811

$

288

$

333,943

$

533,187

 

3,405

$

(104,578)

$

203

$

763,043

Adjustments to beginning retained earnings for adoption of accounting standard

(198)

(198)

Balance at January 1, 2020

28,811

288

333,943

532,989

3,405

(104,578)

203

762,845

Net income

 

1,902

 

1,902

Other comprehensive income, net of tax

(2,467)

(2,467)

Issuance of common stock under share-based compensation plans

6

 

Tax effect of share-based compensation plans

(60)

(60)

Share-based compensation expense

2,181

2,181

Purchase of treasury stock

150

(3,162)

(3,162)

Dividends declared on common stock

 

(2,033)

(2,033)

Balance at March 31, 2020

 

28,817

$

288

$

336,064

$

532,858

 

3,555

$

(107,740)

$

(2,264)

$

759,206

See notes to consolidated financial statements.

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ARCBEST CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended 

March 31

    

2021

    

2020

 

(Unaudited)

(in thousands)

OPERATING ACTIVITIES

Net income

$

23,361

$

1,902

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

 

29,387

 

28,032

Amortization of intangibles

 

967

 

981

Pension settlement expense

 

 

89

Share-based compensation expense

 

2,354

 

2,181

Provision for losses on accounts receivable

 

(96)

 

1,383

Change in deferred income taxes

 

(4,998)

 

(2,815)

Gain on sale of property and equipment

 

(8,635)

 

(2,130)

Changes in operating assets and liabilities:

Receivables

 

(22,568)

 

3,874

Prepaid expenses

 

(2,582)

 

(3,429)

Other assets

 

(164)

 

5,800

Income taxes

 

6,376

 

2,949

Operating right-of-use assets and lease liabilities, net

567

(138)

Accounts payable, accrued expenses, and other liabilities

 

(1,435)

 

(15,550)

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

22,534

 

23,129

INVESTING ACTIVITIES

Purchases of property, plant and equipment, net of financings

 

(9,588)

 

(6,738)

Proceeds from sale of property and equipment

 

10,079

 

4,692

Purchases of short-term investments

 

(18,130)

 

(73,973)

Proceeds from sale of short-term investments

 

24,418

 

12,210

Capitalization of internally developed software

 

(5,705)

 

(3,342)

NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES

 

1,074

 

(67,151)

FINANCING ACTIVITIES

Borrowings under credit facilities

 

 

180,000

Borrowings under accounts receivable securitization program

45,000

Payments on long-term debt

 

(17,387)

 

(14,598)

Net change in book overdrafts

 

(5,434)

 

(10,869)

Payment of common stock dividends

 

(2,037)

 

(2,033)

Purchases of treasury stock

(1,001)

(3,162)

Payments for tax withheld on share-based compensation

 

(161)

 

(60)

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

 

(26,020)

 

194,278

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(2,412)

 

150,256

Cash and cash equivalents at beginning of period

 

303,954

 

201,909

CASH AND CASH EQUIVALENTS CASH AT END OF PERIOD

$

301,542

$

352,165

NONCASH INVESTING ACTIVITIES

Accruals for equipment received

$

233

$

39

Lease liabilities arising from obtaining right-of-use assets

$

1,959

$

10,370

See notes to consolidated financial statements.

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ARCBEST CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE A – ORGANIZATION AND DESCRIPTION OF THE BUSINESS AND FINANCIAL STATEMENT PRESENTATION

ArcBest Corporation (the “Company”) is the parent holding company of freight transportation and integrated logistics businesses providing innovative solutions. The Company’s operations are conducted through its three reportable operating segments: Asset-Based, which consists of ABF Freight System, Inc. and certain other subsidiaries (“ABF Freight”); ArcBest, the Company’s asset-light logistics operation; and FleetNet. References to the Company in this Quarterly Report on Form 10-Q are primarily to the Company and its subsidiaries on a consolidated basis.

The Asset-Based segment represented approximately 64% of the Company’s total revenues before other revenues and intercompany eliminations for the three months ended March 31, 2021. As of March 2021, approximately 82% of the Asset-Based segment’s employees were covered under a collective bargaining agreement, the ABF National Master Freight Agreement (the “2018 ABF NMFA”), with the International Brotherhood of Teamsters (the “IBT”), which will remain in effect through June 30, 2023.

Financial Statement Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) pertaining to interim financial information. Accordingly, these interim financial statements do not include all information or footnote disclosures required by accounting principles generally accepted in the United States for complete financial statements and, therefore, should be read in conjunction with the audited financial statements and accompanying notes included in the Company’s 2020 Annual Report on Form 10-K and other current filings with the SEC. In the opinion of management, all adjustments (which are of a normal and recurring nature) considered necessary for a fair presentation have been included.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual amounts may differ from those estimates. The Company considered the impact of the novel coronavirus (“COVID-19”) pandemic on the estimates and assumptions used in preparation of the Company’s consolidated financial statements as of and for the three months ended March 31, 2021. Given the uncertainties regarding the economic environment and the impact of the COVID-19 pandemic on our business, it is possible that these estimates and assumptions may materially change in future periods.

Reclassifications: Certain reclassifications have been made to the prior period presentation in the consolidated statements of cash flows to conform to the current year presentation. The multiemployer pension fund withdrawal liability, which was associated with the 2018 transition agreement and withdrawal from the New England Teamsters and Trucking Industry Pension Fund, was previously presented in a separate line of changes in operating assets and liabilities in the consolidated statements of cash flows and has been reclassed to the accounts payable, accrued expenses, and other liabilities line. There was no impact on net cash used in operating activities or total cash and cash equivalents as a result of the reclassification.

Adopted Accounting Pronouncements

ASC Topic 740, Income Taxes, was amended to simplify the accounting for income taxes to improve consistency of accounting methods and remove certain exceptions. The amendment was effective for the Company on January 1, 2021, and did not impact the consolidated financial statements and disclosures.

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Accounting Pronouncements Not Yet Adopted

Management believes there is no other new accounting guidance issued but not yet effective that is relevant to the Company’s current financial statements.

NOTE B – FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Financial Instruments

The following table presents the components of cash and cash equivalents and short-term investments:

    

March 31

    

December 31

 

2021

2020

(in thousands)

Cash and cash equivalents

Cash deposits(1)

$

236,380

$

240,687

Variable rate demand notes(1)(2)

 

29,161

 

29,066

Money market funds(3)

 

36,001

 

34,201

Total cash and cash equivalents

$

301,542

$

303,954

Short-term investments

Certificates of deposit(1)

$

59,316

$

53,297

U.S. Treasury securities(4)

12,111

Total short-term investments

$

59,316

$

65,408

(1)Recorded at cost plus accrued interest, which approximates fair value.
(2)Amounts may be redeemed on a daily basis with the original issuer.
(3)Recorded at fair value as determined by quoted market prices (see amounts presented in the table of financial assets and liabilities measured at fair value within this Note).
(4)Recorded at amortized cost plus accrued interest, which approximates fair value. U.S. Treasury securities included in short-term investments are held-to-maturity investments with maturity dates of less than one year.

The Company’s long-term financial instruments are presented in the table of financial assets and liabilities measured at fair value within this Note.

Concentrations of Credit Risk of Financial Instruments

The Company is potentially subject to concentrations of credit risk related to its cash, cash equivalents, and short-term investments. The Company reduces credit risk by maintaining its cash deposits primarily in FDIC-insured accounts and placing its short-term investments primarily in FDIC-insured certificates of deposit. However, certain cash deposits and certificates of deposit may exceed federally insured limits. At March 31, 2021 and December 31, 2020, cash, cash equivalents, and short-term investments totaling $152.9 million and $156.4 million, respectively, were neither FDIC insured nor direct obligations of the U.S. government.

Fair Value Disclosure of Financial Instruments

Fair value disclosures are made in accordance with the following hierarchy of valuation techniques based on whether the inputs of market data and market assumptions used to measure fair value are observable or unobservable:

Level 1 — Quoted prices for identical assets and liabilities in active markets.