Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value of Financial Instruments

Schedule of assets and liabilities measured at fair value on a recurring basis

	December 31, 2015								December 31, 2014
	Fair Value Hierarchy								Fair Value Hierarchy
(in thousands)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents(1)	$	19,161	$	19,161	$	—	$	—	$	14,419	$	14,419	$	—	$	—
Marketable securities, current(2)		87,763		—		87,763		—		80,706		—		80,706		—
Deferred compensation trusts(3)		60,003		60,003		—		—		94,893		94,893		—		—
Marketable securities, noncurrent(4)		220,634		—		220,634		—		343,644		—		343,644		—
Derivative assets(5)
Commodity contracts		341		—		341		—		561		—		561		—
Foreign currency contracts		8,439		—		8,439		—		180		—		180		—
Liabilities:
Derivative liabilities(5)
Commodity contracts	$	2,510	$	—	$	2,510	$	—	$	2,290	$	—	$	2,290	$	—
Foreign currency contracts		14,138		—		14,138		—		4,392		—		4,392		—

(1)	Consists primarily of registered money market funds valued at fair value. These investments represent the net asset value of the shares of such funds as of the close of business at the end of the period.
(2)	Consists of investments in U.S. agency securities, U.S. Treasury securities and corporate debt securities with maturities of less than one year that are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets.
(3)	Consists primarily of registered money market funds and an equity index fund valued at fair value. These investments, which are trading securities, represent the net asset value of the shares of such funds as of the close of business at the end of the period based on the last trade or official close of an active market or exchange.
(4)	Consists of investments in U.S. agency securities, U.S. Treasury securities and corporate debt securities with maturities ranging from one year to three years that are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets.
(5)	See "7. Derivatives and Hedging" for the classification of commodity and foreign currency contracts in the Consolidated Balance Sheet. Commodity and foreign currency contracts are estimated using standard pricing models with market-based inputs, which take into account the present value of estimated future cash flows.

Schedule of carrying values and estimated fair values of financial instruments not required to be measured at fair value

		December 31, 2015				December 31, 2014
	Fair Value Hierarchy
(in thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Cash(1)	Level 1	$	1,073,756	$	1,073,756	$	1,224,834	$	1,224,834
Cash equivalents(2)	Level 2		856,969		856,969		753,872		753,872
Marketable securities, current(3)	Level 2		109,329		109,329		24,425		24,425
Notes receivable, including noncurrent portion(4)	Level 3		19,182		19,182		19,284		19,284
Liabilities:
3.375% Senior Notes(5)	Level 2	$	497,486	$	506,466	$	497,045	$	510,465
3.5% Senior Notes(5)	Level 2		495,178		499,402		494,640		498,914
1.5% Convertible Senior Notes(5)	Level 2		—		—		18,324		40,826
Other borrowings(6)	Level 2		—		—		10,418		10,418

(1)	Cash consists of bank deposits. Carrying amounts approximate fair value.
(2)	Cash equivalents consist of held-to-maturity time deposits with maturities of three months or less at the date of purchase. The carrying amounts of these time deposits approximate fair value because of the short-term maturity of these instruments.
(3)	Marketable securities, current consist of held-to-maturity time deposits with original maturities greater than three months that will mature within one year. The carrying amounts of these time deposits approximate fair value because of the short-term maturity of these instruments. Amortized cost is not materially different from the fair value.
(4)	Notes receivable are carried at net realizable value which approximates fair value. Factors considered by the company in determining the fair value include the credit worthiness of the borrower, current interest rates, the term of the note and any collateral pledged as security. Notes receivable are periodically assessed for impairment.
(5)	The fair value of the 3.375% Senior Notes, 3.5% Senior Notes and 1.5% Convertible Senior Notes are estimated based on quoted market prices for similar issues.
(6)	Other borrowings as of December 31, 2014 primarily represent amounts outstanding under a short-term credit facility. The carrying amount of borrowings under this credit facility approximates fair value because of the short-term maturity.