Fair Value Measurements - (Tables)

6 Months Ended

Jun. 30, 2020

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

The following table delineates assets and liabilities that are measured at fair value on a recurring basis:



	June 30, 2020								December 31, 2019
	Fair Value Hierarchy								Fair Value Hierarchy
(in thousands)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Deferred compensation trusts⁽¹⁾	$	7,617	$	7,617	$	—	$	—	$	7,719	$	7,719	$	—	$	—
Derivative assets⁽²⁾
Foreign currency	6,553		—		6,553		—		7,167		—		7,167		—
Commodity	66		—		66		—		46		—		46		—

Liabilities:
Derivative liabilities⁽²⁾
Foreign currency	$	11,204	$	—	$	11,204	$	—	$	6,561	$	—	$	6,561	$	—
Commodity	6,665		—		6,665		—		1,247		—		1,247		—

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(1)	Consists of registered money market funds and an equity index fund. These investments, which are trading securities, represent the net asset value 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.

(2)

Foreign currency and commodity derivatives are estimated using 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

The following summarizes information about financial instruments that are not required to be measured at fair value :



		June 30, 2020				December 31, 2019
(in thousands)	Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Cash⁽¹⁾	Level 1	$	1,144,328	$	1,144,328	$	1,014,138	$	1,014,138
Cash equivalents⁽²⁾	Level 2	825,265		825,265		983,061		983,061
Marketable securities⁽³⁾	Level 2	12,711		12,711		7,262		7,262
Notes receivable, including noncurrent portion⁽⁴⁾	Level 3	17,420		17,420		28,117		28,117
Liabilities:
2016 Senior Notes⁽⁵⁾	Level 2	$	559,790	$	425,915	$	557,185	$	562,399
2014 Senior Notes⁽⁵⁾	Level 2	495,720		424,685		495,240		510,145
2018 Senior Notes⁽⁵⁾	Level 2	594,818		516,420		594,502		609,918
Other borrowings, including noncurrent portion⁽⁶⁾	Level 2	57,605		57,605		43,540		43,540

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(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 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 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 Senior Notes was estimated based on the quoted market prices for these issues as of the end of the period.

(6)

Other borrowings primarily represent bank loans and other financing arrangements which mature within one year. The carrying amount of borrowings under these arrangements approximates fair value because of the short-term maturity.