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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
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:
 December 31, 2021December 31, 2020
(in thousands)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Deferred compensation trusts(1)
$11,952 $11,952 $— $— $9,626 $9,626 $— $— 
Derivative assets(2)
Foreign currency 15,308 — 15,308 — 22,667 — 22,667 — 
Commodity 5,225 — 5,225 — 806 — 806 — 
Liabilities:
Derivative liabilities(2)
Foreign currency $6,528 $— $6,528 $— $2,571 $— $2,571 $— 
Commodity 232 — 232 — 5,059 — 5,059 — 

(1)Consists of registered money market funds and an equity index fund. These investments, which are trading securities, represent the net asset value at the close of business 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:
December 31, 2021December 31, 2020
(in thousands)Fair Value HierarchyCarrying ValueFair ValueCarrying ValueFair Value
Assets:
Cash(1)
Level 1$1,295,437 $1,295,437 $1,180,024 $1,180,024 
Cash equivalents(2)
Level 2913,945 913,945 1,018,757 1,018,757 
Marketable securities, current(2)
Level 2127,222 127,222 23,345 23,345 
Notes receivable, including noncurrent portion(3)
Level 310,249 10,249 28,488 28,488 
Liabilities:
2023 Senior Notes(4)
Level 2$192,752 $195,957 $609,764 $578,554 
2024 Senior Notes(4)
Level 2378,849 399,177 496,200 494,045 
2028 Senior Notes(4)
Level 2595,765 629,754 595,134 599,220 
Other borrowings(5)
Level 2911 911 4,890 4,890 
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(1)Cash consists of bank deposits. Carrying amounts approximate fair value.
(2)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.
(3)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.
(4)The fair value of the Senior Notes was estimated based on quoted market prices and Level 2 inputs.
(5)Other borrowings 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.