Fair Value Measures

3 Months Ended

Mar. 31, 2020

Measured on a Recurring Basis

The fair values of our assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 are shown in the below table. All fair value measures presented are categorized in Level 2 of the fair value hierarchy.



	March 31, 2020		December 31, 2019
Assets
Foreign currency forward contracts	$	20,095	$	23,561
Commodity forward contracts	2,079		3,623
Total	$	22,174	$	27,184

Liabilities
Foreign currency forward contracts	$	24,052	$	1,959
Commodity forward contracts	4,993		462
Total	$	29,045	$	2,421

Measured on a Nonrecurring Basis

We evaluated our goodwill and other indefinite-lived intangible assets for impairment as of October 1, 2019 and determined that they were not impaired. As of March 31, 2020, we have assessed the market impact of COVID-19, including the resulting impact on our forecasts, and have determined that our intangible assets (including goodwill) were not impaired as of March 31, 2020.

Financial Instruments Not Recorded at Fair Value

The following table presents the carrying values and fair values of financial instruments not recorded at fair value in the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019. All fair value measures presented are categorized in Level 2 of the fair value hierarchy.



	March 31, 2020				December 31, 2019
	Carrying Value ⁽¹⁾		Fair Value		Carrying Value ⁽¹⁾		Fair Value
Liabilities
Term Loan	$	459,568	$	436,590	$	460,725	$	464,181
4.875% Senior Notes	$	500,000	$	480,000	$	500,000	$	532,500
5.625% Senior Notes	$	400,000	$	384,000	$	400,000	$	444,000
5.0% Senior Notes	$	700,000	$	665,000	$	700,000	$	759,500
6.25% Senior Notes	$	750,000	$	727,500	$	750,000	$	808,125
4.375% Senior Notes	$	450,000	$	396,000	$	450,000	$	457,875

___________________________________

⁽¹⁾ Excluding any related debt discounts and deferred financing costs.

In addition to the above, we hold certain equity investments that do not have readily determinable fair values for which we use the measurement alternative prescribed in FASB ASC Topic 321, Investments - Equity Securities. Such investments are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. There were no impairments or changes resulting from observable transactions for any of these investments, and no adjustments have been made to their carrying values.

Refer to the table below for a detail of the carrying values of these investments, each of which are presented in other assets.



	March 31, 2020		December 31, 2019
Quanergy Systems, Inc	$	50,000	$	50,000
Lithium Balance	—		3,700
Total	$	50,000	$	53,700

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details