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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2020
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, 2020December 31, 2019
(in thousands)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Deferred compensation trusts(1)
$9,626 $9,626 $— $— $7,719 $7,719 $— $— 
Derivative assets(2)
Foreign currency 22,667 — 22,667 — 7,167 — 7,167 — 
Commodity 806 — 806 — 46 — 46 — 
Liabilities:
Derivative liabilities(2)
Foreign currency $2,571 $— $2,571 $— $6,561 $— $6,561 $— 
Commodity 5,059 — 5,059 — 1,247 — 1,247 — 

(1)Consists of registered money market funds and an equity index fund. These investments, which are trading securities, represent the net asset value 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.
(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 our financial instruments that are not required to be measured at fair value:
December 31, 2020December 31, 2019
(in thousands)Fair Value HierarchyCarrying ValueFair ValueCarrying ValueFair Value
Assets:
Cash(1)
Level 1$1,180,024 $1,180,024 $1,014,138 $1,014,138 
Cash equivalents(2)
Level 21,018,757 1,018,757 983,061 983,061 
Marketable securities, current(2)
Level 223,345 23,345 7,262 7,262 
Notes receivable, including noncurrent portion(3)
Level 338,295 38,295 28,117 28,117 
Liabilities:
2023 Senior Notes(4)
Level 2$609,764 $578,554 $557,185 $562,399 
2024 Senior Notes(4)
Level 2496,200 494,045 495,240 510,145 
2028 Senior Notes(4)
Level 2595,134 599,220 594,502 609,918 
Other borrowings, including noncurrent portion(5)
Level 234,350 34,350 43,539 43,539 
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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 primarily represent bank loans and other financing arrangements which primarily mature within one year. The carrying amount of borrowings under these arrangements approximates fair value because of the short-term maturity.