v3.25.1
Fair Value Measures
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measures Fair Value Measures
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, 2025 and December 31, 2024 are shown in the below table.
 March 31,
2025		December 31,
2024
Assets
Cash equivalents (Level 1)$333,484 $243,640 
Foreign currency forward contracts (Level 2)6,544 19,110 
Commodity forward contracts (Level 2)3,803 1,486 
Total$343,831 $264,236 
Liabilities
Foreign currency forward contracts (Level 2)$19,714 $27,648 
Commodity forward contracts (Level 2)256 1,262 
Total$19,970 $28,910 
Refer to Note 14: Derivative Instruments and Hedging Activities for additional information regarding our forward contracts. Cash equivalents consist of U.S. Government Treasury money market funds and are classified as Level 1 as they are exchange traded in an active market.
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, 2025 and December 31, 2024. All fair value measures presented are categorized in Level 2 of the fair value hierarchy.
 March 31, 2025December 31, 2024
 
Carrying Value(1)
Fair Value
Carrying Value(1)
Fair Value
Liabilities
4.0% Senior Notes
$1,000,000 $915,000 $1,000,000 $915,000 
4.375% Senior Notes
$450,000 $412,875 $450,000 $410,625 
5.875% Senior Notes
$500,000 $483,750 $500,000 $485,000 
3.75% Senior Notes
$750,000 $652,500 $750,000 $652,500 
6.625% Senior Notes
$500,000 $495,625 $500,000 $497,500 
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(1)    Excluding any related debt discounts, premiums, 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. Such investments are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. As of March 31, 2025 and December 31, 2024, we held equity investments under the measurement alternative of $7.2 million and $6.1 million, respectively, which are presented in other assets in the condensed consolidated balance sheets. In the three months ended March 31, 2024, we adjusted the carrying value of one of these equity investments as a result of an observable price change, resulting in a loss of $14.8 million.