v3.25.2
Fair Value
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value
Note 9. Fair Value
Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurements are based on a framework that utilizes the inputs market participants use to determine the fair value of an asset or liability and establishes a fair value hierarchy to prioritize those inputs. Level 1 fair value measurements are based on quoted prices in active markets for identical assets or liabilities. We determine our Level 2 fair value measurements based on a market approach using quoted market values or significant other observable inputs for identical or comparable assets or liabilities. Our Level 3 fair value measurements are based on unobservable inputs based on little or no market activity.
The following table summarizes the fair value information at June 30, 2025 and December 31, 2024, for assets and liabilities measured at fair value on a recurring basis in the respective balance sheet line items, as well as long-term debt, excluding our finance lease liability, for which fair value is disclosed on a recurring basis:
  Fair Value Measurements Using 
Financial statement line itemCarrying
Amount		Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant
Other Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Fair
Value
June 30, 2025
Recurring fair value measurements
Prepaid expenses and other - derivative instruments$7 $— $7 $— $7 
Other current liabilities - derivative instruments(17)— (17)— (17)
Other current liabilities - contingent consideration(27)— — (27)(27)
Other noncurrent liabilities - derivative instruments(182)— (182)— (182)
Other noncurrent liabilities - contingent consideration(7)— — (7)(7)
Financial instruments not carried at fair value
Long-term debt, excluding finance lease liability(3,975)— (4,007)— (4,007)
December 31, 2024
Recurring fair value measurements
Prepaid expenses and other - derivative instruments$32 $— $32 $— $32 
Other current liabilities - derivative instruments(54)— (54)— (54)
Other current liabilities - contingent consideration(21)— — (21)(21)
Other noncurrent liabilities - derivative instruments(18)— (18)— (18)
Other noncurrent liabilities - contingent consideration(16)— — (16)(16)
Financial instruments not carried at fair value
Long-term debt(4,349)— (4,362)— (4,362)
Cash and cash equivalents include cash on hand and all highly liquid investments with original maturities at the time of purchase of three months or less. The carrying values of cash and cash equivalents, accounts and other receivables, accounts payable and other current liabilities are reasonable estimates of their fair values due to the short-term nature of these assets and liabilities.
Contingent consideration liabilities presented in both periods relate to our past acquisitions of NutriQuest, LLC and NutriQuest Nutricao Animal Ltda. Contingent consideration for these acquisitions remains payable to the extent certain specific development, sales and geographic milestones are achieved, as outlined in the asset purchase agreements. The fair values of these liabilities were estimated using a Monte Carlo simulation model, consisting of inputs not observable in the market, including estimates relating to revenue forecasts, discount rates and volatility. We also had investments without readily determinable fair values which were classified as other noncurrent assets on our condensed consolidated balance sheets totaling $14 million and $17 million as of June 30, 2025 and December 31, 2024, respectively. These investments are not recorded at fair value on a recurring basis, and as such, are not included in the fair value table above.