Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Cash and Cash Equivalents, Available-for-sale Securities Reconciliation

The Company's cash and cash equivalents, and marketable securities consist of the following:

	June 30, 2020
	Amortized Cost		Unrealized Gains		Unrealized (Losses)		Fair Value
	(in thousands)
Cash and cash equivalents:
Cash	$	106,272	$	—	$	—	$	106,272
Money market funds	5,638		—		—		5,638
Commercial paper	1,999		—		—		1,999
Total	113,909		—		—		113,909
Short-term marketable securities:
Commercial paper	1,847		2		—		1,849
Corporate bonds	24,289		227		—		24,516
Asset-backed securities	6,511		52		—		6,563
U.S. government agencies	200,419		580		(5)		200,994
Total	233,066		861		(5)		233,922
Long-term marketable securities:
Asset-backed securities	35,441		407		—		35,848
U.S. government agencies	14,544		444		—		14,988
Foreign government agencies	1,005		34		—		1,039
Corporate bonds	44,542		1,066		—		45,608
Total	95,532		1,951		—		97,483
Total	$	442,507	$	2,812	$	(5)	$	445,314

	December 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized (Losses)		Fair Value
	(in thousands)
Cash and cash equivalents:
Cash	$	84,102	$	—	$	—	$	84,102
Money market funds	58		—		—		58
Commercial paper	3,399		—		—		3,399
Total	87,559		—		—		87,559
Short-term marketable securities:
Commercial paper	2,239		—		—		2,239
Corporate bonds	33,048		51		(1)		33,098
Asset-backed securities	2,438		11		—		2,449
U.S. government agencies	173,364		184		(3)		173,545
Total	211,089		246		(4)		211,331
Long-term marketable securities:
Asset-backed securities	40,001		193		(1)		40,193
U.S. government agencies	46,447		370		—		46,817
Corporate bonds	32,236		262		—		32,498
Total	118,684		825		(1)		119,508
Total	$	417,332	$	1,071	$	(5)	$	418,398

Schedule of Assets Measured on Recurring Basis

The following table sets forth by level within the fair value hierarchy the fair value of the Company's cash equivalents and marketable securities measured on a recurring basis:

	June 30, 2020
	Level 1		Level 2		Fair Value
	(in thousands)
Money market funds	$	5,638	$	—	$	5,638
Commercial paper	—		3,848		3,848
U.S. government agencies	—		215,982		215,982
Foreign government agencies	—		1,039		1,039
Corporate bonds	—		70,124		70,124
Asset-backed securities	—		42,411		42,411
Total	$	5,638	$	333,404	$	339,042

	December 31, 2019
	Level 1		Level 2		Fair Value
	(in thousands)
Money market funds	$	58	$	—	$	58
Commercial paper	—		5,638		5,638
U.S. government agencies	—		220,362		220,362
Corporate bonds	—		65,596		65,596
Asset-backed securities	—		42,642		42,642
Total	$	58	$	334,238	$	334,296

Schedule of Available-for-Sale Securities by Contractual Maturity

The following summarizes the fair value of marketable securities by contractual or effective maturity as of June 30, 2020 and December 31, 2019:

	June 30, 2020
	Mature within One Year		Mature after One Year through Two Years		Mature over Two Years		Fair Value
	(in thousands)
Commercial paper	$	3,848	$	—	$	—	$	3,848
U.S. government agencies	200,994		14,988		—		215,982
Foreign government agencies	—		—		1,039		1,039
Corporate bonds	24,516		24,506		21,102		70,124
Asset-backed securities	6,563		18,270		17,578		42,411
Total	$	235,921	$	57,764	$	39,719	$	333,404

	December 31, 2019
	Mature within One Year		Mature after One Year through Two Years		Mature over Two Years		Fair Value
	(in thousands)
Commercial paper	$	5,638	$	—	$	—	$	5,638
U.S. government agencies	173,546		46,816		—		220,362
Corporate bonds	33,098		23,251		9,247		65,596
Asset-backed securities	2,449		15,550		24,643		42,642
Total	$	214,731	$	85,617	$	33,890	$	334,238

Summary of Gains (Losses) Recognized From Forward Contracts and Other Foreign Currency Transactions

At June 30, 2020, the Company had 39 open designated cash flow hedge contracts with notional amounts of €21.8 million, £9.2 million and Rs.1,590 million. At December 31, 2019, the Company had 26 open designated cash flow hedge contracts with notional amounts of €24.2 million and £9.7 million.

The following table shows the gains and losses, before tax, of the Company's derivative instruments designated as cash flow hedges in AOCI and the condensed consolidated statements of operation for the three and six months ended June 30, 2020 and 2019:

	Three Months Ended June 30,				Six Months Ended June 30,
Derivative instruments designated as cash flow hedges:	2020		2019		2020		2019
Net unrealized (losses) gains recognized in AOCI:	(in thousands)
Foreign currency forward contracts (GBP, Euro and INR)	$	(141)	$	191	$	269	$	442
Net unrealized (gains) losses reclassified from AOCI into income:
Foreign currency forward contracts (GBP and Euro)	(328)		56		(576)		69
Foreign currency forward contracts (INR)	215		—		215		—
Net change in AOCI before tax	$	(254)	$	247	$	(92)	$	511

The following summarizes the gains (losses) recognized from forward contracts and other foreign currency transactions in other income, net on the condensed consolidated statement of operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Net (losses) gains from non-designated forward contracts	$	(224)	$	44	$	580	$	66
Other foreign currency transactions gains (losses)	475		249		(396)		66
Total foreign exchange gains, net	251		293		184		132
Other expenses	(57)		(62)		(125)		(125)
Other income, net	$	194	$	231	$	59	$	8

Schedule of Derivative Instruments [Table Text Block]

The following summarizes derivative financial instruments as of June 30, 2020 and December 31, 2019:

	June 30,		December 31,
	2020		2019
Assets:	(in thousands)
Foreign currency forward contracts designated as cash flow hedge	$	453	$	427
Foreign currency forward contracts not designated as hedging instruments	409		515
Total	$	862	$	942
Liabilities:
Foreign currency forward contracts designated as cash flow hedge	$	(802)	$	(524)
Foreign currency forward contracts not designated as hedging instruments	(309)		(550)
Total	$	(1,111)	$	(1,074)