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Fair Value Measurements and Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2017
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis at June 30, 2017 and December 31, 2016.
 
June 30, 2017
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 

 
 

 
 

 
 

Investment securities
 

 
 

 
 

 
 

Money market funds / commercial paper
$
169,023

 
$
464,970

 
$
—

 
$
633,993

Equity securities
—

 
24,186

 
—

 
24,186

Commingled fixed income securities
1,560

 
21,871

 
—

 
23,431

Debt securities - U.S. and foreign governments, agencies and municipalities
115,852

 
16,646

 
—

 
132,498

Debt securities - corporate
—

 
77,352

 
—

 
77,352

Mortgage-backed / asset-backed securities
—

 
162,081

 
—

 
162,081

Derivatives
 
 
 
 
 

 


Interest rate swap
—

 
1,909

 
—

 
1,909

Foreign exchange contracts
—

 
298

 
—

 
298

Total assets
$
286,435

 
$
769,313

 
$
—

 
$
1,055,748

Liabilities:
 

 
 

 
 

 
 

Derivatives
 

 
 

 
 

 
 

Foreign exchange contracts
$
—

 
$
(539
)
 
$
—

 
$
(539
)
Total liabilities
$
—

 
$
(539
)
 
$
—

 
$
(539
)

 
December 31, 2016
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 

 
 

 
 

 
 

Investment securities
 

 
 

 
 

 
 

Money market funds / commercial paper
$
114,471

 
$
217,175

 
$
—

 
$
331,646

Equity securities
—

 
24,571

 
—

 
24,571

Commingled fixed income securities
1,536

 
22,132

 
—

 
23,668

Debt securities - U.S. and foreign governments, agencies and municipalities
116,822

 
19,358

 
—

 
136,180

Debt securities - corporate
—

 
69,891

 
—

 
69,891

Mortgage-backed / asset-backed securities
—

 
158,996

 
—

 
158,996

Derivatives
 

 
 

 
 

 


Interest rate swap
—

 
1,588

 
—

 
1,588

Foreign exchange contracts
—

 
637

 
—

 
637

Total assets
$
232,829

 
$
514,348

 
$
—

 
$
747,177

Liabilities:
 

 
 

 
 

 
 

Derivatives
 

 
 

 
 

 
 

Foreign exchange contracts
$
—

 
$
(3,717
)
 
$
—

 
$
(3,717
)
Total liabilities
$
—

 
$
(3,717
)
 
$
—

 
$
(3,717
)
Schedule of Available-for-sale Securities Reconciliation
Available-for-sale securities at June 30, 2017 and December 31, 2016 consisted of the following:
 
June 30, 2017
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Estimated fair value
U.S. and foreign governments, agencies and municipalities
$
124,051

 
$
2,142

 
$
(1,092
)
 
$
125,101

Corporate notes and bonds
75,876

 
1,779

 
(303
)
 
77,352

Commingled fixed income securities
1,584

 
—

 
(24
)
 
1,560

Mortgage-backed / asset-backed securities
161,676

 
1,776

 
(1,371
)
 
162,081

Total
$
363,187

 
$
5,697

 
$
(2,790
)
 
$
366,094

 
December 31, 2016
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Estimated fair value
U.S. and foreign governments, agencies and municipalities
$
136,316

 
$
1,571

 
$
(1,707
)
 
$
136,180

Corporate notes and bonds
69,376

 
1,180

 
(665
)
 
69,891

Commingled fixed income securities
1,568

 
—

 
(32
)
 
1,536

Mortgage-backed / asset-backed securities
159,312

 
1,566

 
(1,882
)
 
158,996

Total
$
366,572

 
$
4,317

 
$
(4,286
)
 
$
366,603
Available-for-sale Securities
Scheduled maturities of available-for-sale securities at June 30, 2017 were as follows:
 
Amortized cost
 
Estimated fair value
Within 1 year
$
24,079

 
$
24,146

After 1 year through 5 years
116,356

 
116,910

After 5 years through 10 years
65,193

 
65,864

After 10 years
157,559

 
159,174

Total
$
363,187

 
$
366,094
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair value of derivative instruments at June 30, 2017 and December 31, 2016 was as follows:
Designation of Derivatives
 
Balance Sheet Location
 
June 30,
2017
 
December 31,
2016
Derivatives designated as
hedging instruments
 
 
 
 

 
 

Foreign exchange contracts
 
Other current assets and prepayments
 
$
50

 
$
487

 
 
Accounts payable and accrued liabilities
 
(401
)
 
(136
)
 
 
 
 
 
 
 
Interest rate swap
 
Other assets
 
1,909

 
1,588

 
 
 
 
 

 
 

Derivatives not designated as
hedging instruments
 
 
 
 

 
 

Foreign exchange contracts
 
Other current assets and prepayments
 
248

 
150

 
 
Accounts payable and accrued liabilities
 
(138
)
 
(3,581
)
 
 
 
 
 
 
 
 
 
Total derivative assets
 
$
2,207

 
$
2,225

 
 
Total derivative liabilities
 
(539
)
 
(3,717
)
 
 
Total net derivative asset (liabilities)
 
$
1,668

 
$
(1,492
)
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following represents the results of cash flow hedging relationships for the three and six months ended June 30, 2017 and 2016:
 
 
Three Months Ended June 30,
 
 
Derivative Gain (Loss)
Recognized in AOCI
(Effective Portion)
 
Location of Gain (Loss)
(Effective Portion)
 
Gain (Loss) Reclassified
from AOCI to Earnings
(Effective Portion)
Derivative Instrument
 
2017
 
2016
 
 
2017
 
2016
Foreign exchange contracts
 
$
(599
)
 
$
437

 
Revenue
 
$
34

 
(353
)
 
 
 

 
 

 
Cost of sales
 
36

 
145

Interest rate swap
 
(147
)
 
—

 
Interest Expense
 
—

 
—

 
 
$
(746
)
 
$
437

 
 
 
$
70

 
$
(208
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
 
Derivative Gain (Loss)
Recognized in AOCL
(Effective Portion)
 
Location of Gain (Loss)
(Effective Portion)
 
Gain (Loss) Reclassified
from AOCL to Earnings
(Effective Portion)
Derivative Instrument
 
2017
 
2016
 
 
2017
 
2016
Foreign exchange contracts
 
$
(549
)
 
$
45

 
Revenue
 
$
6

 
$
(733
)
 
 
 

 
 

 
Cost of sales
 
148

 
370

Interest rate swap
 
321

 
—

 
Interest Expense
 
—

 
—

 
 
$
(228
)
 
$
45

 
 
 
$
154

 
$
(363
)
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following represents the results of our non-designated derivative instruments for the three and six months ended June 30, 2017 and 2016:
 
 
 
 
Three Months Ended June 30,
 
 
 
 
Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument
 
Location of Derivative Gain (Loss)
 
2017
 
2016
Foreign exchange contracts
 
Selling, general and administrative expense
 
$
789

 
$
4,580

 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
 
 
 
Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument
 
Location of Derivative Gain (Loss)
 
2017
 
2016
Foreign exchange contracts
 
Selling, general and administrative expense
 
$
(1,061
)
 
$
(1,397
)
Fair Value, by Balance Sheet Grouping
The carrying value and estimated fair value of our debt at June 30, 2017 and December 31, 2016 were as follows:
 
June 30, 2017
 
December 31, 2016
Carrying value
$
3,528,767

 
$
3,364,890

Fair value
$
3,616,922

 
$
3,412,581