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Fair Value Measurements and Derivative Instruments (Tables)
 9 Months Ended
Sep. 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 September 30, 2017 and December 31, 2016.
 
September 30, 2017
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 

 
 

 
 

 
 

Investment securities
 

 
 

 
 

 
 

Money market funds / commercial paper
$
348,659

 
$
726,283

 
$
—

 
$
1,074,942

Equity securities
—

 
25,242

 
—

 
25,242

Commingled fixed income securities
1,571

 
22,296

 
—

 
23,867

Debt securities - U.S. and foreign governments, agencies and municipalities
118,439

 
18,140

 
—

 
136,579

Debt securities - corporate
—

 
77,761

 
—

 
77,761

Mortgage-backed / asset-backed securities
—

 
161,461

 
—

 
161,461

Derivatives
 
 
 
 
 

 


Interest rate swap
—

 
1,680

 
—

 
1,680

Foreign exchange contracts
—

 
62

 
—

 
62

Total assets
$
468,669

 
$
1,032,925

 
$
—

 
$
1,501,594

Liabilities:
 

 
 

 
 

 
 

Derivatives
 

 
 

 
 

 
 

Foreign exchange contracts
$
—

 
$
(389
)
 
$
—

 
$
(389
)
Total liabilities
$
—

 
$
(389
)
 
$
—

 
$
(389
)

 
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 September 30, 2017 and December 31, 2016 consisted of the following:
 
September 30, 2017
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Estimated fair value
U.S. and foreign governments, agencies and municipalities
$
134,134

 
$
2,024

 
$
(850
)
 
$
135,308

Corporate notes and bonds
76,105

 
1,888

 
(232
)
 
77,761

Commingled fixed income securities
1,792

 
—

 
(22
)
 
1,770

Mortgage-backed / asset-backed securities
160,948

 
1,742

 
(1,229
)
 
161,461

Total
$
372,979

 
$
5,654

 
$
(2,333
)
 
$
376,300

 
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 September 30, 2017 were as follows:
 
Amortized cost
 
Estimated fair value
Within 1 year
$
42,982

 
$
42,865

After 1 year through 5 years
109,866

 
110,445

After 5 years through 10 years
61,744

 
62,673

After 10 years
158,387

 
160,317

Total
$
372,979

 
$
376,300
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair value of derivative instruments at September 30, 2017 and December 31, 2016 was as follows:
Designation of Derivatives
 
Balance Sheet Location
 
September 30,
2017
 
December 31,
2016
Derivatives designated as
hedging instruments
 
 
 
 

 
 

Foreign exchange contracts
 
Other current assets and prepayments
 
$
3

 
$
487

 
 
Accounts payable and accrued liabilities
 
(309
)
 
(136
)
 
 
 
 
 
 
 
Interest rate swap
 
Other assets
 
1,680

 
1,588

 
 
 
 
 

 
 

Derivatives not designated as
hedging instruments
 
 
 
 

 
 

Foreign exchange contracts
 
Other current assets and prepayments
 
59

 
150

 
 
Accounts payable and accrued liabilities
 
(80
)
 
(3,581
)
 
 
 
 
 
 
 
 
 
Total derivative assets
 
$
1,742

 
$
2,225

 
 
Total derivative liabilities
 
(389
)
 
(3,717
)
 
 
Total net derivative asset (liabilities)
 
$
1,353

 
$
(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 nine months ended September 30, 2017 and 2016:
 
 
Three Months Ended September 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
 
$
(152
)
 
$
(158
)
 
Revenue
 
$
(139
)
 
$
(443
)
 
 
 

 
 

 
Cost of sales
 
(59
)
 
301

Interest rate swap
 
(229
)
 
(591
)
 
Interest Expense
 
—

 
—

 
 
$
(381
)
 
$
(749
)
 
 
 
$
(198
)
 
$
(142
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 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
 
$
(701
)
 
$
(114
)
 
Revenue
 
$
(133
)
 
$
290

 
 
 

 
 

 
Cost of sales
 
89

 
(69
)
Interest rate swap
 
92

 
(591
)
 
Interest Expense
 
—

 
—

 
 
$
(609
)
 
$
(705
)
 
 
 
$
(44
)
 
$
221
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 nine months ended September 30, 2017 and 2016:
 
 
 
 
Three Months Ended September 30,
 
 
 
 
Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument
 
Location of Derivative Gain (Loss)
 
2017
 
2016
Foreign exchange contracts
 
Selling, general and administrative expense
 
$
(655
)
 
$
1,719

 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30,
 
 
 
 
Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument
 
Location of Derivative Gain (Loss)
 
2017
 
2016
Foreign exchange contracts
 
Selling, general and administrative expense
 
$
(1,716
)
 
$
322
Fair Value, by Balance Sheet Grouping
The carrying value and estimated fair value of our debt at September 30, 2017 and December 31, 2016 were as follows:
 
September 30, 2017
 
December 31, 2016
Carrying value
$
4,182,928

 
$
3,364,890

Fair value
$
4,185,628

 
$
3,412,581