Fair Value Measurements and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2018

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 March 31, 2018 and December 31, 2017.

	March 31, 2018
	Level 1		Level 2			Level 3		Total
Assets:
Investment securities
Money market funds / commercial paper	$	84,345	$	312,373		$	—	$	396,718
Equity securities	—		23,734			—		23,734
Commingled fixed income securities	1,552		21,125			—		22,677
Government and related securities	127,475		16,439			—		143,914
Corporate debt securities	—		72,289			—		72,289
Mortgage-backed / asset-backed securities	—		161,069			—		161,069
Derivatives
Interest rate swap	—		1,595			—		1,595
Foreign exchange contracts	—		529			—		529
Total assets	$	213,372	$	609,153		$	—	$	822,525
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(1,639	)	$	—	$	(1,639	)
Total liabilities	$	—	$	(1,639	)	$	—	$	(1,639	)

	December 31, 2017
	Level 1		Level 2			Level 3		Total
Assets:
Investment securities
Money market funds / commercial paper	$	143,349	$	542,568		$	—	$	685,917
Equity securities	—		40,717			—		40,717
Commingled fixed income securities	1,569		4,516			—		6,085
Government and related securities	116,041		18,587			—		134,628
Corporate debt securities	—		75,109			—		75,109
Mortgage-backed / asset-backed securities	—		158,202			—		158,202
Derivatives
Interest rate swap	—		1,776			—		1,776
Foreign exchange contracts	—		122			—		122
Total assets	$	260,959	$	841,597		$	—	$	1,102,556
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(335	)	$	—	$	(335	)
Total liabilities	$	—	$	(335	)	$	—	$	(335	)

Schedule of Available-for-sale Securities Reconciliation

Available-for-sale securities at March 31, 2018 and December 31, 2017 consisted of the following:

	March 31, 2018
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
Government and related securities	$	142,719	$	1,393	$	(1,996	)	$	142,116
Corporate debt securities	72,790		555		(1,056		)	72,289
Commingled fixed income securities	1,791		—		(67		)	1,724
Mortgage-backed / asset-backed securities	163,174		879		(2,984		)	161,069
Total	$	380,474	$	2,827	$	(6,103	)	$	377,198

	December 31, 2017
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
Government and related securities	$	131,872	$	1,984	$	(1,090	)	$	132,766
Corporate debt securities	73,612		1,724		(227		)	75,109
Commingled fixed income securities	1,796		—		(40		)	1,756
Mortgage-backed / asset-backed securities	158,496		1,348		(1,642		)	158,202
Total	$	365,776	$	5,056	$	(2,999	)	$	367,833

Available-for-sale Securities

Scheduled maturities of available-for-sale securities at March 31, 2018 were as follows:

	Amortized cost		Estimated fair value
Within 1 year	$	51,133	$	50,855
After 1 year through 5 years	115,266		114,330
After 5 years through 10 years	66,418		65,540
After 10 years	147,657		146,473
Total	$	380,474	$	377,198

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value of derivative instruments at March 31, 2018 and December 31, 2017 was as follows:

Designation of Derivatives	Balance Sheet Location	March 31, 2018			December 31, 2017
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	$	103		$	57
	Accounts payable and accrued liabilities	(69		)	(144		)
Interest rate swap	Other assets	1,595			1,776
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	426			65
	Accounts payable and accrued liabilities	(1,570		)	(191		)
	Total derivative assets	$	2,124		$	1,898
	Total derivative liabilities	(1,639		)	(335		)
	Total net derivative asset (liabilities)	$	485		$	1,563

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 months ended March 31,2018 and 2017:

	Three Months Ended March 31,
	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	2018			2017			2018			2017
Foreign exchange contracts	$	35		$	50	Revenue	$	(3	)	$	(28	)
						Cost of sales	(84		)	111
Interest rate swap	(181		)	468		Interest Expense	—			—
	$	(146	)	$	518		$	(87	)	$	83

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 months ended March 31,2018 and 2017:

		Three Months Ended March 31,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2018			2017
Foreign exchange contracts	Selling, general and administrative expense	$	(4,713	)	$	(1,849	)

Fair Value, by Balance Sheet Grouping

The carrying value and estimated fair value of our debt at March 31, 2018 and December 31, 2017 were as follows:

	March 31, 2018		December 31, 2017
Carrying value	$	3,576,142	$	3,830,335
Fair value	$	3,481,467	$	3,718,986