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Fair Value Measurements and Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2018 and December 31, 2017.
 
September 30, 2018
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 

 
 

 
 

 
 

Investment securities
 

 
 

 
 

 
 

Money market funds / commercial paper
$
102,777

 
$
432,125

 
$
—

 
$
534,902

Equity securities
—

 
25,621

 
—

 
25,621

Commingled fixed income securities
1,546

 
20,726

 
—

 
22,272

Government and related securities
118,914

 
17,405

 
—

 
136,319

Corporate debt securities
—

 
69,924

 
—

 
69,924

Mortgage-backed / asset-backed securities
—

 
158,540

 
—

 
158,540

Derivatives
 
 
 
 
 

 


Foreign exchange contracts
—

 
2,507

 
—

 
2,507

Total assets
$
223,237

 
$
726,848

 
$
—

 
$
950,085

Liabilities:
 

 
 

 
 

 
 

Derivatives
 

 
 

 
 

 
 

Foreign exchange contracts
$
—

 
$
(3,888
)
 
$
—

 
$
(3,888
)
Total liabilities
$
—

 
$
(3,888
)
 
$
—

 
$
(3,888
)

 
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 September 30, 2018 and December 31, 2017 consisted of the following:
 
September 30, 2018
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Estimated fair value
Government and related securities
$
136,967

 
$
980

 
$
(2,879
)
 
$
135,068

Corporate debt securities
71,261

 
218

 
(1,555
)
 
69,924

Commingled fixed income securities
1,628

 
—

 
(82
)
 
1,546

Mortgage-backed / asset-backed securities
161,972

 
569

 
(4,001
)
 
158,540

Total
$
371,828

 
$
1,767

 
$
(8,517
)
 
$
365,078

 
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
Schedule of Unrealized Holding Losses
The aggregate unrealized holding losses of investment securities in a loss position at September 30, 2018 and December 31, 2017 were as follows:
 
September 30, 2018
 
December 31, 2017
 
Fair Value
 
Gross unrealized losses
 
Fair Value
 
Gross unrealized losses
Greater than 12 continuous months
$
171,927

 
$
3,193

 
$
90,838

 
$
709

Less than 12 continuous months
150,120

 
5,324

 
115,815

 
2,290

Total
$
322,047

 
$
8,517

 
$
206,653

 
$
2,999
Available-for-sale Securities
Scheduled maturities of available-for-sale securities at September 30, 2018 were as follows:
 
Amortized cost
 
Estimated fair value
Within 1 year
$
54,573

 
$
54,230

After 1 year through 5 years
111,948

 
110,591

After 5 years through 10 years
59,377

 
57,862

After 10 years
145,930

 
142,395

Total
$
371,828

 
$
365,078
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair value of derivative instruments at September 30, 2018 and December 31, 2017 was as follows:
Designation of Derivatives
 
Balance Sheet Location
 
September 30,
2018
 
December 31,
2017
Derivatives designated as
hedging instruments
 
 
 
 

 
 

Foreign exchange contracts
 
Other current assets and prepayments
 
$
80

 
$
57

 
 
Accounts payable and accrued liabilities
 
(60
)
 
(144
)
 
 
 
 
 
 
 
Interest rate swap
 
Other assets
 
—

 
1,776

 
 
 
 
 

 
 

Derivatives not designated as
hedging instruments
 
 
 
 

 
 

Foreign exchange contracts
 
Other current assets and prepayments
 
2,427

 
65

 
 
Accounts payable and accrued liabilities
 
(3,828
)
 
(191
)
 
 
 
 
 
 
 
 
 
Total derivative assets
 
$
2,507

 
$
1,898

 
 
Total derivative liabilities
 
(3,888
)
 
(335
)
 
 
Total net derivative (liability) asset
 
$
(1,381
)
 
$
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 and nine months ended September 30, 2018 and 2017:
 
 
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
 
2018
 
2017
 
 
2018
 
2017
Foreign exchange contracts
 
$
(42
)
 
$
(152
)
 
Revenue
 
$
(38
)
 
$
(139
)
 
 
 

 
 

 
Cost of sales
 
52

 
(59
)
Interest rate swap
 
(824
)
 
(229
)
 
Interest Expense
 
—

 
—

 
 
$
(866
)
 
$
(381
)
 
 
 
$
14

 
$
(198
)
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
2018
 
2017
 
 
2018
 
2017
Foreign exchange contracts
 
$
111

 
$
(701
)
 
Revenue
 
$
38

 
$
(133
)
 
 
 

 
 

 
Cost of sales
 
(33
)
 
89

Interest rate swap
 
(1,776
)
 
92

 
Interest Expense
 
—

 
—

 
 
$
(1,665
)
 
$
(609
)
 
 
 
$
5

 
$
(44
)
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The table below represents the mark-to-market adjustments of non-designated derivative instruments for the three and nine months ended September 30, 2018 and 2017. All outstanding contracts at September 30, 2018 mature within 12 months.
 
 
 
 
Three Months Ended September 30,
 
 
 
 
Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument
 
Location of Derivative Gain (Loss)
 
2018
 
2017
Foreign exchange contracts
 
Selling, general and administrative expense
 
$
(1,948
)
 
$
(655
)
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30,
 
 
 
 
Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument
 
Location of Derivative Gain (Loss)
 
2018
 
2017
Foreign exchange contracts
 
Selling, general and administrative expense
 
$
(20,344
)
 
$
(1,716
)
Fair Value, by Balance Sheet Grouping
The carrying value and estimated fair value of our debt at September 30, 2018 and December 31, 2017 were as follows:
 
September 30, 2018
 
December 31, 2017
Carrying value
$
3,269,617

 
$
3,830,335

Fair value
$
3,092,977

 
$
3,718,986