Fair Value Measurements and Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy. 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 December 31, 2018 and 2017.



	December 31, 2018
	Level 1		Level 2			Level 3		Total
Assets:
Investment securities
Money market funds / commercial paper	$	220,756	$	391,891		$	—	$	612,647
Equity securities	—		19,133			—		19,133
Commingled fixed income securities	1,570		20,141			—		21,711
Government and related securities	98,790		9,787			—		108,577
Corporate debt securities	—		56,938			—		56,938
Mortgage-backed / asset-backed securities	—		98,334			—		98,334
Derivatives
Foreign exchange contracts	—		2,031			—		2,031
Total assets	$	321,116	$	598,255		$	—	$	919,371
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(735	)	$	—	$	(735	)
Total liabilities	$	—	$	(735	)	$	—	$	(735	)



	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	)

Available-For-Sale Securities

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



	December 31, 2018
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
Government and related securities	$	109,776	$	47	$	(1,336	)	$	108,487
Corporate debt securities	58,714		4		(1,780		)	56,938
Commingled fixed income securities	1,637		—		(67		)	1,570
Mortgage-backed / asset-backed securities	100,186		167		(2,019		)	98,334
Total	$	270,313	$	218	$	(5,202	)	$	265,329



	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

At December 31, 2018, scheduled maturities of available-for-sale securities were as follows:



	Amortized cost		Estimated fair value
Within 1 year	$	49,531	$	49,286
After 1 year through 5 years	107,848		106,586
After 5 years through 10 years	35,531		34,627
After 10 years	77,403		74,830
Total	$	270,313	$	265,329

Investment Securities in a Loss Position

Investment securities in a loss position at December 31, 2018 and 2017 were as follows:



	December 31, 2018				December 31, 2017
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Greater than 12 continuous months	$	177,331	$	4,355	$	115,815	$	2,290
Less than 12 continuous months	48,318		847		90,838		709
Total	$	225,649	$	5,202	$	206,653	$	2,999

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

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



		December 31,
Designation of Derivatives	Balance Sheet Location	2018			2017
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	$	61		$	57
	Accounts payable and accrued liabilities	(104		)	(144		)

Interest rate swap	Other non-current assets	—			1,776

Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	1,970			65
	Accounts payable and accrued liabilities	(631		)	(191		)

	Total derivative assets	2,031			1,898
	Total derivative liabilities	(735		)	(335		)
	Total net derivative asset	$	1,296		$	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 years ended December 31, 2018 and 2017:



	Years Ended December 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			Location of Gain (Loss) (Effective Portion)	2018		2017
Foreign exchange contracts	$	106		$	(650	)	Revenue	$	11	$	(179	)
							Cost of sales	51		(32		)
Interest rate swap	$	(1,776	)	$	1,776		Interest Expense	—		—
								$	62	$	(211	)

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 years ended December 31, 2018 and 2017:



		Years Ended December 31,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2018			2017
Foreign exchange contracts	Selling, general and administrative expense	$	(33,453	)	$	(2,203	)

Fair Value, by Balance Sheet Grouping

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



	December 31,
	2018		2017
Carrying value	$	3,265,608	$	3,830,335
Fair value	$	3,003,678	$	3,718,986