Fair Value Measurements and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2020

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.

	March 31, 2020
	Level 1		Level 2			Level 3		Total
Assets:
Investment securities
Money market funds	$	148,561	$	111,903		$	—	$	260,464
Equity securities	—		17,044			—		17,044
Commingled fixed income securities	1,691		18,688			—		20,379
Government and related securities	60,388		25,454			—		85,842
Corporate debt securities	—		72,012			—		72,012
Mortgage-backed / asset-backed securities	—		107,457			—		107,457
Derivatives
Foreign exchange contracts	—		6,071			—		6,071
Total assets	$	210,640	$	358,629		$	—	$	569,269
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(3,758	)	$	—	$	(3,758	)
Total liabilities	$	—	$	(3,758	)	$	—	$	(3,758	)

	December 31, 2019
	Level 1		Level 2			Level 3		Total
Assets:
Investment securities
Money market funds	$	161,441	$	240,364		$	—	$	401,805
Equity securities	—		21,979			—		21,979
Commingled fixed income securities	1,656		18,404			—		20,060
Government and related securities	64,572		17,478			—		82,050
Corporate debt securities	—		72,149			—		72,149
Mortgage-backed / asset-backed securities	—		66,339			—		66,339
Derivatives
Foreign exchange contracts	—		3,256			—		3,256
Total assets	$	227,669	$	439,969		$	—	$	667,638
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(1,402	)	$	—	$	(1,402	)
Total liabilities	$	—	$	(1,402	)	$	—	$	(1,402	)

Schedule of Available-for-sale Securities Reconciliation

Available-for-sale securities consisted of the following:

	March 31, 2020
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
Government and related securities	$	81,698	$	4,462	$	(360	)	$	85,800
Corporate debt securities	73,338		1,270		(2,596		)	72,012
Commingled fixed income securities	1,684		7		—			1,691
Mortgage-backed / asset-backed securities	104,968		2,822		(333		)	107,457
Total	$	261,688	$	8,561	$	(3,289	)	$	266,960

	December 31, 2019
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
Government and related securities	$	80,732	$	1,358	$	(114	)	$	81,976
Corporate debt securities	70,426		2,009		(286		)	72,149
Commingled fixed income securities	1,675		—		(19		)	1,656
Mortgage-backed / asset-backed securities	65,679		960		(300		)	66,339
Total	$	218,512	$	4,327	$	(719	)	$	222,120

Schedule of Unrealized Holding Losses

nvestment securities in a loss position were as follows:

	March 31, 2020				December 31, 2019
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Less than 12 continuous months	$	59,815	$	3,104	$	52,521	$	583
Greater than 12 continuous months	7,906		185		9,227		136
Total	$	67,721	$	3,289	$	61,748	$	719

Available-for-sale Securities

Scheduled maturities of available-for-sale securities at March 31, 2020 were as follows:

	Amortized cost		Estimated fair value
Within 1 year	$	26,602	$	26,831
After 1 year through 5 years	49,024		50,100
After 5 years through 10 years	61,991		61,909
After 10 years	124,071		128,120
Total	$	261,688	$	266,960

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

The fair value of derivative instruments was as follows:

Designation of Derivatives	Balance Sheet Location	March 31, 2020			December 31, 2019
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	$	77		$	207
	Accounts payable and accrued liabilities	(157		)	(56		)
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	5,994			3,049
	Accounts payable and accrued liabilities	(3,601		)	(1,346		)
	Total derivative assets	$	6,071		$	3,256
	Total derivative liabilities	(3,758		)	(1,402		)
	Total net derivative asset	$	2,313		$	1,854

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following represents the results of cash flow hedging relationships:

	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	2020			2019			2020		2019
Foreign exchange contracts	$	(160	)	$	345	Revenue	$	61	$	111
						Cost of sales	10		16
							$	71	$	127

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. All outstanding contracts at March 31, 2020 mature within 12 months.

		Three Months Ended March 31,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2020			2019
Foreign exchange contracts	Selling, general and administrative expense	$	(4,867	)	$	5,269

Fair Value, by Balance Sheet Grouping

The carrying value and estimated fair value of our debt was as follows:

	March 31, 2020		December 31, 2019
Carrying value	$	2,629,962	$	2,739,722
Fair value	$	1,967,357	$	2,572,794