Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Derivative Instruments [Table Text Block]

The following summarizes derivative financial instruments as of March 31, 2020 and December 31, 2019:

	March 31,			December 31,
	2020			2019
Assets:	(in thousands)
Foreign currency forward contracts designated as cash flow hedge	$	954		$	427
Foreign currency forward contracts not designated as hedging instruments	516			515
Total	$	1,470		$	942
Liabilities:
Foreign currency forward contracts designated as cash flow hedge	$	(1,059	)	$	(524	)
Foreign currency forward contracts not designated as hedging instruments	(280		)	(550		)
Total	$	(1,339	)	$	(1,074	)

Schedule of Cash and Cash Equivalents, Available-for-sale Securities Reconciliation

The Company's cash and cash equivalents, and marketable securities consist of the following:

	March 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Fair Value
	(in thousands)
Cash and cash equivalents:
Cash	$	94,365	$	—	$	—		$	94,365
Money market funds	35,033		—		—			35,033
U.S. government agencies	15,439		10		—			15,449
Commercial paper	1,200		—		—			1,200
Corporate bonds	1,517		1		—			1,518
Total	147,554		11		—			147,565
Short-term marketable securities:
Commercial paper	1,000		—		—			1,000
Corporate bonds	23,975		17		(84		)	23,908
Asset-backed securities	3,017		9		—			3,026
U.S. government agencies	155,316		1,137		—			156,453
Total	183,308		1,163		(84		)	184,387
Long-term marketable securities:
Asset-backed securities	39,983		79		(72		)	39,990
U.S. government agencies	16,409		544		(10		)	16,943
Corporate bonds	46,065		169		(390		)	45,844
Total	102,457		792		(472		)	102,777
Total	$	433,319	$	1,966	$	(556	)	$	434,729

	December 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Fair Value
	(in thousands)
Cash and cash equivalents:
Cash	$	84,102	$	—	$	—		$	84,102
Money market funds	58		—		—			58
Commercial paper	3,399		—		—			3,399
Total	87,559		—		—			87,559
Short-term marketable securities:
Commercial paper	2,239		—		—			2,239
Corporate bonds	33,048		51		(1		)	33,098
Asset-backed securities	2,438		11		—			2,449
U.S. government agencies	173,364		184		(3		)	173,545
Total	211,089		246		(4		)	211,331
Long-term marketable securities:
Asset-backed securities	40,001		193		(1		)	40,193
U.S. government agencies	46,447		370		—			46,817
Corporate bonds	32,236		262		—			32,498
Total	118,684		825		(1		)	119,508
Total	$	417,332	$	1,071	$	(5	)	$	418,398

Schedule of changes to accumulated other comprehensive income

Accumulated Other Comprehensive Income (loss)

The components and changes in accumulated other comprehensive income (loss), net of taxes, for the three months ended March 31, 2020 and 2019 were as follows (in thousands):

	Unrealized gains (losses) on AFS debt securities			Unrealized gains (losses) on cash flow hedges			Total
Balances as of December 31, 2019	$	822		$	340		$	1,162
Other comprehensive income before reclassification	351			316			667
Reclassification of gains from Other comprehensive income (loss)	(85		)	(191		)	(276		)
Total change in unrealized gain, net of tax	266			125			391
Balances as of March 31, 2020	$	1,088		$	465		$	1,553

	Unrealized gains (losses) on AFS debt securities			Unrealized gains (losses) on cash flow hedges			Total
Balances as of December 31, 2018	$	(545	)	$	(41	)	$	(586	)
Other comprehensive income before reclassification	655			203			858
Reclassification of losses from Other comprehensive income (loss)	28			10			38
Total change in unrealized gain, net of tax	683			213			896
Balances as of March 31, 2019	$	138		$	172		$	310

Schedule of Assets Measured on Recurring Basis

The following table sets forth by level within the fair value hierarchy the fair value of the Company's cash equivalents and marketable securities measured on a recurring basis:

	March 31, 2020
	Level 1		Level 2		Fair Value
	(in thousands)
Money market funds	$	35,033	$	—	$	35,033
Commercial paper	—		2,200		2,200
U.S. government agencies	—		188,844		188,844
Corporate bonds	—		71,271		71,271
Asset-backed securities	—		43,016		43,016
Total	$	35,033	$	305,331	$	340,364

	December 31, 2019
	Level 1		Level 2		Fair Value
	(in thousands)
Money market funds	$	58	$	—	$	58
Commercial paper	—		5,638		5,638
U.S. government agencies	—		220,362		220,362
Corporate bonds	—		65,596		65,596
Asset-backed securities	—		42,642		42,642
Total	$	58	$	334,238	$	334,296

Schedule of Available-for-Sale Securities by Contractual Maturity

The following summarizes the fair value of marketable securities by contractual or effective maturity as of March 31, 2020 and December 31, 2019:

	March 31, 2020
	Mature within One Year		Mature after One Year through Two Years		Mature over Two Years		Fair Value
	(in thousands)
Commercial paper	$	2,200	$	—	$	—	$	2,200
U.S. government agencies	171,901		15,712		1,231		188,844
Corporate bonds	25,428		24,156		21,687		71,271
Asset-backed securities	27,041		15,975		—		43,016
Total	$	226,570	$	55,843	$	22,918	$	305,331

	December 31, 2019
	Mature within One Year		Mature after One Year through Two Years		Mature over Two Years		Fair Value
	(in thousands)
Commercial paper	$	5,638	$	—	$	—	$	5,638
U.S. government agencies	173,546		46,816		—		220,362
Corporate bonds	33,098		23,251		9,247		65,596
Asset-backed securities	2,449		15,550		24,643		42,642
Total	$	214,731	$	85,617	$	33,890	$	334,238

Summary of Gains (Losses) Recognized From Forward Contracts and Other Foreign Currency Transactions

At March 31, 2020, the Company had 39 open designated cash flow hedge contracts with notional amounts of €22.3 million, £9.4 million and Rs.1,560 million. At December 31, 2019, the Company had 26 open designated cash flow hedge contracts with notional amounts of €24.2 million and £9.7 million.

	Three Months Ended March 31,
Derivative instruments designated as cash flow hedges:	2020			2019
Net unrealized gains (before tax) recognized in AOCI:	(in thousands)
Foreign currency forward contracts (GBP, Euro and INR)	$	410		$	251
Net unrealized (gains) losses (before tax) reclassified from AOCI into income:
Foreign currency forward contracts (GBP and Euro)	(248		)	13
Net change in AOCI before tax	162			264
Net tax impact on the change in AOCI	(37		)	(51		)
Net change in AOCI after tax	$	125		$	213

The following summarizes the gains (losses) recognized from forward contracts and other foreign currency transactions in other income (expense), net on the condensed consolidated statement of operations:

	Three Months Ended March 31,
	2020			2019
	(in thousands)
Net gain from non-designated forward contracts	$	804		$	23
Other foreign currency transactions loss	(871		)	(183		)
Total foreign exchange loss, net	(67		)	(160		)
Other expenses	(68		)	(63		)
Other expense, net	$	(135	)	$	(223	)