Fair Value Measurements and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

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 March 31, 2017 and December 31, 2016.

	March 31, 2017
	Level 1		Level 2			Level 3		Total
Assets:
Investment securities
Money market funds / commercial paper	$	121,807	$	255,169		$	—	$	376,976
Equity securities	—		23,432			—		23,432
Commingled fixed income securities	1,543		21,598			—		23,141
Debt securities - U.S. and foreign governments, agencies and municipalities	111,144		22,126			—		133,270
Debt securities - corporate	—		71,093			—		71,093
Mortgage-backed / asset-backed securities	—		158,681			—		158,681
Derivatives
Interest rate swap	—		2,056			—		2,056
Foreign exchange contracts	—		889			—		889
Total assets	$	234,494	$	555,044		$	—	$	789,538
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(263	)	$	—	$	(263	)
Total liabilities	$	—	$	(263	)	$	—	$	(263	)

	December 31, 2016
	Level 1		Level 2			Level 3		Total
Assets:
Investment securities
Money market funds / commercial paper	$	114,471	$	217,175		$	—	$	331,646
Equity securities	—		24,571			—		24,571
Commingled fixed income securities	1,536		22,132			—		23,668
Debt securities - U.S. and foreign governments, agencies and municipalities	116,822		19,358			—		136,180
Debt securities - corporate	—		69,891			—		69,891
Mortgage-backed / asset-backed securities	—		158,996			—		158,996
Derivatives
Interest rate swap	—		1,588			—		1,588
Foreign exchange contracts	—		637			—		637
Total assets	$	232,829	$	514,348		$	—	$	747,177
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(3,717	)	$	—	$	(3,717	)
Total liabilities	$	—	$	(3,717	)	$	—	$	(3,717	)

Schedule of Available-for-sale Securities Reconciliation

Available-for-sale securities at March 31, 2017 and December 31, 2016 consisted of the following:

	March 31, 2017
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
U.S. and foreign governments, agencies and municipalities	$	125,151	$	1,694	$	(1,473	)	$	125,372
Corporate notes and bonds	70,302		1,312		(521		)	71,093
Commingled fixed income securities	1,576		—		(33		)	1,543
Mortgage-backed / asset-backed securities	158,718		1,583		(1,620		)	158,681
Total	$	355,747	$	4,589	$	(3,647	)	$	356,689

	December 31, 2016
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
U.S. and foreign governments, agencies and municipalities	$	136,316	$	1,571	$	(1,707	)	$	136,180
Corporate notes and bonds	69,376		1,180		(665		)	69,891
Commingled fixed income securities	1,568		—		(32		)	1,536
Mortgage-backed / asset-backed securities	159,312		1,566		(1,882		)	158,996
Total	$	366,572	$	4,317	$	(4,286	)	$	366,603

Available-for-sale Securities

Scheduled maturities of available-for-sale securities at March 31, 2017 were as follows:

	Amortized cost		Estimated fair value
Within 1 year	$	29,886	$	29,936
After 1 year through 5 years	106,796		107,300
After 5 years through 10 years	63,107		63,339
After 10 years	155,958		156,114
Total	$	355,747	$	356,689

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

The fair value of derivative instruments at March 31, 2017 and December 31, 2016 was as follows:

Designation of Derivatives	Balance Sheet Location	March 31, 2017			December 31, 2016
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	$	353		$	487
	Accounts payable and accrued liabilities	(35		)	(136		)
Interest Rate Swap	Other assets	2,056			1,588
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	536			150
	Accounts payable and accrued liabilities	(228		)	(3,581		)
	Total derivative assets	$	2,945		$	2,225
	Total derivative liabilities	(263		)	(3,717		)
	Total net derivative asset (liabilities)	$	2,682		$	(1,492	)

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 31,2017 and 2016:

	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	2017		2016				2017			2016
Foreign exchange contracts	$	50	$	(393	)	Revenue	$	(28	)	(380		)
						Cost of sales	111			225
Interest rate swap	468		—			Interest Expense	—			—
	$	518	$	(393	)		$	83		$	(155	)

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 31,2017 and 2016:

		Three Months Ended March 31,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2017			2016
Foreign exchange contracts	Selling, general and administrative expense	$	(1,849	)	$	(5,977	)

Fair Value, by Balance Sheet Grouping

The carrying value and estimated fair value of our debt at March 31, 2017 and December 31, 2016 were as follows:

	March 31, 2017		December 31, 2016
Carrying value	$	3,284,312	$	3,364,890
Fair value	$	3,341,434	$	3,412,581