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

 
 

 
 

 
 

Investment securities
 

 
 

 
 

 
 

Money market funds / commercial paper
$
114,665

 
$
328,296

 
$
—

 
$
442,961

Equity securities
—

 
24,637

 
—

 
24,637

Commingled fixed income securities
1,549

 
20,795

 
—

 
22,344

Government and related securities
123,239

 
16,429

 
—

 
139,668

Corporate debt securities
—

 
71,078

 
—

 
71,078

Mortgage-backed / asset-backed securities
—

 
165,835

 
—

 
165,835

Derivatives
 
 
 
 
 

 


Interest rate swap
—

 
824

 
—

 
824

Foreign exchange contracts
—

 
2,673

 
—

 
2,673

Total assets
$
239,453

 
$
630,567

 
$
—

 
$
870,020

Liabilities:
 

 
 

 
 

 
 

Derivatives
 

 
 

 
 

 
 

Foreign exchange contracts
$
—

 
$
(178
)
 
$
—

 
$
(178
)
Total liabilities
$
—

 
$
(178
)
 
$
—

 
$
(178
)

 
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 June 30, 2018 and December 31, 2017 consisted of the following:
 
June 30, 2018
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Estimated fair value
Government and related securities
$
140,583

 
$
1,247

 
$
(2,162
)
 
$
139,668

Corporate debt securities
72,428

 
268

 
(1,618
)
 
71,078

Commingled fixed income securities
1,619

 
—

 
(70
)
 
1,549

Mortgage-backed / asset-backed securities
168,585

 
730

 
(3,480
)
 
165,835

Total
$
383,215

 
$
2,245

 
$
(7,330
)
 
$
378,130

 
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
Available-for-sale Securities
Scheduled maturities of available-for-sale securities at June 30, 2018 were as follows:
 
Amortized cost
 
Estimated fair value
Within 1 year
$
56,012

 
$
55,705

After 1 year through 5 years
114,973

 
113,720

After 5 years through 10 years
58,066

 
56,867

After 10 years
154,164

 
151,838

Total
$
383,215

 
$
378,130
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair value of derivative instruments at June 30, 2018 and December 31, 2017 was as follows:
Designation of Derivatives
 
Balance Sheet Location
 
June 30,
2018
 
December 31,
2017
Derivatives designated as
hedging instruments
 
 
 
 

 
 

Foreign exchange contracts
 
Other current assets and prepayments
 
$
114

 
$
57

 
 
Accounts payable and accrued liabilities
 
(39
)
 
(144
)
 
 
 
 
 
 
 
Interest rate swap
 
Other assets
 
824

 
1,776

 
 
 
 
 

 
 

Derivatives not designated as
hedging instruments
 
 
 
 

 
 

Foreign exchange contracts
 
Other current assets and prepayments
 
2,559

 
65

 
 
Accounts payable and accrued liabilities
 
(139
)
 
(191
)
 
 
 
 
 
 
 
 
 
Total derivative assets
 
$
3,497

 
$
1,898

 
 
Total derivative liabilities
 
(178
)
 
(335
)
 
 
Total net derivative asset
 
$
3,319

 
$
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 six months ended June 30, 2018 and 2017:
 
 
Three Months Ended June 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
 
$
119

 
$
(599
)
 
Revenue
 
$
79

 
$
34

 
 
 

 
 

 
Cost of sales
 
(1
)
 
36

Interest rate swap
 
(771
)
 
(147
)
 
Interest Expense
 
—

 
—

 
 
$
(652
)
 
$
(746
)
 
 
 
$
78

 
$
70

 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 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
 
$
154

 
$
(549
)
 
Revenue
 
$
76

 
$
6

 
 
 

 
 

 
Cost of sales
 
(85
)
 
148

Interest rate swap
 
(952
)
 
321

 
Interest Expense
 
—

 
—

 
 
$
(798
)
 
$
(228
)
 
 
 
$
(9
)
 
$
154
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 six months ended June 30, 2018 and 2017. All outstanding contracts at June 30, 2018 mature within 12 months.
 
 
 
 
Three Months Ended June 30,
 
 
 
 
Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument
 
Location of Derivative Gain (Loss)
 
2018
 
2017
Foreign exchange contracts
 
Selling, general and administrative expense
 
$
(14,828
)
 
$
789

 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
 
 
 
Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument
 
Location of Derivative Gain (Loss)
 
2018
 
2017
Foreign exchange contracts
 
Selling, general and administrative expense
 
$
(18,396
)
 
$
(1,061
)
Fair Value, by Balance Sheet Grouping
The carrying value and estimated fair value of our debt at June 30, 2018 and December 31, 2017 were as follows:
 
June 30, 2018
 
December 31, 2017
Carrying value
$
3,572,809

 
$
3,830,335

Fair value
$
3,381,964

 
$
3,718,986