Fair Value Measurements and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31, 2019 and December 31, 2018.



	March 31, 2019
	Level 1		Level 2			Level 3		Total
Assets:
Investment securities
Money market funds / commercial paper	$	225,808	$	398,019		$	—	$	623,827
Equity securities	—		21,663			—		21,663
Commingled fixed income securities	1,600		20,655			—		22,255
Government and related securities	85,390		9,132			—		94,522
Corporate debt securities	—		51,677			—		51,677
Mortgage-backed / asset-backed securities	—		89,618			—		89,618
Derivatives
Foreign exchange contracts	—		1,610			—		1,610
Total assets	$	312,798	$	592,374		$	—	$	905,172
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(3,430	)	$	—	$	(3,430	)
Total liabilities	$	—	$	(3,430	)	$	—	$	(3,430	)



	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	)

Schedule of Available-for-sale Securities Reconciliation

Available-for-sale securities at March 31, 2019 and December 31, 2018 consisted of the following:



	March 31, 2019
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
Government and related securities	$	94,831	$	221	$	(575	)	$	94,477
Corporate debt securities	51,769		329		(421		)	51,677
Commingled fixed income securities	1,647		—		(47		)	1,600
Mortgage-backed / asset-backed securities	90,486		335		(1,203		)	89,618
Total	$	238,733	$	885	$	(2,246	)	$	237,372



	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

Schedule of Unrealized Holding Losses

The aggregate unrealized holding losses of investment securities in a loss position at March 31, 2019 and December 31, 2018 were as follows:



	March 31, 2019				December 31, 2018
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Less than 12 continuous months	$	8,518	$	46	$	48,318	$	847
Greater than 12 continuous months	133,732		2,200		177,331		4,355
Total	$	142,250	$	2,246	$	225,649	$	5,202

Available-for-sale Securities

Scheduled maturities of available-for-sale securities at March 31, 2019 were as follows:



	Amortized cost		Estimated fair value
Within 1 year	$	54,475	$	54,348
After 1 year through 5 years	74,200		73,898
After 5 years through 10 years	37,291		37,393
After 10 years	72,767		71,733
Total	$	238,733	$	237,372

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

The fair value of derivative instruments at March 31, 2019 and December 31, 2018 was as follows:



Designation of Derivatives	Balance Sheet Location	March 31, 2019			December 31, 2018
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	$	175		$	61
	Accounts payable and accrued liabilities	—			(104		)

Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	1,435			1,970
	Accounts payable and accrued liabilities	(3,430		)	(631		)

	Total derivative assets	$	1,610		$	2,031
	Total derivative liabilities	(3,430		)	(735		)
	Total net derivative (liability) asset	$	(1,820	)	$	1,296

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, 2019 and 2018:



	Three Months Ended March 31,
	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	2019		2018			Location of Gain (Loss) (Effective Portion)	2019		2018
Foreign exchange contracts	$	345	$	35		Revenue	$	111	$	(3	)
						Cost of sales	16		(84		)
Interest rate swap	—		(181		)	Interest Expense	—		—
	$	345	$	(146	)		$	127	$	(87	)

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 months ended March 31, 2019 and 2018. All outstanding contracts at March 31, 2019 mature within 12 months.



		Three Months Ended March 31,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2019		2018
Foreign exchange contracts	Selling, general and administrative expense	$	5,269	$	(4,713	)

Fair Value, by Balance Sheet Grouping

The carrying value and estimated fair value of our debt at March 31, 2019 and December 31, 2018 were as follows:



	March 31, 2019		December 31, 2018
Carrying value	$	3,254,892	$	3,265,608
Fair value	$	3,152,589	$	3,003,678