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Fair Value Measurements and Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2019
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, 2019 and December 31, 2018.
 
June 30, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 

 
 

 
 

 
 

Investment securities
 

 
 

 
 

 
 

Money market funds / commercial paper
$
237,848

 
$
321,863

 
$
—

 
$
559,711

Equity securities
—

 
22,372

 
—

 
22,372

Commingled fixed income securities
1,632

 
21,212

 
—

 
22,844

Government and related securities
78,842

 
7,550

 
—

 
86,392

Corporate debt securities
—

 
50,774

 
—

 
50,774

Mortgage-backed / asset-backed securities
—

 
85,415

 
—

 
85,415

Derivatives
 
 
 
 
 

 


Foreign exchange contracts
—

 
345

 
—

 
345

Total assets
$
318,322

 
$
509,531

 
$
—

 
$
827,853

Liabilities:
 

 
 

 
 

 
 

Derivatives
 

 
 

 
 

 
 

Foreign exchange contracts
$
—

 
$
(297
)
 
$
—

 
$
(297
)
Total liabilities
$
—

 
$
(297
)
 
$
—

 
$
(297
)

 
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 June 30, 2019 and December 31, 2018 consisted of the following:
 
June 30, 2019
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Estimated fair value
Government and related securities
$
85,292

 
$
1,063

 
$
(47
)
 
$
86,308

Corporate debt securities
49,507

 
1,320

 
(53
)
 
50,774

Commingled fixed income securities
1,656

 
—

 
(24
)
 
1,632

Mortgage-backed / asset-backed securities
85,058

 
905

 
(548
)
 
85,415

Total
$
221,513

 
$
3,288

 
$
(672
)
 
$
224,129

 
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 June 30, 2019 and December 31, 2018 were as follows:
 
June 30, 2019
 
December 31, 2018
 
Fair Value
 
Gross unrealized losses
 
Fair Value
 
Gross unrealized losses
Less than 12 continuous months
$
502

 
$
2

 
$
48,318

 
$
847

Greater than 12 continuous months
56,970

 
670

 
177,331

 
4,355

Total
$
57,472

 
$
672

 
$
225,649

 
$
5,202
Available-for-sale Securities
Scheduled maturities of available-for-sale securities at June 30, 2019 were as follows:
 
Amortized cost
 
Estimated fair value
Within 1 year
$
47,535

 
$
47,589

After 1 year through 5 years
68,901

 
69,407

After 5 years through 10 years
34,951

 
36,121

After 10 years
70,126

 
71,012

Total
$
221,513

 
$
224,129
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair value of derivative instruments at June 30, 2019 and December 31, 2018 was as follows:
Designation of Derivatives
 
Balance Sheet Location
 
June 30,
2019
 
December 31,
2018
Derivatives designated as
hedging instruments
 
 
 
 

 
 

Foreign exchange contracts
 
Other current assets and prepayments
 
$
51

 
$
61

 
 
Accounts payable and accrued liabilities
 
(190
)
 
(104
)
 
 
 
 
 
 
 
Derivatives not designated as
hedging instruments
 
 
 
 

 
 

Foreign exchange contracts
 
Other current assets and prepayments
 
294

 
1,970

 
 
Accounts payable and accrued liabilities
 
(107
)
 
(631
)
 
 
 
 
 
 
 
 
 
Total derivative assets
 
$
345

 
$
2,031

 
 
Total derivative liabilities
 
(297
)
 
(735
)
 
 
Total net derivative asset
 
$
48

 
$
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 and six months ended June 30, 2019 and 2018:
 
 
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
 
2019
 
2018
 
 
2019
 
2018
Foreign exchange contracts
 
$
(320
)
 
$
119

 
Revenue
 
$
(36
)
 
$
79

 
 
 

 
 

 
Cost of sales
 
29

 
(1
)
Interest rate swap
 
—

 
(771
)
 
Interest Expense
 
—

 
—

 
 
$
(320
)
 
$
(652
)
 
 
 
$
(7
)
 
$
78

 
 
 
 
 
 
 
 
 
 
 
 
 
Six 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
 
2019
 
2018
 
 
2019
 
2018
Foreign exchange contracts
 
$
25

 
$
154

 
Revenue
 
$
75

 
$
76

 
 
 

 
 

 
Cost of sales
 
45

 
(85
)
Interest rate swap
 
—

 
(952
)
 
Interest Expense
 
—

 
—

 
 
$
25

 
$
(798
)
 
 
 
$
120

 
$
(9
)
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, 2019 and 2018. All outstanding contracts at June 30, 2019 mature within 12 months.
 
 
 
 
Three Months Ended June 30,
 
 
 
 
Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument
 
Location of Derivative Gain (Loss)
 
2019
 
2018
Foreign exchange contracts
 
Selling, general and administrative expense
 
$
(65
)
 
$
(14,828
)
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
 
 
 
Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument
 
Location of Derivative Gain (Loss)
 
2019
 
2018
Foreign exchange contracts
 
Selling, general and administrative expense
 
$
5,205

 
$
(18,396
)
Fair Value, by Balance Sheet Grouping
The carrying value and estimated fair value of our debt at June 30, 2019 and December 31, 2018 were as follows:
 
June 30, 2019
 
December 31, 2018
Carrying value
$
3,244,173

 
$
3,265,608

Fair value
$
3,101,477

 
$
3,003,678