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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 27, 2014
Fair Value Disclosures [Abstract] |
Financial Assets and Liabilities Carried at Fair Value | Financial assets and liabilities carried at fair value as of September 27, 2014, are classified below (in thousands):
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 182,470 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 182,470 |
Obligations of government-sponsored enterprises (1) |  |  | 0 |  |  |  | 40,631 |  |  |  | 0 |  |  |  | 40,631 |
State and municipal bonds |  |  | 0 |  |  |  | 49,022 |  |  |  | 0 |  |  |  | 49,022 |
Corporate securities |  |  | 0 |  |  |  | 183,418 |  |  |  | 2,400 |  |  |  | 185,818 |
Other investments |  |  | 0 |  |  |  | 23,765 |  |  |  | 0 |  |  |  | 23,765 |
Investments subtotal |  |  | 182,470 |  |  |  | 296,836 |  |  |  | 2,400 |  |  |  | 481,706 |
Forward contracts (2) |  | $ | 3,416 |  |  | $ | 6,206 |  |  | $ | 0 |  |  | $ | 9,622 |
Money market investments related to the deferred compensation plan |  |  | 5,698 |  |  |  | 0 |  |  |  | 0 |  |  |  | 5,698 |
Total assets at fair value |  | $ | 191,584 |  |  | $ | 303,042 |  |  | $ | 2,400 |  |  | $ | 497,026 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward interest rate swap contracts (3) |  | $ | 0 |  |  | $ | 3,472 |  |  | $ | 0 |  |  | $ | 3,472 |
Liabilities related to the deferred compensation plan |  |  | 5,698 |  |  |  | 0 |  |  |  | 0 |  |  |  | 5,698 |
Total liabilities at fair value |  | $ | 5,698 |  |  | $ | 3,472 |  |  | $ | 0 |  |  | $ | 9,170 |
Financial assets and liabilities carried at fair value as of December 31, 2013, are classified below (in thousands):
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 89,626 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 89,626 |
Obligations of government-sponsored enterprises (1) |  |  | 0 |  |  |  | 33,510 |  |  |  | 0 |  |  |  | 33,510 |
State and municipal bonds |  |  | 0 |  |  |  | 51,627 |  |  |  | 0 |  |  |  | 51,627 |
Corporate securities |  |  | 0 |  |  |  | 163,832 |  |  |  | 2,588 |  |  |  | 166,420 |
Other investments |  |  | 0 |  |  |  | 11,785 |  |  |  | 0 |  |  |  | 11,785 |
Investments subtotal |  |  | 89,626 |  |  |  | 260,754 |  |  |  | 2,588 |  |  |  | 352,968 |
Money market investments related to the deferred compensation plan |  |  | 4,827 |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,827 |
Total assets at fair value |  | $ | 94,453 |  |  | $ | 260,754 |  |  | $ | 2,588 |  |  | $ | 357,795 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward contracts (2) |  | $ | 1,165 |  |  | $ | 1,578 |  |  | $ | 0 |  |  | $ | 2,743 |
Liabilities related to the deferred compensation plan |  |  | 4,827 |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,827 |
Total liabilities at fair value |  | $ | 5,992 |  |  | $ | 1,578 |  |  | $ | 0 |  |  | $ | 7,570 |
1) | Includes investments in notes issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, the Federal Farm Credit Banks and the Federal Home Loan Bank.
2) | The fair value of forward contracts are calculated as follows:
| a. | Fair value of a collar or put option contract associated with forecasted sales hedges are calculated using bid and ask rates for similar contracts.
| b. | Fair value of regular forward contracts associated with forecasted sales hedges are calculated using the period-end exchange rate adjusted for current forward points.
| c. | Fair value of balance sheet hedges are calculated at the period end exchange rate adjusted for current forward points unless the hedge has been traded but not settled at period end. If this is the case, the fair value is calculated at the rate at which the hedge is being settled.
3) | The fair value of forward interest rate swap contracts is based upon a valuation model that uses relevant observable market inputs at quoted intervals, such as forward yield curves, and is adjusted for Zebra’s own credit risk and the interest rate swap terms.
Assets Measured at Fair Value on Recurring Basis | The following table presents Zebra’s activity for assets measured at fair value on a recurring basis using significant unobservable inputs, Level 3, for the following periods (in thousands):
|  | Nine Months Ended |
|  | September 27, 2014 |  |  | September 28, 2013 |
Balance at beginning of the year |  | $ | 2,588 |  |  | $ | 2,588 |
Transfers to Level 3 |  |  | 0 |  |  |  | 0 |
Total losses (realized or unrealized): |  |  |  |  |  |  |  |
Included in earnings |  |  | (600 | ) |  |  | 0 |
Included in other comprehensive income (loss) |  |  | 412 |  |  |  | 0 |
Purchases and settlements (net) |  |  | 0 |  |  |  | 0 |
Balance at end of period |  | $ | 2,400 |  |  | $ | 2,588 |
Total gains and (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets still held at end of period |  | $ | (412 | ) |  | $ | 0 |
Summary of Short-Term and Long-Term Investments | The following is a summary of short-term and long-term investments (in thousands):
|  | As of September 27, 2014 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
U.S. government and agency securities |  | $ | 182,354 |  |  | $ | 123 |  |  | $ | (7 | ) |  | $ | 182,470 |
Obligations of government-sponsored enterprises |  |  | 40,632 |  |  |  | 2 |  |  |  | (3 | ) |  |  | 40,631 |
State and municipal bonds |  |  | 48,914 |  |  |  | 113 |  |  |  | (5 | ) |  |  | 49,022 |
Corporate securities |  |  | 185,145 |  |  |  | 756 |  |  |  | (83 | ) |  |  | 185,818 |
Other investments |  |  | 23,762 |  |  |  | 15 |  |  |  | (12 | ) |  |  | 23,765 |
Total investments |  | $ | 480,807 |  |  | $ | 1,009 |  |  | $ | (110 | ) |  | $ | 481,706 |
|  | As of December 31, 2013 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
U.S. government and agency securities |  | $ | 89,617 |  |  | $ | 27 |  |  | $ | (18 | ) |  | $ | 89,626 |
Obligations of government-sponsored enterprises |  |  | 33,506 |  |  |  | 5 |  |  |  | (1 | ) |  |  | 33,510 |
State and municipal bonds |  |  | 51,573 |  |  |  | 82 |  |  |  | (28 | ) |  |  | 51,627 |
Corporate securities |  |  | 166,642 |  |  |  | 453 |  |  |  | (675 | ) |  |  | 166,420 |
Other investments |  |  | 11,771 |  |  |  | 15 |  |  |  | (1 | ) |  |  | 11,785 |
Total investments |  | $ | 353,109 |  |  | $ | 582 |  |  | $ | (723 | ) |  | $ | 352,968 |
Maturity Dates of Investment | The maturity dates of investments are as follows (in thousands):
|  | As of September 27, 2014 |
|  | Amortized Cost |  |  | Estimated Fair Value |
Less than 1 year |  | $ | 135,482 |  |  | $ | 135,603 |
1 to 5 years |  |  | 342,925 |  |  |  | 343,703 |
6 to 10 years |  |  | 2,400 |  |  |  | 2,400 |
Thereafter |  |  | 0 |  |  |  | 0 |
Total |  | $ | 480,807 |  |  | $ | 481,706 |

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