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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Carried at Fair Value

Financial assets and liabilities carried at fair value as of December 31, 2014, are classified below (in thousands):

		Level 1				Level 2				Level 3				Total
Assets:
U.S. government and agency securities		$	10,720			$	0			$	0			$	10,720
Obligations of government-sponsored enterprises (1)			0				705				0				705
State and municipal bonds			0				5,179				0				5,179
Corporate securities			0				7,781				0				7,781
Investments subtotal			10,720				13,665				0				24,385
Forward contracts (2)			2,039				7,279				0				9,318
Money market investments related to the deferred compensation plan			6,008				0				0				6,008
Total assets at fair value		$	18,767			$	20,944			$	0			$	39,711
Liabilities:
Forward interest rate swap contracts (3)		$	0			$	16,718			$	0			$	16,718
Liabilities related to the deferred compensation plan			6,008				0				0				6,008
Total liabilities at fair value		$	6,008			$	16,718			$	0			$	22,726

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 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 as defined in ASC 820 for the years ended December 31 (in thousands):

		Year Ended
		December 31, 2014				December 31, 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			(630	)			0
Included in other comprehensive income (loss)			412				0
Purchases and settlements (net)			(2,370	)			0
Balance at end of period		$	0			$	2,588
Total gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets still held at end of period		$	0			$	0

Summary of Investments

The following is a summary of investments at December 31, 2014 and December 31, 2013 (in thousands):

		As of December 31, 2014
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
U.S. government and agency securities		$	10,720			$	0			$	0			$	10,720
Obligations of government-sponsored enterprises			705				0				0				705
State and municipal bonds			5,156				27				(4	)			5,179
Corporate securities			7,779				12				(10	)			7,781
Total investments		$	24,360			$	39			$	(14	)		$	24,385
		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 as of December 31, 2014 are as follows (in thousands):

		As of December 31, 2014
		Amortized Cost				Estimated Fair Value
Less than 1 year		$	6,241			$	6,248
1 to 5 years			16,824				16,837
6 to 10 years			1,295				1,300
Thereafter			0				0
Total		$	24,360			$	24,385

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