XML 30 R12.htm IDEA: XBRL DOCUMENT
v3.20.4

Financial Instruments | 12 Months Ended
--- | ---
Dec. 31, 2019
Fair Value Disclosures [Abstract] |
Financial Instruments | Financial Instruments As at December 31, 2020, the carrying amount and fair value of the Company’s financial instruments were as follows:
| Level 1 $ |  | Level 2 $ |  | Level 3 $
| Carrying Amount | Fair Value |  | Carrying Amount | Fair Value |  | Carrying Amount | Fair Value
Assets: |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |
U.S. federal bonds | 174,397 | 174,399 |  | — | — |  | — | —
Corporate bonds and commercial paper | 134,056 | 134,396 |  | — | — |  | — | —
Repurchase agreements | — | — |  | 290,000 | 290,001 |  | — | —
Marketable securities: |  |  |  |  |  |  |  |
U.S. term deposits | 885,000 | 887,102 |  | — | — |  | — | —
U.S. federal bonds | 1,224,052 | 1,226,657 |  | — | — |  | — | —
Canadian federal bonds | 24,988 | 24,987 |  | — | — |  | — | —
Corporate bonds and commercial paper | — | — |  | 1,550,330 | 1,552,907 |  | — | —
Derivative assets: |  |  |  |  |  |  |  |
Foreign exchange forward contracts | — | — |  | 16,340 | 16,340 |  | — | —
The fair values above include accrued interest of $7,563, which is excluded from the carrying amounts. The accrued interest is included in Trade and other receivables in the consolidated balance sheets. As at December 31, 2019, the carrying amount and fair value of the Company’s financial instruments were as follows:
| Level 1 $ |  | Level 2 $ |  | Level 3 $
| Carrying Amount | Fair Value |  | Carrying Amount | Fair Value |  | Carrying Amount | Fair Value
Assets: |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |
Repurchase agreements | — | — |  | 200,000 | 200,009 |  | — | —
Marketable securities: |  |  |  |  |  |  |  |
U.S. term deposits | 300,000 | 301,354 |  | — | — |  | — | —
U.S. federal bonds | 222,713 | 223,403 |  | — | — |  | — | —
Canadian federal bonds | 69,922 | 69,919 |  | — | — |  | — | —
Corporate bonds and commercial paper | — | — |  | 1,212,643 | 1,216,822 |  | — | —
Derivative assets: |  |  |  |  |  |  |  |
Foreign exchange forward contracts | — | — |  | 5,830 | 5,830 |  | — | —
The fair values above include accrued interest of $5,754, which is excluded from the carrying amounts. The accrued interest is included in Trade and other receivables in the consolidated balance sheets. All cash equivalents and marketable securities mature within one year of the consolidated balance sheet date. There were no transfers between Levels 1, 2 and 3 during the years ended December 31, 2020 and 2019. As at December 31, 2020, the Company held foreign exchange forward contracts to convert USD into CAD, with a total notional value of $340,843 (December 31, 2019 - $285,700), to fund a portion of its operations. The foreign exchange forward contracts have maturities of twelve months or less. The fair value of foreign exchange forward contracts and corporate bonds was based upon Level 2 inputs, which included period-end mid-market quotations for each underlying contract as calculated by the financial institution with which the Company has transacted. The quotations are based on bid/ask quotations and represent the discounted future settlement amounts based on current market rates. Derivative Instruments and Hedging The Company has a hedging program to mitigate the impact of foreign currency fluctuations on future cash flows and earnings. Under this program the Company has entered into foreign exchange forward contracts with certain financial institutions and designated those hedges as cash flow hedges. As of December 31, 2020, $16,340 of unrealized gains related to changes in the fair value of foreign exchange forward contracts designated as cash flow hedges were included in accumulated other comprehensive income and current assets on the consolidated balance sheet. These amounts are expected to be reclassified into earnings over the next twelve months. In the year ended December 31, 2020, $2,985 of realized losses (December 31, 2019 - $5,181 of realized losses) related to the maturity of foreign exchange forward contracts designated as cash flow hedges were included in cost of revenues and operating expenses. Under the current hedging program, the Company is hedging cash flows associated with payroll and facility costs. Convertible Senior Notes As at December 31, 2020, the estimated fair value of the Company's 0.125% convertible senior notes, as further described in note 16 below, was approximately $1,098,342. The estimated fair value was determined based on the last executed trade for the Notes of the reporting period in an over-the-counter market, which is considered as Level 2 in the fair value hierarchy.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration