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Fair Value Measurements and Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2020
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.
| September 30, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Investment securities |  |  |  |  |  |  |
Money market funds | $ | 116,806 |  |  | $ | 440,493 |  |  | $ | — |  |  | $ | 557,299 |
Equity securities | — |  |  | 22,555 |  |  | — |  |  | 22,555 |
Commingled fixed income securities | 1,720 |  |  | 19,537 |  |  | — |  |  | 21,257 |
Government and related securities | 17,408 |  |  | 18,601 |  |  | — |  |  | 36,009 |
Corporate debt securities | — |  |  | 82,959 |  |  | — |  |  | 82,959 |
Mortgage-backed / asset-backed securities | — |  |  | 275,352 |  |  | — |  |  | 275,352 |
Derivatives |  |  |  |  |  |  |
Foreign exchange contracts | — |  |  | 2,603 |  |  | — |  |  | 2,603 |
Total assets | $ | 135,934 |  |  | $ | 862,100 |  |  | $ | — |  |  | $ | 998,034 |
Liabilities: |  |  |  |  |  |  |
Derivatives |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | (2,908) |  |  | $ | — |  |  | $ | (2,908) |
Foreign exchange contracts | — |  |  | (1,086) |  |  | — |  |  | (1,086) |
Total liabilities | $ | — |  |  | $ | (3,994) |  |  | $ | — |  |  | $ | (3,994) |
| December 31, 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Investment securities |  |  |  |  |  |  |
Money market funds | $ | 161,441 |  |  | $ | 240,364 |  |  | $ | — |  |  | $ | 401,805 |
Equity securities | — |  |  | 21,979 |  |  | — |  |  | 21,979 |
Commingled fixed income securities | 1,656 |  |  | 18,404 |  |  | — |  |  | 20,060 |
Government and related securities | 64,572 |  |  | 17,478 |  |  | — |  |  | 82,050 |
Corporate debt securities | — |  |  | 72,149 |  |  | — |  |  | 72,149 |
Mortgage-backed / asset-backed securities | — |  |  | 66,339 |  |  | — |  |  | 66,339 |
Derivatives |  |  |  |  |  |  |
Foreign exchange contracts | — |  |  | 3,256 |  |  | — |  |  | 3,256 |
Total assets | $ | 227,669 |  |  | $ | 439,969 |  |  | $ | — |  |  | $ | 667,638 |
Liabilities: |  |  |  |  |  |  |
Derivatives |  |  |  |  |  |  |
Foreign exchange contracts | $ | — |  |  | $ | (1,402) |  |  | $ | — |  |  | $ | (1,402) |
Total liabilities | $ | — |  |  | $ | (1,402) |  |  | $ | — |  |  | $ | (1,402) |
Schedule of Available-for-sale Securities Reconciliation | Available-for-sale securities consisted of the following:
| September 30, 2020
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Estimated fair value
Government and related securities | $ | 35,018 |  |  | $ | 144 |  |  | $ | (719) |  |  | $ | 34,443 |
Corporate debt securities | 84,457 |  |  | 422 |  |  | (1,920) |  |  | 82,959 |
Commingled fixed income securities | 1,699 |  |  | 21 |  |  | — |  |  | 1,720 |
Mortgage-backed / asset-backed securities | 276,880 |  |  | 476 |  |  | (2,004) |  |  | 275,352 |
Total | $ | 398,054 |  |  | $ | 1,063 |  |  | $ | (4,643) |  |  | $ | 394,474 |
| December 31, 2019
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Estimated fair value
Government and related securities | $ | 80,732 |  |  | $ | 1,358 |  |  | $ | (114) |  |  | $ | 81,976 |
Corporate debt securities | 70,426 |  |  | 2,009 |  |  | (286) |  |  | 72,149 |
Commingled fixed income securities | 1,675 |  |  | — |  |  | (19) |  |  | 1,656 |
Mortgage-backed / asset-backed securities | 65,679 |  |  | 960 |  |  | (300) |  |  | 66,339 |
Total | $ | 218,512 |  |  | $ | 4,327 |  |  | $ | (719) |  |  | $ | 222,120 |
Schedule of Unrealized Holding Losses | Investment securities in a loss position were as follows:
| September 30, 2020 |  | December 31, 2019
| Fair Value |  | Gross unrealized losses |  | Fair Value |  | Gross unrealized losses
Less than 12 continuous months | $ | 314,145 |  |  | $ | 4,543 |  |  | $ | 52,521 |  |  | $ | 583 |
Greater than 12 continuous months | 3,157 |  |  | 100 |  |  | 9,227 |  |  | 136 |
Total | $ | 317,302 |  |  | $ | 4,643 |  |  | $ | 61,748 |  |  | $ | 719 |
Available-for-sale Securities | Scheduled maturities of available-for-sale securities at September 30, 2020 were as follows:
| Amortized cost |  | Estimated fair value
Within 1 year | $ | 19,299 |  |  | $ | 19,379 |
After 1 year through 5 years | 9,354 |  |  | 9,553 |
After 5 years through 10 years | 54,448 |  |  | 53,476 |
After 10 years | 314,953 |  |  | 312,066 |
Total | $ | 398,054 |  |  | $ | 394,474 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair value of derivative instruments was as follows:
Designation of Derivatives |  | Balance Sheet Location |  | September 30, 2020 |  | December 31, 2019
Derivatives designated as hedging instruments |  |  |  |  |  |
Foreign exchange contracts |  | Other current assets and prepayments |  | $ | 15 |  |  | $ | 207 |
|  | Accounts payable and accrued liabilities |  | (154) |  |  | (56) |
Interest rate swaps |  | Other noncurrent liabilities |  | (2,908) |  |  | — |
Derivatives not designated as hedging instruments |  |  |  |  |  |
Foreign exchange contracts |  | Other current assets and prepayments |  | 2,588 |  |  | 3,049 |
|  | Accounts payable and accrued liabilities |  | (932) |  |  | (1,346) |
|  | Total derivative assets |  | $ | 2,603 |  |  | $ | 3,256 |
|  | Total derivative liabilities |  | (3,994) |  |  | (1,402) |
|  | Total net derivative (liability) asset |  | $ | (1,391) |  |  | $ | 1,854 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | Results of cash flow hedging relationships were as follows:
|  | Three Months Ended September 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 |  | 2020 |  | 2019 |  |  | 2020 |  | 2019
Foreign exchange contracts |  | $ | (80) |  |  | $ | 156 |  |  | Revenue |  | $ | (104) |  |  | $ | (98) |
|  |  |  |  |  | Cost of sales |  | (6) |  |  | 54 |
Interest rate swap |  | (1,303) |  |  | — |  |  | Interest expense |  | — |  |  | — |
|  | $ | (1,383) |  |  | $ | 156 |  |  |  |  | $ | (110) |  |  | $ | (44) |
|  | Nine Months Ended September 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 |  | 2020 |  | 2019 |  |  | 2020 |  | 2019
Foreign exchange contracts |  | $ | (361) |  |  | $ | 181 |  |  | Revenue |  | $ | (107) |  |  | $ | (23) |
|  |  |  |  |  | Cost of sales |  | 36 |  |  | 99 |
Interest rate swap |  | (2,908) |  |  | — |  |  | Interest expense |  | — |  |  | — |
|  | $ | (3,269) |  |  | $ | 181 |  |  |  |  | $ | (71) |  |  | $ | 76 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | All outstanding contracts at September 30, 2020 mature within 12 months. The mark-to-market adjustments of non-designated derivative instruments were as follows:
|  |  |  | Three Months Ended September 30, |  |  |  |
|  |  |  | Derivative Gain (Loss) Recognized in Earnings |  |  |  |
Derivatives Instrument |  | Location of Derivative Gain (Loss) |  | 2020 |  | 2019 |  |  |  |
Foreign exchange contracts |  | Selling, general and administrative expense |  | $ | 891 |  |  | $ | (11,385) |  |  |  |  |
|  |  |  | Nine Months Ended September 30, |  |  |  |
|  |  |  | Derivative Gain (Loss) Recognized in Earnings |  |  |  |
Derivatives Instrument |  | Location of Derivative Gain (Loss) |  | 2020 |  | 2019 |  |  |  |
Foreign exchange contracts |  | Selling, general and administrative expense |  | $ | (2,776) |  |  | $ | (6,181) |  |  |  |  |
Fair Value, by Balance Sheet Grouping | The carrying value and estimated fair value of debt was as follows:
| September 30, 2020 |  | December 31, 2019
Carrying value | $ | 2,595,221 |  |  | $ | 2,739,722 |
Fair value | $ | 2,426,516 |  |  | $ | 2,572,794 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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