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Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Our cash and cash equivalents balances comprise the following:


	December 31, 2023			December 31, 2022
(in thousands, except percentages)	Amount		% of Total	Amount		% of Total
Cash accounts	$	689,380	80.1	$	503,733	82.0
Money market funds	170,821		19.9	110,658		18.0
Total	$	860,201		$	614,391

The changes in the allowance for doubtful accounts during the years ended December 31, 2023, 2022 and 2021 were as follows:


(in thousands)	2023		2022		2021
Beginning balance – January 1	$	18,300	$	14,600	$	14,000
Additions: Charges to expense	2,704		$	6,222	1,006
Deductions: Write-offs	(304)		(2,522)		(406)
Ending balance – December 31	$	20,700	$	18,300	$	14,600

The details of basic and diluted EPS are as follows:


	Year Ended December 31,
(in thousands, except per share data)	2023		2022		2021
Net income	$	500,412	$	523,710	$	454,627
Weighted average shares outstanding – basic	86,833		87,051		87,100
Dilutive effect of stock plans	553		439		1,002
Weighted average shares outstanding – diluted	87,386		87,490		88,102
Basic earnings per share	$	5.76	$	6.02	$	5.22
Diluted earnings per share	$	5.73	$	5.99	$	5.16
Anti-dilutive shares	218		300		23

The following table outlines concentrations of risk with respect to our revenue:


	Year Ended December 31,
(as a % of revenue)	2023		2022		2021
Revenue from channel partners	26	%	24	%	24	%

The following table outlines concentrations of risk with respect to our cash and cash equivalents:


	As of December 31,
(in thousands)	2023		2022
Cash and cash equivalents held domestically	$	529,092	$	326,784
Cash and cash equivalents held by foreign subsidiaries	331,109		287,607
Cash and cash equivalents held in excess of deposit insurance, foreign and domestic	846,723		597,471
Largest balance of cash and cash equivalents held with one financial institution, foreign and domestic	359,362		238,058