FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2023

NOTE 13: FAIR VALUE MEASUREMENTS

In accordance with ASC 820, the Company measures its cash equivalents and marketable securities, at fair value using the market approach valuation technique. Cash and cash equivalents are classified within Level 1 because these assets are valued using quoted market prices. Marketable securities and foreign currency derivative contracts are classified within level 2 due to these assets being valued by alternative pricing sources and models utilizing market observable inputs.

The following table sets forth the Company’s assets that were measured at fair value as of December 31, 2023 and 2022 by level within the fair value hierarchy:

		Fair value measurements as of
Description	Fair Value Hierarchy	December 31, 2023		December 31, 2022
Assets:
Cash and cash equivalents:
Cash	Level 1	$	309,521	$	695,004
Money market mutual funds	Level 1	$	22,311	$	25,149
Deposits	Level 1	$	6,636	$	62,959
Derivative instruments	Level 2	$	4,887	$	-
Short-term marketable securities:
Corporate bonds	Level 2	$	481,820	$	217,825
U.S. Treasury securities	Level 2	$	15,261	$	15,679
U.S. Government agency securities	Level 2	$	8,795	$	-
Non-U.S. Government securities	Level 2	$	15,694	$	7,613
Long-term marketable securities:
Corporate bonds	Level 2	$	339,681	$	630,858
U.S. Treasury securities	Level 2	$	2,408	$	9,678
U.S. Government agency securities	Level 2	$	44,086	$	-
Non-U.S. Government securities	Level 2	$	21,650	$	4,955
Liabilities:
Derivative instruments	Level 2	$	-	$	(1,874	)

- 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 + Details