FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2019

NOTE 10:FAIR VALUE MEASUREMENTS

The following tables present the fair value of money market funds and marketable securities for the years ended December 31, 2018 and 2019:

	December 31,
	2018						2019
	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	335	$	-	$	335	$	213,494	$	-	$	213,494
U.S. agencies debentures		-		-		-		-		25,058		25,058

Marketable securities:
Corporate debentures		-		77,538		77,538		-		105,582		105,582
U.S. agencies debentures		-		6,671		6,671		-		81,238		81,238

Total assets measured at fair value	$	335	$	84,209	$	84,544	$	213,494	$	211,878	$	425,372

As of December 31, 2019, the estimated fair value of the Company's convertible senior notes, as further described in Note 11, was $594.3 million. The fair value was determined based on the closing trading price of the convertible senior notes as of the last day of trading for the period. The fair value of the convertible senior notes is primarily affected by the trading price of the Company`s common stock and market interest rates. The fair value of the convertible senior notes is considered a Level 2 measurement as they are not actively traded.

- 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.

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