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Investments and Fair Value Measurements | 3 Months Ended
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Mar. 31, 2020
Notes To Financial Statements [Abstract] |
Investments and Fair Value Measurements | Investments and Fair Value Measurements Marketable Securities We have no short-term or long-term marketable securities as of March 31, 2020. As of December 31, 2019, the estimated fair value of our short-term marketable securities, classified as available for sale, are as follows (in thousands):
December 31, 2019 |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Corporate bonds |  | 210,891 |  |  | 142 |  |  | (27) |  |  | 211,006 |
U.S. government treasury bonds |  | 70,587 |  |  | 65 |  |  | (2) |  |  | 70,650 |
U.S. government agency bonds |  | 22,085 |  |  | 17 |  |  | (1) |  |  | 22,101 |
Commercial paper |  | 14,426 |  |  | — |  |  | — |  |  | 14,426 |
Certificates of deposit |  | 19 |  |  | — |  |  | — |  |  | 19 |
Total marketable securities, short-term |  | $ | 318,008 |  |  | $ | 224 |  |  | $ | (30) |  |  | $ | 318,202 |
We had no long-term marketable securities as of December 31, 2019. Cash equivalents are not included in the tables above as the gross unrealized gains and losses are not material. We have no short-term marketable securities that have been in a continuous material unrealized loss position for greater than twelve months as of December 31, 2019. Amounts reclassified to earnings from accumulated other comprehensive income (loss), net related to unrealized gains or losses were not material for the three months ended March 31, 2020 and 2019. For the three months ended March 31, 2020 and 2019, realized gains or losses were not material. Our fixed-income securities investment portfolio consists of investments that can have a maximum effective maturity of up to 40 months on any individual security. The securities that we invest in are generally deemed to be low risk based on their credit ratings from the major rating agencies. The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As interest rates increase, those securities purchased at a lower yield show a mark-to-market unrealized loss which are primarily due to changes in interest rates and credit spreads. We expect to realize the full value of all these investments upon maturity or sale. The weighted average remaining duration of these securities was approximately seven months as of December 31, 2019. As the carrying value approximates the fair value for our short-term marketable securities shown in the table above, the fair value of our short-term marketable securities as of December 31, 2019 had a contractual maturity one year or less. Fair Value Measurements The following tables summarize our financial assets measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 (in thousands):
Description |  | Balance as of March 31, 2020 |  | Level 1 |  | Level 2 |  | Level 3 |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 36,683 |  |  | $ | 36,683 |  |  | $ | — |  |  | $ | — |  |  |
Prepaid expenses and other current assets: |  |  |  |  |  |  |  |  |  |
Israeli funds |  | 3,293 |  |  | — |  |  | 3,293 |  |  | — |  |  |
Current unsecured promissory note |  | 27,914 |  |  | — |  |  | — |  |  | 27,914 |  |  |
|  | $ | 67,890 |  |  | $ | 36,683 |  |  | $ | 3,293 |  |  | $ | 27,914 |  |  |
Description |  | Balance as of December 31, 2019 |  | Level 1 |  | Level 2 |  | Level 3 |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 236,923 |  |  | $ | 236,923 |  |  | $ | — |  |  | $ | — |  |  |
Short-term investments: |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | 211,006 |  |  | — |  |  | 211,006 |  |  |  | — |  |  |
Commercial paper |  | 14,426 |  |  | — |  |  | 14,426 |  |  | — |  |  |
U.S. government treasury bonds |  | 70,650 |  |  | 70,650 |  |  | — |  |  |  | — |  |  |
U.S. government agency bonds |  | 22,101 |  |  | — |  |  | 22,101 |  |  | — |  |  |
Certificates of deposit |  | 19 |  |  | — |  |  | 19 |  |  | — |  |  |
Prepaid expenses and other current assets: |  |  |  |  |  |  |  |  |  |
Israeli funds |  | 3,226 |  |  | — |  |  | 3,226 |  |  | — |  |  |
Current unsecured promissory note |  | 25,005 |  |  | — |  |  | — |  |  | 25,005 |  |  |
Other assets: |  |  |  |  |  |  |  |  |  |
Long-term unsecured promissory note |  | 7,328 |  |  | — |  |  | — |  |  | 7,328 |  |  |
|  | $ | 590,684 |  |  | $ | 307,573 |  |  | $ | 250,778 |  |  | $ | 32,333 |  |  |
The unsecured promissory note that was entered into in 2019 is classified as Level 3 in our fair value hierarchy as financial information of third parties may not be timely available and consequently we estimate the fair value based on the best available information at the measurement date. The original amount of the note was $54.2 million which has decreased due to payments received. Refer to Note 4 “Equity Method Investments” of the Notes to Condensed Consolidated Financial Statements for more information. Investments in Privately Held Companies Our investments in equity securities of privately held companies without readily determinable fair values were $3.0 million and $5.9 million as of March 31, 2020 and December 31, 2019, respectively, and are reported as nonrecurring investments within other assets in our Condensed Consolidated Balance Sheet. Our investments in equity securities are considered Level 3 in the fair value hierarchy since the investments are in private companies without quoted market prices and we adjust the carrying value based on observable price changes. During the three months ended March 31, 2020 and March 31, 2019, we recorded impairment losses of $2.9 million and $4.0 million, respectively, resulting from observable price changes. Derivatives Not Designated as Hedging Instruments Recurring foreign currency forward contracts We enter into foreign currency forward contracts to minimize the short-term impact of foreign currency exchange rate fluctuations on certain trade and intercompany receivables and payables. These forward contracts are classified within Level 2 of the fair value hierarchy. The net gain from the settlement of foreign currency forward contracts during the three months ended March 31, 2020 was $15.6 million and the net gain from the settlement of foreign currency forward contracts during the three months ended March 31, 2019 was not material. As of March 31, 2020 and December 31, 2019, the fair value of foreign exchange forward contracts outstanding was not material. The following table presents the gross notional value of all our foreign exchange forward contracts outstanding as of March 31, 2020 and December 31, 2019 (in thousands):
| March 31, 2020 |  |
| Local Currency Amount |  | Notional Contract Amount (USD)
Euro | €67,500 |  | $ | 74,274 |
Chinese Yuan | ¥517,000 |  | 72,825 |
Canadian Dollar | C$47,000 |  | 33,103 |
British Pound | £23,200 |  | 28,894 |
Brazilian Real | R$150,000 |  | 28,765 |
Japanese Yen | ¥2,685,000 |  | 24,916 |
Israeli Shekel | ILS26,000 |  | 7,349 |
Mexican Peso | M$160,000 |  | 6,840 |
Australian Dollar | A$5,500 |  | 3,375 |
|  |  | $ | 280,341 |
| December 31, 2019 |  |
| Local Currency Amount |  | Notional Contract Amount (USD)
Euro | €97,000 |  | $ | 108,870 |
Chinese Yuan | ¥431,000 |  | 60,702 |
Canadian Dollar | C$52,000 |  | 39,802 |
British Pound | £28,000 |  | 36,770 |
Brazilian Real | R$130,000 |  | 32,185 |
Japanese Yen | ¥3,000,000 |  | 27,604 |
Israeli Shekel | ILS63,700 |  | 18,439 |
Mexican Peso | M$140,000 |  | 7,398 |
Australian Dollar | A$3,000 |  | 2,101 |
|  |  | $ | 333,871 |
Other foreign currency forward contract During the three months ended March 31, 2020, in anticipation for the closing of the exocad Global Holdings GmbH ("exocad") acquisition on April 1, 2020, we entered into a Euro foreign currency forward contract with a notional contract amount of €376.0 million. During the three months ended March 31, 2020, we recognized an unrealized loss of $9.2 million within other income (expense), net in our Condensed Consolidated Statement of Operation as a result of the forward contract's fair value as of March 31, 2020.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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