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Financial Instruments | 12 Months Ended
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Dec. 31, 2021
Investments, All Other Investments [Abstract] |
Financial Instruments | Financial Instruments Cash, Cash Equivalents and Marketable Securities The following table summarizes our cash and cash equivalents, and marketable securities on our Consolidated Balance Sheet as of December 31, 2021 (in thousands):
|  |  |  |  |  |  |  |  |  | Reported as:
December 31, 2021 |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable securities, short-term |  | Marketable securities, long-term
Cash |  | $ | 754,802 |  |  | $ | — |  |  | $ | — |  |  | $ | 754,802 |  |  | $ | 754,802 |  |  | $ | — |  |  | $ | — |
Money market funds |  | 343,012 |  |  | — |  |  | (2) |  |  | 343,010 |  |  | 343,010 |  |  | — |  |  | — |
Corporate bonds |  | 115,507 |  |  | 9 |  |  | (398) |  |  | 115,118 |  |  | 1,042 |  |  | 35,065 |  |  | 79,011 |
U.S. government treasury bonds |  | 42,976 |  |  | — |  |  | (48) |  |  | 42,928 |  |  | — |  |  | 22,251 |  |  | 20,677 |
Asset-backed securities |  | 32,031 |  |  | — |  |  | (40) |  |  | 31,991 |  |  | — |  |  | 10,999 |  |  | 20,992 |
Municipal bonds |  | 7,628 |  |  | — |  |  | (15) |  |  | 7,613 |  |  | 516 |  |  | 3,657 |  |  | 3,440 |
U.S. government agency bonds |  | 1,201 |  |  | — |  |  | (1) |  |  | 1,200 |  |  | — |  |  | — |  |  | 1,200 |
Total |  | $ | 1,297,157 |  |  | $ | 9 |  |  | $ | (504) |  |  | $ | 1,296,662 |  |  | $ | 1,099,370 |  |  | $ | 71,972 |  |  | $ | 125,320 |
As of December 31, 2020, we held $441.6 million of cash and $519.2 million of money market funds which were reported as cash and cash equivalents on our Consolidated Balance Sheet. We had no short-term or long-term marketable securities as of December 31, 2020. Net realized and unrealized gains and losses were not material for the year ended December 31, 2021, 2020 and 2019. The following table summarizes the fair value of our available-for-sale marketable securities classified by contractual maturity as of December 31, 2021 (in thousands):
|  | December 31, 2021
Due in 1 year or less |  | $ | 59,737 |
Due in 1 year through 5 years |  | 139,113 |
Total |  | $ | 198,850 |
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. Our unrealized losses as of December 31, 2021 are primarily due to changes in interest rates and credit spreads. We had no marketable securities that have been in a continuous material unrealized loss position for greater than twelve months as of December 31, 2021. Fair Value Measurements The following tables summarize our financial assets measured at fair value as of December 31, 2021 and 2020 (in thousands):
Description |  | Balance as of December 31, 2021 |  | Level 1 |  | Level 2 |  | Level 3 |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 343,010 |  |  | $ | 343,010 |  |  | $ | — |  |  | $ | — |  |  |
Corporate bonds |  | 1,042 |  |  | — |  |  | 1,042 |  |  | — |  |  |
Municipal bonds |  | 516 |  |  | — |  |  | 516 |  |  | — |  |  |
Short-term investments: |  |  |  |  |  |  |  |  |  |
U.S. government treasury bonds |  | 22,251 |  |  | 22,251 |  |  | — |  |  | — |  |  |
Corporate bonds |  | 35,065 |  |  | — |  |  | 35,065 |  |  | — |  |  |
Municipal bonds |  | 3,657 |  |  | — |  |  | 3,657 |  |  | — |  |  |
Asset-backed securities |  | 10,999 |  |  | — |  |  | 10,999 |  |  | — |  |  |
Long-term investments: |  |  |  |  |  |  |  |  |  |
U.S. government treasury bonds |  | 20,677 |  |  | 20,677 |  |  | — |  |  | — |  |  |
Corporate bonds |  | 79,011 |  |  | — |  |  | 79,011 |  |  | — |  |  |
Municipal bonds |  | 3,440 |  |  | — |  |  | 3,440 |  |  | — |  |  |
U.S. government agency bonds |  | 1,200 |  |  | — |  |  | 1,200 |  |  | — |  |  |
Asset-backed securities |  | 20,992 |  |  | — |  |  | 20,992 |  |  | — |  |  |
Prepaid expenses and other current assets: |  |  |  |  |  |  |  |  |  |
Israeli funds |  | 3,841 |  |  | — |  |  | 3,841 |  |  | — |  |  |
Other assets: |  |  |  |  |  |  |  |  |  |
Investments in privately held companies 1 |  | 8,621 |  |  | — |  |  | — |  |  | 8,621 |  |  |
|  | $ | 554,322 |  |  | $ | 385,938 |  |  | $ | 159,763 |  |  | $ | 8,621 |  |  |
1 The adjustment to the carrying value of our equity investments in privately held companies without readily determinable fair value are not material during the year ended December 31, 2021, 2020 and 2019.
Description |  | Balance as of December 31, 2020 |  | Level 1 |  | Level 2 |  | Level 3
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 519,228 |  |  | $ | 519,228 |  |  | $ | — |  |  | — |
Prepaid expenses and other current assets: |  |  |  |  |  |  |  |
Israeli funds |  | 3,500 |  |  | — |  |  | 3,500 |  |  | — |
Current unsecured promissory note |  | 5,408 |  |  | — |  |  | — |  |  | 5,408 |
|  | $ | 528,136 |  |  | $ | 519,228 |  |  | $ | 3,500 |  |  | $ | 5,408 |
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. As a result of the settlement of foreign currency forward contracts, during the year ended December 31, 2021, 2020 and 2019, we recognized a net gain of $18.8 million, a net loss of $22.1 million and a net gain of $3.2 million, respectively. As of December 31, 2021 and 2020, the fair value of foreign exchange forward contracts outstanding were not material. The following table presents the gross notional value of all our foreign exchange forward contracts outstanding as of December 31, 2021 and 2020 (in thousands):
|  | December 31, 2021
|  | Local Currency Amount |  | Notional Contract Amount (USD)
Euro |  | €165,110 |  | $ | 186,358 |
Canadian Dollar |  | C$99,800 |  | 78,018 |
Chinese Yuan |  | ¥494,500 |  | 77,358 |
Polish Zloty |  | PLN219,800 |  | 54,014 |
Brazilian Real |  | R$286,500 |  | 50,894 |
Japanese Yen |  | ¥5,548,700 |  | 48,206 |
British Pound |  | £34,740 |  | 46,881 |
Israeli Shekel |  | ILS54,110 |  | 17,416 |
Mexican Peso |  | M$311,500 |  | 15,133 |
Swiss Franc |  | CHF9,950 |  | 10,883 |
Australian Dollar |  | A$6,900 |  | 5,009 |
|  |  |  | $ | 590,170 |
|  | December 31, 2020
|  | Local Currency Amount |  | Notional Contract Amount (USD)
Euro |  | €126,300 |  | $ | 155,125 |
Chinese Yuan |  | ¥936,000 |  | 143,393 |
Canadian Dollar |  | C$65,000 |  | 50,791 |
British Pound |  | £32,300 |  | 43,879 |
Japanese Yen |  | ¥4,249,000 |  | 41,222 |
Brazilian Real |  | R$142,000 |  | 27,264 |
Israeli Shekel |  | ILS74,000 |  |  | 23,094 |
Mexican Peso |  | M$140,000 |  | 7,002 |
Australian Dollar |  | A$5,800 |  | 4,447 |
Swiss Franc |  | CHF3,700 |  | 4,191 |
|  |  |  | $ | 500,408 |
Other foreign currency forward contract Prior to the closing of the exocad acquisition on April 1, 2020, we entered into a Euro foreign currency forward contract with a notional contract amount of €376.0 million. Relating to this forward contract, in 2020, we recognized a loss of $10.2 million within other income (expense), net in our Consolidated Statement of Operations.

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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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