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Financial Instruments | 12 Months Ended
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Dec. 31, 2023
Investments, All Other Investments [Abstract] |
Financial Instruments | Financial Instruments Cash, Cash Equivalents and Marketable Securities The following tables summarize our cash and cash equivalents, and marketable securities recorded in our Consolidated Balance Sheets as of December 31, 2023 and 2022 (in thousands):
|  |  |  |  |  |  |  |  |  | Reported as:
December 31, 2023 |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and cash equivalents |  | Marketable securities, short-term |  | Marketable securities, long-term
Cash |  | $ | 887,682 |  |  | $ | — |  |  | $ | — |  |  | $ | 887,682 |  |  | $ | 887,682 |  |  | $ | — |  |  | $ | — |
Money market funds |  | 49,756 |  |  | — |  |  | — |  |  | 49,756 |  |  | 49,756 |  |  | — |  |  | — |
Corporate bonds |  | 31,943 |  |  | 5 |  |  | (676) |  |  | 31,272 |  |  | — |  |  | 28,704 |  |  | 2,568 |
U.S. government treasury bonds |  | 4,855 |  |  | — |  |  | (99) |  |  | 4,756 |  |  | — |  |  | — |  |  | 4,756 |
Asset-backed securities |  | 1,416 |  |  | 2 |  |  | (1) |  |  | 1,417 |  |  | — |  |  | 719 |  |  | 698 |
Municipal bonds |  | 702 |  |  | — |  |  | (2) |  |  | 700 |  |  | — |  |  | 700 |  |  | — |
U.S. government agency bonds |  | 5,215 |  |  | — |  |  | (34) |  |  | 5,181 |  |  | — |  |  | 5,181 |  |  | — |
Total |  | $ | 981,569 |  |  | $ | 7 |  |  | $ | (812) |  |  | $ | 980,764 |  |  | $ | 937,438 |  |  | $ | 35,304 |  |  | $ | 8,022 |
|  |  |  |  |  |  |  |  |  | Reported as:
December 31, 2022 |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and cash equivalents |  | Marketable securities, short-term |  | Marketable securities, long-term
Cash |  | $ | 712,921 |  |  | $ | — |  |  | $ | — |  |  | $ | 712,921 |  |  | $ | 712,921 |  |  | $ | — |  |  | $ | — |
Money market funds |  | 229,129 |  |  | — |  |  | — |  |  | 229,129 |  |  | 229,129 |  |  | — |  |  | — |
Corporate bonds |  | 69,390 |  |  | — |  |  | (2,915) |  |  | 66,475 |  |  | — |  |  | 36,510 |  |  | 29,965 |
U.S. government treasury bonds |  | 20,559 |  |  | — |  |  | (549) |  |  | 20,010 |  |  | — |  |  | 15,404 |  |  | 4,606 |
Asset-backed securities |  | 4,514 |  |  | 1 |  |  | (37) |  |  | 4,478 |  |  | — |  |  | 2,909 |  |  | 1,569 |
Municipal bonds |  | 3,447 |  |  | — |  |  | (61) |  |  | 3,386 |  |  | — |  |  | 2,711 |  |  | 675 |
U.S. government agency bonds |  | 5,231 |  |  | 1 |  |  | (69) |  |  | 5,163 |  |  | — |  |  | — |  |  | 5,163 |
Total |  | $ | 1,045,191 |  |  | $ | 2 |  |  | $ | (3,631) |  |  | $ | 1,041,562 |  |  | $ | 942,050 |  |  | $ | 57,534 |  |  | $ | 41,978 |
The following tables summarizes the fair value of our available-for-sale marketable securities classified by contractual maturity as of December 31, 2023 and 2022 (in thousands):
|  | December 31,
|  | 2023 |  | 2022
Due in 1 year or less |  | $ | 34,617 |  |  | $ | 51,037 |
Due in 1 year through 5 years |  | 8,709 |  |  | 48,475 |
Total |  | $ | 43,326 |  |  | $ | 99,512 |
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, 2023 and 2022 are primarily due to changes in interest rates and credit spreads. The following tables summarize the gross unrealized losses as of December 31, 2023 and 2022, aggregated by investment category and length of time that individual securities have been in a continuous loss position (in thousands):
|  | As of December 31, 2023
|  | Less than 12 months |  | 12 Months or Greater |  | Total
December 31, 2023 |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  |  | Fair Value |  | Unrealized Loss
Corporate bonds |  | $ | — |  |  | $ | — |  |  | $ | 27,939 |  |  | $ | (676) |  |  |  | $ | 27,939 |  |  | $ | (676) |
U.S. government treasury bonds |  | 2,044 |  |  | (11) |  |  | 2,712 |  |  | (88) |  |  |  | 4,756 |  |  | (99) |
Asset-backed securities |  | 1,018 |  |  | (1) |  |  | 83 |  |  | — |  |  |  | 1,101 |  |  | (1) |
Municipal bonds |  | — |  |  | — |  |  | 700 |  |  | (2) |  |  |  | 700 |  |  | (2) |
U.S. government agency bonds |  | 4,003 |  |  | (11) |  |  | 1,178 |  |  | (23) |  |  |  | 5,181 |  |  | (34) |
Total |  | $ | 7,065 |  |  | $ | (23) |  |  | $ | 32,612 |  |  | $ | (789) |  |  |  | $ | 39,677 |  |  | $ | (812) |
|  | As of December 31, 2022
|  | Less than 12 months |  | 12 Months or Greater |  | Total
December 31, 2022 |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  |  | Fair Value |  | Unrealized Loss
Corporate bonds |  | $ | 10,639 |  |  | $ | (440) |  |  | $ | 54,634 |  |  | $ | (2,475) |  |  |  | $ | 65,273 |  |  | $ | (2,915) |
U.S. government treasury bonds |  | 5,262 |  |  | (177) |  |  | 14,748 |  |  | (372) |  |  |  | 20,010 |  |  | (549) |
Asset-backed securities |  | 2,636 |  |  | (17) |  |  | 1,275 |  |  | (20) |  |  |  | 3,911 |  |  | (37) |
Municipal bonds |  | — |  |  | — |  |  | 2,412 |  |  | (61) |  |  |  | 2,412 |  |  | (61) |
U.S. government agency bonds |  | 3,017 |  |  | (5) |  |  | 1,136 |  |  | (64) |  |  |  | 4,153 |  |  | (69) |
Total |  | $ | 21,554 |  |  | $ | (639) |  |  | $ | 74,205 |  |  | $ | (2,992) |  |  |  | $ | 95,759 |  |  | $ | (3,631) |
Fair Value Measurements The following tables summarize our financial assets measured at fair value and categorized by fair value hierarchy as of December 31, 2023 and 2022 (in thousands):
Description |  | Balance as of December 31, 2023 |  | Level 1 |  | Level 2 |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 49,756 |  |  | $ | 49,756 |  |  | $ | — |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | 28,704 |  |  | — |  |  | 28,704 |  |  |  |  |
Municipal bonds |  | 700 |  |  | — |  |  | 700 |  |  |  |  |
U.S. government agency bonds |  | 5,181 |  |  | — |  |  | 5,181 |  |  |  |  |
Asset-backed securities |  | 719 |  |  | — |  |  | 719 |  |  |  |  |
Long-term investments: |  |  |  |  |  |  |  |  |  |
U.S. government treasury bonds |  | 4,756 |  |  | — |  |  | 4,756 |  |  |  |  |
Corporate bonds |  | 2,568 |  |  | — |  |  | 2,568 |  |  |  |  |
Asset-backed securities |  | 698 |  |  | — |  |  | 698 |  |  |  |  |
|  | $ | 93,082 |  |  | $ | 49,756 |  |  | $ | 43,326 |  |  |  |  |
Description |  | Balance as of December 31, 2022 |  | Level 1 |  | Level 2 |  |
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 229,129 |  |  | $ | 229,129 |  |  | $ | — |  |  |
Short-term investments: |  |  |  |  |  |  |  |
U.S. government treasury bonds |  | 15,404 |  |  | 15,404 |  |  | — |  |  |
Corporate bonds |  | 36,510 |  |  | — |  |  | 36,510 |  |  |
Municipal bonds |  | 2,711 |  |  | — |  |  | 2,711 |  |  |
Asset-backed securities |  | 2,909 |  |  | — |  |  | 2,909 |  |  |
Long-term investments: |  |  |  |  |  |  |  |
U.S. government treasury bonds |  | 4,606 |  |  | 4,606 |  |  | — |  |  |
Corporate bonds |  | 29,965 |  |  | — |  |  | 29,965 |  |  |
Municipal bonds |  | 675 |  |  | — |  |  | 675 |  |  |
U.S. government agency bonds |  | 5,163 |  |  | — |  |  | 5,163 |  |  |
Asset-backed securities |  | 1,569 |  |  | — |  |  | 1,569 |  |  |
|  | $ | 328,641 |  |  | $ | 249,139 |  |  | $ | 79,502 |  |  |
We had no financial assets that were categorized as level 3 in the fair value hierarchy for the year ended December 31, 2023 or 2022. 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 assets and liabilities. These forward contracts are classified within Level 2 of the fair value hierarchy. As a result of the settlement of foreign currency forward contracts, we recognized a net loss of $15.9 million during the year ended December 31, 2023. The net gain recognized during the year ended 2022 was not material and we recognized a net gain of $18.8 million during the year ended December 31, 2021. As of December 31, 2023 and 2022, the fair value of foreign exchange forward contracts outstanding was not material. The following tables present the gross notional value of all our foreign exchange forward contracts outstanding as of December 31, 2023 and 2022 (in thousands):
|  | December 31, 2023
|  | Local Currency Amount |  | Notional Contract Amount (USD)
Euro |  | €337,780 |  | $ | 373,705 |
Canadian Dollar |  | C$108,900 |  | 82,166 |
Polish Zloty |  | PLN276,900 |  | 70,393 |
British Pound |  | £45,590 |  | 58,005 |
Chinese Yuan |  | ¥244,500 |  | 34,361 |
Swiss Franc |  | CHF28,600 |  | 34,132 |
Japanese Yen |  | ¥3,577,000 |  | 25,347 |
Israeli Shekel |  | ILS78,700 |  | 21,800 |
Brazilian Real |  | R$80,500 |  | 16,563 |
Mexican Peso |  | M$230,000 |  | 13,593 |
New Zealand Dollar |  | NZ$6,600 |  | 4,161 |
Australian Dollar |  | A$4,300 |  | 2,921 |
New Taiwan Dollar |  | NT$89,000 |  | 2,919 |
Czech Koruna |  | Kč60,200 |  | 2,687 |
Korean Won |  | ₩2,200,000 |  | 1,709 |
|  |  |  | $ | 744,462 |
|  | December 31, 2022
|  | Local Currency Amount |  | Notional Contract Amount (USD)
Euro |  | €186,900 |  | $ | 200,010 |
Polish Zloty |  | PLN365,988 |  | 83,307 |
Canadian Dollar |  | C$109,000 |  | 80,514 |
Chinese Yuan |  | ¥471,000 |  | 68,223 |
British Pound |  | £41,200 |  | 49,677 |
Japanese Yen |  | ¥6,200,000 |  | 47,196 |
Israeli Shekel |  | ILS110,030 |  | 31,383 |
Swiss Franc |  | CHF25,000 |  | 27,165 |
Brazilian Real |  | R$141,200 |  | 26,839 |
Mexican Peso |  | M$230,000 |  | 11,746 |
New Zealand Dollar |  | NZ$6,000 |  | 3,806 |
Australian Dollar |  | A$4,000 |  | 2,721 |
Czech Koruna |  | Kč56,000 |  | 2,469 |
New Taiwan Dollar |  | NT$60,000 |  | 1,959 |
|  |  |  | $ | 637,015 |

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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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