v3.24.3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 9 Months Ended
--- | ---
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | NOTE 11: DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES During the nine months ended September 30, 2024, the Company instituted a foreign currency cash flow hedging program to reduce the risk of a forecasted increase in the value of foreign currency cash flows, resulting from payment of salaries in Israeli currency, the New Israeli Shekels (“NIS”). The Company hedges portions of the anticipated payroll denominated in NIS for a period of one to nine months with hedging contracts. These hedging contracts are designated as cash flow hedges, as defined by ASC 815 and are all effective hedges. As of September 30, 2024, the Company entered into forward contracts and put and call options to sell U.S. dollars (“USD”) both, in the amounts of NIS 148 million. In addition to the above-mentioned cash flow hedge transactions, the Company occasionally enters into derivative instrument arrangements to hedge the Company’s exposure to currencies other than USD. These derivative instruments are not designated as cash flow hedges, as defined by ASC 815, and therefore all gains and losses, resulting from fair value remeasurement, were recorded immediately in the statement of income (loss), under "Financial income (expense), net". The Company classifies cash flows related to its hedging as operating activities in its condensed consolidated statement of cash flows. The fair values of outstanding derivative instruments were as follows:
| Balance sheet location |  | September 30, 2024 |  |  | December 31, 2023 |
Derivative assets of options and forward contracts: |  |  |  |  |  |  |
Designated cash flow hedges | Prepaid expenses and other current assets |  | $ | 1,102 |  |  | $ | 4,477 |
Non-designated hedges | Prepaid expenses and other current assets |  |  | - |  |  |  | 410 |
Total derivative assets |  |  | $ | 1,102 |  |  | $ | 4,887 |
Gains (losses) on derivative instruments are summarized below:
|  |  |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | Affected line item |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non Designated Hedging Instruments |  | Condensed Consolidated Statements of Income (loss) - Financial income (expense), net |  | $ | - |  |  | $ | 5,841 |  |  | $ | 802 |  |  | $ | 5,841 |
Designated Hedging Instruments |  | Condensed Consolidated Statements of Comprehensive Income (loss) - Cash flow hedges |  | $ | 1,131 |  |  | $ | (2,713 | ) |  | $ | (1,426 | ) |  | $ | (6,861 | )
See Note 19 for information regarding losses from designated hedging instruments reclassified from accumulated other comprehensive loss.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration