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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended
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Dec. 31, 2023
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Abstract] |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
NOTE 6:- | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Company records all cash flow hedging instruments on the consolidated balance sheets at fair value. The fair values of outstanding derivative instruments designated as cash flow hedging instruments were as follows:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Prepaid expenses and other current assets |  | $ | 948 |  |  | $ | — |
Accrued expenses and other current liabilities |  | $ | — |  |  | $ | 313 |
As of December 31, 2023 and 2022, the notional amounts of the Company’s derivative instruments designated as cash flow hedging instruments outstanding in U.S. dollars amounted to $39,347 and $38,669, respectively. The Company had no derivative instruments or hedging activities as of December 31, 2021. Effect of Foreign Currency Contracts on the Consolidated Statements of loss The effect of foreign currency contracts designated as cash flow hedge on the consolidated statements of loss, for the years ended December 31, 2023 and 2022, were as follows:
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |
Cost of revenues |  | $ | 155 |  |  | $ | 450 |
Research and development |  |  | 1,619 |  |  |  | 3,244 |
Sales and marketing |  |  | 305 |  |  |  | 620 |
General and administrative |  |  | 296 |  |  |  | 538 |
Total losses recognized in the consolidated statements of loss, net |  | $ | 2,375 |  |  | $ | 4,852 |
Effect of Foreign Currency Contracts on Accumulated Other Comprehensive Income (Loss) Net unrealized gains (losses) of foreign currency contracts designated as cash flow hedging instruments are recorded in accumulated other comprehensive income (loss). The changes in unrealized gains (losses) on the Company’s derivative instruments recorded in accumulated other comprehensive income (loss) were as follows:
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |
Unrealized losses on derivative instruments, beginning of period |  | $ | (313 | ) |  | $ | — |
Changes in fair value of derivative instruments |  |  | (1,114 | ) |  |  | (5,165 | )
Reclassification of losses recognized in the consolidated statements of loss from accumulated other comprehensive income (loss) |  |  | 2,375 |  |  |  | 4,852 |
Unrealized gains (losses) on derivative instruments, end of period |  | $ | 948 |  |  | $ | (313 | )
All net deferred gains in accumulated other comprehensive income (loss) as of December 31, 2023, are expected to be recognized over the next twelve months as operating expenses in the same financial statement line item in the consolidated statements of loss to which the derivative relates.

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- 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
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