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Derivative Instruments | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Note 10 - Derivative Instruments The Company enters into foreign currency forward contracts with financial institutions to protect against the exposure to changes in exchange rates of several foreign currencies that are associated with forecasted cash flows and existing assets and liabilities. The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Foreign currency derivative contracts are classified within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments. The fair value of derivative contracts in the consolidated balance sheets on December 31, 2023 and December 31, 2022 were as follows:
|  | Other accounts receivable and prepaid expenses |  |  | Other accounts payable and accrued expenses |
|  | December 31, 2023 |
|  | $ thousands |  |  | $ thousands |
Derivatives designated as hedging instruments: |  |  |  |  |  |
Currency forward contracts |  |  | 920 |  |  |  | - |
Total derivatives |  |  | 920 |  |  |  | - |
|  | Other accounts receivable and prepaid expenses |  |  | Other accounts payable and accrued expenses |
|  | December 31, 2022 |
|  | $ thousands |  |  | $ thousands |
Derivatives designated as hedging instruments: |  |  |  |  |  |
Currency forward contracts |  |  | - |  |  |  | (1,271 | )
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Currency forward and option contracts |  |  | 8 |  |  |  | (152 | )
Total derivatives |  |  | 8 |  |  |  | (1,423 | )
The notional amounts for derivatives contracts were as follows:
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
|  | $ thousands |  |  | $ thousands |
Derivatives designated as hedging instruments: |  |  |  |  |  |
Currency forward contracts |  |  | 19,482 |  |  |  | 42,848 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Currency forward and option contracts |  |  | - |  |  |  | 16,082 |
The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions is up to 12 months. The effect of total income (loss) from derivative contracts designated as cash flow hedges in the consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021 was as follows:
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | $ thousands |  |  | $ thousands |  |  | $ thousands |
Cost of revenues |  |  | (901 | ) |  |  | (515 | ) |  |  | 317 |
Research and development, net |  |  | (1,544 | ) |  |  | (939 | ) |  |  | 699 |
Sales and marketing |  |  | (443 | ) |  |  | (215 | ) |  |  | 165 |
General and administrative |  |  | (721 | ) |  |  | (386 | ) |  |  | 279 |
Financial expenses and others, net |  |  | (498 | ) |  |  | (170 | ) |  |  | 304 |

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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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