Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 Amendments

Fair Value Measurement

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Fair Value Measurement
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement
Note 9. Fair Value Measurements
The following table summarizes the Company’s financial assets and liabilities that are carried at fair value on a recurring basis, in its consolidated balance sheets:
March 31, 2024 December 31, 2023
Assets: Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
(U.S. $ in thousands)
Foreign exchange forward contracts not designated as hedging instruments $ —  $ 91  $ —  $ —  $ 164  $ — 
Foreign exchange forward contracts designated as hedging instruments —  2,110  —  —  2,087  — 
Convertible notes —  —  7,286  —  —  7,018 
Marketable securities 2,147  1,994 
Liabilities:
Foreign exchange forward contracts not designated as hedging instruments —  (139) —  —  (51) — 
Foreign exchange forward contracts designated as hedging instruments —  —  —  —  (657) — 
Contingent consideration* —  —  (18,472) —  —  (18,603)
$ 2,147  $ 2,062  $ (11,186) $ 1,994  $ 1,543  $ (11,585)
*Includes $6.9 million and $6.7 million under Accrued expenses and other current liabilities in the Company's consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively.
The Company’s foreign exchange forward contracts are classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs, including interest rate curves and both forward and spot prices for currencies (Level 2 inputs).
Contingent consideration represents liabilities recorded at fair value in connection with acquisitions, and thus represents a Level 3 measurement within the fair value hierarchy (refer to Note 3).
Other financial instruments consist mainly of cash and cash equivalents, short-term deposits, current and non-current receivables, accounts payable and other current liabilities. The fair value of these financial instruments approximates their carrying values.