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Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">Intangible assets acquired in a business combination are recorded at fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets that are not considered to have an indefinite useful life are amortized over their estimated useful lives, which range from 5 to 9 years. Some of the acquired customer arrangements are amortized over their estimated useful lives in proportion to the economic benefits realized. This accounting policy results in accelerated amortization of such customer arrangements as compared to the straight-line method. All other intangible assets are amortized over their estimated useful lives on a straight-line basis. 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ASC No. 985-20, "Software - Costs of Software to Be Sold, Leased, or Marketed", requires capitalization of certain software development costs subsequent to the establishment of technological feasibility.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt; text-indent: 0pt">Based on the Company's product development process, technological feasibility is established upon completion of a working model. Costs incurred by the Company between completion of the working models and the point at which the products are ready for general release, have been insignificant. 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The Group provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value if it is more likely than not that a portion or all of the deferred tax assets will not be realized.</div> <div style="text-align: justify; margin-left: 85.05pt; line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">Deferred tax liabilities and assets are classified as non-current in accordance with ASU 2015-17.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">ASC 740 contains a two-step approach to recognizing and measuring a liability for uncertain tax positions. 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The Company accrues interest and penalty, if any related to unrecognized tax benefits in its taxes on income.</div></div> <div><div style="text-align: justify; line-height: 1.25"><table id="z94a85e8d64ca45ea9f837e87b10ebcc4" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"><tr><td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 28.35pt">t.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Concentrations of credit risks:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">Financial instruments that potentially subject the Company and its subsidiaries to concentrations of credit risk consist principally of cash and cash equivalents, bank deposits, available-for-sale marketable securities and trade receivables.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The majority of the Group's cash, cash equivalents and bank deposits are invested in major banks in Israel and the U.S. The Israeli bank deposits are not insured, while the deposits made in the United States are in excess of insured limits and are not otherwise insured.&#160; Generally, these cash equivalents may be redeemed upon demand and, therefore management believes that it bears a lower risk. The short-term and long-term bank deposits are held in financial institutions which management believes are institutions with high credit standing, and accordingly, minimal credit risk from geographic or credit concentration exists with respect to these bank deposits. As of December 31, 2018, 70% of the Group's short-term bank deposits were deposited in major Israeli banks in Israel which are rated AAA, as determined by the Israeli affiliate of Standard &#38; Poor's ("S&#38;P"), and 30% were deposited in the U.S. branch of another major Israeli bank which is also rated AAA, as determined by the Israeli affiliate of S&#38;P.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">As of December 31, 2018, the maximal contractual duration of any of the Company's bank deposits was 2.25 years, the weighted average duration of the Company's deposits was 1.30 years, and the weighted average time to maturity was 0.48 years.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The Company's available-for-sale marketable securities include investments in foreign banks, government debentures and corporate debentures. The financial institutions that hold the Company's available-for-sale marketable securities are major U.S. financial institutions, located in the United States. The Company's management believes that the Company's available-for-sale marketable securities portfolio is a diverse portfolio of highly-rated securities and the Company's investment policy limits the amount the Company's may invest in each issuer, and accordingly, management believes that minimal credit risk exists from geographic or credit concentration with respect to these securities.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">As of December 31, 2018, 47% of the Company's available-for-sale marketable securities portfolio was invested in debt securities of financial institutions, 5% in debt securities of governmental institutions, and 48% in debt securities of corporations.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">From geographic prospective, 38% of the Company&#8217;s available-for-sale marketable securities portfolio was invested in debt securities of U.S. issuers, 29% was invested in debt securities of European issuers and 33% was invested in debt securities of other geographic-located issuers. As of December 31, 2018, 91% of the Company's available-for-sale marketable securities portfolio was rated A- or higher, as determined by S&#38;P, 7% was rated BBB or BBB+ and 2% was rated BB-.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The trade receivables of the Group are mainly derived from sales to customers located primarily in the United States, Europe, the Middle East, Africa and Asia Pacific. The Company performs ongoing credit evaluations of its customers. An allowance for doubtful accounts is determined with respect to those amounts that the Company has determined to be doubtful of collection. In certain circumstances, the Company may require from its customers letters of credit, other collateral or additional guarantees. Bad debt expenses for the years ended December 31, 2018, 2017 and 2016 were nil, $ 109 and nil, respectively. Total write offs during 2018 amounted to $ 100 and nil during 2017 and 2016.</div></div> <div><div style="text-align: justify; line-height: 1.25"><table id="zdf3c3aef50c94f7d9ffc3653fb1e1b05" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"><tr><td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 28.35pt">u.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Employee related benefits:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: italic 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 113.4pt; text-indent: -28.35pt">Severance pay:</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The Group's liability for severance pay recorded mainly with respect to its Israeli employees for periods prior to April 1, 2007 (the "Transition Date") is calculated pursuant to the Israeli Severance Pay Law - 1963 ("ISP Law"), based on the most recent salary of the employees multiplied by the number of years of employment as of the Transition Date. The Company recorded as expenses the increase in the severance liability, net of earnings (losses) from the related investment fund. Israeli employees were entitled to one month's salary for each year of employment, or a portion thereof. Until the Transition Date, the Group's liability was partially funded by monthly payments deposited with insurers; any unfunded amounts would be paid from operating funds and are covered by a provision established by the Company.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The carrying value of the deposited funds for the Group's Israeli employees severance pay for employment periods prior to the Transition Date include profits and losses accumulated up to the balance sheet date. The deposited funds may be withdrawn only upon the fulfillment of the obligation pursuant to the ISP Law or employment agreements.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">Effective as of the Transition Date, the Group's agreements with employees in Israel are in accordance with Section 14 of the ISP Law which provide that the employer's contributions to severance pay fund shall cover its entire severance obligation with respect to period of employment subsequent to the Transition Date. Upon termination, the release of the contributed amounts from the fund to the employee shall relieve the employer from any further severance obligation and no additional payments are required to be made by the employer to the employee. As a result, the related obligation and amounts deposited in respect of such obligation are not stated on the consolidated balance sheets, as the employer is legally released from severance obligation to employees once the amounts have been fully deposited, and the Company has no legal ownership in the amounts deposited. Consequently, effective from the Transition Date, the Company increased its contribution to the deposited funds to cover the full amount of the employees' salaries.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">Severance pay expenses for the years ended December 31, 2018, 2017 and 2016 amounted to approximately $4,259, $3,296 and $3,603, respectively. 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The cumulative impact of applying the new guidance to all contracts with customers that were not substantially completed as of January 1, 2018 was recorded as an adjustment to retained earnings as of the adoption date. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported under the historic accounting under Revenue Recognition Topic 605 ("ASC No. 605"). In addition, the Company also implemented the guidance in ASC No. 340-40, "Other Assets and Deferred Costs". Under the historic accounting policy, sales commissions were expensed as incurred. The current standard requires the capitalization of all incremental costs that the Company incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained, provided the Company expects to recover the costs. 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The Company's management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time these estimates are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the <font style="font: 10pt Times New Roman, Times, serif">consolidated </font>financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</div> <br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">On an ongoing basis, the Company's management evaluates estimates, including those related to fair values and useful lives of intangible assets, tax assets and liabilities, fair values of stock-based awards, as well as in estimates used in applying the revenue recognition policy related to standalone selling price. Such estimates are based on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.</div> <div style="text-align: justify; margin-left: 85.05pt; line-height: 1.25; text-indent: -28.35pt"><br style="line-height: 1.25" /> </div> <div style="text-align: justify; line-height: 1.25"> <table id="ze153f099008344dd8f2ef7bcfa7fe1c9" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"> <tr> <td style="width: 56.7pt"></td> <td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 28.35pt">b.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Financial statements in United States dollars:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div> <div></div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">A majority of the Group's revenues are denominated in United States dollars ("dollar" or "U.S. dollars"). In addition, a substantial portion of the Company's and certain of its subsidiaries' costs are denominated in dollars. The Company's management believes that the dollar is the primary currency of the economic environment in which the Company and its subsidiaries operate. Thus, the functional and reporting currency of the Company and its subsidiaries is the dollar. Accordingly, monetary accounts maintained in currencies other than the dollar are re-measured into dollars in accordance with Accounting Standards Codification ("ASC") No. 830 "Foreign Currency Matters". 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Intercompany balances and transactions including profits from intercompany sales not yet realized outside the Group, have been eliminated upon consolidation.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="text-align: justify; line-height: 1.25"> <table id="z420b68dfbb61499dbaf9af375e094737" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"> <tr> <td style="width: 56.7pt"></td> <td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 28.35pt">d.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Cash equivalents:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less, at acquisition.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="text-align: justify; line-height: 1.25"> <table id="z9ec91813a275426a8786eb6ad75e2a69" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"> <tr> <td style="width: 56.7pt"></td> <td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 28.35pt">e.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Bank deposits:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">Bank deposits with maturities of more than three months but less than one year are included in short-term bank deposits. Such short-term bank deposits are stated at cost which approximates market values.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">Bank deposits with maturities of more than one year are included in long-term bank deposits. Deposits as of December 31, 2018 do not have contractual maturities that exceed one year. Long-term bank deposits are stated at cost which approximates market values.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="text-align: justify; line-height: 1.25"> <table id="zf5690c086bf3416294f1c9ba17c91251" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"> <tr> <td style="width: 56.7pt"></td> <td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 28.35pt">f.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Investment in marketable securities:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The Company accounts for investments in marketable securities in accordance with ASC No. 320, "Investments - Debt and Equity Securities". Management determines the appropriate classification of its investments at the time of purchase and reevaluates such determinations at each balance sheet date.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The Company classified all of its debt securities as available-for-sale marketable securities. Available-for-sale marketable securities are carried at fair value, with the unrealized gains and losses reported in "Accumulated other comprehensive income (loss)" in shareholders' equity. Realized gains and losses on sales of investments are included in financial income, net and are derived using the specific identification method for determining the cost of securities.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization together with interest and dividends on securities are included in financial income, net.</div> <div style="text-align: justify; margin-left: 85.05pt; line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The Company recognizes an impairment charge when a decline in the fair value of its investments below the cost basis is judged to be other-than-temporary. The factors considered in making such a determination include the duration and severity of the impairment, the reason for the decline in value, the potential recovery period and the Company's intent to sell, including whether it is more likely than not that the Company will be required to sell the investment before recovery of cost basis. For securities that are deemed other-than-temporarily impaired, the amount of impairment recognized in the consolidated statements of income (loss) is limited to the amount related to credit losses, while impairment related to other factors is recognized in other comprehensive income (loss).</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="line-height: 1.25"> <div></div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">During the years 2018, 2017 and 2016, the Company did not record other-than-temporary impairment loss <font style="font: 10pt Times New Roman, Times, serif">(&#8220;</font>OTTI<font style="font: 10pt Times New Roman, Times, serif">&#8221;)</font> with respect to its available-for-sale marketable securities.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="line-height: 1.25"> <div></div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The Company has unrealized losses on debt securities in certain corporate<font style="font: 10pt Times New Roman, Times, serif"> bonds</font>. 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Charges for obsolete and slow-moving inventories are recorded based upon an analysis of specific identification of obsolete inventory items and quantification of slow-moving inventory items. These assessments consider various factors, including historical usage rate, technological obsolescence, estimated current and future market values and new product introduction. 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The Company recorded as expenses the increase in the severance liability, net of earnings (losses) from the related investment fund. Israeli employees were entitled to one month's salary for each year of employment, or a portion thereof. Until the Transition Date, the Group's liability was partially funded by monthly payments deposited with insurers; any unfunded amounts would be paid from operating funds and are covered by a provision established by the Company.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The carrying value of the deposited funds for the Group's Israeli employees severance pay for employment periods prior to the Transition Date include profits and losses accumulated up to the balance sheet date. 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ASC No. 805 requires recognition of assets acquired, liabilities assumed, and any non-controlling interest at the acquisition date, measured at their fair values as of that date. Any excess of the fair value of net assets acquired over purchase price and any subsequent changes in estimated contingencies are to be recorded in earnings. In addition, changes in valuation allowance related to acquired deferred tax assets and in acquired income tax position are to be recognized in earnings.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="text-align: justify; line-height: 1.25"> <table id="z3bf4fa977105455e8a4b4d447742cba3" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"> <tr> <td style="width: 56.7pt"></td> <td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 28.35pt">aa.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">New accounting pronouncements not yet effective:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify"> <div></div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 84.75pt">In February 2016, the FASB issued ASU 2016-02. 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The cumulative impact of applying the new guidance to all contracts with customers that were not substantially completed as of January 1, 2018 was recorded as an adjustment to retained earnings as of the adoption date. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported under the historic accounting under Revenue Recognition Topic 605 ("ASC No. 605"). In addition, the Company also implemented the guidance in ASC No. 340-40, "Other Assets and Deferred Costs". Under the historic accounting policy, sales commissions were expensed as incurred. The current standard requires the capitalization of all incremental costs that the Company incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained, provided the Company expects to recover the costs. 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