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FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2014

FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT [Abstract]

Schedule of Fair Values of Derivative Instruments

Fair values of derivative instruments:

		Asset derivatives
As of December 31, 2014		Thousands of US dollars
		Balance sheet location		Fair value
Derivatives designated as hedging instruments:
Foreign exchange contracts		Other Assets		2,564

		Liability derivatives
As of December 31, 2013		Thousands of US dollars
		Balance sheet location		Fair value
Derivatives designated as hedging instruments:
Foreign exchange contracts		Other liabilities		(568	)

Amounts reclassified to statement of income:

Derivatives designated as hedging instruments		Location of loss recognized in income		Amount of gain recognized in income
Year ended December 31, 2014				Thousands of US dollars
Foreign exchange contracts		Cost of revenues		68

Derivatives designated as hedging instruments		Location of loss recognized in income		Amount of loss recognized in income
Year ended December 31, 2013				Thousands of US dollars
Foreign exchange contracts		Cost of revenues		(295				)

Schedule of Financial Assets Measured at Fair Value on a Recurring Basis

		December 31, 2014
(in thousands)		Level 1		Level 2		Level 3
Derivatives
Derivatives designated as hedging instruments		-		2,564		-

		December 31, 2013
(in thousands)		Level 1		Level 2		Level 3
Derivatives
Derivatives designated as hedging instruments		-		568		-

X

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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