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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2011
Derivative Financial Instruments [Abstract] |
Derivative Financial Instruments | Note 19 - DERIVATIVE FINANCIAL INSTRUMENTS
| A. | Derivative financial instruments are presented as other assets or other payables. For asset derivatives and liability derivatives, respectively, the fair value of the Company's outstanding derivative instruments as of December 31, 2011 and December 31, 2010 is summarized below:
|  | Asset Derivatives (*) |  |  | Liability Derivatives (**) |
|  | December 31, 2011 |  |  | December 31, 2010 |  |  | December 31, 2011 |  |  | December 31, 2010 |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 9,908 |  |  | $ | 16,897 |  |  | $ | 23,914 |  |  | $ | 5,509 |
Cross-currency interest rate swaps |  |  | 8,877 |  |  |  | 20,377 |  |  |  | - |  |  |  | - |
|  |  | 18,785 |  |  |  | 37,274 |  |  |  | 23,914 |  |  |  | 5,509 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | 4,847 |  |  |  | 2,044 |  |  |  | 1,363 |  |  |  | 2,710 |
Options exchange contracts |  |  | - |  |  |  | 159 |  |  |  | 677 |  |  |  | 51 |
|  | $ | 4,847 |  |  | $ | 2,203 |  |  | $ | 2,040 |  |  | $ | 2,761 |
| (*) | Presented as part of other assets.
| (**) | Presented as part of other payables.
| B. | The effect of derivative instruments on cash flow hedging and the relationship between income and other comprehensive income for the years ended December 31, 2011 and December 31, 2010 is summarized below:
|  | Gain (Loss) Recognized in Other Comprehensive Income on Effective- Portion of Derivative, net |  |  | Gain on Effective Portion of Derivative Reclassified from Accumulated Other Comprehensive Income (*) |  |  | Ineffective Portion of Gain of Derivative and Amount Excluded from Effectiveness Testing Recognized in Income (**) |
|  | December 31, 2011 |  |  | December 31, 2010 |  |  | December 31, 2011 |  |  | December 31, 2010 |  |  | December 31, 2011 |  |  | December 31, 2010 |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | (13,914 | ) |  | $ | 20,002 |  |  | $ | 7,438 |  |  | $ | - |  |  | $ | 585 |  |  | $ | - |
Other |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,115 |  |  |  | - |  |  |  | 2,034 |
|  | $ | (13,914 | ) |  | $ | 20,002 |  |  | $ | 7,438 |  |  | $ | 10,115 |  |  | $ | 585 |  |  | $ | 2,034 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange Contracts |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 461 |  |  | $ | 751 |
| (*) | Presented as part of revenues/cost of sales
| (**) | Presented as part of financial expenses
| C. | The net effect of the cross-currency swaps was approximately $11,000 of losses, of which approximately $19,500 was offset against exchange rate difference, related to Series A Notes and approximately $8,500 was offset against interest expenses.
| D. | The notional amounts of outstanding foreign exchange forward contracts at December 31, 2011 and December 31, 2010, is summarized below:
|  | Forward contracts |
|  | Buy |  |  | Sell |
|  | December 31, |  |  | December 31, |
|  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Euro |  | $ | 57,022 |  |  | $ | 16,076 |  |  | $ | 154,251 |  |  | $ | 240,830 |
GBP |  |  | 30,868 |  |  |  | 20,475 |  |  |  | 45,095 |  |  |  | 85,980 |
NIS |  |  | 654,105 |  |  |  | 114,284 |  |  |  | - |  |  |  | - |
Other |  |  | 14,073 |  |  |  | 30,412 |  |  |  | 34,120 |  |  |  | 54,572 |
|  | $ | 756,068 |  |  | $ | 181,247 |  |  | $ | 233,466 |  |  | $ | 381,382 |

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- Definition The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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