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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2012
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, the fair value of the Company's outstanding derivative instruments as of December 31, 2012 and December 31, 2011 is summarized below:
|  | Asset Derivatives (*) |  | Liability Derivatives (**)
|  | December 31, | December 31, |  | December 31, |  | December 31,
|  | 2012 |  | 2011 |  | 2012 |  | 2011
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |
Foreign exchange contracts | $ | 21,100 | $ | 9,908 | $ | 3,095 | $ | 23,914
Cross-currency interest rate swaps |  | 22,415 |  | 8,877 |  | - |  | -
|  | 43,515 |  | 18,785 |  | 3,095 |  | 23,914
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |
Foreign exchange contracts |  | 3,638 |  | 4,847 |  | 1,897 |  | 1,363
Options exchange contracts |  | - |  | - |  | - |  | 677
| $ | 3,638 | $ | 4,847 | $ | 1,897 | $ | 2,040
(*) Presented as part of other assets receivables and long term other receivables. (**) Presented as part of other payables and long term 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, 2012 and December 31, 2011 is summarized below:
|  |  |  |  |  |  |  |  |  |  | Ineffective Portion of Gain of
|  | Gain (Loss) Recognized |  | Gain (loss) on Effective Portion |  | Derivative and Amount
|  | in Other Comprehensive |  | of Derivative Reclassified |  | Excluded from Effectiveness
|  | Income on Effective- |  | from Accumulated Other |  | Testing Recognized in Income
|  | Portion of Derivative, net |  | Comprehensive Income (*) |  |  | (**) |
|  | December 31, |  | December 31, |  | December 31, | December 31, |  | December 31, | December 31,
|  | 2012 |  |  | 2011 |  | 2012 |  | 2011 |  | 2012 |  | 2011
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | $ | 12,277 |  | $ | (13,914) | $ | (15,831) | $ | 7,438 | $ | 180 | $ | 585
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange Contracts | $ | - |  | $ | - | $ | - | $ | - | $ | 150 | $ | 461
(*) Presented as part of revenues/cost of sales (**) Presented as part of financial income (expenses), net C. The net effect of the cross-currency swaps was approximately $11,981 of gain, of which approximately $2,900 was offset against exchange rate difference, related to Series A Notes and approximately $9,081 was offset against interest expenses. D. The notional amounts of outstanding foreign exchange forward contracts at December 31, 2012 and December 31, 2011, is summarized below:
|  |  |  | Forward contracts |  |
|  | Buy |  | Sell
|  | December 31, |  | December 31,
|  | 2012 |  | 2011 |  | 2012 |  | 2011
Euro | $ | 60,665 | $ | 57,022 | $ | 131,696 | $ | 154,251
GBP |  | 45,262 |  | 30,868 |  | 28,268 |  | 45,095
NIS |  | 386,017 |  | 654,105 |  | - |  | -
Other |  | 4,344 |  | 14,073 |  | 14,871 |  | 34,120
| $ | 496,288 | $ | 756,068 | $ | 174,835 | $ | 233,466

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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 Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80784-113994 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624181-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708775-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41635-113959 Reference 12: 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. 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