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DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2020
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
Schedule of Notional and Fair Value Amounts of Outstanding Derivative Instruments
Notional amountFair value
(Level 2 within the fair value hierarchy)
December 31,December 31,
2020201920202019
Option contracts to hedge payroll
expenses ILS$— $16,204 $— $294 
expenses INR15,733 21,904 795 800 
Option contracts to hedge lease obligations
expenses ILS— 1,273 — 19 
expenses INR901 2,006 46 80 
Forward contracts to hedge payroll
expenses ILS67,652 67,139 4,807 1,333 
expenses INR7,866 10,032 168 50 
expenses PHP1,623 2,362 3 64 
Forward contracts to hedge lease obligations
 expenses INR451 — 10 — 
 expenses ILS— 2,546 — 67 
 expenses PHP— 5,354 — 12 
$94,226 $128,820 $5,829 $2,719 
Schedule of Fair Value of Derivative Instruments by Balance Sheet Location
The fair value of the Company's outstanding derivative instruments at December 31, 2020 and 2019 is summarized below:
Fair value of derivative instruments
December 31,
Balance sheet line item20202019
Derivative assets:
Foreign exchange option contractsPrepaid expenses and other current assets$841 $1,194 
Foreign exchange forward contractsPrepaid expenses and other current assets4,988 1,525 
Derivative liabilities:
Foreign exchange option contractsAccrued expenses and other liabilities— — 
Foreign exchange forward contractsAccrued expenses and other liabilities$— $— 
Schedule of Effect of Derivative Instruments in Cash Flow Hedging Relationship on Income and Other Comprehensive Income
The effect of derivative instruments in cash flow hedging relationship on income and other comprehensive income for the years ended December 31, 2020, 2019 and 2018 is summarized below:
Amount of gain (loss) recognized in
other comprehensive income
on derivative, net of tax (effective portion)
Year Ended December 31,
202020192018
Derivatives in foreign exchange cash flow hedging relationships:
Forward contracts$5,901 $2,108 $(6,059)
Option contracts(947)3,387 (2,571)
4,954 $5,495 $(8,630)

Derivatives in foreign exchange cash flow hedging relationships:
Amount of gain (loss) reclassified from other comprehensive income
into income (expenses),
net of tax (effective portion)
Year Ended December 31,
Statements of income line item
202020192018
Option contracts to hedge payroll and facility expenses
Cost of revenues and operating expenses
$(490)$320 $66 
Forward contracts to hedge payroll and facility expenses
Cost of revenues, operating expenses and financial expenses
(1,979)(749)4,715 
$(2,469)$(429)$4,781