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Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments DERIVATIVE FINANCIAL INSTRUMENTS
A.    FAIR VALUE OF DERIVATIVE INSTRUMENTS

Derivative financial instruments are presented as other assets or other payables. For asset derivatives and liability derivatives, the fair values of the Company’s outstanding derivative instruments as of December 31, 2020 and December 31, 2019 are summarized below:
 
Asset Derivatives (*)
Liability Derivatives (**)
 December 31,December 31,
2020201920202019
Derivatives designated as hedging instruments    
Foreign exchange contracts13,410 23,820 21,517 7,489 
Cross-currency interest rate swaps16,851 6,183 — — 
 $30,261 $30,003 $21,517 $7,489 
Derivatives not designated as hedging instruments    
Foreign exchange contracts1,266 66 1,062 337 
 $31,527 $66 $22,579 $337 

(*)    Presented as part of other receivables and long-term other receivables.
(**)    Presented as part of other payables and long-term other payables.

B.    EFFECT ON CASH FLOW HEDGING

The effect of derivative instruments on cash flow hedging and the relationship between income and other comprehensive income for the years ended December 31, 2020 and December 31, 2019, are summarized below:
 
 Gain (Loss) Recognized
in Other Comprehensive
Income on Effective-
Portion of Derivative, net
Gain (Loss) on of Derivative Reclassified from Accumulated Other Comprehensive Income (*),(**)
Amount Excluded from Effectiveness Testing Recognized in Income (***)
 December 31,
2020		December 31,
2019		December 31,
2020		December 31,
2019		December 31,
2020		December 31,
2019
Derivatives designated as hedging instruments:    
Foreign exchange contracts$12,602 $24,328 $41,787 $13,057 $4,662 $5,447 
Derivatives not designated as hedging instruments:    
Foreign exchange contracts and other derivatives instruments$— $— $— $— $79 $(1,876)

(*)    Presented as part of revenues/cost of revenue and equity in net earning of affiliated companies and partnerships.
(***)    As of December 31, 2019, this amount includes gains of $2,327 reclassified into earnings as a result of the discontinuance of cash flow hedges because it was probable that the original forecast transaction would not occur by the end of the originally specified time frame.
(***)    Presented as part of revenues.
Note 19 - DERIVATIVE FINANCIAL INSTRUMENTS (Cont.)

C.    NET EFFECT OF CROSS-CURRENCY SWAPS

The net effect on earnings from the cross-currency swaps in 2020 was a gain of approximately $5,478, of which approximately $5,056 was offset against exchange rate difference related to Series A Notes and approximately $422 was offset against interest expenses.

D.    FORWARD CONTRACTS

The notional amounts of outstanding foreign exchange forward contracts at December 31, 2020 is summarized below:

 Forward contracts
 BuySell
 December 31,December 31,
 2020201920202019
Euro$80,340 $81,258 $420,154 $330,433 
GBP4,866 9,380 109,224 38,606 
NIS52,600 — — 
Other19,608 35,662 176,185 63,093 
 $157,414 $126,300 $705,563 $432,132