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Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2024
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, 2024 and December 31, 2023 are summarized below:
Asset Derivatives as of December 31, 2024(*)
Asset Derivatives as of December 31, 2023(*)
Liability Derivatives as of December 31, 2024(**)
Liability Derivatives as of December 31, 2023(**)
Derivatives designated as hedging instruments
Foreign exchange contracts104,317 50,438 17,836 77,819 
Cross-currency interest rate swaps— — 29,202 35,159 
 $104,317 $50,438 $47,038 $112,978 
Derivatives not designated as hedging instruments    
Foreign exchange contracts2,615 — 5,905 3,435 
 $106,932 $50,438 $52,943 $116,413 

(*)    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, 2024, 2023 and 2022 are summarized below:
 
Gain (Loss) Recognized in Other Comprehensive Income, net (*):
as of December 31, 2024
as of December 31, 2023
as of December 31, 2022
Payroll$(18,324)$(64,512)$(152,590)
Gain (Loss) from projects (Hedging)69,597 (55,269)447 
Foreign exchange contracts$51,273 $(119,781)$(152,143)

Gain (Loss) on of Derivative Reclassified from Accumulated Other Comprehensive Income (*):
as of December 31, 2024
as of December 31, 2023
as of December 31, 2022
Payroll$(36,927)$(125,063)$(66,710)
Gain from projects (Hedging)13,206 21,442 9,509 
Foreign exchange contracts$(23,721)$(103,621)$(57,201)



(*)    Presented as part of revenues/cost of revenue and equity in net earnings of affiliated companies and partnerships.
Note 19 - DERIVATIVE FINANCIAL INSTRUMENTS (Cont.)

B.    EFFECT ON CASH FLOW HEDGING (Cont.)

Amount Excluded from Effectiveness Testing Recognized in Income (*):
as of December 31, 2024
as of December 31, 2023
as of December 31, 2022
Foreign exchange contracts$(671)$13,791 $9,413 
Derivatives not designated as hedging instruments:
Foreign exchange contracts and other derivatives instruments$4,954 $(3,906)$(926)

(*)    Presented as part of revenues/cost of revenue and equity in net earnings of affiliated companies and partnerships.

C.    NET EFFECT OF CROSS-CURRENCY SWAPS

The net effect on earnings from the cross-currency swaps in 2024 was a loss of approximately $12,570, of which approximately $9,472 was offset against exchange rate differences related to Series B Notes and approximately $3,098 increased the interest expenses.

D.    FORWARD CONTRACTS

The notional amounts of outstanding foreign exchange forward contracts at December 31, 2024 is summarized below:

Buy December 31, 2024Buy December 31, 2023Sell December 31, 2024Sell December 31, 2023
Euro$187,873 $407,849 $1,408,619 $1,400,118 
GBP118,687 52,267 45,159 81,061 
NIS1,703,972 1,782,959 — — 
Other69,525 6,204 571,956 285,514 
 $2,080,057 $2,249,279 $2,025,734 $1,766,693