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<font style="font-weight: bold">GENERAL</font></div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="zbba7173efaf94fdb81e8eb6cda4cd9b1" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">a.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">General:</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">Caesarstone Ltd. (formerly Caesarstone Sdot-Yam Ltd.), incorporated under the laws of the State of Israel, was founded in 1987.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">Caesarstone Ltd. and its subsidiaries (collectively, the "Company" or "Caesarstone") develop, manufacture and market, high quality engineered quartz surfaces sold under the Company's premium Caesarstone brand. The Company's products are sold in approximately 50 countries through a combination of direct sales in certain markets and indirectly through a network of independent distributors in other markets. The Company's products are primarily used as kitchen countertops in the renovation and remodeling markets and in the new buildings construction market. Other applications include vanity tops, wall panels, back splashes, floor tiles, stairs and other interior surfaces that are used in a variety of residential and non-residential applications.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The Company has subsidiaries in Australia, Singapore, Canada, United Kingdom and the United States which are engaged in the marketing and selling of the Company's products in different geographic areas.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The Company manufacture its pruducts in three manufacturing facilities located in Kibbutz Sdot-Yam in central Israel, Bar-Lev Industrial Park in northern Israel and Richmond-Hill, Georgia in the U.S. which operates under the Company&#8217;s subsidiary in the United States, Caesarstone Technologies USA, Inc..</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="z35eb996a5c024b0bb27981123186ed7d" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">b.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Major suppliers:</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">In 2019, the Company acquired approximately 61% of its quartz consumption from Turkey, of which approximately 50% was supplied by Mikroman Madencilik San ve TIC.LTD.STI ("Mikroman"), constituting approximately 30% of Company's total quartz, and approximately 31% was supplied by Polat Maden Sanayi ve Ticaret A.&#350;. (&#8220;Polat&#8221;),&#160;constituting approximately 19% of Company&#8217;s total quartz. If Mikroman or Polat cease supplying the Company with quartz or if the Company's supply of quartz generally from Turkey is adversely impacted, the Company's other suppliers may be unable to meet the Company's quartz requirements. In that case, the Company would need to locate and qualify alternate suppliers, which could take time, increase costs and require adjustments to the appearance of the Company's products. As a result, the Company may experience a delay in manufacturing, which could materially and adversely impact the Company's results of operations.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /></div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="z6e7c688fb2394ec9b8b695088f049e57" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">c.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Caesarstone Canada, Inc.:</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">In connection with the formation of Caesarstone Canada Inc. in 2010 with the Company&#8217;s former distributor, Canadian Quartz Holdings Inc. (&#8220;Ciot&#8221;), the Company granted Ciot a put option and Ciot granted the Company a call option for its interest, each exercisable any time between July 1, 2012 and July 1, 2023 based on a mechanism as set forth in the agreement between the parties. In December 2018, the Company exercised its call option and purchased Ciot&#8217;s 45% ownership interest in Caesarstone Canada for the purchase price of $20,119 (CAD $27,300) and increased its ownership interest to 100%. The Company recorded the purchase price against the non-controlling interest balance and the access of the amounts paid over the non-controlling balance to a capital fund in its shareholders&#8217; equity (see also Note 2w).</div></div> <div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"><div style="font: 10pt Times New Roman, Times, Serif"><table cellspacing="0" cellpadding="0" id="z9a6cb291c6494dcf90d1c5f3432f9a59" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"><tr style="font: 10pt Times New Roman, Times, Serif"><td style="font: bold 10pt Times New Roman, Times, Serif; width: 56.7pt; vertical-align: top">NOTE 2:-</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: bold 10pt Times New Roman, Times, Serif">SIGNIFICANT ACCOUNTING POLICIES</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 56.7pt">The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="z3587679eaa804943835dd445dd9083dc" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">a.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Use of estimates:</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The Company's management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they were made.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"></div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="zb21c21d4825e473082121ab9a99c7847" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">b.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Financial statements in U.S. dollars:</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The Company's revenues are generated in various currencies including in U.S. dollars (USD), Australian dollars (AUD), Canadian dollars (CAD), Euros (EUR), Singapore dollars (SGD), British pounds (GBP) and New Israeli Shekels (NIS). In addition, most of the Company's costs are incurred in USD, NIS and EUR.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The Company&#8217;s management believes that the USD is the primary currency of the economic environment in which the Company operates. Thus, the functional and reporting currency of the Company is the USD.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The functional currency of the Company's foreign subsidiaries is the local currency in which the relevant subsidiary operates.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">Accordingly, monetary accounts maintained in currencies other than the USD are re-measured into dollars in accordance with Accounting Standards Codification ("ASC") 830, "Foreign Currency Matters" (&#8220;ASC 830&#8221;). All transaction gains and losses resulting from the re-measurement of monetary balance sheet items denominated in non-USD currencies are reflected in the statements of operations as financial income or expenses as appropriate.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The financial statements of the Company&#8217;s subsidiaries of which the functional currency is not the USD have been translated into the USD. All amounts on the balance sheets have been translated into the USD using the exchange rates in effect on the relevant balance sheet dates. All amounts in the statements of income have been translated into the USD using the monthly average exchange rate in accordance with ASC 830. 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Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases under current U.S. GAAP (&#8220;ASC 840&#8221;). Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. 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In June 2016, WOMAG further amended its claim, seeking a reduced amount of Euro 6.2 million (approximately $6,520) and South Africa RAND 51.2 million (approximately $3,700) plus interest on any capital sum awarded. As the district court dismissed the Company&#8217;s appeal of the decision of the magistrate&#8217;s court, the Company has agreed with WOMAG to submit the matter to arbitration, for which hearings commenced in South Africa in September 2016. The arbitration is divided into two stages. Both stages relate to the quantum of damages payable to the Company; the first stage in respect of the merits and the second in respect of the quantum of claim if WOMAG succeeds with its disputed claim on the merits. At the conclusion of each stage, if any of the parties is not satisfied with the arbitrator&#8217;s decision, that party may lodge an appeal to a panel of three arbitrators to be appointed by the parties. 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This conclusion is based on analysis of the terms of the underlying insurance policies, experience in successfully recovering individual product liability claims from Company's insurers, the insurance carrier was party to the agreement with the State of Israel and the financial ability of the insurance carriers to pay the claims and the relevant facts and applicable law.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 86.4pt">As of December 31, 2019 and 2018, the insurance receivable totaled to $9,517 and $9,564 respectively, of which $6,340 and $4,129 is reported in the other accounts receivable and prepaid expenses and $3,176 and $5,435 is in other long-term receivables.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"></div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 86.4pt"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">In 2019 and 2018, the legal settlements and loss contingencies expenses related to the bodily injury claims related to exposure to silica dust totaled to $7,258 and $6,996, respectively, which reflects the deductible amounts for claims covered by insurance policies, claims not covered and the impact of settlements including the related legal costs.</div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">&#160;</div> <div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; text-indent: 28.35pt; margin-left: 58.05pt"><font style="font-style: italic">Arbitration proceeding with Microgil Agricultural Cooperative Society Ltd</font>.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 86.4pt">In November 2011, Kfar Giladi and Microgil (the &#8220;claimants&#8221;), initiated arbitration proceedings against the Company that commenced in April 2012. The claimants filed a claim against the Company in arbitration for NIS 232.8 million ($60,500) for alleged damages and losses incurred by them in connection with a breach of Processing Agreement by the Company. In August 2012, the Company filed a claim against the claimants in arbitration for NIS 76.6 million ($19,900) for damages incurred by the Company in connection with claimants malfunctioning operations, breach of the agreement and the understanding between the parties regarding the agreement after it was terminated, inventory which was not returned to the Company and was unaccounted for and an unpaid loan, which was granted by the Company to the claimants, and the adverse impact on the valuation in our IPO caused by their actions.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 86.4pt">On January 17, 2018, the arbitrator provided its judgment, pursuant to which the Company is required to pay the claimants approximately NIS 48.2 million (approximately $13,900), including damages, interest, linkage to the Israeli Consumer Price index and legal fees. The Company recorded this amount in 2017 as part of the legal settlements and loss contingencies, net line item in its Consolidated Statement of Income and paid such amount during March 2018.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">&#160;</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: italic bold 10pt/1.25 Times New Roman, Times, Serif; margin: 0px 0px 0px 86.4pt; text-align: justify">General</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin: 0px 0px 0px 86.4pt; text-align: justify">From time to time, the Company is involved in other legal proceedings and claims in the ordinary course of business related to a range of matters. While the outcome of these other claims cannot be predicted with certainty, the Company monitors and estimates the possible loss deriving from these claims based on new information available and based on its legal advisors, and believes that it recorded an adequate reserve for these claims in accordance with ASC 450.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; text-indent: -56.7pt; margin-left: 56.7pt"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="z0fd32ed00360412c8fbfabf3143d4f8c" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">b.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Purchase obligation:</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The Company's significant contractual obligations and commitments as of December 31, 2019 are for purchase obligations to certain suppliers and amounted to $28,024 for the fiscal year 2020.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="z37452832386c4078825b4380207845d3" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">c.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Pledges and guarantees:</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="z92f24fb3e75d4235897c8b8bb9af8097" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 85.05pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">1.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">As of December 31, 2019, the Company had outstanding guarantees and letters of credit with various expiration dates in a principal amount of approximately $2,337 related to facilities, vehicle leases and other miscellaneous guarantees.</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; text-indent: -28.35pt; margin-left: 113.4pt">&#160;</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="z9377a8b4728f4d359598cba09fd43bfe" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 85.05pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">2.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Company's credit facilities provided by banks in Israel are secured with a &#8220;Negative floating pledge&#8221;, whereby the Company committed not to pledge or charge and not to undertake to pledge or charge its general floating assets.</div> </td></tr></table></div></div> <div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"><div style="font: 10pt Times New Roman, Times, Serif"><table cellspacing="0" cellpadding="0" id="z89a31095d48d499dbaa40ea13f6f2b04" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"><tr style="font: 10pt Times New Roman, Times, Serif"><td style="font: bold 10pt Times New Roman, Times, Serif; width: 54pt; vertical-align: top">NOTE 11:-</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: bold 10pt Times New Roman, Times, Serif">TAXES ON INCOME</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="za85acb5336b042eb841d37d8c2bb4373" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">a.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Israeli taxation:</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="z894edbb31f674818b72febabb6370412" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 85.05pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">1.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Corporate tax rate:</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 113.4pt">The corporate tax rate in Israel was 23% in 2019 and 2018, and 24% in 2017.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin: 0px 0px 0px 113.4pt; text-align: justify">On December 31, 2016, the Israeli Parliament's Plenum approved by a second and third reading the Bill for Amending the Income Tax Ordinance (No. 217) (Reduction of Corporate Tax Rate) which consists of the reduction of the corporate tax rate for development area A (relates to Company's manufacturing plant in Bar-Lev industrial zone) from 9% to 7.5%, effective January, 2017 (tax rate for Company's manufacturing plant in Sdot-Yam will remain unchanged at 16%).</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="z04d1f7d891924051bf149f462dc4cfcd" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 85.05pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">2.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Foreign Exchange Regulations:</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin: 0px 0px 0px 113.4pt; text-align: justify"><font style="background-color: #FFFFFF">Under the Foreign Exchange Regulations, Caesarstone Ltd. calculates its tax liability in U.S. Dollars according to certain orders. The tax liability, as calculated in U.S. Dollars is translated into New Israeli Shekels according to the exchange rate as of December 31st of each year.</font></div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="ze73e5fb9c8134339a1dd099ef442a34f" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 85.05pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">3.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Tax benefits under Israel's Law for the Encouragement of Industry (Taxes), 1969:</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 113.4pt">The Company is an "Industrial Company," as defined by the Law for the Encouragement of Industry (Taxes), 1969, and as such, the Company is entitled to certain tax benefits, primarily amortization of costs relating to know-how and patents over eight years, accelerated depreciation and the right to deduct public issuance expenses for tax purposes.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="z44720aadeebe4005bae217f3c678d5b8" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 85.05pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">4.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Tax benefits under the Law for the Encouragement of Capital Investments, 1959:</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 113.4pt">According to the Law for the Encouragement of Capital Investments, 1959 (the "Encouragement Law"), the Company is entitled to various tax benefits by virtue of the "Preferred Enterprise" status granted to its enterprises, in accordance with the Encouragement Law.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 113.4pt">The Company chose to be taxed according to the "Preferred Enterprise" track under Amendment No. 68 to the Encouragement Law (the "Amendment No. 68"). In order to implement Amendment No. 68 and to be taxed under the "Preferred Enterprise" track, the Company waived the tax benefits of the previous tracks -"Approved Enterprise" and "Beneficiary Enterprise" - under the Encouragement Law, starting from the 2011 tax year.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 113.4pt"><br style="line-height: 1.25" /> </div> <div id="DSPFPageBreakArea" style="font: 10pt Times New Roman, Times, Serif; clear: both; margin-top: 10pt; margin-bottom: 10pt"> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; text-indent: 28.35pt; margin-left: 85.05pt">The principal benefits by virtue of the Encouragement Law are the following:</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: italic 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; text-indent: 28.35pt; margin-left: 85.05pt">Tax benefits and reduced tax rates under the Preferred Enterprise track:</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin: 0px 0px 0px 113.4pt; text-align: justify">In order to receive benefits as a "Preferred Enterprise," Amendment No. 68 states certain conditions must be met. The basic condition for receiving the benefits under Amendment No. 68 is that the enterprise contributes to the country's economic growth and is a competitive factor for the gross domestic product (a "competitive enterprise"). In order to comply with this condition, the Encouragement Law prescribes various requirements. As for industrial enterprises, in each tax year, one of the following conditions must be met:</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="zf3c8ae8e2aec4f3ab0475ddf627078e6" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 113.4pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.5pt; vertical-align: top">1.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Its main field of activity is biotechnology or nanotechnology as approved by the Head of the Administration of Industrial Research and Development.</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="zf480c029068445b9a6b19d02a6cb823f" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 113.4pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.5pt; vertical-align: top">2.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">The industrial enterprise's sales revenues in a specific market during the tax year do not exceed 75% of its total sales for that tax year. A "market" is defined as a separate country or customs territory.</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="z7bc3b89dfdde4e8f8fc25618a1db18d8" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 113.4pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.5pt; vertical-align: top">3.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">At least 25% of the industrial enterprise's overall revenues during the tax year were generated from the enterprise's sales in a specific market with a population of at least 14 million starting from 2012 tax year.</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; background-color: #FFFFFF"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 113.4pt">The tax rate on preferred income form a Preferred Enterprise in 2014 and onwards was 16% (relates to Company's manufacturing plant in Sdot-Yam) and in development area A - 9%. Commencing 2017, the tax rate on preferred income from a Preferred Enterprise will be 16%&#160; and in development area A &#8211; 7.5% (relates to Company's manufacturing plant in Bar-Lev industrial zone).</div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 113.4pt">Amendment No. 68 also prescribes that any dividends distributed to individuals or foreign residents from the preferred enterprise's earnings as above will be subject to tax at a rate of 20% from 2014 and onwards (or a reduced rate under an applicable double tax treaty). Upon a distribution of a dividend to an Israeli company, no withholding tax is remitted.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 113.4pt">Since the Company chose to apply the provisions of Amendment No. 68, by submitting the waiver form before June 30, 2015, the Company is eligible to distribute taxed earnings derived from a Beneficiary Enterprise and/or Approved Enterprise to an Israeli company without being subject to withholding tax.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"></div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 113.4pt"> <br /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 113.4pt">In development area A, in addition to the tax benefits, as mentioned above, some of the Company's facilities are eligible for grants at rate of 20% and/or loans, subject to an approval of the Israeli Investment Center.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: italic 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 113.4pt">Accelerated depreciation:</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin: 0px 0px 0px 113.4pt; text-align: justify">The Company is eligible for a deduction of accelerated depreciation on machinery and equipment used by the Approved Enterprise or the Beneficiary Enterprise or the Preferred Enterprise at a rate of 200% (or 400% for buildings) from the first year of the asset's operation.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: italic 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 113.4pt">Conditions for entitlement to benefits:</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin: 0px 0px 0px 113.4pt; text-align: justify">The above mentioned benefits are contingent upon the fulfillment of the conditions stipulated by the Encouragement Law, regulations published thereunder and the letters of approval for the investments in the Preferred Enterprises, as discussed above. Non-compliance with the conditions may cancel all or part of the benefits and require a refund of the amount of the benefits, including interest. The Company's management believes that the Company is meeting the aforementioned conditions.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin: 0px 0px 0px 113.4pt; text-align: justify">Of the Company's retained earnings as of December 31, 2019, approximately $22,387 is tax-exempt earnings attributable to its Approved Enterprise programs and $17,494 is tax-exempt earnings attributable to its Beneficiary Enterprise program. The tax-exempt income attributable to the Approved and Beneficiary Enterprises cannot be distributed to shareholders without subjecting the Company to taxes. 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Each party may terminate such agreement upon a material breach, following a 30-day prior notice, or upon liquidation of the other party, following a 45-days&#8217; prior notice.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The Company's net service fees paid to the Kibbutz pursuant to the Original and Amended Services Agreements were $1,451 ,$ 1,285 and $ 1,445 for the years ended December 31, 2019, 2018 and 2017, respectively.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="z79ca39f6e9084585a6e6bdc58acf15d7" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">c.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Land Use Agreement with the Kibbutz:</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: italic 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">Land leased to Kibbutz Sdot-Yam by the ILA and the Caesarea Development Corporation</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The Company's principal offices and research and development facilities, as well as one of its two manufacturing facilities, are located on the grounds of the Kibbutz and include&#160; buildings spaces of approximately 30,744 square meters and unbuilt areas of approximately 60,870 square meters.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"></div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The Company signed a land use agreement with the Kibbutz, which has a term of 20 years commencing on April 1, 2012. Under the land use agreement, Kibbutz Sdot-Yam permits the Company to use approximately 100,000 square meters of land, consisting of facilities and unbuilt areas, in consideration for an annual fee of NIS 12.9 million (approximately $3,700) in 2013 and thereafter, (this amount does not include approximately NIS 62,000 (approximately $18) for an additional area that the Company has leased on the grounds of Kibbutz Sdot-Yam due to the Company's needs and Kibbutz Sdot-Yam's consent under the same terms as the land use agreement), plus VAT, adjusted every six months based on any increase of the Israeli consumer price index compared to the index as of January 2011.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt"> <br /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The annual fee may be adjusted after January 1, 2021 (or after January 1, 2018 if the Kibbutz is required to pay significantly higher lease fees to the Israeli land authorities or Caesarea Development Corporation Ltd.) and every three years thereafter, if Kibbutz Sdot-Yam chooses to obtain an appraisal. The appraiser will be mutually agreed upon or, in the absence of agreement, will be chosen by Kibbutz Sdot-Yam out of the list of appraisers recommended at that time by Bank Leumi Le-Israel ("Bank Leumi").</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">&#160;</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">During January, 2018, the Kibbutz requested to increase the fees due to it, pursuant to the land lease agreement. Following the assessment of an appointed appraiser and negotiations between the Company and the Kibbutz, it was agreed to increase the fees under such agreement, such that for the year 2018 the Company paid additional amount of NIS 950,000 (approximately $250), and commencing 2019 and on the Company will pay an additional amount of NIS 1,100,000 (approximately $318).</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">Under the land use agreement, the Company may not terminate the operation of either of its two production lines at its plant in Kibbutz Sdot-Yam as long as the Company continues to operate production lines elsewhere in Israel, and its headquarters must remain at Kibbutz Sdot-Yam. The Company may also not decrease or return to Kibbutz Sdot-Yam any part of the land underlying the land use agreement; however, it may submit a written request to Kibbutz Sdot-Yam to return certain lands. Kibbutz Sdot-Yam will have three months to accept or reject such request, in its sole discretion, provided that if it does not respond within such three-month period, the Company will be entitled to sublease such lands to a person approved in advance by Kibbutz Sdot-Yam. In such event, the Company will continue to be liable to Kibbutz Sdot-Yam with respect to such lands.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">Pursuant to the land use agreement, if the Company needs additional facilities on the land that the Company is permitted to use in Kibbutz Sdot-Yam, subject to obtaining the permits required by law, Kibbutz Sdot-Yam will build such facilities for the Company, by using the proceeds of a loan that the Company will make to Kibbutz Sdot-Yam, which loan shall be repaid to the Company by off-setting the monthly additional payment that the Company will pay for such new facilities and, if not fully repaid during the land use agreement term, upon termination thereof.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"></div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">Starting from January 1, 2014 and until September 30, 2016 the Company used an additional office space in Kibbutz Sdot-Yam of approximately 400 square meters, for an annual payment of NIS 116,643 (approximately $30) in 2015 and 2016. Such additional land was used by the Company under the same terms as the land use agreement, and the Company returned such land to the Kibbutz in September 2016. Starting from September 2014, the Company uses an additional approximately 9,000 square meters based on its needs and Kibbutz Sdot-Yam&#8217;s consent under the same terms as the land use agreement, for an additional monthly fee of NIS 10,000 (approximately $3) which is not based on the original rates. However, the Company has the right to return these premises to Kibbutz Sdot-Yam earlier, following a 90-day prior written notice.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">In addition, the Company has committed to fund the cost of construction, up to a maximum of NIS 3.3 million (approximately $950) plus VAT, required to change the access road leading to Kibbutz Sdot-Yam and its facilities, such that the entrance of the Company's facilities will be separated from the entrance into Kibbutz Sdot-Yam. In addition, the Company has committed to pay NIS 200,000 (approximately $58) plus VAT to cover the cost of paving an area of land leased from Kibbutz Sdot-Yam with such payment to be deducted in monthly installments over a four-year period beginning in the year that the construction completed, from the lease payments to be made to Kibbutz Sdot-Yam under the land use agreement related to the Company's Sdot-Yam facility.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">Pursuant to an agreement dated January 4, 2012, for the settlement of reimbursement for building expenses incurred by the Company from January 2012, NIS 82,900 (approximately $22) will be deducted from the land use fees until year 2020.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: italic 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">Agreement for Arranging for Additional Accord on Bar-Lev site</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt; margin-left: 85.05pt">Pursuant to agreement for arranging for additional accord between the Company and Kibbutz Sdot-Yam dated July 20, 2011, if the Company wishes to acquire or lease any additional lands, whether on the grounds of the Company's Bar-Lev manufacturing facility, or elsewhere in Israel, for the purpose of establishing new plants or production lines: (i) Kibbutz Sdot-Yam will purchase the land and build the required facilities&#8217; structure on such land at its own expense in accordance with the Company's needs; (ii) the Company will perform any necessary building adjustments at the Company's expense; and (iii) Kibbutz Sdot-Yam will lease the land and the facility to the Company under a long-term lease agreement with terms to be negotiated in accordance with the then prevailing market price. In addition, under this agreement, Kibbutz Sdot-Yam has agreed not to compete with the Company as long as it holds more than 10% of the Company's shares. This agreement terminated on October 20, 2017.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"></div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="z7aabbb9beaa64422b4a003bc15800511" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">d.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">Financing liability of land:</div> </div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">Pursuant to the Land Use Agreement, the Company has entered into an agreement with Kibbutz Sdot-Yam dated August 6, 2013, under which Kibbutz Sdot-Yam acquired additional land of approximately 12,800 square meters on the grounds near the Company's Bar-Lev facility, which the Company required in connection with the construction of the fifth production line at the Company's Bar-Lev manufacturing facility,&#160; leased it to the Company for a monthly fee of approximately NIS 70,000 (approximately $20).</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">Under the agreement, Kibbutz Sdot-Yam committed to (i) acquire the long-term leasing rights of the Additional Bar-Lev Land from the ILA, (ii) perform preparation work and construction, in conjunction with the administrative body of Bar-Lev industrial park and other contractors according to Company&#8217;s plans, (iii) build a warehouse according Company&#8217;s plans, and (iv) obtain all permits and approvals required for performing the preparation work of the Additional Bar-Lev Land and for the building of the warehouse. The warehouse in Bar-Lev will be situated both on the current and new land. The finance of the building of the warehouse will be made through a loan that will be granted by the Company to Kibbutz Sdot-Yam, in the amount of the total cost related to the building of the warehouse and such loan, including principle and interest, shall be repaid by setoff of the lease due to Kibbutz Sdot Yam by the Company for its use of the warehouse. The principle amount of such loan will bear an interest at a rate of 5.3% a year. On November 30, 2015 the land preparation work had been completed and the holding of the Additional Bar-Lev Land was delivered to the Company. As of December 31, 2019, the construction of the warehouse has not started yet.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The Company's payments pursuant to the land use agreement totaled $4,459, $4,286 and $3,990 for the years ended December 31, 2019, 2018 and 2017, respectively</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">Pursuant to a land purchase and leaseback agreement, dated as of March 31, 2011, which became effective upon the Company&#8217;s IPO, between the Company and Kibbutz Sdot-Yam, the Company completed the selling of the rights in the lands and facilities of the Bar-Lev Industrial Center (the "Bar-Lev Grounds") to Kibbutz Sdot-Yam in consideration for NIS 43.7 million (approximately $10,900). The land purchase agreement was executed simultaneously with the execution of a land use agreement. Pursuant to the land use agreement, Kibbutz Sdot-Yam permits the Company to use the Bar-Lev Grounds for a period of 10 years commencing on September 2012 that will be automatically renewed, unless the Company gives two years prior notice, for a ten-year term in consideration for an annual fee of NIS 4.1 million (approximately $1,200) to be linked to increases in the Israeli consumer price index. The fee is subject to adjustment following January 1, 2021 and every three years thereafter at the option of Kibbutz Sdot-Yam if Kibbutz Sdot-Yam chooses to obtain an appraisal that supports such an increase. The appraiser would be mutually agreed upon or, in the absence of agreement, will be chosen by Kibbutz Sdot-Yam from a list of assessors recommended at that time by Bank Leumi.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"></div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The transaction was not qualified as "sale lease-back" accounting under both ASC 840 and ASC 842 and the Company recorded the entire amount received as consideration as a liability.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The financing liability of land from a related party&#160;mature as follows, as of December 31, 2019:</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <table cellspacing="0" cellpadding="0" border="0" align="center" id="zc24e34d2e16d450daf92356c62ede085" style="font: 10pt Times New Roman, Times, Serif; 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Accumulated other comprehensive income (loss), net, comprised of foreign currency translation and hedging transactions. See also Note 12. Less than $1. In 2018 dividend payment was made by Company's subsidiary Caesarstone Canada Inc. and reflects the amount paid to the non-controlling interest holders. See also Note 1c Presented net of investment grants received in the total amount of $7,833. Until 2012, the Company leased land from the Israel Lands Administration ("ILA") for its Bar-Lev manufacturing facility. The lease term started on February 6, 2005. The lease is for an initial non-cancellable term of 49 years, with a renewal option of an additional 49 years. The Company analyzed the conditions set forth in ASC 840-10 and classified the land as an operating lease (since the land is not transferred to the Company at the end of the lease nor is there any option to buy the land from the ILA at any point). All payments on account of the initial term were paid in advance (based on discounted values) at the beginning of the lease, and included in the minimum lease payments to be amortized. The prepaid expenses are amortized through the term of the lease, based on the straight-line method (including the bargain renewal option term). See also Note 13d. Not including the legal proceedings in Australia. In 2019, representing 132 injured persons. Deriving mainly from provision for labor related and warranty provision. The increase mainly related to provision for loss contingencies Deriving mainly from the provision for slow moving inventory and IRS section 263(a). Certain subsidiaries have tax loss carry-forwards totaling approximately $3,443 which can be carried forward and offset against taxable income, these carry-forward tax losses have no expiration date. On January 17, 2011 a loan of 4 million Canadian dollars was made to Caesarstone Canada Inc. by its shareholders at that time CIOT and the Company, on a pro rata basis. Although the Company acquired CIOT ownership interest in Caesarstone Canada Inc. during December, 2018, the loan continues to bear interest until repayment at a per annum rate equal to Bank of Canada's prime business rate plus 0.25% (See also note 1c). The interest accrued on the loan is payable on a quarterly basis. Such loan will be repaid in three equal installments commencing 2020. In September, 2012, a financing leaseback of $10,900 related to Bar-Lev transaction was granted to the Company by Kibbutz Sdot-Yam. The financing leaseback bears interest until repayment at a per annum rate equal to 6.07% and is subject to adjustment for increases in the Israeli consumer price index. Caesarstone Ltd 2015-2017 corporate tax filings are currently under examination. Total lease payments have not been reduced by sublease rental payments of $2.1 million due in the future under non-cancelable subleases. As of December 31, 2019, we have additional operating lease payments, that have not yet commenced of approximately $6.4 million. These operating leases will commence during 2020 with lease terms of 7 to 11 years.