FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)

3 Months Ended

Mar. 31, 2016

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The location and amount of gains and (losses) on the hedged fixed rate debt attributable to changes in the market interest rates and the offsetting gain (loss) on the related interest rate swaps for the three months ended March 31, were as follows:



	Three Months Ended
(In thousands)	March 31,
	2016		2015
Other income, net
Gain on interest rate swaps	$	—	$	11,910
Loss on hedged fixed rate debt	—		(11,910		)
Total	$	—	$	—

Undesignated hedges

The location and amount of gains and (losses) recognized in income on forward exchange derivative contracts not designated for hedge accounting for the three months ended March 31, were as follows:



	Three Months Ended
(In thousands)	March 31,
Derivatives not designated as hedging instrument	2016			2015
Forward exchange contracts:
General and administrative expenses	$	(584	)	$	(972	)

The location and amounts of derivative instrument fair values in the condensed consolidated balance sheet are below.



	(In thousands)
	March 31, 2016		December 31, 2015
Assets
Designated for hedge accounting
Interest rate swaps	$	—	$	3,083
Undesignated for hedge accounting
Forward exchange contracts	$	256	$	223
Total asset derivatives (A)	$	256	$	3,306
Liabilities
Undesignated for hedge accounting
Forward exchange contracts	$	471	$	673
Total liability derivatives (B)	$	471	$	673

(A)Forward exchange derivatives are included in Other current assets and interest rate swaps assets are included in Other assets.

(B)Forward exchange derivatives are included in Other current liabilities

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments



	(In thousands)
	March 31, 2016						December 31, 2015
	Carrying Value			Estimated Fair Value			Carrying Value			Estimated Fair Value

5.51% Senior notes due 2017	$	150,000		$	157,605		$	150,000		$	158,024
3.84% Senior notes due 2021	100,000			103,929			100,307			100,307
3.70% Senior notes due 2023	225,000			230,145			225,000			224,322
3.85% Senior notes due 2025	100,000			102,314			100,450			100,450
4.24% Senior notes due 2026	200,000			208,472			201,422			201,422
4.05% Senior notes due 2028	75,000			76,374			75,904			75,904
4.11% Senior notes due 2028	100,000			102,250			100,000			99,720
Other debt	919			919			1,259			1,259
Total debt	950,919			982,008			954,342			961,408
Unamortized debt issuance costs ⁽¹⁾	(1,099		)	(1,099		)	(1,137		)	(1,137		)
Unamortized interest rate swap proceeds ⁽²⁾	17,959			17,959			—			—
Total debt, net	$	967,779		$	998,868		$	953,205		$	960,271

⁽¹⁾ Effective for 2016, the Company adopted ASU 2015-03 - Simplifying the Presentation of Debt Issuance Costs requiring unamortized debt issuance costs to be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability. Prior year balances have been reclassified to reflect the current year presentation.

⁽²⁾ In February 2016, the Company terminated its interest rate swap agreements. Upon termination of the interest rate swaps, we received $20.4 million in cash and recorded a deferred gain of $18.3 million. As of March 31, 2016 the remaining benefit of $18.0 million was recorded as an increase in the long-term debt balance and will be recognized ratably as a reduction to future interest expense over the remaining life of the related debt.