DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The following tables demonstrate the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2016 and 2015.

		Three Months Ended September 30,
	Income Statement Location	2016		2015
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)		$259		($289	)
Foreign currency option contracts	Other comprehensive income (loss)	635		(788		)
Interest rate swaps	Other comprehensive income (loss)	3,529		(13,644		)
Derivatives designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive income (loss)	—		1,151
Foreign currency option contracts	Other comprehensive income (loss)	—		2,084
Derivatives not designated as hedging instruments:
Foreign currency option contracts	Other operating income, net	—		847
Interest rate swaps	Interest income and miscellaneous income (expense), net	—		(1,650		)

		Nine Months Ended September 30,
	Income Statement Location	2016			2015
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)		$2,075			($2,597	)
Foreign currency option contracts	Other comprehensive income (loss)	2,564			(4,127		)
Interest rate swaps	Other comprehensive income (loss)	(25,459		)	(13,644		)
Derivatives designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive income (loss)	(4,606		)	4,258
Foreign currency option contracts	Other comprehensive (loss) income	—			2,084
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating income, net	895			—
Foreign currency option contracts	Other operating income, net	258			1,394
Interest rate swaps	Interest income and miscellaneous income (expense), net	(1,219		)	4,923

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets:

	Notional Amount
	September 30, 2016		December 31, 2015
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts		$25,390		$21,250
Foreign currency option contracts	70,500		107,200
Interest rate swaps	650,000		350,000
Derivatives designated as net investment hedges:
Foreign currency option contracts	—		331,588
Derivative not designated as a hedging instrument:
Interest rate swaps	—		130,169

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets:

	Location on Balance Sheet	Fair Value Assets / (Liabilities) (a)
		September 30, 2016			December 31, 2015
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets		$1,173			$43
	Other assets	142			—
	Other current liabilities	(342		)	(1,449		)
	Other non-current liabilities	—			(219		)
Foreign currency option contracts	Other current assets	1,909			560
	Other assets	243			408
	Other current liabilities	(173		)	(1,393		)
	Other non-current liabilities	(59		)	(217		)
Interest rate swaps	Other non-current liabilities	(35,655		)	(10,197		)
Derivatives designated as net investment hedges:
Foreign currency option contracts	Other current assets	—			4,630
	Other current liabilities	—			(24		)
Derivative not designated as a hedging instrument:
Interest rate swaps	Other non-current liabilities	—			(8,047		)
Total derivative contracts:
Other current assets			$3,082			$5,233
Other assets		385			408
Total derivative assets			$3,467			$5,641
Other current liabilities		(515		)	(2,866		)
Other non-current liabilities		(35,714		)	(18,680		)
Total derivative liabilities			($36,229	)		($21,546	)

(a) See Note 13 — Fair Value Measurements for further information on the fair value of the Company’s derivatives including their classification within the fair value hierarchy.