DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

The following table contains information on the outstanding interest rate swaps as of March 31, 2018:

Outstanding Interest Rate Swaps (a)
Date Entered Into	Term	Notional Amount	Related Debt Facility	Fixed Rate of Swap		Bank Margin on Debt		Total Effective Interest Rate (b)
August 2015	9 years	$170,000	Term Credit Agreement	2.20	%	1.63	%	3.83	%
August 2015	9 years	180,000	Term Credit Agreement	2.35	%	1.63	%	3.98	%
April 2016	10 years	100,000	Incremental Term Loan	1.60	%	1.90	%	3.50	%
April 2016	10 years	100,000	Incremental Term Loan	1.60	%	1.90	%	3.50	%
July 2016	10 years	100,000	Incremental Term Loan	1.26	%	1.90	%	3.16	%

(a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting.

(b) Rate is before estimated patronage payments.

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 months ended March 31, 2018 and 2017.

		Three Months Ended March 31,
	Income Statement Location	2018		2017
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income		$1,233		($71	)
Foreign currency option contracts	Other comprehensive income	181		(41		)
Interest rate swaps	Other comprehensive income	15,598		2,633
Derivatives designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive income	110		—
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Interest and other miscellaneous income, net	129		125

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
	March 31, 2018		December 31, 2017
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts		$87,400		$107,400
Foreign currency option contracts	34,000		48,000
Interest rate swaps	650,000		650,000
Derivatives designated as a net investment hedge:
Foreign currency exchange contract	26,788		—
Derivative not designated as a hedging instrument:
Foreign currency exchange contracts	25,883		18,439

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)
		March 31, 2018			December 31, 2017
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets		$3,736			$2,286
	Other assets	304			538
	Other current liabilities	(21		)	(37		)
Foreign currency option contracts	Other current assets	572			389
	Other assets	—			137
	Other current liabilities	(68		)	(119		)
	Other non-current liabilities	—			(55		)
Interest rate swaps	Other assets	31,037			17,473
	Other non-current liabilities	—			(2,033		)
Derivatives designated as net investment hedges:
Foreign currency exchange contract	Other current assets	110			—
Derivative not designated as a hedging instrument:
Foreign currency exchange contracts	Other current assets	238			209
	Other current liabilities	(155		)	(189		)
Total derivative contracts:
Other current assets			$4,656			$2,884
Other assets		31,341			18,148
Total derivative assets			$35,997			$21,032
Other current liabilities		(244		)	(345		)
Other non-current liabilities		—			(2,088		)
Total derivative liabilities			($244	)		($2,433	)

(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.