DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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 and nine months ended September 30, 2018 and 2017.

		Three Months Ended September 30,
	Income Statement Location	2018			2017
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		($1,402	)		($1,579	)
Foreign currency option contracts	Other comprehensive (loss) income	(29		)	(716		)
Interest rate swaps	Other comprehensive (loss) income	5,173			(533		)
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Interest and other miscellaneous income, net	(189		)	609
Carbon option contracts	Interest and other miscellaneous income, net	(577		)	—

		Nine Months Ended September 30,
	Income Statement Location	2018			2017
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		($6,800	)		$1,611
Foreign currency option contracts	Other comprehensive (loss) income	(388		)	219
Interest rate swaps	Other comprehensive (loss) income	26,461			(2,921		)
Derivatives designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive (loss) income	(344		)	—
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Interest and other miscellaneous income, net	2,419			283
Carbon option contracts	Interest and other miscellaneous income, net	(577		)	—

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, 2018		December 31, 2017
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts		$103,000		$107,400
Foreign currency option contracts	20,000		48,000
Interest rate swaps	650,000		650,000
Derivative not designated as a hedging instrument:
Foreign currency exchange contracts	21,019		18,439
Carbon options (a)	7,500		—

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, 2018			December 31, 2017
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets		$9			$2,286
	Other assets	—			538
	Other current liabilities	(3,528		)	(37		)
	Other non-current liabilities	(494		)	—
Foreign currency option contracts	Other current assets	40			389
	Other assets	79			137
	Other current liabilities	(104		)	(119		)
	Other non-current liabilities	(79		)	(55		)
Interest rate swaps	Other assets	41,900			17,473
	Other non-current liabilities	—			(2,033		)
Derivative not designated as a hedging instrument:
Foreign currency exchange contracts	Other current assets	2,206			209
	Other current liabilities	(1		)	(189		)
Carbon options	Other current liabilities	(664		)	—
Total derivative contracts:
Other current assets			$2,255			$2,884
Other assets		41,979			18,148
Total derivative assets			$44,234			$21,032
Other current liabilities		(4,297		)	(345		)
Other non-current liabilities		(573		)	(2,088		)
Total derivative liabilities			($4,870	)		($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.