DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2019

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 June 30, 2019:

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, gross of tax, of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2019 and 2018.

		Three Months Ended June 30,
	Income Statement Location	2019			2018
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		($219	)		($6,630	)
Foreign currency option contracts	Other comprehensive (loss) income	(107		)	(539		)
Interest rate swaps	Other comprehensive (loss) income	(19,284		)	5,690
Derivatives designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive (loss) income	—			(454		)
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Interest and other miscellaneous income, net	152			2,479
Carbon option contracts	Interest and other miscellaneous income, net	12			—

		Six Months Ended June 30,
	Income Statement Location	2019			2018
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		$900			($5,398	)
Foreign currency option contracts	Other comprehensive (loss) income	(30		)	(359		)
Interest rate swaps	Other comprehensive (loss) income	(30,831		)	21,287
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	135			2,608
Carbon option contracts	Interest and other miscellaneous income, net	415			—

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
	June 30, 2019		December 31, 2018
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts		$100,500		$69,950
Foreign currency option contracts	20,000		24,000
Interest rate swaps	650,000		650,000
Derivative not designated as a hedging instrument:
Foreign currency exchange contracts	—		9,396
Carbon options (a)	3,102		2,517

(a)    Notional amount for carbon options is calculated as the number of units outstanding multiplied by the spot price as of June 30, 2019.

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)
		June 30, 2019			December 31, 2018
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets		$304		—
	Other assets	159			—
	Other current liabilities	(1,083		)	(1,569		)
	Other non-current liabilities	(50		)	—
Foreign currency option contracts	Other current assets	123			217
	Other assets	63			102
	Other current liabilities	(37		)	(106		)
	Other non-current liabilities	(33		)	(68		)
Interest rate swaps	Other assets	4,159			23,735
	Other non-current liabilities	(11,256		)	—
Derivative not designated as a hedging instrument:
Foreign currency exchange contracts	Other current assets	—			152
	Other current liabilities	—			(24		)
Carbon options	Other current liabilities	(2		)	(322		)
Total derivative contracts:
Other current assets			$427			$369
Other assets		4,381			23,837
Total derivative assets			$4,808			$24,206
Other current liabilities		(1,122		)	(2,021		)
Other non-current liabilities		(11,339		)	(68		)
Total derivative liabilities			($12,461	)		($2,089	)

(a)    See Note 14 — Fair Value Measurements for further information on the fair value of the Company’s derivatives including their classification within the fair value hierarchy.