DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the classification of derivative assets and liabilities within the Consolidated Balance Sheets as of December 31, 2016 and 2015:

December 31,	2016				2015
	Assets (1)		Liabilities (1)		Assets (1)		Liabilities (1)
Derivatives designated as cash flow hedging instruments:
Commodities futures and options (2)	$	—	$	—	$	—	$	479
Foreign exchange contracts	2,229		809		367		475
Interest rate swap agreements	—		—		—		40,299
	2,229		809		367		41,253
Derivatives designated as fair value hedging instruments:
Interest rate swap agreements	1,768		—		4,313		—
Derivatives not designated as hedging instruments:
Commodities futures and options (2)	2,348		10,000		—		1,574
Deferred compensation derivatives	717		—		1,198		—
Foreign exchange contracts	—		16		69		—
	3,065		10,016		1,267		1,574
Total	$	7,062	$	10,825	$	5,947	$	42,827

(1) Derivatives assets are classified on our balance sheet within prepaid expenses and other as well as other assets. Derivative liabilities are classified on our balance sheet within accrued liabilities and other long-term liabilities.

(2) As of December 31, 2016, assets and liabilities include the net of assets of $140,885 and liabilities of $150,872 associated with cash transfers receivable or payable on commodities futures contracts reflecting the change in quoted market prices on the last trading day for the period. The comparable amounts reflected on a net basis in liabilities at December 31, 2015 were assets of $54,090 and liabilities of $54,860. At December 31, 2016 and 2015, the remaining amount reflected in assets and liabilities related to the fair value of other non-exchange traded derivative instruments, respectively.

Summary of the Effect of Derivative Instruments on the Consolidated Statements of Income

The effect of derivative instruments on the Consolidated Statements of Income for the years ended December 31, 2016 and December 31, 2015 was as follows:

	Non-designated Hedges						Cash Flow Hedges
	Gains (losses) recognized in income (a)						Gains (losses) recognized in other comprehensive income (“OCI”) (effective portion)						Gains (losses) reclassified from accumulated OCI into income (effective portion) (b)						Gains recognized in income (ineffective portion) (c)
	2016			2015			2016			2015			2016			2015			2016		2015
Commodities futures and options	$	(171,753	)	$	(2,777	)	$	—		$	84,382		$	30,783		$	40,600		$	—	$	987
Foreign exchange contracts	(46		)	487			(5,485		)	(155		)	(5,625		)	956			—		—
Interest rate swap agreements	—			—			(47,223		)	(22,388		)	(8,676		)	(4,922		)	—		—
Deferred compensation derivatives	2,203			173			—			—			—			—			—		—
Total	$	(169,596	)	$	(2,117	)	$	(52,708	)	$	61,839		$	16,482		$	36,634		$	—	$	987

(a) Gains (losses) recognized in income for non-designated commodities futures and options contracts were included in cost of sales. Gains (losses) recognized in income for non-designated foreign currency forward exchange contracts and deferred compensation derivatives were included in selling, marketing and administrative expenses.

(b) Gains (losses) reclassified from AOCI into income were included in cost of sales for commodities futures and options contracts and for foreign currency forward exchange contracts designated as hedges of purchases of inventory or other productive assets. Other gains (losses) for foreign currency forward exchange contracts were included in selling, marketing and administrative expenses. Losses reclassified from AOCI into income for interest rate swap agreements were included in interest expense.

(c) Gains representing hedge ineffectiveness were included in cost of sales for commodities futures and options contracts.