FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Measurements, Nonrecurring [Table Text Block]

The following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheet on a recurring basis as of December 31, 2016 and 2015:



	Assets (Liabilities)
	Level 1		Level 2		Level 3		Total
December 31, 2016:
Derivative Instruments:
Assets:
Foreign exchange contracts (1)	$	—	$	2,229	$	—	$	2,229
Interest rate swap agreements (2)	—		1,768		—		1,768
Deferred compensation derivatives (3)	—		717		—		717
Commodities futures and options (4)	2,348		—		—		2,348
Liabilities:
Foreign exchange contracts (1)	—		825		—		825
Interest rate swap agreements (2)	—		—		—		—
Commodities futures and options (4)	10,000		—		—		10,000
December 31, 2015:
Assets:
Foreign exchange contracts (1)	$	—	$	436	$	—	$	436
Interest rate swap agreements (2)	—		4,313		—		4,313
Deferred compensation derivatives (3)	—		1,198		—		1,198
Liabilities:
Foreign exchange contracts (1)	—		475		—		475
Interest rate swap agreements (2)	—		40,299		—		40,299
Commodities futures and options (4)	2,053		—		—		2,053

(1)

The fair value of foreign currency forward exchange contracts is the difference between the contract and current market foreign currency exchange rates at the end of the period. We estimate the fair value of foreign currency forward exchange contracts on a quarterly basis by obtaining market quotes of spot and forward rates for contracts with similar terms, adjusted where necessary for maturity differences.


(2)	The fair value of interest rate swap agreements represents the difference in the present value of cash flows calculated at the contracted interest rates and at current market interest rates at the end of the period. We calculate the fair value of interest rate swap agreements quarterly based on the quoted market price for the same or similar financial instruments.


(3)	The fair value of deferred compensation derivatives is based on quoted prices for market interest rates and a broad market equity index.


(4)	The fair value of commodities futures and options contracts is based on quoted market prices.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

The fair values and carrying values of long-term debt, including the current portion, were as follows:



	Fair Value				Carrying Value
At December 31,	2016		2015		2016		2015
Current portion of long-term debt	$	243	$	509,580	$	243	$	499,923
Long-term debt	2,379,054		1,668,379		2,347,455		1,557,091
Total	2,379,297		$	2,177,959	2,347,698		$	2,057,014