DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of the Classification of Derivative Assets and Liabilities within the Consolidated Balance Sheets

The following table presents amounts that were recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for interest rate swap derivatives designated as fair value accounting hedges as of December 31, 2019 and 2018.

Line Item in the Consolidated Balance Sheets in Which the Hedged Item is Included	Carrying Amount of the Hedged Asset/(Liability)						Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities)
	2019			2018			2019		2018
Long-term debt	$	(349,445	)	$	(354,832	)	$	555	$	(4,832	)

The following table presents the classification of derivative assets and liabilities within the Consolidated Balance Sheets as of December 31, 2019 and 2018:

December 31,	2019				2018
	Assets (1)		Liabilities (1)		Assets (1)		Liabilities (1)
Derivatives designated as cash flow hedging instruments:
Foreign exchange contracts	$	1,235	$	1,779	$	3,394	$	485
Derivatives designated as fair value hedging instruments:
Interest rate swap agreements	555		—		—		4,832
Derivatives not designated as hedging instruments:
Commodities futures and options (2)	9,080		626		7,230		262
Deferred compensation derivatives	2,557		—		—		4,736
Foreign exchange contracts	1,496		—		70		484
	13,133		626		7,300		5,482
Total	$	14,923	$	2,405	$	10,694	$	10,799

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

(2) As of December 31, 2019, amounts reflected on a net basis in assets were assets of $46,075 and liabilities of $37,606, which are 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 assets at December 31, 2018 were assets of $63,978 and liabilities of $57,351. At

December 31, 2019 and 2018, the remaining amount reflected in assets and liabilities related to the fair value of other non-exchange traded derivative instruments, respectively.

Schedule 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, 2019 and 2018 was as follows:

	Non-designated Hedges					Cash Flow Hedges
	Gains (losses) recognized in income (a)					Gains (losses) recognized in other comprehensive income (“OCI”)					Gains (losses) reclassified from accumulated OCI into income (b)
	2019		2018			2019			2018		2019			2018
Commodities futures and options	$	35,488	$	69,379		$	—		$	—	$	—		$	—
Foreign exchange contracts	410		972			(2,515		)	5,822		939			3,906
Interest rate swap agreements	—		—			—			—		(9,343		)	(9,479		)
Deferred compensation derivatives	6,738		(2,173		)	—			—		—			—
Total	$	42,636	$	68,178		$	(2,515	)	$	5,822	$	(8,404	)	$	(5,573	)

(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 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.