Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Interest Rate Swaps

The following table contains information on the outstanding interest rate swaps as of December 31, 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 derivatives on the Consolidated Statements of Income and Comprehensive Income

The following table demonstrates the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2018, 2017 and 2016.

	Location on Statement of Income and Comprehensive Income	2018			2017			2016
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)		($4,357	)		$2,100			$867
Foreign currency option contracts	Other comprehensive income (loss)	(180		)	(52		)	1,035
Interest rate swaps	Other comprehensive income (loss)	8,296			4,214			21,422
Derivatives designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive income (loss)	(344		)	—			—
Foreign currency option contracts	Other comprehensive income (loss)	—			—			(4,606		)
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating income, net	—			—			895
	Interest income and miscellaneous income (expense), net	2,183			47			—
Foreign currency option contracts	Other operating income, net	—			—			258
Carbon options	Interest income and miscellaneous income (expense), net	(158		)	—			—
Interest rate swaps	Interest income and miscellaneous income (expense), net	—			—			(1,219		)

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 at December 31, 2018 and 2017:

	Notional Amount
	2018		2017
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts		$69,950		$107,400
Foreign currency option contracts	24,000		48,000
Interest rate swaps	650,000		650,000
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	9,396		18,439
Carbon options (a)	2,517		—

(a)

Notional amount for carbon options is calculated as the number of units outstanding multiplied by the spot price as of December 31, 2018.

Schedule of Derivative Instruments in Statement of Financial Position

The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2018 and 2017. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows:

		Fair Value Assets (Liabilities) (a)
	Location on Balance Sheet	2018			2017
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets	—				$2,286
	Other assets	—			538
	Other current liabilities	(1,569		)	(37		)
Foreign currency option contracts	Other current assets	217			389
	Other assets	102			137
	Other current liabilities	(106		)	(119		)
	Other non-current liabilities	(68		)	(55		)
Interest rate swaps	Other assets	23,735			17,473
	Other non-current liabilities	—			(2,033		)
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other current assets	152			209
	Other current liabilities	(24		)	(189		)
Carbon options (a)	Other current liabilities	(322		)	—
Total derivative contracts:
Other current assets			$369			$2,884
Other assets		23,837			18,148
Total derivative assets			$24,206			$21,032
Other current liabilities		(2,021		)	(345		)
Other non-current liabilities		(68		)	(2,088		)
Total derivative liabilities			($2,089	)		($2,433	)

(a)

See Note 14 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.