DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2019

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, 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 Derivatives on the Consolidated Statements of Income and Comprehensive Income

The following table demonstrates the impact, gross of tax, of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2019, 2018 and 2017.

	Location on Statement of Income and Comprehensive Income	2019			2018			2017
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		$2,211			($4,357	)		$2,100
Foreign currency option contracts	Other comprehensive (loss) income	159			(180		)	(52		)
Interest rate swaps	Other comprehensive (loss) income	(32,189		)	8,296			4,214
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			$2,183			$47
Carbon options	Interest and other miscellaneous income, net	(105		)	(158		)	—

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, 2019 and 2018:

	Notional Amount
	2019		2018
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts		$56,350		$69,950
Foreign currency option contracts	22,000		24,000
Interest rate swaps	650,000		650,000
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	—		9,396
Carbon options (a)	9,592		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, 2019.

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, 2019 and 2018. 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	2019			2018
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets	424			—
	Other assets	390			—
	Other current liabilities	(172		)	(1,569		)
Foreign currency option contracts	Other current assets	151			217
	Other assets	209			102
	Other current liabilities	(27		)	(106		)
	Other non-current liabilities	(30		)	(68		)
Interest rate swaps	Other assets	2,614			23,735
	Other non-current liabilities	(11,068		)	—
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other current assets	—			152
	Other current liabilities	—			(24		)
Carbon options (a)	Other current liabilities	(607		)	(322		)
Total derivative contracts:
Other current assets			$575			$369
Other assets		3,213			23,837
Total derivative assets			$3,788			$24,206
Other current liabilities		(806		)	(2,021		)
Other non-current liabilities		(11,098		)	(68		)
Total derivative liabilities			($11,904	)		($2,089	)

(a)

See Note 15 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.