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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended
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Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Derivatives | The following table contains information on the outstanding interest rate swaps as of September 30, 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 Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables demonstrate the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2018 and 2017.
|  |  | Three Months Ended September 30,
| Income Statement Location |  | 2018 |  | 2017
Derivatives designated as cash flow hedges: |  |  |  |  |
Foreign currency exchange contracts | Other comprehensive (loss) income |  |  | ($1,402 | ) |  |  | ($1,579 | )
Foreign currency option contracts | Other comprehensive (loss) income |  | (29 | ) |  | (716 | )
Interest rate swaps | Other comprehensive (loss) income |  | 5,173 |  |  | (533 | )
Derivatives not designated as hedging instruments: |  |  |  |
Foreign currency exchange contracts | Interest and other miscellaneous income, net |  | (189 | ) |  | 609 |
Carbon option contracts | Interest and other miscellaneous income, net |  | (577 | ) |  | — |
|  |  | Nine Months Ended September 30,
| Income Statement Location |  | 2018 |  | 2017
Derivatives designated as cash flow hedges: |  |  |  |  |
Foreign currency exchange contracts | Other comprehensive (loss) income |  |  | ($6,800 | ) |  |  | $1,611 |
Foreign currency option contracts | Other comprehensive (loss) income |  | (388 | ) |  | 219 |
Interest rate swaps | Other comprehensive (loss) income |  | 26,461 |  |  | (2,921 | )
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 |  | 2,419 |  |  | 283 |
Carbon option contracts | Interest and other miscellaneous income, net |  | (577 | ) |  | — |
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:
| Notional Amount
| September 30, 2018 |  | December 31, 2017
Derivatives designated as cash flow hedges: |  |  |
Foreign currency exchange contracts |  | $103,000 |  |  |  | $107,400 |
Foreign currency option contracts | 20,000 |  |  | 48,000 |
Interest rate swaps | 650,000 |  |  | 650,000 |
Derivative not designated as a hedging instrument: |  |  |
Foreign currency exchange contracts | 21,019 |  |  | 18,439 |
Carbon options (a) | 7,500 |  |  | — |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets:
| Location on Balance Sheet |  | Fair Value Assets / (Liabilities) (a)
|  |  | September 30, 2018 |  | December 31, 2017
Derivatives designated as cash flow hedges: |  |  |  |
Foreign currency exchange contracts | Other current assets |  |  | $9 |  |  |  | $2,286 |
| Other assets |  | — |  |  | 538 |
| Other current liabilities |  | (3,528 | ) |  | (37 | )
| Other non-current liabilities |  | (494 | ) |  | — |
Foreign currency option contracts | Other current assets |  | 40 |  |  | 389 |
| Other assets |  | 79 |  |  | 137 |
| Other current liabilities |  | (104 | ) |  | (119 | )
| Other non-current liabilities |  | (79 | ) |  | (55 | )
Interest rate swaps | Other assets |  | 41,900 |  |  | 17,473 |
| Other non-current liabilities |  | — |  |  | (2,033 | )
Derivative not designated as a hedging instrument: |  |  |  |
Foreign currency exchange contracts | Other current assets |  | 2,206 |  |  | 209 |
| Other current liabilities |  | (1 | ) |  | (189 | )
Carbon options | Other current liabilities |  | (664 | ) |  | — |
Total derivative contracts: |  |  |  |  |
Other current assets |  |  |  | $2,255 |  |  |  | $2,884 |
Other assets |  |  | 41,979 |  |  | 18,148 |
Total derivative assets |  |  |  | $44,234 |  |  |  | $21,032 |
Other current liabilities |  |  | (4,297 | ) |  | (345 | )
Other non-current liabilities |  |  | (573 | ) |  | (2,088 | )
Total derivative liabilities |  |  |  | ($4,870 | ) |  |  | ($2,433 | )
(a) See Note 13 — Fair Value Measurements for further information on the fair value of the Company’s derivatives including their classification within the fair value hierarchy.

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