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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2023
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 December 31, 2023:
Outstanding Interest Rate Swaps (a)
Date Entered IntoTermNotional AmountRelated Debt FacilityFixed Rate of SwapBank Margin on Debt (b)Total Effective Interest Rate (c)
August 20159 years$170,000 Term Credit Agreement2.10 %1.70 %3.80 %
August 20159 years180,000 Term Credit Agreement2.26 %1.70 %3.96 %
April 201610 years100,000 Incremental Term Loan1.50 %1.75 %3.25 %
April 201610 years100,000 Incremental Term Loan1.51 %1.75 %3.26 %
May 20217 years200,000 
2021 Incremental Term Loan Facility
0.67 %1.65 %2.32 %
December 20225 years100,000 
2022 Incremental Term Loan Facility
3.72 %1.70 %5.42 %
(a)     All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting.
(b)    Includes the SOFR Credit Spread Adjustment component of 0.1%.
(c)     Rate is before estimated patronage payments.
The following table contains information on the outstanding forward-starting interest rate swaps as of December 31, 2023:
Outstanding Forward-Starting Interest Rate Swaps (a)
Date Entered IntoTermNotional AmountFixed Rate of SwapRelated Debt FacilityForward DateMaximum Period Ending for Forecasted Issuance Date
April 20204 years$100,000 0.78 %Term Credit AgreementAugust 2024N/A
May 20204 years50,000 0.64 %Term Credit AgreementAugust 2024N/A
May 20234 years50,000 3.29 %Term Credit AgreementAugust 2024N/A
(a)     All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following table demonstrates the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2023, 2022 and 2021:
Location on Statement of Income and Comprehensive Income202320222021
Derivatives designated as cash flow hedges:
Foreign currency exchange contractsOther comprehensive (loss) income($69)$5,093 ($10,939)
Other operating (expense) income, net7,522 (7,682)2,974 
Foreign currency option contractsOther comprehensive (loss) income558 610 (2,733)
Other operating (expense) income, net446 — 1,177 
 Interest rate productsOther comprehensive (loss) income10,265 75,006 52,478 
Interest expense, net(26,311)2,459 14,694 
Amount expected to be reclassified into earnings in next 12 months
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts$368 
Foreign currency option contracts146 
Interest rate products22,454 
Total estimated gain on derivatives contracts$22,968 
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, 2023 and 2022:
Notional Amount
20232022
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts$122,700 $138,250 
Foreign currency option contracts98,000 78,000 
Interest rate swaps850,000 850,000 
Forward-starting interest rate swaps200,000 150,000 
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 at December 31, 2023 and 2022. 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 Sheet20232022
Derivatives designated as cash flow hedges:
Foreign currency exchange contractsOther current assets$1,175 $25 
Other assets2,405 1,303 
Other current liabilities(664)(5,457)
Other non-current liabilities— (410)
Foreign currency option contractsOther current assets342 66 
Other assets2,158 2,131 
Other current liabilities(139)(347)
Other non-current liabilities(789)(1,281)
Interest rate swapsOther current assets5,742 — 
Other assets37,983 60,843 
Other non-current liabilities(546)(51)
Forward-starting interest rate swapsOther assets12,790 11,939 
Other non-current liabilities(8)— 
Total derivative contracts:
Other current assets$7,259 $91 
Other assets55,336 76,216 
Total derivative assets$62,595 $76,307 
Other current liabilities(803)(5,804)
Other non-current liabilities(1,343)(1,742)
Total derivative liabilities($2,146)($7,546)
(a)See Note 9 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.