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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024:
Outstanding Interest Rate Swaps (a)
Date Entered Into | Term | Notional Amount | Related Debt Facility | Fixed Rate of Swap | Bank Margin on Debt (b) | Total Effective Interest Rate (c)
April 2016 | 10 years | $100,000 |  | 2016 Incremental Term Loan | 1.50 | % | 1.75 | % | 3.25 | %
April 2016 | 10 years | 100,000 |  | 2016 Incremental Term Loan | 1.51 | % | 1.75 | % | 3.26 | %
May 2021 (d) | 7 years | 200,000 |  | 2021 Incremental Term Loan | 0.67 | % | 1.65 | % | 2.32 | %
April 2020 (e) | 4 years | 100,000 |  | 2015 Term Loan | 0.78 | % | 1.60 | % | 2.38 | %
May 2020 (e) | 4 years | 50,000 |  | 2015 Term Loan | 0.64 | % | 1.60 | % | 2.24 | %
May 2023 (e) | 4 years | 50,000 |  | 2015 Term Loan | 3.29 | % | 1.60 | % | 4.89 | %
(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. (d)Matured into an active interest rate swap on February 1, 2022. (e)On August 1, 2024, our three forward-starting interest rate swaps with a total notional amount of $200 million matured into active interest rate swaps. See Note 7 — Debt for additional information.
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 (Loss) for the years ended December 31, 2024, 2023 and 2022:
| Location on Statement of Income and Comprehensive Income (Loss) |  | 2024 |  | 2023 |  | 2022
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |
Foreign currency exchange contracts | Other comprehensive (loss) income |  | ($10,905) |  |  | ($69) |  |  | $5,093 |
| Other operating (expense) income, net |  | 1,104 |  |  | 7,522 |  |  | (7,682) |
Foreign currency option contracts | Other comprehensive (loss) income |  | (3,677) |  |  | 558 |  |  | 610 |
| Other operating (expense) income, net |  | (58) |  |  | 446 |  |  | — |
Interest rate products | Other comprehensive (loss) income |  | 21,795 |  |  | 10,265 |  |  | 75,006 |
| Interest expense, net |  | (28,406) |  |  | (26,311) |  |  | 2,459 |
The following table contains details of the amounts expected to be reclassified into earnings:
| Amount expected to be reclassified into earnings in next 12 months
Derivatives designated as cash flow hedges: |
Foreign currency exchange contracts | ($2,762) |
Foreign currency option contracts | (497) |
Interest rate products (a) | 16,414 |
Total estimated gain on derivatives contracts | $13,155 |
(a) These reclassified amounts are expected to fully offset variable interest rate payments made to debt holders, resulting in no net impact on our earnings or cash flows.
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, 2024 and 2023:
| Notional Amount
| 2024 |  | 2023
Derivatives designated as cash flow hedges: |  |  |
Foreign currency exchange contracts | $127,600 |  |  | $122,700 |
Foreign currency option contracts | 132,000 |  |  | 98,000 |
Interest rate swaps | 600,000 |  |  | 850,000 |
Forward-starting interest rate swaps | — |  |  | 200,000 |
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, 2024 and 2023. 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 |  | 2024 |  | 2023
Derivatives designated as cash flow hedges: |  |  |  |  |
Foreign currency exchange contracts | Other current assets |  | — |  |  | $1,175 |
| Other assets |  | — |  |  | 2,405 |
| Other current liabilities |  | (3,837) |  |  | (664) |
| Other non-current liabilities |  | (3,048) |  |  | — |
Foreign currency option contracts | Other current assets |  | 170 |  |  | 342 |
| Other assets |  | 1,023 |  |  | 2,158 |
| Other current liabilities |  | (860) |  |  | (139) |
| Other non-current liabilities |  | (2,497) |  |  | (789) |
Interest rate swaps | Other current assets |  | — |  |  | 5,742 |
| Other assets |  | 49,353 |  |  | 37,983 |
| Other non-current liabilities |  | — |  |  | (546) |
Forward-starting interest rate swaps | Other assets |  | — |  |  | 12,790 |
| Other non-current liabilities |  | — |  |  | (8) |
Total derivative contracts: |  |  |  |  |
Other current assets |  | $170 |  |  | $7,259 |
Other assets |  | 50,376 |  |  | 55,336 |
Total derivative assets |  | $50,546 |  |  | $62,595 |
Other current liabilities |  | (4,697) |  |  | (803) |
Other non-current liabilities |  | (5,545) |  |  | (1,343) |
Total derivative liabilities |  | ($10,242) |  |  | ($2,146) |
(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.

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