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DERIVATIVES (Tables) | 9 Months Ended
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Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of fair values of derivative instruments on the Company's Consolidated Balance Sheets | Fair values of derivative instruments in the Company’s Condensed Consolidated Balance Sheets follow:
|  | September 30, 2020 |  |  |  |  |  |  |  | December 31, 2019 |  |  |  |  |  |
Derivatives by hedge designation |  | Other Current Assets |  | Other Current Liabilities |  | Other Assets |  | Other Liabilities |  | Other Current Assets |  | Other Current Liabilities |  | Other Assets |  | Other Liabilities
Designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 1,034 |  |  | $ | 1,476 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,288 |  |  | $ | 522 |  |  | $ | — |  |  | $ | — |
Interest rate swap agreements |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,964 |  |  | — |
Forward starting swap agreements |  | — |  |  | — |  |  | 1,876 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cross currency swap agreements |  | — |  |  | — |  |  | — |  |  | 1,877 |  |  | — |  |  | — |  |  | — |  |  | 653 |
Not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | 3,067 |  |  | 2,872 |  |  | — |  |  | — |  |  | 2,397 |  |  | 973 |  |  | — |  |  | — |
Total derivatives |  | $ | 4,101 |  |  | $ | 4,348 |  |  | $ | 1,876 |  |  | $ | 1,877 |  |  | $ | 3,685 |  |  | $ | 1,495 |  |  | $ | 2,964 |  |  | $ | 653 |
Schedule of effects of undesignated derivative instruments on the Company's Consolidated Statements of Income | The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Income consisted of the following:
|  |  |  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |
Derivatives by hedge designation |  | Classification of gain (loss) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Foreign exchange contracts |  | Selling, general & administrative expenses |  | $ | 6,381 |  |  | $ | (710) |  |  | $ | (12,141) |  |  | $ | 5,707 |
Schedule of effects of designated hedges on AOCI and the entity's Consolidated Statements of Income | The effects of designated hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following:
Total gain (loss) recognized in AOCI, net of tax |  | September 30, 2020 |  | December 31, 2019
Foreign exchange contracts |  | $ | (468) |  |  | $ | 620 |
Forward starting swap agreements |  | 1,407 |  |  | — |
Net investment contracts |  | 65 |  |  | 1,006 |
The Company expects a loss of $468 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized.
|  |  |  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |
Derivative type |  | Gain (loss) recognized in the Consolidated Statements of Income: |  | 2020 |  | 2019 |  | 2020 |  | 2019
Foreign exchange contracts |  | Sales |  | $ | (756) |  |  | $ | (15) |  |  | $ | (2,281) |  |  | $ | 760 |
|  | Cost of goods sold |  | (200) |  |  | 117 |  |  | 67 |  |  | 366 |

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- Definition Effects of designated fair value hedges and undesignated derivative instruments on the entity's Consolidated Statements of Income. + References No definition available. + Details
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- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
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