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FAIR VALUE | 12 Months Ended
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Dec. 31, 2020
FAIR VALUE |
FAIR VALUE | NOTE 16 – FAIR VALUE The following table provides a summary of fair value assets and liabilities as of December 31, 2020 measured at fair value on a recurring basis: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Quoted Prices in |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | Active Markets for | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Identical Assets or | ​ | Significant Other | ​ | Significant
​ | ​ | Balance as of | ​ | Liabilities | ​ | Observable Inputs | ​ | Unobservable
Description |  | December 31, 2020 |  | (Level 1) |  | (Level 2) |  | Inputs (Level 3)
Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Foreign exchange contracts | ​ | $ | 3,849 | ​ | $ | — | ​ | $ | 3,849 | ​ | $ | —
Forward starting swap agreements | ​ |  | 4,876 | ​ |  | — | ​ |  | 4,876 | ​ |  | —
Total assets | ​ | $ | 8,725 | ​ | $ | — | ​ | $ | 8,725 | ​ | $ | —
Liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Foreign exchange contracts | ​ | ​ | 4,609 | ​ | ​ | — | ​ | ​ | 4,609 | ​ | ​ | —
Cross currency swap agreements | ​ |  | 4,308 | ​ |  | — | ​ |  | 4,308 | ​ |  | —
Deferred compensation | ​ |  | 41,539 | ​ |  | — | ​ |  | 41,539 | ​ |  | —
Total liabilities | ​ | $ | 50,456 | ​ | $ | — | ​ | $ | 50,456 | ​ | $ | —
​ The following table provides a summary of fair value assets and liabilities as of December 31, 2019 measured at fair value on a recurring basis: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Quoted Prices in |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | Active Markets for | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Identical Assets or | ​ | Significant Other | ​ | Significant
​ | ​ | Balance as of | ​ | Liabilities | ​ | Observable Inputs | ​ | Unobservable
Description |  | December 31, 2019 |  | (Level 1) |  | (Level 2) |  | Inputs (Level 3)
Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Foreign exchange contracts | ​ | $ | 3,685 | ​ | $ | — | ​ | $ | 3,685 | ​ | $ | —
Interest rate swap agreements | ​ |  | 2,964 | ​ |  | — | ​ |  | 2,964 | ​ |  | —
Total assets | ​ | $ | 6,649 | ​ | $ | — | ​ | $ | 6,649 | ​ | $ | —
Liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Foreign exchange contracts | ​ | $ | 1,495 | ​ | $ | — | ​ | $ | 1,495 | ​ | $ | —
Cross currency swap agreements | ​ |  | 653 | ​ |  | — | ​ |  | 653 | ​ |  | —
Deferred compensation | ​ |  | 29,170 | ​ |  | — | ​ |  | 29,170 | ​ |  | —
Total liabilities | ​ | $ | 31,318 | ​ | $ | — | ​ | $ | 31,318 | ​ | $ | —
​ The Company’s derivative contracts are valued at fair value using the market approach. The Company measures the fair value of foreign exchange contracts, interest rate swap agreements, forward starting swap agreements and cross currency swaps using Level 2 inputs based on observable spot and forward rates in active markets. During the year ended December 31, 2020, there were no transfers between Levels 1, 2 or 3. The deferred compensation liability is the Company’s obligation under its executive deferred compensation plan. The Company measures the fair value of the liability using the market values of the participants’ underlying investment fund elections. The Company has various financial instruments, including cash and cash equivalents, short and long-term debt and forward contracts. While these financial instruments are subject to concentrations of credit risk, the Company has minimized this risk by entering into arrangements with a number of major banks and financial institutions and investing in several high-quality instruments. The Company does not expect any counterparties to fail to meet their obligations. The fair value of Cash and cash equivalents, Accounts receivable, Amounts due banks and Trade accounts payable approximated book value due to the short-term nature of these instruments at both December 31, 2020 and December 31, 2019. Refer to Note 9 to the consolidated financial statements for the fair value estimate of debt.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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