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DERIVATIVES (Tables) | 3 Months Ended
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Mar. 31, 2021
DERIVATIVES |
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | March 31, 2021 | ​ | December 31, 2020
​ | Other | ​ | Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Other | ​ | Other | ​ | ​ | ​ | ​ | ​ | ​
​ | Current | ​ | Current | ​ | Other | ​ | Other | ​ | Current | ​ | Current | ​ | Other | ​ | Other
Derivatives by hedge designation | Assets |  | Liabilities |  | Assets |  | Liabilities |  | Assets |  | Liabilities |  | Assets |  | Liabilities
Designated as hedging instruments: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Foreign exchange contracts | $ | 1,337 | ​ | $ | 1,090 | ​ | $ | — | ​ | $ | — | ​ | $ | 2,451 | ​ | $ | 1,124 | ​ | $ | — | ​ | $ | —
Forward starting swap agreements | ​ | — | ​ | ​ | — | ​ | ​ | 13,510 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,876 | ​ | ​ | —
Cross currency swap agreements |  | — | ​ |  | — | ​ | ​ | — | ​ | ​ | 2,263 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 4,308
Not designated as hedging instruments: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  |
Foreign exchange contracts |  | 2,715 | ​ | ​ | 1,682 | ​ | ​ | — | ​ | ​ | — | ​ |  | 1,398 | ​ |  | 3,485 | ​ |  | — | ​ |  | —
Total derivatives | $ | 4,052 | ​ | $ | 2,772 | ​ | $ | 13,510 | ​ | $ | 2,263 | ​ | $ | 3,849 | ​ | $ | 4,609 | ​ | $ | 4,876 | ​ | $ | 4,308
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 March 31, |
Derivatives by hedge designation |  | Classification of gain (loss) |  | 2021 |  | 2020 |
Not designated as hedges: | ​ |  | ​ | ​ |  |  | ​ |  | ​
Foreign exchange contracts | ​ | Selling, general & administrative expenses | ​ | $ | (1,286) | ​ | $ | (22,133) | ​
Schedule of effects of designated cash flow 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 |  | March 31, 2021 |  | December 31, 2020 |
Foreign exchange contracts | ​ | $ | (90) | ​ | $ | 660 | ​
Forward starting swap agreements | ​ | ​ | 10,109 | ​ | ​ | 3,649 | ​
Net investment contracts | ​ |  | (242) | ​ |  | (1,822) | ​
​ The Company expects a loss of $90 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 March 31, |
​ | ​ | Gain (loss) recognized in the | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative type |  | Consolidated Statements of Income: |  | 2021 |  | 2020 |
Foreign exchange contracts |  | Sales | ​ | $ | 144 | ​ | $ | (62) | ​
​ |  | Cost of goods sold | ​ |  | (458) | ​ |  | 122 | ​

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