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DERIVATIVES (Tables)

3 Months Ended

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:

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March 31, 2021

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December 31, 2020

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Other

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Other

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Other

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Other

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​

​

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Current

​

Current

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Other

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Other

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Current

​

Current

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Other

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Other

Derivatives by hedge designation

Assets

Liabilities

Assets

Liabilities

Assets

Liabilities

Assets

Liabilities

Designated as hedging instruments:

​

​

​

​

​

​

​

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Foreign exchange contracts

$

1,337

​

$

1,090

​

$

—

​

$

—

​

$

2,451

​

$

1,124

​

$

—

​

$

—

Forward starting swap agreements

​

—

​

​

—

​

​

13,510

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​

—

​

​

—

​

​

—

​

​

4,876

​

​

—

Cross currency swap agreements

—

​

—

​

​

—

​

​

2,263

​

—

​

—

​

—

​

4,308

Not designated as hedging instruments:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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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:

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​	​	​	​	​	​	​	​	​	​
​		​		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:

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​	​	​	​	​	​	​	​
​		​	​	​	​	​
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.

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​	​	​	​	​	​	​	​	​	​
​		​		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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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.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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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.

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