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DERIVATIVES (Tables) | 6 Months Ended
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Jun. 30, 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | June 30, 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 | $ | 1,096 | ​ | $ | 377 | ​ | $ | — | ​ | $ | — | ​ | $ | 2,451 | ​ | $ | 1,124 | ​ | $ | — | ​ | $ | —
Forward starting swap agreements | ​ | — | ​ | ​ | — | ​ | ​ | 8,279 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,876 | ​ | ​ | —
Net investment contracts | ​ | — | ​ | ​ | 860 | ​ | ​ | — | ​ | ​ | 2,929 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,308
Not designated as hedging instruments: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  |
Foreign exchange contracts |  | 1,985 | ​ | ​ | 2,394 | ​ | ​ | — | ​ | ​ | — | ​ |  | 1,398 | ​ |  | 3,485 | ​ |  | — | ​ |  | —
Total derivatives | $ | 3,081 | ​ | $ | 3,631 | ​ | $ | 8,279 | ​ | $ | 2,929 | ​ | $ | 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 June 30, |  | Six Months Ended June 30,
Derivatives by hedge designation |  | Classification of gain (loss) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Not designated as hedges: | ​ |  | ​ | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
Foreign exchange contracts | ​ | Selling, general & administrative expenses | ​ | $ | 7,164 | ​ | $ | 3,624 | ​ | $ | 5,878 | ​ | $ | (18,509)
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 |  | June 30, 2021 |  | December 31, 2020 |
Foreign exchange contracts | ​ | $ | 426 | ​ | $ | 660 | ​
Forward starting swap agreements | ​ | ​ | 6,194 | ​ | ​ | 3,649 | ​
Net investment contracts | ​ |  | (1,597) | ​ |  | (1,822) | ​
​ The Company expects a loss of $3,489 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 June 30, |  | Six Months Ended June 30,
​ | ​ | Gain (loss) recognized in the | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative type |  | Consolidated Statements of Income: |  | 2021 |  | 2020 |  | 2021 |  | 2020
Foreign exchange contracts |  | Sales | ​ | $ | 97 | ​ | $ | (1,463) | ​ | $ | 241 | ​ | $ | (1,525)
​ |  | Cost of goods sold | ​ |  | (495) | ​ |  | 146 | ​ |  | (974) | ​ |  | 268

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