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DERIVATIVES (Tables) | 3 Months Ended
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Mar. 31, 2022
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, 2022 | ​ | December 31, 2021
​ | 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 | $ | 1,174 | ​ | $ | 387 | ​ | $ | — | ​ | $ | — | ​ | $ | 772 | ​ | $ | 535 | ​ | $ | — | ​ | $ | —
Forward starting swap agreements | ​ | — | ​ | ​ | — | ​ | ​ | 10,537 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,990 | ​ | ​ | —
Net investment contracts | ​ | 2,103 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 103 | ​ | ​ | 2,095 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 608
Commodity contracts | ​ | 496 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 311 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Not designated as hedging instruments: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  |
Foreign exchange contracts |  | 2,830 | ​ | ​ | 2,077 | ​ | ​ | — | ​ | ​ | — | ​ |  | 4,656 | ​ |  | 3,445 | ​ |  | — | ​ |  | —
Total derivatives | $ | 6,603 | ​ | $ | 2,464 | ​ | $ | 10,537 | ​ | $ | 103 | ​ | $ | 7,834 | ​ | $ | 3,980 | ​ | $ | 6,990 | ​ | $ | 608
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) |  | 2022 |  | 2021
Not designated as hedges: | ​ |  | ​ | ​ |  |  | ​ |
Foreign exchange contracts | ​ | Selling, general & administrative expenses | ​ | $ | 1,897 | ​ | $ | (1,286)
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, 2022 |  | December 31, 2021 |
Foreign exchange contracts | ​ | $ | 676 | ​ | $ | 284 | ​
Forward starting swap agreements | ​ | ​ | 7,882 | ​ | ​ | 5,232 | ​
Net investment contracts | ​ | ​ | 4,642 | ​ |  | 2,339 | ​
Commodity Contracts | ​ |  | 249 | ​ |  | 239 | ​
​ The Company expects a loss of $925 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: |  | 2022 |  | 2021
Foreign exchange contracts |  | Sales | ​ | $ | 180 | ​ | $ | 144
​ |  | Cost of goods sold | ​ |  | (455) | ​ |  | (458)

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