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DERIVATIVES (Tables) | 12 Months Ended
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Dec. 31, 2023
DERIVATIVES |
Schedule of fair values of derivative instruments on the Company's Consolidated Balance Sheets | Fair values of derivative instruments in the Company’s Consolidated Balance Sheets follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | December 31, 2023 | ​ | December 31, 2022
​ | 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 | $ | 1,548 | ​ | $ | 687 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,467 | ​ | $ | 738 | ​ | $ | — | ​ | $ | —
Interest rate swap agreements |  | — | ​ |  | — | ​ | ​ | 1,460 | ​ | ​ | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Forward starting swap agreements | ​ | — | ​ | ​ | — | ​ | ​ | 20,377 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 19,291 | ​ | ​ | —
Net investment contracts | ​ | — | ​ | ​ | 3,351 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,229 | ​ | ​ | — | ​ | ​ | —
Commodity contracts | ​ | 45 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 181 | ​ | ​ | 33 | ​ | ​ | — | ​ | ​ | —
Not designated as hedging instruments: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign exchange contracts |  | 4,063 | ​ | ​ | 623 | ​ | ​ | — | ​ | ​ | — | ​ |  | 2,348 | ​ |  | 790 | ​ |  | — | ​ |  | —
Total derivatives | $ | 5,656 | ​ | $ | 4,661 | ​ | $ | 21,837 | ​ | $ | — | ​ | $ | 3,996 | ​ | $ | 3,790 | ​ | $ | 19,291 | ​ | $ | —
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Year Ended December 31,
Derivatives by hedge designation |  | Classification of gain |  | 2023 |  | 2022
Not designated as hedges: | ​ |  | ​ | ​ |  |  | ​ |
Foreign exchange contracts | ​ | Selling, general & administrative expenses | ​ | $ | 15,990 | ​ | $ | 4,805
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of effects of designated cash flow hedges on AOCI and the entity's Consolidated Statements of Income | The effects of designated cash flow hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ |
Total gain recognized in AOCI, net of tax |  | December 31, 2023 |  | December 31, 2022 |
Foreign exchange contracts | ​ | $ | 721 | ​ | $ | 627 | ​
Interest rate swap agreements | ​ | ​ | 1,085 | ​ | ​ | — | ​
Forward starting swap agreements | ​ | ​ | 14,696 | ​ | ​ | 13,191 | ​
Net investment contracts | ​ | ​ | 7,136 | ​ |  | 9,440 | ​
Commodity contracts | ​ |  | 34 | ​ |  | 91 | ​
​ The Company expects a gain of $755 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Year Ended December 31,
​ | ​ | Gain (loss) recognized in the | ​ | ​ | ​ | ​ | ​ | ​
Derivative type |  | Consolidated Statements of Income: |  | 2023 |  | 2022
Foreign exchange contracts |  | Net Sales | ​ | $ | 5,210 | ​ | $ | 962
​ |  | Cost of goods sold | ​ |  | 590 | ​ |  | 1,906
Commodity contracts | ​ | Cost of goods sold | ​ | ​ | 193 | ​ |  | (169)
​

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