DERIVATIVES (Tables)

6 Months Ended

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