DERIVATIVES (Tables)

12 Months Ended

Dec. 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 Consolidated Balance Sheets follow:

	December 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	$	1,467	$	738	$	—	$	—	$	772	$	535	$	—	$	—
Forward starting swap agreements		—		—		19,291		—		—		—		6,990		—
Net investment contracts		—		2,229		—		—		2,095		—		—		608
Commodity contracts		181		33		—		—		311		—		—		—
Not designated as hedging instruments:
Foreign exchange contracts		2,348		790		—		—		4,656		3,445		—		—
Total derivatives	$	3,996	$	3,790	$	19,291	$	—	$	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:

		Year Ended December 31,
Derivatives by hedge designation	Classification of gain (loss)	2022		2021
Not designated as hedges:
Foreign exchange contracts	Selling, general & administrative expenses	$	4,805	$	7,707

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 (loss) recognized in AOCI, net of tax	December 31, 2022		December 31, 2021
Foreign exchange contracts	$	627	$	284
Forward starting swap agreements		13,191		5,232
Net investment contracts		9,440		2,339
Commodity contracts		91		239

The Company expects a gain of $718 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:	2022		2021
Foreign exchange contracts	Sales	$	962	$	2,224
	Cost of goods sold		1,906		586
Commodity contracts	Cost of goods sold		(169)		—