DERIVATIVES (Tables)

12 Months Ended

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)