XML 26 R16.htm IDEA: XBRL DOCUMENT v3.19.2
Other Comprehensive Income (Notes)
 6 Months Ended
Jun. 30, 2019
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Comprehensive Income (Loss) Note [Text Block] ACCUMULATED OTHER COMPREHENSIVE INCOME
Comprehensive income (loss), net of tax consisted of the following as of June 30:        
 
Three Months Ended
 
Six Months Ended
 
2019
 
2018
 
2019
 
2018
Net earnings
$
127,160

 
$
111,468

 
$
238,965

 
$
204,772

Other comprehensive income (loss), net of tax
(11,679
)
 
(29,205
)
 
981

 
(315
)
Comprehensive income, net of tax
$
115,481

 
$
82,263

 
$
239,946

 
$
204,457

The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2019 and 2018:
 
Currency Translation Adjustment, Net of Tax
 
Net Unrealized
Gain (Loss) on
Cash Flow Hedging Arrangements,
Net of Tax
 
Pension and Post-Retirement Benefit Related Items,
Net of Tax
 
Total
Balance at December 31, 2018
$
(63,913
)
 
$
702

 
$
(239,203
)
 
$
(302,414
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Unrealized gains (losses) cash flow hedging arrangements
—

 
(2,957
)
 
—

 
(2,957
)
Foreign currency translation adjustment
(685
)
 
—

 
(1,114
)
 
(1,799
)
Amounts recognized from accumulated other comprehensive income (loss), net of tax
—

 
(268
)
 
6,005

 
5,737

Net change in other comprehensive income (loss), net of tax
(685
)
 
(3,225
)
 
4,891

 
981

Balance at June 30, 2019
$
(64,598
)
 
$
(2,523
)
 
$
(234,312
)
 
$
(301,433
)

 
Currency Translation Adjustment, Net of Tax
 
Net Unrealized
Gain (Loss) on
Cash Flow Hedging Arrangements,
Net of Tax
 
Pension and Post-Retirement Benefit Related Items,
Net of Tax
 
Total
Balance at December 31, 2017
$
(31,340
)
 
$
(1,081
)
 
$
(232,985
)
 
$
(265,406
)
Other comprehensive income (loss), net of tax:

 

 

 

Unrealized gains (losses) cash flow hedging arrangements
—

 
1,782

 
—

 
1,782

Foreign currency translation adjustment
(13,894
)
 
—

 
3,865

 
(10,029
)
Amounts recognized from accumulated other comprehensive income (loss), net of tax
—

 
682

 
7,250

 
7,932

Net change in other comprehensive income (loss), net of tax
(13,894
)
 
2,464

 
11,115

 
(315
)
Balance at June 30, 2018
$
(45,234
)
 
$
1,383

 
$
(221,870
)
 
$
(265,721
)

The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three and six month periods ended June 30:
 
 
Three months ended June 30,
 
 
 
 
2019
 
2018
 
Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
 
 
 
 
 
 
Interest rate swap agreements
 
$
(50
)
 
$
158

 
Interest expense
Cross currency swap agreement
 
1,455

 
4,098

 
(a)
Total before taxes
 
1,405

 
4,256

 
 
Provision for taxes
 
100

 
360

 
Provision for taxes
Total, net of taxes
 
$
1,305

 
$
3,896

 
 
 
 
 
 
 
 
 
Recognition of defined benefit pension and post-retirement items:
 
 
 
 
 
 
Recognition of actuarial losses and prior service cost, before taxes
 
$
3,860

 
$
4,687

 
(b)
Provision for taxes
 
869

 
1,123

 
Provision for taxes
Total, net of taxes
 
$
2,991

 
$
3,564

 
 

(a) The cross currency swap reflects an unrealized loss of $2.7 million recorded in other charges (income) that was offset by the underlying unrealized gain on the hedged debt. The cross currency swap also reflects a realized gain of $1.3 million recorded in interest expense.
(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 12 for additional details for the three months ended June 30, 2019 and 2018.
 
 
Six months ended June 30,
 
 
 
 
2019
 
2018
 
Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
 
 
 
 
 
 
Interest rate swap agreements
 
$
(113
)
 
$
435

 
Interest expense
Cross currency swap agreement
 
(199
)
 
387

 
(a)
Total before taxes
 
(312
)
 
822

 
 
Provision for taxes
 
(44
)
 
140

 
Provision for taxes
Total, net of taxes
 
$
(268
)
 
$
682

 
 
 
 
 
 
 
 
 
Recognition of defined benefit pension and post-retirement items:
 
 
 
 
 
 
Recognition of actuarial losses and prior service cost, before taxes
 
$
7,749

 
$
9,498

 
(b)
Provision for taxes
 
1,744

 
2,248

 
Provision for taxes
Total, net of taxes
 
$
6,005

 
$
7,250

 
 
(a) The cross currency swap reflects an unrealized loss of $2.1 million recorded in other charges (income) that was offset by the underlying unrealized gain on the hedged debt. The cross currency swap also reflects a realized gain of $2.3 million recorded in interest expense.
(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 12 for additional details for the six months ended June 30, 2019 and 2018.