XML 25 R15.htm IDEA: XBRL DOCUMENT v3.20.2
Other Comprehensive Income (Notes)
 6 Months Ended
Jun. 30, 2020
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
 
2020
 
2019
 
2020
 
2019
Net earnings
$
126,562

 
$
127,160

 
$
224,677

 
$
238,965

Other comprehensive income (loss), net of tax
2,096

 
(11,679
)
 
(21,932
)
 
981

Comprehensive income, net of tax
$
128,658

 
$
115,481

 
$
202,745

 
$
239,946


The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2020 and 2019:
 
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, 2019
$
(61,015
)
 
$
(1,222
)
 
$
(261,436
)
 
$
(323,673
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Unrealized gains (losses) cash flow hedging arrangements
—

 
(3,951
)
 
—

 
(3,951
)
Foreign currency translation adjustment
(21,326
)
 
—

 
(5,949
)
 
(27,275
)
Amounts recognized from accumulated other comprehensive income (loss), net of tax
—

 
2,195

 
7,099

 
9,294

Net change in other comprehensive income (loss), net of tax
(21,326
)
 
(1,756
)
 
1,150

 
(21,932
)
Balance at June 30, 2020
$
(82,341
)
 
$
(2,978
)
 
$
(260,286
)
 
$
(345,605
)

 
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
)

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,
 
 
 
 
2020
 
2019
 
Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
 
 
 
 
 
 
Interest rate swap agreements
 
$
692

 
$
(50
)
 
Interest expense
Cross currency swap agreement
 
34

 
1,455

 
(a)
Total before taxes
 
726

 
1,405

 
 
Provision for taxes
 
179

 
100

 
Provision for taxes
Total, net of taxes
 
$
547

 
$
1,305

 
 
 
 
 
 
 
 
 
Recognition of defined benefit pension and post-retirement items:
 
 
 
 
 
 
Recognition of actuarial losses and prior service cost, before taxes
 
$
4,596

 
$
3,860

 
(b)
Provision for taxes
 
1,000

 
869

 
Provision for taxes
Total, net of taxes
 
$
3,596

 
$
2,991

 
 

(a) The cross currency swap reflects an unrealized loss of $0.6 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 $0.5 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 11 for additional details for the three months ended June 30, 2020 and 2019.
 
 
Six Months Ended June 30,
 
 
 
 
2020
 
2019
 
Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
 
 
 
 
 
 
Interest rate swap agreements
 
$
940

 
$
(113
)
 
Interest expense
Cross currency swap agreement
 
1,620

 
(199
)
 
(a)
Total before taxes
 
2,560

 
(312
)
 
 
Provision for taxes
 
365

 
(44
)
 
Provision for taxes
Total, net of taxes
 
$
2,195

 
$
(268
)
 
 
 
 
 
 
 
 
 
Recognition of defined benefit pension and post-retirement items:
 
 
 
 
 
 
Recognition of actuarial losses and prior service cost, before taxes
 
$
9,089

 
$
7,749

 
(b)
Provision for taxes
 
1,990

 
1,744

 
Provision for taxes
Total, net of taxes
 
$
7,099

 
$
6,005

 
 
(a) The cross currency swap reflects an unrealized loss of $3.1 million recorded in other charges (income) that was offset by the underlying unrealized loss on the hedged debt. The cross currency swap also reflects a realized gain of $1.5 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 11 for additional details for the six months ended June 30, 2020 and 2019.