Other Comprehensive Income

6 Months Ended

Jun. 30, 2021

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
	2021		2020		2021		2020
Net earnings	$	184,763	$	126,562	$	334,426	$	224,677
Other comprehensive income (loss), net of tax	9,152		2,096		32,333		(21,932)
Comprehensive income, net of tax	$	193,915	$	128,658	$	366,759	$	202,745

    The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2021 and 2020:

	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, 2020	$	(31,101)	$	(1,479)	$	(302,345)	$	(334,925)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) cash flow hedging arrangements	—		5,934		—		5,934
Foreign currency translation adjustment	11,717		—		9,147		20,864
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—		(4,732)		10,267		5,535
Net change in other comprehensive income (loss), net of tax	11,717		1,202		19,414		32,333
Balance at June 30, 2021	$	(19,384)	$	(277)	$	(282,931)	$	(302,592)

	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)

    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,
	2021		2020		Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	543	$	692	Interest expense
Cross currency swap agreement	2,876		34		(a)
Total before taxes	3,419		726
Provision for taxes	684		179		Provision for taxes
Total, net of taxes	$	2,735	$	547
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	6,482	$	4,596	(b)
Provision for taxes	1,367		1,000		Provision for taxes
Total, net of taxes	$	5,115	$	3,596

(a) The cross currency swap reflects an unrealized loss of $3.3 million for the three months ended June 30, 2021 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 $0.4 million recorded in interest expense for the three months ended June 30, 2021.

(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, 2021 and 2020.

	Six Months Ended
	June 30,
	2021		2020		Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	1,074	$	940	Interest expense
Cross currency swap agreement	(6,832)		1,620		(a)
Total before taxes	(5,758)		2,560
Provision for taxes	(1,026)		365		Provision for taxes
Total, net of taxes	$	(4,732)	$	2,195
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	13,011	$	9,089	(b)
Provision for taxes	2,744		1,990		Provision for taxes
Total, net of taxes	$	10,267	$	7,099

(a) The cross currency swap reflects an unrealized gain of $6.1 million for the six months ended June 30, 2021 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 $0.8 million recorded in interest expense for the six months ended June 30, 2021.

(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, 2021 and 2020.