Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2022

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
	2022		2021		2022		2021
Net earnings	$	212,070	$	184,763	$	386,071	$	334,426
Other comprehensive income (loss), net of tax	(31,491)		9,152		(27,141)		32,333
Comprehensive income, net of tax	$	180,579	$	193,915	$	358,930	$	366,759

    The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2022 and 2021:

	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, 2021	$	(19,566)	$	2	$	(235,660)	$	(255,224)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) cash flow hedging arrangements	—		11,343		—		11,343
Foreign currency translation adjustment	(46,982)		—		10,003		(36,979)
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—		(8,268)		6,763		(1,505)
Net change in other comprehensive income (loss), net of tax	(46,982)		3,075		16,766		(27,141)
Balance at June 30, 2022	$	(66,548)	$	3,077	$	(218,894)	$	(282,365)

	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)

    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,
	2022		2021		Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	—	$	543	Interest expense
Cross currency swap agreement	(5,735)		2,876		(a)
Total before taxes	(5,735)		3,419
Provision for taxes	(1,090)		684		Provision for taxes
Total, net of taxes	$	(4,645)	$	2,735
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	4,222	$	6,482	(b)
Provision for taxes	908		1,367		Provision for taxes
Total, net of taxes	$	3,314	$	5,115

(a) The cross currency swap reflects an unrealized gain of $5.0 million for the three months ended June 30, 2022 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 $0.7 million recorded in interest expense for the three months ended June 30, 2022.

(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, 2022 and 2021.

	Six Months Ended
	June 30,
	2022		2021		Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	352	$	1,074	Interest expense
Cross currency swap agreement	(10,531)		(6,832)		(a)
Total before taxes	(10,179)		(5,758)
Provision for taxes	(1,911)		(1,026)		Provision for taxes
Total, net of taxes	$	(8,268)	$	(4,732)
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	8,615	$	13,011	(b)
Provision for taxes	1,852		2,744		Provision for taxes
Total, net of taxes	$	6,763	$	10,267

(a) The cross currency swap reflects an unrealized gain of $9.4 million for the six months ended June 30, 2022 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 $1.1 million recorded in interest expense for the six months ended June 30, 2022.

(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, 2022 and 2021.