Accumulated Other Comprehensive Income

9 Months Ended

Sep. 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 September 30:        

	Three Months Ended				Nine Months Ended
	2022		2021		2022		2021
Net earnings	$	220,597	$	203,688	$	606,668	$	538,114
Other comprehensive income (loss), net of tax	(42,149)		4,740		(69,290)		37,073
Comprehensive income, net of tax	$	178,448	$	208,428	$	537,378	$	575,187

    The following table presents changes in accumulated other comprehensive income by component for the nine months ended September 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	—		18,512		—		18,512
Foreign currency translation adjustment	(101,250)		—		17,842		(83,408)
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—		(14,434)		10,040		(4,394)
Net change in other comprehensive income (loss), net of tax	(101,250)		4,078		27,882		(69,290)
Balance at September 30, 2022	$	(120,816)	$	4,080	$	(207,778)	$	(324,514)

	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	—		7,327		—		7,327
Foreign currency translation adjustment	8,102		—		12,062		20,164
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—		(5,773)		15,355		9,582
Net change in other comprehensive income (loss), net of tax	8,102		1,554		27,417		37,073
Balance at September 30, 2021	$	(22,999)	$	75	$	(274,928)	$	(297,852)

    The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three and nine month periods ended September 30:

	Three Months Ended
	September 30,
	2022		2021		Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	—	$	551	Interest expense
Cross currency swap agreement	(7,612)		(1,793)		(a)
Total before taxes	(7,612)		(1,242)
Provision for taxes	(1,446)		(201)		Provision for taxes
Total, net of taxes	$	(6,166)	$	(1,041)
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	4,173	$	6,449	(b)
Provision for taxes	896		1,361		Provision for taxes
Total, net of taxes	$	3,277	$	5,088

(a) The cross currency swap reflects an unrealized gain of $6.2 million for the three months ended September 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 $1.5 million recorded in interest expense for the three months ended September 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 September 30, 2022 and 2021.

	Nine Months Ended
	September 30,
	2022		2021		Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	352	$	1,625	Interest expense
Cross currency swap agreement	(18,144)		(8,625)		(a)
Total before taxes	(17,792)		(7,000)
Provision for taxes	(3,358)		(1,227)		Provision for taxes
Total, net of taxes	$	(14,434)	$	(5,773)
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	12,788	$	19,460	(b)
Provision for taxes	2,748		4,105		Provision for taxes
Total, net of taxes	$	10,040	$	15,355

(a) The cross currency swap reflects an unrealized gain of $15.6 million for the nine months ended September 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 $2.6 million recorded in interest expense for the nine months ended September 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 nine months ended September 30, 2022 and 2021.