Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2023

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
	2023		2022		2023		2022
Net earnings	$	213,927	$	212,070	$	402,353	$	386,071
Other comprehensive income (loss), net of tax	(38,700)		(31,491)		(39,983)		(27,141)
Comprehensive income, net of tax	$	175,227	$	180,579	$	362,370	$	358,930

    The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2023 and 2022:

	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, 2022	$	(82,864)	$	4,256	$	(148,625)	$	(227,233)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging arrangements	—		(2,121)		—		(2,121)
Foreign currency translation adjustment	(37,810)		—		(3,960)		(41,770)
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—		725		3,183		3,908
Net change in other comprehensive income (loss), net of tax	(37,810)		(1,396)		(777)		(39,983)
Balance at June 30, 2023	$	(120,674)	$	2,860	$	(149,402)	$	(267,216)

	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) on 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)

    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,
	2023		2022		Location of Amounts Recognized in Earnings
Effective portion of losses on cash flow hedging arrangements:
Cross currency swap agreement	2,449		(5,735)		(a)
Total before taxes	2,449		(5,735)
Provision for taxes	465		(1,090)		Provision for taxes
Total, net of taxes	$	1,984	$	(4,645)
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	2,035	$	4,222	(b)
Provision for taxes	430		908		Provision for taxes
Total, net of taxes	$	1,605	$	3,314

(a) The cross currency swap reflects an unrealized loss of $5.3 million for the three months ended June 30, 2023 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 $2.8 million recorded in interest expense for the three months ended June 30, 2023.

(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, 2023 and 2022.

	Six Months Ended
	June 30,
	2023		2022		Location of Amounts Recognized in Earnings
Effective portion of losses on cash flow hedging arrangements:
Interest rate swap agreements	$	—	$	352	Interest expense
Cross currency swap agreement	895		(10,531)		(a)
Total before taxes	895		(10,179)
Provision for taxes	170		(1,911)		Provision for taxes
Total, net of taxes	$	725	$	(8,268)
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	4,037	$	8,615	(b)
Provision for taxes	854		1,852		Provision for taxes
Total, net of taxes	$	3,183	$	6,763

(a) The cross currency swap reflects an unrealized loss of $6.4 million for the six months ended June 30, 2023 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 $5.5 million recorded in interest expense for the six months ended June 30, 2023.

(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, 2023 and 2022.