Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

The effects of fair value and cash flow hedge accounting on the Condensed Consolidated Statement of Earnings and Comprehensive Income for the period ended June 30, 2022 was as follows:

				2022							2021
(in thousands)					Cost of sales		Interest expense, net		Other & foreign exchange loss, net		Cost of sales
Total amounts of income and expense line items presented in the Condensed Consolidated Statement of Earnings in which the effects of fair value or cash flow hedges are recorded					$	590,688	$	(3,585)	$	(2,107)	$	399,195
The effects of fair value and cash flow hedging
	Gain or (loss) on cash flow hedging relationships
		Interest contracts:
			Amount of gain or (loss) reclassified from OCI to earnings	—			(2,978)
		Cross currency swap contract
			Amount of gain or (loss) reclassified from OCI to earnings	—			1,959		29,124
		Forward contract
			Amount of gain or (loss) reclassified from OCI to earnings		163						200

The effects of derivative instruments on the Condensed Consolidated Statement of Earnings and Comprehensive Income for the three months ended June 30 were as follow:

Cash Flow Hedging Relationships	Gain (Loss) Recognized in OCI				Location of Gain (Loss) Reclassified from OCI into Earnings	Gain (Loss) Reclassified from OCI into Earnings
(in thousands)	2022		2021			2022		2021
Interest rate contracts	$	8,681	$	—	Interest expense	$	(2,949)	$	—
Cross currency contracts	30,263		—		Interest expense	1,938		—
					FX gain (loss)	32,091		—
Forward contracts	$	—	$	228	Cost of goods sold			200
Total	$	38,944	$	228		$	31,080	$	200

The effects of derivative instruments on the Condensed Consolidated Statement of Earnings and Comprehensive Income for the six months ended June 30 were as follow:

Cash Flow Hedging Relationships	Gain (Loss) Recognized in OCI				Location of Gain (Loss) Reclassified from OCI into Earnings	Gain (Loss) Reclassified from OCI into Earnings
	2022		2021			2022		2021
Interest rate contracts	$	6,876	$	—	Interest expense	$	(2,978)	$	—
Cross currency contracts	22,715		—		Interest expense	1,959
					FX gain (loss)	29,124
Forward contracts	—		428		Cost of goods sold	163		200
Total	$	29,591	$	428		$	28,268	$	200