Accumulated Other Comprehensive Income

9 Months Ended

Sep. 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 September 30:


	Three Months Ended				Nine Months Ended
	2021		2020		2021		2020
Net earnings	$	203,688	$	161,767	$	538,114	$	386,444
Other comprehensive income (loss), net of tax	4,740		18,332		37,073		(3,600)
Comprehensive income, net of tax	$	208,428	$	180,099	$	575,187	$	382,844

The following table presents changes in accumulated other comprehensive income by component for the nine months ended September 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	—		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)


	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	—		(7,689)		—		(7,689)
Foreign currency translation adjustment	(571)		—		(11,662)		(12,233)
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—		5,524		10,798		16,322
Net change in other comprehensive income (loss), net of tax	(571)		(2,165)		(864)		(3,600)
Balance at September 30, 2020	$	(61,586)	$	(3,387)	$	(262,300)	$	(327,273)

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,
	2021		2020		Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	551	$	833	Interest expense
Cross currency swap agreement	(1,793)		2,936		(a)
Total before taxes	(1,242)		3,769
Provision for taxes	(201)		440		Provision for taxes
Total, net of taxes	$	(1,041)	$	3,329

Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	6,449	$	4,746	(b)
Provision for taxes	1,361		1,047		Provision for taxes
Total, net of taxes	$	5,088	$	3,699

(a) The cross currency swap reflects an unrealized gain of $1.5 million for the three months ended September 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 $0.3 million recorded in interest expense for the three months ended September 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 September 30, 2021 and 2020.


	Nine Months Ended
	September 30,
	2021		2020		Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	1,625	$	1,774	Interest expense
Cross currency swap agreement	(8,625)		4,555		(a)
Total before taxes	(7,000)		6,329
Provision for taxes	(1,227)		805		Provision for taxes
Total, net of taxes	$	(5,773)	$	5,524

Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	19,460	$	13,835	(b)
Provision for taxes	4,105		3,037		Provision for taxes
Total, net of taxes	$	15,355	$	10,798

(a) The cross currency swap reflects an unrealized gain of $7.5 million for the nine months ended September 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 $1.1 million recorded in interest expense for the nine months ended September 30, 2021.