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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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 periods ended March 31, were as follows:

															2023									2022
(in thousands)															Interest expense, net			Other & foreign exchange loss, net						Cost of sales			Interest expense, net			Other & foreign exchange loss, net
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															$	(570)		$	(398)					256,789			(212)			(216)
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						3,196			—						—			(29)			—
						Cross currency swap contract
									Amount of gain or (loss) reclassified from OCI to earnings						1,339			(1,816)						—			21			(2,967)
						Forward contract
									Amount of gain or (loss) reclassified from OCI to earnings						—			—						163			—			—

The effects of derivative instruments on the Condensed Consolidated Statement of Earnings and Comprehensive Income for the three months ended March 31, 2023 and 2022 were as follows:

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)			2023			2022									2023			2022
Interest rate contracts			$	(4,043)		$	(1,805)					Interest expense			$	3,196		$	(29)
Cross currency contracts			(2,279)			(7,548)						Interest expense			1,339			21
Forward contracts			$	(35)		$	—					FX gain (loss)			(1,816)			(2,967)
FX gain (loss)			$	—		$	—					Cost of goods sold			—			163
Total			$	(6,357)		$	(9,353)								$	2,719		$	(2,812)

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- References

No definition available.

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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