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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 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 nine months ended September 30, were as follows:

												2023												2022
(in thousands)												Cost of sales			Interest income (expense), net and other finance costs			Other & foreign exchange loss, net						Cost of sales			Interest income (expense), net and other finance costs			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												$	888,835		18			$	(1,471)					899,828			(6,568)			(3,814)
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			—			11,409			—						—			(3,315)			—
						Cross currency swap contract
									Amount of gain or (loss) reclassified from OCI to earnings			—			4,088			6,508						—			(4,020)			57,560
						Forward contract
									Amount of gain reclassified from OCI to earnings			60			—			—						163			—			—

The effects of derivative instruments on the Condensed Consolidated Statement of Earnings and Comprehensive Income for the three months ended September 30, 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			$	4,959		$	18,696					Interest expense			$	4,302		$	(337)
Cross currency contracts			12,156			23,977						Interest expense			1,483			(5,979)
Forward contracts			(122)			—						FX gain (loss)			11,753			28,437
												Cost of goods sold			(20)			—
Total			$	16,993		$	42,673								$	17,518		$	22,121

The effects of derivative instruments on the Condensed Consolidated Statement of Earnings and Comprehensive Income for the nine months ended September 30, 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			$	11,505		$	25,571					Interest expense			$	11,409		$	(3,315)
Cross currency contracts			4,137			46,692						Interest expense			4,088			(4,020)
Forward contracts			(535)			—						FX gain (loss)			6,508			57,560
												Cost of goods sold			60			163
Total			$	15,107		$	72,263								$	22,065		$	50,388

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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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A

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