SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

SIGNIFICANT ACCOUNTING POLICIES

Property, Plant and Equipment

Property, plant and equipment, net in the Consolidated Balance Sheet is comprised of the following components:

	December 31,
	2022		2021
Land	$	71,446	$	67,897
Buildings		447,098		426,165
Machinery and equipment		916,870		885,718
		1,435,414		1,379,780
Less accumulated depreciation		890,543		868,036
Total	$	544,871	$	511,744

Schedule of adopted accounting pronouncements

Standard	Description
ASU No. 2022-06, Reference Rate Reform (Topic 848), issued December 2022.	The U.S. dollar LIBOR rates will no longer be published and regulators have identified alternative reference rates that are more observable or transparent-based and less susceptible to manipulation. This ASU provides optional relief in accounting for the impact of reference rate reform by deferring the sunset date of Topic 848 from December 31, 2022 to December 31, 2024.

Schedule of pending accounting pronouncements

Standard

Description

ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50), issued September 2022.

Requires disclosure about a company’s supplier finance program, including key terms, amount outstanding, assets pledged as applicable, presentation on the balance sheet and a period-over-period balance roll forward. Except for the roll forward requirement, the ASU is effective for interim and annual periods beginning January 1, 2023 and should be applied retrospectively. The roll forward requirement is effective January 1, 2024 and should be applied prospectively. Early adoption of the roll forward requirement is permitted.