Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

he effects of fair value and cash flow hedge accounting on the Condensed Consolidated Statement of Earnings and Comprehensive Income for the periods ended September 30, were 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				$	899,828	$	(2,983)	$	(3,814)	$	597,901
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			(3,315)
		Cross currency swap contract
			Amount of gain or (loss) reclassified from OCI to earnings			(4,020)		57,560
		Forward contract
			Amount of gain or (loss) reclassified from OCI to earnings	163						207

The effects of derivative instruments on the Condensed Consolidated Statement of Earnings and Comprehensive Income for the three months ended September 30, 2022 and 2021 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)	2022		2021			2022		2021
Interest rate contracts	$	18,696	$	—	Interest expense	$	(337)	$	—
Cross currency contracts	23,977		—		Interest expense	(5,979)		—
					FX gain (loss)	28,437		—
Forward contracts	$	—	$	207	Cost of goods sold	—		228
Total	$	42,673	$	207		$	22,121	$	228

The effects of derivative instruments on the Condensed Consolidated Statement of Earnings and Comprehensive Income for the nine months ended September 30, 2022 and 2021were 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
	2022		2021			2022		2021
Interest rate contracts	$	25,571	$	—	Interest expense	$	(3,315)	$	—
Cross currency contracts	46,692		—		Interest expense	(4,020)		—
					FX gain (loss)	57,560		—
Forward contracts	—		207		Cost of goods sold	163		428
Total	$	72,263	$	207		$	50,388	$	428