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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Carrying Amount and Estimated Fair Value of Financial Instruments
The amounts recorded in the balance sheet (carrying amount) and the estimated fair values of financial instruments at December 31 consisted of the following:
 
2014
 
2013
(DOLLARS IN THOUSANDS)
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Cash and cash equivalents(1)
$
478,573

 
$
478,573

 
$
405,505

 
$
405,505

Credit facilities and bank overdrafts(2)
12,335

 
12,335

 
984

 
984

Long-term debt:(3)
 
 
 
 
 
 
 
Senior notes — 2007
500,000

 
587,650

 
500,000

 
590,024

Senior notes — 2006
125,000

 
133,137

 
125,000

 
139,146

Senior notes — 2013
299,782

 
296,290

 
299,736

 
278,770

 
_______________________
(1)
The carrying amount of cash and cash equivalents approximates fair value due to the short maturity of those instruments.
(2)
The carrying amount of our credit facilities and bank overdrafts approximates fair value as the interest rate is reset frequently based on current market rates as well as the short maturity of those instruments.
(3)
The fair value of our long-term debt was calculated using discounted cash flows applying current interest rates and current credit spreads based on our own credit risk.
Derivative Instruments Notional Amount Outstanding
The following table shows the notional amount of the Company’s derivative instruments outstanding as of December 31, 2014 and December 31, 2013: 
(DOLLARS IN THOUSANDS)
December 31, 2014
 
December 31, 2013
Forward currency contracts
$
191,150

 
$
255,500

Interest rate swaps
$
425,000

 
$
375,000
Derivative Instruments Measured at Fair Value
The following tables show the Company’s derivative instruments measured at fair value (Level 2 of the fair value hierarchy) as reflected in the Consolidated Balance Sheets as of December 31, 2014 and December 31, 2013 (in thousands): 
 
December 31, 2014
 
Fair Value of
Derivatives
Designated as
Hedging
Instruments
 
Fair Value of
Derivatives Not
Designated as
Hedging
Instruments
 
Total Fair
Value
Derivative assets(a)
 
 
 
 
 
Foreign currency contracts
$
16,637

 
$
4,398

 
$
21,035

Interest rate swaps
683

 
—

 
683

 
$
17,320

 
$
4,398

 
$
21,718

Derivative liabilities(b)
 
 
 
 
 
Foreign currency contracts
$
6

 
$
1,055

 
$
1,061

 
 
 
 
 
 
 
December 31, 2013
 
Fair Value of
Derivatives
Designated as
Hedging
Instruments
 
Fair Value of
Derivatives Not
Designated as
Hedging
Instruments
 
Total Fair
Value
Derivative assets(a)
 
 
 
 
 
Foreign currency contracts
$
580

 
$
8,896

 
$
9,476

Interest rate swaps
670

 
—

 
670

 
$
1,250

 
$
8,896

 
$
10,146

Derivative liabilities(b)
 
 
 
 
 
Foreign currency contracts
$
6,024

 
$
2,909

 
$
8,933

_______________________
(a)
Derivative assets are recorded to Prepaid expenses and other current assets in the Consolidated Balance Sheet.
(b)
Derivative liabilities are recorded as Other current liabilities in the Consolidated Balance Sheet.
Derivative Instruments Which Were Not Designated as Hedging Instruments
The following table shows the effect of the Company’s derivative instruments which were not designated as hedging instruments in the Consolidated Statement of Income and Comprehensive Income for the years ended December 31, 2014 and December 31, 2013 (in thousands): 
Derivatives Not Designated as Hedging Instruments
Amount of Gain
For the years ended
December 31,
 
Location of Gain
Recognized in
Income on Derivative
2014
 
2013
 
Foreign currency contract
$
25,678

 
$
16,479

 
Other (income) expense, net
Derivative Instruments Designated as Cash Flow and Net Investment Hedging Instruments
The following table shows the effect of the Company’s derivative instruments designated as cash flow and net investment hedging instruments in the Consolidated Statement of Income and Comprehensive Income for the years ended December 31, 2014 and December 31, 2013 (in thousands): 
 
Amount of Gain or
(Loss) Recognized in
OCI on Derivative
(Effective Portion)
 
Location of Gain or
(Loss) Reclassified
from Accumulated
OCI into Income
(Effective Portion)
 
Amount of Gain or
(Loss) Reclassified
from Accumulated
OCI into Income
(Effective Portion)
 
For the years ended
December 31,
 
 
For the years ended
December 31,
 
2014
 
2013
 
 
2014
 
2013
Derivatives in Cash Flow Hedging Relationships:
 
 
 
 
 
 
 
 
 
Cross currency swap(1)
$
—

 
$
—

 
Other (income)  expense, net
 
$
—

 
$
(333
)
Forward currency contract
16,109

 
(1,308
)
 
Cost of goods sold
 
(3,675
)
 
(624
)
Interest rate swaps (2)
274

 
(2,530
)
 
Interest expense
 
(274
)
 
(205
)
Derivatives in Net Investment Hedging Relationships:
 
 
 
 
 
 
 
 
 
Forward currency contract
7,415

 
(1,330
)
 
N/A
 
—

 
—

Total
$
23,798

 
$
(5,168
)
 
 
 
$
(3,949
)
 
$
(1,162
)
_______________________
(1)
Ten year swap executed in 2003, matured in January 2013.
(2)
Interest rate swaps were entered into as pre-issuance hedges for the $300 million bond offering.