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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2016
Investments, All Other Investments [Abstract]  
Carrying Amount and Estimated Fair Values of Financial Instruments
The amounts recorded in the balance sheet (carrying amount) and the estimated fair values of financial instruments at September 30, 2016 and December 31, 2015 consisted of the following: 
 
September 30, 2016
 
December 31, 2015
(DOLLARS IN THOUSANDS)
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Cash and cash equivalents (1)
$
498,730

 
$
498,730

 
$
181,988

 
$
181,988

Credit facilities and bank overdrafts (2)
13,112

 
13,112

 
142,178

 
142,178

Long-term debt: (3)
 
 
 
 
 
 
 
Senior notes - 2006
—

 
—

 
124,964

 
127,717

Senior notes - 2007
499,638

 
577,132

 
499,618

 
563,855

Senior notes - 2013
297,916

 
316,742

 
297,683

 
290,830

Euro Senior notes - 2016
555,381

 
604,035

 
—

 
—

 
(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 September 30, 2016 and December 31, 2015: 
(DOLLARS IN THOUSANDS)
September 30, 2016
 
December 31, 2015
Foreign currency contracts
$
881,600

 
$
573,200

Interest rate swaps
$
350,000

 
$
475,000
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 September 30, 2016 and December 31, 2015: 
 
September 30, 2016
(DOLLARS IN THOUSANDS)
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
$
2,411

 
$
4,210

 
$
6,621

Interest rate swaps
2,326

 
—

 
2,326

 
$
4,737

 
$
4,210

 
$
8,947

Derivative liabilities (b)
 
 
 
 
 
Foreign currency contracts
$
1,588

 
$
5,851

 
$
7,439

 
$
1,588

 
$
5,851

 
$
7,439

 
December 31, 2015
(DOLLARS IN THOUSANDS)
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
$
6,560

 
$
3,700

 
$
10,260

Interest rate swaps
1,210

 
—

 
1,210

 
$
7,770

 
$
3,700

 
$
11,470

Derivative liabilities (b)
 
 
 
 
 
Foreign currency contracts
$
2,106

 
$
3,022

 
$
5,128

 
(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 Comprehensive Income for the three and nine months ended September 30, 2016 and 2015 (in thousands): 

Derivatives Not Designated as Hedging Instruments
Amount of Gain (Loss)
Recognized in Income on
Derivative
 
Location of Gain (Loss)
Recognized in Income
on Derivative
 
Three Months Ended September 30,
 
 
 
2016
 
2015
 
 
Foreign currency contracts
$
(3,313
)
 
$
(1,979
)
 
Other (income) expense, net
Derivatives Not Designated as Hedging Instruments
Amount of Gain (Loss)
Recognized in Income on
Derivative
 
Location of Gain (Loss)
Recognized in Income
on Derivative
 
Nine Months Ended September 30,
 
 
 
2016
 
2015
 
 
Foreign currency contracts
$
(6,860
)
 
$
8,097

 
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 Statements of Comprehensive Income for the three and nine months ended September 30, 2016 and 2015 (in thousands): 
 
Amount of (Loss) Gain
Recognized in OCI on
Derivative (Effective
Portion)
 
Location of (Loss) Gain
Reclassified from AOCI into
Income (Effective Portion)
 
Amount of (Loss) Gain
Reclassified from
Accumulated OCI into
Income (Effective
Portion)
 
Three Months Ended September 30,
 
 
 
Three Months Ended September 30,
 
2016
 
2015
 
 
 
2016
 
2015
Derivatives in Cash Flow Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
$
98

 
$
(7,794
)
 
Cost of goods sold
 
$
(544
)
 
$
6,956

Interest rate swaps (1)
171

 
(4,703
)
 
Interest expense
 
(171
)
 
(69
)
Derivatives in Net Investment Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
(224
)
 
(547
)
 
N/A
 
—

 
—

Euro Senior notes - 2016
(2,856
)
 
—

 
N/A
 
—

 
—

Total
$
(2,811
)
 
$
(13,044
)
 
 
 
$
(715
)
 
$
6,887

 
 
 
 
 
 
 
 
 
 
 
Amount of (Loss) Gain
Recognized in OCI on
Derivative (Effective
Portion)
 
Location of (Loss) Gain
Reclassified from AOCI into
Income (Effective Portion)
 
Amount of (Loss) Gain
Reclassified from
Accumulated OCI into
Income (Effective
Portion)
 
Nine Months Ended September 30,
 
 
 
Nine Months Ended September 30,
 
2016
 
2015
 
 
 
2016
 
2015
Derivatives in Cash Flow Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
$
(6,293
)
 
$
(1,815
)
 
Cost of goods sold
 
$
4,808

 
$
11,540

Interest rate swaps (1)
(2,830
)
 
(4,565
)
 
Interest expense
 
(428
)
 
(207
)
 


 
 
 
 
 


 
 
Derivatives in Net Investment Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
(694
)
 
2,984

 
N/A
 
—

 
—

Euro Senior notes - 2016
6,793

 
—

 
N/A
 
—

 
—

Total
$
(3,024
)
 
$
(3,396
)
 
 
 
$
4,380

 
$
11,333

 
(1) Interest rate swaps were entered into as pre-issuance hedges.