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Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2017
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 June 30, 2017 and December 31, 2016 consisted of the following: 
 
June 30, 2017
 
December 31, 2016
(DOLLARS IN THOUSANDS)
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Cash and cash equivalents (1)
$
491,386

 
$
491,386

 
$
323,992

 
$
323,992

Credit facilities and bank overdrafts (2)
38,720

 
38,720

 
13,599

 
13,599

Long-term debt: (3)
 
 
 
 
 
 
 
Senior notes - 2007
499,735

 
551,713

 
499,676

 
556,222

Senior notes - 2013
298,519

 
306,361

 
297,986

 
302,376

Euro Senior notes - 2016
563,981

 
611,397

 
512,764

 
546,006

Senior notes - 2017
492,877

 
511,789

 
—

 
—

 
(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, bank overdrafts and commercial paper 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 June 30, 2017 and December 31, 2016: 
(DOLLARS IN THOUSANDS)
June 30, 2017
 
December 31, 2016
Foreign currency contracts
$
687,437

 
$
527,500

Interest rate swaps
350,000

 
412,500
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 June 30, 2017 and December 31, 2016: 
 
June 30, 2017
(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
$
927

 
$
8,055

 
$
8,982

 
$
927

 
$
8,055

 
$
8,982

Derivative liabilities (b)
 
 
 
 
 
Foreign currency contracts
$
7,020

 
$
8,852

 
$
15,872

Interest rate swaps
158

 
—

 
158

 
$
7,178

 
$
8,852

 
$
16,030

 
December 31, 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
$
13,765

 
$
7,737

 
$
21,502

Interest rate swaps
335

 
—

 
335

 
$
14,100

 
$
7,737

 
$
21,837

Derivative liabilities (b)
 
 
 
 
 
Foreign currency contracts
$
46

 
$
2,209

 
$
2,255

Interest rate swaps
725

 
—

 
725

 
$
771

 
$
2,209

 
$
2,980

 
(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 six months ended June 30, 2017 and 2016 (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 June 30,
 
 
 
2017
 
2016
 
 
Foreign currency contracts
$
(3,054
)
 
$
1,395

 
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
 
Six Months Ended June 30,
 
 
 
2017
 
2016
 
 
Foreign currency contracts
$
(13,181
)
 
$
(3,548
)
 
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 six months ended June 30, 2017 and 2016 (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 June 30,
 
 
 
Three Months Ended June 30,
 
2017
 
2016
 
 
 
2017
 
2016
Derivatives in Cash Flow Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
$
(6,328
)
 
$
612

 
Cost of goods sold
 
$
1,789

 
$
2,736

Interest rate swaps (1)
(5,439
)
 
171

 
Interest expense
 
(186
)
 
(171
)
Derivatives in Net Investment Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
(2,082
)
 
1,934

 
N/A
 
—

 
—

Euro Senior notes - 2016
(19,780
)
 
9,649

 
N/A
 
—

 
—

Total
$
(33,629
)
 
$
12,366

 
 
 
$
1,603

 
$
2,565

 
 
 
 
 
 
 
 
 
 
 
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)
 
Six Months Ended June 30,
 
 
 
Six Months Ended June 30,
 
2017
 
2016
 
 
 
2017
 
2016
Derivatives in Cash Flow Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
$
(9,276
)
 
$
(6,391
)
 
Cost of goods sold
 
$
2,247

 
$
5,352

Interest rate swaps (1)
(4,243
)
 
(3,001
)
 
Interest expense
 
(357
)
 
(257
)
 
 
 
 
 
 
 
 
 
 
Derivatives in Net Investment Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
(3,128
)
 
(470
)
 
N/A
 
—

 
—

Euro Senior notes - 2016
(31,189
)
 
9,649

 
N/A
 
—

 
—

Total
$
(47,836
)
 
$
(213
)
 
 
 
$
1,890

 
$
5,095

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