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Financial Instruments (Tables)
 9 Months Ended
Sep. 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 September 30, 2017 and December 31, 2016 consisted of the following: 
 
September 30, 2017
 
December 31, 2016
(DOLLARS IN THOUSANDS)
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Cash and cash equivalents (1)
$
316,002

 
$
316,002

 
$
323,992

 
$
323,992

Credit facilities and bank overdrafts (2)
9,807

 
9,807

 
13,599

 
13,599

Commercial paper (2)
39,957

 
39,957

 
—

 
—

Long-term debt: (3)
 
 
 
 
 
 
 
Senior notes - 2007
249,765

 
297,010

 
499,676

 
556,222

Senior notes - 2013
298,594

 
307,675

 
297,986

 
302,376

Euro Senior notes - 2016
582,514

 
614,498

 
512,764

 
546,006

Senior notes - 2017
492,653

 
497,998

 
—

 
—

 
(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 September 30, 2017 and December 31, 2016: 
(DOLLARS IN THOUSANDS)
September 30, 2017
 
December 31, 2016
Foreign currency contracts
$
756,631

 
$
527,500

Interest rate swaps
150,000

 
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 September 30, 2017 and December 31, 2016: 
 
September 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
$
1,171

 
$
14,335

 
$
15,506

 
$
1,171

 
$
14,335

 
$
15,506

Derivative liabilities (b)
 
 
 
 
 
Foreign currency contracts
$
9,942

 
$
2,016

 
$
11,958

Interest rate swaps
604

 
—

 
604

 
$
10,546

 
$
2,016

 
$
12,562

 
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 nine months ended September 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 September 30,
 
 
 
2017
 
2016
 
 
Foreign currency contracts
$
4,024

 
$
(3,313
)
 
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,
 
 
 
2017
 
2016
 
 
Foreign currency contracts
$
(9,157
)
 
$
(6,860
)
 
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, net of tax, in the Consolidated Statements of Comprehensive Income for the three and nine months ended September 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 September 30,
 
 
 
Three Months Ended September 30,
 
2017
 
2016
 
 
 
2017
 
2016
Derivatives in Cash Flow Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
$
(4,229
)
 
$
98

 
Cost of goods sold
 
$
1,815

 
$
(544
)
Interest rate swaps (1)
216

 
171

 
Interest expense
 
(216
)
 
(171
)
Derivatives in Net Investment Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
(1,130
)
 
(224
)
 
N/A
 
—

 
—

Euro Senior notes - 2016
(11,861
)
 
(2,856
)
 
N/A
 
—

 
—

Total
$
(17,004
)
 
$
(2,811
)
 
 
 
$
1,599

 
$
(715
)
 
 
 
 
 
 
 
 
 
 
 
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,
 
2017
 
2016
 
 
 
2017
 
2016
Derivatives in Cash Flow Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
$
(13,505
)
 
$
(6,293
)
 
Cost of goods sold
 
$
4,062

 
$
4,808

Interest rate swaps (1)
(4,027
)
 
(2,830
)
 
Interest expense
 
(573
)
 
(428
)
 
 
 
 
 
 
 
 
 
 
Derivatives in Net Investment Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
(4,258
)
 
(694
)
 
N/A
 
—

 
—

Euro Senior notes - 2016
(43,050
)
 
6,793

 
N/A
 
—

 
—

Total
$
(64,840
)
 
$
(3,024
)
 
 
 
$
3,489

 
$
4,380

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