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Shareholders' Equity
 12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Shareholders' Equity
SHAREHOLDERS’ EQUITY
Dividends
Cash dividends declared per share were $2.66, $2.40 and $2.06 in for the years ended December 31, 2017, 2016 and 2015, respectively. The Consolidated Balance Sheet reflects $54.4 million of dividends payable at December 31, 2017. This amount relates to a cash dividend of $0.69 per share declared in December 2017 and paid in January 2018. Dividends declared, but not paid as of December 31, 2016 and December 31, 2015 were $50.7 million ($0.64 per share) and $44.8 million ($0.56 per share), respectively.
Share Repurchases
In December 2012, the Board of Directors authorized a $250.0 million share repurchase program, which commenced in the first quarter of 2013. In August 2015, the Board of Directors approved an additional $250 million share repurchase authorization and extension through December 31, 2017. Based on the total remaining amount of $56.1 million available under the amended repurchase program as of October 31, 2017, the Board of Directors re-approved on November 1, 2017 a $250.0 million share repurchase authorization and extension for a total value of $300.0 million available under the program.
A summary of the stock repurchase activity under the stock repurchase program, reported based on the trade date, is summarized as follows:
(DOLLARS IN THOUSANDS)
 
Shares Repurchased
 
Weighted-
Average Price
per Share
 
Dollar Amount Repurchased
Year Ended December 31, 2017
 
459,264

 
$
126.44

 
$
58,069

Year Ended December 31, 2016
 
1,058,018

 
124.01

 
127,443

Year Ended December 31, 2015
 
1,074,210

 
114.90

 
121,193

Based on the total remaining amount of $295.1 million available under the repurchase program, 1,933,959 shares, or 2.4% of shares outstanding (based on the market price and weighted average shares outstanding as of December 31, 2017) could be repurchased under the program as of December 31, 2017.
The purchases will be made from time to time on the open market or through private transactions as market and business conditions warrant. Repurchased shares will be placed into treasury stock. The ultimate level of purchases will be a function of the daily purchase limits established in the pre-approved program according to the share price at that time. This plan expires on November 1, 2022.
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following tables present changes in the accumulated balances for each component of other comprehensive income, including current period other comprehensive income and reclassifications out of accumulated other comprehensive income: 
(DOLLARS IN THOUSANDS)
Foreign
Currency
Translation
Adjustments
 
(Losses) Gains on Derivatives
Qualifying as
Hedges
 
Pension and
Postretirement
Liability
Adjustment
 
Total
Accumulated other comprehensive loss, net of tax, as of December 31, 2016
$
(352,025
)
 
$
7,604

 
$
(335,674
)
 
$
(680,095
)
OCI before reclassifications
66,826

 
(14,782
)
 
(7,941
)
 
44,103

Amounts reclassified from AOCI
(12,217
)
(a)
(3,154
)
 
13,881

 
(1,490
)
Net current period other comprehensive income (loss)
54,609

 
(17,936
)
 
5,940

 
42,613

Accumulated other comprehensive loss, net of tax, as of December 31, 2017
$
(297,416
)
 
$
(10,332
)
 
$
(329,734
)
 
$
(637,482
)
 (a) Represents a foreign currency exchange gain from the release of a currency translation adjustment upon the liquidation of a foreign entity in 2017.
(DOLLARS IN THOUSANDS)
Foreign
Currency
Translation
Adjustments
 
(Losses) Gains on Derivatives
Qualifying as
Hedges
 
Pension and
Postretirement
Liability
Adjustment
 
Total
Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2015
$
(297,499
)
 
$
9,401

 
$
(325,342
)
 
$
(613,440
)
OCI before reclassifications
(54,526
)
 
2,334

 
(21,111
)
 
(73,303
)
Amounts reclassified from AOCI
—

 
(4,131
)
 
10,779

 
6,648

Net current period other comprehensive income (loss)
(54,526
)
 
(1,797
)
 
(10,332
)
 
(66,655
)
Accumulated other comprehensive loss, net of tax, as of December 31, 2016
$
(352,025
)
 
$
7,604

 
$
(335,674
)
 
$
(680,095
)

(DOLLARS IN THOUSANDS)
Foreign
Currency
Translation
Adjustments
 
(Losses) Gains on Derivatives
Qualifying as
Hedges
 
Pension and
Postretirement
Liability
Adjustment
 
Total
Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2014
$
(173,342
)
 
$
12,371

 
$
(379,459
)
 
$
(540,430
)
OCI before reclassifications
(124,157
)
 
13,006

 
33,410

 
(77,741
)
Amounts reclassified from AOCI
—

 
(15,976
)
 
20,707

 
4,731

Net current period other comprehensive income (loss)
(124,157
)
 
(2,970
)
 
54,117

 
(73,010
)
Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2015
$
(297,499
)
 
$
9,401

 
$
(325,342
)
 
$
(613,440
)

The following table provides details about reclassifications out of AOCI to the Consolidated Statement of Comprehensive Income: 
 
Year Ended December 31,
 
 
(DOLLARS IN THOUSANDS)
2017
 
2016
 
2015
 
Affected Line Item in the Consolidated Statement of Comprehensive Income
(Losses) gains on derivatives qualifying as hedges
 
 
 
 
 
 
 
Foreign currency contracts
$
4,506

 
$
5,401

 
$
18,571

 
Cost of goods sold
Interest rate swaps
(789
)
 
(595
)
 
(274
)
 
Interest expense
Tax
(563
)
 
(675
)
 
(2,321
)
 
Provision for income taxes
Total
$
3,154

 
$
4,131

 
$
15,976

 
Total, net of income taxes
(Losses) gains on pension and postretirement liability adjustments
 
 
 
 
 
 
 
Prior service cost
$
7,040

 
$
7,469

 
$
6,389

 
(a)
Actuarial losses
(24,699
)
 
(21,103
)
 
(36,167
)
 
(a)
Tax
3,778

 
2,855

 
9,071

 
Provision for income taxes
Total
$
(13,881
)
 
$
(10,779
)
 
$
(20,707
)
 
Total, net of income taxes
_______________________
(a)
The amortization of prior service cost and actuarial loss is included in the computation of net periodic benefit cost. Refer to Note 14 to the Consolidated Financial Statements - Employee Benefits for additional information regarding net periodic benefit cost.