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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Carrying Amount and Estimated Fair Value of Financial Instruments
The principal amounts and the estimated fair values of financial instruments at December 31 consisted of the following:
 
2017
 
2016
(DOLLARS IN THOUSANDS)
Principal
 
Fair
Value
 
Principal
 
Fair
Value
Cash and cash equivalents(1)
$
368,046

 
$
368,046

 
$
323,992

 
$
323,992

Credit facilities and bank overdrafts(2)
7,993

 
7,993

 
13,599

 
13,599

Long-term debt:(3)
 
 
 
 
 
 
 
Senior notes - 2007
250,000

 
293,232

 
500,000

 
556,222

Senior notes - 2013
300,000

 
304,219

 
300,000

 
302,376

Euro Senior notes - 2016
594,400

 
627,782

 
520,650

 
546,006

Senior notes - 2017
500,000

 
525,906

 
—

 
—

 
_______________________
(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 the Company's 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 the Company's long-term debt was calculated using discounted cash flows applying current interest rates and current credit spreads based on its 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, 2017 and December 31, 2016: 
 
December 31,
(DOLLARS IN THOUSANDS)
2017
 
2016
Forward currency contracts
$
896,947

 
$
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 December 31, 2017 and December 31, 2016: 
 
December 31, 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
$
1,159

 
$
3,978

 
$
5,137

Derivative liabilities(b)
 
 
 
 
 
Foreign currency contracts
$
7,842

 
$
4,344

 
$
12,186

Interest rate swaps
1,369

 
—

 
1,369

Total
$
9,211

 
$
4,344

 
$
13,555

 
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

Total
$
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 Income and Comprehensive Income for the years ended December 31, 2017 and December 31, 2016 (in thousands): 
(DOLLARS IN THOUSANDS)
Amount of Gain (Loss)
For the years ended
December 31,
 
Location of Gain (Loss)
Recognized in
Income on Derivative
2017
 
2016
 
Foreign currency contract
$
(10,057
)
 
$
26,821

 
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 Statement of Income and Comprehensive Income for the years ended December 31, 2017 and December 31, 2016 (in thousands): 
 
Amount of Gain(Loss)
Recognized in OCI on Derivative
(Effective Portion)
 
Location of Gain
(Loss) Reclassified
from AOCI into Income
(Effective Portion)
 
Amount of Gain (Loss) Reclassified from AOCI
into Income
(Effective Portion)
 
For the years ended
December 31,
 
 
For the years ended
December 31,
 
2017
 
2016
 
 
2017
 
2016
Derivatives in Cash Flow Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contract
$
(14,121
)
 
$
1,591

 
Cost of goods sold
 
$
3,943

 
$
4,726

Interest rate swaps (1)
(3,811
)
 
(3,388
)
 
Interest expense
 
(789
)
 
(595
)
Derivatives in Net Investment Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contract
(4,239
)
 
3,230

 
N/A
 
—

 
—

Euro Senior notes - 2016
(47,672
)
 
32,897

 
N/A
 
—

 
—

Total
$
(69,843
)
 
$
34,330

 
 
 
$
3,154

 
$
4,131

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