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Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2018
Investments, All Other Investments [Abstract]  
Carrying Amount and Estimated Fair Values of Financial Instruments
The principal amounts and the estimated fair values of financial instruments at June 30, 2018 and December 31, 2017 consisted of the following: 
 
June 30, 2018
 
December 31, 2017
(DOLLARS IN THOUSANDS)
Principal
 
Fair Value
 
Principal
 
Fair Value
Cash and cash equivalents(1)
$
322,423

 
$
322,423

 
$
368,046

 
$
368,046

Credit facilities and bank overdrafts(2)
115,078

 
115,078

 
7,993

 
7,993

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

 
278,720

 
250,000

 
293,232

Senior notes - 2013
300,000

 
294,645

 
300,000

 
304,219

Euro Senior notes - 2016
577,700

 
599,111

 
594,400

 
627,782

Senior notes - 2017
500,000

 
452,689

 
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 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 June 30, 2018 and December 31, 2017: 
(DOLLARS IN THOUSANDS)
June 30, 2018
 
December 31, 2017
Non-Deal Contingent Swaps
 
 
 
Foreign currency contracts
$
531,092

 
$
896,947

Interest rate swaps
150,000

 
150,000

Deal Contingent Swaps
 
 
 
Foreign currency contract
1,000,000

 
—

Interest rate swaps
898,513

 
—
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 Sheet as of June 30, 2018 and December 31, 2017: 
 
June 30, 2018
(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
$
5,525

 
$
17,172

 
$
22,697

Derivative liabilities (b)
 
 
 
 
 
Foreign currency contract
250

 
5,901

 
6,151

Interest rate swaps
3,799

 
24,937

 
28,736

Total derivative liabilities
$
4,049

 
$
30,838

 
$
34,887

 
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 derivative liabilities
$
9,211

 
$
4,344

 
$
13,555

 
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 three and six months ended June 30, 2018 and 2017 (in thousands): 

 
Amount of Gain (Loss)
 
Location of Gain (Loss) Recognized in Income on Derivative
(DOLLARS IN THOUSANDS)
Three Months Ended June 30,
 
2018
 
2017
 
Foreign currency contracts
$
4,685

 
$
(3,054
)
 
Other (income), net
Deal contingent swaps
 
 
 
 
 
Foreign currency contracts
10,979

 
—

 
Other (income), net
Interest rate swaps
(24,937
)
 
—

 
Interest expense
 
$
(9,273
)
 
$
(3,054
)
 
 

 
Amount of Gain (Loss)
 
Location of Gain (Loss) Recognized in Income on Derivative
 
Six Months Ended June 30,
 
(DOLLARS IN THOUSANDS)
2018
 
2017
 
Foreign currency contracts (1)
$
1,070

 
$
(13,181
)
 
Other (income), net
Deal contingent swaps
 
 
 
 
 
Foreign currency contracts
10,979

 
—

 
Other (income), net
Interest rate swaps
(24,937
)
 
—

 
Interest expense
 
$
(12,888
)
 
$
(13,181
)
 
 
 _______________________
(1)
Most of these net gains (losses) offset any recognized gains (losses) arising from the revaluation of the related intercompany loans during the same respective periods.
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 three and six months ended June 30, 2018 and 2017 (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
Accumulated OCI into
Income (Effective
Portion)
 
Three Months Ended June 30,
 
 
 
Three Months Ended June 30,
 
2018
 
2017
 
 
 
2018
 
2017
Derivatives in Cash Flow Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
$
10,241

 
$
(6,328
)
 
Cost of goods sold
 
$
(2,330
)
 
$
1,789

Interest rate swaps (1)
216

 
(5,439
)
 
Interest expense
 
(216
)
 
(186
)
Derivatives in Net Investment Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
178

 
(2,082
)
 
N/A
 
—

 
—

Euro Senior notes - 2016
28,682

 
(19,780
)
 
N/A
 
—

 
—

Total
$
39,317

 
$
(33,629
)
 
 
 
$
(2,546
)
 
$
1,603

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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,
 
2018
 
2017
 
 
 
2018
 
2017
Derivatives in Cash Flow Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
$
9,498

 
$
(9,276
)
 
Cost of goods sold
 
$
(4,523
)
 
$
2,247

Interest rate swaps (1)
432

 
(4,243
)
 
Interest expense
 
(432
)
 
(357
)
 
 
 
 
 
 
 
 
 
 
Derivatives in Net Investment Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
(518
)
 
(3,128
)
 
N/A
 
—

 
—

Euro Senior notes - 2016
12,705

 
(31,189
)
 
N/A
 
—

 
—

Total
$
22,117

 
$
(47,836
)
 
 
 
$
(4,955
)
 
$
1,890