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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Carrying Amount and Estimated Fair Value of Financial Instruments
The carrying value and the estimated fair values of financial instruments at December 31 consisted of the following:
 
2018
 
2017
(DOLLARS IN THOUSANDS)
Carrying Value
 
Fair
Value
 
Carrying Value
 
Fair
Value
LEVEL 1
 
 
 
 
 
 
 
Cash and cash equivalents(1)
$
634,897

 
$
634,897

 
$
368,046

 
$
368,046

LEVEL 2
 
 
 
 
 
 
 
Credit facilities and bank overdrafts(2)
4,695

 
4,695

 
7,993

 
7,993

Derivatives(3)
 
 
 
 
 
 
 
Derivative assets
—

 
7,229

 
—

 
5,137

Derivative liabilities
—

 
6,907

 
—

 
13,555

Long-term debt:(4)
 
 
 
 
 
 
 
Senior notes - 2007
—

 
—

 
249,765

 
293,232

2020 Notes
298,499

 
300,356

 
—

 
—

2021 Euro Notes
337,704

 
341,094

 
—

 
—

2023 Notes
298,698

 
293,017

 
298,670

 
304,219

2024 Euro Notes
564,034

 
584,129

 
589,848

 
627,782

2026 Euro Notes
899,886

 
909,439

 
—

 
—

2028 Notes
396,377

 
401,231

 
—

 
—

2047 Notes
493,151

 
446,725

 
492,819

 
525,906

2048 Notes
785,788

 
783,925

 
—

 
—

Term Loan(2)
349,163

 
350,000

 
—

 
 
Amortizing Notes(5)
125,007

 
127,879

 
—

 
—

 
_______________________
(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.
Derivative Instruments Notional Amount Outstanding
The following table shows the notional amount of the Company’s derivative instruments outstanding as of December 31, 2018 and December 31, 2017: 
 
December 31,
(DOLLARS IN THOUSANDS)
2018
 
2017
Foreign currency contracts
$
585,581

 
$
896,947

Cross currency swaps
1,087

 
—

Interest rate swaps
—

 
150,000
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 December 31, 2018 and December 31, 2017: 
 
December 31, 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
$
4,122

 
$
2,020

 
$
6,142

Cross currency swaps
$
1,087

 
$
—

 
$
1,087

Total derivative assets
$
5,209

 
$
2,020

 
$
7,229

Derivative liabilities(b)
 
 
 
 
 
Foreign currency contracts
205

 
6,702

 
6,907

 
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

_______________________
(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, 2018 and December 31, 2017 (in thousands): 
(DOLLARS IN THOUSANDS)
Amount of Gain (Loss)
For the years ended
December 31,
 
Location of Gain (Loss)
Recognized in
Income on Derivative
2018
 
2017
 
Foreign currency contracts
$
1,999

 
$
(10,057
)
 
Other (income) expense, net
Deal contingent swaps
 
 
 
 
 
Foreign currency contracts
12,154

 
—

 
Other income, net
Interest rate swaps
352

 
—

 
Interest expense
 
$
14,505

 
$
(10,057
)
 
 
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, 2018 and December 31, 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 AOCI
into Income
(Effective Portion)
 
For the years ended
December 31,
 
 
For the years ended
December 31,
 
2018
 
2017
 
 
2018
 
2017
Derivatives in Cash Flow Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
$
14,220

 
$
(14,121
)
 
Cost of goods sold
 
$
(6,203
)
 
$
3,943

Interest rate swaps (1)
864

 
(3,811
)
 
Interest expense
 
(864
)
 
(789
)
Derivatives or debt instruments in Net Investment Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
(518
)
 
(4,239
)
 
N/A
 
—

 
—

2024 Euro Notes
20,539

 
(47,672
)
 
N/A
 
—

 
—

2021 Euro Notes & 2026 Euro Notes
30,390

 
—

 
N/A
 
—

 
—

Total
$
65,495

 
$
(69,843
)
 
 
 
$
(7,067
)
 
$
3,154

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