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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2019
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:
 
2019
 
2018
(DOLLARS IN THOUSANDS)
Carrying Value
 
Fair
Value
 
Carrying Value
 
Fair
Value
LEVEL 1
 
 
 
 
 
 
 
Cash and cash equivalents(1)
$
606,823

 
$
606,823

 
$
634,897

 
$
634,897

LEVEL 2
 
 
 
 
 
 
 
Credit facilities and bank overdrafts(2)
3,131

 
3,131

 
4,695

 
4,695

Derivatives
 
 
 
 
 
 
 
Derivative assets(3)
3,575

 
3,575

 
7,229

 
7,229

Derivative liabilities(3)
7,415

 
7,415

 
6,907

 
6,907

Long-term debt:(4)
 
 
 
 
 
 
 
2020 Notes
299,381

 
302,700

 
298,499

 
300,356

2021 Euro Notes
334,561

 
338,244

 
337,704

 
341,094

2023 Notes
299,004

 
305,580

 
298,698

 
293,017

2024 Euro Notes
558,124

 
586,825

 
564,034

 
584,129

2026 Euro Notes
890,183

 
945,306

 
899,886

 
909,439

2028 Notes
396,688

 
441,500

 
396,377

 
401,231

2047 Notes
493,571

 
526,106

 
493,151

 
446,725

2048 Notes
785,996

 
919,040

 
785,788

 
783,925

Term Loan(2)
239,621

 
240,000

 
349,163

 
350,000

Amortizing Notes(5)
82,079

 
84,430

 
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, 2019 and December 31, 2018: 
 
December 31,
(DOLLARS IN THOUSANDS)
2019
 
2018
Foreign currency contracts
$
473,600

 
$
585,581

Cross currency swaps
600,000

 
600,000
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, 2019 and December 31, 2018: 
 
December 31, 2019
(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
$
1,310

 
$
2,265

 
$
3,575

Derivative liabilities(b)
 
 
 
 
 
Foreign currency contracts
797

 
2,431

 
3,228

Cross currency swaps
4,187

 
—

 
4,187

Total derivative liabilities
$
4,984

 
$
2,431

 
$
7,415

 
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

_______________________
(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, 2019 and December 31, 2018: 
(DOLLARS IN THOUSANDS)
Amount of Gain (Loss)
For the year ended
December 31,
 
Location of Gain (Loss)
Recognized in
Income on Derivative
2019
 
2018
 
Foreign currency contracts
$
557

 
$
1,999

 
Other (income) expense, net
Deal contingent swaps
 
 
 
 
 
Foreign currency contracts
—

 
12,154

 
Other income, net
Interest rate swaps
—

 
352

 
Interest expense
 
$
557

 
$
14,505

 
 
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, 2019 and December 31, 2018 (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,
 
2019
 
2018
 
 
2019
 
2018
Derivatives in Cash Flow Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
$
(3,535
)
 
$
14,220

 
Cost of goods sold
 
$
8,504

 
$
(6,203
)
Interest rate swaps (1)
857

 
864

 
Interest expense
 
(857
)
 
(864
)
Derivatives or debt instruments in Net Investment Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
—

 
(518
)
 
N/A
 
—

 
—

2024 Euro Notes
5,440

 
20,539

 
N/A
 
—

 
—

2021 Euro Notes & 2026 Euro Notes
11,969

 
30,390

 
N/A
 
—

 
—

Total
$
14,731

 
$
65,495

 
 
 
$
7,647

 
$
(7,067
)
_______________________
(1)
Interest rate swaps were entered into as pre-issuance hedges