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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2020
Investments, All Other Investments [Abstract]  
Carrying Amount and Estimated Fair Values of Financial Instruments
The carrying values and the estimated fair values of financial instruments at September 30, 2020 and December 31, 2019 consisted of the following:
 September 30, 2020December 31, 2019
(DOLLARS IN THOUSANDS)Carrying ValueFair ValueCarrying ValueFair Value
LEVEL 1
Cash and cash equivalents(1)
$469,840 $469,840 $606,823 $606,823 
LEVEL 2
Credit facilities and bank overdrafts(2)
1,666 1,666 3,131 3,131 
Derivatives
Derivative assets(3)
2,534 2,534 3,575 3,575 
Derivative liabilities(3)
16,021 16,021 7,415 7,415 
Long-term debt:(4)
2020 Notes— — 299,381 302,700 
2021 Euro Notes350,646 352,520 334,561 338,244 
2023 Notes299,234 316,527 299,004 305,580 
2024 Euro Notes584,429 611,473 558,124 586,825 
2026 Euro Notes931,723 983,308 890,183 945,306 
2028 Notes396,925 469,184 396,688 441,500 
2047 Notes493,887 570,413 493,571 526,106 
2048 Notes786,160 994,157 785,996 919,040 
Term Loan(2)
239,766 240,000 239,621 240,000 
2022 Term Loan(2)
199,261 200,000 — — 
Amortizing Notes(5)
47,970 48,734 82,079 84,430 
_______________________
(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 carrying amount approximates fair value as the instruments are marked-to-market and held at fair value on the Consolidated Balance Sheet.
(4)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.
(5)The fair value of the Amortizing Notes of the TEUs is based on the most recently quoted price for the outstanding securities, adjusted for any known significant deviation in value. The estimated fair value of these long-term obligations is not necessarily indicative of the amount that would be realized in a current market exchange.
Derivative Instruments Notional Amount Outstanding
The following table shows the notional amount of the Company’s derivative instruments outstanding as of September 30, 2020 and December 31, 2019: 
(DOLLARS IN THOUSANDS)September 30, 2020December 31, 2019
Foreign currency contracts$392,199 $473,600 
Cross currency swaps300,000 600,000 
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 September 30, 2020 and December 31, 2019:
 September 30, 2020
(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$909 $1,625 $2,534 
Derivative liabilities(b)
Foreign currency contract$5,117 $2,446 $7,563 
Cross currency swaps8,458 — 8,458 
Total derivative liabilities$13,575 $2,446 $16,021 
 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 
Interest rate swaps4,187 — 4,187 
Total derivative liabilities$4,984 $2,431 $7,415 
 _______________________
(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 (Loss) for the three and nine months ended September 30, 2020 and 2019 (in thousands): 
Amount of Gain (Loss)Location of Gain (Loss) Recognized in Income on Derivative
(DOLLARS IN THOUSANDS)Three Months Ended September 30,
20202019
Foreign currency contracts(1)
$4,460 $(4,392)Other expense (income), net
Amount of Gain (Loss)Location of Gain (Loss) Recognized in Income on Derivative
(DOLLARS IN THOUSANDS)Nine Months Ended September 30,
20202019
Foreign currency contracts(1)
$1,108 $(7,398)Other expense (income), net
_______________________
(1)The foreign currency contract net gains (losses) offset any recognized gains (losses) arising from the revaluation of the related intercompany loans during the same respective periods.
Derivative Instruments Designated as Cash Flow and Net Investment Hedging Instruments
The following table shows the effect of the Company’s derivative and non-derivative instruments designated as cash flow and net investment hedging instruments, net of tax, in the Consolidated Statement of Income and Comprehensive Income (Loss) for the three and nine months ended September 30, 2020 and 2019 (in thousands): 
 Amount of Gain (Loss) 
Recognized in OCI on
Derivative		Location of Gain (Loss) Reclassified from
AOCI into Income		Amount of Gain (Loss) 
Reclassified from
Accumulated OCI into
Income
 Three Months Ended September 30,Three Months Ended September 30,
(DOLLARS IN THOUSANDS)2020201920202019
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts$(4,966)$2,438 Cost of goods sold$1,207 $1,924 
Interest rate swaps (1)
215 216 Interest expense(215)(216)
Derivatives in Net Investment Hedging Relationships:
Cross currency swaps(8,370)17,803 N/A— — 
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes(18,135)16,437 N/A— — 
2021 Euro Notes & 2026 Euro Notes(39,896)36,162 N/A— — 
Total$(71,152)$73,056 $992 $1,708 
 Amount of Gain (Loss)
Recognized in OCI on
Derivative (Effective
Portion)		Location of Gain (Loss)
Reclassified from AOCI into Income (Effective Portion)		Amount of Gain (Loss)
Reclassified from
Accumulated OCI into
Income (Effective
Portion)
 Nine Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts$(7,049)$(265)Cost of goods sold$4,527 $6,619 
Interest rate swaps (1)
644 644 Interest expense(644)(644)
Derivatives in Net Investment Hedging Relationships:
Cross currency swaps(1,988)24,408 N/A— — 
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes(19,640)15,820 N/A— — 
2021 Euro Notes & 2026 Euro Notes(43,207)34,804 N/A— — 
Total$(71,240)$75,411 $3,883 $5,975 
 _______________________
(1)Interest rate swaps were entered into as pre-issuance hedges for bond offerings