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Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31, 2019 and December 31, 2018 consisted of the following:

	March 31, 2019								December 31, 2018
(DOLLARS IN THOUSANDS)	Carrying Value				Fair Value				Carrying Value				Fair Value
LEVEL 1
Cash and cash equivalents(1)	$	483,504			$	483,504			$	634,897			$	634,897
LEVEL 2
Credit facilities and bank overdrafts(2)	8,231				8,231				4,695				4,695
Derivatives(3)
Derivative assets	—				21,296				—				7,229
Derivative liabilities	—				3,220				—				6,907
Long-term debt:(3)
2020 Notes	298,743				299,291				298,499				300,356
2021 Euro Notes	334,486				340,073				337,704				341,094
2023 Notes	298,774				298,642				298,698				293,017
2024 Euro Notes	558,869				596,056				564,034				584,129
2026 Euro Notes	891,757				934,385				899,886				909,439
2028 Notes	396,460				414,879				396,377				401,231
2047 Notes	493,256				472,958				493,151				446,725
2048 Notes	785,838				828,682				785,788				783,925
Term Loan(2)	324,295				325,000				349,163				350,000
Amortizing Notes(4)	114,667				117,579				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.

(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.

(4) 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 March 31, 2019 and December 31, 2018:

(DOLLARS IN THOUSANDS)	March 31, 2019				December 31, 2018
Foreign currency contracts	$	460,758			$	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 March 31, 2019 and December 31, 2018:

	March 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	$	3,926			$	1,001			$	4,927
Cross currency swaps	16,369				—				16,369
	$	20,295			$	1,001			$	21,296
Derivative liabilities (b)
Foreign currency contract	$	90			$	3,130			$	3,220

	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
	$	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 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 three months ended March 31, 2019 and 2018 (in thousands):

	Amount of Gain (Loss)								Location of Gain (Loss) Recognized in Income on Derivative
(DOLLARS IN THOUSANDS)	Three Months Ended March 31,
	2019				2018
Foreign currency contracts	$	926			$	(3,615	)		Other (income) expense, net

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 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 for the three months ended March 31, 2019 and 2018 (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 March 31,										Three Months Ended March 31,
	2019				2018						2019				2018
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts	$	(312	)		$	(743	)		Cost of goods sold		$	2,372			$	(2,193	)
Interest rate swaps (1)	216				216				Interest expense		(216		)		(216		)
Derivatives in Net Investment Hedging Relationships:
Foreign currency contracts	—				(696		)		N/A		—				—
Cross currency swaps	10,667				—				N/A		—				—
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes	4,206				(15,977		)		N/A		—				—
2021 Euro Notes & 2026 Euro Notes	9,253				—				N/A		—				—
Total	$	24,030			$	(17,200	)				$	2,156			$	(2,409	)

_______________________

(1) Interest rate swaps were entered into as pre-issuance hedges for bond offerings.

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Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258

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Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579245-113959

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Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959

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