XML 120 R48.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

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

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsEffectOnOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4CC -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL109998890-113959 + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration