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Financial Instruments (Tables) | 6 Months Ended
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Jun. 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 June 30, 2020 and December 31, 2019 consisted of the following:
| June 30, 2020 |  |  |  | December 31, 2019 |  |
(DOLLARS IN THOUSANDS) | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
LEVEL 1 |  |  |  |  |  |  |
Cash and cash equivalents(1) | $ | 497,412 |  |  | $ | 497,412 |  |  | $ | 606,823 |  |  | $ | 606,823 |
LEVEL 2 |  |  |  |  |  |  |
Credit facilities and bank overdrafts(2) | 1,107 |  |  | 1,107 |  |  | 3,131 |  |  | 3,131 |
Derivatives |  |  |  |  |  |  |
Derivative assets(3) | 7,325 |  |  | 7,325 |  |  | 3,575 |  |  | 3,575 |
Derivative liabilities(3) | 3,982 |  |  | 3,982 |  |  | 7,415 |  |  | 7,415 |
Long-term debt:(4) |  |  |  |  |  |  |
2020 Notes | 299,816 |  |  | 301,603 |  |  | 299,381 |  |  | 302,700 |
2021 Euro Notes | 336,274 |  |  | 336,315 |  |  | 334,561 |  |  | 338,244 |
2023 Notes | 299,156 |  |  | 312,150 |  |  | 299,004 |  |  | 305,580 |
2024 Euro Notes | 560,644 |  |  | 575,264 |  |  | 558,124 |  |  | 586,825 |
2026 Euro Notes | 893,879 |  |  | 903,554 |  |  | 890,183 |  |  | 945,306 |
2028 Notes | 396,845 |  |  | 453,849 |  |  | 396,688 |  |  | 441,500 |
2047 Notes | 493,782 |  |  | 537,466 |  |  | 493,571 |  |  | 526,106 |
2048 Notes | 786,105 |  |  | 936,682 |  |  | 785,996 |  |  | 919,040 |
Term Loan(2) | 239,723 |  |  | 240,000 |  |  | 239,621 |  |  | 240,000 |
Amortizing Notes(5) | 59,513 |  |  | 60,372 |  |  | 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 June 30, 2020 and December 31, 2019:
(DOLLARS IN THOUSANDS) | June 30, 2020 |  | December 31, 2019
Foreign currency contracts | $ | 417,674 |  |  | $ | 473,600 |
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 June 30, 2020 and December 31, 2019:
| June 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 | $ | 1,081 |  |  | $ | 3,856 |  |  | $ | 4,937 |
Cross currency swaps | 2,388 |  |  | — |  |  | 2,388 |
| $ | 3,469 |  |  | $ | 3,856 |  |  | $ | 7,325 |
Derivative liabilities(b) |  |  |  |  |
Foreign currency contract | $ | 1,962 |  |  | $ | 2,020 |  |  | $ | 3,982 |
| 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 swaps | 4,187 |  |  | — |  |  | 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 six months ended June 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 June 30, |  |  |  |
| 2020 |  | 2019 |  |
Foreign currency contracts(1) | $ | 4,308 |  |  | $ | (3,932) |  |  | Other income, net
| Amount of Gain (Loss) |  |  |  | Location of Gain (Loss) Recognized in Income on Derivative
(DOLLARS IN THOUSANDS) | Six Months Ended June 30, |  |  |  |
| 2020 |  | 2019 |  |
Foreign currency contracts(1) | $ | (3,354) |  |  | $ | (3,006) |  |  | Other 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 six months ended June 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 June 30, |  |  |  |  |  | Three Months Ended June 30, |  |
(DOLLARS IN THOUSANDS) | 2020 |  | 2019 |  |  |  | 2020 |  | 2019
Derivatives in Cash Flow Hedging Relationships: |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | (3,315) |  |  | $ | (2,539) |  |  | Cost of goods sold |  | $ | 1,251 |  |  | $ | 2,322 |
Interest rate swaps (1) | 214 |  |  | 216 |  |  | Interest expense |  | (214) |  |  | (216) |
Derivatives in Net Investment Hedging Relationships: |  |  |  |  |  |  |  |  |
Cross currency swaps | (19,508) |  |  | (3,904) |  |  | N/A |  | — |  |  | — |
Non-Derivatives in Net Investment Hedging Relationships: |  |  |  |  |  |  |  |  |
2024 Euro Notes | (11,074) |  |  | (4,823) |  |  | N/A |  | — |  |  | — |
2021 Euro Notes & 2026 Euro Notes | (24,363) |  |  | (10,611) |  |  | N/A |  | — |  |  | — |
Total | $ | (58,046) |  |  | $ | (21,661) |  |  |  |  | $ | 1,037 |  |  | $ | 2,106 |
| Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion) |  |  |  | Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) |  | Amount of (Loss) Gain Reclassified from Accumulated OCI into Income (Effective Portion) |  |
| Six Months Ended June 30, |  |  |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  |  |  | 2020 |  | 2019
Derivatives in Cash Flow Hedging Relationships: |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | (2,083) |  |  | $ | (2,850) |  |  | Cost of goods sold |  | $ | 3,320 |  |  | $ | 4,695 |
Interest rate swaps (1) | 429 |  |  | 432 |  |  | Interest expense |  | (429) |  |  | (432) |
Derivatives in Net Investment Hedging Relationships: |  |  |  |  |  |  |  |  |
Cross currency swaps | 6,382 |  |  | 7,312 |  |  | N/A |  | — |  |  | — |
Non-Derivatives in Net Investment Hedging Relationships: |  |  |  |  |  |  |  |  |
2024 Euro Notes | (1,505) |  |  | (617) |  |  | N/A |  | — |  |  | — |
2021 Euro Notes & 2026 Euro Notes | (3,311) |  |  | (1,358) |  |  | N/A |  | — |  |  | — |
Total | $ | (88) |  |  | $ | 2,919 |  |  |  |  | $ | 2,891 |  |  | $ | 4,263 |
_______________________ (1)Interest rate swaps were entered into as pre-issuance hedges for bond offerings

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- 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
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