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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

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:

			2020												2019
(DOLLARS IN THOUSANDS)			Carrying Value						Fair Value						Carrying Value						Fair Value
LEVEL 1
Cash and cash equivalents(1)			$	649,541					$	649,541					$	606,823					$	606,823
LEVEL 2
Credit facilities and bank overdrafts(2)			1,560						1,560						3,131						3,131
Derivatives
Derivative assets(3)			1,321						1,321						3,575						3,575
Derivative liabilities(3)			29,203						29,203						7,415						7,415
Long-term debt:(4)
2020 Notes			—						—						299,381						302,700
2021 Euro Notes			368,234						369,825						334,561						338,244
2023 Notes			299,311						315,570						299,004						305,580
2024 Euro Notes			613,564						647,902						558,124						586,825
2026 Euro Notes			978,134						1,060,816						890,183						945,306
2028 Notes			397,006						472,194						396,688						441,500
2047 Notes			493,992						607,975						493,571						526,106
2048 Notes			786,216						1,059,131						785,996						919,040
2018 Term Loan Facility(2)			239,817						240,000						239,621						240,000
2022 Term Loan Facility(2)			199,377						200,000						—						—
Amortizing Notes(5)			36,250						36,609						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. See Note 8 for additional information on the TEUs.

Derivative Instruments Notional Amount Outstanding

The following table shows the notional amount of the Company’s derivative instruments outstanding as of December 31, 2020 and December 31, 2019:

			December 31,
(DOLLARS IN THOUSANDS)			2020						2019
Foreign currency contracts			$	220,804					$	473,600
Cross currency swaps			300,000						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, 2020 and December 31, 2019:

			December 31, 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			$	391					$	930					$	1,321
Derivative liabilities(b)
Foreign currency contracts			5,411						383						5,794
Cross currency swaps			23,409						—						23,409
Total derivative liabilities			$	28,820					$	383					$	29,203

			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 for the years ended December 31, 2020 and December 31, 2019:

(DOLLARS IN THOUSANDS)			Amount of Gain (Loss) For the year ended December 31,												Location of Gain (Loss) Recognized in Income on Derivative
			2020						2019
Foreign currency contracts			$	9,319					$	557					Other (income) expense, net

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, 2020 and December 31, 2019 (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,
			2020						2019												2020						2019
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts			$	(9,796)					$	(3,535)					Cost of goods sold						$	4,720					$	8,504
Interest rate swaps (1)			858						857						Interest expense						(858)						(857)
Derivatives in Net Investment Hedging Relationships:
Cross currency swaps			(13,450)						—						N/A						—						—
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes			(41,806)						5,440						N/A						—						—
2021 Euro Notes & 2026 Euro Notes			(91,974)						11,969						N/A						—						—
Total			$	(156,168)					$	14,731											$	3,862					$	7,647

_______________________

(1)Interest rate swaps were entered into as pre-issuance hedges for the Company's 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.

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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.

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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).

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