Financial Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Derivatives Used to Hedge Foreign Exchange Risks

We had the following outstanding derivatives that were used to hedge foreign exchange risks associated with forecasted transactions and designated as hedging instruments:

In thousands	September 30, 2021	December 31, 2020
Derivative
Sell/Buy - sell notional
Philippine Peso / Euro	13,514	18,522
Euro / British Pound	19,318	18,638
U.S. Dollar / British Pound	10,331	—
U.S. Dollar / Euro	1,022	1,041
Canadian Dollar / U.S. Dollar	—	70
Sell/Buy - buy notional
Euro / Philippine Peso	876,006	853,686
British Pound / Philippine Peso	1,149,365	1,081,791
Euro / U.S. Dollar	93,797	69,324
U.S. Dollar / Canadian Dollar	33,345	34,847
British Pound / U.S. Dollar	851	—

The following sets forth derivatives used to mitigate the impact changes in currency exchange rates have on balance sheet monetary assets and liabilities:

In thousands	September 30, 2021	December 31, 2020
Derivative
Sell/Buy - sell notional
U.S. Dollar / British Pound	22,050	25,250
Euro / British Pound	—	600
British Pound / Euro	2,400	1,900
U.S. Dollar / Swiss Franc	1,300	—
British Pound / Swiss Franc	750	—
Euro / Swiss Franc	1,400	—
Sell/Buy - buy notional
Euro / U.S. Dollar	17,200	7,500
British Pound / Euro	1,200	—

Fair Values of Derivative Instruments

Fair Value Measurements The following table summarizes the fair values of derivative instruments for the period indicated and the line items in the accompanying condensed consolidated balance sheets where the instruments are recorded:

In thousands	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020
Balance sheet caption	Prepaid Expenses and Other Current Assets				Other Current Liabilities
Designated as hedging:
Forward foreign currency exchange contracts	$	2,569	$	577	$	740	$	4,342
Interest rate swap	—		—		98		136
Not designated as hedging:
Forward foreign currency exchange contracts	$	275	$	456	$	572	$	118

Income or (Loss) from Derivative Instruments Recognized in Results of Operations

The following table summarizes the amount of income or (loss) from derivative instruments recognized in our results of operations for the periods indicated and the line items in the accompanying condensed consolidated statements of income where the results are recorded:

	Three months ended September 30,				Nine months ended September 30,
In thousands	2021		2020		2021		2020
Designated as hedging:
Forward foreign currency exchange contracts:
Cost of products sold	$	67	$	1,345	$	10	$	5,015
Interest expense	21		—		64		—
Not designated as hedging:
Forward foreign currency exchange contracts:
Other – net	$	(376)	$	1,037	$	327	$	510

Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income (Loss) Before Taxes

A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income (loss), before taxes, is as follows:

In thousands	2021		2020
Balance at January 1,	$	(3,460)	$	5,859
Deferred gains (losses) on cash flow hedges	4,920		(1,435)
Reclassified to earnings	(74)		(5,015)
Balance at September 30,	$	1,386	$	(591)