Financial Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of 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, 2022	December 31, 2021
Derivative
Sell/Buy - sell notional
Euro / British Pound	22,203	18,823
U.S. Dollar / British Pound	28,754	16,205
U.S. Dollar / Euro	1,911	658
Sell/Buy - buy notional
Euro / Philippine Peso	964,410	896,291
British Pound / Philippine Peso	1,301,671	1,121,183
Euro / U.S. Dollar	96,822	108,467
U.S. Dollar / Canadian Dollar	36,649	36,904

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, 2022	December 31, 2021
Derivative
Sell/Buy - sell notional
U.S. Dollar / British Pound	29,200	26,600
British Pound / Euro	3,200	3,400
U.S. Dollar / Swiss Franc	430	2,180
British Pound / Swiss Franc	2,420	1,025
Euro / Swiss Franc	7,830	2,750
Euro / U.S. Dollar	7,200	11,000
Sell/Buy - buy notional
Euro / U.S. Dollar	6,300	20,900
British Pound / Euro	17,800	5,300

Schedule of 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, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Balance sheet caption	Prepaid Expenses and Other Current Assets				Other Current Liabilities
Designated as hedging:
Forward foreign currency exchange contracts	$	9,573	$	3,197	$	4,685	$	288
Interest rate swap	—		—		—		44
Not designated as hedging:
Forward foreign currency exchange contracts	$	1,070	701		$	1,458	$	116

Schedule of 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	2022		2021		2022		2021
Designated as hedging:
Forward foreign currency exchange contracts:
Cost of products sold	$	(2,275)	$	67	$	(5,044)	$	10
Interest expense	(173)		21		(162)		64
Not designated as hedging:
Forward foreign currency exchange contracts:
Other – net	$	1,253	$	(376)	$	2,982	$	327

Schedule of 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	2022		2021
Balance at January 1,	$	2,889	$	(3,460)
Deferred gains on cash flow hedges	9,578		4,920
Reclassified to earnings	(5,206)		(74)
Balance at September 30,	$	7,261	$	1,386