Financial Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary 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:

	December 31,
In thousands	2023	2022
Derivative
Sell/Buy - sell notional
Euro / British Pound	15,210	18,961
Philippine Peso / Euro	137,449	—
U.S. Dollar / British Pound	18,470	34,501
U.S. Dollar / Euro	277	824
Sell/Buy - buy notional
Euro / Philippine Peso	788,342	1,030,114
British Pound / Philippine Peso	923,653	1,144,839
Euro / U.S. Dollar	93,397	78,435
U.S. Dollar / Canadian Dollar	30,914	36,423
British Pound / U.S. Dollar	2,211	—

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

	December 31,
In thousands	2023	2022
Derivative
Sell/Buy - sell notional
U.S. Dollar / British Pound	22,800	28,600
British Pound / Euro	3,500	2,800
U.S. Dollar / Swiss Franc	13,620	—
British Pound / Swiss Franc	2,240	2,535
Euro / Swiss Franc	4,940	—
Euro / U.S. Dollar	11,000	9,630
U.S Dollar / Philipine Peso	6,700	—
Sell/Buy - buy notional
Euro / U.S. Dollar	10,200	2,900
British Pound / Euro	6,470	15,950
Swiss Franc / Euro	—	2,250
Swiss Franc / U.S. Dollar	—	930
Chinese Yuan / U.S. Dollar	—	4,400
U.S. Dollar / Canadian Dollar	1,120	—

Summary of Fair Values of Derivative Instruments

The following table summarizes the fair values of derivative instruments as of December 31 for the year indicated and the line items in the accompanying consolidated balance sheets where the instruments are recorded:

	December 31,				December 31,
In thousands	2023		2022		2023		2022
Balance sheet caption	Prepaid Expenses and Other Current Assets				Other Current Liabilities
Designated as hedging:
Forward foreign currency exchange contracts	$	851	$	1,795	$	1,653	$	2,368
Interest rate swap	—		—		—		—
Not designated as hedging:
Forward foreign currency exchange contracts	937		797		155		317

Summary 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 consolidated statements of income (loss) where the results are recorded:

	Year ended December 31,
In thousands	2023		2022		2021
Designated as hedging:
Forward foreign currency exchange contracts:
Cost of products sold	$	(1,785)	$	(7,896)	$	(382)
Interest expense	—		(335)		85
Not designated as hedging:
Forward foreign currency exchange contracts:
Other – net	(1,378)		1,240		2,666

Summary of Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income

A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income is as follows:

In thousands	2023		2022
Balance at January 1,	$	242	$	2,889
Deferred gains on cash flow hedges	735		5,584
Reclassified to earnings	(1,785)		(8,231)
Balance at December 31,	$	(808)	$	242