Financial Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2018

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	March 31   2018		December 31    2017		March 31   2018		December 31    2017
	Prepaid Expenses and Other				Other
Balance sheet caption	Current Assets				Current Liabilities
Designated as hedging:
Forward foreign currency
exchange contracts	$	138	$	1,066	$	5,955	$	4,787
Not designated as hedging:
Forward foreign currency
exchange contracts	$	276	$	151	$	147	$	43

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 March 31
In thousands	2018			2017
Designated as hedging:
Forward foreign currency exchange contracts:
Effective portion – cost of products sold	$	(1,959	)	$	931
Ineffective portion – other – net		(322	)		50
Not designated as hedging:
Forward foreign currency
exchange contracts:
Other – net	$	297		$	21

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

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

In thousands	2018			2017
Balance at January 1,	$	(5,640	)	$	1,882
Deferred (losses) gains
on cash flow hedges		(4,344	)		(303	)
Reclassified to earnings		1,959			(931	)
Balance at March 31,	$	(8,025	)	$	648

Designated as Hedging [Member]

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	March 31   2018		December 31   2017
Derivative
Sell/Buy - sell notional
Philippine Peso / British Pound		—		19,047
Euro / British Pound		12,887		13,586
Euro / U.S. Dollar		—		1,048
U.S. Dollar / Euro		248		946
Sell/Buy - buy notional
Euro / Philippine Peso		902,076		890,096
British Pound / Philippine Peso		785,659		797,496
U.S. Dollar / Euro		1,390		4,253
Euro / U.S. Dollar		64,098		60,519
U.S. Dollar / Canadian Dollar		32,152		32,265
British Pound / Euro		—		335

Not Designated as Hedging [Member]

Outstanding Derivatives Used to Hedge Foreign Exchange Risks

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	March 31   2018		December 31   2017
Derivative
Sell/Buy -  sell notional
U.S. Dollar / Euro		-		-
U.S. Dollar / British Pound		17,500		17,500
British Pound / Euro		1,000		1,000
Canadian / U.S. dollar		2,500		-
Sell/Buy - buy notional
Euro / U.S. Dollar		4,000		4,500
British Pound / Euro		9,000		13,000