Financial Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2018

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	June 30 2018		December 31 2017		June 30 2018		December 31 2017
	Prepaid Expenses and Other				Other
Balance sheet caption	Current Assets				Current Liabilities
Designated as hedging:
Forward foreign currency
exchange contracts	$	1,085	$	1,066	$	1,419	$	4,787
Not designated as hedging:
Forward foreign currency
exchange contracts	$	351	$	151	$	422	$	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 June 30					Six months ended June 30
In thousands	2018			2017		2018			2017
Designated as hedging:
Forward foreign currency exchange contracts:
Effective portion – cost of products sold	$	(1,636	)	$	785	$	(3,595	)	$	1,716
Ineffective portion – other – net		110			36		(212	)		86
Not designated as hedging:
Forward foreign currency
exchange contracts:
Other – net	$	(898	)	$	370	$	(601	)	$	391

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		288			(4,801	)
Reclassified to earnings		3,595			(1,716	)
Balance at June 30,	$	(1,757	)	$	(4,635	)

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	June 30 2018		December 31 2017
Derivative
Sell/Buy - sell notional
Philippine Peso / British Pound		—		19,047
Euro / British Pound		12,230		13,586
Euro / U.S. Dollar		—		1,048
U.S. Dollar / Euro		349		946
Sell/Buy - buy notional
Euro / Philippine Peso		1,031,730		890,096
British Pound / Philippine Peso		767,306		797,496
U.S. Dollar / Euro		1,310		4,253
Euro / U.S. Dollar		68,673		60,519
U.S. Dollar / Canadian Dollar		32,280		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	June 30 2018		December 31 2017
Derivative
Sell/Buy - sell notional
U.S. Dollar / British Pound		22,500		17,500
British Pound / Euro		1,000		1,000
Canadian / U.S. dollar		2,500		-

Sell/Buy - buy notional
Euro / U.S. Dollar		6,000		4,500
British Pound / Euro		9,000		13,000