Financial Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2019

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	June 30     2019		December 31       2018		June 30    2019		December 31    2018
	Prepaid Expenses and Other				Other
Balance sheet caption	Current Assets				Current Liabilities
Designated as hedging:
Forward foreign currency exchange contracts	$	4,880	$	4,381	$	79	$	1,548
Not designated as hedging:
Forward foreign currency exchange contracts	$	452	$	103	$	346	$	122

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	2019			2018			2019		2018
Designated as hedging:
Forward foreign currency exchange contracts:
Effective portion – cost of products sold	$	1,460		$	(1,636	)	$	2,045	$	(3,595	)
Ineffective portion – other – net		—			110			—		(212	)
Not designated as hedging:
Forward foreign currency exchange contracts:
Other – net	$	(264	)	$	(898	)	$	28	$	(601	)

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	2019			2018
Balance at January 1,	$	3,004		$	(5,640	)
Deferred (losses) gains on cash flow hedges		5,044			288
Reclassified to earnings		(2,045	)		3,595
Balance at June 30,	$	6,003		$	(1,757	)

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, 2019		December 31, 2018
Derivative
Sell/Buy - sell notional
Philippine Peso / British Pound		—		13,140
Philippine Peso / Euro		18,312		16,446
Euro / British Pound		16,987		15,250
U.S. Dollar / Euro		6,619		88
Canadian Dollar / U.S. Dollar		3,030		—
Sell/Buy - buy notional
Euro / Philippine Peso		936,919		1,069,006
British Pound / Philippine Peso		1,076,319		980,137
Euro / U.S. Dollar		93,495		76,417
U.S. Dollar / Canadian Dollar		37,563		35,154
British Pound / Euro		—		216

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, 2019		December 31, 2018
Derivative
Sell/Buy -  sell notional
U.S. Dollar / British Pound		24,000		25,500
British Pound / Euro		3,000		2,000
Sell/Buy - buy notional
Euro / U.S. Dollar		15,000		11,000
British Pound / Euro		9,000		8,000