Financial Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2020

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,     2020		December 31, 2019		September 30,      2020		December 31, 2019
	Prepaid Expenses and Other				Other
Balance sheet caption	Current Assets				Current Liabilities
Designated as hedging:
Forward foreign currency exchange contracts	$	91	$	4,314	$	1,220	$	34
Not designated as hedging:
Forward foreign currency exchange contracts	$	62	$	566	$	873	$	205

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	2020		2019			2020		2019
Designated as hedging:
Forward foreign currency exchange contracts:
Cost of products sold	$	1,345	$	1,738		$	5,015	$	3,783
Not designated as hedging:
Forward foreign currency exchange contracts:
Other – net	$	1,037	$	(511	)	$	510	$	(483	)

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	2020			2019
Balance at January 1,	$	5,859		$	3,004
Deferred gains (losses) on cash flow hedges		(1,435	)		10,020
Reclassified to earnings		(5,015	)		(3,783	)
Balance at September 30,	$	(591	)	$	9,241

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	September 30, 2020		December 31, 2019
Derivative
Sell/Buy - sell notional
Euro / British Pound		19,976		17,702
U.S. Dollar / Euro		4,254		5,347
Canadian Dollar / U.S. Dollar		70		—
U.S. Dollar / Canadian Dollar		603		1,523
Sell/Buy - buy notional
Euro / Philippine Peso		947,711		1,039,432
British Pound / Philippine Peso		1,162,616		1,077,871
Euro / U.S. Dollar		68,829		82,317
U.S. Dollar / Canadian Dollar		33,373		34,094
Canadian Dollar / U.S. Dollar		603		1,523

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	September 30, 2020		December 31, 2019
Derivative
Sell/Buy -  sell notional
U.S. Dollar / British Pound		19,850		25,500
Euro / British Pound		4,700		—
British Pound / Euro		2,000		3,000
Sell/Buy - buy notional
Euro / U.S. Dollar		1,400		8,000
British Pound / Euro		—		7,000
Swiss Franc / Euro		200		—
Swiss Franc / U.S. Dollar		200		—