Financial Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2021

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,    2021		December 31, 2020		March 31,   2021		December 31, 2020
	Prepaid Expenses and Other				Other
Balance sheet caption	Current Assets				Current Liabilities
Designated as hedging:
Forward foreign currency exchange contracts	$	1,876	$	577	$	406	$	4,342
Interest rate swap		—		—		108		136
Not designated as hedging:
Forward foreign currency exchange contracts	$	66	$	456	$	349	$	118

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	2021			2020
Designated as hedging:
Forward foreign currency exchange contracts:
Cost of products sold	$	(24	)	$	2,182
Interest expense		21			—
Not designated as hedging:
Forward foreign currency exchange contracts:
Other – net	$	270		$	(619	)

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	2021			2020
Balance at January 1,	$	(3,460	)	$	5,859
Deferred gains (losses) on cash flow hedges		4,558			463
Reclassified to earnings		3			(2,182	)
Balance at March 31,	$	1,101		$	4,140

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, 2021		December 31, 2020
Derivative
Sell/Buy - sell notional
Philippine Peso / Euro		—		18,522
Euro / British Pound		17,219		18,638
U.S. Dollar / Euro		—		1,041
Canadian Dollar / U.S. Dollar		—		70
Sell/Buy - buy notional
Euro / Philippine Peso		1,003,403		853,686
British Pound / Philippine Peso		1,006,093		1,081,791
Euro / U.S. Dollar		72,770		69,324
U.S. Dollar / Canadian Dollar		34,707		34,847

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, 2021		December 31, 2020
Derivative
Sell/Buy -  sell notional
U.S. Dollar / British Pound		25,850		25,250
U.S. Dollar / Euro		250		—
Euro / British Pound		500		600
British Pound / Euro		2,200		1,900
Sell/Buy - buy notional
Euro / U.S. Dollar		—		7,500