Financial Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 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	June 30,      2021		December 31, 2020		June 30,      2021		December 31, 2020
	Prepaid Expenses and Other				Other
Balance sheet caption	Current Assets				Current Liabilities
Designated as hedging:
Forward foreign currency exchange contracts	$	1,440	$	577	$	428	$	4,342
Interest rate swap		—		—		108		136
Not designated as hedging:
Forward foreign currency exchange contracts	$	118	$	456	$	452	$	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 June 30					Six months ended June 30
In thousands	2021			2020		2021			2020
Designated as hedging:
Forward foreign currency exchange contracts:
Cost of products sold	$	(33	)	$	1,488	$	(57	)	$	3,670
Interest expense		22			—		43			—
Not designated as hedging:
Forward foreign currency exchange contracts:
Other – net	$	433		$	92	$	703		$	(527	)

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 on cash flow hedges		4,117			1,103
Reclassified to earnings		14			(3,670	)
Balance at June 30,	$	671		$	3,292

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, 2021		December 31, 2020
Derivative
Sell/Buy - sell notional
Philippine Peso / Euro		53,075		18,522
Euro / British Pound		18,653		18,638
U.S. Dollar / British Pound		11,634		—
U.S. Dollar / Euro		658		1,041
Canadian Dollar / U.S. Dollar		—		70
Sell/Buy - buy notional
Euro / Philippine Peso		924,747		853,686
British Pound / Philippine Peso		1,096,306		1,081,791
Euro / U.S. Dollar		88,426		69,324
U.S. Dollar / Canadian Dollar		34,749		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	June 30, 2021		December 31, 2020
Derivative
Sell/Buy -  sell notional
U.S. Dollar / British Pound		22,300		25,250
Euro / British Pound		—		600
British Pound / Euro		1,650		1,900
Sell/Buy - buy notional
Euro / U.S. Dollar		5,500		7,500