Financial Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2013

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 2013		December 31 2012		September 30 2013		December 31 2012
Balance sheet caption	Prepaid Expenses and Other Current Assets				Other Current Liabilities
*Designated as hedging:*
Forward foreign currency exchange contracts	$	40	$	107	$	675	$	751

*Not designated as hedging:*
Forward foreign currency exchange contracts	$	42	$	159	$	67	$	16

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	2013			2012			2013			2012
*Designated as hedging:*
Forward foreign currency exchange contracts:
Effective portion – cost of products sold	$	(384	)	$	715		$	(641	)	$	1,832
Ineffective portion – other – net		49			18			74			244
*Not designated as hedging:*
Forward foreign currency exchange contracts:
Other – net	$	(348	)	$	(684	)	$	(794	)	$	(290	)

Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income

A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income is as follows:


In thousands	2013			2012
Balance at January 1,	$	(599	)	$	1,649
Deferred (losses) gains on cash flow hedges		(778	)		663
Reclassified to earnings		641			(1,832	)

Balance at September 30,	$	(736	)	$	480

Designated as Hedging [Member]

Outstanding Derivatives Used to Hedge Foreign Exchange Risk

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 2013		December 31 2012
Derivative	Buy Notional
Sell / Buy
Euro / U.S. dollar		25,275		27,003
U.S. dollar / Canadian dollar		13,317		12,369

Not Designated as Hedging [Member]

Outstanding Derivatives Used to Hedge Foreign Exchange Risk

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 2013			December 31 2012
Derivative	Sell (Buy) Notional
Sell / Buy
Euro / U.S. dollar		18,000			13,000
Euro / British Pound		(8,000	)		4,000
Euro / British Pound		5,000			—
Canadian dollar / U.S. dollar		2,000			2,000
U.S. dollar / Euro		6,000			2,000
U.S. dollar / British Pound		6,000			—