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Financial Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2015

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 2015		December 31 2014		March 31 2015		December 31 2014
Balance sheet caption	Prepaid Expenses and Other Current Assets				Other Current Liabilities
*Designated as hedging:*
Forward foreign currency exchange contracts	$	6,610	$	3,106	$	833	$	394
*Not designated as hedging:*
Forward foreign currency exchange contracts	$	108	$	70	$	43	$	161

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	2015		2014
*Designated as hedging:*
Forward foreign currency exchange contracts:
Effective portion – cost of products sold	$	873	$	(449	)
Ineffective portion – other, net		350		(18	)
*Not designated as hedging:*
Forward foreign currency exchange contracts:
Other, net	$	720	$	336

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	2015			2014
Balance at January 1,	$	3,282		$	(1,296	)
Deferred (losses) gains on cash flow hedges		4,703			(555	)
Reclassified to earnings		(873	)		449

Balance at March 31,	$	7,112		$	(1,402	)

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 2015		December 31 2014
*Derivative*
Sell/Buy - sell notional
Euro / British Pound		6,236		4,592
Sell/Buy - buy notional
Euro / Philippine Peso		528,553		523,313
British Pound / Philippine Peso		336,235		260,535
Euro / U.S. Dollar		41,796		32,527
U.S. Dollar / Canadian Dollar		12,999		10,036

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 2015		December 31 2014
*Derivative*
Sell/Buy - sell notional
U.S. Dollar / Euro		—		4,000
U.S. Dollar / British Pound		9,000		9,000
British Pound / U.S. Dollar		4,000		—
Euro / British Pound		—		2,000
British Pound / Euro		2,000		—
Sell/Buy - buy notional
Euro / U.S. Dollar		3,000		—
British Pound / Euro		6,000		3,000