Financial Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 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	June 30 2015		December 31 2014		June 30 2015		December 31 2014
Balance sheet caption	Prepaid Expenses and Other Current Assets				Other Current Liabilities
*Designated as hedging:*
Forward foreign currency exchange contracts	$	2,525	$	3,106	$	379	$	394
*Not designated as hedging:*
Forward foreign currency exchange contracts	$	—	$	70	$	34	$	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 June 30						Six months ended June 30
In thousands	2015			2014			2015		2014
*Designated as hedging:*
Forward foreign currency exchange contracts:
Effective portion – cost of products sold	$	1,750		$	(641	)	$	2,623	$	(1,090	)
Ineffective portion – other – net		(62	)		119			288		100
*Not designated as hedging:*
Forward foreign currency exchange contracts:
Other – net	$	(313	)	$	861		$	407	$	1,196

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		2,995			292
Reclassified to earnings		(2,623	)		1,090

Balance at June 30,	$	3,654		$	86

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 2015		December 31 2014
*Derivative*
Sell/Buy - sell notional
Euro / British Pound		8,607		4,592
Sell/Buy - buy notional
Euro / Philippine Peso		585,476		523,313
British Pound / Philippine Peso		443,632		260,535
Euro / U.S. Dollar		45,143		32,527
U.S. Dollar / Canadian Dollar		18,063		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	June 30 2015		December 31 2014
*Derivative*
Sell/Buy - sell notional
U.S. Dollar / Euro		1,500		4,000
U.S. Dollar / British Pound		6,000		9,000
Euro / British Pound		—		2,000
Sell/Buy - buy notional
Euro / U.S. Dollar		7,000		—
British Pound / Euro		14,500		3,000