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Financial Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2018

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	September 30   2018				December 31    2017				September 30   2018				December 31    2017
	Prepaid Expenses and Other								Other
Balance sheet caption	Current Assets								Current Liabilities
Designated as hedging:
Forward foreign currency
exchange contracts	$	1,489			$	1,066			$	522			$	4,787
Not designated as hedging:
Forward foreign currency
exchange contracts	$	203			$	151			$	309			$	43

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			2018				2017				2018				2017
Designated as hedging:
Forward foreign currency exchange contracts:
Effective portion – cost of products sold			$	(1,344	)		$	(29	)		$	(4,939	)		$	1,687
Ineffective portion – other – net				207				40				(5	)			126
Not designated as hedging:
Forward foreign currency
exchange contracts:
Other – net			$	(477	)		$	328			$	(1,078	)		$	719

Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income (Loss)

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

In thousands	2018				2017
Balance at January 1,	$	(5,640	)		$	1,882
Deferred (losses) gains
on cash flow hedges		1,142				(6,455	)
Reclassified to earnings		4,939				(1,687	)
Balance at September 30,	$	441			$	(6,260	)

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	September 30   2018				December 31   2017
Derivative
Sell/Buy - sell notional
Philippine Peso / British Pound		—				19,047
Euro / British Pound		16,130				13,586
Euro / U.S. Dollar		—				1,048
U.S. Dollar / Euro		414				946
Canadian Dollar / U.S. Dollar		168				—
Sell/Buy - buy notional
Euro / Philippine Peso		1,147,101				890,096
British Pound / Philippine Peso		1,026,551				797,496
U.S. Dollar / Euro		—				4,253
Euro / U.S. Dollar		74,569				60,519
U.S. Dollar / Canadian Dollar		31,394				32,265
British Pound / Euro		—				335

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	September 30   2018				December 31   2017
Derivative
Sell/Buy -  sell notional
U.S. Dollar / British Pound		22,500				17,500
British Pound / Euro		1,000				1,000
Canadian / U.S. dollar		2,500				-
Sell/Buy - buy notional
Euro / U.S. Dollar		11,000				4,500
British Pound / Euro		10,000				13,000

X

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