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Financial Derivatives and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2020
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, 2020 |  |  | December 31, 2019 |  |  | September 30, 2020 |  |  | December 31, 2019 |
|  | Prepaid Expenses and Other |  |  | Other |
Balance sheet caption |  | Current Assets |  |  | Current Liabilities |
Designated as hedging: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts |  | $ | 91 |  |  | $ | 4,314 |  |  | $ | 1,220 |  |  | $ | 34 |
Not designated as hedging: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts |  | $ | 62 |  |  | $ | 566 |  |  | $ | 873 |  |  | $ | 205 |
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 |  |  |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Designated as hedging: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of products sold |  |  |  | $ | 1,345 |  |  | $ | 1,738 |  |  | $ | 5,015 |  |  | $ | 3,783 |
Not designated as hedging: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other – net |  |  |  | $ | 1,037 |  |  | $ | (511 | ) |  | $ | 510 |  |  | $ | (483 | )
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 |  | 2020 |  |  | 2019 |
Balance at January 1, |  | $ | 5,859 |  |  | $ | 3,004 |
Deferred gains (losses) on cash flow hedges |  |  | (1,435 | ) |  |  | 10,020 |
Reclassified to earnings |  |  | (5,015 | ) |  |  | (3,783 | )
Balance at September 30, |  | $ | (591 | ) |  | $ | 9,241 |
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, 2020 |  |  | December 31, 2019 |
Derivative |  |  |  |  |  |  |  |
Sell/Buy - sell notional |  |  |  |  |  |  |  |
Euro / British Pound |  |  | 19,976 |  |  |  | 17,702 |
U.S. Dollar / Euro |  |  | 4,254 |  |  |  | 5,347 |
Canadian Dollar / U.S. Dollar |  |  | 70 |  |  |  | — |
U.S. Dollar / Canadian Dollar |  |  | 603 |  |  |  | 1,523 |
Sell/Buy - buy notional |  |  |  |  |  |  |  |
Euro / Philippine Peso |  |  | 947,711 |  |  |  | 1,039,432 |
British Pound / Philippine Peso |  |  | 1,162,616 |  |  |  | 1,077,871 |
Euro / U.S. Dollar |  |  | 68,829 |  |  |  | 82,317 |
U.S. Dollar / Canadian Dollar |  |  | 33,373 |  |  |  | 34,094 |
Canadian Dollar / U.S. Dollar |  |  | 603 |  |  |  | 1,523 |
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, 2020 |  |  | December 31, 2019 |
Derivative |  |  |  |  |  |  |  |
Sell/Buy - sell notional |  |  |  |  |  |  |  |
U.S. Dollar / British Pound |  |  | 19,850 |  |  |  | 25,500 |
Euro / British Pound |  |  | 4,700 |  |  |  | — |
British Pound / Euro |  |  | 2,000 |  |  |  | 3,000 |
Sell/Buy - buy notional |  |  |  |  |  |  |  |
Euro / U.S. Dollar |  |  | 1,400 |  |  |  | 8,000 |
British Pound / Euro |  |  | — |  |  |  | 7,000 |
Swiss Franc / Euro |  |  | 200 |  |  |  | — |
Swiss Franc / U.S. Dollar |  |  | 200 |  |  |  | — |

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