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Financial Derivatives and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2021
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 | March 31, 2021 |  |  | December 31, 2020 |  |  | March 31, 2021 |  |  | December 31, 2020 |
| Prepaid Expenses and Other |  |  | Other |
Balance sheet caption | Current Assets |  |  | Current Liabilities |
Designated as hedging: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $ | 1,876 |  |  | $ | 577 |  |  | $ | 406 |  |  | $ | 4,342 |
Interest rate swap |  | — |  |  |  | — |  |  |  | 108 |  |  |  | 136 |
Not designated as hedging: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $ | 66 |  |  | $ | 456 |  |  | $ | 349 |  |  | $ | 118 |
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 |  |  | 2021 |  |  | 2020 |  |
Designated as hedging: |  |  |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |
Cost of products sold |  |  | $ | (24 | ) |  | $ | 2,182 |  |
Interest expense |  |  |  | 21 |  |  |  | — |  |
Not designated as hedging: |  |  |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |
Other – net |  |  | $ | 270 |  |  | $ | (619 | ) |
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 | 2021 |  |  | 2020 |
Balance at January 1, | $ | (3,460 | ) |  | $ | 5,859 |
Deferred gains (losses) on cash flow hedges |  | 4,558 |  |  |  | 463 |
Reclassified to earnings |  | 3 |  |  |  | (2,182 | )
Balance at March 31, | $ | 1,101 |  |  | $ | 4,140 |
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, 2021 |  |  | December 31, 2020 |
Derivative |  |  |  |  |  |  |
Sell/Buy - sell notional |  |  |  |  |  |  |
Philippine Peso / Euro |  | — |  |  |  | 18,522 |
Euro / British Pound |  | 17,219 |  |  |  | 18,638 |
U.S. Dollar / Euro |  | — |  |  |  | 1,041 |
Canadian Dollar / U.S. Dollar |  | — |  |  |  | 70 |
Sell/Buy - buy notional |  |  |  |  |  |  |
Euro / Philippine Peso |  | 1,003,403 |  |  |  | 853,686 |
British Pound / Philippine Peso |  | 1,006,093 |  |  |  | 1,081,791 |
Euro / U.S. Dollar |  | 72,770 |  |  |  | 69,324 |
U.S. Dollar / Canadian Dollar |  | 34,707 |  |  |  | 34,847 |
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, 2021 |  |  | December 31, 2020 |
Derivative |  |  |  |  |  |  |
Sell/Buy - sell notional |  |  |  |  |  |  |
U.S. Dollar / British Pound |  | 25,850 |  |  |  | 25,250 |
U.S. Dollar / Euro |  | 250 |  |  |  | — |
Euro / British Pound |  | 500 |  |  |  | 600 |
British Pound / Euro |  | 2,200 |  |  |  | 1,900 |
Sell/Buy - buy notional |  |  |  |  |  |  |
Euro / U.S. Dollar |  | — |  |  |  | 7,500 |

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