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Financial Derivatives and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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, 2021 |  | December 31, 2020
Derivative |  |  |
Sell/Buy - sell notional |  |  |
Philippine Peso / Euro | 13,514 |  | 18,522
Euro / British Pound | 19,318 |  | 18,638
U.S. Dollar / British Pound | 10,331 |  | —
U.S. Dollar / Euro | 1,022 |  | 1,041
Canadian Dollar / U.S. Dollar | — |  | 70
Sell/Buy - buy notional |  |  |
Euro / Philippine Peso | 876,006 |  | 853,686
British Pound / Philippine Peso | 1,149,365 |  | 1,081,791
Euro / U.S. Dollar | 93,797 |  | 69,324
U.S. Dollar / Canadian Dollar | 33,345 |  | 34,847
British Pound / U.S. Dollar | 851 |  | —
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, 2021 |  | December 31, 2020
Derivative |  |  |
Sell/Buy - sell notional |  |  |
U.S. Dollar / British Pound | 22,050 |  | 25,250
Euro / British Pound | — |  | 600
British Pound / Euro | 2,400 |  | 1,900
U.S. Dollar / Swiss Franc | 1,300 |  | —
British Pound / Swiss Franc | 750 |  | —
Euro / Swiss Franc | 1,400 |  | —
Sell/Buy - buy notional |  |  |
Euro / U.S. Dollar | 17,200 |  | 7,500
British Pound / Euro | 1,200 |  | —
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, 2021 |  | December 31, 2020 |  | September 30, 2021 |  | December 31, 2020
Balance sheet caption | Prepaid Expenses and Other Current Assets |  | Other Current Liabilities
Designated as hedging: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $ | 2,569 |  |  | $ | 577 |  |  | $ | 740 |  |  | $ | 4,342 |
Interest rate swap | — |  |  | — |  |  | 98 |  |  | 136 |
Not designated as hedging: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $ | 275 |  |  | $ | 456 |  |  | $ | 572 |  |  | $ | 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 September 30, |  | Nine months ended September 30,
In thousands | 2021 |  | 2020 |  | 2021 |  | 2020
Designated as hedging: |  |  |  |  |  |  |
Forward foreign currency exchange contracts: |  |  |  |  |  |  |
Cost of products sold | $ | 67 |  |  | $ | 1,345 |  |  | $ | 10 |  |  | $ | 5,015 |
Interest expense | 21 |  |  | — |  |  | 64 |  |  | — |
Not designated as hedging: |  |  |  |  |  |  |
Forward foreign currency exchange contracts: |  |  |  |  |  |  |
Other – net | $ | (376) |  |  | $ | 1,037 |  |  | $ | 327 |  |  | $ | 510 |
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 | 4,920 |  | (1,435)
Reclassified to earnings | (74) |  | (5,015)
Balance at September 30, | $ | 1,386 |  |  | $ | (591) |

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