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Financial Derivatives and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of 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, 2022 |  | December 31, 2021
Derivative |  |  |
Sell/Buy - sell notional |  |  |
Euro / British Pound | 22,203 |  | 18,823
U.S. Dollar / British Pound | 28,754 |  | 16,205
U.S. Dollar / Euro | 1,911 |  | 658
Sell/Buy - buy notional |  |  |
Euro / Philippine Peso | 964,410 |  | 896,291
British Pound / Philippine Peso | 1,301,671 |  | 1,121,183
Euro / U.S. Dollar | 96,822 |  | 108,467
U.S. Dollar / Canadian Dollar | 36,649 |  | 36,904
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, 2022 |  | December 31, 2021
Derivative |  |  |
Sell/Buy - sell notional |  |  |
U.S. Dollar / British Pound | 29,200 |  | 26,600
British Pound / Euro | 3,200 |  | 3,400
U.S. Dollar / Swiss Franc | 430 |  | 2,180
British Pound / Swiss Franc | 2,420 |  | 1,025
Euro / Swiss Franc | 7,830 |  | 2,750
Euro / U.S. Dollar | 7,200 |  | 11,000
Sell/Buy - buy notional |  |  |
Euro / U.S. Dollar | 6,300 |  | 20,900
British Pound / Euro | 17,800 |  | 5,300
Schedule of 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, 2022 |  | December 31, 2021 |  | September 30, 2022 |  | December 31, 2021
Balance sheet caption | Prepaid Expenses and Other Current Assets |  | Other Current Liabilities
Designated as hedging: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $ | 9,573 |  |  | $ | 3,197 |  |  | $ | 4,685 |  |  | $ | 288 |
Interest rate swap | — |  |  | — |  |  | — |  |  | 44 |
Not designated as hedging: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $ | 1,070 |  |  | 701 |  |  | $ | 1,458 |  |  | $ | 116 |
Schedule of 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 | 2022 |  | 2021 |  | 2022 |  | 2021
Designated as hedging: |  |  |  |  |  |  |
Forward foreign currency exchange contracts: |  |  |  |  |  |  |
Cost of products sold | $ | (2,275) |  |  | $ | 67 |  |  | $ | (5,044) |  |  | $ | 10 |
Interest expense | (173) |  |  | 21 |  |  | (162) |  |  | 64 |
Not designated as hedging: |  |  |  |  |  |  |
Forward foreign currency exchange contracts: |  |  |  |  |  |  |
Other – net | $ | 1,253 |  |  | $ | (376) |  |  | $ | 2,982 |  |  | $ | 327 |
Schedule of 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 | 2022 |  | 2021
Balance at January 1, | $ | 2,889 |  |  | $ | (3,460) |
Deferred gains on cash flow hedges | 9,578 |  |  | 4,920 |
Reclassified to earnings | (5,206) |  |  | (74) |
Balance at September 30, | $ | 7,261 |  |  | $ | 1,386 |

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