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Financial Derivatives and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary 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:
| December 31,
In thousands | 2022 |  | 2021
Derivative |  |  |
Sell/Buy - sell notional |  |  |
Euro / British Pound | 18,961 |  |  | 18,823 |
U.S. Dollar / British Pound | 34,501 |  |  | 16,205 |
U.S. Dollar / Euro | 824 |  |  | 658 |
Sell/Buy - buy notional |  |  |
Euro / Philippine Peso | 1,030,114 |  |  | 896,291 |
British Pound / Philippine Peso | 1,144,839 |  |  | 1,121,183 |
Euro / U.S. Dollar | 78,435 |  |  | 108,467 |
U.S. Dollar / Canadian Dollar | 36,423 |  |  | 36,904 |
| December 31,
In thousands | 2022 |  | 2021
Derivative |  |  |
Sell/Buy - sell notional |  |  |
U.S. Dollar / British Pound | 28,600 |  |  | 26,600 |
British Pound / Euro | 2,800 |  |  | 3,400 |
U.S. Dollar / Swiss Franc | — |  |  | 2,180 |
British Pound / Swiss Franc | 2,535 |  |  | 1,025 |
Euro / Swiss Franc | — |  |  | 2,750 |
Euro / U.S. Dollar | 9,630 |  |  | 11,000 |
Sell/Buy - buy notional |  |  |
Euro / U.S. Dollar | 2,900 |  |  | 20,900 |
British Pound / Euro | 15,950 |  |  | 5,300 |
Swiss Franc / Euro | 2,250 |  |  | — |
Swiss Franc / U.S. Dollar | 930 |  |  | — |
Chinese Yuan / U.S. Dollar | 4,400 |  |  | — |
Summary of Fair Values of Derivative Instruments | Fair Value Measurements The following table summarizes the fair values of derivative instruments as of December 31 for the year indicated and the line items in the accompanying consolidated balance sheets where the instruments are recorded:
| December 31, |  | December 31,
In thousands | 2022 |  | 2021 |  | 2022 |  | 2021
Balance sheet caption | Prepaid Expenses and Other Current Assets |  | Other Current Liabilities
Designated as hedging: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $ | 1,795 |  |  | $ | 3,197 |  |  | $ | 2,368 |  |  | $ | 288 |
Interest rate swap | — |  |  | — |  |  | — |  |  | 44 |
Not designated as hedging: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | 797 |  |  | 701 |  |  | 317 |  |  | 116 |
Summary 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 consolidated statements of income (loss) where the results are recorded:
| Year ended December 31,
In thousands | 2022 |  | 2021 |  | 2020
Designated as hedging: |  |  |  |  |
Forward foreign currency exchange contracts: |  |  |  |  |
Cost of products sold | $ | (7,896) |  |  | $ | (382) |  |  | $ | (5,503) |
Interest expense | (335) |  |  | 85 |  |  | 83 |
Not designated as hedging: |  |  |  |  |
Forward foreign currency exchange contracts: |  |  |  |  |
Other – net | 1,240 |  |  | 2,666 |  |  | 1,679 |
Summary of Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income | A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income is as follows:
In thousands | 2022 |  | 2021
Balance at January 1, | $ | 2,889 |  |  | $ | (3,460) |
Deferred gains on cash flow hedges | 5,584 |  |  | 6,646 |
Reclassified to earnings | (8,231) |  |  | (297) |
Balance at December 31, | $ | 242 |  |  | $ | 2,889 |

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