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Financial Derivatives and Hedging Activities (Tables)

12 Months Ended

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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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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