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FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 6 Months Ended
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Jun. 30, 2023
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 | June 30, 2023 |  | December 31, 2022
Derivative |  |  |
Sell/Buy - sell notional |  |  |
Euro / British Pound | 13,504 |  | 18,961
U.S. Dollar / British Pound | 27,780 |  | 34,501
U.S. Dollar / Euro | 1 |  | 824
Sell/Buy - buy notional |  |  |
Euro / Philippine Peso | 1,130,029 |  | 1,030,114
British Pound / Philippine Peso | 808,909 |  | 1,144,839
Euro / U.S. Dollar | 91,934 |  | 78,435
U.S. Dollar / Canadian Dollar | 31,192 |  | 36,423
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 | June 30, 2023 |  | December 31, 2022
Derivative |  |  |
Sell/Buy - sell notional |  |  |
U.S. Dollar / British Pound | 22,400 |  | 28,600
British Pound / Euro | 3,000 |  | 2,800
U.S. Dollar / Swiss Franc | 11,700 |  | —
British Pound / Swiss Franc | 1,900 |  | 2,535
Euro / Swiss Franc | 6,800 |  | —
Euro / U.S. Dollar | 9,700 |  | 9,630
Sell/Buy - buy notional |  |  |
Euro / U.S. Dollar | 1,750 |  | 2,900
British Pound / Euro | 6,400 |  | 15,950
Swiss Franc / Euro | — |  | 2,250
Swiss Franc / U.S. Dollar | — |  | 930
Chinese Yuan / U.S. Dollar | 2,680 |  | 4,400
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 | June 30, 2023 |  | December 31, 2022 |  | June 30, 2023 |  | December 31, 2022
Balance sheet caption | Prepaid Expenses and Other Current Assets |  | Other Current Liabilities
Designated as hedging: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $ | 1,039 |  |  | $ | 1,795 |  |  | $ | 1,131 |  |  | $ | 2,368 |
Not designated as hedging: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $ | 896 |  |  | 797 |  |  | $ | 353 |  |  | $ | 317 |
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 June 30, |  | Six months ended June 30,
In thousands | 2023 |  | 2022 |  | 2023 |  | 2022
Designated as hedging: |  |  |  |  |  |  |
Forward foreign currency exchange contracts: |  |  |  |  |  |  |
Cost of products sold | $ | (400) |  |  | $ | (1,697) |  |  | $ | (1,318) |  |  | $ | (2,769) |
Interest expense | — |  |  | (9) |  |  | — |  |  | 11 |
Not designated as hedging: |  |  |  |  |  |  |
Forward foreign currency exchange contracts: |  |  |  |  |  |  |
Other – net | $ | 16 |  |  | $ | 1,289 |  |  | $ | (218) |  |  | $ | 1,729 |
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 | 2023 |  | 2022
Balance at January 1, | $ | 242 |  |  | $ | 2,889 |
Deferred gains on cash flow hedges | 1,315 |  |  | 6,565 |
Reclassified to earnings | (1,318) |  |  | (2,758) |
Balance at June 30, | $ | 239 |  |  | $ | 6,696 |

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