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FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 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			September 30, 2023						December 31, 2022
Derivative
Sell/Buy - sell notional
Euro / British Pound			12,679						18,961
Philippine Peso / Euro			183,120						—
U.S. Dollar / British Pound			26,817						34,501
U.S. Dollar / Euro			—						824
Canadian Dollar / U.S. Dollar			—						—
Sell/Buy - buy notional
Euro / Philippine Peso			1,044,331						1,030,114
British Pound / Philippine Peso			765,097						1,144,839
Euro / U.S. Dollar			93,831						78,435
U.S. Dollar / Canadian Dollar			31,158						36,423
British Pound / U.S. Dollar			8,335						—

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, 2023						December 31, 2022
Derivative
Sell/Buy - sell notional
U.S. Dollar / British Pound			14,100						28,600
Euro / British Pound			—						—
British Pound / Euro			3,100						2,800
U.S. Dollar / Swiss Franc			6,970						—
British Pound / Swiss Franc			1,930						2,535
Euro / Swiss Franc			1,270						—
Euro / U.S. Dollar			9,740						9,630
U.S Dollar / Philippine Peso			7,200						—
Sell/Buy - buy notional
Euro / U.S. Dollar			4,500						2,900
British Pound / Euro			2,700						15,950
Swiss Franc / Euro			—						2,250
Swiss Franc / U.S. Dollar			—						930
Chinese Yuan / U.S. Dollar			—						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			September 30, 2023						December 31, 2022						September 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			$	2,076					$	1,795					$	438					$	2,368
Not designated as hedging:
Forward foreign currency exchange contracts			$	430					797						$	899					$	317

Schedule of Income or (Loss) from Derivative Instruments

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			2023						2022						2023						2022
Designated as hedging:
Forward foreign currency exchange contracts:
Cost of products sold			$	(261)					$	(2,275)					$	(1,579)					$	(5,044)
Interest expense			—						(173)						—						(162)
Not designated as hedging:
Forward foreign currency exchange contracts:
Other – net			$	250					$	1,253					$	32					$	2,982

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			3,128						9,578
Reclassified to earnings			(1,579)						(5,206)
Balance at September 30,			$	1,791					$	7,261

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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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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.

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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.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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