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FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 9 Months Ended
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Sep. 30, 2024
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, 2024 |  | December 31, 2023
Derivative |  |  |
Sell/Buy - sell notional |  |  |
Euro / British Pound | 15,338 |  | 15,210
Philippine Peso / Euro | — |  | 137,449
U.S. Dollar / British Pound | 10,335 |  | 18,470
U.S. Dollar / Euro | 67 |  | 277
Sell/Buy - buy notional |  |  |
Euro / Philippine Peso | 670,767 |  | 788,342
British Pound / Philippine Peso | 951,019 |  | 923,653
Euro / U.S. Dollar | 76,139 |  | 93,397
U.S. Dollar / Canadian Dollar | 32,211 |  | 30,914
British Pound / U.S. Dollar | — |  | 2,211
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, 2024 |  | December 31, 2023
Derivative |  |  |
Sell/Buy - sell notional |  |  |
U.S. Dollar / British Pound | 13,500 |  | 22,800
British Pound / Euro | 2,600 |  | 3,500
Japanese Yen / Euro | 53,000 |  | —
U.S. Dollar / Swiss Franc | — |  | 13,620
British Pound / Swiss Franc | 930 |  | 2,240
Euro / Swiss Franc | 8,200 |  | 4,940
Euro / U.S. Dollar | 10,300 |  | 11,000
U.S Dollar / Philippine Peso | 9,100 |  | 6,700
Sell/Buy - buy notional |  |  |
Euro / U.S. Dollar | — |  | 10,200
British Pound / Euro | 3,600 |  | 6,470
Swiss Franc / Danish Krone | — |  | —
U.S. Dollar / Canadian Dollar | 2,400 |  | 1,120
Schedule of Fair Values of Derivative Instruments | 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, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023
Balance sheet caption | Prepaid Expenses and Other Current Assets |  | Other Current Liabilities
Designated as hedging: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $ | 433 |  |  | $ | 851 |  |  | $ | 1,278 |  |  | $ | 1,653 |
Not designated as hedging: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $ | 184 |  |  | 937 |  |  | $ | 226 |  |  | $ | 155 |
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 operations where the results are recorded:
| Three months ended September 30, |  | Nine months ended September 30,
In thousands | 2024 |  | 2023 |  | 2024 |  | 2023
Designated as hedging: |  |  |  |  |  |  |
Forward foreign currency exchange contracts: |  |  |  |  |  |  |
Cost of products sold | $ | (331) |  |  | $ | (261) |  |  | $ | (457) |  |  | $ | (1,579) |
Not designated as hedging: |  |  |  |  |  |  |
Forward foreign currency exchange contracts: |  |  |  |  |  |  |
Other – net | $ | (553) |  |  | $ | 250 |  |  | $ | 2,003 |  |  | $ | 32 |
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 loss, before taxes, is as follows:
In thousands | 2024 |  | 2023
Balance at January 1, | $ | (808) |  |  | $ | 242 |
Deferred gains on cash flow hedges | (769) |  |  | 3,128 |
Reclassified to earnings | (457) |  |  | (1,579) |
Balance at September 30, | $ | (2,034) |  |  | $ | 1,791 |

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