DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Designated Forward Foreign Currency Exchange Contracts Outstanding

The following table summarizes the Company’s derivatives designated as hedging instruments outstanding as of December 31, 2019 (notional amounts in millions):


Foreign Exchange Contracts	Number of Contracts	Aggregate Notional Amount in Foreign Currency	Maturity
Australian Dollars – Sell	36	13.8	Jan. 2020 - Dec. 2020
Canadian Dollars – Sell	56	42.5	Jan. 2020 - Dec. 2020
Colombian Pesos – Sell	24	99,850.0	Jan. 2020 - Dec. 2020
Euros – Purchase	146	175.4	Jan. 2020 - Dec. 2022
Euros – Sell	385	617.0	Jan. 2020 - Dec. 2022
Norwegian Krone – Sell	36	90.8	Jan. 2020 - Dec. 2020
Total	683

The following table summarizes the Company’s derivatives not designated as hedging instruments outstanding as of December 31, 2019 (notional amounts in millions):


Foreign Exchange Contracts	Number of Contracts	Aggregate Notional Amount in Foreign Currency	Maturity
Brazilian Reais – Purchase	1	55.1	February 2020
Colombian Pesos – Purchase	4	28,320.0	Jan. 2020 - Feb. 2020
Colombian Pesos – Sell	2	173,000.0	Jan. 2020 - Feb. 2020
Euros – Purchase	1	8.0	February 2020
Euros – Sell	1	5.0	February 2020
Great British Pounds – Purchase	2	21.0	Jan. 2020 - Feb. 2020
Rubles – Purchase	1	20.0	February 2020
Rubles – Sell	2	1,360.0	Jan. 2020 - Feb. 2020
Total	14

Fair Value Carrying Amount of Derivative Instruments

The fair value carrying amounts of the Company’s derivative instruments were as follows:


Balance Sheet Location	December 31, 2019		December 31, 2018
Derivatives designated as hedging instruments:
Asset Derivatives - Level 2 ⁽¹⁾
Other current assets	$	19,584	$	12,686
Other assets	13,539		10,324
Subtotal	$	33,123	$	23,010

Liability Derivatives - Level 2⁽¹⁾
Accounts payable and accrued liabilities	$	8,184	$	4,036
Other long-term liabilities	5,493		3,653
Subtotal	$	13,677	$	7,689

Derivatives not designated as hedging instruments:
Asset Derivatives - Level 2⁽¹⁾
Other current assets	$	469	$	168



Liability Derivatives - Level 2⁽¹⁾
Accounts payable and accrued liabilities	$	2,264	$	142



Total Derivatives Assets	$	33,592	$	23,178
Total Derivatives Liabilities	$	15,941	$	7,831

(1) See Note 3 to these Consolidated Financial Statements for additional information related to the Company’s fair value measurements.

Effect of Derivative Instruments


Derivatives Designated as Cash Flow Hedging Instruments	December 31, 2019
Amount of Gain (Loss) Recognized in Other Comprehensive Income	$	25,266


	December 31, 2019
Derivatives Designated as Cash Flow Hedging Instruments			Cash Flow Hedge Gains (Losses) Reclassified into Earnings

Net product revenues as reported	$	1,661,043	$	17,672
Operating expenses as reported	$	1,804,505	$	(3,453)

Derivatives Not Designated as Hedging Instruments			Gains (Losses) Recognized in Earnings
Operating Expenses			$	(5,259)

As of December 31, 2019, the Company expects to reclassify unrealized losses of $9.4 million from AOCI to earnings as the forecasted revenue and operating expense transactions occur over the next twelve months.