DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivatives Designated as Hedging Instruments Outstanding

The following table summarizes the aggregate notional amounts for the Company’s derivatives outstanding as of the periods presented.

Forward Contracts	March 31, 2022		December 31, 2021
Derivatives designated as hedging instruments:
Sell	$	650,302	$	740,667
Purchase	$	147,206	$	183,256
Derivatives not designated as hedging instruments:
Sell	$	98,800	$	113,257
Purchase	$	3,565	$	31,068

Fair Value Carrying Amount of Derivatives

The fair value carrying amounts of the Company’s derivatives, as classified within the fair value hierarchy, were as follows:

Balance Sheet Location	March 31, 2022		December 31, 2021
Derivatives designated as hedging instruments:
Asset Derivatives - Level 2 (1)
Other current assets	$	20,763	$	17,357
Other assets	3,739		4,991
Subtotal	$	24,502	$	22,348
Liability Derivatives - Level 2 (1)
Accounts payable and accrued liabilities	$	12,670	$	5,487
Other long-term liabilities	2,984		1,378
Subtotal	$	15,654	$	6,865
Derivatives not designated as hedging instruments:
Asset Derivatives - Level 2 (1)
Other current assets	$	98	$	427
Liability Derivatives - Level 2 (1)
Accounts payable and accrued liabilities	$	46	$	776
Total Derivatives Assets	$	24,600	$	22,775
Total Derivatives Liabilities	$	15,700	$	7,641

(1)    For additional discussion of fair value measurements, see Note 1 – Business Overview and Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Summary of Impact of Gains and Losses from Derivatives Designated as Hedging Instruments

The following tables summarize the impact of gains and losses from the Company's derivatives on its Condensed Consolidated Statements of Comprehensive Income for the periods presented.

	Three Months Ended March 31,
	2022				2021
Derivatives Designated as Cash Flow Hedging Instruments			Cash Flow Hedging Gains (Losses) Reclassified into Earnings				Cash Flow Hedging Gains (Losses) Reclassified into Earnings
Net product revenues as reported	$	505,525	$	5,572	$	467,769	$	(2,757)
Operating expenses as reported	$	382,032	$	(1,379)	$	460,944	$	5
Derivatives Not Designated as Hedging Instruments			Gains (Losses) Recognized in Earnings				Gains (Losses) Recognized in Earnings
Operating expenses			$	1,292			$	4,269