DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Carrying Amount of Derivative Instruments

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

	Asset Derivatives			Liability Derivatives
	March 31, 2017			March 31, 2017
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Forward foreign currency exchange contracts	Other current assets	$	7,847	Accounts payable and accrued liabilities	$	5,884
Forward foreign currency exchange contracts	Other assets		6,030	Other long- term liabilities		1,832
Total			13,877			7,716
Derivatives not designated as hedging instruments:
Forward foreign currency exchange contracts	Other current assets		845	Accounts payable and accrued liabilities		1,004
Forward foreign currency exchange contracts	Other assets		—	Other long- term liabilities		—
Total			845			1,004
Total value of derivative contracts		$	14,722		$	8,720

	Asset Derivatives			Liability Derivatives
	December 31, 2016			December 31, 2016
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Forward foreign currency exchange contracts	Other current assets	$	13,048	Accounts payable and accrued liabilities	$	5,176
Forward foreign currency exchange contracts	Other assets		8,194	Other long- term liabilities		2,342
Total			21,242			7,518
Derivatives not designated as hedging instruments:
Forward foreign currency exchange contracts	Other current assets		964	Accounts payable and accrued liabilities		25
Total			964			25
Total value of derivative contracts		$	22,206		$	7,543

Effect of Derivative Instruments

The effect of the Company’s derivative instruments on the Condensed Consolidated Financial Statements for the three months ended March 31, 2017 and 2016 was as follows:

	Three Months Ended March 31,
	2017			2016
Derivatives Designated as Hedging Instruments:
Net loss recognized in Other Comprehensive Income (OCI) ⁽¹⁾	$	(4,199	)	$	(8,481	)
Net gain reclassified from accumulated OCI into earnings⁽²⁾		2,516			3,327
Net gain recognized in net loss ⁽³⁾		880			4,663
Derivatives Not Designated as Hedging Instruments:
Net gain (loss) recognized in net loss⁽⁴⁾	$	258		$	(2,260	)

(1)

Net change in the fair value of the effective portion classified as OCI.

(2)

Effective portion classified as Net Product Revenues and SG&A expense.

(3)

Ineffective portion and amount excluded from effectiveness testing classified as SG&A expense.

(4)

Classified as SG&A expense.

Derivatives Designated As Hedging Instruments

Derivative [Line Items]

Summary of Designated Forward Foreign Currency Exchange Contracts Outstanding

The following table summarizes the Company’s designated forward foreign currency exchange contracts outstanding as of March 31, 2017 (notional amounts in millions):

			Aggregate Notional
	Number of		Amount in
Foreign Exchange Contracts	Contracts		Foreign Currency		Maturity
Euros – Purchase		79		110.7	Apr. 2017 - Mar. 2020
Euros – Sell		294		340.8	Apr. 2017 - Mar. 2020
Canadian Dollars – Sell		18		17.5	Apr. 2017 - Dec. 2017
Colombian Pesos – Sell		9		46,728.0	Apr. 2017 - Dec. 2017
Brazilian Reais – Sell		3		64.5	May 2017
Total		403

Not Designated as Hedging Instrument

Derivative [Line Items]

Summary of Designated Forward Foreign Currency Exchange Contracts Outstanding

The following table summarizes the Company’s non-designated forward foreign currency exchange contracts outstanding as of March 31, 2017 (notional amounts in millions):

			Aggregate Notional
	Number of		Amount in
Foreign Exchange Contracts	Contracts		Foreign Currency		Maturity
Euros – Purchase		1		97.8	April 2017
Brazilian Reais – Purchase		2		64.5	April 2017
British Pounds – Sell		1		12.9	May 2017
Total		4