DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES (Tables)

6 Months Ended

Jun. 30, 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
	June 30, 2017			June 30, 2017
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Forward foreign currency exchange contracts	Other current assets	$	1,743	Accounts payable and accrued liabilities	$	9,434
Forward foreign currency exchange contracts	Other assets		2,558	Other long- term liabilities		6,506
Total			4,301			15,940
Derivatives not designated as hedging instruments:
Forward foreign currency exchange contracts	Other current assets		507	Accounts payable and accrued liabilities		58
Total			507			58
Total value of derivative contracts		$	4,808		$	15,998

	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 and six months ended June 30, 2017 and 2016 was as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Derivatives Designated as Hedging Instruments:
Net gain (loss) recognized in accumulated other comprehensive income (loss) ⁽¹⁾	$	(19,165	)	$	4,608		$	(23,364	)	$	(3,873	)
Net gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings⁽²⁾		695			(197	)		3,211			3,130
Net gain (loss) recognized in net loss ⁽³⁾		826			(603	)		1,706			5,267
Derivatives Not Designated as Hedging Instruments:
Net gain (loss) recognized in net loss⁽⁴⁾	$	5,373		$	1,012		$	5,631		$	(3,272	)

(1)

Net change in the fair value of the effective portion classified as accumulated other comprehensive income (loss).

(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 June 30, 2017 (notional amounts in millions):

			Aggregate Notional
	Number of		Amount in
Foreign Exchange Contracts	Contracts		Foreign Currency		Maturity
Euros – Purchase		72		114.3	Jul. 2017 - Jun. 2020
Euros – Sell		300		379.6	Jul. 2017 - Jun. 2020
Canadian Dollars – Sell		12		11.9	Jul. 2017 - Dec. 2017
Colombian Pesos – Sell		6		31,152.0	Jul. 2017 - Dec. 2017
Brazilian Reais – Sell		2		33.0	Oct. 2017
Total		392

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 June 30, 2017 (notional amounts in millions):

			Aggregate Notional
	Number of		Amount in
Foreign Exchange Contracts	Contracts		Foreign Currency		Maturity
Euros – Purchase		2		92.2	July 2017
British Pounds – Sell		1		11.3	July 2017
Total		3