DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Carrying Amount of Derivative Instruments

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

	Asset Derivatives			Liability Derivatives
	September 30, 2018			September 30, 2018
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Level 2⁽¹⁾
Forward foreign currency exchange contracts	Other current assets	$	8,022	Accounts payable and accrued liabilities	$	5,414
Forward foreign currency exchange contracts	Other assets		6,902	Other long-term liabilities		4,070
Total			14,924			9,484
Derivatives not designated as hedging instruments:
Level 2⁽¹⁾
Forward foreign currency exchange contracts	Other current assets		—	Accounts payable and accrued liabilities		1,024
Total			—			1,024
Total value of derivative contracts		$	14,924		$	10,508

	Asset Derivatives			Liability Derivatives
	December 31, 2017			December 31, 2017
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Level 2⁽¹⁾
Forward foreign currency exchange contracts	Other current assets	$	4,015	Accounts payable and accrued liabilities	$	14,420
Forward foreign currency exchange contracts	Other assets		4,973	Other long-term liabilities		12,686
Total			8,988			27,106
Derivatives not designated as hedging instruments:
Level 2⁽¹⁾
Forward foreign currency exchange contracts	Other current assets		675	Accounts payable and accrued liabilities		44
Total			675			44
Total value of derivative contracts		$	9,663		$	27,150

(1) See Note 12 to these Condensed Consolidated Financial Statements for additional information related to the Company’s fair value measurements.

Effect of Derivative Instruments

The effect of the Company’s derivative instruments on the Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2018 and 2017 was as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Derivatives Designated as Hedging Instruments:

Net gain (loss) recognized in accumulated other comprehensive loss ⁽¹⁾	$	3,355		$	(10,569	)	$	17,711		$	(33,933	)
Net gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings⁽²⁾		5,523			(3,700	)		(2,921	)		(489	)
Net gain recognized in net loss ⁽³⁾		2,224			689			4,545			2,395
Derivatives Not Designated as Hedging Instruments:

Net gain (loss) recognized in net loss⁽⁴⁾		(381	)		1,655			(3,366	)		7,286

(1)

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

(2)

Effective portion classified as Net Product Revenues and Operating expenses.

(3)

Ineffective portion and amount excluded from effectiveness testing classified as Operating expenses.

(4)

Classified as Operating expenses.

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 September 30, 2018 (notional amounts in millions):

			Aggregate Notional
	Number of		Amount in
Foreign Exchange Contracts	Contracts		Foreign Currency		Maturity
Canadian Dollars – Sell		6		7.5	Oct. 2018 - Dec. 2018
Colombian Pesos – Sell		3		26,000.0	Oct. 2018 - Dec. 2018
Euros – Purchase		112		135.9	Oct. 2018 - Sep. 2021
Euros – Sell		401		498.5	Oct. 2018 - Sep. 2021
Total		522

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 September 30, 2018 (notional amounts in millions):

			Aggregate Notional
	Number of		Amount in
Foreign Exchange Contracts	Contracts		Foreign Currency		Maturity
Colombian Pesos – Sell		1		35,000.0	Oct. 2018
Euros – Purchase		3		55.5	Oct. 2018
Rubles – Sell		1		340.0	Oct. 2018
Total		5