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DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES (Tables) | 6 Months Ended
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Jun. 30, 2021
Derivative [Line Items] |
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 | June 30, 2021 |  | December 31, 2020
Derivatives designated as hedging instruments: |  |  |
Asset Derivatives - Level 2 (1) |  |  |
Other current assets | $ | 8,338 |  |  | $ | 6,268 |
Other assets | 2,433 |  |  | 3,148 |
Subtotal | $ | 10,771 |  |  | $ | 9,416 |
Liability Derivatives - Level 2 (1) |  |  |
Accounts payable and accrued liabilities | $ | 10,392 |  |  | $ | 17,551 |
Other long-term liabilities | 2,895 |  |  | 11,020 |
Subtotal | $ | 13,287 |  |  | $ | 28,571 |
Derivatives not designated as hedging instruments: |  |  |
Asset Derivatives - Level 2 (1) |  |  |
Other current assets | $ | 1,932 |  |  | $ | 84 |
Liability Derivatives - Level 2 (1) |  |  |
Accounts payable and accrued liabilities | $ | 642 |  |  | $ | 247 |
Total Derivatives Assets | $ | 12,703 |  |  | $ | 9,500 |
Total Derivatives Liabilities | $ | 13,929 |  |  | $ | 28,818 |
(1) For additional discussion of fair value measurements, see Note 3 – Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
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 (Loss) for the periods presented.
| Three Months Ended June 30,
| 2021 |  | 2020
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 | $ | 486,670 |  |  | $ | (2,678) |  |  | $ | 419,032 |  |  | $ | 8,279 |
Operating expenses as reported | $ | 490,021 |  |  | $ | 344 |  |  | $ | 470,430 |  |  | $ | (1,786) |
Derivatives Not Designated as Hedging Instruments |  |  | Gains (Losses) Recognized in Earnings |  |  |  | Gains (Losses) Recognized in Earnings
Operating expenses |  |  | $ | (3,260) |  |  |  |  | $ | 1,729 |
| Six Months Ended June 30,
| 2021 |  | 2020
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 | $ | 954,439 |  |  | $ | (5,435) |  |  | $ | 908,075 |  |  | $ | 14,608 |
Operating expenses as reported | $ | 950,965 |  |  | $ | 349 |  |  | $ | 867,538 |  |  | $ | (3,459) |
Derivatives Not Designated as Hedging Instruments |  |  | Gains (Losses) Recognized in Earnings |  |  |  | Gains (Losses) Recognized in Earnings
Operating expenses |  |  | $ | 1,009 |  |  |  |  | $ | 5,538 |
Derivatives Designated As Hedging Instruments |
Derivative [Line Items] |
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.
Foreign Exchange Contracts | June 30, 2021 |  | December 31, 2020
Derivatives designated as hedging instruments: |  |  |
Sell | $ | 624,409 |  |  | $ | 782,327 |
Purchase | $ | 165,922 |  |  | $ | 189,540 |
Derivatives not designated as hedging instruments: |  |  |
Sell | $ | 148,629 |  |  | $ | 98,343 |
Purchase | $ | 92,944 |  |  | $ | 12,277 |

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