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DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES (Tables) | 9 Months Ended
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Sep. 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 | September 30, 2021 |  | December 31, 2020
Derivatives designated as hedging instruments: |  |  |
Asset Derivatives - Level 2 (1) |  |  |
Other current assets | $ | 11,883 |  |  | $ | 6,268 |
Other assets | 4,320 |  |  | 3,148 |
Subtotal | $ | 16,203 |  |  | $ | 9,416 |
Liability Derivatives - Level 2 (1) |  |  |
Accounts payable and accrued liabilities | $ | 5,257 |  |  | $ | 17,551 |
Other long-term liabilities | 1,486 |  |  | 11,020 |
Subtotal | $ | 6,743 |  |  | $ | 28,571 |
Derivatives not designated as hedging instruments: |  |  |
Asset Derivatives - Level 2 (1) |  |  |
Other current assets | $ | 252 |  |  | $ | 84 |
Liability Derivatives - Level 2 (1) |  |  |
Accounts payable and accrued liabilities | $ | 66 |  |  | $ | 247 |
Total Derivatives Assets | $ | 16,455 |  |  | $ | 9,500 |
Total Derivatives Liabilities | $ | 6,809 |  |  | $ | 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 September 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 | $ | 393,840 |  |  | $ | 401 |  |  | $ | 460,741 |  |  | $ | 2,693 |
Operating expenses as reported | $ | 461,961 |  |  | $ | (268) |  |  | $ | 532,725 |  |  | $ | (815) |
Derivatives Not Designated as Hedging Instruments |  |  | Gains (Losses) Recognized in Earnings |  |  |  | Gains (Losses) Recognized in Earnings
Operating expenses |  |  | $ | 1,302 |  |  |  |  | $ | 4,166 |
| Nine Months Ended September 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 | $ | 1,348,279 |  |  | $ | (5,034) |  |  | $ | 1,368,816 |  |  | $ | 17,301 |
Operating expenses as reported | $ | 1,412,926 |  |  | $ | 81 |  |  | $ | 1,400,263 |  |  | $ | (4,274) |
Derivatives Not Designated as Hedging Instruments |  |  | Gains (Losses) Recognized in Earnings |  |  |  | Gains (Losses) Recognized in Earnings
Operating expenses |  |  | $ | 2,310 |  |  |  |  | $ | 9,600 |
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 | September 30, 2021 |  | December 31, 2020
Derivatives designated as hedging instruments: |  |  |
Sell | $ | 654,516 |  |  | $ | 782,327 |
Purchase | $ | 168,080 |  |  | $ | 189,540 |
Derivatives not designated as hedging instruments: |  |  |
Sell | $ | 77,040 |  |  | $ | 98,343 |
Purchase | $ | 37,285 |  |  | $ | 12,277 |

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