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DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES (Tables) | 12 Months Ended
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Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Forward Foreign Currency Exchange Contracts Outstanding | The following table summarizes the aggregate notional amounts for the Company’s derivatives outstanding as of the periods presented.
Forward Foreign Exchange Contracts | December 31, 2021 |  | December 31, 2020
Derivatives designated as hedging instruments: |  |  |
Sell | $ | 740,667 |  |  | $ | 782,327 |
Purchase | $ | 183,256 |  |  | $ | 189,540 |
Derivatives not designated as hedging instruments: |  |  |
Sell | $ | 113,257 |  |  | $ | 98,343 |
Purchase | $ | 31,068 |  |  | $ | 12,277 |
Fair Value Carrying Amount of Derivative Instruments | The fair value carrying amounts of the Company’s derivatives, as classified within the fair value hierarchy, were as follows:
Balance Sheet Location | December 31, 2021 |  | December 31, 2020
Derivatives designated as hedging instruments: |  |  |
Asset Derivatives - Level 2 (1) |  |  |
Other current assets | $ | 17,357 |  |  | $ | 6,268 |
Other assets | 4,991 |  |  | 3,148 |
Subtotal | $ | 22,348 |  |  | $ | 9,416 |
Liability Derivatives - Level 2 (1) |  |  |
Accounts payable and accrued liabilities | $ | 5,487 |  |  | $ | 17,551 |
Other long-term liabilities | 1,378 |  |  | 11,020 |
Subtotal | $ | 6,865 |  |  | $ | 28,571 |
Derivatives not designated as hedging instruments: |  |  |
Asset Derivatives - Level 2 (1) |  |  |
Other current assets | $ | 427 |  |  | $ | 84 |
Liability Derivatives - Level 2 (1) |  |  |
Accounts payable and accrued liabilities | $ | 776 |  |  | $ | 247 |
Total Derivatives Assets | $ | 22,775 |  |  | $ | 9,500 |
Total Derivatives Liabilities | $ | 7,641 |  |  | $ | 28,818 |
(1) See Note 1 to these Consolidated Financial Statements for additional information related to the Company’s fair value measurements.
Effect of Derivative Instruments | The following tables summarize the impact of gains and losses from the Company's derivatives on its Consolidated Statements of Operations for the periods presented.
| Years Ended December 31,
| 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 | $ | 1,783,498 |  |  | $ | 196 |  |  | $ | 1,805,861 |  |  | $ | 18,122 |
Operating expenses as reported | $ | 1,928,616 |  |  | $ | (1,650) |  |  | $ | 1,897,220 |  |  | $ | (4,942) |
Derivatives Not Designated as Hedging Instruments |  |  | Gains (Losses) Recognized in Earnings |  |  |  | Gains (Losses) Recognized in Earnings
Operating expenses |  |  | $ | 1,548 |  |  |  |  | $ | 115 |

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