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DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES
The Company's forward contracts designated as hedging instruments have maturities up 2 years. The Company's forward contracts that are considered to be economic hedges that are not designated as hedging instruments have maturities up to 3 months.
The following table summarizes the aggregate notional amounts for the Company’s derivatives outstanding as of the periods presented.
Forward Foreign Exchange ContractsDecember 31, 2021December 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 
The fair value carrying amounts of the Company’s derivatives, as classified within the fair value hierarchy, were as follows:
Balance Sheet LocationDecember 31, 2021December 31, 2020
Derivatives designated as hedging instruments:
Asset Derivatives - Level 2 (1)
Other current assets$17,357 $6,268 
Other assets4,991 3,148 
Subtotal$22,348 $9,416 
Liability Derivatives - Level 2 (1)
Accounts payable and accrued liabilities$5,487 $17,551 
Other long-term liabilities1,378 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.
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,
20212020
Derivatives Designated as Cash Flow Hedging InstrumentsCash 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 InstrumentsGains (Losses) Recognized in EarningsGains (Losses) Recognized in Earnings
Operating expenses$1,548 $115 
As of December 31, 2021, the Company expects to reclassify unrealized losses of $12.2 million from AOCI to earnings as the forecasted revenue and operating expense transactions occur over the next twelve months. For additional discussion of balances in AOCI see Note 11 to these Consolidated Financial Statements.