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DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES (Tables) | 6 Months Ended
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Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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.
Forward Contracts | June 30, 2022 |  | December 31, 2021
Derivatives designated as hedging instruments: |  |  |
Sell | $ | 585,370 |  |  | $ | 740,667 |
Purchase | $ | 121,257 |  |  | $ | 183,256 |
Derivatives not designated as hedging instruments: |  |  |
Sell | $ | 113,793 |  |  | $ | 113,257 |
Purchase | $ | — |  |  | $ | 31,068 |
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, 2022 |  | December 31, 2021
Derivatives designated as hedging instruments: |  |  |
Asset Derivatives - Level 2 (1) |  |  |
Other current assets | $ | 35,654 |  |  | $ | 17,357 |
Other assets | 6,853 |  |  | 4,991 |
Subtotal | $ | 42,507 |  |  | $ | 22,348 |
Liability Derivatives - Level 2 (1) |  |  |
Accounts payable and accrued liabilities | $ | 10,151 |  |  | $ | 5,487 |
Other long-term liabilities | 1,848 |  |  | 1,378 |
Subtotal | $ | 11,999 |  |  | $ | 6,865 |
Derivatives not designated as hedging instruments: |  |  |
Asset Derivatives - Level 2 (1) |  |  |
Other current assets | $ | 18 |  |  | $ | 427 |
Liability Derivatives - Level 2 (1) |  |  |
Accounts payable and accrued liabilities | $ | 73 |  |  | $ | 776 |
Total Derivatives Assets | $ | 42,525 |  |  | $ | 22,775 |
Total Derivatives Liabilities | $ | 12,072 |  |  | $ | 7,641 |
(1) For additional discussion of fair value measurements, see Note 1 – Business Overview and Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
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 for the periods presented.
| Three Months Ended June 30,
| 2022 |  | 2021
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 | $ | 517,660 |  |  | $ | 5,927 |  |  | $ | 486,670 |  |  | $ | (2,678) |
Operating expenses as reported | $ | 494,646 |  |  | $ | (1,800) |  |  | $ | 490,021 |  |  | $ | 344 |
Derivatives Not Designated as Hedging Instruments |  |  | Gains (Losses) Recognized in Earnings |  |  |  | Gains (Losses) Recognized in Earnings
Operating expenses |  |  | $ | 4,950 |  |  |  |  | $ | (3,260) |
| Six Months Ended June 30,
| 2022 |  | 2021
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 | $ | 1,023,185 |  |  | $ | 11,499 |  |  | $ | 954,439 |  |  | $ | (5,435) |
Operating expenses as reported | $ | 876,678 |  |  | $ | (3,179) |  |  | $ | 950,965 |  |  | $ | 349 |
Derivatives Not Designated as Hedging Instruments |  |  | Gains (Losses) Recognized in Earnings |  |  |  | Gains (Losses) Recognized in Earnings
Operating expenses |  |  | $ | 6,241 |  |  |  |  | $ | 1,009 |

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