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DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES | 12 Months Ended
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Dec. 31, 2022
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 to 1 year, 9 months. 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 Contracts | December 31, 2022 |  | December 31, 2021
Derivatives designated as hedging instruments: |  |  |
Sell | $ | 808,635 |  |  | $ | 740,667 |
Purchase | $ | 177,393 |  |  | $ | 183,256 |
Derivatives not designated as hedging instruments: |  |  |
Sell | $ | 218,903 |  |  | $ | 113,257 |
Purchase | $ | 6,785 |  |  | $ | 31,068 |
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, 2022 |  | December 31, 2021
Derivatives designated as hedging instruments: |  |  |
Asset Derivatives - Level 2 (1) |  |  |
Other current assets | $ | 19,464 |  |  | $ | 17,357 |
Other assets | 2,059 |  |  | 4,991 |
Subtotal | $ | 21,523 |  |  | $ | 22,348 |
Liability Derivatives - Level 2 (1) |  |  |
Accounts payable and accrued liabilities | $ | 12,130 |  |  | $ | 5,487 |
Other long-term liabilities | 1,074 |  |  | 1,378 |
Subtotal | $ | 13,204 |  |  | $ | 6,865 |
Derivatives not designated as hedging instruments: |  |  |
Asset Derivatives - Level 2 (1) |  |  |
Other current assets | $ | 1,472 |  |  | $ | 427 |
Liability Derivatives - Level 2 (1) |  |  |
Accounts payable and accrued liabilities | $ | 471 |  |  | $ | 776 |
Total Derivatives Assets | $ | 22,995 |  |  | $ | 22,775 |
Total Derivatives Liabilities | $ | 13,675 |  |  | $ | 7,641 |
(1) Refer to 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,
|  | 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 |  |  | $ | 48,541 |  |  |  |  | $ | 196 |
Operating expenses |  |  | $ | (11,917) |  |  |  |  | $ | (1,650) |
Derivatives Not Designated as Hedging Instruments |  |  | Gains (Losses) Recognized in Earnings |  |  |  | Gains (Losses) Recognized in Earnings
Operating expenses |  |  | $ | 872 |  |  |  |  | $ | 1,548 |
As of December 31, 2022, the Company expects to reclassify unrealized losses of $7.2 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.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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