XML 30 R17.htm IDEA: XBRL DOCUMENT
v3.24.0.1

DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES | 12 Months Ended
--- | ---
Dec. 31, 2023
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 two years. The Company's forward contracts that are considered to be economic hedges that are not designated as hedging instruments have maturities up to three months. The following table summarizes the aggregate notional amounts for the Company’s derivatives outstanding as of the periods presented.
Forward Contracts | December 31, 2023 |  | December 31, 2022
Derivatives designated as hedging instruments: |  |  |
Sell | $ | 1,249,662 |  |  | $ | 808,635 |
Purchase | $ | 198,408 |  |  | $ | 177,393 |
Derivatives not designated as hedging instruments: |  |  |
Sell | $ | 350,269 |  |  | $ | 218,903 |
Purchase | $ | 90,102 |  |  | $ | 6,785 |
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, 2023 |  | December 31, 2022
Derivatives designated as hedging instruments: |  |  |
Asset Derivatives - Level 2 (1) |  |  |
Other current assets | $ | 6,663 |  |  | $ | 19,464 |
Other assets | 1,855 |  |  | 2,059 |
Subtotal | $ | 8,518 |  |  | $ | 21,523 |
Liability Derivatives - Level 2 (1) |  |  |
Accounts payable and accrued liabilities | $ | 30,005 |  |  | $ | 12,130 |
Other long-term liabilities | 8,171 |  |  | 1,074 |
Subtotal | $ | 38,176 |  |  | $ | 13,204 |
Derivatives not designated as hedging instruments: |  |  |
Asset Derivatives - Level 2 (1) |  |  |
Other current assets | $ | 547 |  |  | $ | 1,472 |
Liability Derivatives - Level 2 (1) |  |  |
Accounts payable and accrued liabilities | $ | 3,848 |  |  | $ | 471 |
Total Derivatives Assets | $ | 9,065 |  |  | $ | 22,995 |
Total Derivatives Liabilities | $ | 42,024 |  |  | $ | 13,675 |
(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,
|  | 2023 |  |  | 2022
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 |  |  | $ | (186) |  |  |  |  | $ | 48,541 |
Operating expenses |  |  | $ | 350 |  |  |  |  | $ | (11,917) |
Derivatives Not Designated as Hedging Instruments |  |  | Gains (Losses) Recognized in Earnings |  |  |  | Gains (Losses) Recognized in Earnings
Operating expenses |  |  | $ | (8,808) |  |  |  |  | $ | 872 |
As of December 31, 2023, the Company expects to reclassify unrealized losses of $23.3 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.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration