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DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES
 12 Months Ended
Dec. 31, 2024
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 1.75 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 ContractsDecember 31, 2024December 31, 2023
Derivatives designated as hedging instruments:
Sell$1,371,816 $1,249,662 
Purchase$289,967 $198,408 
Derivatives not designated as hedging instruments:
Sell$344,101 $350,269 
Purchase$63,617 $90,102 
The fair value carrying amounts of the Company’s derivatives, as classified within the fair value hierarchy, were as follows:
Balance Sheet LocationDecember 31, 2024December 31, 2023
Derivatives designated as hedging instruments:
Asset Derivatives - Level 2 (1)
Other current assets$60,192 $6,663 
Other assets14,514 1,855 
Subtotal$74,706 $8,518 
Liability Derivatives - Level 2 (1)
Accounts payable and accrued liabilities$12,381 $30,005 
Other long-term liabilities2,536 8,171 
Subtotal$14,917 $38,176 
Derivatives not designated as hedging instruments:
Asset Derivatives - Level 2 (1)
Other current assets$4,934 $547 
Liability Derivatives - Level 2 (1)
Accounts payable and accrued liabilities$675 $3,848 
Total Derivatives Assets$79,640 $9,065 
Total Derivatives Liabilities$15,592 $42,024 
(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 Income for the periods presented.
Years Ended December 31,
20242023
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 $14,708 $(186)
Operating expenses $164 $350 
Derivatives Not Designated as Hedging InstrumentsGains (Losses) Recognized in EarningsGains (Losses) Recognized in Earnings
Operating expenses$33,966 $(8,808)
As of December 31, 2024, the Company expects to reclassify unrealized gains of $47.8 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.