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DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES
The Company uses foreign currency exchange forward contracts (forward contracts) to protect against the impact of changes in the value of forecasted foreign currency cash flows resulting from revenues and operating expenses denominated in currencies other than the U.S. Dollar (USD), primarily the Euro. Certain of these forward contracts are designated as cash flow hedges and have maturities of up to two years. The Company also enters into forward contracts to manage foreign exchange risk related to asset or liability positions denominated in currencies other than USD. Such forward contracts are considered to be economic hedges, are not designated as hedging instruments and have maturities of up to three months. The Company does not use derivative instruments for speculative trading purposes. The Company is exposed to counterparty credit risk on its derivatives. The Company has established and maintains strict counterparty credit guidelines and enters into hedging agreements with financial institutions that are investment grade or better to minimize the Company’s exposure to potential defaults. The Company is not required to pledge collateral under these agreements.
The following table summarizes the aggregate notional amounts for the Company’s derivatives outstanding as of the periods presented.
Forward ContractsMarch 31,
2025		December 31,
2024
Derivatives designated as hedging instruments:
Sell$1,333,130 $1,371,816 
Purchase$294,394 $289,967 
Derivatives not designated as hedging instruments:
Sell$375,382 $344,101 
Purchase$59,545 $63,617 
The fair value of the Company’s derivatives, which are classified as Level 2 within the fair value hierarchy, were as follows:
Balance Sheet LocationMarch 31,
2025		December 31,
2024
Derivatives designated as hedging instruments:
Derivative Assets
Other current assets$28,608 $60,192 
Other assets4,191 14,514 
Subtotal$32,799 $74,706 
Derivative Liabilities
Accounts payable and accrued liabilities$15,423 $12,381 
Other long-term liabilities1,143 2,536 
Subtotal$16,566 $14,917 
Derivatives not designated as hedging instruments:
Derivative Assets
Other current assets$4,674 $4,934 
Derivative Liabilities
Accounts payable and accrued liabilities$93 $675 
Total Derivative Assets
$37,473 $79,640 
Total Derivative Liabilities
$16,659 $15,592 
For additional discussion of fair value measurements, see Note 1 – Business Overview and Significant Accounting Policies to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
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 March 31,
20252024
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$12,545 $(1,119)
Operating expenses$(2,606)$504 
Derivatives Not Designated as Hedging InstrumentsGains (Losses) Recognized in EarningsGains (Losses) Recognized in Earnings
Operating expenses$(12,109)$7,728 
As of March 31, 2025, the Company expects to reclassify unrealized gains of $16.2 million from Accumulated Other Comprehensive Income (AOCI) to earnings as the forecasted revenues and operating expense transactions occur over the next twelve months. For additional discussion of balances in AOCI see Note 7 – Accumulated Other Comprehensive Income.