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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 ContractsDecember 31, 2023December 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 LocationDecember 31, 2023December 31, 2022
Derivatives designated as hedging instruments:
Asset Derivatives - Level 2 (1)
Other current assets$6,663 $19,464 
Other assets1,855 2,059 
Subtotal$8,518 $21,523 
Liability Derivatives - Level 2 (1)
Accounts payable and accrued liabilities$30,005 $12,130 
Other long-term liabilities8,171 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,
20232022
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 $(186)$48,541 
Operating expenses $350 $(11,917)
Derivatives Not Designated as Hedging InstrumentsGains (Losses) Recognized in EarningsGains (Losses) Recognized in Earnings
Operating expenses$(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.