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DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The Company held the following interest rate swaps as of September 30, 2021 and December 31, 2020 (dollar amounts in thousands):
September 30, 2021December 31, 2020September 30, 2021December 31, 2020
Hedged ItemNotional AmountDesignation DateEffective DateTermination DateFixed Interest RateEstimated Fair Value
Asset (Liability)
1-month USD LIBOR Loan$— $100,000 March 27, 2017December 31, 2017June 30, 20211.971 %$— $(929)
1-month USD LIBOR Loan300,000 300,000 December 13, 2017January 1, 2018December 31, 20222.201 %(7,693)(12,557)
1-month USD LIBOR Loan150,000 150,000 December 13, 2017July 1, 2019June 30, 20242.423 %(7,859)(11,502)
1-month USD LIBOR Loan200,000 200,000 December 13, 2017January 1, 2018December 31, 20242.313 %(10,795)(16,243)
1-month USD LIBOR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.220 %(6,964)(9,836)
1-month USD LIBOR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.199 %(6,931)(9,826)
1-month USD LIBOR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.209 %(6,906)(9,783)
1-month USD LIBOR Loan100,000 100,000 December 18, 2018December 30, 2022December 31, 20272.885 %(7,253)(10,407)
1-month USD LIBOR Loan100,000 100,000 December 18, 2018December 30, 2022December 31, 20272.867 %(7,211)(10,431)
1-month USD LIBOR Loan575,000 575,000 December 15, 2020July 31, 2025December 31, 20271.415 %5,483 (1,907)
1-month USD LIBOR Loan125,000 125,000 December 15, 2020July 1, 2025December 31, 20271.404 %1,315 (348)
$1,775,000 $1,875,000 $(54,814)$(93,769)
The Company held the following cross-currency rate swaps as of September 30, 2021 and December 31, 2020 (dollar amounts in thousands):
September 30, 2021December 31, 2020September 30, 2021December 31, 2020
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay CHFOctober 2, 2017October 4, 20211.85%CHF48,533 48,533 (1,727)(4,335)
Receive U.S.$4.46%$50,000 50,000 
Pay CHFOctober 2, 2017October 2, 20221.95%CHF145,598 145,598 (3,894)(11,262)
Receive U.S.$4.52%$150,000 150,000 
Pay CHFDecember 21, 2020December 22, 20253.00%CHF402,887 420,137 14,380 (7,843)
Receive U.S.$3.98%$452,275 471,640 
Total$8,759 $(23,440)
The Company held the following cross-currency rate swaps designated as net investment hedges as of September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands):
September 30, 2021
December 31, 2020
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay EUROctober 3, 2018September 30, 2021—%EUR44,859 $— $(1,884)
Receive U.S.$3.01%$52,000 
Pay EUROctober 3, 2018September 30, 2023—%EUR51,760 2,050 (450)
Receive U.S.$2.57%$60,000 
Pay EUROctober 3, 2018September 30, 2025—%EUR38,820 1,723 92 
Receive U.S.$2.19%$45,000 
Pay CHFDecember 16, 2020December 16, 2027—%CHF222,300 5,461 (3,794)
Receive U.S.$1.10%$250,000 
Total$9,234 $(6,036)
Schedule of Fair Value and Presentation of Derivatives
The following table summarizes the fair value for derivatives designated as hedging instruments in the condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020:
Fair Value as of
Location on Balance Sheet (1):
September 30, 2021December 31, 2020
Dollars in thousands
Derivatives designated as hedges — Assets:
Prepaid expenses and other current assets
Cash Flow Hedges
Cross-currency swap$8,587 $7,623 
Net Investment Hedges
Cross-currency swap5,345 5,297 
Other assets
Cash Flow Hedges
Interest rate swap(2)
6,798 — 
Cross-currency swap8,578 — 
Net Investment Hedges
Cross-currency swap3,889 — 
Total derivatives designated as hedges — Assets$33,197 $12,920 
Derivatives designated as hedges — Liabilities:
Accrued expenses and other current liabilities
Cash Flow Hedges
Interest rate swap(2)
$21,095 $22,033 
Cross-currency swap$1,726 4,335 
Net Investment Hedges
Cross-currency swap$— 1,884 
Other liabilities
Cash Flow Hedges
Interest rate swap(2)
$40,517 71,736 
Cross-currency swap$6,680 26,728 
Net Investment Hedges
Cross-currency swap$— 9,449 
Total derivatives designated as hedges — Liabilities$70,018 $136,165 
(1) The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 months.
(2) At September 30, 2021 and December 31, 2020, the total notional amounts related to the Company’s interest rate swaps were $1.8 billion and $1.9 billion, respectively.
Effect of Derivative Instruments Designated as Cash Flow Hedges on Statements of Operations
The following presents the effect of derivative instruments designated as cash flow hedges on the accompanying condensed consolidated statement of operations during the three and nine months ended September 30, 2021 and 2020:
Dollars in thousandsBalance in AOCL
Beginning of
Quarter		Amount of
Gain (Loss)
Recognized in
AOCL		Amount of Gain (Loss)
Reclassified from
AOCL into
Earnings		Balance in AOCL
End of Quarter		Location in
Statements of
Operations
Three Months Ended September 30, 2021
Cash Flow Hedges
Interest rate swap$(62,736)$2,488 $(5,434)$(54,814)Interest expense
Cross-currency swap(4,363)7,045 5,874 (3,192)Other income (expense),net
Net Investment Hedges
Cross-currency swap(2,078)6,882 1,749 3,055 Interest income
$(69,177)$16,415 $2,189 $(54,951)
Three Months Ended September 30, 2020
Cash Flow Hedges
Interest rate swap$(102,128)$(3,971)$(5,718)$(100,381)Interest expense
Cross-currency swap5,843 (6,272)(5,353)4,924 Other income (expense),net
Net Investment Hedges
Cross-currency swap22,223 (11,254)2,202 8,767 Interest income
$(74,062)$(21,497)$(8,869)$(86,690)
Dollars in thousandsBalance in AOCL
Beginning of
Year		Amount of
Gain (Loss)
Recognized in
AOCL		Amount of Gain (Loss)
Reclassified from
AOCL into
Earnings		Balance in AOCL
End of Quarter		Location in
Statements of
Operations
Nine Months Ended September 30, 2021
Cash Flow Hedges
Interest rate swap$(93,769)$21,993 $(16,962)$(54,814)Interest expense
Cross-currency swap(1,073)36,270 38,389 (3,192)Other income (expense),net
Net Investment Hedges
Cross-currency swap(12,291)20,543 5,197 3,055 Interest income
$(107,133)$78,806 $26,624 $(54,951)
Nine Months Ended September 30, 2020
Cash Flow Hedges
Interest rate swap$(45,146)$(65,608)$(10,373)$(100,381)Interest expense
Cross-currency swap177 (2,688)(7,435)4,924 Other income (expense), net
Net Investment Hedges
Cross-currency swap10,229 5,102 6,564 8,767 Interest income
$(34,740)$(63,194)$(11,244)$(86,690)