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DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The Company held the following interest rate swaps as of March 31, 2023 and December 31, 2022 (dollar amounts in thousands):
March 31, 2023March 31, 2023
Hedged ItemNotional AmountDesignation DateEffective DateTermination DateFixed Interest RateEstimated Fair Value
Asset (Liability)
1-month Term SOFR Loan150,000 December 13, 2017July 1, 2019June 30, 20242.423 %4,022 
1-month Term SOFR Loan200,000 December 13, 2017January 1, 2018December 31, 20242.313 %6,738 
1-month Term SOFR Loan75,000 October 10, 2018July 1, 2020June 30, 20253.220 %1,329 
1-month Term SOFR Loan75,000 October 10, 2018July 1, 2020June 30, 20253.199 %1,539 
1-month Term SOFR Loan75,000 October 10, 2018July 1, 2020June 30, 20253.209 %1,441 
1-month Term SOFR Loan100,000 December 18, 2018December 30, 2022December 31, 20272.885 %2,770 
1-month Term SOFR Loan100,000 December 18, 2018December 30, 2022December 31, 20272.867 %2,708 
1-month Term SOFR Loan575,000 December 15, 2020July 31, 2025December 31, 20271.415 %19,406 
1-month Term SOFR Loan125,000 December 15, 2020July 1, 2025December 31, 20271.404 %4,567 
Basis Swap (1)
—March 31, 2023March 24, 2023December 31, 2027N/A(1,842)
$1,475,000 $42,678 
(1) The notional of the basis swap amortizes to match the total notional of the interest rate swap portfolio over time
December 31, 2022December 31, 2022
Hedged ItemNotional AmountDesignation DateEffective DateTermination DateFixed Interest RateEstimated Fair Value
Asset (Liability)
1-month USD LIBOR Loan150,000 December 13, 2017July 1, 2019June 30, 20242.423 %5,012 
1-month USD LIBOR Loan200,000 December 13, 2017January 1, 2018December 31, 20242.313 %8,380 
1-month USD LIBOR Loan75,000 October 10, 2018July 1, 2020June 30, 20253.220 %1,831 
1-month USD LIBOR Loan75,000 October 10, 2018July 1, 2020June 30, 20253.199 %1,905 
1-month USD LIBOR Loan75,000 October 10, 2018July 1, 2020June 30, 20253.209 %1,970 
1-month USD LIBOR Loan100,000 December 18, 2018December 30, 2022December 31, 20272.885 %4,252 
1-month USD LIBOR Loan100,000 December 18, 2018December 30, 2022December 31, 20272.867 %4,153 
1-month USD LIBOR Loan575,000 December 15, 2020July 31, 2025December 31, 20271.415 %23,742 
1-month USD LIBOR Loan125,000 December 15, 2020July 1, 2025December 31, 20271.404 %5,467 
$1,475,000 $56,712 
The Company held the following cross-currency rate swaps as of March 31, 2023 and December 31, 2022 (dollar amounts in thousands):
March 31, 2023December 31, 2022March 31, 2023December 31, 2022
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay CHFDecember 21, 2020December 22, 20253.00%CHF373,227 397,137 (3,033)(4,241)
Receive U.S.$3.98%$418,980 445,821 
Pay CHFSeptember 28, 2022September 29, 20231.95%CHF48,533 48,532 (4,011)(3,528)
Receive U.S.$5.32%$49,142 49,142 
Total$(7,044)$(7,769)
The Company held the following cross-currency rate swaps designated as net investment hedges as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands):
March 31, 2023December 31, 2022
March 31, 2023
December 31, 2022
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay EUROctober 3, 2018September 30, 2023—%EUR51,760 51,760 3,989 4,713 
Receive U.S.$2.57%$60,000 60,000 
Pay EUROctober 3, 2018September 30, 2025—%EUR38,820 38,820 3,932 4,307 
Receive U.S.$2.19%$45,000 45,000 
Pay CHFMay 26, 2022December 16, 2028—%CHF288,210 288,210 (14,711)(14,663)
Receive U.S.$1.94%$300,000 300,000 
Total$(6,790)$(5,643)
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 March 31, 2023 and December 31, 2022:
Fair Value as of
Location on Balance Sheet (1):
March 31, 2023December 31, 2022
Dollars in thousands
Derivatives designated as hedges — Assets:
Prepaid expenses and other current assets
Cash Flow Hedges
Interest rate swap(2)
$15,659 $16,682 
Cross-currency swap4,139 4,497 
Net Investment Hedges
Cross-currency swap10,942 11,653 
Other assets
Cash Flow Hedges
Interest rate swap(2)
28,861 40,030 
Cross-currency swap— — 
Net Investment Hedges
Cross-currency swap2,940 3,311 
Total derivatives designated as hedges — Assets$62,541 $76,173 
Derivatives designated as hedges — Liabilities:
Accrued expenses and other current liabilities
Cash Flow Hedges
Interest rate swap(2)
$762 $— 
Cross-currency swap4,011 3,528 
Foreign currency forward contracts69 
Net Investment Hedges
Cross-currency swap— — 
Other liabilities
Cash Flow Hedges
Interest rate swap(2)
1,080 — 
Cross-currency swap7,172 8,738 
Net Investment Hedges
Cross-currency swap20,672 20,608 
Total derivatives designated as hedges — Liabilities$33,766 $32,874 
(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 March 31, 2023 and December 31, 2022, the total notional amounts related to the Company’s interest rate swaps were both $1.5 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 and net investment hedges on the accompanying condensed consolidated statement of operations during the three months ended March 31, 2023 and 2022:
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 March 31, 2023
Cash Flow Hedges
Interest rate swap$56,712 $(10,534)$3,500 $42,678 Interest expense
Cross-currency swap(20,271)2,191 (3,504)(14,576)Other income, net
Foreign Currency Forward Contract— (69)— (69)Cost of Sales
Net Investment Hedges
Cross-currency swap(6,914)950 2,096 (8,060)Interest income
$29,527 $(7,462)$2,092 $19,973 
Three Months Ended March 31, 2022
Cash Flow Hedges
Interest rate swap$(43,956)$41,675 $(5,213)$2,932 Interest expense
Cross-currency swap(9,688)316 8,331 (17,703)Other income, net
Net Investment Hedges
Cross-currency swap(2,312)1,309 1,320 (2,323)Interest income
$(55,956)$43,300 $4,438 $(17,094)
Derivatives Not Designated as Hedging Instruments
The following table summarizes the gains (losses) of derivative instruments not designated as hedges on the condensed consolidated statements of income, which was included in other income:
Dollars in thousandsThree Months Ended March 31,
20232022
Foreign currency swaps55 360 
Total$55 $360