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DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The Company held the following interest rate swaps as of September 30, 2024 and December 31, 2023 (dollar amounts in thousands):
September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Hedged ItemNotional AmountDesignation DateEffective DateTermination DateFixed Interest RateEstimated Fair Value
Asset (Liability)
1-month Term SOFR Loan— 150,000 December 13, 2017July 1, 2019June 28, 20242.423 %— 2,105 
1-month Term SOFR Loan200,000 200,000 December 13, 2017January 1, 2018December 31, 20242.313 %1,246 4,978 
1-month Term SOFR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.220 %525 1,349 
1-month Term SOFR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.199 %515 1,312 
1-month Term SOFR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.209 %501 1,346 
1-month Term SOFR Loan100,000 100,000 December 18, 2018December 30, 2022December 31, 20272.885 %1,425 3,015 
1-month Term SOFR Loan100,000 100,000 December 18, 2018December 30, 2022December 31, 20272.867 %1,616 3,052 
1-month Term SOFR Loan575,000 575,000 December 15, 2020July 31, 2025December 31, 20271.415 %22,809 22,965 
1-month Term SOFR Loan125,000 125,000 December 15, 2020July 1, 2025December 31, 20271.404 %5,159 5,263 
Basis Swap (1)
—— March 31, 2023March 24, 2023December 31, 2027N/A(1,949)0(1,829)
$1,325,000 $1,475,000 $31,847 $43,556 
(1) The notional of the basis swap amortizes to match the total notional of the interest rate swap portfolio over time
The Company held the following cross-currency rate swaps as of September 30, 2024 and December 31, 2023 (dollar amounts in thousands):
September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay CHFDecember 21, 2020December 22, 20253.00%CHF333,887 351,137 (30,892)(38,324)
Receive U.S.$3.98%$374,817 394,183 
Pay CHFSeptember 22, 2023September 23, 20242.40%CHF— 28,500 — (2,348)
Receive U.S.$6.27%$— 31,457 
Total$(30,892)$(40,672)
The Company held the following cross-currency rate swaps designated as net investment hedges as of September 30, 2024 and December 31, 2023, respectively (dollar amounts in thousands):
September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay EUROctober 3, 2018September 30, 2025—%EUR38,820 38,820 2,106 2,475 
Receive U.S.$2.19%$45,000 45,000 
Pay CHFMay 26, 2022December 16, 2028—%CHF288,211 288,210 (48,153)(48,047)
Receive U.S.$1.94%$300,000 300,000 
Pay CHFNovember 17, 2023December 17, 2029—%CHF66,525 66,525 (5,248)(4,037)
Receive U.S.$2.54%$75,000 75,000 
Pay CHFMay 6, 2024December 18, 2030—%CHF68,483 — (6,071)— 
Receive U.S.$2.74%$75,000 — 
Total(57,366)(49,609)
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, 2024 and December 31, 2023:
Fair Value as of
Location on Balance Sheet (1):
September 30, 2024December 31, 2023
Dollars in thousands
Derivatives designated as hedges — Assets:
Prepaid expenses and other current assets
Cash Flow Hedges
Interest rate swap
$7,335 $14,675 
Cross-currency swap708 537 
Foreign currency forward contracts292 — 
Net Investment Hedges
Cross-currency swap5,764 2,938 
Other assets
Cash Flow Hedges
Interest rate swap26,461 30,710 
Net Investment Hedges
Cross-currency swap— 1,470 
Total derivatives designated as hedges — Assets$40,560 $50,330 
Derivatives designated as hedges — Liabilities:
Accrued expenses and other current liabilities
Cash Flow Hedges
Interest rate swap$265 $579 
Cross-currency swap— 4,813 
Foreign currency forward contracts— — 
Net Investment Hedges
Cross-currency swap2,120 2,903 
Other liabilities
Cash Flow Hedges
Interest rate swap1,684 1,250 
Cross-currency swap31,600 36,396 
Net Investment Hedges
Cross-currency swap61,010 51,114 
Total derivatives designated as hedges — Liabilities$96,679 $97,055 
(1) The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 months.
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 and nine months ended September 30, 2024 and 2023:
Dollars in thousandsBalance in AOCI
Beginning of
Quarter		Amount of
Gain (Loss)
Recognized in
AOCI		Amount of Gain (Loss)
Reclassified from
AOCI into
Earnings		Balance in AOCI
End of Quarter		Location in
Statements of
Operations
Three Months Ended September 30, 2024
Cash Flow Hedges
Interest rate swap$53,116 $(17,133)$4,135 $31,848 Interest expense
Cross-currency swap(16,867)(16,625)(22,089)(11,403)Other income, net
Foreign Currency Forward Contract(430)474 (119)163 Cost of Sales
Net Investment Hedges
Cross-currency swap(29,466)(21,051)2,739 (53,256)Interest income
$6,353 $(54,335)$(15,334)$(32,648)
Three Months Ended September 30, 2023
Cash Flow Hedges
Interest rate swap$56,901 $15,317 $4,964 $67,254 Interest expense
Cross-currency swap(18,925)13,796 15,347 (20,476)Other income, net
Foreign Currency Forward Contract$(123)$98 $87 $(112)
Net Investment Hedges
Cross-currency swap(21,239)6,051 1,772 (16,960)Interest income
$16,614 $35,262 $22,170 $29,706 
Dollars in thousandsBalance in AOCI
Beginning of
Year		Amount of
Gain (Loss)
Recognized in
AOCI		Amount of Gain (Loss)
Reclassified from
AOCI into
Earnings		Balance in AOCI
End of Quarter		Location in
Statements of
Operations
Nine Months Ended September 30, 2024
Cash Flow Hedges
Interest rate swap$43,556 $2,678 $14,386 $31,848 Interest expense
Cross-currency swap(15,763)13,505 9,145 (11,403)Other income (expense), net
Foreign currency forward contract— (159)(322)163 Cost of sales
Net Investment Hedges
Cross-currency swap(45,498)(364)7,394 (53,256)Interest income
$(17,705)$15,660 $30,603 $(32,648)
Nine Months Ended September 30, 2023
Cash Flow Hedges
Interest rate swap$56,712 $23,477 $12,935 $67,254 Interest expense
Cross-currency swap(20,271)3,114 3,319 (20,476)Other income (expense), net
Foreign currency forward contract— $333 $445 (112)
Net Investment Hedges
Cross-currency swap(6,914)(4,066)5,980 (16,960)Interest income
$29,527 $22,858 $22,679 $29,706 
Derivatives Not Designated as Hedging Instruments The following table summarizes the gains on derivative instruments not designated as hedges on the condensed consolidated statements of income, which was included in other income:
Dollars in thousandsThree Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Foreign currency swaps10 135 385 778 
Total$10 $135 $385 $778