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DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The Company held the following interest rate swaps as of March 31, 2025 and December 31, 2024 (dollar amounts in thousands):
March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Hedged ItemNotional AmountDesignation DateEffective DateTermination DateFixed Interest RateEstimated Fair Value
Asset (Liability)
1-month Term SOFR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.220 %224 421 
1-month Term SOFR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.199 %208 502 
1-month Term SOFR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.209 %215 403 
1-month Term SOFR Loan100,000 100,000 December 18, 2018December 30, 2022December 31, 20272.885 %2,178 3,406 
1-month Term SOFR Loan100,000 100,000 December 18, 2018December 30, 2022December 31, 20272.867 %2,313 3,507 
1-month Term SOFR Loan575,000 575,000 December 15, 2020July 31, 2025December 31, 20271.415 %29,856 34,537 
1-month Term SOFR Loan125,000 125,000 December 15, 2020July 1, 2025December 31, 20271.404 %6,796 7,848 
Basis Swap (1)
—— March 31, 2023March 24, 2023December 31, 2027N/A(1,885)(1,829)
$1,125,000 $1,125,000 $39,905 $48,795 
(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 March 31, 2025 and December 31, 2024 (dollar amounts in thousands):
March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay CHFDecember 21, 2020February 19, 20253.00%CHF— 328,136 — (4,367)
Receive U.S.$3.98%$— 368,362 
Pay CHFFebruary 20, 2025December 20, 20303.25%CHF322,387 — (16,092)— 
Receive U.S.$6.14%$361,907 — 
Total$(16,092)$(4,367)
The Company held the following cross-currency rate swaps designated as net investment hedges as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay EUROctober 3, 2018September 30, 2025—%EUR38,820 38,820 3,026 4,827 
Receive U.S.$2.19%$45,000 45,000 
Pay CHFMay 26, 2022December 16, 2028—%CHF240,175 240,175 (30,561)(27,951)
Receive U.S.$1.94%$250,000 250,000 
Pay CHFNovember 17, 2023December 17, 2029—%CHF66,525 66,525 (3,208)(3,248)
Receive U.S.$2.54%$75,000 75,000 
Pay CHFMay 6, 2024December 18, 2030—%CHF68,483 68,483 (4,694)(4,741)
Receive U.S.$2.74%$75,000 75,000 
Pay CHFFebruary 21, 2025December 15, 2031—%CHF67,800 — (1,742)— 
Receive U.S.$3.24%$75,000 — 
Total(37,179)(31,113)
Summary of Fair Value in Balance Sheet for Derivatives Designated as Hedging Instruments
The following table summarizes the fair value for derivatives designated as hedging instruments in the condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024:
Fair Value as of
Location on Balance Sheet (1):
March 31, 2025December 31, 2024
Dollars in thousands
Derivatives designated as hedges — Assets:
Prepaid expenses and other current assets
Cash Flow Hedges
Interest rate swap
$14,855 $12,320 
Cross-currency swap7,813 — 
Foreign currency forward contracts9 — 
Net Investment Hedges
Cross-currency swap8,895 8,605 
Other assets
Cash Flow Hedges
Interest rate swap26,935 38,302 
Total derivatives designated as hedges — Assets$58,507 $59,227 
Derivatives designated as hedges — Liabilities:
Accrued expenses and other current liabilities
Cash Flow Hedges
Interest rate swap$936 $684 
Cross-currency swap— 4,367 
Foreign currency forward contracts— 914 
Net Investment Hedges
Cross-currency swap1,269 210 
Other liabilities
Cash Flow Hedges
Interest rate swap949 1,145 
Cross-currency swap23,905 — 
Net Investment Hedges
Cross-currency swap44,805 39,507 
Total derivatives designated as hedges — Liabilities$71,864 $46,827 
(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 and Net Investment 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, 2025 and 2024:
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 March 31, 2025
Cash Flow Hedges
Interest rate swap$48,794 $(7,463)$1,426 $39,905 Interest expense
Cross-currency swap(11,621)(10,032)(8,230)(13,423)Other income, net
Foreign Currency Forward Contract(624)436 23 (211)Cost of Sales
Net Investment Hedges
Cross-currency swap(31,130)(3,435)2,633 (37,198)Interest income
$5,419 $(20,494)$(4,148)$(10,927)
Three Months Ended March 31, 2024
Cash Flow Hedges
Interest rate swap$43,556 $14,723 $5,219 $53,060 Interest expense
Cross-currency swap(15,763)29,532 31,473 (17,704)Other income, net
Foreign Currency Forward Contract$— $(629)$(110)$(519)
Net Investment Hedges
Cross-currency swap(45,498)24,920 2,202 (22,780)Interest income
$(17,705)$68,546 $38,784 $12,057 
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 March 31,
20252024
Foreign currency forward contracts174 — 
Foreign currency swaps169 $273 
Total$343 $273