v3.22.2.2
DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The Company held the following interest rate swaps as of September 30, 2022 and December 31, 2021 (dollar amounts in thousands):
September 30, 2022December 31, 2021September 30, 2022December 31, 2021
Hedged ItemNotional AmountDesignation DateEffective DateTermination DateFixed Interest RateEstimated Fair Value
Asset (Liability)
1-month USD LIBOR Loan300,000 300,000 December 13, 2017January 1, 2018December 31, 20222.201 %1,078 (5,268)
1-month USD LIBOR Loan150,000 150,000 December 13, 2017July 1, 2019June 30, 20242.423 %4,671 (5,520)
1-month USD LIBOR Loan200,000 200,000 December 13, 2017January 1, 2018December 31, 20242.313 %8,212 (7,421)
1-month USD LIBOR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.220 %1,719 (5,512)
1-month USD LIBOR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.199 %1,828 (5,464)
1-month USD LIBOR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.209 %1,673 (5,494)
1-month USD LIBOR Loan100,000 100,000 December 18, 2018December 30, 2022December 31, 20272.885 %4,578 (6,886)
1-month USD LIBOR Loan100,000 100,000 December 18, 2018December 30, 2022December 31, 20272.867 %4,545 (6,764)
1-month USD LIBOR Loan575,000 575,000 December 15, 2020July 31, 2025December 31, 20271.415 %26,261 3,552 
1-month USD LIBOR Loan125,000 125,000 December 15, 2020July 1, 2025December 31, 20271.404 %6,039 821 
$1,775,000 $1,775,000 $60,604 $(43,957)
The Company held the following cross-currency rate swaps as of September 30, 2022 and December 31, 2021 (dollar amounts in thousands):
September 30, 2022December 31, 2021September 30, 2022December 31, 2021
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay CHFSeptember 28, 2022September 29, 20231.95%CHF48,532 — (106)— 
Receive U.S.$5.32%$49,142 — 
Pay CHFOctober 2, 2017October 3, 20221.95%CHF97,065 145,598 2,281 (8,283)
Receive U.S.$4.52%$100,000 150,000 
Pay CHFDecember 21, 2020December 22, 20253.00%CHF379,887 397,137 18,394 41 
Receive U.S.$3.98%$426,456 445,821 
Total$20,569 $(8,242)
The Company held the following cross-currency rate swaps designated as net investment hedges as of September 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands):
September 30, 2022December 31, 2021September 30, 2022December 31, 2021
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay EUROctober 3, 2018September 30, 2023—%EUR51,760 51,760 9,198 2,503 
Receive U.S.$2.57%$60,000 60,000 
Pay EUROctober 3, 2018September 30, 2025—%EUR38,820 38,820 7,049 2,147 
Receive U.S.$2.19%$45,000 45,000 
Pay CHFDecember 16, 2020December 16, 2027—%CHF— 222,300 — (792)
Receive U.S.$1.10%$— 250,000 
Pay CHFMay 26, 2022December 16, 2028—%CHF288,210 — (522)— 
Receive U.S.$1.94%$300,000 — 
Total$15,725 $3,858 
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, 2022 and December 31, 2021:
Fair Value as of
Location on Balance Sheet(1):
September 30, 2022December 31, 2021
Dollars in thousands
Derivatives designated as hedges — Assets:
Prepaid expenses and other current assets
Cash Flow Hedges
Interest rate swap(2)
13,111 $— 
Cross-currency swap$9,287 $4,900 
Net Investment Hedges
Cross-currency swap16,138 5,120 
Other assets
Cash Flow Hedges
Interest rate swap(2)
47,493 4,373 
Cross-currency swap11,387 — 
Net Investment Hedges
Cross-currency swap6,054 2,104 
Total derivatives designated as hedges — Assets$103,470 $16,497 
Derivatives designated as hedges — Liabilities:
Accrued expenses and other current liabilities
Cash Flow Hedges
Interest rate swap(2)
$— $18,187 
Cross-currency swap$105 8,283 
Cash Flow Hedges
Interest rate swap(2)
$— 30,143 
Cross-currency swap$— 4,859 
Net Investment Hedges
Cross-currency swap$6,467 3,366 
Total derivatives designated as hedges — Liabilities$6,572 $64,838 
(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, 2022 and December 31, 2021, the total notional amounts related to the Company’s interest rate swaps were both $1.8 billion, respectively.
Effect of Derivative Instruments Designated as Cash Flow Hedges on Statements of Operations
The following table presents the effect of derivative instruments designated as cash flow hedges and net investment hedges on the AOCL and earnings, both net of tax, during the three and nine months ended September 30, 2022 and 2021:
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, 2022
Cash Flow Hedges
Interest rate swap$26,939 $32,939 $(726)$60,604 Interest expense
Cross-currency swap(17,835)12,332 17,627 (23,130)Other income, net
Net Investment Hedges
Cross-currency swap7,506 9,403 2,378 14,531 Interest income
$16,610 $54,674 $19,279 $52,005 
Three Months Ended September 30, 2021
Cash Flow Hedges
Interest rate swap$(62,736)$2,488 $(5,434)$(54,814)Interest expense
Cross-currency swap(4,363)7,045 5,874 (3,192)Other income, net
Net Investment Hedges
Cross-currency swap(2,078)6,882 1,749 3,055 Interest income
$(69,177)$16,415 $2,189 $(54,951)
Dollars in thousandsBalance in AOCL
Beginning of
Year		Amount of
Gain (Loss)
Recognized in
AOCL		Amount of Gain (Loss)
Reclassified from
AOCL into
Earnings		Balance in AOCL
End of Quarter		Location in
Statements of
Operations
Nine Months Ended September 30, 2022
Cash Flow Hedges
Interest rate swap$(43,956)$94,729 $(9,831)$60,604 Interest expense
Cross-currency swap(9,688)33,784 47,226 (23,130)Other income, net
Net Investment Hedges
Cross-currency swap(2,321)21,528 4,676 14,531 Interest income
$(55,965)$150,041 $42,071 $52,005 
Nine Months Ended September 30, 2021
Cash Flow Hedges
Interest rate swap$(93,769)$21,993 $(16,962)$(54,814)Interest expense
Cross-currency swap(1,073)36,270 38,389 (3,192)Other income, 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)
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 September 30,Nine Months Ended September 30,
2022202120222021
Foreign currency forward contracts $1,162 $117 $1,154 $(186)
Foreign currency swaps184 (7)1,777 404 
Total$1,346 $110 $2,931 $218