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DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The Company held the following interest rate swaps as of March 31, 2024 and December 31, 2023 (dollar amounts in thousands):
March 31, 2024December 31, 2023March 31, 2024December 31, 2023
Hedged ItemNotional AmountDesignation DateEffective DateTermination DateFixed Interest RateEstimated Fair Value
Asset (Liability)
1-month Term SOFR Loan150,000 150,000 December 13, 2017July 1, 2019June 30, 20242.423 %1,125 2,105 
1-month Term SOFR Loan200,000 200,000 December 13, 2017January 1, 2018December 31, 20242.313 %4,341 4,978 
1-month Term SOFR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.220 %1,556 1,349 
1-month Term SOFR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.199 %1,548 1,312 
1-month Term SOFR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.209 %1,548 1,346 
1-month Term SOFR Loan100,000 100,000 December 18, 2018December 30, 2022December 31, 20272.885 %4,512 3,015 
1-month Term SOFR Loan100,000 100,000 December 18, 2018December 30, 2022December 31, 20272.867 %4,519 3,052 
1-month Term SOFR Loan575,000 575,000 December 15, 2020July 31, 2025December 31, 20271.415 %29,267 22,965 
1-month Term SOFR Loan125,000 125,000 December 15, 2020July 1, 2025December 31, 20271.404 %6,770 5,263 
Basis Swap (1)
—— March 31, 2023March 24, 2023December 31, 2027N/A(2,127)0(1,829)
$1,475,000 $1,475,000 $53,059 $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 March 31, 2024 and December 31, 2023 (dollar amounts in thousands):
March 31, 2024December 31, 2023March 31, 2024December 31, 2023
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay CHFDecember 21, 2020December 22, 20253.00%CHF333,887 351,137 (9,902)(38,324)
Receive U.S.$3.98%$374,817 394,183 
Pay CHFSeptember 22, 2023September 29, 20242.40%CHF28,500 28,500 (2,578)(2,348)
Receive U.S.$6.27%$31,457 31,457 
Total$(12,480)$(40,672)
The Company held the following cross-currency rate swaps designated as net investment hedges as of March 31, 2024 and December 31, 2023, respectively (dollar amounts in thousands):
March 31, 2024December 31, 2023
March 31, 2024
December 31, 2023
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay EUROctober 3, 2018September 30, 2025—%EUR38,820 38,820 3,459 2,475 
Receive U.S.$2.19%$45,000 45,000 
Pay CHFMay 26, 2022December 16, 2028—%CHF288,210 288,210 (29,614)(48,047)
Receive U.S.$1.94%$300,000 300,000 
Pay CHFNovember 21, 2023December 17, 2029—%CHF66,525 66,525 (736)(4,037)
Receive U.S.$2.54%$75,000 75,000 
Total$(26,891)$(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 March 31, 2024 and December 31, 2023:
Fair Value as of
Location on Balance Sheet (1):
March 31, 2024December 31, 2023
Dollars in thousands
Derivatives designated as hedges — Assets:
Prepaid expenses and other current assets
Cash Flow Hedges
Interest rate swap(2)
$14,188 $14,675 
Cross-currency swap680 537 
Net Investment Hedges
Cross-currency swap4,084 2,938 
Other assets
Cash Flow Hedges
Interest rate swap(2)
40,998 30,710 
Cross-currency swap— — 
Net Investment Hedges
Cross-currency swap2,454 1,470 
Total derivatives designated as hedges — Assets$62,404 $50,330 
Derivatives designated as hedges — Liabilities:
Accrued expenses and other current liabilities
Cash Flow Hedges
Interest rate swap(2)
$540 $579 
Cross-currency swap2,578 4,813 
Foreign currency forward contracts629 — 
Net Investment Hedges
Cross-currency swap— 2,903 
Other liabilities
Cash Flow Hedges
Interest rate swap(2)
1,586 1,250 
Cross-currency swap10,582 36,396 
Net Investment Hedges
Cross-currency swap33,427 51,114 
Total derivatives designated as hedges — Liabilities$49,342 $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.
(2) At March 31, 2024 and December 31, 2023, the total notional amounts related to the Company’s interest rate swaps were $1.5 billion.
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, 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 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 (expense), net
Foreign currency forward contract— (629)(110)(519)Cost of sales
Net Investment Hedges
Cross-currency swap(45,498)24,920 2,202 (22,780)Interest income
$(17,705)$68,546 $38,784 $12,057 
Three Months Ended March 31, 2023
Cash Flow Hedges
Interest rate swap$56,712 $(10,534)$3,500 $42,678 Interest expense
Cross-currency swap(20,271)2,191 (3,504)(14,576)Other income (expense), net
Foreign currency forward contract$(69)$(69)
Net Investment Hedges
Cross-currency swap(6,914)950 2,096 (8,060)Interest income
$29,527 $(7,462)$2,092 $19,973 
Derivatives Not Designated as Hedging Instruments The following table summarizes the gains (losses) 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,
20242023
Foreign currency swaps273 55 
Total$273 $55