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DERIVATIVE INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The Company held the following interest rate swaps as of June 30, 2022 and December 31, 2021 (dollar amounts in thousands):
|  |  |  | June 30, 2022 |  | December 31, 2021 |  |  |  |  |  |  |  |  |  | June 30, 2022 |  | December 31, 2021
Hedged Item |  |  |  | Notional Amount |  | Designation Date |  | Effective Date |  | Termination Date |  | Fixed Interest Rate |  | Estimated Fair Value
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Asset (Liability)
1-month USD LIBOR Loan |  |  |  | 300,000 |  |  | 300,000 |  |  | December 13, 2017 |  | January 1, 2018 |  | December 31, 2022 |  | 2.201 | % |  | 681 |  |  | (5,268) |
1-month USD LIBOR Loan |  |  |  | 150,000 |  |  | 150,000 |  |  | December 13, 2017 |  | July 1, 2019 |  | June 30, 2024 |  | 2.423 | % |  | 1,937 |  |  | (5,520) |
1-month USD LIBOR Loan |  |  |  | 200,000 |  |  | 200,000 |  |  | December 13, 2017 |  | January 1, 2018 |  | December 31, 2024 |  | 2.313 | % |  | 3,322 |  |  | (7,421) |
1-month USD LIBOR Loan |  |  |  | 75,000 |  |  | 75,000 |  |  | October 10, 2018 |  | July 1, 2020 |  | June 30, 2025 |  | 3.220 | % |  | (660) |  |  | (5,512) |
1-month USD LIBOR Loan |  |  |  | 75,000 |  |  | 75,000 |  |  | October 10, 2018 |  | July 1, 2020 |  | June 30, 2025 |  | 3.199 | % |  | (361) |  |  | (5,464) |
1-month USD LIBOR Loan |  |  |  | 75,000 |  |  | 75,000 |  |  | October 10, 2018 |  | July 1, 2020 |  | June 30, 2025 |  | 3.209 | % |  | (485) |  |  | (5,494) |
1-month USD LIBOR Loan |  |  |  | 100,000 |  |  | 100,000 |  |  | December 18, 2018 |  | December 30, 2022 |  | December 31, 2027 |  | 2.885 | % |  | 253 |  |  | (6,886) |
1-month USD LIBOR Loan |  |  |  | 100,000 |  |  | 100,000 |  |  | December 18, 2018 |  | December 30, 2022 |  | December 31, 2027 |  | 2.867 | % |  | 19 |  |  | (6,764) |
1-month USD LIBOR Loan |  |  |  | 575,000 |  |  | 575,000 |  |  | December 15, 2020 |  | July 31, 2025 |  | December 31, 2027 |  | 1.415 | % |  | 17,938 |  |  | 3,552 |
1-month USD LIBOR Loan |  |  |  | 125,000 |  |  | 125,000 |  |  | December 15, 2020 |  | July 1, 2025 |  | December 31, 2027 |  | 1.404 | % |  | 4,295 |  |  | 821 |
|  |  |  | $ | 1,775,000 |  |  | $ | 1,775,000 |  |  |  |  |  |  |  |  |  |  | $ | 26,939 |  |  | $ | (43,957) |
The Company held the following cross-currency rate swaps as of June 30, 2022 and December 31, 2021 (dollar amounts in thousands):
|  |  |  |  |  |  |  |  | June 30, 2022 | December 31, 2021 |  | June 30, 2022 |  | December 31, 2021
|  | Effective Date |  | Termination Date |  | Fixed Rate |  | Aggregate Notional Amount |  | Fair Value Asset (Liability)
Pay CHF |  | October 2, 2017 |  | October 2, 2022 |  | 1.95% |  | CHF | 145,598 |  | 145,598 |  |  | (2,557) |  |  | (8,283) |
Receive U.S.$ |  |  | 4.52% |  | $ | 150,000 |  | 150,000 |  |  |
Pay CHF |  | December 21, 2020 |  | December 22, 2025 |  | 3.00% |  | CHF | 385,637 |  | 397,137 |  |  | 11,919 |  |  | 41 |
Receive U.S.$ |  |  | 3.98% |  | $ | 432,911 |  | 445,821 |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 9,362 |  |  | $ | (8,242) |
The Company held the following cross-currency rate swaps designated as net investment hedges as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands):
|  |  |  |  |  |  |  |  |  |  | June 30, 2022 |  | December 31, 2021
|  | Effective Date |  | Termination Date |  | Fixed Rate |  | Aggregate Notional Amount |  | Fair Value Asset (Liability)
Pay EUR |  | October 3, 2018 |  | September 30, 2023 |  | —% |  | EUR | 51,760 |  |  | 5,740 |  |  | 2,503 |
Receive U.S.$ |  |  |  | 2.57% |  | $ | 60,000 |  |  |
Pay EUR |  | October 3, 2018 |  | September 30, 2025 |  | —% |  | EUR | 38,820 |  |  | 4,784 |  |  | 2,147 |
Receive U.S.$ |  |  |  | 2.19% |  | $ | 45,000 |  |  |
Pay CHF(1) |  | December 16, 2020 |  | December 16, 2027 |  | —% |  | CHF | 222,300 |  |  | — |  |  | (792) |
Receive U.S.$ |  |  |  | 1.10% |  | $ | 250,000 |  |  |
Pay CHF |  | May 26, 2022 |  | December 16, 2028 |  | —% |  | CHF | 288,210 |  |  | (1,824) |  |  | — |
Receive U.S.$ |  |  |  | 1.94% |  | $ | 300,000 |  |  |
Total |  |  |  |  |  |  |  |  |  |  | $ | 8,700 |  |  | $ | 3,858 |
(1) The following currency swaps designated as a net investment hedge were early settled during the three months ended June 30, 2022.
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 June 30, 2022 and December 31, 2021:
|  | Fair Value as of |  |
Location on Balance Sheet(1): |  | June 30, 2022 |  | December 31, 2021 |  |  |  |
Dollars in thousands |  |
Derivatives designated as hedges — Assets: |  |  |  |  |  |  |  |
Prepaid expenses and other current assets |  |  |  |  |  |  |  |
Cash Flow Hedges |  |  |  |  |  |  |  |
Interest rate swap(2) |  | 4,369 |  |  | $ | — |  |  |  |  |
Cross-currency swap |  | $ | 6,122 |  |  | $ | 4,900 |  |  |  |  |
Net Investment Hedges |  |  |  |  |  |  |  |
Cross-currency swap |  | 8,472 |  |  | 5,120 |  |  |  |  |
Other assets |  |  |  |  |  |  |  |
Cash Flow Hedges |  |  |  |  |  |  |  |
Interest rate swap(2) |  | 24,619 |  |  | 4,373 |  |  |  |  |
Cross-currency swap |  | 5,797 |  |  | — |  |  |  |  |
Net Investment Hedges |  |  |  |  |  |  |  |
Cross-currency swap |  | 7,964 |  |  | 2,104 |  |  |  |  |
Total derivatives designated as hedges — Assets |  | $ | 57,343 |  |  | $ | 16,497 |  |  |  |  |
Derivatives designated as hedges — Liabilities: |  |  |  |  |  |  |  |
Accrued expenses and other current liabilities |  |  |  |  |  |  |  |
Cash Flow Hedges |  |  |  |  |  |  |  |
Interest rate swap(2) |  | $ | 62 |  |  | $ | 18,187 |  |  |  |  |
Cross-currency swap |  | $ | 2,558 |  |  | 8,283 |  |  |  |  |
Net Investment Hedges |  |  |  |  |  |  |  |
Other liabilities |  |  |  |  |  |  |  |
Cash Flow Hedges |  |  |  |  |  |  |  |
Interest rate swap(2) |  | $ | 1,987 |  |  | 30,143 |  |  |  |  |
Cross-currency swap |  | $ | — |  |  | 4,859 |  |  |  |  |
Net Investment Hedges |  |  |  |  |  |  |  |
Cross-currency swap |  | $ | 7,736 |  |  | 3,366 |  |  |  |  |
Total derivatives designated as hedges — Liabilities |  | $ | 12,343 |  |  | $ | 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 June 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 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 six months ended June 30, 2022 and 2021:
Dollars in thousands | Balance 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 June 30, 2022 |  |  |  |  |  |  |  |  |
Cash Flow Hedges |  |  |  |  |  |  |  |  |
Interest rate swap | $ | 2,932 |  |  | $ | 20,116 |  |  | $ | (3,891) |  |  | $ | 26,939 |  |  | Interest expense
Cross-currency swap | (17,703) |  |  | 21,136 |  |  | 21,268 |  |  | (17,835) |  |  | Other income, net
Net Investment Hedges |  |  |  |  |  |  |  |  |
Cross-currency swap | (2,332) |  |  | 10,816 |  |  | 978 |  |  | 7,506 |  |  | Interest income
| $ | (17,103) |  |  | $ | 52,068 |  |  | $ | 18,355 |  |  | $ | 16,610 |  |  |
Three Months Ended June 30, 2021 |  |  |  |  |  |  |  |  |
Cash Flow Hedges |  |  |  |  |  |  |  |  |
Interest rate swap | $ | (53,546) |  |  | $ | (15,013) |  |  | $ | (5,823) |  |  | $ | (62,736) |  |  | Interest expense
Cross-currency swap | (5,029) |  |  | (10,969) |  |  | (11,635) |  |  | (4,363) |  |  | Other income, net
Net Investment Hedges |  |  |  |  |  |  |  |  |
Cross-currency swap | (429) |  |  | 88 |  |  | 1,737 |  |  | (2,078) |  |  | Interest income
| $ | (59,004) |  |  | $ | (25,894) |  |  | $ | (15,721) |  |  | $ | (69,177) |  |  |
Dollars in thousands | Balance 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
Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |
Cash Flow Hedges |  |  |  |  |  |  |  |  |
Interest rate swap | $ | (43,956) |  |  | $ | 61,790 |  |  | $ | (9,105) |  |  | $ | 26,939 |  |  | Interest expense
Cross-currency swap | (9,688) |  |  | 21,452 |  |  | 29,599 |  |  | (17,835) |  |  | Other income, net
Net Investment Hedges |  |  |  |  |  |  |  |  |
Cross-currency swap | (2,321) |  |  | 12,125 |  |  | 2,298 |  |  | 7,506 |  |  | Interest income
| $ | (55,965) |  |  | $ | 95,367 |  |  | $ | 22,792 |  |  | $ | 16,610 |  |  |
Six Months Ended June 30, 2021 |  |  |  |  |  |  |  |  |
Cash Flow Hedges |  |  |  |  |  |  |  |  |
Interest rate swap | $ | (93,769) |  |  | $ | 19,505 |  |  | $ | (11,528) |  |  | $ | (62,736) |  |  | Interest expense
Cross-currency swap | (1,073) |  |  | 29,225 |  |  | 32,515 |  |  | (4,363) |  |  | Other income, net
Net Investment Hedges |  |  |  |  |  |  |  |  |
Cross-currency swap | (12,291) |  |  | 13,661 |  |  | 3,448 |  |  | (2,078) |  |  | Interest income
| $ | (107,133) |  |  | $ | 62,391 |  |  | $ | 24,435 |  |  | $ | (69,177) |  |  |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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