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DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The Company held the following interest rate swaps as of December 31, 2023 and 2022 (dollar amounts in thousands):
December 31, 2023December 31, 2023
Hedged ItemNotional AmountDesignation DateEffective DateTermination DateFixed Interest RateEstimated Fair Value
Asset (Liability)
1-month Term SOFR Loan150,000 December 13, 2017July 1, 2019June 30, 20242.423 %2,105 
1-month Term SOFR Loan200,000 December 13, 2017January 1, 2018December 31, 20242.313 %4,978 
1-month Term SOFR Loan75,000 October 10, 2018July 1, 2020June 30, 20253.220 %1,349 
1-month Term SOFR Loan75,000 October 10, 2018July 1, 2020June 30, 20253.199 %1,312 
1-month Term SOFR Loan75,000 October 10, 2018July 1, 2020June 30, 20253.209 %1,346 
1-month Term SOFR Loan100,000 December 18, 2018December 30, 2022December 31, 20272.885 %3,015 
1-month Term SOFR Loan100,000 December 18, 2018December 30, 2022December 31, 20272.867 %3,052 
1-month Term SOFR Loan575,000 December 15, 2020July 31, 2025December 31, 20271.415 %22,965 
1-month Term SOFR Loan125,000 December 15, 2020July 1, 2025December 31, 20271.404 %5,263 
Basis Swap (1)
— March 31, 2023March 24, 2023December 31, 2027N/A(1,829)
$1,475,000 $43,556 
(1) The notional of the basis swap amortizes to match the total notional of the interest rate swap portfolio over time
December 31, 2022December 31, 2022
Hedged ItemNotional AmountDesignation DateEffective DateTermination DateFixed Interest RateEstimated Fair Value
Asset (Liability)
1-month USD LIBOR Loan150,000 December 13, 2017July 1, 2019June 30, 20242.423 %5,012 
1-month USD LIBOR Loan200,000 December 13, 2017January 1, 2018December 31, 20242.313 %8,380 
1-month USD LIBOR Loan75,000 October 10, 2018July 1, 2020June 30, 20253.220 %1,831 
1-month USD LIBOR Loan75,000 October 10, 2018July 1, 2020June 30, 20253.199 %1,905 
1-month USD LIBOR Loan75,000 October 10, 2018July 1, 2020June 30, 20253.209 %1,970 
1-month USD LIBOR Loan100,000 December 18, 2018December 30, 2022December 31, 20272.885 %4,252 
1-month USD LIBOR Loan100,000 December 18, 2018December 30, 2022December 31, 20272.867 %4,153 
1-month USD LIBOR Loan575,000 December 15, 2020July 31, 2025December 31, 20271.415 %23,742 
1-month USD LIBOR Loan125,000 December 15, 2020July 1, 2025December 31, 20271.404 %5,467 
$1,475,000 $56,712 
The Company held the following cross-currency rate swaps as of December 31, 2023 and 2022 (dollar amounts in thousands):
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay CHFDecember 21, 2020December 22, 20253.00%CHF351,137 374,137 (38,324)(4,241)
Receive U.S.$3.98%$394,183 420,001 
Pay CHFSeptember 28, 2022September 29, 20231.95%CHF— 48,532 — (3,528)
Receive U.S.$5.32%$— 49,142 
Pay CHFSeptember 22, 2023September 29, 20242.40%CHF28,500 — (2,348)— 
Receive U.S.$6.27%$31,457 — 
Total$(40,672)$(7,769)
The Company held the following cross-currency rate swaps designated as net investment hedges as of December 31, 2023 and 2022 (dollar amounts in thousands):
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay EUROctober 3, 2018September 30, 2023—%EUR— 51,760 — 4,713 
Receive U.S.$2.57%$— 60,000 
Pay EUROctober 3, 2018September 30, 2025—%EUR38,820 38,820 2,475 4,307 
Receive U.S.$2.19%$45,000 45,000 
Pay CHFMay 26, 2022December 16, 2028—%CHF288,210 288,210 (48,047)(14,663)
Receive U.S.$1.94%$300,000 300,000 
Pay CHFNovember 21, 2023December 17, 2029—%CHF66,525 — (4,037)— 
Receive U.S.$2.54%$75,000 — 
Total$(49,609)$(5,643)
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 consolidated balance sheets as of December 31, 2023 and 2022:
 Fair Value as of December 31,
Dollars in thousands20232022
Location on Balance Sheet (1):
Derivatives designated as hedges — Assets:
Prepaid expenses and other current assets
Cash Flow Hedges
Interest rate swap(2)
14,675 16,682 
Cross-currency swap537 4,497 
Net Investment Hedges
Cross-currency swap2,938 11,653 
Other assets
Cash Flow Hedges
Interest rate swap(2)
30,710 40,030 
Net Investment Hedges
Cross-currency swap1,470 3,311 
Total derivatives designated as hedges — Assets$50,330 $76,173 
Derivatives designated as hedges — Liabilities
Accrued expenses and other current liabilities
Cash Flow Hedges
Interest rate swap(2)
$579 $— 
Cross-currency swap4,813 3,528 
Net Investment Hedges
Cross-currency swap2,903 — 
Other liabilities
Cash Flow Hedges
Interest rate swap(2)
1,250 — 
Cross-currency swap36,396 8,738 
Net Investment Hedges
Cross-currency swap51,114 20,608 
Total derivatives designated as hedges — Liabilities97,055 32,874 
+
(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 December 31, 2023 and 2022, 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 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 consolidated statement of operations during the years ended December 31, 2023 and 2022:
 
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 Year		Location in
Statements of
Operations
Year Ended December 31, 2023
Cash Flow Hedges
Interest rate swap$56,712 $4,899 $18,055 $43,556 Interest expense
Cross-currency swap(20,271)(27,406)(31,914)(15,763)Other income, net
Forward Currency Forward Contracts— 436 436 — Cost of sales
Net Investment Hedges
Cross-currency swap(6,914)(30,738)7,846 (45,498)Interest income
$29,527 $(52,809)$(5,577)$(17,705)
Year Ended December 31, 2022
Cash Flow Hedges
Interest rate swap$(43,956)$93,308 $(7,360)$56,712 Interest expense
Cross-currency swap(9,688)8,847 19,430 (20,271)Other income, net
Net Investment Hedges— 
Cross-currency swap(2,321)2,196 6,789 (6,914)Interest income
$(55,965)$104,351 $18,859 $29,527 
Derivatives Not Designated as Hedging Instruments
The following table summarizes the gains (losses) of derivative instruments not designated as hedges on the consolidated statements of income, which was included in other income:
Dollars in thousandsDecember 31,
20232022
Foreign currency swaps566 1,258 
Total$566 $1,258