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DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The Company held the following interest rate swaps as of December 31, 2024 and 2023 (dollar amounts in thousands):
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Hedged ItemNotional AmountDesignation DateEffective DateTermination DateFixed Interest RateEstimated Fair Value
Asset (Liability)
1-month Term SOFR Loan$— $150,000 December 13, 2017July 1, 2019June 28, 20242.423 %$— $2,105 
1-month Term SOFR Loan— 200,000 December 13, 2017January 1, 2018December 31, 20242.313 %— 4,978 
1-month Term SOFR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.220 %421 1,349 
1-month Term SOFR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.199 %502 1,312 
1-month Term SOFR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.209 %403 1,346 
1-month Term SOFR Loan100,000 100,000 December 18, 2018December 30, 2022December 31, 20272.885 %3,406 3,015 
1-month Term SOFR Loan100,000 100,000 December 18, 2018December 30, 2022December 31, 20272.867 %3,507 3,052 
1-month Term SOFR Loan575,000 575,000 December 15, 2020July 31, 2025December 31, 20271.415 %34,537 22,965 
1-month Term SOFR Loan125,000 125,000 December 15, 2020July 1, 2025December 31, 20271.404 %7,848 5,263 
Basis Swap (1)
—— March 31, 2023March 24, 2023December 31, 2027N/A(1,829)0(1,829)
$1,125,000 $1,475,000 $48,795 $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 December 31, 2024 and 2023 (dollar amounts in thousands):
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay CHFDecember 21, 2020December 22, 20253.00%CHF328,136 351,137 $(4,367)$(38,324)
Receive U.S.$3.98%$368,362 394,183 
Pay CHFSeptember 22, 2023September 23, 20242.40%CHF— 28,500 — (2,348)
Receive U.S.$6.27%$— 31,457 
Total$(4,367)$(40,672)
The Company held the following cross-currency rate swaps designated as net investment hedges as of December 31, 2024 and 2023 (dollar amounts in thousands):
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay EUROctober 3, 2018September 30, 2025—%EUR38,820 38,820 $4,827 $2,475 
Receive U.S.$2.19%$45,000 45,000 
Pay CHFMay 26, 2022December 16, 2028—%CHF240,175 288,210 (27,951)(48,047)
Receive U.S.$1.94%$250,000 300,000 
Pay CHFNovember 17, 2023December 17, 2029—%CHF66,525 66,525 (3,248)(4,037)
Receive U.S.$2.54%$75,000 75,000 
Pay CHFMay 6, 2024December 18, 2030—%CHF68,483 — (4,741)— 
Receive U.S.$2.74%$75,000 — 
Total$(31,113)$(49,609)
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, 2024 and 2023:
 Fair Value as of December 31,
Dollars in thousands20242023
Location on Balance Sheet (1):
Derivatives designated as hedges — Assets:
Prepaid expenses and other current assets
Cash Flow Hedges
Interest rate swap
$12,320 $14,675 
Cross-currency swap537 
Net Investment Hedges
Cross-currency swap8,605 2,938 
Other assets
Cash Flow Hedges
Interest rate swap
38,302 30,710 
Net Investment Hedges
Cross-currency swap— 1,470 
Total derivatives designated as hedges — Assets$59,227 $50,330 
Derivatives designated as hedges — Liabilities
Accrued expenses and other current liabilities
Cash Flow Hedges
Interest rate swap
$684 $579 
Cross-currency swap4,367 4,813 
Foreign Currency Forward Contracts914 — 
Net Investment Hedges
Cross-currency swap210 2,903 
Other liabilities
Cash Flow Hedges
Interest rate swap
1,145 1,250 
Cross-currency swap— 36,396 
Net Investment Hedges
Cross-currency swap39,507 51,114 
Total derivatives designated as hedges — Liabilities$46,827 $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.
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, 2024 and 2023:
 
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, 2024
Cash Flow Hedges
Interest rate swap$43,556 $22,692 $17,454 $48,794 Interest expense
Cross-currency swap(15,763)41,013 36,871 (11,621)Other income, net
Forward Currency Forward Contracts— (1,067)(443)(624)Cost of sales and other income, net
Net Investment Hedges
Cross-currency swap(45,498)24,489 10,121 (31,130)Interest income
$(17,705)$87,127 $64,003 $5,419 
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 and other income, net
Net Investment Hedges
Cross-currency swap(6,914)(30,738)7,846 (45,498)Interest income
$29,527 $(52,809)$(5,577)$(17,705)
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,
20242023
Foreign currency forward contracts $598 $— 
Foreign currency swaps56 566 
Total$654 $566