v3.25.2
DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The Company held the following interest rate swaps as of June 30, 2025 and December 31, 2024 (dollar amounts in thousands):
June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Hedged ItemNotional AmountDesignation DateEffective DateTermination DateFixed Interest RateEstimated Fair Value
Asset (Liability)
1-month Term SOFR Loan— 75,000 October 10, 2018July 1, 2020June 30, 20253.220 %— 421 
1-month Term SOFR Loan— 75,000 October 10, 2018July 1, 2020June 30, 20253.199 %— 502 
1-month Term SOFR Loan— 75,000 October 10, 2018July 1, 2020June 30, 20253.209 %— 403 
1-month Term SOFR Loan100,000 100,000 December 18, 2018December 30, 2022December 31, 20272.885 %1,523 3,406 
1-month Term SOFR Loan100,000 100,000 December 18, 2018December 30, 2022December 31, 20272.867 %1,549 3,507 
1-month Term SOFR Loan575,000 575,000 December 15, 2020July 31, 2025December 31, 20271.415 %27,632 34,537 
1-month Term SOFR Loan125,000 125,000 December 15, 2020July 1, 2025December 31, 20271.404 %6,307 7,848 
Basis Swap (1)
—— March 31, 2023March 24, 2023December 31, 2027N/A(1,960)(1,829)
$900,000 $1,125,000 $35,051 $48,795 
(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 June 30, 2025 and December 31, 2024 (dollar amounts in thousands):
June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay CHFDecember 21, 2020February 19, 20253.00%CHF— 328,136 — (4,367)
Receive U.S.$3.98%$— 368,362 
Pay CHFFebruary 20, 2025December 20, 20303.25%CHF316,637 — (60,936)— 
Receive U.S.$6.14%$355,452 — 
Total$(60,936)$(4,367)
The Company held the following cross-currency rate swaps designated as net investment hedges as of June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay EUROctober 3, 2018September 30, 2025—%EUR38,820 38,820 (726)4,827 
Receive U.S.$2.19%$45,000 45,000 
Pay CHFMay 26, 2022December 16, 2028—%CHF240,175 240,175 (60,327)(27,951)
Receive U.S.$1.94%$250,000 250,000 
Pay CHFNovember 17, 2023December 17, 2029—%CHF66,525 66,525 (11,367)(3,248)
Receive U.S.$2.54%$75,000 75,000 
Pay CHFMay 6, 2024December 18, 2030—%CHF68,483 68,483 (13,273)(4,741)
Receive U.S.$2.74%$75,000 75,000 
Pay CHFFebruary 21, 2025December 15, 2031—%CHF67,800 — (10,461)— 
Receive U.S.$3.24%$75,000 — 
Total$(96,154)$(31,113)
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 condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024:
Fair Value as of
Location on Balance Sheet (1):
June 30, 2025December 31, 2024
Dollars in thousands
Derivatives designated as hedges — Assets:
Prepaid expenses and other current assets
Cash Flow Hedges
Interest rate swap
$18,509 $12,320 
Cross-currency swap3,411 — 
Foreign currency forward contracts1,181 — 
Net Investment Hedges
Cross-currency swap5,444 8,605 
Other assets
Cash Flow Hedges
Interest rate swap18,502 38,302 
Total derivatives designated as hedges — Assets$47,047 $59,227 
Derivatives designated as hedges — Liabilities:
Accrued expenses and other current liabilities
Cash Flow Hedges
Interest rate swap$1,175 $684 
Cross-currency swap— 4,367 
Foreign currency forward contracts— 914 
Net Investment Hedges
Cross-currency swap8,115 210 
Other liabilities
Cash Flow Hedges
Interest rate swap785 1,145 
Cross-currency swap64,347 — 
Net Investment Hedges
Cross-currency swap93,483 39,507 
Total derivatives designated as hedges — Liabilities$167,905 $46,827 
(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 condensed consolidated statement of operations during the three and six months ended June 30, 2025 and 2024:
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 June 30, 2025
Cash Flow Hedges
Interest rate swap$39,905 $(3,420)$1,434 $35,051 Interest expense
Cross-currency swap(13,423)(39,505)(38,161)(14,767)Other income, net
Foreign Currency Forward Contract(211)1,667 (450)1,906 Cost of Sales
Net Investment Hedges
Cross-currency swap(37,198)(55,876)3,099 (96,173)Interest income
$(10,927)$(97,134)$(34,078)$(73,983)
Three Months Ended June 30, 2024
Cash Flow Hedges
Interest rate swap$53,060 $5,088 $5,032 $53,116 Interest expense
Cross-currency swap(17,704)598 (239)(16,867)Other income, net
Foreign Currency Forward Contract$(519)$(4)$(93)$(430)
Net Investment Hedges
Cross-currency swap(22,780)(4,233)2,453 (29,466)Interest income
$12,057 $1,449 $7,153 $6,353 
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 Quarter		Location in
Statements of
Operations
Six Months Ended June 30, 2025
Cash Flow Hedges
Interest rate swap$48,794 $(10,883)$2,860 $35,051 Interest expense
Cross-currency swap(11,621)(49,537)(46,391)(14,767)Other income (expense), net
Foreign currency forward contract(624)2,103 (427)1,906 Cost of sales
Net Investment Hedges
Cross-currency swap(31,130)(59,311)5,732 (96,173)Interest income
$5,419 $(117,628)$(38,226)$(73,983)
Six Months Ended June 30, 2024
Cash Flow Hedges
Interest rate swap$43,556 $19,811 $10,251 $53,116 Interest expense
Cross-currency swap(15,763)30,130 31,234 (16,867)Other income (expense), net
Foreign currency forward contract— $(633)$(203)(430)
Net Investment Hedges
Cross-currency swap(45,498)20,687 4,655 (29,466)Interest income
$(17,705)$69,995 $45,937 $6,353 
Derivatives Not Designated as Hedging Instruments
The following table summarizes the gains and 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 June 30,Six Months Ended June 30,
2025202420252024
Foreign currency forward contracts(1,869)— (1,695)— 
Foreign currency swaps(151)$135 18 $408 
Total$(2,020)$135 $(1,677)$408