v3.26.1
DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The Company held the following interest rate swaps as of March 31, 2026 and December 31, 2025 (dollar amounts in thousands):
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Hedged ItemNotional AmountEffective DateTermination DateFixed Interest RateEstimated Fair Value
Asset (Liability)
1-month Term SOFR Loan100,000 100,000 December 30, 2022December 31, 20272.885 %1,380 950 
1-month Term SOFR Loan100,000 100,000 December 30, 2022December 31, 20272.867 %1,444 1,006 
1-month Term SOFR Loan575,000 575,000 July 31, 2025December 31, 20271.415 %22,757 22,094 
1-month Term SOFR Loan125,000 125,000 July 1, 2025December 31, 20271.404 %4,970 4,825 
Basis Swap (1)
— — March 24, 2023December 31, 2027N/A(1,425)(1,629)
$900,000 $900,000 $29,126 $27,246 
(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, 2026 and December 31, 2025 (dollar amounts in thousands):
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay CHFFebruary 20, 2025December 20, 20303.25%299,387 305,137 (50,500)(54,149)
Receive U.S.$6.14%336,088 342,543 
Pay CHFNovember 10, 2025September 30, 20304.00%56,644 56,644 (2,581)(2,684)
Receive U.S.$7.11%70,000 70,000 
Pay CHFNovember 10, 2025September 29, 20283.00%80,920 80,920 $(1,969)$(2,834)
Receive U.S.$6.23%100,000 100,000 
Total$(55,050)$(59,667)
The Company held the following cross-currency rate swaps designated as net investment hedges as of March 31, 2026 and December 31, 2025, respectively (dollar amounts in thousands):
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay CHFMay 26, 2022December 16, 2028—%CHF192,140 192,140 (44,759)(47,619)
Receive U.S.$1.94%$200,000 200,000 
Pay CHFNovember 17, 2023December 17, 2029—%CHF66,525 66,525 (9,762)(10,568)
Receive U.S.$2.54%$75,000 75,000 
Pay CHFMay 6, 2024December 18, 2030—%CHF68,483 68,483 (12,051)(12,407)
Receive U.S.$2.74%$75,000 75,000 
Pay CHFFebruary 21, 2025December 15, 2031—%CHF67,800 67,800 (9,308)(9,394)
Receive U.S.$3.24%$75,000 75,000 
Pay CHFJuly 25, 2025December 15, 2032—%CHF59,693 59,693 (2,187)(2,211)
Receive U.S.$2.66%$75,000 75,000 
Total$(78,067)$(82,199)
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 March 31, 2026 and December 31, 2025:
Fair Value as of
Location on Balance Sheet (1):
March 31, 2026December 31, 2025
Dollars in thousands
Derivatives designated as hedges — Assets:
Prepaid expenses and other current assets
Cash Flow Hedges
Interest rate swap
$18,401 $16,126 
Cross-currency swap8,343 8,325 
Foreign currency forward contracts— 29 
Net Investment Hedges
Cross-currency swap7,494 7,474 
Other assets
Cash Flow Hedges
Interest rate swap12,151 12,749 
Total derivatives designated as hedges — Assets$46,389 $44,703 
Derivatives designated as hedges — Liabilities:
Accrued expenses and other current liabilities
Cash Flow Hedges
Interest rate swap$1,040 $1,103 
Foreign currency forward contracts614 — 
Net Investment Hedges
Cross-currency swap8,072 8,798 
Other liabilities
Cash Flow Hedges
Interest rate swap386 526 
Cross-currency swap63,393 67,992 
Net Investment Hedges
Cross-currency swap77,489 80,875 
Total derivatives designated as hedges — Liabilities$150,994 $159,294 
(1) The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 months.
Schedule of 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 months ended March 31, 2026 and 2025:
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, 2026
Cash Flow Hedges
Interest rate swap$27,247 $6,261 $4,380 $29,128 Interest expense
Cross-currency swap(6,583)7,364 8,668 (7,887)Other income, net
Foreign Currency Forward Contract727 (439)410 (122)Cost of sales
Net Investment Hedges
Cross-currency swap(93,141)7,213 3,080 (89,008)Interest income
$(71,750)$20,399 $16,538 $(67,889)
Three Months Ended March 31, 2025
Cash Flow Hedges
Interest rate swap$48,794 $(7,463)$1,426 $39,905 Interest expense
Cross-currency swap(11,621)(10,032)(8,230)(13,423)Other income, net
Foreign Currency Forward Contract$(624)$436 $23 $(211)
Net Investment Hedges
Cross-currency swap(31,130)(3,435)2,633 (37,198)Interest income
$5,419 $(20,494)$(4,148)$(10,927)
Schedule of 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 March 31,
20262025
Foreign currency forward contracts(222)174 
Foreign currency swaps(54)$169 
Total$(276)$343