v3.26.1
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The Company held the following interest rate swaps as of June 30, 2026 and December 31, 2025 (dollar amounts in thousands):
June 30, 2026December 31, 2025June 30, 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 %1,726 950 
1-month Term SOFR Loan100,000 100,000 December 30, 2022December 31, 20272.867 %1,758 1,006 
1-month Term SOFR Loan575,000 575,000 July 31, 2025December 31, 20271.415 %22,478 22,094 
1-month Term SOFR Loan125,000 125,000 July 1, 2025December 31, 20271.404 %4,910 4,825 
Basis Swap (1)
— — March 24, 2023December 31, 2027N/A(1,232)(1,629)
$900,000 $900,000 $29,640 $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 June 30, 2026 and December 31, 2025 (dollar amounts in thousands):
June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay CHFFebruary 20, 2025December 20, 20303.25%293,637 305,137 (49,942)(54,149)
Receive U.S.$6.14%329,633 342,543 
Pay CHFNovember 10, 2025September 30, 20304.00%56,644 56,644 (2,668)(2,684)
Receive U.S.$7.11%70,000 70,000 
Pay CHFNovember 10, 2025September 29, 20283.00%80,920 80,920 $(1,904)$(2,834)
Receive U.S.$6.23%100,000 100,000 
Total$(54,514)$(59,667)
The Company held the following cross-currency rate swaps designated as net investment hedges as of June 30, 2026 and December 31, 2025, respectively (dollar amounts in thousands):
June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay CHFMay 26, 2022December 16, 2028—%CHF192,140 192,140 (43,927)(47,619)
Receive U.S.$1.94%$200,000 200,000 
Pay CHFNovember 17, 2023December 17, 2029—%CHF66,525 66,525 (10,308)(10,568)
Receive U.S.$2.54%$75,000 75,000 
Pay CHFMay 6, 2024December 18, 2030—%CHF68,483 68,483 (12,269)(12,407)
Receive U.S.$2.74%$75,000 75,000 
Pay CHFFebruary 21, 2025December 15, 2031—%CHF67,800 67,800 (9,663)(9,394)
Receive U.S.$3.24%$75,000 75,000 
Pay CHFJuly 25, 2025December 15, 2032—%CHF59,693 59,693 (2,374)(2,211)
Receive U.S.$2.66%$75,000 75,000 
Total$(78,541)$(82,199)
Schedule 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, 2026 and December 31, 2025:
Fair Value as of
Location on Balance Sheet (1):
June 30, 2026December 31, 2025
Dollars in thousands
Derivatives designated as hedges — Assets:
Prepaid expenses and other current assets
Cash Flow Hedges
Interest rate swap
$21,227 $16,126 
Cross-currency swap8,433 8,325 
Foreign currency forward contracts— 29 
Net Investment Hedges
Cross-currency swap7,534 7,474 
Other assets
Cash Flow Hedges
Interest rate swap9,652 12,749 
Total derivatives designated as hedges — Assets$46,846 $44,703 
Derivatives designated as hedges — Liabilities:
Accrued expenses and other current liabilities
Cash Flow Hedges
Interest rate swap$987 $1,103 
Foreign currency forward contracts1,014 — 
Net Investment Hedges
Cross-currency swap7,103 8,798 
Other liabilities
Cash Flow Hedges
Interest rate swap252 526 
Cross-currency swap62,947 67,992 
Net Investment Hedges
Cross-currency swap78,972 80,875 
Total derivatives designated as hedges — Liabilities$151,275 $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 and six months ended June 30, 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 June 30, 2026
Cash Flow Hedges
Interest rate swap$29,128 $4,850 $4,337 $29,641 Interest expense
Cross-currency swap(7,887)3,413 10,056 (14,530)Other income, net
Foreign Currency Forward Contract(122)(560)124 (806)Cost of sales
Net Investment Hedges
Cross-currency swap(89,008)2,649 3,124 (89,483)Interest income
$(67,889)$10,352 $17,641 $(75,178)
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 
Net Investment Hedges
Cross-currency swap(37,198)(55,876)3,099 (96,173)Interest income
$(10,927)$(97,134)$(34,078)$(73,983)
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, 2026
Cash Flow Hedges
Interest rate swap$27,247 $11,111 $8,717 $29,641 Interest expense
Cross-currency swap(6,583)10,777 18,724 (14,530)Other income (expense), net
Foreign currency forward contract727 (999)534 (806)Cost of sales
Net Investment Hedges
Cross-currency swap(93,141)9,862 6,204 (89,483)Interest income
$(71,750)$30,751 $34,179 $(75,178)
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 
Net Investment Hedges
Cross-currency swap(31,130)(59,311)5,732 (96,173)Interest income
$5,419 $(117,628)$(38,226)$(73,983)
Schedule of Derivatives Not Designated as Hedging Instruments
The following table summarizes the gains and losses on derivative instruments not designated as hedges on the condensed consolidated statements of income, which was included in other income:
Dollars in thousandsThree Months Ended June 30,Six Months Ended June 30,
2026202520262025
Foreign currency forward contracts399 (1,869)177 (1,695)
Foreign currency swaps(21)$(151)(75)$18 
Total$378 $(2,020)$102 $(1,677)