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DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The Company held the following interest rate swaps as of December 31, 2022 and 2021 (dollar amounts in thousands):
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Hedged ItemNotional AmountDesignation DateEffective DateTermination DateFixed Interest RateEstimated Fair Value
Asset (Liability)
1-month USD LIBOR Loan— 300,000 December 13, 2017January 1, 2018December 31, 20222.201 %$— $(5,268)
1-month USD LIBOR Loan150,000 150,000 December 13, 2017July 1, 2019June 30, 20242.423 %5,012 (5,520)
1-month USD LIBOR Loan200,000 200,000 December 13, 2017January 1, 2018December 31, 20242.313 %8,380 (7,421)
1-month USD LIBOR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.220 %1,831 (5,512)
1-month USD LIBOR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.199 %1,905 (5,464)
1-month USD LIBOR Loan75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.209 %1,970 (5,494)
1-month USD LIBOR Loan100,000 100,000 December 18, 2018December 30, 2022December 31, 20272.885 %4,252 (6,886)
1-month USD LIBOR Loan100,000 100,000 December 18, 2018December 30, 2022December 31, 20272.867 %4,153 (6,764)
1-month USD LIBOR Loan575,000 575,000 December 15, 2020July 31, 2025December 31, 20271.415 %23,742 3,552 
1-month USD LIBOR Loan125,000 125,000 December 15, 2020July 1, 2025December 31, 20271.404 %5,467 821 
$1,475,000 $1,775,000 $56,712 $(43,956)
The Company held the following cross-currency rate swaps as of December 31, 2022 and 2021 (dollar amounts in thousands):
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value Asset (Liability)
Pay CHFOctober 2, 2017October 2, 20221.95%CHF— 145,598 — (8,283)
Receive U.S.$4.52%$— 150,000 
Pay CHFDecember 21, 2020December 22, 20253.00%CHF374,137 397,137 (4,241)41 
Receive U.S.$3.98%$420,001 445,821 
Pay CHFSeptember 28, 2022September 29, 20231.95%CHF48,532 — (3,528)— 
Receive U.S.$5.32%$49,142 — 
Total$(7,769)$(8,242)
The Company held the following cross-currency rate swaps designated as net investment hedges as of December 31, 2022 and 2021 (dollar amounts in thousands):
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay EUROctober 3, 2018September 30, 2023—%EUR51,760 51,760 4,713 2,503 
Receive U.S.$2.57%$60,000 60,000 
Pay EUROctober 3, 2018September 30, 2025—%EUR38,820 38,820 4,307 2,147 
Receive U.S.$2.19%$45,000 45,000 
Pay CHFDecember 16, 2020December 16, 2027—%CHF— 222,300 — (792)
Receive USD1.10%$— 250,000 
Pay CHFMay 26, 2022December 16, 2028—%CHF288,210 — (14,663)— 
Receive U.S.$1.94%$300,000 — 
Total$(5,643)$3,858 
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, 2022 and 2021:
 Fair Value as of December 31,
Dollars in thousands20222021
Location on Balance Sheet (1):
Derivatives designated as hedges — Assets:
Prepaid expenses and other current assets
Cash Flow Hedges
Cross-currency swap4,497 4,900 
Interest rate swap(2)
16,682 — 
Net Investment Hedges
Cross-currency swap11,653 5,120 
Other assets
Cash Flow Hedges
Interest rate swap(2)
40,030 4,373 
Net Investment Hedges
Cross-currency swap3,311 2,104 
Total derivatives designated as hedges — Assets$76,173 $16,497 
Derivatives designated as hedges — Liabilities
Accrued expenses and other current liabilities
Cash Flow Hedges
Interest rate swap(2)
$— $18,187 
Cross-currency swap3,528 8,283 
Net Investment Hedges
Cross-currency swap— — 
Other liabilities
Cash Flow Hedges
Interest rate swap(2)
— 30,143 
Cross-currency swap8,738 4,859 
Net Investment Hedges
Cross-currency swap20,608 3,366 
Total derivatives designated as hedges — Liabilities32,874 64,838 
(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, 2022 and 2021, the total notional amounts related to the Company’s interest rate swaps were $1.5 billion and $1.8 billion respectively.
Effect of Derivative Instruments Designated as Cash Flow 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, 2022 and 2021:
 
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, 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 $29,527 
Year Ended December 31, 2021
Cash Flow Hedges
Interest rate swap$(93,769)$27,402 $(22,411)$(43,956)Interest expense
Cross-currency swap(1,073)24,275 32,890 (9,688)Other income, net
Net Investment Hedges
Cross-currency swap(12,291)16,515 6,545 (2,321)Interest income
$(107,133)$68,192 $17,024 $(55,965)
Derivatives Not Designated as Hedging Instruments The following table summarizes the gains (losses) of derivative instruments not designated as hedges on the condensed consolidated statements of income, which was included in other income:
Dollars in thousandsDecember 31,
20222021
Foreign currency forward contracts $— $(174)
Foreign currency swaps1,258 629
Total$1,258 $455