v3.26.1
FAIR VALUE OF FINANCIAL INSTRUMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
The fair value measurement guidance clarifies that fair value is an exit price, representing the amount that would be received upon selling an asset or paid upon transferring a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under the fair value measurement guidance are described below: 
Level 1 — unadjusted observable inputs that reflect quoted prices for identical assets or liabilities in active markets; 
Level 2 — inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly; 
Level 3 — unobservable inputs.
The following table sets forth certain fair value information at June 30, 2026 and December 31, 2025 for financial assets and liabilities measured at fair value by level within the fair value hierarchy, as well as cost or amortized cost. As required by the fair value measurement guidance, assets and liabilities are classified in their entirety based on the lowest level of inputs that is significant to the fair value measurement.
June 30, 2026
Fair Value
Carrying Value at June 30, 2026
Total
Level 1
Level 2
Level 3
(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (primarily restricted cash accounts)
$64,549 $64,549 $64,549 $— $— 
Derivatives: cross-currency swap (1)
4,233 
4,233 
— 
4,233 
— 
Derivatives: currency forward and option contracts (2)
791 
791 
— 
791 
— 
Long-term assets:
Derivatives: cross-currency swap (1)
20,610 
20,610 
— 
20,610 
— 
Derivatives: interest rate swap (3)
759 
759 
— 
759 
— 
Liabilities:
Current liabilities:
Derivatives: interest rate swap (3)
(103)
(103)
— 
(103)
— 
$90,839 $90,839 $64,549 $26,290 $— 
 
December 31, 2025
Fair Value
Carrying Value at December 31, 2025
TotalLevel 1Level 2Level 3
(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (primarily restricted cash accounts)
$47,463 $47,463 $47,463 $— $— 
Derivatives: cross currency swap (1)
1,343 1,343 — 1,343 — 
Long-term assets:
Derivatives: interest rate swap (3)
1,407 1,407 — 1,407 — 
Derivatives: cross currency swap (1)
11,925 11,925 — 11,925 — 
Liabilities:
Current liabilities:
Derivatives: interest rate swap (3)
(832)(832)— (832)— 
Long-term liabilities:
Derivatives: interest rate swap (3)
(430)(430)— (430)— 
$60,876 $60,876 $47,463 $13,413 $— 
1.These amounts relate to cross-currency swap contracts valued primarily based on the present value of the cross-currency swap future settlement prices for U.S. Dollar (“USD”) and New Israeli Shekel (“NIS”) zero yield curves and the applicable exchange rate as of June 30, 2026 and December 31, 2025, as applicable. These amounts are included within “Prepaid expenses and other”, “Deposits and other”, “Accounts payable and accrued expenses” or “Other long-
term liabilities”, as applicable, in the consolidated balance sheets on June 30, 2026 and December 31, 2025. There were no cash collateral deposits as of June 30, 2026 and December 31, 2025.
2.These amounts relate to currency forward and option contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Receivables, other” or “Accounts payable and accrued expenses”, as applicable, in the consolidated balance sheets on June 30, 2026 and December 31, 2025, with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income.
3.This amount relates to interest rate swap contracts valued primarily based on the present value of the interest rate swap settlement prices and the future 3-month SOFR and EUROBOR prices, based on USD and Euro zero yield curves as of June 30, 2026 and December 31, 2025. These amounts are included within “Receivables, other”, “Deposits and other”, “Accounts payable and accrued expenses”, or “Other long-term liabilities”, as applicable, in the consolidated balance sheets on June 30, 2026.

The following table presents the amounts of gain (loss) recognized in the condensed consolidated statements of operations and comprehensive income on derivative instruments:
Amount of recognized gain (loss)
Derivative instruments
Location of gain (loss)Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(Dollars in thousands)
Derivatives not designated as hedging instruments
Currency forward and option contracts (1)
(a)
$1,507 $4,040 $1,267 $3,693 
Derivatives designated as cash flow hedging instruments
Cross-currency swap (2)
(a)
$7,310 $18,648 $8,796 $14,983 
Interest rate swap (2)
(b)
$(39)$101 (83)202 
Total
$7,271 $18,749 $8,713 $15,185 
(a) Derivatives and foreign currency transaction gains (losses)
(b) Interest expense, net
1.The foregoing currency forward and option transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income.
2.The foregoing cross-currency and interest rate swap transactions were designated as a cash flow hedging instruments. The changes in the cross-currency swap fair value are initially recorded in “Other comprehensive income (loss)” and a corresponding amount is reclassified out of “Accumulated other comprehensive income (loss)” to “Derivatives and foreign currency transaction gains (losses)” to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income. The changes in the interest rate swap fair value are initially recorded in “Other comprehensive income (loss)” and a corresponding amount is reclassified out of “Accumulated other comprehensive income (loss)” to “Interest expenses, net” to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income.
 There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during the three and six months ended June 30, 2026 and 2025.
 The following table presents the effect of derivative instruments designated as cash flow hedges on the consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2026, and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(Dollars in thousands)
Cash flow hedges:
Balance in Accumulated other comprehensive income (loss) beginning of period
$864 $(3,294)$(984)$684 
Gain or (loss) recognized in Other comprehensive income (loss):
Cross-currency swap
9,721 19,971 11,576 12,840 
Interest rate swap
(882)(132)552 (543)
Amounts reclassified from Other comprehensive income (loss) into earnings:
Cross-currency swap
(7,310)(18,648)(8,796)(14,983)
Interest rate swap
39 (101)83 (202)
Balance in Accumulated other comprehensive income (loss) end of period$2,432 $(2,204)$2,432 $(2,204)
The estimated net amount of existing gain (loss) that is reported in “Accumulated other comprehensive income (loss)” as of June 30, 2026 that is expected to be reclassified into earnings within the next 12 months is immaterial. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flow is from the transaction commencement date through June 2031.
The fair value of the Company’s long-term debt approximates its carrying amount, except for the following: 
Fair Value
Fair Value
Carrying Amount (*)
 Hierarchy Level
June 30, 2026December 31, 2025June 30, 2026December 31, 2025
(Dollars in millions)
Limited and non-recourse loans: fixed rate
3
$766.3 $743.4 $787.6 $739.2 
Full recourse loans:
Fixed-rate
3
715.9 804.8 724.6 808.7 
Variable-rate
3
399.1 427.6 391.1 418.8 
Financing liability: fixed-rate
3
220.4 223.0 213.8 216.4 
2027 Convertible Note
2
239.2 643.7 190.6 476.4 
2031 Convertible Note
2
1,081.8 — 1,000.0 — 
 (*) The carrying amount of the debt excludes the related deferred financing costs.
The fair value of the long-term debt is determined by a valuation model, which is based on a conventional discounted cash flow methodology, and utilizes assumptions of current borrowing rates, except for the fair value of the convertible notes for which the fair value was estimated based on a quoted bid price of the notes in an over-the-counter market on the last trading day of the reporting period. A hypothetical change in the quoted bid price will result in a corresponding change in the estimated fair value of these notes. The carrying value of the deposits of $10.4 million and $11.4 million, as of June 30, 2026 and December 31, 2025, respectively, the short term revolving credit lines with banks and the commercial paper, approximate their fair value. Future changes to the interest rate may have a direct impact on the fair value of the Company's long-term debt.