SUBSEQUENT EVENTS |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Sale Lease-back Transaction On April 21, 2026, the Company became bound to effect a sale-leaseback transaction pursuant to which it will sell its corporate headquarters located in Madison, Alabama, which serves as Octave’s principal executive offices, for gross proceeds of approximately $57.3 million subject to customary closing procedures. As of June 30, 2026, the assets associated with this transaction were classified as Property and equipment held for sale in the Condensed Consolidated Balance Sheets. The sale closed on July 1, 2026, and concurrently with the closing of the sale, Octave entered into a lease agreement with the third-party purchaser that allows Octave to continue to use a portion of the facilities. While the accounting treatment for this transaction has not been finalized, management expects to record a gain on sale of approximately $26.4 million during the third quarter of this year. The Company utilized the gross proceeds from this transaction to repay borrowings under the Revolving Credit Facility. Capital Reduction On July 23, 2026, the High Court of Ireland approved the capital reduction of the Company's share capital (which includes share premium) in an amount of $6.0 billion (the "Capital Reduction"). The Capital Reduction establishes distributable reserves under the Irish Companies Act, which are a prerequisite for the Company to effect share repurchases, pay dividends, or make other distributions to shareholders. No share repurchase program or dividend has been authorized by the Board of Directors as of the date of this filing.
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