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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2025

The following table sets forth certain fair value information at June 30, 2025 and December 31, 2024 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, 2025
			Fair Value
	Carrying Value at June 30, 2025		Total		Level 1		Level 2		Level 3
	(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (primarily restricted cash accounts)	$	42,797	$	42,797	$	42,797	$	—	$	—


Derivatives: interest rate swap (3)	40		40		—		40		—



Derivatives: currency forward contracts (2)	2,954		2,954		—		2,954		—
Long-term assets:
Cross currency swap (1)	3,341		3,341		—		3,341		—

Liabilities:
Current liabilities:




Derivatives: cross-currency swap (1)	(655)		(655)		—		(655)		—

Long term liabilities:
Derivatives: interest rate swap (3)	(672)		(672)		—		(672)		—

	$	47,805	$	47,805	$	42,797	$	5,008	$	—


			December 31, 2024
			Fair Value
	Carrying Value at December 31, 2024		Total		Level 1		Level 2		Level 3
	(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (primarily restricted cash accounts)	$	52,031	$	52,031	$	52,031	$	—	$	—


Derivatives: interest rate swap (3)	180		180		—		180		—



Derivatives: currency forward contracts (2)	550		550		—		550		—


Liabilities:
Current liabilities:




Derivatives: cross-currency swap (1)	(3,500)		(3,500)		—		(3,500)		—
Long-term liabilities:
Derivatives: cross-currency swap (1)	(6,653)		(6,653)		—		(6,653)		—



	$	42,607	$	42,607	$	52,031	$	(9,424)	$	—

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, 2025 and December 31, 2024, as applicable. These amounts are included within “Deposits and other”, “Accounts payable and accrued expenses” or “Other long-term liabilities”, as applicable, in the condensed consolidated balance sheets on June 30, 2025 and December 31, 2024. Cash collateral deposits in the amount of $1.6 million and $9.7 million as of June 30, 2025, and December 31, 2024, respectively, are presented under “Receivables, other” in the condensed consolidated balance sheets.

2.These amounts relate to currency forward 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 condensed consolidated balance sheets on June 30, 2025 and December 31, 2024, with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed 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 prices based on USD zero yield curve as of June 30, 2025 and December 31, 2024. This amount is included within “Receivables, other” or “Other long-term liabilities”, as applicable, in the condensed consolidated balance sheets on June 30, 2025.

Derivative Instruments, Gain (Loss)

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)				Amount of recognized gain (loss)
Derivative instruments	Location of recognized gain (loss)	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
		(Dollars in thousands)				(Dollars in thousands)







Derivatives not designated as hedging instruments
Currency forward contracts (1)	Derivative and foreign currency transaction gains (losses)	$	4,040	$	(185)	$	3,693	$	(513)
Derivatives designated as cash flow hedging instruments
Cross currency swap (2)	Derivative and foreign currency transaction gains (losses)	$	18,648	$	(2,127)	$	14,983	$	(5,363)
Interest rate swap (2)	Interest expense, net	$	101	$	433	202		890
Total		$	18,749	$	(1,694)	$	15,185	$	(4,473)

1.The foregoing currency forward 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 condensed 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.

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents the effect of derivative instruments designated as cash flow hedges on the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2025, and 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Dollars in thousands)				(Dollars in thousands)
Cash flow hedges:
Balance in Accumulated other comprehensive income (loss) beginning of period	$	(3,294)	$	1,309	$	684	$	(318)
Gain or (loss) recognized in Other comprehensive income (loss):
Cross currency swap	19,971		(3,315)		12,840		(5,990)
Interest rate swap	(132)		474		(543)		1,997
Amounts reclassified from Other comprehensive income (loss) into earnings:
Cross currency swap	(18,648)		2,127		(14,983)		5,363
Interest rate swap	(101)		(433)		(202)		(890)
Balance in Accumulated other comprehensive income (loss) end of period	$	(2,204)	$	162	$	(2,204)	$	162

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The fair value of the Company’s long-term debt approximates its carrying amount, except for the following:


	Fair Value Hierarchy Level	Fair Value				Carrying Amount (*)
		June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
		(Dollars in millions)				(Dollars in millions)
Limited and non-recourse loans: fixed rate	3	$	604.0	$	636.5	$	622.6	$	657.3
Full recourse loans:
Fixed-rate	3	849.8		920.4		862.3		940.4
Variable-rate	3	348.3		48.5		340.6		48.4
Financing liability: fixed-rate	3	222.9		223.4		219.7		220.6
Convertible senior note	2	525.2		471.2		476.4		476.4

(*) The carrying amount value of the loans excludes the related deferred financing costs.