Bonds Payable

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Bonds Payable

Bonds Payable

We have issued three series of nonconvertible bonds ("Bonds") through SPC, which are traded on the TASE. The Bonds are denominated in New Israeli Shekels ("NIS") and provide for semiannual principal and interest payments through maturity.

In connection with the Bonds, we incurred a loss on foreign currency transactions of $6,175, $13,378, and $15,108, for the years ended December 31, 2021, 2020 and 2019, respectively. We have hedging agreement that effectively prevents the exchange rate for the NIS to the U.S. Dollar from falling below 2.7.

The outstanding balance of our Bonds at December 31, 2021 and 2020 is as follows:

	December 31,				Interest Rate
Bond Issuance	2021		2020				Maturity
Series A Bonds(1)	$	65,563	$	95,133	7.30	%	7/31/23
Series B Bonds(1)	54,019		65,318		6.80	%	7/31/25
Series C Bonds(2)	75,298		85,537		4.65	%	1/31/23
	194,880		245,988
Less unamortized deferred issuance costs	(5,428)		(8,100)
	$	189,452	$	237,888

(1)    The bonds are collateralized by the assets of SPC.

(2)    The bonds are collateralized by a trust deed in Browning Place, a 625,297 square foot office building in Farmers Branch, Texas.

The aggregate maturities of our Bonds are as follows:

Year	Amount
2022	$	46,286
2023	121,584
2024	13,505
2025	13,505
	$	194,880

The Bonds include a number of covenants, including restrictions on the amount of cash that can distributed from SPC. As of December 31, 2021, we were in compliance with our bond covenants.