Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 26, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ORMAT TECHNOLOGIES, INC. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 48,552,560 | ||
Entity Public Float | $527,942,658 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1296445 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
Current assets: | ||||
Cash and cash equivalents | $40,230,000 | $57,354,000 | ||
Restricted cash and cash equivalents (all related to VIEs) | 93,248,000 | 51,065,000 | ||
Receivables: | ||||
Trade | 48,609,000 | 95,365,000 | ||
Related entity | 451,000 | 442,000 | ||
Other | 10,141,000 | 11,049,000 | ||
Due from Parent | 1,337,000 | 442,000 | ||
Inventories | 16,930,000 | 22,289,000 | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | 27,793,000 | 21,217,000 | ||
Deferred income taxes | 251,000 | 523,000 | ||
Prepaid expenses and other | 34,884,000 | 29,654,000 | ||
Total current assets | 273,874,000 | 289,340,000 | ||
Unconsolidated investments | -3,617,000 | 7,076,000 | ||
Deposits and other | 20,044,000 | 22,114,000 | ||
Deferred income taxes | 891,000 | |||
Deferred charges | 37,567,000 | 36,738,000 | ||
Property, plant and equipment, net ($1,339,342 and $1,381,083 related to VIEs, respectively) | 1,437,637,000 | 1,452,336,000 | ||
Construction-in-process ($162,006 and $136,947 related to VIEs, respectively) | 296,722,000 | 288,827,000 | ||
Deferred financing and lease costs, net | 27,057,000 | 30,178,000 | ||
Intangible assets, net | 28,655,000 | 31,933,000 | ||
Total assets | 2,121,556,000 | [1] | 2,159,433,000 | [1] |
Current liabilities: | ||||
Accounts payable and accrued expenses | 88,276,000 | 98,047,000 | ||
Deferred income taxes | 974,000 | |||
Short term revolving credit lines with banks (full recourse) | 20,300,000 | |||
Billings in excess of costs and estimated earnings on uncompleted contracts | 24,724,000 | 7,903,000 | ||
Limited and non-recourse (all related to VIEs): | ||||
Senior secured notes | 34,368,000 | 31,137,000 | ||
Other loans | 17,995,000 | 20,377,000 | ||
Full recourse | 19,116,000 | 28,875,000 | ||
Total current liabilities | 205,753,000 | 186,339,000 | ||
Limited and non-recourse (all related to VIEs): | ||||
Senior secured notes | 360,366,000 | 270,310,000 | ||
Other loans | 264,625,000 | 311,078,000 | ||
Full recourse: | ||||
Senior unsecured bonds (plus unamortized premium based upon 7% of $820) | 250,289,000 | 250,596,000 | ||
Other loans | 34,351,000 | 53,467,000 | ||
Revolving credit lines with banks (full recourse) | 112,017,000 | |||
Unconsolidated investments | 3,617,000 | -7,076,000 | ||
Liability associated with sale of tax benefits | 39,021,000 | 60,985,000 | ||
Deferred lease income | 60,560,000 | 63,496,000 | ||
Deferred income taxes | 66,220,000 | 55,035,000 | ||
Liability for unrecognized tax benefits | 7,511,000 | 4,950,000 | ||
Liabilities for severance pay | 20,399,000 | 23,841,000 | ||
Asset retirement obligation | 19,142,000 | 18,679,000 | ||
Other long-term liabilities | 2,956,000 | 3,529,000 | ||
Total liabilities | 1,334,810,000 | 1,414,322,000 | ||
Commitments and contingencies (Note 22) | ||||
The Company's stockholders' equity: | ||||
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 45,537,162 and 45,460,653 shares issued and outstanding as of December 31, 2014 and 2013 , respectively | 46,000 | 46,000 | ||
Additional paid-in capital | 742,006,000 | 735,295,000 | ||
Retained earnings | 41,539,000 | -3,088,000 | ||
Accumulated other comprehensive income | -8,668,000 | 487,000 | ||
774,923,000 | 732,740,000 | |||
Noncontrolling interest | 11,823,000 | 12,371,000 | ||
Total equity | 786,746,000 | 745,111,000 | ||
Total liabilities and equity | 2,121,556,000 | 2,159,433,000 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Receivables: | ||||
Property, plant and equipment, net ($1,339,342 and $1,381,083 related to VIEs, respectively) | 1,339,342,000 | 1,381,083,000 | ||
Construction-in-process ($162,006 and $136,947 related to VIEs, respectively) | $162,006,000 | $136,947,000 | ||
[1] | Including unconsolidated investments |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Property, plant and equipment, net (related to VIEs) | $1,437,637 | $1,452,336 |
Construction-in-process (related to VIEs) | 296,722 | 288,827 |
Senior unsecured bonds % | 7.00% | 7.00% |
Senior unsecured bonds unamortized premium | 820 | 820 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 45,537,162 | 45,460,653 |
Common stock, shares outstanding | 45,537,162 | 45,460,653 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Property, plant and equipment, net (related to VIEs) | 1,339,342 | 1,381,083 |
Construction-in-process (related to VIEs) | $162,006 | $136,947 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Electricity | $382,301 | $329,747 | $314,894 |
Product | 177,223 | 203,492 | 186,879 |
Total revenues | 559,524 | 533,239 | 501,773 |
Cost of revenues: | |||
Electricity | 246,630 | 232,874 | 237,415 |
Product | 109,143 | 140,547 | 135,346 |
Total cost of revenues | 355,773 | 373,421 | 372,761 |
Gross margin | 203,751 | 159,818 | 129,012 |
Operating expenses: | |||
Research and development expenses | 783 | 4,965 | 6,108 |
Selling and marketing expenses | 15,425 | 24,613 | 15,718 |
General and administrative expenses | 28,614 | 29,188 | 28,066 |
Impairment charge | 236,377 | ||
Write-off of unsuccessful exploration activities | 15,439 | 4,094 | 2,639 |
Operating income (loss) | 143,490 | 96,958 | -159,896 |
Other income (expense): | |||
Interest income | 312 | 1,332 | 1,201 |
Interest expense, net | -84,654 | -73,776 | -64,069 |
Foreign currency translation and transaction gains (losses) | -5,839 | 5,085 | 242 |
Income attributable to sale of tax benefits | 24,143 | 19,945 | 10,127 |
Gain from sale of property, plant and equipment | 7,628 | ||
Other non-operating income, net | 756 | 1,592 | 590 |
Income (loss) from continuing operations, before income taxes and equity in income of investees | 85,836 | 51,136 | -211,805 |
Income tax provision | -27,608 | -13,552 | -1,827 |
Equity in losses of investees, net | -3,213 | -250 | -2,522 |
Income (loss) from continuing operations | 55,015 | 37,334 | -216,154 |
Discontinued operations: | |||
Income from discontinued operations (including gain on disposal of $0, $3,646 and $0, respectively) | 5,311 | 4,811 | |
Total income from discontinued operations | 4,697 | 3,547 | |
Net income (loss) | 55,015 | 42,031 | -212,607 |
Net loss attributable to noncontrolling interest | -833 | -793 | -414 |
Net income (loss) attributable to the Company's stockholders | 54,182 | 41,238 | -213,021 |
Comprehensive income (loss): | |||
Net income (loss) | 55,015 | 42,031 | -212,607 |
Other comprehensive income (loss), net of related taxes: | |||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment | -6,302 | ||
Loss in respect of derivative instruments designated for cash flow hedge | -902 | ||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | -141 | -164 | -190 |
Change in unrealized gains or losses on marketable securities available-for-sale | 246 | ||
Comprehensive income (loss) | 47,670 | 41,867 | -212,551 |
Comprehensive loss attributable to noncontrolling interest | -833 | -793 | -414 |
Comprehensive income (loss) attributable to the Company's stockholders | 46,837 | 41,074 | -212,965 |
Basic: | |||
Income (loss) from continuing operations (in Dollars per share) | $1.19 | $0.81 | ($4.77) |
Discontinued operations (in Dollars per share) | $0.10 | $0.08 | |
Net income (loss) (in Dollars per share) | $1.19 | $0.91 | ($4.69) |
Diluted: | |||
Income (loss) from continuing operations (in Dollars per share) | $1.18 | $0.81 | ($4.77) |
Discontinued operations (in Dollars per share) | $0.10 | $0.08 | |
Net income (loss) (in Dollars per share) | $1.18 | $0.91 | ($4.69) |
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: | |||
Basic (in Shares) | 45,508 | 45,440 | 45,431 |
Diluted (in Shares) | 45,859 | 45,475 | 45,431 |
Dividend per share declared (in Dollars per share) | $0.21 | $0.08 | $0.08 |
Discontinued Operations [Member] | |||
Other income (expense): | |||
Income tax provision | ($614) | ($1,264) |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations and Comprehensive Income (Loss) (Parentheticals) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income from discontinued operations, gain on disposal | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance at Dec. 31, 2011 | $46 | $725,746 | $172,331 | $595 | $898,718 | $7,926 | $906,644 |
Balance (in Shares) at Dec. 31, 2011 | 45,431 | ||||||
Stock-based compensation | 6,394 | 6,394 | 6,394 | ||||
Exercise of options by employees and directors (in Shares) | 0 | ||||||
Cash paid to non controlling interest | -1,244 | -1,244 | |||||
Cash dividend declared | -3,636 | -3,636 | -3,636 | ||||
Net income (loss) | -213,021 | -213,021 | 414 | -212,607 | |||
Currency translation adjustment | |||||||
Amortization of unrealized gains | -190 | -190 | -190 | ||||
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0) | 246 | 246 | 246 | ||||
Balance at Dec. 31, 2012 | 46 | 732,140 | -44,326 | 651 | 688,511 | 7,096 | 695,607 |
Balance (in Shares) at Dec. 31, 2012 | 45,431 | ||||||
Stock-based compensation | 6,262 | 6,262 | 6,262 | ||||
Exercise of options by employees and directors | 529 | 529 | 529 | ||||
Exercise of options by employees and directors (in Shares) | 30 | 39,000 | |||||
Cash paid to non controlling interest | -669 | -669 | |||||
Cash dividend declared | -3,636 | -3,636 | -3,636 | ||||
Increase in noncontrolling interest | 5,151 | 5,151 | |||||
Net income (loss) | 41,238 | 41,238 | 793 | 42,031 | |||
of related taxes: | |||||||
Currency translation adjustment of derivative instruments designated for cash flow hedge (net of related tax of $101) | -164 | -164 | -164 | ||||
Currency translation adjustment | |||||||
Amortization of unrealized gains | -164 | ||||||
Balance at Dec. 31, 2013 | 46 | 735,295 | -3,088 | 487 | 732,740 | 12,371 | 732,740 |
Balance (in Shares) at Dec. 31, 2013 | 45,461 | ||||||
Stock-based compensation | 5,571 | 5,571 | 5,571 | ||||
Exercise of options by employees and directors | 981 | 981 | 981 | ||||
Exercise of options by employees and directors (in Shares) | 76 | 243,000 | |||||
Cash paid to non controlling interest | -651 | -651 | |||||
Cash dividend declared | -9,555 | -9,555 | -9,555 | ||||
Increase in noncontrolling interest | 257 | 257 | |||||
Acquisition of noncontrolling interest in Crump | 159 | 159 | -987 | -828 | |||
Net income (loss) | 54,182 | 54,182 | 833 | 55,015 | |||
of related taxes: | |||||||
Loss in respect of derivative instruments designated for cash flow hedge (net of related tax of $554) | -902 | -902 | -902 | ||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment (net of related tax of $0) | -8,112 | -8,112 | -6,302 | ||||
Currency translation adjustment | |||||||
Amortization of unrealized gains | -141 | -141 | -141 | ||||
Balance at Dec. 31, 2014 | $46 | $742,006 | $41,539 | ($8,668) | $774,923 | $11,823 | $774,923 |
Balance (in Shares) at Dec. 31, 2014 | 45,537 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash dividend declared, per share (in Dollars per share) | $0.21 | $0.08 | $0.08 |
Amortization of unrealized gains, tax | $87 | $117 | |
Change in unrealized gains or losses on marketable securities available-for-sale, tax | 0 | ||
Currency translation adjustment of derivative instruments designated for cash flow hedge, tax | 101 | ||
Loss in respect of derivative instruments designated for cash flow hedge, related tax | 554 | ||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment, tax | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | $55,015 | $42,031 | ($212,607) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 100,798 | 92,932 | 102,340 |
Amortization of premium from senior unsecured bonds | -308 | -307 | -307 |
Accretion of asset retirement obligation | 829 | 1,544 | 1,701 |
Stock-based compensation | 5,571 | 6,262 | 6,394 |
Amortization of deferred lease income | -2,685 | -2,685 | -2,685 |
Income attributable to sale of tax benefits, net of interest expense | -13,823 | -7,999 | -4,003 |
Equity in income (losses) of investees | 3,213 | 150 | 442 |
Mark-to-market of derivative instruments | -6,960 | 7,813 | |
Write-off of unconsolidated investment | 2,114 | ||
Write-off of unsuccessful exploration activities | 15,439 | 4,094 | 2,639 |
Impairment charge | 236,377 | ||
Gain on severance pay fund asset | 1,492 | -877 | -931 |
Gain on sale of a subsidiary and property, plant and equipment | -7,628 | -3,646 | |
Deferred income tax provision (benefit) | 13,135 | 9,245 | -4,736 |
Liability for unrecognized tax benefits | 2,561 | -2,330 | 1,405 |
Deferred lease revenues | -251 | -217 | 128 |
Other | -181 | -819 | |
Changes in operating assets and liabilities, net of amounts acquired: | |||
Receivables | 47,114 | -37,174 | -3,623 |
Costs and estimated earnings in excess of billings on uncompleted contracts | -6,576 | -11,604 | -5,647 |
Inventories | 5,359 | -1,620 | -8,128 |
Prepaid expenses and other | -1,337 | -600 | -15,472 |
Deposits and other | 584 | 621 | -12,746 |
Accounts payable and accrued expenses | -9,638 | 6,077 | 11,414 |
Due from/to related entities, net | -9 | -69 | -86 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 16,821 | -17,505 | -7,696 |
Liabilities for severance pay | -3,442 | 1,267 | 2,340 |
Other long-term liabilities | -903 | 2,302 | 895 |
Due from/to Parent | -955 | -71 | -51 |
Net cash provided by operating activities | 213,235 | 86,760 | 89,471 |
Cash flows from investing activities: | |||
Marketable securities, net | 18,763 | ||
Short-term deposit | 3,010 | -3,010 | |
Net change in restricted cash, cash equivalents and marketable securities | -42,183 | 25,472 | -1,016 |
Cash received from sale of a subsidiary | 35,250 | 7,699 | |
Capital expenditures | -151,153 | -204,628 | -233,020 |
Cash grant received from the U.S. Treasury under Section 1603 of the ARRA | 27,427 | 14,685 | 119,199 |
Investment in unconsolidated companies | -631 | -4,635 | -1,390 |
Increase (decrease) in severance pay fund asset, net of payments made to retired employees | 2,128 | 1,244 | -316 |
Net cash used in investing activities | -129,162 | -157,153 | -100,790 |
Cash flows from financing activities: | |||
Proceeds from issuance of senior unsecured bonds | 1,171 | ||
Proceeds from long-term loans, net of transaction costs | 140,000 | 90,000 | 214,051 |
Proceeds from exercise of options by employees | 981 | 529 | |
Proceeds from the sale of limited liability company interest in ORTP LLC, net of transaction costs | 31,376 | ||
Purchase of OFC Senior Secured Notes | -12,860 | -11,888 | |
Proceeds from revolving credit lines with banks | 2,830,683 | 3,058,956 | 2,953,535 |
Repayment of revolving credit lines with banks | -2,922,400 | -3,020,545 | -3,093,978 |
Cash received from non-controlling interest | 2,234 | ||
Payment for acquisition of noncontrolling interest in Crump | -1,490 | ||
Repayments of long-term debt | -111,180 | -68,370 | -74,502 |
Cash paid to non-controlling interest | -11,320 | -13,384 | -15,383 |
Cash paid for interest rate cap | -1,505 | ||
Deferred debt issuance costs | -4,785 | -1,919 | -3,197 |
Cash dividends paid | -9,555 | -3,636 | -3,636 |
Net cash provided by (used in) financing activities | -101,197 | 61,119 | -21,939 |
Net change in cash and cash equivalents | -17,124 | -9,274 | -33,258 |
Cash and cash equivalents at beginning of period | 57,354 | 66,628 | 99,886 |
Cash and cash equivalents at end of period | 40,230 | 57,354 | 66,628 |
Cash paid during the year for: | |||
Interest, net of interest capitalized | 62,376 | 51,306 | 40,398 |
Income taxes, net | 5,787 | 4,114 | 11,570 |
Supplemental non-cash investing and financing activities: | |||
Increase (decrease) in accounts payable related to purchases of property, plant and equipment | 3,853 | 4,372 | -18,813 |
Accrued liabilities related to financing activities | 658 | 288 | |
Increase (decrease) in asset retirement cost and asset retirement obligation | ($366) | $588 | ($3,696) |
Note_1_Business_and_Significan
Note 1 - Business and Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 — BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Business | |||||||||||||
Ormat Technologies, Inc. (the “Company”), a subsidiary of Ormat Industries Ltd. (the “Parent”), is primarily engaged in the geothermal and recovered energy business, including the supply of equipment that is manufactured by the Company and the design and construction of power plants for projects owned by the Company or for third parties. The Company owns and operates geothermal and recovered energy-based power plants in various countries, including the United States of America (“U.S.”), Kenya, and Guatemala. The Company’s equipment manufacturing operations are located in Israel. | |||||||||||||
Most of the Company’s domestic power plant facilities are Qualifying Facilities under the Public Utility Regulatory Policies Act of 1978 (“PURPA”). The power purchase agreements (“PPAs”) for certain of such facilities are dependent upon their maintaining Qualifying Facility status. Management believes that all of the facilities located in the U.S. were in compliance with Qualifying Facility status requirements as of December 31, 2014. | |||||||||||||
Cash dividends | |||||||||||||
During the years ended December 31, 2014, 2013, and 2012, the Company’s Board of Directors declared, approved, and authorized the payment of cash dividends in the aggregate amount of $9.6 million ($0.21 per share), $3.6 million ($0.08 per share), and $3.6 million ($0.08 per share), respectively. Such dividends were paid in the years declared. | |||||||||||||
Rounding | |||||||||||||
Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000, unless otherwise indicated. | |||||||||||||
Basis of presentation | |||||||||||||
The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and of all majority-owned subsidiaries in which the Company exercises control over operating and financial policies, and variable interest entities in which the Company has an interest and is the primary beneficiary. Intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||
Investments in less-than-majority-owned entities or other entities in which the Company exercises significant influence over operating and financial policies are accounted for using the equity method of accounting or consolidated if they are a variable interest entity in which the Company has an interest and is the primary beneficiary. Under the equity method, original investments are recorded at cost and adjusted by the Company’s share of undistributed earnings or losses of such companies. The Company’s earnings or losses in investments accounted for under the equity method have been reflected as “equity in income (losses) of investees, net” on the Company’s consolidated statements of operations and comprehensive income (loss). | |||||||||||||
Cash and cash equivalents | |||||||||||||
The Company considers all highly liquid instruments, with an original maturity of three months or less, to be cash equivalents. | |||||||||||||
Restricted cash, cash equivalents, and marketable securities | |||||||||||||
Under the terms of certain long-term debt agreements, the Company is required to maintain certain debt service reserves, cash collateral and operating fund accounts that have been classified as restricted cash and cash equivalents. Funds that will be used to satisfy obligations due during the next twelve months are classified as current restricted cash and cash equivalents, with the remainder classified as non-current restricted cash and cash equivalents (see Note 6). Such amounts were invested primarily in money market accounts and commercial paper with a minimum investment grade of “AA”. | |||||||||||||
During the year ended December 31, 2012, the Company had investments in marketable securities that were classified as available-for-sale. The changes in the fair value of those securities were recorded in other comprehensive income (loss). | |||||||||||||
Concentration of credit risk | |||||||||||||
Financial instruments which potentially subject the Company to concentration of credit risk consist principally of temporary cash investments and accounts receivable. | |||||||||||||
The Company places its temporary cash investments with high credit quality financial institutions located in the U.S. and in foreign countries. At December 31, 2014 and 2013, the Company had deposits totaling $23,488,000 and $13,805,000, respectively, in seven U.S. financial institutions that were federally insured up to $250,000 per account. At December 31, 2014 and 2013, the Company’s deposits in foreign countries of approximately $24,304,000 and $56,133,000, respectively, were not insured. | |||||||||||||
At December 31, 2014 and 2013, accounts receivable related to operations in foreign countries amounted to approximately $21,935,000 and $32,231,000, respectively. At December 31, 2014, and 2013, accounts receivable from the Company’s major customers (see Note 19) amounted to approximately 69% and 35%, respectively, of the Company’s accounts receivable. | |||||||||||||
The Company performs ongoing credit evaluations of its customers’ financial condition. The Company has historically been able to collect on substantially all of its receivable balances, and accordingly, no provision for doubtful accounts has been made. | |||||||||||||
Inventories | |||||||||||||
Inventories consist primarily of raw material parts and sub-assemblies for power units, and are stated at the lower of cost or market value, using the weighted-average cost method. Inventories are reduced by a provision for slow-moving and obsolete inventories. This provision was not significant at December 31, 2014 and 2013. | |||||||||||||
Deposits and other | |||||||||||||
Deposits and other consist primarily of performance bonds for construction projects, long-term insurance contract and receivables, and derivative instruments. | |||||||||||||
Deferred charges | |||||||||||||
Deferred charges represent prepaid income taxes on intercompany sales. Such amounts are amortized using the straight-line method and included in income tax provision over the life of the related property, plant and equipment. | |||||||||||||
Property, plant and equipment | |||||||||||||
Property, plant and equipment are stated at cost. All costs associated with the acquisition, development and construction of power plants operated by the Company are capitalized. Major improvements are capitalized and repairs and maintenance (including major maintenance) costs are expensed. Power plants operated by the Company, which include geothermal wells and exploration and resource development costs, are depreciated using the straight-line method over their estimated useful lives, which range from 25 to 30 years. The other assets are depreciated using the straight-line method over the following estimated useful lives of the assets: | |||||||||||||
(In years) | |||||||||||||
Leasehold improvements | 15-20 | ||||||||||||
Machinery and equipment — manufacturing and drilling | 10 | ||||||||||||
Machinery and equipment — computers | 5-Mar | ||||||||||||
Office equipment — furniture and fixtures | 15-May | ||||||||||||
Office equipment — other | 10-May | ||||||||||||
Automobiles | 7-May | ||||||||||||
The cost and accumulated depreciation of items sold or retired are removed from the accounts. Any resulting gain or loss is recognized currently and is recorded in operating income. | |||||||||||||
The Company capitalizes interest costs as part of constructing power plant facilities. Such capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Capitalized interest costs amounted to $3,206,000, $7,598,000, and $11,964,000 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||
Cash Grants | |||||||||||||
From 2009 to 2014, the Company was awarded cash grants from the U.S. Department of the Treasury (“U.S. Treasury”) for Specified Energy Property in Lieu of Tax Credits under Section 1603 of the American Recovery and Reinvestment Act of 2009 (“ARRA”). The Company recorded the cash grant as a reduction in the carrying value of the related plant and amortized the grants as a reduction in depreciation expense over the plant’s estimated useful life. | |||||||||||||
Exploration and development costs | |||||||||||||
The Company capitalizes costs incurred in connection with the exploration and development of geothermal resources once it acquires land rights to the potential geothermal resource. Prior to acquiring land rights, the Company makes an initial assessment that an economically feasible geothermal reservoir is probable on that land. The Company determines the economic feasibility of potential geothermal resources internally, with all available data and external assessments vetted through the exploration department and occasionally using outside service providers. Costs associated with the initial assessment are expensed and included in cost of electricity revenues in the consolidated statements of operations and comprehensive income (loss). Such costs were immaterial during the years ended December 31, 2014, 2013, and 2012. It normally takes two to three years from the time active exploration of a particular geothermal resource begins to the time a production well is in operation, assuming the resource is commercially viable. However, in certain sites the process may take longer due to permitting delays, transmission constrains or any other commercial milestones that are required to be reached in order to pursue the development process. | |||||||||||||
In most cases, the Company obtains the right to conduct the geothermal development and operations on land owned by the Bureau of Land Management (“BLM”), various states or with private parties. In consideration for certain of these leases, the Company may pay an up-front bonus payment which is a component of the competitive lease process. The up-front bonus payments and other related costs, such as legal fees, are capitalized and included in construction-in-process. The annual land lease payments made during the exploration, development and construction phase are expensed as incurred and included in “electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss). Upon commencement of power generation on the leased land, the Company begins to pay to the lessors long-term royalty payments based on the utilization of the geothermal resources as defined in the respective agreements. Such payments are expensed when the related revenues are earned and included in “electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss). | |||||||||||||
Following the acquisition of land rights to the potential geothermal resource, the Company conducts further studies and surveys, including water and soil analyses among others, and augments its database with the results of these studies. The Company then initiates a suite of geophysical surveys to assess the resource and determine drilling locations. If the results of these activities support the initial assessment of the feasibility of the geothermal resource, the Company then proceeds to exploratory drilling and other related activities which may include drilling of temperature gradient holes, drilling of slim holes, building access roads to drilling locations, drilling full size production and/or injection wells and flow tests. If the slim hole supports a conclusion that the geothermal resource will support a commercially viable power plant, it may be converted to a full-size commercial well, used either for extraction or re-injection or geothermal fluids, or be used as an observation well to monitor and define the geothermal resource. Costs associated with these activities and other directly attributable costs, including interest once physical exploration activities begin and permitting costs are capitalized and included in “construction-in-process”. If the Company concludes that a geothermal resource will not support commercial operations, capitalized costs are expensed in the period such determination is made. | |||||||||||||
Write-off of unsuccessful activities for the year ended December 31, 2014, 2013 and 2012, was $15.4 million, $4.1 million, and $2.6 million. In 2014, the write-offs included the exploration costs that were determined that they would not support commercial operations related to the Company’s exploration activities in the Wister site in California of $8.1 million and the Mount Spur site in Alaska of $7.3 million. | |||||||||||||
Grants received from the U.S. Department of Energy (“DOE”) are offset against the related exploration and development costs. Such grants amounted to $179,000, $1,665,000, and $1,368,000 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||
All exploration and development costs that are being capitalized, including the up-front bonus payments made to secure land leases, will be depreciated over their estimated useful lives when the related geothermal power plant is substantially complete and ready for use. A geothermal power plant is substantially complete and ready for use when electricity generation commences. | |||||||||||||
Asset retirement obligation | |||||||||||||
The Company records the fair value of a legal liability for an asset retirement obligation in the period in which it is incurred. The Company’s legal liabilities include plugging wells and post-closure costs of power producing sites. When a new liability for asset retirement obligations is recorded, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. At retirement, the obligation is settled for its recorded amount at a gain or loss. | |||||||||||||
Deferred financing and lease transaction costs | |||||||||||||
Deferred financing costs are amortized over the term of the related obligation using the effective interest method. Amortization of deferred financing costs is presented as interest expense in the consolidated statements of operations and comprehensive income (loss). Accumulated amortization related to deferred financing costs amounted to $31,871,000 and $25,371,000 at December 31, 2014 and 2013, respectively. Amortization expense for the years ended December 31, 2014, 2013, and 2012 amounted to $6,500,000, $6,009,000, and $3,676,000, respectively. During the years ended December 31, 2014 and 2013 amounts of $711,000 and $254,000, respectively, were written-off as a result of the extinguishment of liability. | |||||||||||||
Deferred transaction costs relating to the Puna operating lease (see Note 11) in the amount of $4,172,000 are amortized using the straight-line method over the 23-year term of the lease. Amortization of deferred transaction costs is presented in cost of revenues in the consolidated statements of operations and comprehensive income (loss). Accumulated amortization related to deferred lease costs amounted to $1,773,000 and $1,589,000 at December 31, 2014 and 2013, respectively. Amortization expense for each of the years ended December 31, 2014, 2013, and 2012 amounted to $184,000. | |||||||||||||
Intangible assets | |||||||||||||
Intangible assets consist of allocated acquisition costs of PPAs, which are amortized using the straight-line method over the 13 to 25-year terms of the agreements (see Note 8). | |||||||||||||
Impairment of long-lived assets and long-lived assets to be disposed of | |||||||||||||
The Company evaluates long-lived assets, such as property, plant and equipment and construction-in-process for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Factors which could trigger an impairment include, among others, significant underperformance relative to historical or projected future operating results, significant changes in the Company’s use of assets or its overall business strategy, negative industry or economic trends, a determination that an exploration project will not support commercial operations, a determination that a suspended project is not likely to be completed, a significant increase in costs necessary to complete a project, legal factors relating to its business or when it concludes that it is more likely than not that an asset will be disposed of or sold. | |||||||||||||
The Company tests its operating plants that are operated together as a complex for impairment at the complex level because the cash flows of such plants result from significant shared operating activities. For example, the operating power plants in a complex are managed under a combined operation management generally with one central control room that controls all of the power plants in a complex and one maintenance group that services all of the power plants in a complex. As a result, the cash flows from individual plants within a complex are not largely independent of the cash flows of other plants within the complex. The Company tests for impairment its operating plants which are not operated as a complex as well as its projects under exploration, development or construction that are not part of an existing complex at the plant or project level. To the extent an operating plant becomes part of a complex, the Company will test for impairment at the complex level. | |||||||||||||
Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset. The significant assumptions that the Company uses in estimating its undiscounted future cash flows include: (i) projected generating capacity of the complex or power plant and rates to be received under the respective PPA(s) ) and expected market rates thereafter and (ii) projected operating expenses of the relevant complex or power plant. Estimates of future cash flows used to test recoverability of a long-lived asset under development also include cash flows associated with all future expenditures necessary to develop the asset. | |||||||||||||
If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Management believes that no impairment exists for long-lived assets; however, estimates as to the recoverability of such assets may change based on revised circumstances. If actual cash flows differ significantly from the Company’s current estimates, a material impairment charge may be required in the future. | |||||||||||||
Derivative instruments | |||||||||||||
Derivative instruments (including certain derivative instruments embedded in other contracts) are measured at their fair value and recorded as either assets or liabilities unless exempted from derivative treatment as a normal purchase and sale. All changes in the fair value of derivatives are recognized in earnings unless specific hedge criteria are met, which requires a company to formally document, designate and assess the effectiveness of transactions that receive hedge accounting. | |||||||||||||
The Company maintains a risk management strategy that incorporates the use of swap contracts and put options on oil and natural gas prices, forward exchange contracts, interest rate swaps, and interest rate caps to minimize significant fluctuation in cash flows and/or earnings that are caused by oil and natural gas prices, exchange rate or interest rate volatility. Gains or losses on contracts that initially qualify for cash flow hedge accounting, net of related taxes, are included as a component of other comprehensive income or loss and accumulated other comprehensive income or loss are subsequently reclassified into earnings when the hedged forecasted transaction affects earnings. Gains or losses on contracts that are not designated as a cash flow hedge are included currently in earnings. | |||||||||||||
Foreign currency translation | |||||||||||||
The U.S. dollar is the functional currency for all of the Company’s consolidated operations and those of its equity affiliates. For those entities, all gains and losses from currency translations are included in the consolidated statements of operations and comprehensive income (loss). | |||||||||||||
Comprehensive income (loss) reporting | |||||||||||||
Comprehensive income (loss) includes net income or loss plus other comprehensive income (loss), which for the Company consists of foreign currency translation adjustments, the non-credit portion of unrealized gain or loss on available-for-sale marketable securities and the mark-to-market gains or losses on derivative instruments designated as a cash flow hedge. For the years ended December 31, 2014, 2013 and 2012, the Company reclassified ($141,000), ($164,000) and $56,000, respectively, from other comprehensive income, of which $228,000, $265,000 and $61,000, respectively, were recorded to reduce interest expense and $87,000, $101,000 and $117,000, respectively, were recorded against the income tax provision, in the consolidated statements of operations and comprehensive income (loss). | |||||||||||||
Revenues and cost of revenues | |||||||||||||
Revenues are primarily related to: (i) sale of electricity from geothermal and recovered energy-based power plants owned and operated by the Company and (ii) geothermal and recovered energy-based power plant equipment engineering, sale, construction and installation, and operating services. | |||||||||||||
Revenues related to the sale of electricity from geothermal and recovered energy-based power plants and capacity payments are recorded based upon output delivered and capacity provided at rates specified under relevant contract terms. For PPAs agreed to, modified, or acquired in business combinations on or after July 1, 2003, the Company determines whether such PPAs contain a lease element requiring lease accounting. Revenue from such PPAs are accounted for in electricity revenues. The lease element of the PPAs is also assessed in accordance with the revenue arrangements with multiple deliverables guidance, which requires that revenues be allocated to the separate earnings processes based on their relative fair value. PPAs with minimum lease rentals which vary over time are generally recognized on the straight-line basis over the term of the PPAs. PPAs with contingent rentals are recognized when earned. | |||||||||||||
Revenues from engineering, operating services, and parts and product sales are recorded upon providing the service or delivery of the products and parts and when collectability is reasonably assured. Revenues from the supply and/or construction of geothermal and recovered energy-based power plant equipment and other equipment to third parties are recognized using the percentage-of-completion method. Revenue is recognized based on the percentage relationship that incurred costs bear to total estimated costs. Costs include direct material, labor, and indirect costs. Selling, marketing, general, and administrative costs are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, may result in revisions to costs and revenues and are recognized in the period in which the revisions are determined. | |||||||||||||
In specific instances where there is a lack of dependable estimates or inherent risks cause forecast to be doubtful, then the completed-contract method is followed. Revenue is recognized when the contract is substantially complete and when collectability is reasonably assured. Costs that are closely associated with the project are deferred as contract costs and recognized similarly to the associated revenues. | |||||||||||||
Warranty on products sold | |||||||||||||
The Company generally provides a one-year warranty against defects in workmanship and materials related to the sale of products for electricity generation. Estimated future warranty obligations are included in operating expenses in the period in which the related revenue is recognized. Such charges are immaterial for the years ended December 31, 2014, 2013, and 2012. | |||||||||||||
Research and development | |||||||||||||
Research and development costs incurred by the Company for the development of existing and new geothermal, recovered energy and remote power technologies are expensed as incurred. Grants received from the DOE are offset against the related research and development expenses. Such grants amounted to $555,000, $1,616,000, and $660,000 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||
Stock-based compensation | |||||||||||||
The Company accounts for stock-based compensation using the fair value method whereby compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite employee service period (generally the vesting period of the grant). The Company uses the simplified method in developing an estimate of the expected term of “plain vanilla” stock-based awards. | |||||||||||||
Income taxes | |||||||||||||
Income taxes are accounted for using the asset and liability approach, which requires the recognition of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. The measurement of current and deferred tax assets and liabilities are based on provisions of the enacted tax law. The effects of future changes in tax laws or rates are not anticipated. The Company accounts for investment tax credits and production tax credits as a reduction to income taxes in the year in which the credit arises. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not, more likely than not expected to be realized. A full valuation allowance has been established to offset the Company’s U.S. deferred tax assets. Tax benefits from uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. | |||||||||||||
Earnings (loss) per share | |||||||||||||
Basic earnings (loss) per share attributable to the Company’s stockholders (“earnings (loss) per share”) is computed by dividing net income or loss attributable to the Company’s stockholders by the weighted average number of shares of common stock outstanding for the period. The Company does not have any equity instruments that are dilutive, except for stock-based awards. | |||||||||||||
The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Weighted average number of shares used in computation of basic earnings per share | 45,508 | 45,440 | 45,431 | ||||||||||
Add: | |||||||||||||
Additional shares from the assumed exercise of employee stock options | 350 | 35 | - | ||||||||||
Weighted average number of shares used in computation of diluted earnings per share | 45,858 | 45,475 | 45,431 | ||||||||||
In the year ended December 31, 2012, the employee stock options were anti-dilutive because of the Company’s net loss, and therefore, they have been excluded from the diluted earnings (loss) per share calculation. | |||||||||||||
The number of stock-based awards that could potentially dilute future earnings per share and were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive was 3,237,593, 5,139,339, and 5,479,852, respectively, for the years ended December 31, 2014, 2013, and 2012. | |||||||||||||
Use of estimates in preparation of financial statements | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of such financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant estimates with regard to the Company’s consolidated financial statements relate to the useful lives of property, plant and equipment, impairment of long-lived assets and assets to be disposed of, revenue recognition of product sales using the percentage of completion method, asset retirement obligations, and the provision for income taxes. | |||||||||||||
New Accounting Pronouncements | |||||||||||||
New accounting pronouncements effective in the year ended December 31, 2014 | |||||||||||||
Presentation of Unrecognized Tax Benefits | |||||||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) clarified the accounting guidance on presentation of the unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance states that an unrecognized tax benefit (or a portion thereof) should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except for certain exceptions specified in the guidance. The exceptions include when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to reduce any income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and is to be made assuming the disallowance of the tax position at the reporting date. This accounting update is effective for fiscal periods after December 15, 2013. The provision was applied prospectively to all unrecognized tax benefits that exist on January 1, 2014. The adoption of this guidance did not have a material impact on the consolidated financial statements. | |||||||||||||
New accounting pronouncements effective in future periods | |||||||||||||
Reporting Discontinued Operations and Disclosures | |||||||||||||
In April 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendment, required to be applied prospectively for reporting periods beginning after December 15, 2014, limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have, or will have, a major effect on operations and financial results. The amendment requires expanded disclosures for discontinued operations and also requires additional disclosures regarding disposals of individually significant components that do not qualify as discontinued operations. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. This amendment has no impact on our current disclosures, but will in the future if we dispose of any individually significant components of the Company. | |||||||||||||
Revenues from Contracts with Customers | |||||||||||||
In May 2014, the FASB issued ASU 2014-09, Revenues from Contracts with Customers, Topic 606, which was a joint project of the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The update provides that an entity should recognize revenue in connection with the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, an entity is required to apply each of the following steps: (1) identify the contract(s) with the customer; (2) identify the performance obligations in the contracts; (3) determine the transaction price; (4) allocate the transaction price to the performance obligation in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently evaluating the potential impact, if any, of the adoption of these amendments on its consolidated financial statements. |
Note_2_Inventories
Note 2 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | NOTE 2 — INVENTORIES | ||||||||
Inventories consist of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Raw materials and purchased parts for assembly | $ | 4,840 | $ | 6,326 | |||||
Self-manufactured assembly parts and finished products | 12,090 | 15,963 | |||||||
Total | $ | 16,930 | $ | 22,289 | |||||
Note_3_Cost_and_Estimated_Earn
Note 3 - Cost and Estimated Earnings on Uncompleted Contracts | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Contractors [Abstract] | |||||||||
Long-term Contracts or Programs Disclosure [Text Block] | NOTE 3 — COST AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS | ||||||||
Cost and estimated earnings on uncompleted contracts consist of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Costs and estimated earnings incurred on uncompleted contracts | $ | 127,959 | $ | 51,550 | |||||
Less billings to date | (124,890 | ) | (38,236 | ) | |||||
Total | $ | 3,069 | $ | 13,314 | |||||
These amounts are included in the consolidated balance sheets under the following captions: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 27,793 | $ | 21,217 | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (24,724 | ) | (7,903 | ) | |||||
Total | $ | 3,069 | $ | 13,314 | |||||
The completion costs of the Company’s construction contracts are subject to estimation. Due to uncertainties inherent in the estimation process, it is reasonably possible that estimated contract earnings will be further revised in the near term. |
Note_4_Unconsolidated_Investme
Note 4 - Unconsolidated Investments | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 4 — UNCONSOLIDATED INVESTMENTS | ||||||||
Unconsolidated investments, mainly in power plants, consist of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Sarulla | $ | (3,617 | ) | $ | 7,076 | ||||
The Sarulla Project | |||||||||
The Company is a 12.75% member of a consortium which is in the process of developing the Sarulla geothermal power project in Indonesia with expected generating capacity of approximately 330 megawatts (“MW”). The Sarulla project is located in Tapanuli Utara, North Sumatra, Indonesia and will be owned and operated by the consortium members under the framework of a Joint Operating Contract (“JOC”) and Energy Sales Contract (“ESC”) that were signed on April 4, 2013. Under the JOC, PT Pertamina Geothermal Energy (“PGE”), the concession holder for the project, has provided the consortium with the right to use the geothermal field, and under the ESC, PT PLN, the state electric utility, will be the off-taker at Sarulla for a period of 30 years. In addition to its equity holdings in the consortium, the Company designed the Sarulla plant and is expected to supply its Ormat Energy Converters (“OECs”) to the power plant. The supply contract was signed in October 2013. | |||||||||
The consortium has started preliminary testing and development activities at the site and signed an engineering procurement and construction agreement (“EPC”) with an unrelated third party. The project will be constructed in three phases of 110 MW each, utilizing both steam and brine extracted from the geothermal field to increase the power plant’s efficiency. | |||||||||
On May 16, 2014, the consortium reached financial closing of $1.17 billion financing agreements to finance the development of the Sarulla project with a consortium of lenders comprised of Japan Bank for International Cooperation (“JBIC”), the Asian Development Bank and six commercial banks and obtained construction and term loan under limited recourse financing package backed by political risk guarantee from JBIC. | |||||||||
Of the $1.17 billion, $0.1 billion (which was drawn down by the Sarulla project company on May 23, 2014) bears a fixed interest rate and $1.07 billion bears interest at a rate linked to Libor. | |||||||||
The Sarulla consortium entered into interest rate swap agreements with various international banks in order to fix the Libor interest rate on up to $0.96 billion of the $1.07 billion credit facility at a rate of 3.4565%. The interest rate swap became effective as of June 4, 2014 along with the second draw-down by the project company of $50.0 million. | |||||||||
The Sarulla project company has accounted for the interest rate swap as a cash flow hedge upon which changes in the fair value of the hedging instrument, relative to the effective portion, will be recorded in other comprehensive income. As such, during the period, the project recorded a loss equal to $63.6 million, of which the Company's share was $8.1 million which was recorded in other comprehensive income. | |||||||||
The first phase of operations is expected to commence in 2016 and the remaining two phases of operations are scheduled to commence within 18 months thereafter. The Company will supply its OEC to the power plant and has added the $254.0 million supply contract to its product segment backlog. According to the current plan, the Company started to recognize revenue from the project during the third quarter of 2014 and will continue to recognize revenues over the course of the next three to four years. For the year ended December 31, 2014, the Company recognized Products revenues of $38.2 million. The Company has eliminated the related intercompany profit of $1.8 million against equity in income (loss) of investees. | |||||||||
During 2014, the Company made additional investment contributions of $0.6 million to the Sarulla project, consistent with its pro rata share in the consortium. | |||||||||
The Company’s share in the results of operations of the Sarulla project was not significant for each of the periods presented in these consolidated financial statements. |
Note_5_Variable_Interest_Entit
Note 5 - Variable Interest Entities | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Of Variable Interest Entities [Abstract] | |||||||||||||
Disclosure Of Variable Interest Entities [Text Block] | NOTE 5 — VARIABLE INTEREST ENTITIES | ||||||||||||
The Company’s overall methodology for evaluating transactions and relationships under the variable interest entity (“VIE”) accounting and disclosure requirements includes the following two steps: (i) determining whether the entity meets the criteria to qualify as a VIE; and (ii) determining whether the Company is the primary beneficiary of the VIE. | |||||||||||||
In performing the first step, the significant factors and judgments that the Company considers in making the determination as to whether an entity is a VIE include: | |||||||||||||
• | The design of the entity, including the nature of its risks and the purpose for which the entity was created, to determine the variability that the entity was designed to create and distribute to its interest holders; | ||||||||||||
• | The nature of the Company’s involvement with the entity; | ||||||||||||
• | Whether control of the entity may be achieved through arrangements that do not involve voting equity; | ||||||||||||
• | Whether there is sufficient equity investment at risk to finance the activities of the entity; and | ||||||||||||
• | Whether parties other than the equity holders have the obligation to absorb expected losses or the right to receive residual returns. | ||||||||||||
If the Company identifies a VIE based on the above considerations, it then performs the second step and evaluates whether it is the primary beneficiary of the VIE by considering the following significant factors and judgments: | |||||||||||||
• | Whether the Company has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and | ||||||||||||
• | Whether the Company has the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. | ||||||||||||
The Company’s VIEs include certain of its wholly owned subsidiaries that own one or more power plants with long-term PPAs. In most cases, the PPAs require the utility to purchase substantially all of the plant’s electrical output over a significant portion of its estimated useful life. Most of the VIEs have associated project financing debt that is non-recourse to the general creditors of the Company, is collateralized by substantially all of the assets of the VIE and those of its wholly owned subsidiaries (also VIEs) and is fully and unconditionally guaranteed by such subsidiaries. The Company has concluded that such entities are VIEs primarily because the entities do not have sufficient equity at risk and/or subordinated financial support is provided through the long-term PPAs. The Company has evaluated each of its VIEs to determine the primary beneficiary by considering the party that has the power to direct the most significant activities of the entity. Such activities include, among others, construction of the power plant, operations and maintenance, dispatch of electricity, financing and strategy. Except for power plants that it acquired, the Company is responsible for the construction of its power plants and generally provides operation and maintenance services. Primarily due to its involvement in these and other activities, the Company has concluded that it directs the most significant activities at each of its VIEs and, therefore, is considered the primary beneficiary. The Company performs an ongoing reassessment of the VIEs to determine the primary beneficiary and may be required to deconsolidate certain of its VIEs in the future. The Company has aggregated its consolidated VIEs into the following categories: (i) wholly owned subsidiaries with project debt; (ii) wholly owned subsidiaries with PPAs; and (iii) less than majority-owned subsidiaries. | |||||||||||||
The tables below detail the assets and liabilities (excluding intercompany balances which are eliminated in consolidation) for the Company’s VIEs, combined by VIE classifications, that were included in the consolidated balance sheets as of December 31, 2014 and 2013: | |||||||||||||
31-Dec-14 | |||||||||||||
Project Debt | PPAs | ||||||||||||
(Dollars in thousands) | |||||||||||||
Assets: | |||||||||||||
Restricted cash and cash equivalents | $ | 87,832 | $ | — | |||||||||
Other current assets | 72,091 | 4,496 | |||||||||||
Unconsolidated investments | — | — | |||||||||||
Property, plant and equipment, net | 1,160,559 | 178,783 | |||||||||||
Construction-in-process | 161,534 | 472 | |||||||||||
Other long-term assets | 51,264 | (1 | ) | ||||||||||
Total assets | $ | 1,533,280 | $ | 183,750 | |||||||||
Liabilities: | |||||||||||||
Accounts payable and accrued expenses | $ | 14,266 | $ | 2,990 | |||||||||
Long-term debt | 685,248 | — | |||||||||||
Other long-term liabilities | 91,254 | 6,885 | |||||||||||
Total liabilities | $ | 790,768 | $ | 9,875 | |||||||||
31-Dec-13 | |||||||||||||
Project Debt | PPAs | Less than Majority- | |||||||||||
owned Subsidiary | |||||||||||||
(Dollars in thousands) | |||||||||||||
Assets: | |||||||||||||
Restricted cash, cash equivalents and marketable securities | $ | 48,276 | $ | — | $ | — | |||||||
Other current assets | 66,672 | 5,459 | — | ||||||||||
Property, plant and equipment, net | 1,190,467 | 190,616 | — | ||||||||||
Construction-in-process | 136,486 | 461 | 11,055 | ||||||||||
Other long-term assets | 56,601 | 267 | — | ||||||||||
Total assets | $ | 1,498,502 | $ | 196,803 | $ | 11,055 | |||||||
Liabilities: | |||||||||||||
Accounts payable and accrued expenses | $ | 16,087 | $ | 2,608 | $ | — | |||||||
Long-term debt | 632,906 | — | — | ||||||||||
Other long-term liabilities | 103,538 | 5,948 | — | ||||||||||
Total liabilities | $ | 752,531 | $ | 8,556 | $ | — | |||||||
Acquisition of interests in Crump Geyser and North Valley Geothermal project | |||||||||||||
On August 5, 2014, the Company signed a definitive Purchase and Sale Agreement with Alternative Earth Resources Inc. (“AER”), pursuant to which the Company paid $1.5 million in cash and (i) purchased AER's 50% interest in Crump Geyser Company (“CGC”), which holds the rights to the Crump Geyser geothermal project, as well as the rights to the North Valley geothermal project and (ii) obtained an option, exercisable over a four-year period, to purchase certain of AER's New Truckhaven geothermal lease. Prior to this transaction, CGC was consolidated by the Company as a variable interest entity. As a result of the acquisition of the remaining interest, the Company continues to consolidate Crump, but now as a wholly owned indirect subsidiary, and so the carrying value of the non-controlling interest of CGC of $1.0 million was reclassified to the Company's equity and the difference of $0.2 million between the fair value of the consideration paid and the related carrying value of the noncontrolling interest acquired was recorded within “additional paid-in capital” in the condensed consolidated statement of equity. The acquisition of the remaining 50% was triggering event for the Company to evaluate if CGC is a VIE. The Company performed the analysis and concluded that CGC is a VIE and is included in the consolidated balance sheet as of December 31, 2014. |
Note_6_Fair_Value_of_Financial
Note 6 - Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Disclosures [Text Block] | NOTE 6— 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 quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; | |||||||||||||||||||||
Level 2 — Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; | |||||||||||||||||||||
Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). | |||||||||||||||||||||
The following table sets forth certain fair value information at December 31, 2014 and 2013 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. | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Carrying | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Value at | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash equivalents (including restricted cash accounts) | $ | 85,076 | $ | 85,076 | $ | 85,076 | $ | — | $ | — | |||||||||||
Derivatives: | |||||||||||||||||||||
Swap transaction on natural gas price (1) | 4,129 | 4,129 | — | 4,129 | — | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||
Currency forward contracts (2) | (2,882 | ) | (2,882 | ) | — | (2,882 | ) | — | |||||||||||||
$ | 86,323 | $ | 86,323 | $ | 85,076 | $ | 1,247 | $ | — | ||||||||||||
31-Dec-13 | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Carrying | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Value at | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash equivalents (including restricted cash accounts) | $ | 40,015 | $ | 40,015 | $ | 40,015 | $ | — | $ | — | |||||||||||
Derivatives: | |||||||||||||||||||||
Currency forward contracts (2) | 2,290 | 2,290 | — | 2,290 | — | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||
Swap transaction on oil price (3) | (2,490 | ) | (2,490 | ) | — | (2,490 | ) | — | |||||||||||||
Swap transaction on natural gas price (1) | (341 | ) | (341 | ) | — | (341 | ) | — | |||||||||||||
$ | 39,474 | $ | 39,474 | $ | 40,015 | $ | (541 | ) | $ | — | |||||||||||
-1 | This amount relates to derivatives which represent swap contract on natural gas prices, valued primarily based on observable inputs, including forward and spot prices for related commodity indices, and are included within “prepaid expenses and other” and “accounts payable and accrued expenses” on December 31, 2014 and 2013, respectively, in the consolidated balance sheets with the corresponding gain or loss being recognized within “electricity revenue” in the consolidated statement of operations and comprehensive income (loss). | ||||||||||||||||||||
-2 | These amounts relate to derivatives which represent currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, netted against contracted rates and then multiplied against notional amounts, and are included within :accounts payable and accrued expenses” and “prepaid expenses and other” on December 31, 2014 and 2013, respectively, in the consolidated balance sheet with the corresponding gain or loss being recognized within “foreign currency translation and transaction gains (losses)” in the consolidated statement of operations and comprehensive income (loss). | ||||||||||||||||||||
-3 | This amount relates to derivatives which represent swap contract on oil prices, valued primarily based on observable inputs, including forward and spot prices for related commodity indices, and are included within “accounts payable and accrued expenses” on December 31, 2013, in the consolidated balance sheets with the corresponding gain or loss being recognized within “electricity revenues” in the consolidated statement of operations and comprehensive income (loss). | ||||||||||||||||||||
The amounts set forth in the tables above include investments in debt instruments and money market funds (which are included in cash equivalents). Those securities and deposits are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in an active market. | |||||||||||||||||||||
The following table presents the amounts of gain (loss) recognized in the consolidated statements of operations and comprehensive income (loss) on derivative instruments not designated as hedges: | |||||||||||||||||||||
Derivatives not designated as | Amount of recognized gain (loss) | ||||||||||||||||||||
hedging instruments | Location of recognized gain (loss) | 2014 | 2013 | 2012 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Put options on oil price | Electricity revenues | $ | — | $ | (1,330 | ) | $ | (807 | ) | ||||||||||||
Put options on natural gas price | Electricity revenues | — | — | (1,342 | ) | ||||||||||||||||
Swap transaction on oil price | Electricity revenues | 2,728 | (635 | ) | 1,598 | ||||||||||||||||
Swap transactions on natural gas price | Electricity revenues | 2,996 | (3,052 | ) | 2,804 | ||||||||||||||||
Currency forward contracts | Foreign currency translation and transaction gains (losses) | (4,949 | ) | 5,912 | 463 | ||||||||||||||||
$ | 775 | $ | 895 | $ | 2,716 | ||||||||||||||||
On September 3, 2013, the Company entered into a NGI swap contract with a bank for notional quantity of approximately 4.4 million MMbtu for settlement effective January 1, 2014 until December 31, 2014, in order to reduce its exposure to NGI below $4.035 per MMbtu under its PPAs with Southern California Edison. The contract did not have up-front costs. Under the terms of this contract, the Company will make floating rate payments to the bank and receive fixed rate payments from the bank on each settlement date. The swap contract has monthly settlement whereby the difference between the fixed price of $4.035 per MMbtu and the market price on the first commodity business day on which the relevant commodity reference price is published in the relevant calculation period (January 1, 2014 to December 1, 2014) will be settled on a cash basis. | |||||||||||||||||||||
On October 16, 2013, the Company entered into a NGI swap contract with a bank for notional quantity of approximately 4.2 million MMbtu for settlement effective January 1, 2014 until December 31, 2014, in order to reduce its exposure to NGI below $4.103 per MMbtu under its PPAs with Southern California Edison. The contract did not have any up-front costs. Under the terms of this contract, the Company will make floating rate payments to the bank and receive fixed rate payments from the bank on each settlement date. The swap contract has monthly settlements whereby the difference between the fixed price of $4.103 per MMbtu and the market price on the first commodity business day on which the relevant commodity reference price is published in the relevant calculation period (January 1, 2014 to December 1, 2014) will be settled on a cash basis. | |||||||||||||||||||||
On October 16, 2013, the Company entered into a New York Harbor ULSD swap contract with a bank for notional quantity of 275,000 BBL effective from January 1, 2014 until December 31, 2014 to reduce the Company’s exposure to fluctuations in the energy rate caused by fluctuations in oil prices under the 25 MW PPA for the Puna complex. The Company entered into this contract because the swap had a high correlation with the avoided costs (which are incremental costs that the power purchaser avoids by not having to generate such electrical energy itself or purchase it from others) that HELCO uses to calculate the energy rate. The contract did not have any up-front costs. Under the term of this contract, the Company will make floating rate payments to the bank and receive fixed rate payments from the bank on each settlement date ($125.15 per BBL). The swap contract has monthly settlements whereby the difference between the fixed price and the monthly average market price will be settled on a cash basis. | |||||||||||||||||||||
On March 6, 2014, the Company entered into an NGI swap contract with a bank for notional quantity of approximately 2.2 million MMbtu for settlement effective January 1, 2015 until March 31, 2015, in order to reduce its exposure to NGI below $4.95 per MMbtu under its PPAs with Southern California Edison. The contract did not have any up-front costs. Under the terms of this contract, the Company will make floating rate payments to the bank and receive fixed rate payments from the bank on each settlement date. The swap contract has monthly settlements whereby the difference between the fixed price of $4.95 per MMbtu and the market price on the first commodity business day on which the relevant commodity reference price is published in the relevant calculation period (January 1, 2015 to March 1, 2015) will be settled on a cash basis. | |||||||||||||||||||||
The foregoing swap transactions have not been designated as hedge transactions and are marked to market with the corresponding gains or losses recognized within “electricity revenues” in the consolidated statements of operations and comprehensive income (loss). The Company recognized a net gain from these transactions of $5.7 million in the year ended December 31, 2014, compared to net loss of $5.0 million in the year ended December 31, 2013. | |||||||||||||||||||||
There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during the year ended December 31, 2014. | |||||||||||||||||||||
The fair value of the Company’s long-term debt is as follows: | |||||||||||||||||||||
Fair Value | Carrying Amount | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | ||||||||||||||||||||
Olkaria III Loan - DEG | $ | 32.2 | $ | 40.3 | $ | 31.6 | $ | 39.5 | |||||||||||||
Olkaria III Loan - OPIC | 279.4 | 279.6 | 282.6 | 299.9 | |||||||||||||||||
Amatitlan Loan | — | 34.8 | — | 31.5 | |||||||||||||||||
Senior Secured Notes: | |||||||||||||||||||||
Ormat Funding Corp. ("OFC") | 71.4 | 83.5 | 67.2 | 90.8 | |||||||||||||||||
OrCal Geothermal Inc. ("OrCal") | 55.5 | 65.8 | 55.1 | 66.2 | |||||||||||||||||
OFC 2 LLC ("OFC 2") | 238.8 | 119 | 272.5 | 144.4 | |||||||||||||||||
Senior Unsecured Bonds | 265.4 | 270.6 | 250.4 | 250.6 | |||||||||||||||||
Loan from institutional investors | 12.2 | 20.1 | 11.9 | 19.5 | |||||||||||||||||
The fair value of OFC Senior Secured Notes in 2013 was determined using observable market prices as these securities are traded. The fair value of all 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.The fair value of revolving lines of credit is determined using a comparison of market-based price sources that are reflective of similar credit ratings to those of the Company. | |||||||||||||||||||||
The carrying value of other financial instruments, such as revolving lines of credit, deposits, and other long-term debt approximates fair value. | |||||||||||||||||||||
The following table presents the fair value of financial instruments as of December 31, 2014: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Olkaria III - DEG | $ | — | $ | — | $ | 32.2 | $ | 32.2 | |||||||||||||
Olkaria III - OPIC | — | — | 279.4 | 279.4 | |||||||||||||||||
Senior Secured Notes: | |||||||||||||||||||||
OFC | — | 71.4 | — | 71.4 | |||||||||||||||||
OrCal | — | — | 55.5 | 55.5 | |||||||||||||||||
OFC 2 | — | — | 238.8 | 238.8 | |||||||||||||||||
Senior unsecured bonds | — | — | 265.4 | 265.4 | |||||||||||||||||
Loan from institutional investors | — | — | 12.2 | 12.2 | |||||||||||||||||
Other long-term debt | — | 10 | — | 10 | |||||||||||||||||
Revolving credit lines with banks | — | 20.3 | — | 20.3 | |||||||||||||||||
Deposits | 17.3 | — | — | 17.3 | |||||||||||||||||
The following table presents the fair value of financial instruments as of December 31, 2013: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Olkaria III Loan - DEG | $ | — | $ | — | $ | 40.3 | $ | 40.3 | |||||||||||||
Olkaria III Loan - OPIC | — | — | 279.6 | 279.6 | |||||||||||||||||
Amatitlan Loan | — | — | 34.8 | 34.8 | |||||||||||||||||
Senior Secured Notes: | |||||||||||||||||||||
OFC | — | 83.5 | — | 83.5 | |||||||||||||||||
OrCal | — | — | 65.8 | 65.8 | |||||||||||||||||
OFC 2 | — | — | 119 | 119 | |||||||||||||||||
Senior unsecured bonds | — | — | 270.6 | 270.6 | |||||||||||||||||
Loan from institutional investors | — | — | 20.1 | 20.1 | |||||||||||||||||
Other long-term debt | — | 23.3 | — | 23.3 | |||||||||||||||||
Revolving lines of credit | — | 112 | — | 112 | |||||||||||||||||
Deposits | 21.3 | — | — | 21.3 | |||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | |||||||||||||||||||||
The North Brawley geothermal power plant was tested for impairment as of December 31, 2012 due to the low output and higher than expected operating costs. The plant was placed in service under its PPA with Southern California Edison in 2010. However, management found that the North Brawley geothermal field was significantly more difficult to operate than other fields of the Company and the power plant was unable to reach its design capacity of 50 MW and instead, operated at capacities between 20 MW and 33 MW. This generation level was achieved only after significant additional capital expenditures and higher than anticipated operating costs. | |||||||||||||||||||||
In order to improve the economics of the plant, the Company approached Southern California Edison to discuss various contractual alternatives to the PPA and, in early 2012 it reached a written understanding to engage in discussions with third parties about purchasing the power at better rates. However, in a letter dated January 14, 2013, Southern California Edison informed the Company that it is no longer interested in pursuing alternatives to the current PPA, thus retracting its permission to the Company to explore a replacement PPA with higher electricity prices. | |||||||||||||||||||||
As a result of Southern California Edison’s notification and the rates under the existing PPA, coupled with a further understanding of the cost and probability of success of additional well field work which has been accumulated in recent months, the Company has concluded that it will not be economical to continue to invest the substantial capital required to increase the generating capacity of the power plant. Accordingly, the Company decided to operate the plant at the current capacity level of approximately 27 MW and refrain from additional capital investment to expand the capacity. | |||||||||||||||||||||
Based on these indicators, the power plant was tested for recoverability by estimating its future cash flows taking into consideration rates to be received under the PPA with Southern California Edison through the end of its term and expected market rates thereafter, possible penalties for underperformance during periods when the plant is expected to operate below the stated capacity in the PPA, projected capital expenditures and projected operating expenses over the life of the plant. | |||||||||||||||||||||
As a result, the North Brawley power plant was written down to its fair value of $32.0 million. The impairment loss of $229.1 million is presented in the consolidated statement of operations and comprehensive income (loss) under “Impairment Charges”. | |||||||||||||||||||||
In estimating the fair value for the power plant, the Company primarily relied on the “Income Approach”, using assumptions that the Company believes market participants would utilize in making such valuation. The “Income Approach” is based on the principle that the value of an asset is equal to the present value of the cash flows that the asset is expected to generate. To estimate the fair value of the power plant, a discounted cash flow (“DCF”) analysis was utilized whereby the cash flows expected to be generated by the power plant were discounted to their present value equivalent using the rate of return that reflects the relative risk of each asset, as well as the time value of money. This return, known as the weighted average cost of capital (“WACC”), an overall rate based upon the individual rates of return for invested capital (equity and interest-bearing debt), was calculated by weighting the acquired return on interest-bearing debt and common equity capital in proportion to their estimated percentage in the expected capital structure. The estimate for the WACC of 8% developed in the valuation is for independent power producers and geothermal power producers. | |||||||||||||||||||||
In addition to the WACC rate of 8%, other significant inputs of the future net cash flow estimates included in the valuation are generation output, average realized price, and operating costs. These future net cash flow estimates are classified as Level 3 within the fair value hierarchy. Below are the significant unobservable inputs for each year included in the valuation as of the year ended December 31, 2012. | |||||||||||||||||||||
(Dollars in thousands, except realized price) | |||||||||||||||||||||
Valuation Technique | Amount or Range | Weighted Average | |||||||||||||||||||
Generation output (MWh) | DCF | 224,836 | 224,836 | ||||||||||||||||||
Average realized price ($/MWh) | DCF | $ | 84.50 — $111.25 | $ | 92.31 | ||||||||||||||||
Operating costs | DCF | $ | 12,687 — $20,430 | $ | 16,163 | ||||||||||||||||
OREG 4, a recovered energy generation power plant, was also tested for impairment in the third quarter of 2012 due to continued low run time of the compressor station that serves as it heat source, which resulted in low power generation and revenues. Based on these indicators, the power plant was tested for recoverability by estimating its future cash flows over the life of the plant. | |||||||||||||||||||||
As a result, the OREG 4 power plant was written down to its fair value of $3.6 million. The impairment loss of $7.3 million is presented in the consolidated statement of operations and comprehensive income (loss) under “Impairment Charges”. | |||||||||||||||||||||
In estimating the fair value for the power plant, the Company primarily relied on the “Income Approach”, using assumptions that the Company believes market participants would utilize in making such valuation. The “Income Approach” is based on the principle that the value of an asset is equal to the present value of the cash flows that the asset is expected to generate. To estimate the fair value of the power plant, a DCF analysis was utilized and the estimate for the WACC of 8% developed in the valuation is for independent power producers and geothermal power producers. | |||||||||||||||||||||
In addition to the WACC rate of 8%, other significant inputs of the future net cash flow estimates included in the valuation are generation output, average realized price, and operating costs. These future net cash flow estimates are classified as Level 3 within the fair value hierarchy. Below are the significant unobservable inputs for each year included in the valuation as of the quarter ended September 30, 2012. | |||||||||||||||||||||
(Dollars in thousands, except realized price) | |||||||||||||||||||||
Valuation Technique | Amount or Range | Weighted Average | |||||||||||||||||||
Generation output (MWh) | DCF | 11,916—15,456 | 15,097 | ||||||||||||||||||
Average realized price ($/MWh) | DCF | $ | 49.00—$71.50 | $ | 60.36 | ||||||||||||||||
Operating costs | DCF | $ | 86 — $595 | $ | 400 | ||||||||||||||||
Note_7_Property_Plant_and_Equi
Note 7 - Property, Plant and Equipment and Construction-in-Process | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | NOTE 7 — PROPERTY, PLANT AND EQUIPMENT AND CONSTRUCTION-IN-PROCESS | ||||||||||||||||
Property, plant and equipment | |||||||||||||||||
Property, plant and equipment, net, consist of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Land owned by the Company where the geothermal resource is located | $ | 31,465 | $ | 30,336 | |||||||||||||
Leasehold improvements | 3,420 | 3,386 | |||||||||||||||
Machinery and equipment | 123,807 | 101,104 | |||||||||||||||
Office equipment | 17,150 | 17,492 | |||||||||||||||
Automobiles | 6,495 | 5,745 | |||||||||||||||
Geothermal and recovered energy generation power plants, including geothermal wells and exploration and resource development costs: | |||||||||||||||||
United States of America, net of cash grants and impairment charges | 1,463,291 | 1,439,374 | |||||||||||||||
Foreign countries | 473,481 | 448,161 | |||||||||||||||
Asset retirement cost | 7,444 | 7,803 | |||||||||||||||
2,126,553 | 2,053,401 | ||||||||||||||||
Less accumulated depreciation | (688,916 | ) | (601,065 | ) | |||||||||||||
Property, plant and equipment, net | $ | 1,437,637 | $ | 1,452,336 | |||||||||||||
Depreciation expense for the years ended December 31, 2014, 2013, and 2012 amounted to $87,851,000, $91,791,000, and $89,876,000, respectively. Depreciation expense for the years ended December 31, 2014 and 2013 is net of the impact of the cash grant in the amount of $5,318,000 and $4,330,000, respectively. As of December 31, 2013 accumulated depreciation balance does not include MPC balance of $35,396,000. | |||||||||||||||||
U.S. Operations | |||||||||||||||||
The net book value of the property, plant and equipment, including construction-in-process, located in the United States was approximately $1,327,356,000 and $1,316,597,000 as of December 31, 2014 and 2013, respectively. These amounts as of December 31, 2014 and 2013 are net of cash grants in the amount of $149,785,000 and $127,675,000, respectively. | |||||||||||||||||
Impairment tests of the North Brawley and OREG 4 plants performed during the year ended December 31, 2012 resulted in impairment charges. | |||||||||||||||||
Foreign Operations | |||||||||||||||||
The net book value of property, plant and equipment, including construction-in-process, located outside of the United States was approximately $407,003,000 and $424,567,000 as of December 31, 2014 and 2013, respectively. | |||||||||||||||||
The Company, through its wholly owned subsidiary, OrPower 4, Inc. (“OrPower 4”) owns and operates geothermal power plants in Kenya. The net book value of assets associated with the power plants was $305,129,000 and $338,517,000 as of December 31, 2014 and 2013, respectively. The Company sells the electricity produced by the power plants to Kenya Power and Lighting Co. Ltd. (“KPLC”) under a 20-year PPA. | |||||||||||||||||
In May 2013 the Company sold the Momotombo Power Company, which operates the Momotombo power plant located in Nicaragua (see Note 16). | |||||||||||||||||
The Company, through its wholly owned subsidiary, Orzunil I de Electricidad, Limitada (“Orzunil”), owns a power plant in Guatemala. On January 22, 2014, Orzunil signed an amendment to the PPA with Instituto Nacional de Electrificacion (“INDE”) a Guatemalan power utility for its Zunil geothermal power plant in Guatemala. The amendment extends the term of the PPA from 2019 to 2034. Capacity revenues are calculated based on Zunil capacity until 2019 unrelated to actual performance. The PPA amendment also transfers operation and management responsibilities of the Zunil geothermal field from INDE to the Company for the term of the amended PPA in exchange for a tariff increase. Additionally, INDE exercised its right under the PPA to become a partner in the Zunil power plant with 3% equity interest. The net book value of the assets related to the power plant was $19,141,000 and $18,846,000 at December 31, 2014 and 2013, respectively. | |||||||||||||||||
The Company, through its wholly owned subsidiary, Ortitlan, Limitada (“Ortitlan”), owns a power plant in Guatemala. The net book value of the assets related to the power plant was $45,624,000 and $52,272,000 at December 31, 2014 and 2013, respectively. | |||||||||||||||||
On December 2, 2013, the Company’s wholly-owned subsidiary, Ormat International obtained control over the assets of Honduran GeoPlanares, including a PPA with ENEE, and a 30-year concession to use the geothermal resource in exchange for annual royalty payments of 12% of revenue if the project is successful, and return of the project to the seller after a 15 year operating period. The development of the project depends on the appraisal stage. Ormat has an option to abandon the project if the geothermal resource does not meet certain criteria specified in the agreement. The net book value of assets was $12.3 million at December 31, 2014. | |||||||||||||||||
Construction-in-process | |||||||||||||||||
Construction-in-process consists of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Projects under exploration and development: | |||||||||||||||||
Up-front bonus lease costs | $ | 26,618 | $ | 30,141 | |||||||||||||
Exploration and development costs | 45,977 | 38,220 | |||||||||||||||
Interest capitalized | 836 | 1,278 | |||||||||||||||
73,431 | 69,639 | ||||||||||||||||
Projects under construction: | |||||||||||||||||
Up-front bonus lease costs | 27,473 | 27,473 | |||||||||||||||
Drilling and construction costs | 187,545 | 184,767 | |||||||||||||||
Interest capitalized | 8,273 | 6,948 | |||||||||||||||
223,291 | 219,188 | ||||||||||||||||
Total | $ | 296,722 | $ | 288,827 | |||||||||||||
On March 26, 2014, the Company signed an agreement with RET Holdings, LLC to sell the Heber Solar project in Imperial County, California for $35.25 million. The Company received the first payment of $15.0 million during the first quarter of 2014 and the second payment for the remaining $20.25 million was paid in the second quarter of 2014. Due to certain contingencies in the sale agreement, the Company deferred the pre-tax gain of approximately $7.6 million until the contingencies were resolved in the second quarter of 2014. | |||||||||||||||||
Projects under Exploration and Development | |||||||||||||||||
Up-front Bonus | Exploration and | Interest Capitalized | Total | ||||||||||||||
Lease Costs | Development Costs | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Balance at December 31, 2011 | $ | 36,832 | $ | 40,223 | $ | 1,598 | $ | 78,653 | |||||||||
Cost incurred during the year | — | 3,782 | 420 | 4,203 | |||||||||||||
Write off of unsuccessful exploration costs | (1,160 | ) | (1,479 | ) | — | (2,639 | ) | ||||||||||
Transfer of projects under exploration and development to projects under construction | (1,687 | ) | (10,224 | ) | (740 | ) | (12,651 | ) | |||||||||
Balance at December 31, 2012 | 33,985 | 32,302 | 1,278 | 67,565 | |||||||||||||
Cost incurred during the year | — | 6,168 | — | 6,168 | |||||||||||||
Write off of unsuccessful exploration costs | (3,844 | ) | (250 | ) | — | (4,094 | ) | ||||||||||
Balance at December 31, 2013 | 30,141 | 38,220 | 1,278 | 69,639 | |||||||||||||
Cost incurred during the year | — | 19,231 | — | 19,231 | |||||||||||||
Write off of unsuccessful exploration costs | (3,523 | ) | (11,474 | ) | (442 | ) | (15,439 | ) | |||||||||
Balance at December 31, 2014 | $ | 26,618 | $ | 45,977 | $ | 836 | $ | 73,431 | |||||||||
Projects under Construction | |||||||||||||||||
Up-front Bonus | Drilling and | Interest Capitalized | Total | ||||||||||||||
Lease Costs | Construction Costs | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Balance at December 31, 2011 | $ | 31,179 | $ | 246,878 | $ | 13,841 | $ | 291,898 | |||||||||
Cost incurred during the year | — | 216,894 | 11,542 | 228,435 | |||||||||||||
Transfer of completed projects to property, plant and equipment | 1,687 | 10,224 | 740 | 12,651 | |||||||||||||
Transfer from projects under exploration and development | (3,706 | ) | (190,123 | ) | (10,579 | ) | (204,408 | ) | |||||||||
Balance at December 31, 2012 | 29,160 | 283,873 | 15,543 | 328,576 | |||||||||||||
Cost incurred during the year | — | 203,859 | 7,609 | 211,468 | |||||||||||||
Transfer from projects under exploration and development | (1,687 | ) | (302,966 | ) | (16,204 | ) | (320,857 | ) | |||||||||
Balance at December 31, 2013 | 27,473 | 184,766 | 6,948 | 219,187 | |||||||||||||
Cost incurred during the year | — | 132,597 | 3,206 | 135,803 | |||||||||||||
Sale of property, plant and equipment | — | (24,692 | ) | (911 | ) | (25,603 | ) | ||||||||||
Reclassification of completed projects to property, plant and equipment | — | (105,126 | ) | (970 | ) | (106,096 | ) | ||||||||||
Balance at December 31, 2014 | $ | 27,473 | $ | 187,545 | $ | 8,273 | $ | 223,291 | |||||||||
Note_8_Intangible_Assets
Note 8 - Intangible Assets | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Disclosure Text Block [Abstract] | |||||
Intangible Assets Disclosure [Text Block] | NOTE 8 — INTANGIBLE ASSETS | ||||
Intangible assets amounting to $28,655,000 and $31,933,000 consist mainly of the Company’s power purchase agreements (“PPAs”) acquired in business combinations, net of accumulated amortization of $35,170,000 and $31,890,000, as of December 31, 2014 and 2013, respectively. Amortization expense for the years ended December 31, 2014, 2013, and 2012 amounted to $3,280,000, $3,280,000, and $3,289,000, respectively. In 2014 and 2013, there were no additions or disposals for intangible assets. | |||||
Estimated future amortization expense for the intangible assets as of December 31, 2014 is as follows: | |||||
(Dollars in thousands) | |||||
Year ending December 31: | |||||
2015 | $ | 3,280 | |||
2016 | 3,280 | ||||
2017 | 2,944 | ||||
2018 | 2,814 | ||||
2019 | 2,743 | ||||
Thereafter | 13,594 | ||||
Total | $ | 28,655 | |||
Termination fee | |||||
Fees to terminate PPAs are recognized in period incurred as selling and marketing expenses. During 2014, no termination fees were incurred. During 2013, the Company finalized the agreement with Southern California Edison Company (“Southern California Edison”), by which the G1 and G3 Standard Offer #4 PPAs were terminated and a termination fee of $9.0 million was incurred. In addition, an amount of $2.6 million was paid to NV Energy related to the termination of the Dixie Meadows power purchase agreement PPA. |
Note_9_Accounts_Payable_and_Ac
Note 9 - Accounts Payable and Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 9 — ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ||||||||
Accounts payable and accrued expenses consist of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Trade payables | $ | 48,283 | $ | 49,619 | |||||
Salaries and other payroll costs | 10,774 | 11,711 | |||||||
Customer advances | 3,768 | 6,410 | |||||||
Accrued interest | 8,546 | 9,277 | |||||||
Income tax payable | 3,164 | 224 | |||||||
Property tax payable | 4,192 | 4,671 | |||||||
Scheduling and transmission | 1,771 | 1,300 | |||||||
Royalty accrual | 2,104 | 1,531 | |||||||
Deferred revenues | — | 5,750 | |||||||
Other | 5,674 | 7,554 | |||||||
Total | $ | 88,276 | $ | 98,047 | |||||
Note_10_Longterm_Debt_and_Cred
Note 10 - Long-term Debt and Credit Agreements | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Long-term Debt [Text Block] | NOTE 10 — LONG-TERM DEBT AND CREDIT AGREEMENTS | ||||||||
Long-term debt consists of notes payable under the following agreements: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Limited and non-recourse agreements: | |||||||||
Loans: | |||||||||
Non-recourse: | |||||||||
Loan agreement with TCW (the Amatitlan power plant) | $ | - | $ | 31,509 | |||||
Limited recourse: | |||||||||
Loan agreement with OPIC (the Olkaria III power plant) | 282,620 | 299,946 | |||||||
Senior Secured Notes: | |||||||||
Non-recourse: | |||||||||
Ormat Funding Corp. ("OFC") | 67,206 | 90,840 | |||||||
OrCal Geothermal Inc. ("OrCal") | 55,050 | 66,156 | |||||||
Limited recourse: | |||||||||
OFC 2 LLC ("OFC 2") | 272,477 | 144,450 | |||||||
677,353 | 632,901 | ||||||||
Less current portion | (52,363 | ) | (51,514 | ) | |||||
Non current portion | $ | 624,990 | $ | 581,387 | |||||
Full recourse agreements: | |||||||||
Senior unsecured bonds | $ | 250,289 | $ | 250,596 | |||||
Loans from institutional investors | 21,887 | 32,868 | |||||||
Loan agreement with DEG (the Olkaria III power plant) | 31,580 | 39,474 | |||||||
Loan from a commercial bank | - | 10,000 | |||||||
Revolving credit lines with banks | 20,300 | 112,017 | |||||||
324,056 | 444,955 | ||||||||
Less current portion | (39,416 | ) | (28,875 | ) | |||||
Non current portion | $ | 284,640 | $ | 416,080 | |||||
Loan Agreement with TCW (the Amatitlan Power Plant) | |||||||||
In May 2009, the Company’s wholly owned subsidiary, Ortitlan, entered into a note purchase agreement, in an aggregate principal amount of $42.0 million which refinanced its investment in the 20 MW Amatitlan geothermal power plant located in Amatitlan, Guatemala (the “Amatitlan Loan”). The Amatitlan Loan was provided by TCW Global Project Fund II, Ltd. (“TCW”). The Amatitlan Loan was scheduled to mature on June 15, 2016. The Amatitlan Loan bore interest at a rate of 9.83%. | |||||||||
On September 30, 2014, Ortitlan prepaid the outstanding amount of approximately $30.0 million with EIG Global Project Fund II, Ltd. (formerly TCW). This repayment resulted in a one-time charge to interest expense of approximately $1.1 million, consisting of (i) prepayment premium of $0.6 million, and (ii) write-off of related deferred financing costs amounting to a $0.5 million. | |||||||||
Finance Agreement with OPIC (the Olkaria III Complex) | |||||||||
On August 23, 2012, the Company’s wholly owned subsidiary, OrPower 4 entered into a Finance Agreement with Overseas Private Investment Corporation (“OPIC”), an agency of the United States government, to provide limited-recourse senior secured debt financing in an aggregate principal amount of up to $310.0 million (the “OPIC Loan”) for the refinancing and financing of the Olkaria III geothermal power complex in Kenya. The Finance Agreement was amended on November 9, 2012. | |||||||||
The OPIC Loan is comprised of up to three tranches: | |||||||||
• | Tranche I in an aggregate principal amount of $85.0 million, which was drawn in November 2012, was used to prepay approximately $20.5 million (plus associated prepayment penalty and breakage costs of $1.5 million) of the DEG Loan, as described below. The remainder of Tranche I proceeds was used for reimbursement of prior capital costs and other corporate purposes. | ||||||||
• | Tranche II in an aggregate principal amount of $180.0 million was used to fund the construction and well field drilling for the expansion of the Olkaria III geothermal power complex (“Plant 2”). In November 2012, an amount of $135.0 million was disbursed under this Tranche II, and in February 2013, the remaining $45.0 million was distributed under this Tranche II. | ||||||||
• | Tranche III in an aggregate principal amount of $45.0 million was used to fund the construction of Plant 3 of Olkaria III complex. In November 2013, an amount of $45.0 million was disbursed under this Tranche. | ||||||||
In July 2013 we completed the conversion of the interest rate applicable to both Tranche I and Tranche II from a floating interest rate to into a fixed interest rate. The average fixed interest rate for Tranche I, which has an outstanding balance as of December 31, 2014, of $75.5 million and matures on December 15, 2030 and Tranche II, which has an outstanding balance as of December 31, 2014, of $164.1 million and matures on June 15, 2030, is 6.31%. In November 2013, we fixed the interest rate for the Tranche III. The fixed interest rate for Tranche III which has an outstanding balance as of December 31, 2014, of $43.0 million and matures on December 15, 2030, is 6.12%. | |||||||||
OrPower 4 has a right to make voluntary prepayments of all or a portion of the OPIC Loan subject to prior notice, minimum prepayment amounts, and a prepayment premium of 2.0% in the first two years after the Plant 2 commercial operation date, declining to 1% in the third year after the Plant 2 commercial operation date, and without premium thereafter, plus a redemption premium. In addition, the OPIC Loan is subject to customary mandatory prepayment in the event of certain reductions in generation capacity of the power plants, unless such reductions will not cause the projected ratio of cash flow to debt service to fall below 1.7. | |||||||||
The OPIC Loan is secured by substantially all of OrPower 4’s assets and by a pledge of all of the equity interests in OrPower 4. | |||||||||
The finance agreement includes customary events of default, including failure to pay any principal, interest or other amounts when due, failure to comply with covenants, breach of representations and warranties, non-payment or acceleration of other debt of OrPower 4, bankruptcy of OrPower 4 or certain of its affiliates, judgments rendered against OrPower 4, expropriation, change of control, and revocation or early termination of security documents or certain project-related agreements, subject to various exceptions and notice, cure and grace periods. | |||||||||
The repayment of the remaining outstanding DEG Loan (see “Full-Recourse Third-Party Debt” below) in the amount of approximately $31.6 million as of December 31, 2014, has been subordinated to the OPIC Loan. | |||||||||
There are various restrictive covenants under the OPIC Loan, which include a required historical and projected 12-month DSCR of not less than 1.4 (measured as of March 15, June 15, September 15 and December 15 of each year). If OrPower 4 fails to comply with these financial ratios it will be prohibited from making distributions to its shareholders. In addition, if the DSCR falls below 1.1, subject to certain cure rights, such failure will constitute an event of default by OrPower 4. This covenant in respect of Tranche I became effective on December 15, 2014. As of December 31, 2014, the actual historical and projected 12-month DSCR was 2.05 and 1.94, respectively. | |||||||||
As of December 31, 2014, $282.6 million of the OPIC Loan was outstanding. | |||||||||
Debt service reserve | |||||||||
As required under the terms of the OPIC Loan, OrPower 4 maintains an account which may be funded by cash or backed by letters of credit in an amount sufficient to pay scheduled debt service amounts, including principal and interest, due under the terms of the OPIC Loan in the following six months. This restricted cash account is classified as current in the consolidated balance sheets. As of December 31, 2014 and 2013, the balance of the account was $8.6 million and $10.1 million, respectively. In addition, as of December 31, 2014, part of the required debt service reserve was backed by a letter of credit in the amount of $15.7 million (see Note 22). | |||||||||
Well drilling reserve | |||||||||
As required under the terms of the OPIC Loan, OrPower 4 may be required to maintain an account which may be funded by cash or backed by letters of credit to reserve funds for future well drilling, based on determination upon the completion of the expansion work. | |||||||||
OFC Senior Secured Notes | |||||||||
In February 2004, OFC, a wholly owned subsidiary, issued $190.0 million, 8.25% Senior Secured Notes (“OFC Senior Secured Notes”) and received net cash proceeds of approximately $179.7 million, after deduction of issuance costs of approximately $10.3 million, which have been included in deferred financing costs in the consolidated balance sheet. The OFC Senior Secured Notes have a final maturity of December 30, 2020. Principal and interest on the OFC Senior Secured Notes are payable in semi-annual payments. The OFC Senior Secured Notes are collateralized by substantially all of the assets of OFC and those of its wholly owned subsidiaries and are fully and unconditionally guaranteed by all of the wholly owned subsidiaries of OFC. There are various restrictive covenants under the OFC Senior Secured Notes, which include limitations on additional indebtedness of OFC and its wholly owned subsidiaries. Failure to comply with these and other covenants will, subject to customary cure rights, constitute an event of default by OFC. In addition, there are restrictions on the ability of OFC to make distributions to its shareholders, which include a required historical and projected 12-month DSCR of not less than 1.25 (measured semi-annually as of June 30 and December 31 of each year). If OFC fails to comply with the DSCR ratio it will be prohibited from making distributions to its shareholders. The Company believes that the transition to variable energy prices under the Ormesa and Mammoth PPAs and the impact of the currently low natural gas prices on the revenues under these PPAs may cause OFC to not meet the DSCR ratio requirements for making distributions, but it does not believe that there will be an event of default by OFC. OFC is only required to measure these covenants on a semi-annual basis and as of December 31, 2014, the last measurement date of the covenants, the actual historical 12-month DSCR was 1.28 and the pro-forma 12-month DSCR was 1.31. There were $67.2 million and $90.8 million of OFC Senior Secured Notes outstanding as of December 31, 2014 and December 31, 2013, respectively. | |||||||||
In February 2013, the Company repurchased from OFC noteholders OFC Senior Secured Notes with an outstanding aggregate principal amount of $12.8 million and recognized a gain of approximately $0.8 million in the first quarter of 2013. | |||||||||
In January 2014, the Company repurchased from OFC noteholders OFC Senior Secured Notes with an outstanding aggregate principal amount of $13.2 million and recognized a gain of approximately $0.3 million in the first quarter of 2014. | |||||||||
OFC may redeem the OFC Senior Secured Notes, in whole or in part, at any time, at redemption price equal to the principal amount of the OFC Senior Secured Notes to be redeemed plus accrued interest, premium and liquidated damages, if any, plus a “make-whole” premium. Upon certain events, as defined in the indenture governing the OFC Senior Secured Notes, OFC may be required to redeem a portion of the OFC Senior Secured Notes at a redemption price ranging from 100% to 101% of the principal amount of the OFC Senior Secured Notes being redeemed plus accrued interest, premium and liquidated damages, if any. | |||||||||
Debt service reserve | |||||||||
As required under the terms of the OFC Senior Secured Notes, OFC maintains an account which may be funded by cash or backed by letters of credit (see below) in an amount sufficient to pay scheduled debt service amounts, including principal and interest, due under the terms of the OFC Senior Secured Notes in the following six months. This restricted cash account is classified as current in the consolidated balance sheets. As of each of December 31, 2014 and 2013, the balance of such account was $2.1million and $2.9 million, respectively. In addition, as of each of December 31, 2014 and 2013, part of the required debt service reserve was backed by a letter of credit in the amount of $11.1 million and $10.6 million (see Note 22), respectively. | |||||||||
OrCal Senior Secured Notes | |||||||||
In December 2005, OrCal, a wholly owned subsidiary, issued $165.0 million, 6.21% Senior Secured Notes (“OrCal Senior Secured Notes”) and received net cash proceeds of approximately $161.1 million, after deduction of issuance costs of approximately $3.9 million, which have been included in deferred financing costs in the consolidated balance sheet. The OrCal Senior Secured Notes have been rated BBB- by Fitch Ratings. The OrCal Senior Secured Notes have a final maturity of December 30, 2020. Principal and interest on the OrCal Senior Secured Notes are payable in semi-annual payments. The OrCal Senior Secured Notes are collateralized by substantially all of the assets of OrCal, and those of its subsidiaries and are fully and unconditionally guaranteed by all of the wholly owned subsidiaries of OrCal. There are various restrictive covenants under the OrCal Senior Secured Notes, which include limitations on additional indebtedness of OrCal and its wholly owned subsidiaries. Failure to comply with these and other covenants will, subject to customary cure rights, constitute an event of default by OrCal. In addition, there are restrictions on the ability of OrCal to make distributions to its shareholders, which include a required historical and projected 12-month DSCR of not less than 1.25 (measured semi-annually as of June 30 and December 31 of each year). If OrCal fails to comply with the DSCR ratio it will be prohibited from making distributions to its shareholders. The Company believes that the transition to variable energy prices under two of the complex’s, PPAs and the impact of the currently low natural gas prices on the revenues under these PPAs may cause OrCal to not meet the DSCR ratio requirements for making distributions, but it does not believe that there will be an event of default by OrCal. OrCal is only required to measure these covenants on a semi-annual basis and as of December 31, 2014, the last measurement date of the covenants, the actual historical 12-month DSCR was 1.28 and the pro-forma 12-month DSCR was 1.29. There were $55.1 million and $66.2 million of OrCal Senior Secured Notes outstanding as of December 31, 2014 and December 31, 2013, respectively. | |||||||||
OrCal may redeem the OrCal Senior Secured Notes, in whole or in part, at any time at a redemption price equal to the principal amount of the OrCal Senior Secured Notes to be redeemed plus accrued interest, and a “make-whole” premium. Upon certain events, as defined in the indenture governing the OrCal Senior Secured Notes, OrCal may be required to redeem a portion of the OrCal Senior Secured Notes at a redemption price of 100% of the principal amount of the OrCal Senior Secured Notes being redeemed plus accrued interest. | |||||||||
Debt service reserve | |||||||||
As required under the terms of the OrCal Senior Secured Notes, OrCal maintains an account which may be funded by cash or backed by letters of credit (see below) in an amount sufficient to pay scheduled debt service amounts, including principal and interest, due under the terms of the OrCal Senior Secured Notes in the following six months. This restricted cash account is classified as current in the consolidated balance sheets. As of December 31, 2014 and 2013, the balance of such account was $0.8 million and $3.0 million, respectively. In addition, as of December 31, 2014 and 2013, part of the required debt service reserve was backed by a letter of credit in the amount of $10.1 million and $10.2 million, respectively (see Note 22). | |||||||||
OFC 2 Senior Secured Notes | |||||||||
In September 2011, the Company’s subsidiary OFC 2 and its wholly owned project subsidiaries (collectively, the “OFC 2 Issuers”) entered into a note purchase agreement (the “Note Purchase Agreement”) with OFC 2 Noteholder Trust, as purchaser, John Hancock Life Insurance Company (U.S.A.), as administrative agent, and the DOE, as guarantor, in connection with the offer and sale of up to $350.0 million aggregate principal amount of OFC 2’s Senior Secured Notes (“OFC 2 Senior Secured Notes”) due December 31, 2034. | |||||||||
Subject to the fulfillment of customary and other specified conditions precedent, the OFC 2 Senior Secured Notes may be issued in up to six distinct series associated with the phased construction (Phase I and Phase II) of the Jersey Valley, McGinness Hills and Tuscarora geothermal power plants, which are owned by the OFC 2 Issuers. The OFC 2 Senior Secured Notes will mature and the principal amount of the OFC 2 Senior Secured Notes will be payable in equal quarterly installments and in any event not later than December 31, 2034. Each series of notes will bear interest at a rate calculated based on a spread over the Treasury yield curve that will be set at least ten business days prior to the issuance of such series of notes. Interest will be payable quarterly in arrears. The DOE will guarantee payment of 80% of principal and interest on the OFC 2 Senior Secured Notes pursuant to Section 1705 of Title XVII of the Energy Policy Act of 2005, as amended. The conditions precedent to the issuance of the OFC 2 Senior Secured Notes includes certain specified conditions required by the DOE in connection with its guarantee of the OFC 2 Senior Secured Notes. | |||||||||
On October 31, 2011, the Issuers completed the sale of $151.7 million in aggregate principal amount of 4.687% Series A Notes due 2032 (the “Series A Notes”). The net proceeds from the sale of the Series A Notes, after deducting transaction fees and expenses, were approximately $141.1 million, and were used to finance a portion of the construction costs of Phase I of the McGinness Hills and Tuscarora power plants and to fund certain reserves. Principal and interest on the Series A Notes are payable quarterly in arrears on the last day of March, June, September and December of each year. | |||||||||
On June 20, 2014, Phase 1 of Tuscarora Facility achieved Project Completion under the OFC 2 Note Purchase Agreement. In accordance with the terms of the Note Purchase Agreement and following recalibration of the financing assumptions, the loan amount was adjusted through a principal prepayment of $4.3 million. | |||||||||
On August 29, 2014, OFC 2 signed a $140.0 million loan under the OFC 2 senior secured notes to finance the construction of the McGinness Hills Phase project. This drawdown is the last tranche (Series C notes) under the Note Purchase Agreement with John Hancock Life Insurance Company and guaranteed by the U.S. Department of Energy’s Loan Programs Office in accordance with and subject to the Department's Loan Guarantee Program under Section 1705 of Title XVII of the Energy Policy Act of 2005. The $140.0 million loan, which matures in December 2032, carries a 4.61% coupon with principal to be repaid on a quarterly basis. The OFC 2 Notes, which include loans for the Tuscarora, Jersey Valley and McGinness Hills complexes, are rated “BBB” by Standard & Poor's. | |||||||||
In connection with the anticipated drawdown, on August 13, 2014, the Company entered into an on-the-run interest rate lock agreement with a financial institution with a termination date of August 15, 2014. This on-the-run interest rate lock agreement had a notional amount of $140.0 million and was designated by us to be a cash flow hedge. The objective of this cash flow hedge was to eliminate the variability in the changes in the 10-year U.S. Treasury rate as that is one of the components in the annual interest rate of the OFC 2 loan that was forecasted to be fixed on August 15, 2014. As such, the Company hedged the variability in total proceeds attributable to changes in the 10-year U.S. Treasury rate for the forecasted issuance of fixed rate OFC 2 loan. On August 18, 2014, the settlement date, the Company paid $1.5 million to the counterparty of the on-the-run interest rate lock agreement. | |||||||||
The Company concluded that the cash flow hedge was fully effective with no ineffective portion and no amounts excluded from the effectiveness testing, thus the total loss from the cash flow hedge was fully recognized in “Loss in respect of derivatives instruments designated for cash flow hedge” under other comprehensive income of $0.9 million noted above, which was net of related taxes of $0.6 million. The cash flow hedge loss recorded will be amortized over the life of the OFC 2 loan using the effective interest method. The Company expects to reclassify $0.1 million of the loss from “Accumulated other comprehensive income (loss)” into interest expense during the next twelve months. | |||||||||
The OFC 2 Senior Secured Notes are collateralized by substantially all of the assets of OFC 2 and those of its wholly owned subsidiaries and are fully and unconditionally guaranteed by all of the wholly owned subsidiaries of OFC 2. There are various restrictive covenants under the OFC 2 Senior Secured Notes, which include limitations on additional indebtedness of OFC 2 and its wholly owned subsidiaries. Failure to comply with these and other covenants will, subject to customary cure rights, constitute an event of default by OFC 2. In addition, there are restrictions on the ability of OFC 2 to make distributions to its shareholders. Among other things, the distribution restrictions include a historical and projected quarterly DSCR requirement of at least 1.2 (on a blended basis for all of the OFC 2 power plants) and 1.5 on a pro forma basis (giving effect to the distributions). We are required to measure these covenants on a quarterly basis and as of December 31, 2014, the last measurement date of the covenants, the actual DSCR was 1.62 and the pro-forma 12-month DSCR was 2.24. There were $272.5 million and $144.4 million of OFC 2 Senior Secured Notes outstanding as of December 31, 2014 and December 31, 2013, respectively. | |||||||||
The Company provided a guarantee in connection with the issuance of the Series A and C Notes. One trigger event is the failure of any facility financed by the relevant Series of OFC 2 Senior Secured Notes to reach completion and meet certain operational performance levels (the non-performance trigger) which gives rise to a prepayment obligation on the OFC 2 Senior Secured Notes. The other trigger event is a payment default on the OFC 2 Senior Secured Notes or the occurrence of certain fundamental defaults that result in the acceleration of the OFC 2 Senior Secured Notes, in each case that occurs prior to the date that the relevant facility(ies) financed by such OFC 2 Senior Secured Notes reaches completion and meets certain operational performance levels. A demand on the Company’s guarantee based on the non-performance trigger is limited to an amount equal to the prepayment amount on the OFC 2 Senior Secured Notes necessary to bring the OFC 2 Issuers into compliance with certain coverage ratios. A demand on the Company’s guarantee based on the other trigger event is not so limited. | |||||||||
Debt service reserve; other restricted funds | |||||||||
Under the terms of the OFC 2 Senior Secured Notes, OFC 2 is required to maintain a debt service reserve and certain other reserves, as follows: | |||||||||
(i) | A debt service reserve account which may be funded by cash or backed by letters of credit (see below) in an amount sufficient to pay scheduled debt service amounts, including principal and interest, due under the terms of the OFC 2 Senior Secured Notes in the following six months. This restricted cash account is classified as current in the consolidated balance sheet. As of December 31, 2014, part of the required debt service reserve was backed by a letter of credit in the amount of $17.1 million (see Note 22). | ||||||||
(ii) | A performance level reserve account, intended to provide additional security for the OFC 2 Senior Secured Notes, which may be funded by cash or backed by letters of credit. This reserve builds up over time and reduces gradually each time the project achieves certain milestones. Upon issuance of the Series A Notes, this reserve was funded in the amount of $28.0 million. As of December 31, 2014, the balance of such account was $38.7 million, and in addition OFC 2 funded $17.1 million in a letter of credit issued, that is required to be maintained at all times until this reserve reduces to zero. | ||||||||
(iii) | Under the terms of the OFC 2 Senior Secured Notes, OFC 2 is also required to maintain a well field drilling and maintenance reserve that builds up over time and is dedicated to costs and expenses associated with drilling and maintenance of the project's well field, which may be funded by cash or backed by letters of credit. | ||||||||
(iv) | A performance level reserve account for McGinness Hills Phase II, intended to provide additional security for the OFC 2 Senior Secured Notes, which may be funded by cash or backed by letters of credit. Upon issuance of the Series C Notes, this reserve was funded in the amount of $53.4 million in letter of credit and as of December 31, 2014, the balance did not change. | ||||||||
Senior Unsecured Bonds | |||||||||
In August 2010, the Company entered into a trust instrument governing the issuance of, and accepted subscriptions for, an aggregate principal amount of approximately $142.0 million of senior unsecured bonds (the “Bonds”). Subject to early redemption, the principal of the Bonds is repayable in a single bullet payment upon the final maturity of the Bonds on August 1, 2017. The Bonds bear interest at a fixed rate of 7%, payable semi-annually. In February 2011, the Company accepted subscription for an aggregate principal amount of approximately $108.0 million of additional senior unsecured bonds (the “Additional Bonds”) under two addendums to the trust instrument. The terms and conditions of the Additional Bonds are identical to the original Bonds. The Additional Bonds were issued at a premium which reflects an effective fixed interest of 6.75%. | |||||||||
Loans from institutional investors | |||||||||
In July 2009, the Company entered into a 6-year loan agreement of $20.0 million with a group of institutional investors (the “First Loan”). The First Loan matures on July 16, 2015, is payable in 12 semi-annual installments, which commenced on January 16, 2010, and bears interest of 6.5%. | |||||||||
In July 2009, the Company entered into an 8-year loan agreement of $20.0 million with another group of institutional investors (the “Second Loan”). The Second Loan matures on August 1, 2017, is payable in 12 semi-annual installments, which commenced on February 1, 2012, and bears interest at 6-month LIBOR plus 5.0%. | |||||||||
In November 2010, the Company entered into a 6-year loan agreement of $20.0 million with a group of institutional investors (the “Third Loan”). The Third Loan matures on November 16, 2016, is payable in ten semi-annual installments, which commenced on May 16, 2012, and bears interest of 5.75%. | |||||||||
Loan Agreement with DEG (the Olkaria III Complex) | |||||||||
In March 2009, the Company’s wholly owned subsidiary, OrPower 4, entered into a project financing loan of $105.0 million to refinance its investment in Phase I of the Olkaria III complex located in Kenya (the “DEG Loan”). The DEG Loan was provided by a group of European Development Finance Institutions (“DFIs”) arranged by DEG — Deutsche Investitions — und Entwicklungsgesellschaft mbH (“DEG”). The first disbursement of $90.0 million occurred on March 23, 2009 and the second disbursement of $15.0 million occurred on July 10, 2009. The DEG Loan will mature on December 15, 2018, and is payable in 19 equal semi-annual installments, commencing December 15, 2009. Interest on the DEG Loan is variable based on 6-month LIBOR plus 4.0% and OrPower 4 had the option to fix the interest rate upon each disbursement. Upon the first disbursement, the Company fixed the interest rate on $77.0 million of the DEG Loan at 6.90%. As of December 31, 2014 $31.6 million is outstanding under the DEG Loan (out of which $21.7 million bears interest at a fixed rate). | |||||||||
In October 2012, OrPower 4, DEG and the parties thereto amended and restated the DEG Loan agreement (the “DEG Amendment”). The DEG Amendment became effective on November 9, 2012 upon the execution by OrPower 4 of the Tranche I and Tranche II Notes and the related disbursements of the proceeds thereof under the OPIC Finance Agreement (as described above). The amended and restated DEG Loan Agreement provides for: (i) the prepayment in full of two loans thereunder in the total principal amount of approximately $20.5 million; (ii) the release and discharge of all collateral security previously provided by OrPower 4 to the secured parties under the DEG Loan agreement and the substitution of the Company’s guarantee of OrPower 4’s payment and certain other performance obligations in lieu thereof; and (iii) the establishment of a LIBOR floor of 1.25% in respect of one of the loans under the DEG Loan agreement, and (iv) the elimination of most of the affirmative and negative covenants under the DEG Loan agreement and certain other conforming provisions to take into account OrPower 4’s execution of the OPIC Finance Agreement and its obligations thereunder. | |||||||||
Loan from a commercial bank | |||||||||
In November 2009, the Company entered into a 5-year loan agreement of $50.0 million with a commercial bank. The bank loan matured on November 10, 2014 and was payable in 10 semi-annual installments, which commenced on May 10, 2010, and bore interest at 6-month LIBOR plus 3.25%. | |||||||||
Revolving credit lines with commercial banks | |||||||||
As of December 31, 2014, the Company has credit agreements with eight commercial banks for an aggregate amount of $555.2 million (including $50.0 million from Union Bank, N.A. (“Union Bank”) and $25.0 million from HSBC), see below. Under the terms of these credit agreements, the Company, or its Israeli subsidiary, Ormat Systems, can request: (i) extensions of credit in the form of loans and/or the issuance of one or more letters of credit in the amount of up to $247.0 million; and (ii) the issuance of one or more letters of credit in the amount of up to $308.2 million. The credit agreements mature between end of March, 2015 and November 2016. Loans and draws under the credit agreements or under any letters of credit will bear interest at the respective bank’s cost of funds plus a margin. | |||||||||
As of December 31, 2014, loans in the total amount of $20.3 million were outstanding, and letters of credit with an aggregate stated amount of $357.2 million were issued and outstanding under such credit agreements. The $20.3 million in loans are for terms of three months or less and bear interest at an annual weighted average rate of 2.30%. | |||||||||
Restrictive covenants | |||||||||
The Company’s obligations under the credit agreements, the loan agreements, and the trust instrument governing the bonds, described above, are unsecured, but are subject to a negative pledge in favor of the banks and the other lenders and certain other restrictive covenants. These include, among other things, a prohibition on: (i) creating any floating charge or any permanent pledge, charge or lien over our assets without obtaining the prior written approval of the lender; (ii) guaranteeing the liabilities of any third party without obtaining the prior written approval of the lender; and (iii) selling, assigning, transferring, conveying or disposing of all or substantially all of our assets, or a change of control in our ownership structure. Some of the credit agreements, the term loan agreements, as well as the trust instrument contain cross-default provisions with respect to other material indebtedness owed by us to any third party. In some cases, the Company has agreed to maintain certain financial ratios, which are measured quarterly, such as: (i) equity of at least $600.0 million and in no event less than 30% of total assets; (ii) 12-month debt, net of cash, cash equivalents marketable securities and short-term bank deposits to Adjusted EBITDA ratio not to exceed 7; and (iii) dividend distribution not to exceed 35% of net income for that year. As of December 31, 2014: (i) total equity was $786.7 million and the actual equity to total assets ratio was 37.1%, and (ii) the 12-month debt, net of cash, cash equivalents marketable securities and short-term bank deposits to Adjusted EBITDA ratio was 3.70. During the year ended December 31, 2013, the Company distributed interim dividends in an aggregate amount of $3.6 million. Although the Company reported a net loss for the year ended December 31, 2012, under the credit agreements, the loan agreements, and the trust instrument governing the bonds the Company can distribute interim dividends on the basis of its estimate of its net income for the year. Since the Company incurred a loss for the year ended December 31, 2012, an adjustment for the distributable dividend in the amount of $3.6 million was made in the year ended December 31, 2013. The failure to perform or observe any of the covenants set forth in such agreements, subject to various cure periods, would result in the occurrence of an event of default and would enable the lenders to accelerate all amounts due under each such agreement. | |||||||||
Credit agreement with Union Bank | |||||||||
In February 2012, the Company’s wholly owned subsidiary, Ormat Nevada Inc. (“Ormat Nevada”), entered into an amended and restated credit agreement with Union Bank. Under the amended and restated agreement, the credit termination date was extended to February 7, 2014 (which was subsequently extended to March 31, 2014 pursuant to Amendment No. 1 to the agreement), and the aggregate amount available under the credit agreement was increased from $39.0 million to $50.0 million. The facility is limited to the issuance, extension, modification or amendment of letters of credit. Union Bank is currently the sole lender and issuing bank under the credit agreement, but is also designated as an administrative agent on behalf of banks that may, from time to time in the future, join the credit agreement as parties thereto. In connection with this transaction, the Company entered into a guarantee in favor of the administrative agent for the benefit of the banks, pursuant to which the Company agreed to guarantee Ormat Nevada’s obligations under the credit agreement. Ormat Nevada’s obligations under the credit agreement are otherwise unsecured. There are various restrictive covenants under the credit agreement, which include a requirement to comply with the following financial ratios, which are measured quarterly: (i) a 12-month debt to EBITDA ratio not to exceed 4.5; (ii) 12-month DSCR of not less than 1.35; and (iii) distribution leverage ratio not to exceed 2.0. As of December 31, 2014: (i) the actual 12-month debt to EBITDA ratio was 3.18; (ii) the 12-month DSCR was 2.45; and (iii) the distribution leverage ratio was 0.65. In addition, there are restrictions on dividend distributions in the event of a payment default or noncompliance with such ratios, and subject to specified carve-outs and exceptions, a negative pledge on the assets of Ormat Nevada in favor of Union Bank. As of December 31, 2014, letters of credit in the aggregate amount of $42.1 million remain issued and outstanding under this credit agreement with Union Bank. | |||||||||
Credit agreement with HSBC | |||||||||
In May 2013, Ormat Nevada, a wholly owned subsidiary of the Company, entered into a credit agreement with HSBC Bank USA, N.A for one year with annual renewals. The aggregate amount available under the credit agreement is $25.0 million. This credit line is limited to the issuance, extension, modification or amendment of letters of credit and $10.0 million out of this credit line for working capital needs. HSBC is currently the sole lender and issuing bank under the credit agreement, but is also designated as an administrative agent on behalf of banks that may, from time to time in the future, join the credit agreement as parties thereto. In connection with this transaction, we entered into a guarantee in favor of the administrative agent for the benefit of the banks, pursuant to which we agreed to guarantee Ormat Nevada’s obligations under the credit agreement. Ormat Nevada’s obligations under the credit agreement are otherwise unsecured. There are various restrictive covenants under the credit agreement, including a requirement to comply with the following financial ratios, which are measured quarterly: (i) a 12-month debt to EBITDA ratio not to exceed 4.5; (ii) 12-month DSCR of not less than 1.35; and (iii) distribution leverage ratio not to exceed 2.0. As of December 31, 2013: (i) the actual 12-month debt to EBITDA ratio was 3.18; (ii) the 12-month DSCR was 2.45; and (iii) the distribution leverage ratio was 0.65. In addition, there are restrictions on dividend distributions in the event of a payment default or noncompliance with such ratios, and subject to specified carve-outs and exceptions, a negative pledge on the assets of Ormat Nevada in favor of HSBC. As of December 31, 2014, letters of credit in the aggregate amount of $21.8 million remain issued and outstanding under this credit agreement. | |||||||||
Future minimum payments | |||||||||
Future minimum payments under long-term obligations, excluding revolving credit lines with commercial banks, as of December 31, 2014 are as follows: | |||||||||
(Dollars in thousands) | |||||||||
Year ending December 31: | |||||||||
2015 | $ | 91,779 | |||||||
2016 | 69,060 | ||||||||
2017 | 316,017 | ||||||||
2018 | 59,186 | ||||||||
2019 | 50,889 | ||||||||
Thereafter | 414,479 | ||||||||
Total | $ | 1,001,410 | |||||||
Note_11_Puna_Power_Plant_Lease
Note 11 - Puna Power Plant Lease Transactions | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Leases of Lessee Disclosure [Text Block] | NOTE 11 — PUNA POWER PLANT LEASE TRANSACTIONS | ||||
In 2005, the Company’s wholly owned subsidiary in Hawaii, Puna Geothermal Ventures (“PGV”), entered into transactions involving the original geothermal power plant of the Puna complex located on the Big Island (the “Puna Power Plant”). | |||||
Pursuant to a 31-year head lease (the “Head Lease”), PGV leased Puna Power Plant to an unrelated company in return for prepaid lease payments in the total amount of $83.0 million (the “Deferred Lease Income”). The carrying value of the leased assets as of December 31, 2014 and 2013 amounted to $34.4 million and $36.9 million, net of accumulated depreciation of $28.0 million and $25.5 million, respectively. The unrelated company (the “Lessor”) simultaneously leased back the Puna Power Plant to PGV under a 23-year lease (the “Project Lease”). PGV’s rent obligations under the Project Lease will be paid solely from revenues generated by the Puna Power Plant under a PPA that PGV has with Hawaii Electric Light Company (“HELCO”). The Head Lease and the Project Lease are non-recourse lease obligations to the Company. PGV’s rights in the geothermal resource and the related PPA have not been leased to the Lessor as part of the Head Lease but are part of the Lessor’s security package. | |||||
The Head Lease and the Project Lease are being accounted for separately. Each was classified as an operating lease in accordance with the accounting standards for leases. The Deferred Lease Income is amortized into revenue, using the straight-line method, over the 31-year term of the Head Lease. Deferred transaction costs amounting to $4.2 million are being amortized, using the straight-line method, over the 23-year term of the Project Lease. | |||||
Future minimum lease payments under the Project Lease, as of December 31, 2014, are as follows: | |||||
(Dollars in thousands) | |||||
Year ending December 31: | |||||
2015 | $ | 8,222 | |||
2016 | 8,374 | ||||
2017 | 8,747 | ||||
2018 | 8,944 | ||||
2019 | 6,018 | ||||
Thereafter | 6,913 | ||||
Total | $ | 47,218 | |||
Depository accounts | |||||
As required under the terms of the lease agreements, there are certain reserve funds that need to be managed by the indenture trustee in accordance with certain balance requirements. Such reserve funds amounted to $2.7 million and $4.3 million as of December 31, 2014 and 2013, respectively, and were included in restricted cash accounts in the consolidated balance sheets and were classified as current as they were used for current payments. | |||||
Distribution account | |||||
PGV maintains an account to deposit its remaining cash, after making all of the necessary payments and transfers as provided for in the lease agreements, in order to make distributions to the Company’s wholly owned subsidiary, Ormat Nevada. The distributions are allowed only if PGV maintains various restrictive covenants under the lease agreements, which include limitations on additional indebtedness. As of December 31, 2014 and 2013, the balance of such account was $0. |
Note_12_Tax_Monetization_Trans
Note 12 - Tax Monetization Transaction | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Of Investments In And Advances To Affiliates [Abstract] | |
Disclosure Of Investments In And Advances To Affiliates [Text Block] | NOTE 12 —TAX MONETIZATION TRANSACTIONS |
OPC TRANSACTION | |
In June 2007, the Company’s wholly owned subsidiary Ormat Nevada entered into agreements with affiliates of Morgan Stanley & Co. Incorporated and Lehman Brothers Inc. (Morgan Stanley Geothermal LLC and Lehman-OPC LLC), under which those investors purchased, for cash, interests in a newly formed subsidiary of Ormat Nevada, OPC LLC (“OPC”), entitling the investors to certain tax benefits (such as production tax credits (“PTCs”) and accelerated depreciation) and distributable cash associated with four geothermal power plants. | |
The first closing under the agreements occurred in 2007 and covered the Company’s Desert Peak 2, Steamboat Hills, and Galena 2 power plants. The investors paid $71.8 million at the first closing. The second closing under the agreements occurred in 2008 and covered the Galena 3 power plant. The investors paid $63.0 million at the second closing. | |
Ormat Nevada continues to operate and maintain the power plants. Under the agreements, Ormat Nevada initially received all of the distributable cash flow generated by the power plants, while the investors received substantially all of the production tax credits and taxable income or loss (together, the “Economic Benefits”). Once Ormat Nevada recovered the capital that it has invested in the power plants, which occurred in the fourth quarter of 2010, the investors receive both the distributable cash flow and the Economic Benefits. The investors’ return is limited by the term of the transaction. Once the investors reach a target after-tax yield on their investment in OPC (the “OPC Flip Date”), Ormat Nevada will receive 95% of both distributable cash and taxable income, on a going forward basis. Following the OPC Flip Date, Ormat Nevada also has the option to buy out the investors’ remaining interest in OPC at the then-current fair market value or, if greater, the investors’ capital account balances in OPC. Should Ormat Nevada exercise this purchase option, it would thereupon revert to being sole owner of the power plants. | |
The Class B membership units are provided with a 5% residual economic interest in OPC. The 5% residual interest commences on achievement by the investors of a contractually stipulated return that triggers the OPC Flip Date. The actual OPC Flip Date is not known with certainty and is determined by the operating results of OPC. This residual 5% interest represents a noncontrolling interest and is not subject to mandatory redemption or guaranteed payments. Cash is distributed each period in accordance with the cash allocation percentages stipulated in the agreements. Until the fourth quarter of 2010, Ormat Nevada was allocated the cash earnings in OPC and therefore, the amount allocated to the 5% residual interest represented the noncash loss of OPC which principally represented depreciation on the property, plant and equipment. As from the fourth quarter of 2010, the distributable cash is allocated to the Class B membership units. As a result of the acquisition by Ormat Nevada, on October 30, 2009, of all of the Class B membership units of OPC held by Lehman-OPC LLC (see below), the residual interest decreased to 3.5%. Such residual interest increased to 5% on February 3, 2011 when Ormat Nevada sold its Class B membership units to JPM Capital Corporation (“JPM”) (see below). | |
The Company’s voting rights in OPC are based on a capital structure that is comprised of Class A and Class B membership units. Through Ormat Nevada, the Company owns all of the Class A membership units, which represent 75% of the voting rights in OPC. The investors own all of the Class B membership units, which represent 25% of the voting rights in OPC. In the period from October 30, 2009 to February 3, 2011, the Company owned, through Ormat Nevada, all of the Class A membership units, which represented 75% of the voting rights in OPC, and 30% of the Class B membership units, which represented 7.5% of the voting rights of OPC. In total the Company had 82.5% of the voting rights in OPC as of December 31, 2010. In that period, the investors owned 70% of the Class B membership units, which represented 17.5% of the voting rights of OPC. Other than in respect of customary protective rights, all operational decisions in OPC are decided by the vote of a majority of the membership units. Following the OPC Flip Date, Ormat Nevada’s voting rights will increase to 95% and the investor’s voting rights will decrease to 5%. Ormat Nevada retains the controlling voting interest in OPC both before and after the OPC Flip Date and therefore consolidates OPC. | |
On October 30, 2009, Ormat Nevada acquired from Lehman-OPC LLC all of the Class B membership units of OPC held by Lehman-OPC pursuant to a right of first offer for a price of $18.5 million. A substantial portion of the initial sale of the Class B membership units by Ormat Nevada was accounted for as a financing transaction. As a result, the repurchase of these interests at a discount resulted in a pre-tax gain of $13.3 million in the year ended December 31, 2009. In addition, an amount of approximately $1.1 million has been reclassified from noncontrolling interest to additional paid-in capital representing the 1.5% residual interest of Lehman-OPC’s Class B membership units. | |
On February 3, 2011, Ormat Nevada sold to JPM all of the Class B membership units of OPC that it had acquired on October 30, 2010 for a sale price of $24.9 million in cash. The Company did not record any gain from the sale of its Class B membership interests in OPC to JPM. A substantial portion of the Class B membership units are accounted for as a financing transaction. As a result, the majority of these proceeds were recorded as a liability. In addition, $2.3 million has been reclassified from additional paid-in capital to noncontrolling interest representing the 1.5% residual interest of JPM’s Class B membership units. | |
ORTP TRANSACTION | |
In January 2013, Ormat Nevada entered into agreements with JP Morgan (“JPM”) under which JPM purchased interests in a newly formed subsidiary of Ormat Nevada, ORTP, LLC (“ORTP”), entitling JPM to certain tax benefits (such as PTCs and accelerated depreciation) associated with certain geothermal power plants in California and Nevada. | |
Under the terms of the transaction, Ormat Nevada transferred the Heber complex, the Mammoth complex, the Ormesa complex, and the Steamboat 2 and 3, Burdette (Galena 1) and Brady power plants to ORTP, and sold class B membership units in ORTP to JPM. In connection with the closing, JPM paid approximately $35.7 million to Ormat Nevada and will make additional payments to Ormat Nevada of 25% of the value of PTCs generated by the portfolio over time. The additional payments are expected to be made until December 31, 2016 up to maximum amount of $11.0 million. In January 2015 and 2014, the Company received $1.6 million and $2.2 million, respectively. | |
Ormat Nevada will continue to operate and maintain the power plants. Under the agreements, Ormat Nevada will initially receive all of the distributable cash flow generated by the power plants, while JPM will receive substantially all of PTCs and the taxable income or loss (together, the “Economic Benefits”). JPM’s return is limited by the terms of the transaction. Once JPM reaches a target after-tax yield on its investment in ORTP (the “ORTP Flip Date”), Ormat Nevada will receive 97.5% of the distributable cash and 95% of the taxable income, on a going forward basis. At any time during the twelve-month period after the end of the fiscal year in which the ORTP Flip Date occurs (but no earlier than the expiration of five years following the date that the last of the power plants was placed in service for purposes of federal income taxes), Ormat Nevada also has the option to buy out JPM’s remaining interest in ORTP at the then-current fair market value. If Ormat Nevada were to exercise this purchase option, it would become the sole owner of the power plants again. | |
The Class B membership units entitle the holder to 5.0% (allocation of income and loss) and 2.5% (allocation of cash) residual economic interest in ORTP. The 5.0% and 2.5% residual interest commences on achievement by JPM of a contractually stipulated return that triggers the ORTP Flip Date. The actual ORTP Flip Date is not known with certainty. This residual 5.0% and 2.5% interest represents a noncontrolling interest and is not subject to mandatory redemption or guaranteed payments. | |
The Company’s voting rights in ORTP are based on a capital structure that is comprised of Class A and Class B membership units. Through Ormat Nevada the Company owns all of the Class A membership units, which represent 75% of the voting rights in ORTP. JPM owns all of the Class B membership units, which represent 25% of the voting rights of ORTP. Other than in respect of customary protective rights, all operational decisions in ORTP are decided by the vote of a majority of the membership units. Ormat Nevada retains the controlling voting interest in ORTP both before and after the ORTP Flip Date and therefore will continue to consolidate ORTP. |
Note_13_Asset_Retirement_Oblig
Note 13 - Asset Retirement Obligation | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||
Asset Retirement Obligation Disclosure [Text Block] | NOTE 13 — ASSET RETIREMENT OBLIGATION | ||||||||
The following table presents a reconciliation of the beginning and ending aggregate carrying amount of asset retirement obligation for the years presented below: | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Balance at beginning of year | $ | 18,679 | $ | 19,289 | |||||
Revision in estimated cash flows | (1,395 | ) | (2,742 | ) | |||||
Liabilities incurred | 356 | 588 | |||||||
Accretion expense | 1,502 | 1,544 | |||||||
Balance at end of year | $ | 19,142 | $ | 18,679 | |||||
During the year ended December 31, 2014, the Company decreased the aggregate carrying amount of its asset retirement obligation by $1,395,000 due to changes in useful life and price estimates. | |||||||||
During the year ended December 31, 2013, the Company decreased the aggregate carrying amount of its asset retirement obligation by $2,742,000 due to changes in useful life and price estimates. |
Note_14_Stockbased_Compensatio
Note 14 - Stock-based Compensation | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 14 — STOCK-BASED COMPENSATION | |||||||||||||||||||||||||||
The Company makes an estimate of expected forfeitures and recognizes compensation costs only for those stock-based awards expected to vest. As of December 31, 2014, the total future compensation cost related to unvested stock-based awards that are expected to vest is $8,146,000, which amount will be recognized over a weighted average period of 1.4 years. | ||||||||||||||||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company recorded compensation related to stock-based awards as follows: | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||
Cost of revenues | $ | 3,076 | $ | 3,971 | $ | 4,225 | ||||||||||||||||||||||
Selling and marketing expenses | 261 | 494 | 542 | |||||||||||||||||||||||||
General and administrative expenses | 2,234 | 1,799 | 1,611 | |||||||||||||||||||||||||
Total stock-based compensation expense | 5,571 | 6,264 | 6,378 | |||||||||||||||||||||||||
Tax effect on stock-based compensation expense | 836 | 783 | 797 | |||||||||||||||||||||||||
Net effect of stock-based compensation expense | $ | 4,735 | $ | 5,481 | $ | 5,581 | ||||||||||||||||||||||
During the fourth quarters of 2014 and 2013, the Company evaluated the trends in the stock-based award forfeiture rate and determined that the actual rates are 5.6%. This represents a decrease of 0.8% from the estimate made in the third quarter of 2012. As a result of the increase in the estimated forfeiture rate, the stock based compensation expense decreased by an immaterial amount. | ||||||||||||||||||||||||||||
Valuation assumptions | ||||||||||||||||||||||||||||
The fair value of each grant of stock-based awards is estimated using the Black-Scholes valuation model and the assumptions noted in the following table. The Company’s expected term represents the period that the Company’s stock-based awards are expected to be outstanding. In the absence of enough historical information, the expected term was determined using the simplified method giving consideration to the contractual term and vesting schedule. The dividend yield forecast is expected to be 20% of the Company’s yearly net profit, which is equivalent to a 0.7% yearly weighted average dividend rate in the year ended December 31, 2014. The risk-free interest rate was based on the yield from U.S. constant treasury maturities bonds with an equivalent term. The forfeiture rate is based on trends in actual stock-based awards forfeitures. | ||||||||||||||||||||||||||||
The Company calculated the fair value of each stock-based award on the date of grant based on the following assumptions: | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
For stock options issued by the Company: | ||||||||||||||||||||||||||||
Risk-free interest rates | 1.7 | % | 0.8 | % | 1 | % | ||||||||||||||||||||||
Expected lives (in years) | 5.1 | 4.6 | 5 | |||||||||||||||||||||||||
Dividend yield | 0.9 | % | 0.71 | % | 0.81 | % | ||||||||||||||||||||||
Expected volatility | 35.1 | % | 37.8 | % | 47.2 | % | ||||||||||||||||||||||
Forfeiture rate | 0 | % | 5.6 | % | 6.4 | % | ||||||||||||||||||||||
Stock-based awards | ||||||||||||||||||||||||||||
The 2004 Incentive Compensation Plan | ||||||||||||||||||||||||||||
In 2004, the Company’s Board of Directors adopted the 2004 Incentive Compensation Plan (“2004 Incentive Plan”), which provides for the grant of the following types of awards: incentive stock options, non-qualified stock options, restricted stock, stock appreciation rights (“SARs”), stock units, performance awards, phantom stock, incentive bonuses, and other possible related dividend equivalents to employees of the Company, directors and independent contractors. Under the 2004 Incentive Plan, a total of 3,750,000 shares of the Company’s common stock have been reserved for issuance, all of which could be issued as options or as other forms of awards. Options and SARs granted to employees under the 2004 Incentive Plan cliff vest and are exercisable from the grant date as follows: 25% after 24 months, 25% after 36 months, and the remaining 50% after 48 months. Options granted to non-employee directors under the 2004 Incentive Plan cliff vest and are exercisable one year after the grant date. Vested shares may be exercised for up to ten years from the date of grant. The shares of common stock will be issued upon exercise of options or SARs from the Company’s authorized share capital. The 2004 Incentive Plan expired in May 2012 upon adoption of the 2012 Incentive Plan, except as to share based awards outstanding on that date. | ||||||||||||||||||||||||||||
The 2012 Incentive Compensation Plan | ||||||||||||||||||||||||||||
In May 2012, the Company’s shareholders adopted the 2012 Incentive Compensation Plan (“2012 Incentive Plan”), which provides for the grant of the following types of awards: incentive stock options, non-qualified stock options, restricted stock, SARs, stock units, performance awards, phantom stock, incentive bonuses, and other possible related dividend equivalents to employees of the Company, directors and independent contractors. Under the 2012 Incentive Plan, a total of 4,000,000 shares of the Company’s common stock have been reserved for issuance, all of which could be issued as options or as other forms of awards. Options and SARs granted to employees under the 2012 Incentive Plan will vest and become exercisable as follows: 25% vest 24 months after the grant date, an additional 25% vest 36 months after the grant date, and the remaining 50% vest 48 months after the grant date. Options granted to non-employee directors under the 2012 Incentive Plan will vest and become exercisable one year after the grant date. Vested stock-based awards may be exercised for up to ten years from the date of grant. The shares of common stock will be issued upon exercise of options or SARs from the Company’s authorized share capital. | ||||||||||||||||||||||||||||
The 2012 Incentive Plan empowers our Board of Directors, in its discretion, to amend the 2012 Incentive Plan in certain respects. Consistent with its authority to amend the Incentive Plan, in February 2014 the Board adopted and approved certain amendments to the Incentive Plan. The key amendments are as follows: | ||||||||||||||||||||||||||||
Increase of per grant limit: Section 15(a) of the 2012 Incentive Plan was amended to allow the grant of up to 400,000 shares of our common stock with respect to the initial grant of an equity award to newly hired executive officers in any calendar year. This amendment was adopted by our stockholders on May 31, 2014; and | ||||||||||||||||||||||||||||
Acceleration of vesting: Section 15(l) of the 2012 Incentive Plan was amended to clarify our ability to provide in the applicable award agreement that part and/or all of the award will be accelerated upon the occurrence of certain pre-determined events and/or conditions, such as a "change in control" (as defined in the 2012 Incentive Plan, as amended). | ||||||||||||||||||||||||||||
On February 11, 2014, the Company granted its Chief Financial Officer options to purchase 32,500 shares of common stock under the 2012 Incentive Plan. The exercise price of each option is $24.57, which represented the fair market value of the Company’s common stock on the grant date. Such options will expire five years from the date of grant and will vest in equal annual installments over a period of three years from the grant date, subject to acceleration upon a change of control. | ||||||||||||||||||||||||||||
The fair value of each stock option on the grant date was $5.78. The Company calculated the fair value of each stock option on the date of grant using the Black-Scholes valuation model based on the following assumptions: | ||||||||||||||||||||||||||||
Risk-free interest rates | 0.81 | % | ||||||||||||||||||||||||||
Expected life (in years) | 3.375 | |||||||||||||||||||||||||||
Dividend yield | 0.8 | % | ||||||||||||||||||||||||||
Expected volatility | 33.5 | % | ||||||||||||||||||||||||||
Forfeiture rate | 0 | % | ||||||||||||||||||||||||||
On April 2, 2014, the Company granted its newly appointed Chief Executive Officer options to purchase up to an aggregate of 400,000 shares of common stock under the 2012 Incentive Plan. The exercise price of each option is $29.52 per share, which represented the fair market value of the Company’s common stock on the date of the grant. Options to purchase 300,000 shares of common stock will expire six years following the date of grant and will vest in equal annual installments over four years from the grant date, subject to acceleration in the event of a change of control. The remaining options to purchase 100,000 shares of common stock will vest on March 31, 2021, subject to acceleration associated with a change of control, and will expire seven and a half years from the date of grant. | ||||||||||||||||||||||||||||
The fair value of each option on the grant date was $12.88 for grant of options to purchase 300,000 shares of common stock, and $8.33 for the grant of options to purchase 100,000 shares of common stock. The Company calculated the fair value of each stock option on the date of grant using the Black-Scholes valuation model based on the following assumptions: | ||||||||||||||||||||||||||||
Grant of options to purchase 100,000 shares of common stock | Grant of options to purchase 300,000 shares of common stock | |||||||||||||||||||||||||||
Risk-free interest rates | 2.36 | % | 1.64 | % | ||||||||||||||||||||||||
Expected life (in years) | 7.25 | 4.75 | ||||||||||||||||||||||||||
Dividend yield | 0.9 | % | 0.9 | % | ||||||||||||||||||||||||
Expected volatility | 42.8 | % | 33.1 | % | ||||||||||||||||||||||||
Forfeiture rate | 0 | % | 0 | % | ||||||||||||||||||||||||
On November 5, 2014, the Company granted its board members options to purchase 52,500 shares of common stock under the 2012 Incentive Plan. The exercise price of each option is $28.23, which represented the fair market value of the Company’s common stock on the grant date. Such options will expire seven years from the date of grant and will vest in 100% one year from the grant date. | ||||||||||||||||||||||||||||
The fair value of each stock option on the grant date was $7.01. The Company calculated the fair value of each stock option on the date of grant using the Black-Scholes valuation model based on the following assumptions: | ||||||||||||||||||||||||||||
Risk-free interest rates | 1.3 | % | ||||||||||||||||||||||||||
Expected life (in years) | 4 | |||||||||||||||||||||||||||
Dividend yield | 0.7 | % | ||||||||||||||||||||||||||
Expected volatility | 32.4 | % | ||||||||||||||||||||||||||
Forfeiture rate | 0 | % | ||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||||||||||||||
Outstanding at beginning of year | 4,710 | $ | 28.23 | 3,563 | $ | 30.09 | 2,934 | $ | 32.4 | |||||||||||||||||||
Granted, at fair value: | ||||||||||||||||||||||||||||
Stock Options | 485 | 29.05 | 45 | 26.7 | 75 | 19.01 | ||||||||||||||||||||||
SARs* | — | — | 1,270 | 23.08 | 602 | 20.13 | ||||||||||||||||||||||
Exercised | (243 | ) | 24.1 | (39 | ) | 16.89 | — | — | ||||||||||||||||||||
Forfeited | (116 | ) | 23.2 | (114 | ) | 30.04 | (48 | ) | 28.92 | |||||||||||||||||||
Expired | (359 | ) | 42.7 | (15.00 | ) | 37.9 | — | — | ||||||||||||||||||||
Outstanding at end of year | 4,477 | 27.48 | 4,710 | 28.23 | 3,563 | 30.09 | ||||||||||||||||||||||
Options and SARs exercisable at end of year | 2,106 | 31.25 | 2,123 | 33.82 | 1,592 | 36.61 | ||||||||||||||||||||||
Weighted-average fair value of options and SARs granted during the year | $ | 9 | $ | 6.66 | $ | 7.25 | ||||||||||||||||||||||
__________ | ||||||||||||||||||||||||||||
* | Upon exercise, SARs entitle the recipient to receive shares of common stock equal to the increase in value of the award between the grant date and the exercise date. | |||||||||||||||||||||||||||
As of December 31, 2014, 2,124,900 shares of the Company’s common stock are available for future grants under the 2012 Incentive Plan. No shares of the Company’s common stock are available for future grants under the 2004 Incentive Plan as of such date. | ||||||||||||||||||||||||||||
The following table summarizes information about stock-based awards outstanding at December 31, 2014 (shares in thousands): | ||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||
Exercise Price | Number of Shares | Weighted Average | Aggregate | Number of Shares | Weighted Average | Aggregate | ||||||||||||||||||||||
Outstanding | Remaining Contractual | Intrinsic Value | Exercisable | Remaining Contractual | Intrinsic Value | |||||||||||||||||||||||
Life in Years | Life in Years | |||||||||||||||||||||||||||
$ | 15 | - | $ | - | - | - | $ | - | ||||||||||||||||||||
18.56 | 45 | 4.8 | 388 | 45 | 4.8 | 389 | ||||||||||||||||||||||
19.1 | 8 | 3.8 | 61 | 8 | 3.8 | 182 | ||||||||||||||||||||||
19.69 | 26 | 4.6 | 197 | 26 | 4.6 | 197 | ||||||||||||||||||||||
20.13 | 509 | 4.3 | 3,585 | 99 | 4.3 | - | ||||||||||||||||||||||
20.54 | 100 | 4.3 | 664 | 25 | 4.3 | - | ||||||||||||||||||||||
23.34 | 1,129 | 4.4 | 4,343 | - | - | - | ||||||||||||||||||||||
24.57 | 33 | 4.1 | 85 | - | - | |||||||||||||||||||||||
25.65 | 493 | 3.3 | 754 | 220 | 3.3 | 225 | ||||||||||||||||||||||
25.74 | 8 | 0.8 | 11 | 8 | 0.8 | 33 | ||||||||||||||||||||||
26.7 | 45 | 5.8 | 22 | 45 | 5.8 | - | ||||||||||||||||||||||
26.84 | 418 | 1.2 | 142 | 418 | 1.2 | 196 | ||||||||||||||||||||||
28.19 | 30 | 2.8 | - | 30 | 2.8 | - | ||||||||||||||||||||||
28.23 | 53 | 6.8 | - | - | - | |||||||||||||||||||||||
29.21 | 8 | 2.3 | - | 8 | 2.3 | - | ||||||||||||||||||||||
29.52 | 400 | 5.6 | - | - | - | |||||||||||||||||||||||
29.95 | 538 | 2.3 | - | 538 | 2.3 | - | ||||||||||||||||||||||
34.13 | 222 | 1.3 | - | 222 | 1.3 | - | ||||||||||||||||||||||
38.5 | 23 | 1.8 | - | 23 | 1.8 | - | ||||||||||||||||||||||
45.78 | 390 | 0.3 | - | 390 | 0.3 | - | ||||||||||||||||||||||
4,477 | 3.3 | 10,252 | 2,106 | 2.1 | 1,222 | |||||||||||||||||||||||
The following table summarizes information about stock-based awards outstanding at December 31, 2013 (shares in thousands): | ||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||
Exercise Price | Number of Shares | Weighted Average | Aggregate | Number of Shares Exercisable | Weighted Average | Aggregate | ||||||||||||||||||||||
Outstanding | Remaining Contractual | Intrinsic Value | Remaining Contractual | Intrinsic Value | ||||||||||||||||||||||||
Life in Years | Life in Years | |||||||||||||||||||||||||||
$ | 15 | 21 | 0.8 | $ | 258 | 21 | 0.8 | $ | 258 | |||||||||||||||||||
18.56 | 45 | 5.8 | 389 | 45 | 5.8 | 389 | ||||||||||||||||||||||
19.1 | 23 | 4.8 | 182 | 23 | 4.8 | 182 | ||||||||||||||||||||||
19.69 | 26 | 5.6 | 197 | 26 | 5.6 | 197 | ||||||||||||||||||||||
20.13 | 578 | 5.3 | 4,089 | - | - | - | ||||||||||||||||||||||
20.54 | 120 | 5.3 | 800 | - | - | - | ||||||||||||||||||||||
23.34 | 1,138 | 5.4 | 4,404 | - | - | - | ||||||||||||||||||||||
25.65 | 578 | 4.3 | 901 | 144 | 4.3 | 225 | ||||||||||||||||||||||
25.74 | 23 | 1.8 | 33 | 23 | - | 33 | ||||||||||||||||||||||
26.7 | 45 | 6.8 | 23 | - | - | - | ||||||||||||||||||||||
26.84 | 529 | 2.2 | 196 | 529 | 2.2 | 196 | ||||||||||||||||||||||
28.19 | 30 | 3.8 | - | 30 | 3.8 | - | ||||||||||||||||||||||
29.21 | 8 | 3.3 | - | 8 | 3.3 | - | ||||||||||||||||||||||
29.95 | 547 | 3.3 | - | 273 | 3.3 | - | ||||||||||||||||||||||
34.13 | 222 | 2.3 | - | 222 | 2.3 | - | ||||||||||||||||||||||
38.5 | 23 | 2.8 | - | 23 | 2.8 | - | ||||||||||||||||||||||
38.85 | 8 | 0.2 | - | 8 | 0.2 | - | ||||||||||||||||||||||
42.08 | 329 | 0.3 | - | 329 | 0.3 | - | ||||||||||||||||||||||
45.78 | 397 | 1.3 | - | 397 | - | - | ||||||||||||||||||||||
52.98 | 23 | 0.8 | - | 23 | 0.8 | - | ||||||||||||||||||||||
4,710 | 3.7 | 11,472 | 2,123 | 2.1 | 1,480 | |||||||||||||||||||||||
The aggregate intrinsic value in the above tables represents the total pretax intrinsic value, based on the Company’s stock price of $27.18 and $27.21 as of December 31, 2014 and 2013, respectively, which would have potentially been received by the stock-based award holders had all stock-based award holders exercised their stock-based award as of those dates. The total number of in-the-money stock-based awards exercisable as of December 31, 2014 and 2013 was 895,354 and 811,269, respectively. | ||||||||||||||||||||||||||||
The total pretax intrinsic value of options exercised during the year ended December 31, 2014 and 2013 was $2,036,000 and $140,000, respectively, based on the average stock price of $27.49 and 23.57 during the years ended December 31, 2014 and 2013, respectively. No options were exercised during the year ended December 31, 2012. |
Note_15_Power_Purchase_Agreeme
Note 15 - Power Purchase Agreements | 12 Months Ended |
Dec. 31, 2014 | |
Leases [Abstract] | |
Leases of Lessor Disclosure [Text Block] | NOTE 15 — POWER PURCHASE AGREEMENTS |
Substantially all of the Company’s electricity revenues are recognized pursuant to PPAs in the U.S. and in various foreign countries, including Kenya and Guatemala. These PPAs generally provide for the payment of energy payments or both energy and capacity payments through their respective terms which expire in varying periods from 2015 to 2034. Generally, capacity payments are calculated based on the amount of time that the power plants are available to generate electricity. The energy payments are calculated based on the amount of electrical energy delivered at a designated delivery point. The price terms are customary in the industry and include, among others, a fixed price, short-run avoided cost (“SRAC”) (the incremental cost that the power purchaser avoids by not having to generate such electrical energy itself or purchase it from others), and a fixed price with an escalation clause that includes the value for environmental attributes, known as renewable energy credits. Certain of the PPAs provide for bonus payments in the event that the Company is able to exceed certain target levels and potential payments by the Company if it fails to meet minimum target levels. One PPA gives the power purchaser or its designee the right of first refusal to acquire the geothermal power plants at fair market value. Upon satisfaction of certain conditions specified in this PPA, and subject to receipt of requisite approvals and negotiations between the parties, the Company has the right to demand that the power purchaser acquire the power plant at fair market value. The Company’s subsidiaries in Guatemala sell power at an agreed upon price subject to terms of a “take or pay” PPA. | |
Pursuant to the terms of certain of the PPAs, the Company may be required to make payments to the relevant power purchaser under certain conditions, such as shortfall on delivery of renewable energy and energy credits, and not meeting certain performance threshold requirements, as defined in the relevant PPA. The amount of payment required is dependent upon the level of shortfall on delivery or performance requirements and is recorded in the period the shortfall occurs. In addition, if the Company does not meet certain minimum performance requirements, the capacity of the power plant may be permanently reduced. | |
As discussed in Note 1, the Company assessed all PPAs agreed to, modified or acquired in business combinations on or after July 1, 2003, and evaluated whether such PPAs contained a lease element requiring lease accounting. Future lease revenues under PPAs which contain a lease element as of December 31, 2014 including the PPAs that provide for minimum production or performance guarantees are accounted for as contingent lease revenues as they are production-based payments and contingent on generation levels that are impacted by climatic variables that are inherently uncertain including geological conditions and ambient temperature. | |
The PPAs considered to be leases were also assessed for inclusion of embedded derivatives, which required that they be separately accounted for at fair value. However, none of such PPAs were determined to include embedded derivatives. |
Note_16_Discontinued_Operation
Note 16 - Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 16 — DISCONTINUED OPERATIONS | ||||||||||||
On May 30, 2013, the Company’s wholly owned subsidiary, Ormat Holding Corp., sold the Momotombo Power Company (“OMPC”), which operates the Momotombo power plant located in Nicaragua, to a third party for $7,751,000 approximately one year before the scheduled termination of the concession arrangement with the Nicaraguan owner. The Company recorded an after-tax gain on sale of approximately $3.6 million in the year ended December 31, 2013. | |||||||||||||
In conjunction with the sale, the Company’s wholly owned subsidiary and the buyer signed a technical support agreement, whereby the subsidiary will provide technical consulting services, which can be terminated by either party with 60 days advance notice. The Company is of the opinion that the expected continuing cash flows from this agreement are insignificant and that there is no significant continuing involvement by the Company, including its subsidiaries, in the operations of the MPC after the sale. Therefore, the related income from operations prior to the date of the sale and the gain on the sale of the MPC have been included as discontinued operations in the consolidated statements of operations and comprehensive income (loss) for all comparative periods presented. | |||||||||||||
The summarized financial information related to the discontinued operations is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Revenues - electricity | $ | — | $ | 4,866 | $ | 12,635 | |||||||
Cost of revenues - electricity | — | 2,869 | 7,219 | ||||||||||
Gross margin | — | 1,997 | 5,416 | ||||||||||
Operating expenses: | |||||||||||||
Selling and marketing expenses | — | 192 | 404 | ||||||||||
General and administrative expenses | — | 140 | 201 | ||||||||||
Operating income | — | 1,665 | 4,811 | ||||||||||
Income from discontinued operations before income taxes | — | 5,311 | 4,811 | ||||||||||
Income tax provision | — | (614 | ) | (1,264 | ) | ||||||||
Income from discontinued operations, net of taxes | $ | — | $ | 4,697 | $ | 3,547 | |||||||
The net assets of the MPC as of May 30, 2013 were as follows: | |||||||||||||
(Dollars in thousands) | |||||||||||||
Cash and cash equivalents | $ | 52 | |||||||||||
Accounts receivable | 2,274 | ||||||||||||
Prepaid expenses and other | 167 | ||||||||||||
Property, plant and equipment | 3,935 | ||||||||||||
Accounts payable and accrued expenses | (493 | ) | |||||||||||
Deferred income taxes | (442 | ) | |||||||||||
Accrued severance pay | (313 | ) | |||||||||||
Other liabilities | (590 | ) | |||||||||||
Net assets | $ | 4,590 | |||||||||||
Note_17_Interest_Expense_Net
Note 17 - Interest Expense, Net | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Interest Expense Disclosure [Abstract] | |||||||||||||
Interest Expense Disclosure [Text Block] | NOTE 17 — INTEREST EXPENSE, NET | ||||||||||||
The components of interest expense are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Interest related to sale of tax benefits | $ | 12,413 | $ | 13,753 | $ | 6,827 | |||||||
Interest expense | 75,447 | 67,621 | 69,206 | ||||||||||
Less — amount capitalized | (3,206 | ) | (7,598 | ) | (11,964 | ) | |||||||
$ | 84,654 | $ | 73,776 | $ | 64,069 | ||||||||
Note_18_Income_Taxes
Note 18 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | NOTE 18 — INCOME TAXES | ||||||||||||
U.S. and foreign components of income (loss) from continuing operations, before income taxes and equity in income (losses) of investees consisted of: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
U.S | $ | (2,623 | ) | $ | 1,520 | $ | (283,242 | ) | |||||
Non-U.S. (foreign) | 88,459 | 49,616 | 71,437 | ||||||||||
$ | 85,836 | $ | 51,136 | $ | (211,805 | ) | |||||||
The components of the provision (benefit) for income taxes, net are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current: | |||||||||||||
State | $ | 490 | $ | 208 | $ | (768 | ) | ||||||
Foreign | 13,983 | 2,886 | 7,331 | ||||||||||
$ | 14,473 | $ | 3,094 | $ | 6,563 | ||||||||
Deferred: | |||||||||||||
Federal | — | — | (17,312 | ) | |||||||||
State | — | — | (44 | ) | |||||||||
Foreign | 13,135 | 10,458 | 12,620 | ||||||||||
13,135 | 10,458 | (4,736 | ) | ||||||||||
$ | 27,608 | $ | 13,552 | $ | 1,827 | ||||||||
The significant components of the deferred income tax expense (benefit) are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax expense (exclusive of the effect of other components listed below) | $ | (8,993 | ) | $ | (71,052 | ) | $ | 23,802 | |||||
Write-off of power plants | — | — | (90,720 | ) | |||||||||
Usage (benefit) of operating loss carryforwards - US | 7,764 | 11,672 | 26,907 | ||||||||||
Change in valuation allowance | 3,526 | (1,787 | ) | 16,877 | |||||||||
Change in foreign income tax | 13,135 | 10,458 | 8,257 | ||||||||||
Change in lease transaction | 2,136 | 974 | 1,170 | ||||||||||
Change in tax monetization transaction | 5,184 | 46,051 | 5,353 | ||||||||||
Change in intangible drilling costs | (9,706 | ) | 15,091 | 14,133 | |||||||||
Benefit of production tax credits and alternative minimum tax credit | 89 | (949 | ) | (10,515 | ) | ||||||||
$ | 13,135 | $ | 10,458 | $ | (4,736 | ) | |||||||
Reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
Valuation allowance | (1.7 | ) | (3.5 | ) | (8.0 | ) | |||||||
Tax monetization | 2.5 | - | - | ||||||||||
State income tax, net of federal benefit | (0.7 | ) | (0.2 | ) | 4.1 | ||||||||
Effect of foreign income tax, net | (4.9 | ) | (7.9 | ) | 2.4 | ||||||||
Production tax credits | 0.9 | (1.9 | ) | 5 | |||||||||
Dividends from foreign subsidiaries | - | - | (39.3 | ) | |||||||||
Subpart F income | 1.4 | 4.7 | - | ||||||||||
Depletion | (1.1 | ) | - | 0.3 | |||||||||
Other, net | 0.8 | 0.3 | (0.4 | ) | |||||||||
Effective tax rate | 32.2 | % | 26.5 | % | 0.9 | % | |||||||
The net deferred tax assets and liabilities consist of the following: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax assets (liabilities): | |||||||||||||
Net foreign deferred taxes, primarily depreciation | $ | (66,943 | ) | $ | (53,621 | ) | |||||||
Depreciation | 86,705 | 96,137 | |||||||||||
Intangible drilling costs | (91,678 | ) | (81,972 | ) | |||||||||
Net capital loss carryforward - U.S. | 100,139 | 92,375 | |||||||||||
Tax monetization transaction | (67,337 | ) | (72,521 | ) | |||||||||
Lease transaction | 4,573 | 2,437 | |||||||||||
Investment tax credits | 672 | 672 | |||||||||||
Production tax credits | 71,402 | 71,313 | |||||||||||
Stock options amortization | 4,467 | 3,464 | |||||||||||
Accrued liabilities and other | 2,337 | 2,901 | |||||||||||
44,337 | 61,185 | ||||||||||||
Less - valuation allowance | (111,280 | ) | (114,806 | ) | |||||||||
Total | $ | (66,943 | ) | $ | (53,621 | ) | |||||||
The following table presents a reconciliation of the beginning and ending valuation allowance: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Balance at beginning of the year | $ | 114,806 | $ | 113,596 | $ | 61,500 | |||||||
Additions to deferred income tax expense | (3,526 | ) | 1,210 | 52,096 | |||||||||
Balance at end of the year | $ | 111,280 | $ | 114,806 | $ | 113,596 | |||||||
At December 31, 2014, the Company had U.S. federal net operating loss (“NOL”) carryforwards of approximately $251.4 million and state NOL carryforwards of approximately $216.5 million, net of valuation allowance of $111.3 million, available to reduce future taxable income, which expire between 2021 and 2034 for federal NOLs and between 2013 and 2034 for state NOLs. The investment tax credits (“ITCs”) in the amount of $0.7 million at December 31, 2014 are available for a 20-year period and expire between 2022 and 2024. The PTCs in the amount of $71.4 million at December 31, 2014 are available for a 20-year period and expire between 2026 and 2034. | |||||||||||||
Realization of the deferred tax assets and tax credits is dependent on generating sufficient taxable income in appropriate jurisdictions prior to expiration of the NOL carryforwards and tax credits. The most significant factor considered with respect to the ability of the Company to realize these deferred tax assets is the Company’s U.S. cumulative results over the past three years. The Company viewed this factor as a significant piece of negative evidence that made it difficult to support a conclusion that expected taxable income from future operations justifies recognition of deferred tax assets. Based on the results, a valuation allowance in the amount of $111.3 million and $114.8 million was recorded against the U.S. deferred tax assets as of December 31, 2014 and 2013, respectively as, at this point in time, it is more likely than not that the deferred tax assets will not be realized. | |||||||||||||
Subsequent to the balance sheet date, and as more fully described in Note 24, the Company entered into a significant non-routine transaction for the partial sale of certain assets which is expected to result in a taxable gain in the U.S., for which the Company expects to utilize a portion of its NOL carryforwards and tax credits. In 2015 or in future years , if sufficient additional evidence of the Company’s ability to generate taxable income is established in the future, the Company may be required to reduce or fully release the valuation allowance, resulting in income tax benefits in its consolidated statement of operations. | |||||||||||||
The following table presents the deferred taxes on the balance sheets as of the dates indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current deferred tax assets | $ | 251 | $ | 523 | $ | 637 | |||||||
Current deferred tax liabilities | (975 | ) | — | (20,392 | ) | ||||||||
Non-current deferred tax assets | — | 891 | 21,283 | ||||||||||
Non-current deferred tax liabilities | (66,219 | ) | (55,035 | ) | (45,059 | ) | |||||||
$ | (66,943 | ) | $ | (53,621 | ) | $ | (43,531 | ) | |||||
The total amount of undistributed earnings of foreign subsidiaries for income tax purposes was approximately $75.9 million at December 31, 2014. It is the Company’s intention to reinvest undistributed earnings of its foreign subsidiaries and thereby indefinitely postpone their remittance. Accordingly, no provision has been made for foreign withholding taxes or U.S. income taxes which may become payable if undistributed earnings of foreign subsidiaries were paid as dividends to the Company. The additional taxes on that portion of undistributed earnings which is available for dividends are not practicably determinable. | |||||||||||||
The distribution of $250.0 million in the form of a cash and loan from Ormat Holding Corporation and Ormat Systems, respectively, in 2012 to the Company did not represent a change in the Company’s indefinite reinvestment position. The Company has not recognized deferred tax liabilities for outside basis differences (including undistributed earnings) relating to its foreign subsidiaries because such amounts have been indefinitely reinvested. | |||||||||||||
The Company believes that based on our plans to increase the operations outside of the U.S., the cash generated from our operations outside of the U.S. will be reinvested outside of the U.S. In addition, our U.S. sources of cash and liquidity are sufficient to meet our needs in the U.S. and, accordingly, we do not currently plan to repatriate the funds we have designated as being permanently invested outside the U.S. If we change our plans, we may be required to accrue and pay U.S. taxes to repatriate these funds. | |||||||||||||
Uncertain tax positions | |||||||||||||
We are subject to income taxes in the U.S. (federal and state) and numerous foreign jurisdictions. Significant judgment is required in evaluating our tax positions and determining our provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. We establish reserves for tax-related uncertainties based on estimates of whether, and the extent to which additional taxes will be due. These reserves are established when we believe that certain positions might be challenged despite our belief that our tax return positions are fully supportable. We adjust these reserves in light of changing facts and circumstances, such as the outcome of tax audits. The provision for income taxes includes the impact of reserve positions and changes to reserves that are considered probable. | |||||||||||||
At December 31, 2014 and 2013, there are $7.5 million and $5.0 million of unrecognized tax benefits that if recognized would affect the annual effective tax rate. Interest and penalties assessed by taxing authorities on an underpayment of income taxes are included as a component of income tax provision in the consolidated statements of operations and comprehensive income. | |||||||||||||
A reconciliation of our unrecognized tax benefits is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Balance at beginning of year | $ | 4,950 | $ | 7,281 | $ | 5,875 | |||||||
Additions based on tax positions taken in prior years | 230 | 200 | 1,381 | ||||||||||
Additions based on tax positions taken in the current year | 2,980 | 1,146 | 25 | ||||||||||
Reduction based on tax positions taken in prior years | (649 | ) | (3,677 | ) | — | ||||||||
Balance at end of year | $ | 7,511 | $ | 4,950 | $ | 7,281 | |||||||
The Company and its U.S. subsidiaries file consolidated income tax returns for federal and state purposes. As of December 31, 2014, the Company has not been subject to U.S. federal or state income tax examinations. The Company remains open to examination by the Internal Revenue Service for the years 2000-2014 and by local state jurisdictions for the years 2002-2014. These examinations may lead to ordinary course adjustments or proposed adjustments to our taxes or our net operating losses with respect to years under examination as well as subsequent periods. | |||||||||||||
The reduction of $0.6 million and $3.7 million in 2014 and 2013, respectively, was due to the statute of limitation expiration on certain tax position. | |||||||||||||
The Company’s foreign subsidiaries remain open to examination by the local income tax authorities in the following countries for the years indicated: | |||||||||||||
Israel | 2009 — 2014 | ||||||||||||
Kenya | 2000 — 2014 | ||||||||||||
Guatemala | 2008 — 2014 | ||||||||||||
Philippines | 2008 —2014 | ||||||||||||
New Zealand | 2009 —2014 | ||||||||||||
Management believes that the liability for unrecognized tax benefits is adequate for all open tax years based on its assessment of many factors, including among others, past experience and interpretations of local income tax regulations. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. As a result, it is possible that federal, state and foreign tax examinations will result in assessments in future periods. To the extent any such assessments occur, the Company will adjust its liability for unrecognized tax benefits. | |||||||||||||
Tax benefits in the U.S. | |||||||||||||
The U.S. government encourages production of electricity from geothermal resources through certain tax subsidies under the ARRA. The Company is permitted to claim 30% of the eligible cost of each new geothermal power plant in the United States, which is placed in service before January 1, 2014 as an ITC against its federal income taxes. After this date, the ITC is reduced to 10%. Alternatively, the Company is permitted to claim a PTC, which in 2014 was 2.3 cents per kWh and which may be adjusted annually for inflation. The PTC may be claimed for ten years on the electricity output of new geothermal power plants put into service by December 31, 2013. The owner of the power plant must choose between the PTC and the 30% ITC described above. In either case, under current tax rules, any unused tax credit has a 1-year carry back and a 20-year carry forward. Whether the Company claims the PTC or the ITC, it is also permitted to depreciate most of the plant for tax purposes over five years on an accelerated basis, meaning that more of the cost may be deducted in the first few years than during the remainder of the depreciation period. If the Company claims the ITC, the Company’s “tax base” in the plant that it can recover through depreciation must be reduced by half of the ITC. If the Company claims the PTC, there is no reduction in the tax basis for depreciation. Companies that place qualifying renewable energy facilities in service, during 2009, 2010 or 2011, or that begin construction of qualifying renewable energy facilities during 2009, 2010 or 2011 and place them in service by December 31, 2013, may choose to apply for a cash grant from the U.S. Department of the Treasury (“U.S. Treasury”) in an amount equal to the ITC. Likewise, the tax base for depreciation will be reduced by 50% of the cash grant received. Under the ARRA, the U.S. Treasury is instructed to pay the cash grant within 60 governmental business days of the application or the date on which the qualifying facility is placed in service. | |||||||||||||
On June 7, 2007, April 17, 2008 and January 24, 2013, a wholly-owned subsidiary, Ormat Nevada, concluded transactions to monetize PTCs and other favorable tax attributes (see Note 12). | |||||||||||||
Income taxes related to foreign operations | |||||||||||||
Guatemala — The enacted tax rate is 28%. Orzunil, a wholly owned subsidiary, was granted a benefit under a law which promotes development of renewable power sources. The law allows Orzunil to reduce the investment made in its geothermal power plant from income tax payable, which reduces the effective tax rate to zero. Ortitlan, another wholly owned subsidiary, was granted a tax exemption for a period of ten years ending August 2017. The effect of the tax exemption in the years ended December 31, 2014, 2013, and 2012 is $3.6 million, $1.9 million, and $4.4 million, respectively ($0.08, $0.04, and $0.10 per share of common stock, respectively). | |||||||||||||
Israel — The Company’s operations in Israel through its wholly owned Israeli subsidiary, Ormat Systems Ltd. (“Ormat Systems”), are taxed at the regular corporate tax rate of 24% in 2011, 25% in 2012 and 2013, and 26.5% in 2014 and thereafter Ormat Systems received “Benefited Enterprise” status under Israel’s Law for Encouragement of Capital Investments, 1959 (the “Investment Law”), with respect to two of its investment programs. As a Benefited Enterprise, Ormat Systems was exempt from Israeli income taxes with respect to income derived from the first benefited investment for a period of two years that started in 2004, and thereafter such income was subject to reduced Israeli income tax rates which will not exceed 25% for an additional five years until 2010. Ormat Systems was also exempt from Israeli income taxes with respect to income derived from the second benefited investment for a period of two years that started in 2007, and thereafter such income is subject to reduced Israeli income tax rates which will not exceed 25% for an additional five years until 2013 (see also below). These benefits are subject to certain conditions, including among other things, that all transactions between Ormat Systems and its affiliates are at arm’s length, and that the management and control of Ormat Systems will be from Israel during the whole period of the tax benefits. A change in control should be reported to the Israel Tax Authority in order to maintain the tax benefits. In January 2011, new legislation amending the Investment Law was enacted. Under the new legislation, a uniform rate of corporate tax would apply to all qualified income of certain industrial companies, as opposed to the current law’s incentives that are limited to income from a “Benefited Enterprise” during their benefits period. According to the amendment, the uniform tax rate applicable to the zone where the production facilities of Ormat Systems are located would be 15% in 2011 and 2012, 12.5% in 2013,, and 16% in 2014 and thereafter. Under the transitory provisions of the new legislation, Ormat Systems had the option either to irrevocably comply with the new law while waiving benefits provided under the previous law or to continue to comply with the previous law during a transition period with the option to move from the previous law to the new law at any stage. Ormat Systems decided to irrevocably comply with the new law starting in 2011. | |||||||||||||
In November 2012, new legislation amending the Investment Law was enacted. Under the new legislation, companies that have retained earnings as of December 31, 2011 from Benefited Enterprises may elect by November 11, 2013 to pay a reduced corporate tax rate as set forth in the new legislation on such income and distribute a dividend from such income without being required to pay additional corporate tax with respect to such income. Ormat Systems decided not to make such election. | |||||||||||||
Other significant foreign countries — The Company’s operations in Kenya are taxed at the rate of 37.5%. The Company’s operations in New Zealand are taxed at the rate of 28% in 2014, 2013 and 2012. | |||||||||||||
We believe that based on our plans to increase the operations outside of the U.S., the cash generated from our operations outside of the U.S. will be reinvested outside of the U.S. In addition, our U.S. sources of cash and liquidity are sufficient to meet our needs in the U.S. and, accordingly, we do not currently plan to repatriate the funds we have designated as being permanently invested outside the U.S. If we change our plans, we may be required to accrue and pay U.S. taxes to repatriate these funds. | |||||||||||||
During the quarter ended December 31, 2012, the Company repatriated earnings of approximately $250.0 million from two of its wholly-owned foreign subsidiaries. These cash distributions to the Company made during 2012 were the first ever remittances of foreign earnings received by the Company and were a one-time event. The Company does not plan to repatriate the funds designated as being permanently invested outside the U.S. Of the cash distributions in 2012, $177.2 million was considered to be “Dividends from foreign subsidiaries”, which impacted the Company’s effective tax rate and $13.0 million reduced the Company’s tax basis in its foreign subsidiary. In addition, $59.8 million, which resulted in a deferred tax liability at December 31, 2012, was recognized as taxable income in 2013. |
Note_19_Business_Segments
Note 19 - Business Segments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | NOTE 19 — BUSINESS SEGMENTS | ||||||||||||||||||||||||
The Company has two reporting segments: Electricity and Product Segments. These segments are managed and reported separately as each offers different products and serves different markets. The Electricity Segment is engaged in the sale of electricity from the Company’s power plants pursuant to PPAs. The Product Segment is engaged in the manufacture, including design and development, of turbines and power units for the supply of electrical energy and in the associated construction of power plants utilizing the power units manufactured by the Company to supply energy from geothermal fields and other alternative energy sources. Transfer prices between the operating segments were determined on current market values or cost plus markup of the seller’s business segment. | |||||||||||||||||||||||||
Summarized financial information concerning the Company’s reportable segments is shown in the following tables: | |||||||||||||||||||||||||
Electricity | Product | Consolidated | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Year Ended December 31, 2014: | |||||||||||||||||||||||||
Net revenues from external customers | $ | 382,301 | $ | 177,223 | $ | 559,524 | |||||||||||||||||||
Intersegment revenues | — | 44,718 | 44,718 | ||||||||||||||||||||||
Depreciation and amortization expense | 97,826 | 2,973 | 100,799 | ||||||||||||||||||||||
Operating income (loss) | 90,401 | 53,089 | 143,490 | ||||||||||||||||||||||
Segment assets at period end * | 1,963,486 | 158,070 | 2,121,556 | ||||||||||||||||||||||
Expenditures for long-lived assets | 155,323 | 3,458 | 158,781 | ||||||||||||||||||||||
* Including unconsolidated investments | — | — | — | ||||||||||||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||||||||||
Net revenues from external customers | $ | 329,747 | $ | 203,492 | $ | 533,239 | |||||||||||||||||||
Intersegment revenues | — | 37,248 | 37,248 | ||||||||||||||||||||||
Depreciation and amortization expense | 88,853 | 4,079 | 92,932 | ||||||||||||||||||||||
Operating income (loss) | 54,265 | 42,693 | 96,958 | ||||||||||||||||||||||
Segment assets at period end * | 2,017,838 | 141,595 | 2,159,433 | ||||||||||||||||||||||
Expenditures for long-lived assets | 203,047 | 1,581 | 204,628 | ||||||||||||||||||||||
* Including unconsolidated investments | 7,076 | — | 7,076 | ||||||||||||||||||||||
Year Ended December 31, 2012 : | |||||||||||||||||||||||||
Net revenues from external customers | $ | 314,894 | $ | 186,879 | $ | 501,773 | |||||||||||||||||||
Intersegment revenues | — | 48,315 | 48,315 | ||||||||||||||||||||||
Depreciation and amortization expense | 95,927 | 3,557 | 99,484 | ||||||||||||||||||||||
Operating income | (189,994 | ) | 30,098 | (159,896 | ) | ||||||||||||||||||||
Segment assets at period end * | 1,990,490 | 97,033 | 2,087,523 | ||||||||||||||||||||||
Expenditures for long-lived assets | 228,289 | 4,731 | 233,020 | ||||||||||||||||||||||
* Including unconsolidated investments | 2,591 | — | 2,591 | ||||||||||||||||||||||
Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Total segment revenues | $ | 559,524 | $ | 533,239 | $ | 501,773 | |||||||||||||||||||
Intersegment revenues | 44,718 | 37,248 | 48,315 | ||||||||||||||||||||||
Elimination of intersegment revenues | (44,718 | ) | (37,248 | ) | (48,315 | ) | |||||||||||||||||||
Total consolidated revenues | $ | 559,524 | $ | 533,239 | $ | 501,773 | |||||||||||||||||||
Operating income: | |||||||||||||||||||||||||
Operating income | $ | 143,490 | $ | 96,958 | $ | (159,896 | ) | ||||||||||||||||||
Interest income | 312 | 1,332 | 1,201 | ||||||||||||||||||||||
Interest expense, net | (84,654 | ) | (73,776 | ) | (64,069 | ) | |||||||||||||||||||
Foreign currency translation and transaction gains (losses) | (5,839 | ) | 5,085 | 242 | |||||||||||||||||||||
Income attributable to sale of equity interest | 24,143 | 19,945 | 10,127 | ||||||||||||||||||||||
Gain from sale of property, plant and equipment | 7,628 | — | — | ||||||||||||||||||||||
Other non-operating income (expense), net | 756 | 1,592 | 590 | ||||||||||||||||||||||
Total consolidated income before income taxes and equity in income of investees | $ | 85,836 | $ | 51,136 | $ | (211,805 | ) | ||||||||||||||||||
The Company sells electricity and products for power plants and others, mainly to the geographical areas according to location of the customers, as detailed below. The following tables present certain data by geographic area: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Revenues from external customers attributable to: (1) | |||||||||||||||||||||||||
North America | $ | 293,710 | $ | 314,666 | $ | 271,845 | |||||||||||||||||||
Pacific Rim | 4,859 | 20,082 | 109,177 | ||||||||||||||||||||||
Latin America | 29,329 | 21,879 | 27,939 | ||||||||||||||||||||||
Africa | 86,074 | 68,746 | 40,885 | ||||||||||||||||||||||
Far East | 59,212 | 10,582 | 2,075 | ||||||||||||||||||||||
Europe | 86,340 | 97,284 | 49,852 | ||||||||||||||||||||||
Consolidated total | $ | 559,524 | $ | 533,239 | $ | 501,773 | |||||||||||||||||||
____________ | |||||||||||||||||||||||||
(1)Revenues as reported in the geographic area in which they originate. | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Long-lived assets (primarily power plants and related assets) located in: | |||||||||||||||||||||||||
North America | $ | 1,369,136 | $ | 1,387,449 | $ | 1,358,877 | |||||||||||||||||||
Latin America | 76,601 | 63,972 | 67,536 | ||||||||||||||||||||||
Africa | 330,200 | 338,395 | 274,395 | ||||||||||||||||||||||
Europe | 13,272 | 12,787 | 14,859 | ||||||||||||||||||||||
Pacific Rim and Far East | 862 | 671 | 210 | ||||||||||||||||||||||
Consolidated total | $ | 1,790,071 | $ | 1,803,274 | $ | 1,715,877 | |||||||||||||||||||
The following table presents revenues from major customers: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Revenues | % | Revenues | % | Revenues | % | ||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||
Southern California Edison (1) | $ | 75,803 | 13.5 | $ | 75,562 | 14.2 | $ | 90,239 | 18 | ||||||||||||||||
Hawaii Electric Light Company (1) | 44,513 | 8 | 48,825 | 9.2 | 48,606 | 9.7 | |||||||||||||||||||
Sierra Pacific Power Company and Nevada Power Company (1)(2) | 92,580 | 16.5 | 94,111 | 17.6 | 78,631 | 15.7 | |||||||||||||||||||
Mighty River Power (3) | — | — | 19,174 | 3.6 | 99,617 | 19.9 | |||||||||||||||||||
KPLC (1) | 86,074 | 15.4 | 61,876 | 11.6 | 40,887 | 8.1 | |||||||||||||||||||
________ | |||||||||||||||||||||||||
(1)Revenues reported in Electricity Segment. | |||||||||||||||||||||||||
(2)Subsidiaries of NV Energy, Inc. | |||||||||||||||||||||||||
(3)Revenues reported in Products Segment. |
Note_20_Transactions_with_Rela
Note 20 - Transactions with Related Entities | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Related Party Transactions Disclosure [Text Block] | NOTE 20 — TRANSACTIONS WITH RELATED ENTITIES | ||||||||||||
Transactions between the Company and related entities, other than those disclosed elsewhere in these financial are summarized below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Property rental fee expense paid to the Parent | $ | 1,821 | $ | 1,797 | $ | 1,762 | |||||||
Interest expense on note payable to the Parent | $ | — | $ | — | $ | — | |||||||
Corporate financial, administrative, executive services, and research and development services provided to the Parent | $ | 151 | $ | 148 | $ | 146 | |||||||
Services rendered by an indirect shareholder of the Parent | $ | — | $ | 15 | $ | 51 | |||||||
The current asset due from the Parent at December 31, 2014 and 2013 in the amount of $1,337,000 and $442,000, respectively, represents the net obligation resulting from ongoing operations and transactions with the Parent and is payable from available cash flow. Interest is computed on balances greater than 60 days at LIBOR plus 1% (but not less than the change in the Israeli Consumer Price Index plus 4%) compounded quarterly, and is accrued and paid to the Parent annually. | |||||||||||||
Restructuring with the Parent | |||||||||||||
On February 5, 2015, the TASE approved the listing of the Company’s common stock on the TASE. On February 10, 2015, the Company's common stock was successfully listed on the TASE. The Company will remain subject to the rules and regulations of the NYSE and of the U.S. Securities and Exchange Commission (“SEC”). Under the local regime for dual listing, the Company will use the same periodic reports, financial and other relevant disclosure information that The Company submits to the SEC and NYSE. | |||||||||||||
On February 12, 2015 the Company completed the share exchange transaction with its parent entity, Ormat Industries Ltd. ("OIL") following which, it became a non-controlled public company and its public float increased from approximately 40% to approximately 76% of its total shares outstanding. | |||||||||||||
Under the terms of the share exchange, OIL shareholders received 0.2592 shares for each share in OIL, or an aggregate of approximately 30.2 million shares, reflecting a net issuance of approximately 3.0 million shares (after deducting the 27.2 million shares that OIL held in Ormat Technologies). Consequently, the Company' total shares outstanding increased from approximately 45.5 million shares to approximately 48.5 million shares. | |||||||||||||
Corporate and administrative services agreement with the Parent | |||||||||||||
Ormat Systems and the Parent have agreements whereby Ormat Systems provided to the Parent, for a monthly fee of $10,000 (adjusted annually, in part based on changes in the Israeli Consumer Price Index), certain corporate administrative services, including the services of executive officers. In addition, Ormat Systems agreed to provide the Parent with services of certain skilled engineers and other research and development employees at Ormat Systems’ cost plus 10%. | |||||||||||||
Lease agreements with the Parent | |||||||||||||
Ormat Systems has a rental agreement with the Parent entered into in July 2004 for the sublease of office and manufacturing facilities in Yavne, Israel, for a monthly rent of $52,000, adjusted annually for changes in the Israeli Consumer Price Index, plus taxes and other costs to maintain the properties. The term of the rental agreement is for a period ending the earlier of: (i) 25 years from July 1, 2004; or (ii) the remaining periods of the underlying lease agreements between the Parent and the Israel Land Administration (which terminate between 2018 and 2047). | |||||||||||||
Effective April 1, 2009, Ormat Systems entered into an additional rental agreement with the Parent for the sublease of additional manufacturing facilities adjacent to the current manufacturing facilities in Yavne, Israel. The term of the additional rent agreement will expire on the same day as the abovementioned lease agreement entered into in July 2004. Pursuant to the additional lease agreement, Ormat Systems pays a monthly rent of $77,000, adjusted annually for changes in the Israeli Consumer Price Index, plus tax and other costs to maintain the properties. | |||||||||||||
As of February 12, 2015, the corporate and administrative service and the lease agreements are no longer effective as a result of the restructuring transaction described above. | |||||||||||||
Registration rights agreement | |||||||||||||
Prior to the closing of the Company’s initial public offering in November 2004, the Company and the Parent entered into a registration rights agreement pursuant to which the Parent may require the Company to register its common stock for sale on Form S-1 or Form S-3. The Company also agreed to pay all expenses that result from the registration of the Company’s common stock under the registration rights agreement, other than underwriting commissions for such shares and taxes. The Company has also agreed to indemnify the parent, its directors, officers and employees against liability that may result from their sale of the Company’s common stock, including Securities Act liabilities. |
Note_21_Employee_Benefit_Plan
Note 21 - Employee Benefit Plan | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Compensation and Retirement Disclosure [Abstract] | |||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 21 — EMPLOYEE BENEFIT PLAN | ||||
401(k) Plan | |||||
The Company has a 401(k) Plan (the “Plan”) for the benefit of its U.S. employees. Employees of the Company and its U.S. subsidiaries who have completed one year of service or who had one year of service upon establishment of the Plan are eligible to participate in the Plan. Contributions are made by employees through pretax deductions up to 60% of their annual salary. Contributions made by the Company are matched up to a maximum of 2% of the employee’s annual salary. The Company’s contributions to the Plan were $533,000, $482,000, and $507,000 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||
Severance plan | |||||
The Company, through Ormat Systems, provides limited non-pension benefits to all current employees in Israel who are entitled to benefits in the event of termination or retirement in accordance with the Israeli Government sponsored programs. These plans generally obligate the Company to pay one month’s salary per year of service to employees in the event of involuntary termination. There is no limit on the number of years of service in the calculation of the benefit obligation. The liabilities for these plans are recorded at each balance sheet date by determining the undiscounted obligation as if it were payable at that point in time. Such liabilities have been presented in the consolidated balance sheets as “liabilities for severance pay”. The Company has an obligation to partially fund the liabilities through regular deposits in pension funds and severance pay funds. The amounts funded amounted to $15,953,000 and $19,572,000 at December 31, 2014 and 2013, respectively, and have been presented in the consolidated balance sheets as part of “deposits and other”. The severance pay liability covered by the pension funds is not reflected in the financial statements as the severance pay risks have been irrevocably transferred to the pension funds. Under the Israeli severance pay law, restricted funds may not be withdrawn or pledged until the respective severance pay obligations have been met. As allowed under the program, earnings from the investment are used to offset severance pay costs. Severance pay expenses for the years ended December 31, 2014, 2013, and 2012 were $2,095,000, $877,000, and $2,320,000, respectively, which are net of income (including loss) amounting to ($1,491,000), $2,155,000, and $930,000, respectively, generated from the regular deposits and amounts accrued in severance funds. | |||||
The Company expects to pay the following future benefits to its employees upon their reaching normal retirement age: | |||||
(Dollars in thousands) | |||||
Year ending December 31: | |||||
2015 | $ | 4,109 | |||
2016 | 665 | ||||
2017 | 2,163 | ||||
2018 | 2,518 | ||||
2019 | 821 | ||||
2020-2023 | 6,303 | ||||
$ | 16,579 | ||||
The above amounts were determined based on the employees’ current salary rates and the number of years’ service that will have been accumulated at their retirement date. These amounts do not include amounts that might be paid to employees that will cease working with the Company before reaching their normal retirement age. |
Note_22_Commitments_and_Contin
Note 22 - Commitments and Contingencies | 12 Months Ended | |
Dec. 31, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies Disclosure [Text Block] | NOTE 22 — COMMITMENTS AND CONTINGENCIES | |
Geothermal resources | ||
The Company, through its project subsidiaries in the United States, controls certain rights to geothermal fluids through certain leases with the Bureau of Land Management (“BLM”) or through private leases. Royalties on the utilization of the geothermal resources are computed and paid to the lessors as defined in the respective agreements. Royalty expense under the geothermal resource agreements were $16,304,000, $13,896,000, and $12,048,000 for the years ended December 31, 2014, 2013, and 2012, respectively. | ||
Letters of credit | ||
In the ordinary course of business with customers, vendors, and lenders, the Company is contingently liable for performance under letters of credit totaling $353.1 million at December 31, 2014. Management does not expect any material losses to result from these letters of credit because performance is not expected to be required, and, therefore, is of the opinion that the fair value of these instruments is zero. | ||
Purchase commitments | ||
The Company purchases raw materials for inventories, construction-in-process and services from a variety of vendors. During the normal course of business, in order to manage manufacturing lead times and help assure adequate supply, the Company enters into agreements with contract manufacturers and suppliers that either allow them to procure goods and services based upon specifications defined by the Company, or that establish parameters defining the Company’s requirements. | ||
At December 31, 2014, total obligations related to such supplier agreements were approximately $119.2 million (out of which approximately $44.1 million relate to construction-in-process). All such obligations are payable in 2015. | ||
Grants and royalties | ||
The Company, through Ormat Systems, had historically, through December 31, 2003, requested and received grants for research and development from the Office of the Chief Scientist of the Israeli Government. Ormat Systems is required to pay royalties to the Israeli Government at a rate of 3.5% to 5.0% of the revenues derived from products and services developed using these grants. No royalties were paid for the years ended December 31, 2014, 2013, and 2012. The Company is not liable for royalties if the Company does not sell such products and services. Such royalties are capped at the amount of the grants received plus interest at LIBOR. The cap at December 31, 2014 and 2013, amounted to $1.6 million and $1.5 million, respectively, of which approximately $0.6 million and $0.5 million, respectively, represents interest based on the LIBOR rate, as defined above. | ||
Lease commitments | ||
At December 31, 2014, 2013 and 2012, total lease expenses for leasing of land, building and equipment outside of the Puna lease (separately described in Note 11) amounted to $0.3 million, $0.4 million and $0.4 million respectively. The related future minimum lease payments are immaterial for each year. | ||
Contingencies | ||
● | Jon Olson and Hilary Wilt, together with Puna Pono Alliance, an unincorporated association, filed suit on February 17, 2015, in the Third Circuit Court for the State of Hawaii, seeking declaratory and injunctive relief against Puna Geothermal Venture and the County of Hawaii. The relief requested includes a declaratory ruling that a County ordinance adopted in 2012, prohibiting night time geothermal drilling and drilling operations, applies to PGV’s current drilling activities at the KS-16 well. The Company believes that the allegations of the complaint have no merit, and will defend itself vigorously. | |
● | On July 8, 2014, Global Community Monitor, LiUNA, and two residents of Bishop, California filed a complaint in the United States District Court for the Eastern District of California, alleging that Mammoth Pacific, L.P., Ormat Technologies, Inc. and Ormat Nevada, Inc. are operating three geothermal generating plants in Mammoth Lakes, California (MP-1; MP-II and PLES-I) in violation of the federal Clean Air Act (“CAA”) and Great Basin Unified Air Pollution Control District (“District”) rules. The Company believes the complaint is without merit, and intends to vigorously defend itself against the allegations set forth in the complaint and to take all necessary legal action to have the complaint dismissed. Filing of the complaint in and of itself does not have any immediate adverse implications for the Mammoth plants.. | |
● | On April 5, 2012, the International Brotherhood of Electrical Workers Local 1260 (“Union”) filed a petition with the National Labor Relations Board (“NLRB”) seeking to organize the operations and maintenance employees at the Puna Project. PGV lost the union election by a slim margin in May 2012. The election results and PGV’s obligation to negotiate with the Union were appealed to the United States Court of Appeals for the Ninth Circuit, but were remanded back to the NLRB after the U.S. Supreme Court’s decision in Noel Canning, 573 U.S., 134 S.Ct. 2550 (2014). On November 26, 2014, the NLRB found that a certification of representative should be issued. In January 2015, the parties submitted briefing to the NLRB as to whether summary judgment is appropriate. PGV currently expects a decision in this matter will be rendered within the next two to four months. Depending on the decision, PGV expects to review its options and either accept negotiations with the Union or continue to appeal the decision. | |
● | In January 2014, Ormat learned that two former employees alleged in a "qui tam" complaint filed in the United States District Court for the Southern District of California that Seller, PGV and select Affiliates of the Seller (collectively, the "Ormat Parties") submitted fraudulent applications and certifications to obtain grants. The United States Department of Justice has declined to intervene. The former employees have proceeded on their own and served the Ormat Parties with their initial complaint in April 2014, and then filed an amended complaint in May 2014. Pursuant to the Ormat Parties' motion to move the venue of the proceeding, and despite the complainants’ objection, the file was reassigned from the United States District Court for the Southern District of California to the District of Nevada. | |
● | In July 2014, the Ormat Parties filed a motion to dismiss the amended complaint, in response to which the complainants have filed responses urging the court to reject the motion to dismiss. In August, 2014, the United States filed a statement of interest urging rejection of one of the Ormat Parties' arguments raised in the motion to dismiss - that the False Claims Act's "Tax Bar" excludes such Act's application to the case - while continuing to take no position as to the overall sufficiency of the complainants' complaint. The motion to dismiss remains pending before the Nevada United States District Court, and a hearing has been scheduled for March by the Reno court. | |
In the interim, FIMI and Ormat Industries (who were originally named on the complaint, but never served) have been removed from the complaint as co-defendants. The Ormat Parties continue to believe that the allegations of the lawsuit have no merit, and will continue to defend themselves vigorously. | ||
● | In addition, from time to time, the Company is named as a party to various other lawsuits, claims and other legal and regulatory proceedings that arise in the ordinary course of our business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract, property damage, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to such lawsuits, claims and proceedings, the Company accrues reserves when a loss is probable and the amount of such loss can be reasonably estimated. It is the opinion of the Company’s management that the outcome of these proceedings, individually and collectively, will not be material to the Company’s consolidated financial statements as a whole. | |
Note_23_Quarterly_FInancial_In
Note 23 - Quarterly FInancial Information (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | NOTE 23 — QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||
Mar. 31, | June 30, | Sept. 30, | Dec. 31, | Mar. 31, | June 30, | Sept. 30, | Dec. 31, | ||||||||||||||||||||||||||
2013 | 2013 | 2013 | 2013 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||
Electricity | $ | 68,298 | $ | 87,713 | $ | 88,994 | $ | 84,742 | $ | 94,817 | $ | 91,692 | $ | 102,506 | $ | 93,286 | |||||||||||||||||
Product | 50,608 | 64,966 | 41,755 | 46,163 | 47,619 | 35,911 | 37,736 | 55,957 | |||||||||||||||||||||||||
Total revenues | 118,906 | 152,679 | 130,749 | 130,905 | 142,436 | 127,603 | 140,242 | 149,243 | |||||||||||||||||||||||||
Cost of revenues: | |||||||||||||||||||||||||||||||||
Electricity | 55,088 | 58,641 | 61,356 | 57,789 | 57,034 | 67,322 | 61,727 | 60,547 | |||||||||||||||||||||||||
Product | 37,041 | 43,657 | 29,637 | 30,212 | 31,943 | 20,324 | 23,040 | 33,836 | |||||||||||||||||||||||||
Total cost of revenues | 92,129 | 102,298 | 90,993 | 88,001 | 88,977 | 87,646 | 84,767 | 94,383 | |||||||||||||||||||||||||
Gross margin | 26,777 | 50,381 | 39,756 | 42,904 | 53,459 | 39,957 | 55,475 | 54,860 | |||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||
Research and development expenses | 1,000 | 1,608 | 838 | 1,519 | (87 | ) | 232 | 250 | 388 | ||||||||||||||||||||||||
Selling and marketing expenses | 11,509 | 3,777 | 2,575 | 6,752 | 3,379 | 3,216 | 4,258 | 4,572 | |||||||||||||||||||||||||
General and administrative expenses | 6,584 | 7,134 | 6,546 | 8,924 | 7,596 | 6,072 | 7,179 | 7,767 | |||||||||||||||||||||||||
Write-off of unsuccessful exploration activities | -- | -- | -- | 4,094 | -- | 8,107 | -- | 7,332 | |||||||||||||||||||||||||
Operating income | 7,684 | 37,862 | 29,797 | 21,615 | 42,571 | 22,330 | 43,788 | 34,801 | |||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||
Interest income | 41 | 87 | 742 | 462 | 111 | 90 | 35 | 76 | |||||||||||||||||||||||||
Interest expense, net | (15,863 | ) | (17,504 | ) | (18,459 | ) | (21,950 | ) | (20,518 | ) | (22,072 | ) | (22,494 | ) | (19,570 | ) | |||||||||||||||||
Foreign currency translation and transaction gains (losses) | 1,682 | 904 | 1,258 | 1,241 | (638 | ) | (55 | ) | (2,946 | ) | (2,200 | ) | |||||||||||||||||||||
Income attributable to sale of tax benefits | 3,532 | 5,783 | 5,027 | 5,603 | 6,717 | 6,130 | 5,487 | 5,809 | |||||||||||||||||||||||||
Gain from sale of property, plant and equipment | -- | -- | -- | -- | 7,628 | -- | -- | ||||||||||||||||||||||||||
Other non-operating income (expense), net | 1,417 | 29 | 137 | 9 | 63 | 343 | 243 | 107 | |||||||||||||||||||||||||
Income (loss) from continuing operations, before income taxes and equity in income of investees | (1,507 | ) | 27,161 | 18,502 | 6,980 | 28,306 | 14,394 | 24,113 | 19,023 | ||||||||||||||||||||||||
Income tax benefit (provision) | (4,047 | ) | (5,780 | ) | (5,201 | ) | 1,476 | (6,320 | ) | (4,967 | ) | (6,444 | ) | (9,877 | ) | ||||||||||||||||||
Equity in income (losses) of investees | -- | 9 | (158 | ) | (101 | ) | (197 | ) | (114 | ) | (899 | ) | (2,003 | ) | |||||||||||||||||||
Income (loss) from continuing operations | (5,554 | ) | 21,390 | 13,143 | 8,355 | 21,789 | 9,313 | 16,770 | 7,143 | ||||||||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||||||||
Income from discontinued operations (including gain on disposal of $0, $3,646, $0, $0, $0, $0, $0, and $0, respectively) | 831 | 4,480 | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||
Income tax provision | (251 | ) | (363 | ) | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||
Total income from discontinued operations | 580 | 4,117 | -- | -- | -- | -- | |||||||||||||||||||||||||||
Net income (loss) | (4,974 | ) | 25,507 | 13,143 | 8,355 | 21,789 | 9,313 | 16,770 | 7,143 | ||||||||||||||||||||||||
Net loss (income) attributable to noncontrolling interest | (85 | ) | (322 | ) | (193 | ) | (193 | ) | (237 | ) | (177 | ) | (256 | ) | (163 | ) | |||||||||||||||||
Net income (loss) attributable to the Company's stockholders | $ | (5,059 | ) | $ | 25,185 | $ | 12,950 | $ | 8,162 | $ | 21,552 | $ | 9,136 | $ | 16,514 | $ | 6,980 | ||||||||||||||||
Earnings (loss) per share attributable to the Company's stockholders | |||||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (0.12 | ) | $ | 0.46 | $ | 0.29 | $ | 0.18 | $ | 0.47 | $ | 0.2 | $ | 0.37 | $ | 0.15 | ||||||||||||||||
Discontinued operations | 0.01 | 0.09 | -- | -- | - | - | - | - | |||||||||||||||||||||||||
Net income (loss) | $ | (0.11 | ) | $ | 0.55 | $ | 0.29 | $ | 0.18 | $ | 0.47 | $ | 0.2 | $ | 0.37 | $ | 0.15 | ||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (0.12 | ) | $ | 0.46 | $ | 0.28 | $ | 0.18 | $ | 0.47 | $ | 0.2 | $ | 0.36 | $ | 0.15 | ||||||||||||||||
Discontinued operations | 0.01 | 0.09 | -- | -- | - | - | - | - | |||||||||||||||||||||||||
Net income (loss) | $ | (0.11 | ) | $ | 0.55 | $ | 0.28 | $ | 0.19 | $ | 0.47 | $ | 0.2 | $ | 0.36 | $ | 0.15 | ||||||||||||||||
Weighted average number of shares used in computation of earnings (loss) per share attributable to the Company's stockholders: | |||||||||||||||||||||||||||||||||
Basic | 45,431 | 45,431 | 45,438 | 45,461 | 45,479 | 45,606 | 45,690 | 45,537 | |||||||||||||||||||||||||
Diluted | 45,431 | 45,448 | 45,494 | 45,610 | 45,660 | 45,963 | 46,102 | 46,018 | |||||||||||||||||||||||||
Note_24_Subsequent_Events
Note 24 - Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 24 — SUBSEQUENT EVENTS |
Cash dividend | |
On February 24, 2015, the Company’s Board of Directors declared, approved and authorized payment of a quarterly dividend of $4.0 million ($0.08 per share) to all holders of the Company’s issued and outstanding shares of common stock on March 16, 2015, payable on March 27, 2015. | |
Entry into a Material Definitive Agreement | |
On February 5, 2015, Ormat Nevada Inc. (“Ormat Nevada”), a wholly-owned subsidiary of the Company, entered into an Agreement for Purchase of Membership Interests (the “Purchase Agreement”) with Northleaf Geothermal Holdings, LLC (“Northleaf”), pursuant to which Ormat Nevada has agreed to sell to Northleaf 100% of the Class B Membership Interests, which represent approximately 40% of the aggregate membership interests, in ORPD LLC, a new holding company subsidiary of Ormat Nevada (“ORPD”), and to admit Northleaf as a member of ORPD. In connection with the transaction, Ormat Nevada will contribute certain of its project company-subsidiaries that own certain geothermal and recovered energy generation power plants to ORPD. | |
The power plants that will be contributed to ORPD include the Puna geothermal power plant in Hawaii, the Don A. Campbell geothermal power plant in Nevada, and nine power plant units across three recovered energy generation assets known as OREG 1, OREG 2 and OREG 3. Ormat Nevada will continue to operate and maintain the power plants. | |
The purchase price for the sale of the ORPD membership interests under the Purchase Agreement is approximately $175.0 million, subject to certain adjustments based on the closing date of the sale as provided in the Purchase Agreement. The percentage membership interest to be acquired by Northleaf is also subject to adjustment based on the exchange rate between Canadian and U.S. dollars. This transaction is expected to result in a taxable gain in the U.S. Assuming satisfaction or waiver of the conditions under the Purchase agreement, the sale is expected to close in March 2015. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Description of Business [Policy Text Block] | Business | ||||||||||||
Ormat Technologies, Inc. (the “Company”), a subsidiary of Ormat Industries Ltd. (the “Parent”), is primarily engaged in the geothermal and recovered energy business, including the supply of equipment that is manufactured by the Company and the design and construction of power plants for projects owned by the Company or for third parties. The Company owns and operates geothermal and recovered energy-based power plants in various countries, including the United States of America (“U.S.”), Kenya, and Guatemala. The Company’s equipment manufacturing operations are located in Israel. | |||||||||||||
Most of the Company’s domestic power plant facilities are Qualifying Facilities under the Public Utility Regulatory Policies Act of 1978 (“PURPA”). The power purchase agreements (“PPAs”) for certain of such facilities are dependent upon their maintaining Qualifying Facility status. Management believes that all of the facilities located in the U.S. were in compliance with Qualifying Facility status requirements as of December 31, 2014. | |||||||||||||
Dividend Declared [Policy Text Block] | Cash dividends | ||||||||||||
During the years ended December 31, 2014, 2013, and 2012, the Company’s Board of Directors declared, approved, and authorized the payment of cash dividends in the aggregate amount of $9.6 million ($0.21 per share), $3.6 million ($0.08 per share), and $3.6 million ($0.08 per share), respectively. Such dividends were paid in the years declared. | |||||||||||||
Rounding [Policy Text Block] | Rounding | ||||||||||||
Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000, unless otherwise indicated. | |||||||||||||
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation | ||||||||||||
The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and of all majority-owned subsidiaries in which the Company exercises control over operating and financial policies, and variable interest entities in which the Company has an interest and is the primary beneficiary. Intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||
Investments in less-than-majority-owned entities or other entities in which the Company exercises significant influence over operating and financial policies are accounted for using the equity method of accounting or consolidated if they are a variable interest entity in which the Company has an interest and is the primary beneficiary. Under the equity method, original investments are recorded at cost and adjusted by the Company’s share of undistributed earnings or losses of such companies. The Company’s earnings or losses in investments accounted for under the equity method have been reflected as “equity in income (losses) of investees, net” on the Company’s consolidated statements of operations and comprehensive income (loss). | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents | ||||||||||||
The Company considers all highly liquid instruments, with an original maturity of three months or less, to be cash equivalents. | |||||||||||||
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash, cash equivalents, and marketable securities | ||||||||||||
Under the terms of certain long-term debt agreements, the Company is required to maintain certain debt service reserves, cash collateral and operating fund accounts that have been classified as restricted cash and cash equivalents. Funds that will be used to satisfy obligations due during the next twelve months are classified as current restricted cash and cash equivalents, with the remainder classified as non-current restricted cash and cash equivalents (see Note 6). Such amounts were invested primarily in money market accounts and commercial paper with a minimum investment grade of “AA”. | |||||||||||||
During the year ended December 31, 2012, the Company had investments in marketable securities that were classified as available-for-sale. The changes in the fair value of those securities were recorded in other comprehensive income (loss). | |||||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk | ||||||||||||
Financial instruments which potentially subject the Company to concentration of credit risk consist principally of temporary cash investments and accounts receivable. | |||||||||||||
The Company places its temporary cash investments with high credit quality financial institutions located in the U.S. and in foreign countries. At December 31, 2014 and 2013, the Company had deposits totaling $23,488,000 and $13,805,000, respectively, in seven U.S. financial institutions that were federally insured up to $250,000 per account. At December 31, 2014 and 2013, the Company’s deposits in foreign countries of approximately $24,304,000 and $56,133,000, respectively, were not insured. | |||||||||||||
At December 31, 2014 and 2013, accounts receivable related to operations in foreign countries amounted to approximately $21,935,000 and $32,231,000, respectively. At December 31, 2014, and 2013, accounts receivable from the Company’s major customers (see Note 19) amounted to approximately 69% and 35%, respectively, of the Company’s accounts receivable. | |||||||||||||
The Company performs ongoing credit evaluations of its customers’ financial condition. The Company has historically been able to collect on substantially all of its receivable balances, and accordingly, no provision for doubtful accounts has been made. | |||||||||||||
Inventory, Policy [Policy Text Block] | Inventories | ||||||||||||
Inventories consist primarily of raw material parts and sub-assemblies for power units, and are stated at the lower of cost or market value, using the weighted-average cost method. Inventories are reduced by a provision for slow-moving and obsolete inventories. This provision was not significant at December 31, 2014 and 2013. | |||||||||||||
Deposit Contracts, Policy [Policy Text Block] | Deposits and other | ||||||||||||
Deposits and other consist primarily of performance bonds for construction projects, long-term insurance contract and receivables, and derivative instruments. | |||||||||||||
Deferred Charges, Policy [Policy Text Block] | Deferred charges | ||||||||||||
Deferred charges represent prepaid income taxes on intercompany sales. Such amounts are amortized using the straight-line method and included in income tax provision over the life of the related property, plant and equipment. | |||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment | ||||||||||||
Property, plant and equipment are stated at cost. All costs associated with the acquisition, development and construction of power plants operated by the Company are capitalized. Major improvements are capitalized and repairs and maintenance (including major maintenance) costs are expensed. Power plants operated by the Company, which include geothermal wells and exploration and resource development costs, are depreciated using the straight-line method over their estimated useful lives, which range from 25 to 30 years. The other assets are depreciated using the straight-line method over the following estimated useful lives of the assets: | |||||||||||||
(In years) | |||||||||||||
Leasehold improvements | 15-20 | ||||||||||||
Machinery and equipment — manufacturing and drilling | 10 | ||||||||||||
Machinery and equipment — computers | 5-Mar | ||||||||||||
Office equipment — furniture and fixtures | 15-May | ||||||||||||
Office equipment — other | 10-May | ||||||||||||
Automobiles | 7-May | ||||||||||||
The cost and accumulated depreciation of items sold or retired are removed from the accounts. Any resulting gain or loss is recognized currently and is recorded in operating income. | |||||||||||||
The Company capitalizes interest costs as part of constructing power plant facilities. Such capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Capitalized interest costs amounted to $3,206,000, $7,598,000, and $11,964,000 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||
Cash Grant [Policy Text Block] | Cash Grants | ||||||||||||
From 2009 to 2014, the Company was awarded cash grants from the U.S. Department of the Treasury (“U.S. Treasury”) for Specified Energy Property in Lieu of Tax Credits under Section 1603 of the American Recovery and Reinvestment Act of 2009 (“ARRA”). The Company recorded the cash grant as a reduction in the carrying value of the related plant and amortized the grants as a reduction in depreciation expense over the plant’s estimated useful life. | |||||||||||||
Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block] | Exploration and development costs | ||||||||||||
The Company capitalizes costs incurred in connection with the exploration and development of geothermal resources once it acquires land rights to the potential geothermal resource. Prior to acquiring land rights, the Company makes an initial assessment that an economically feasible geothermal reservoir is probable on that land. The Company determines the economic feasibility of potential geothermal resources internally, with all available data and external assessments vetted through the exploration department and occasionally using outside service providers. Costs associated with the initial assessment are expensed and included in cost of electricity revenues in the consolidated statements of operations and comprehensive income (loss). Such costs were immaterial during the years ended December 31, 2014, 2013, and 2012. It normally takes two to three years from the time active exploration of a particular geothermal resource begins to the time a production well is in operation, assuming the resource is commercially viable. However, in certain sites the process may take longer due to permitting delays, transmission constrains or any other commercial milestones that are required to be reached in order to pursue the development process. | |||||||||||||
In most cases, the Company obtains the right to conduct the geothermal development and operations on land owned by the Bureau of Land Management (“BLM”), various states or with private parties. In consideration for certain of these leases, the Company may pay an up-front bonus payment which is a component of the competitive lease process. The up-front bonus payments and other related costs, such as legal fees, are capitalized and included in construction-in-process. The annual land lease payments made during the exploration, development and construction phase are expensed as incurred and included in “electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss). Upon commencement of power generation on the leased land, the Company begins to pay to the lessors long-term royalty payments based on the utilization of the geothermal resources as defined in the respective agreements. Such payments are expensed when the related revenues are earned and included in “electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss). | |||||||||||||
Following the acquisition of land rights to the potential geothermal resource, the Company conducts further studies and surveys, including water and soil analyses among others, and augments its database with the results of these studies. The Company then initiates a suite of geophysical surveys to assess the resource and determine drilling locations. If the results of these activities support the initial assessment of the feasibility of the geothermal resource, the Company then proceeds to exploratory drilling and other related activities which may include drilling of temperature gradient holes, drilling of slim holes, building access roads to drilling locations, drilling full size production and/or injection wells and flow tests. If the slim hole supports a conclusion that the geothermal resource will support a commercially viable power plant, it may be converted to a full-size commercial well, used either for extraction or re-injection or geothermal fluids, or be used as an observation well to monitor and define the geothermal resource. Costs associated with these activities and other directly attributable costs, including interest once physical exploration activities begin and permitting costs are capitalized and included in “construction-in-process”. If the Company concludes that a geothermal resource will not support commercial operations, capitalized costs are expensed in the period such determination is made. | |||||||||||||
Write-off of unsuccessful activities for the year ended December 31, 2014, 2013 and 2012, was $15.4 million, $4.1 million, and $2.6 million. In 2014, the write-offs included the exploration costs that were determined that they would not support commercial operations related to the Company’s exploration activities in the Wister site in California of $8.1 million and the Mount Spur site in Alaska of $7.3 million. | |||||||||||||
Grants received from the U.S. Department of Energy (“DOE”) are offset against the related exploration and development costs. Such grants amounted to $179,000, $1,665,000, and $1,368,000 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||
All exploration and development costs that are being capitalized, including the up-front bonus payments made to secure land leases, will be depreciated over their estimated useful lives when the related geothermal power plant is substantially complete and ready for use. A geothermal power plant is substantially complete and ready for use when electricity generation commences. | |||||||||||||
Asset Retirement Obligations, Policy [Policy Text Block] | Asset retirement obligation | ||||||||||||
The Company records the fair value of a legal liability for an asset retirement obligation in the period in which it is incurred. The Company’s legal liabilities include plugging wells and post-closure costs of power producing sites. When a new liability for asset retirement obligations is recorded, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. At retirement, the obligation is settled for its recorded amount at a gain or loss. | |||||||||||||
Deferred Financing and Lease Transaction Costs [Policy Text Block] | Deferred financing and lease transaction costs | ||||||||||||
Deferred financing costs are amortized over the term of the related obligation using the effective interest method. Amortization of deferred financing costs is presented as interest expense in the consolidated statements of operations and comprehensive income (loss). Accumulated amortization related to deferred financing costs amounted to $31,871,000 and $25,371,000 at December 31, 2014 and 2013, respectively. Amortization expense for the years ended December 31, 2014, 2013, and 2012 amounted to $6,500,000, $6,009,000, and $3,676,000, respectively. During the years ended December 31, 2014 and 2013 amounts of $711,000 and $254,000, respectively, were written-off as a result of the extinguishment of liability. | |||||||||||||
Deferred transaction costs relating to the Puna operating lease (see Note 11) in the amount of $4,172,000 are amortized using the straight-line method over the 23-year term of the lease. Amortization of deferred transaction costs is presented in cost of revenues in the consolidated statements of operations and comprehensive income (loss). Accumulated amortization related to deferred lease costs amounted to $1,773,000 and $1,589,000 at December 31, 2014 and 2013, respectively. Amortization expense for each of the years ended December 31, 2014, 2013, and 2012 amounted to $184,000. | |||||||||||||
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible assets | ||||||||||||
Intangible assets consist of allocated acquisition costs of PPAs, which are amortized using the straight-line method over the 13 to 25-year terms of the agreements (see Note 8). | |||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets and long-lived assets to be disposed of | ||||||||||||
The Company evaluates long-lived assets, such as property, plant and equipment and construction-in-process for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Factors which could trigger an impairment include, among others, significant underperformance relative to historical or projected future operating results, significant changes in the Company’s use of assets or its overall business strategy, negative industry or economic trends, a determination that an exploration project will not support commercial operations, a determination that a suspended project is not likely to be completed, a significant increase in costs necessary to complete a project, legal factors relating to its business or when it concludes that it is more likely than not that an asset will be disposed of or sold. | |||||||||||||
The Company tests its operating plants that are operated together as a complex for impairment at the complex level because the cash flows of such plants result from significant shared operating activities. For example, the operating power plants in a complex are managed under a combined operation management generally with one central control room that controls all of the power plants in a complex and one maintenance group that services all of the power plants in a complex. As a result, the cash flows from individual plants within a complex are not largely independent of the cash flows of other plants within the complex. The Company tests for impairment its operating plants which are not operated as a complex as well as its projects under exploration, development or construction that are not part of an existing complex at the plant or project level. To the extent an operating plant becomes part of a complex, the Company will test for impairment at the complex level. | |||||||||||||
Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset. The significant assumptions that the Company uses in estimating its undiscounted future cash flows include: (i) projected generating capacity of the complex or power plant and rates to be received under the respective PPA(s) ) and expected market rates thereafter and (ii) projected operating expenses of the relevant complex or power plant. Estimates of future cash flows used to test recoverability of a long-lived asset under development also include cash flows associated with all future expenditures necessary to develop the asset. | |||||||||||||
If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Management believes that no impairment exists for long-lived assets; however, estimates as to the recoverability of such assets may change based on revised circumstances. If actual cash flows differ significantly from the Company’s current estimates, a material impairment charge may be required in the future. | |||||||||||||
Derivatives, Policy [Policy Text Block] | Derivative instruments | ||||||||||||
Derivative instruments (including certain derivative instruments embedded in other contracts) are measured at their fair value and recorded as either assets or liabilities unless exempted from derivative treatment as a normal purchase and sale. All changes in the fair value of derivatives are recognized in earnings unless specific hedge criteria are met, which requires a company to formally document, designate and assess the effectiveness of transactions that receive hedge accounting. | |||||||||||||
The Company maintains a risk management strategy that incorporates the use of swap contracts and put options on oil and natural gas prices, forward exchange contracts, interest rate swaps, and interest rate caps to minimize significant fluctuation in cash flows and/or earnings that are caused by oil and natural gas prices, exchange rate or interest rate volatility. Gains or losses on contracts that initially qualify for cash flow hedge accounting, net of related taxes, are included as a component of other comprehensive income or loss and accumulated other comprehensive income or loss are subsequently reclassified into earnings when the hedged forecasted transaction affects earnings. Gains or losses on contracts that are not designated as a cash flow hedge are included currently in earnings. | |||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation | ||||||||||||
The U.S. dollar is the functional currency for all of the Company’s consolidated operations and those of its equity affiliates. For those entities, all gains and losses from currency translations are included in the consolidated statements of operations and comprehensive income (loss). | |||||||||||||
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income (loss) reporting | ||||||||||||
Comprehensive income (loss) includes net income or loss plus other comprehensive income (loss), which for the Company consists of foreign currency translation adjustments, the non-credit portion of unrealized gain or loss on available-for-sale marketable securities and the mark-to-market gains or losses on derivative instruments designated as a cash flow hedge. For the years ended December 31, 2014, 2013 and 2012, the Company reclassified ($141,000), ($164,000) and $56,000, respectively, from other comprehensive income, of which $228,000, $265,000 and $61,000, respectively, were recorded to reduce interest expense and $87,000, $101,000 and $117,000, respectively, were recorded against the income tax provision, in the consolidated statements of operations and comprehensive income (loss). | |||||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenues and cost of revenues | ||||||||||||
Revenues are primarily related to: (i) sale of electricity from geothermal and recovered energy-based power plants owned and operated by the Company and (ii) geothermal and recovered energy-based power plant equipment engineering, sale, construction and installation, and operating services. | |||||||||||||
Revenues related to the sale of electricity from geothermal and recovered energy-based power plants and capacity payments are recorded based upon output delivered and capacity provided at rates specified under relevant contract terms. For PPAs agreed to, modified, or acquired in business combinations on or after July 1, 2003, the Company determines whether such PPAs contain a lease element requiring lease accounting. Revenue from such PPAs are accounted for in electricity revenues. The lease element of the PPAs is also assessed in accordance with the revenue arrangements with multiple deliverables guidance, which requires that revenues be allocated to the separate earnings processes based on their relative fair value. PPAs with minimum lease rentals which vary over time are generally recognized on the straight-line basis over the term of the PPAs. PPAs with contingent rentals are recognized when earned. | |||||||||||||
Revenues from engineering, operating services, and parts and product sales are recorded upon providing the service or delivery of the products and parts and when collectability is reasonably assured. Revenues from the supply and/or construction of geothermal and recovered energy-based power plant equipment and other equipment to third parties are recognized using the percentage-of-completion method. Revenue is recognized based on the percentage relationship that incurred costs bear to total estimated costs. Costs include direct material, labor, and indirect costs. Selling, marketing, general, and administrative costs are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, may result in revisions to costs and revenues and are recognized in the period in which the revisions are determined. | |||||||||||||
In specific instances where there is a lack of dependable estimates or inherent risks cause forecast to be doubtful, then the completed-contract method is followed. Revenue is recognized when the contract is substantially complete and when collectability is reasonably assured. Costs that are closely associated with the project are deferred as contract costs and recognized similarly to the associated revenues. | |||||||||||||
Standard Product Warranty, Policy [Policy Text Block] | Warranty on products sold | ||||||||||||
The Company generally provides a one-year warranty against defects in workmanship and materials related to the sale of products for electricity generation. Estimated future warranty obligations are included in operating expenses in the period in which the related revenue is recognized. Such charges are immaterial for the years ended December 31, 2014, 2013, and 2012. | |||||||||||||
Research and Development Expense, Policy [Policy Text Block] | Research and development | ||||||||||||
Research and development costs incurred by the Company for the development of existing and new geothermal, recovered energy and remote power technologies are expensed as incurred. Grants received from the DOE are offset against the related research and development expenses. Such grants amounted to $555,000, $1,616,000, and $660,000 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||
Income Tax, Policy [Policy Text Block] | Income taxes | ||||||||||||
Income taxes are accounted for using the asset and liability approach, which requires the recognition of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. The measurement of current and deferred tax assets and liabilities are based on provisions of the enacted tax law. The effects of future changes in tax laws or rates are not anticipated. The Company accounts for investment tax credits and production tax credits as a reduction to income taxes in the year in which the credit arises. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not, more likely than not expected to be realized. A full valuation allowance has been established to offset the Company’s U.S. deferred tax assets. Tax benefits from uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. | |||||||||||||
Earnings Per Share, Policy [Policy Text Block] | Earnings (loss) per share | ||||||||||||
Basic earnings (loss) per share attributable to the Company’s stockholders (“earnings (loss) per share”) is computed by dividing net income or loss attributable to the Company’s stockholders by the weighted average number of shares of common stock outstanding for the period. The Company does not have any equity instruments that are dilutive, except for stock-based awards. | |||||||||||||
The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Weighted average number of shares used in computation of basic earnings per share | 45,508 | 45,440 | 45,431 | ||||||||||
Add: | |||||||||||||
Additional shares from the assumed exercise of employee stock options | 350 | 35 | - | ||||||||||
Weighted average number of shares used in computation of diluted earnings per share | 45,858 | 45,475 | 45,431 | ||||||||||
In the year ended December 31, 2012, the employee stock options were anti-dilutive because of the Company’s net loss, and therefore, they have been excluded from the diluted earnings (loss) per share calculation. | |||||||||||||
The number of stock-based awards that could potentially dilute future earnings per share and were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive was 3,237,593, 5,139,339, and 5,479,852, respectively, for the years ended December 31, 2014, 2013, and 2012. | |||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements | ||||||||||||
New accounting pronouncements effective in the year ended December 31, 2014 | |||||||||||||
Presentation of Unrecognized Tax Benefits | |||||||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) clarified the accounting guidance on presentation of the unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance states that an unrecognized tax benefit (or a portion thereof) should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except for certain exceptions specified in the guidance. The exceptions include when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to reduce any income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and is to be made assuming the disallowance of the tax position at the reporting date. This accounting update is effective for fiscal periods after December 15, 2013. The provision was applied prospectively to all unrecognized tax benefits that exist on January 1, 2014. The adoption of this guidance did not have a material impact on the consolidated financial statements. | |||||||||||||
New accounting pronouncements effective in future periods | |||||||||||||
Reporting Discontinued Operations and Disclosures | |||||||||||||
In April 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendment, required to be applied prospectively for reporting periods beginning after December 15, 2014, limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have, or will have, a major effect on operations and financial results. The amendment requires expanded disclosures for discontinued operations and also requires additional disclosures regarding disposals of individually significant components that do not qualify as discontinued operations. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. This amendment has no impact on our current disclosures, but will in the future if we dispose of any individually significant components of the Company. | |||||||||||||
Revenues from Contracts with Customers | |||||||||||||
In May 2014, the FASB issued ASU 2014-09, Revenues from Contracts with Customers, Topic 606, which was a joint project of the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The update provides that an entity should recognize revenue in connection with the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, an entity is required to apply each of the following steps: (1) identify the contract(s) with the customer; (2) identify the performance obligations in the contracts; (3) determine the transaction price; (4) allocate the transaction price to the performance obligation in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently evaluating the potential impact, if any, of the adoption of these amendments on its consolidated financial statements. |
Note_1_Business_and_Significan1
Note 1 - Business and Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Schedule of Estimated Useful Lives [Table Text Block] | (In years) | ||||||||||||
Leasehold improvements | 15-20 | ||||||||||||
Machinery and equipment — manufacturing and drilling | 10 | ||||||||||||
Machinery and equipment — computers | 5-Mar | ||||||||||||
Office equipment — furniture and fixtures | 15-May | ||||||||||||
Office equipment — other | 10-May | ||||||||||||
Automobiles | 7-May | ||||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Weighted average number of shares used in computation of basic earnings per share | 45,508 | 45,440 | 45,431 | ||||||||||
Add: | |||||||||||||
Additional shares from the assumed exercise of employee stock options | 350 | 35 | - | ||||||||||
Weighted average number of shares used in computation of diluted earnings per share | 45,858 | 45,475 | 45,431 |
Note_2_Inventories_Tables
Note 2 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Raw materials and purchased parts for assembly | $ | 4,840 | $ | 6,326 | |||||
Self-manufactured assembly parts and finished products | 12,090 | 15,963 | |||||||
Total | $ | 16,930 | $ | 22,289 |
Note_3_Cost_and_Estimated_Earn1
Note 3 - Cost and Estimated Earnings on Uncompleted Contracts (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Contractors [Abstract] | |||||||||
Cost and Estimated Earnings on Uncompleted Contracts [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Costs and estimated earnings incurred on uncompleted contracts | $ | 127,959 | $ | 51,550 | |||||
Less billings to date | (124,890 | ) | (38,236 | ) | |||||
Total | $ | 3,069 | $ | 13,314 | |||||
Cost and Estimated Earnings on Uncompleted Contracts Included in Consolidated Balance Sheets [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 27,793 | $ | 21,217 | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (24,724 | ) | (7,903 | ) | |||||
Total | $ | 3,069 | $ | 13,314 |
Note_4_Unconsolidated_Investme1
Note 4 - Unconsolidated Investments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||
Equity Method Investments [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Sarulla | $ | (3,617 | ) | $ | 7,076 |
Note_5_Variable_Interest_Entit1
Note 5 - Variable Interest Entities (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||
Disclosure Of Variable Interest Entities [Abstract] | ||||||||||||||||||||||
Schedule of Variable Interest Entities [Table Text Block] | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||
Project Debt | PPAs | Project Debt | PPAs | Less than Majority- | ||||||||||||||||||
(Dollars in thousands) | owned Subsidiary | |||||||||||||||||||||
Assets: | (Dollars in thousands) | |||||||||||||||||||||
Restricted cash and cash equivalents | $ | 87,832 | $ | — | Assets: | |||||||||||||||||
Other current assets | 72,091 | 4,496 | Restricted cash, cash equivalents and marketable securities | $ | 48,276 | $ | — | $ | — | |||||||||||||
Unconsolidated investments | — | — | Other current assets | 66,672 | 5,459 | — | ||||||||||||||||
Property, plant and equipment, net | 1,160,559 | 178,783 | Property, plant and equipment, net | 1,190,467 | 190,616 | — | ||||||||||||||||
Construction-in-process | 161,534 | 472 | Construction-in-process | 136,486 | 461 | 11,055 | ||||||||||||||||
Other long-term assets | 51,264 | (1 | ) | Other long-term assets | 56,601 | 267 | — | |||||||||||||||
Total assets | $ | 1,533,280 | $ | 183,750 | Total assets | $ | 1,498,502 | $ | 196,803 | $ | 11,055 | |||||||||||
Liabilities: | Liabilities: | |||||||||||||||||||||
Accounts payable and accrued expenses | $ | 14,266 | $ | 2,990 | Accounts payable and accrued expenses | $ | 16,087 | $ | 2,608 | $ | — | |||||||||||
Long-term debt | 685,248 | — | Long-term debt | 632,906 | — | — | ||||||||||||||||
Other long-term liabilities | 91,254 | 6,885 | Other long-term liabilities | 103,538 | 5,948 | — | ||||||||||||||||
Total liabilities | $ | 790,768 | $ | 9,875 | Total liabilities | $ | 752,531 | $ | 8,556 | $ | — |
Note_6_Fair_Value_of_Financial1
Note 6 - Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | 31-Dec-14 | ||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Carrying | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Value at | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash equivalents (including restricted cash accounts) | $ | 85,076 | $ | 85,076 | $ | 85,076 | $ | — | $ | — | |||||||||||
Derivatives: | |||||||||||||||||||||
Swap transaction on natural gas price (1) | 4,129 | 4,129 | — | 4,129 | — | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||
Currency forward contracts (2) | (2,882 | ) | (2,882 | ) | — | (2,882 | ) | — | |||||||||||||
$ | 86,323 | $ | 86,323 | $ | 85,076 | $ | 1,247 | $ | — | ||||||||||||
31-Dec-13 | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Carrying | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Value at | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash equivalents (including restricted cash accounts) | $ | 40,015 | $ | 40,015 | $ | 40,015 | $ | — | $ | — | |||||||||||
Derivatives: | |||||||||||||||||||||
Currency forward contracts (2) | 2,290 | 2,290 | — | 2,290 | — | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||
Swap transaction on oil price (3) | (2,490 | ) | (2,490 | ) | — | (2,490 | ) | — | |||||||||||||
Swap transaction on natural gas price (1) | (341 | ) | (341 | ) | — | (341 | ) | — | |||||||||||||
$ | 39,474 | $ | 39,474 | $ | 40,015 | $ | (541 | ) | $ | — | |||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivatives not designated as | Amount of recognized gain (loss) | |||||||||||||||||||
hedging instruments | Location of recognized gain (loss) | 2014 | 2013 | 2012 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Put options on oil price | Electricity revenues | $ | — | $ | (1,330 | ) | $ | (807 | ) | ||||||||||||
Put options on natural gas price | Electricity revenues | — | — | (1,342 | ) | ||||||||||||||||
Swap transaction on oil price | Electricity revenues | 2,728 | (635 | ) | 1,598 | ||||||||||||||||
Swap transactions on natural gas price | Electricity revenues | 2,996 | (3,052 | ) | 2,804 | ||||||||||||||||
Currency forward contracts | Foreign currency translation and transaction gains (losses) | (4,949 | ) | 5,912 | 463 | ||||||||||||||||
$ | 775 | $ | 895 | $ | 2,716 | ||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair Value | Carrying Amount | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | ||||||||||||||||||||
Olkaria III Loan - DEG | $ | 32.2 | $ | 40.3 | $ | 31.6 | $ | 39.5 | |||||||||||||
Olkaria III Loan - OPIC | 279.4 | 279.6 | 282.6 | 299.9 | |||||||||||||||||
Amatitlan Loan | — | 34.8 | — | 31.5 | |||||||||||||||||
Senior Secured Notes: | |||||||||||||||||||||
Ormat Funding Corp. ("OFC") | 71.4 | 83.5 | 67.2 | 90.8 | |||||||||||||||||
OrCal Geothermal Inc. ("OrCal") | 55.5 | 65.8 | 55.1 | 66.2 | |||||||||||||||||
OFC 2 LLC ("OFC 2") | 238.8 | 119 | 272.5 | 144.4 | |||||||||||||||||
Senior Unsecured Bonds | 265.4 | 270.6 | 250.4 | 250.6 | |||||||||||||||||
Loan from institutional investors | 12.2 | 20.1 | 11.9 | 19.5 | |||||||||||||||||
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Olkaria III - DEG | $ | — | $ | — | $ | 32.2 | $ | 32.2 | |||||||||||||
Olkaria III - OPIC | — | — | 279.4 | 279.4 | |||||||||||||||||
Senior Secured Notes: | |||||||||||||||||||||
OFC | — | 71.4 | — | 71.4 | |||||||||||||||||
OrCal | — | — | 55.5 | 55.5 | |||||||||||||||||
OFC 2 | — | — | 238.8 | 238.8 | |||||||||||||||||
Senior unsecured bonds | — | — | 265.4 | 265.4 | |||||||||||||||||
Loan from institutional investors | — | — | 12.2 | 12.2 | |||||||||||||||||
Other long-term debt | — | 10 | — | 10 | |||||||||||||||||
Revolving credit lines with banks | — | 20.3 | — | 20.3 | |||||||||||||||||
Deposits | 17.3 | — | — | 17.3 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Olkaria III Loan - DEG | $ | — | $ | — | $ | 40.3 | $ | 40.3 | |||||||||||||
Olkaria III Loan - OPIC | — | — | 279.6 | 279.6 | |||||||||||||||||
Amatitlan Loan | — | — | 34.8 | 34.8 | |||||||||||||||||
Senior Secured Notes: | |||||||||||||||||||||
OFC | — | 83.5 | — | 83.5 | |||||||||||||||||
OrCal | — | — | 65.8 | 65.8 | |||||||||||||||||
OFC 2 | — | — | 119 | 119 | |||||||||||||||||
Senior unsecured bonds | — | — | 270.6 | 270.6 | |||||||||||||||||
Loan from institutional investors | — | — | 20.1 | 20.1 | |||||||||||||||||
Other long-term debt | — | 23.3 | — | 23.3 | |||||||||||||||||
Revolving lines of credit | — | 112 | — | 112 | |||||||||||||||||
Deposits | 21.3 | — | — | 21.3 | |||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | (Dollars in thousands, except realized price) | ||||||||||||||||||||
Valuation Technique | Amount or Range | Weighted Average | |||||||||||||||||||
Generation output (MWh) | DCF | 224,836 | 224,836 | ||||||||||||||||||
Average realized price ($/MWh) | DCF | $ | 84.50 — $111.25 | $ | 92.31 | ||||||||||||||||
Operating costs | DCF | $ | 12,687 — $20,430 | $ | 16,163 | ||||||||||||||||
(Dollars in thousands, except realized price) | |||||||||||||||||||||
Valuation Technique | Amount or Range | Weighted Average | |||||||||||||||||||
Generation output (MWh) | DCF | 11,916—15,456 | 15,097 | ||||||||||||||||||
Average realized price ($/MWh) | DCF | $ | 49.00—$71.50 | $ | 60.36 | ||||||||||||||||
Operating costs | DCF | $ | 86 — $595 | $ | 400 |
Note_7_Property_Plant_and_Equi1
Note 7 - Property, Plant and Equipment and Construction-in-Process (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||
Property, Plant and Equipment [Table Text Block] | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Land owned by the Company where the geothermal resource is located | $ | 31,465 | $ | 30,336 | |||||||||||||
Leasehold improvements | 3,420 | 3,386 | |||||||||||||||
Machinery and equipment | 123,807 | 101,104 | |||||||||||||||
Office equipment | 17,150 | 17,492 | |||||||||||||||
Automobiles | 6,495 | 5,745 | |||||||||||||||
Geothermal and recovered energy generation power plants, including geothermal wells and exploration and resource development costs: | |||||||||||||||||
United States of America, net of cash grants and impairment charges | 1,463,291 | 1,439,374 | |||||||||||||||
Foreign countries | 473,481 | 448,161 | |||||||||||||||
Asset retirement cost | 7,444 | 7,803 | |||||||||||||||
2,126,553 | 2,053,401 | ||||||||||||||||
Less accumulated depreciation | (688,916 | ) | (601,065 | ) | |||||||||||||
Property, plant and equipment, net | $ | 1,437,637 | $ | 1,452,336 | |||||||||||||
Construction-in-Progress [Table Text Block] | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Projects under exploration and development: | |||||||||||||||||
Up-front bonus lease costs | $ | 26,618 | $ | 30,141 | |||||||||||||
Exploration and development costs | 45,977 | 38,220 | |||||||||||||||
Interest capitalized | 836 | 1,278 | |||||||||||||||
73,431 | 69,639 | ||||||||||||||||
Projects under construction: | |||||||||||||||||
Up-front bonus lease costs | 27,473 | 27,473 | |||||||||||||||
Drilling and construction costs | 187,545 | 184,767 | |||||||||||||||
Interest capitalized | 8,273 | 6,948 | |||||||||||||||
223,291 | 219,188 | ||||||||||||||||
Total | $ | 296,722 | $ | 288,827 | |||||||||||||
Roll Forward of Construction-in-Process [Table Text Block] | Projects under Exploration and Development | ||||||||||||||||
Up-front Bonus | Exploration and | Interest Capitalized | Total | ||||||||||||||
Lease Costs | Development Costs | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Balance at December 31, 2011 | $ | 36,832 | $ | 40,223 | $ | 1,598 | $ | 78,653 | |||||||||
Cost incurred during the year | — | 3,782 | 420 | 4,203 | |||||||||||||
Write off of unsuccessful exploration costs | (1,160 | ) | (1,479 | ) | — | (2,639 | ) | ||||||||||
Transfer of projects under exploration and development to projects under construction | (1,687 | ) | (10,224 | ) | (740 | ) | (12,651 | ) | |||||||||
Balance at December 31, 2012 | 33,985 | 32,302 | 1,278 | 67,565 | |||||||||||||
Cost incurred during the year | — | 6,168 | — | 6,168 | |||||||||||||
Write off of unsuccessful exploration costs | (3,844 | ) | (250 | ) | — | (4,094 | ) | ||||||||||
Balance at December 31, 2013 | 30,141 | 38,220 | 1,278 | 69,639 | |||||||||||||
Cost incurred during the year | — | 19,231 | — | 19,231 | |||||||||||||
Write off of unsuccessful exploration costs | (3,523 | ) | (11,474 | ) | (442 | ) | (15,439 | ) | |||||||||
Balance at December 31, 2014 | $ | 26,618 | $ | 45,977 | $ | 836 | $ | 73,431 | |||||||||
Projects under Construction | |||||||||||||||||
Up-front Bonus | Drilling and | Interest Capitalized | Total | ||||||||||||||
Lease Costs | Construction Costs | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Balance at December 31, 2011 | $ | 31,179 | $ | 246,878 | $ | 13,841 | $ | 291,898 | |||||||||
Cost incurred during the year | — | 216,894 | 11,542 | 228,435 | |||||||||||||
Transfer of completed projects to property, plant and equipment | 1,687 | 10,224 | 740 | 12,651 | |||||||||||||
Transfer from projects under exploration and development | (3,706 | ) | (190,123 | ) | (10,579 | ) | (204,408 | ) | |||||||||
Balance at December 31, 2012 | 29,160 | 283,873 | 15,543 | 328,576 | |||||||||||||
Cost incurred during the year | — | 203,859 | 7,609 | 211,468 | |||||||||||||
Transfer from projects under exploration and development | (1,687 | ) | (302,966 | ) | (16,204 | ) | (320,857 | ) | |||||||||
Balance at December 31, 2013 | 27,473 | 184,766 | 6,948 | 219,187 | |||||||||||||
Cost incurred during the year | — | 132,597 | 3,206 | 135,803 | |||||||||||||
Sale of property, plant and equipment | — | (24,692 | ) | (911 | ) | (25,603 | ) | ||||||||||
Reclassification of completed projects to property, plant and equipment | — | (105,126 | ) | (970 | ) | (106,096 | ) | ||||||||||
Balance at December 31, 2014 | $ | 27,473 | $ | 187,545 | $ | 8,273 | $ | 223,291 |
Note_8_Intangible_Assets_Table
Note 8 - Intangible Assets (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Disclosure Text Block [Abstract] | |||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (Dollars in thousands) | ||||
Year ending December 31: | |||||
2015 | $ | 3,280 | |||
2016 | 3,280 | ||||
2017 | 2,944 | ||||
2018 | 2,814 | ||||
2019 | 2,743 | ||||
Thereafter | 13,594 | ||||
Total | $ | 28,655 |
Note_9_Accounts_Payable_and_Ac1
Note 9 - Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Trade payables | $ | 48,283 | $ | 49,619 | |||||
Salaries and other payroll costs | 10,774 | 11,711 | |||||||
Customer advances | 3,768 | 6,410 | |||||||
Accrued interest | 8,546 | 9,277 | |||||||
Income tax payable | 3,164 | 224 | |||||||
Property tax payable | 4,192 | 4,671 | |||||||
Scheduling and transmission | 1,771 | 1,300 | |||||||
Royalty accrual | 2,104 | 1,531 | |||||||
Deferred revenues | — | 5,750 | |||||||
Other | 5,674 | 7,554 | |||||||
Total | $ | 88,276 | $ | 98,047 |
Note_10_Longterm_Debt_and_Cred1
Note 10 - Long-term Debt and Credit Agreements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Limited and non-recourse agreements: | |||||||||
Loans: | |||||||||
Non-recourse: | |||||||||
Loan agreement with TCW (the Amatitlan power plant) | $ | - | $ | 31,509 | |||||
Limited recourse: | |||||||||
Loan agreement with OPIC (the Olkaria III power plant) | 282,620 | 299,946 | |||||||
Senior Secured Notes: | |||||||||
Non-recourse: | |||||||||
Ormat Funding Corp. ("OFC") | 67,206 | 90,840 | |||||||
OrCal Geothermal Inc. ("OrCal") | 55,050 | 66,156 | |||||||
Limited recourse: | |||||||||
OFC 2 LLC ("OFC 2") | 272,477 | 144,450 | |||||||
677,353 | 632,901 | ||||||||
Less current portion | (52,363 | ) | (51,514 | ) | |||||
Non current portion | $ | 624,990 | $ | 581,387 | |||||
Full recourse agreements: | |||||||||
Senior unsecured bonds | $ | 250,289 | $ | 250,596 | |||||
Loans from institutional investors | 21,887 | 32,868 | |||||||
Loan agreement with DEG (the Olkaria III power plant) | 31,580 | 39,474 | |||||||
Loan from a commercial bank | - | 10,000 | |||||||
Revolving credit lines with banks | 20,300 | 112,017 | |||||||
324,056 | 444,955 | ||||||||
Less current portion | (39,416 | ) | (28,875 | ) | |||||
Non current portion | $ | 284,640 | $ | 416,080 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | (Dollars in thousands) | ||||||||
Year ending December 31: | |||||||||
2015 | $ | 91,779 | |||||||
2016 | 69,060 | ||||||||
2017 | 316,017 | ||||||||
2018 | 59,186 | ||||||||
2019 | 50,889 | ||||||||
Thereafter | 414,479 | ||||||||
Total | $ | 1,001,410 |
Note_11_Puna_Power_Plant_Lease1
Note 11 - Puna Power Plant Lease Transactions (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (Dollars in thousands) | ||||
Year ending December 31: | |||||
2015 | $ | 8,222 | |||
2016 | 8,374 | ||||
2017 | 8,747 | ||||
2018 | 8,944 | ||||
2019 | 6,018 | ||||
Thereafter | 6,913 | ||||
Total | $ | 47,218 |
Note_13_Asset_Retirement_Oblig1
Note 13 - Asset Retirement Obligation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||
Schedule of Asset Retirement Obligations [Table Text Block] | Year Ended December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Balance at beginning of year | $ | 18,679 | $ | 19,289 | |||||
Revision in estimated cash flows | (1,395 | ) | (2,742 | ) | |||||
Liabilities incurred | 356 | 588 | |||||||
Accretion expense | 1,502 | 1,544 | |||||||
Balance at end of year | $ | 19,142 | $ | 18,679 |
Note_14_Stockbased_Compensatio1
Note 14 - Stock-based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Note 14 - Stock-based Compensation (Tables) [Line Items] | ||||||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||
Cost of revenues | $ | 3,076 | $ | 3,971 | $ | 4,225 | ||||||||||||||||||||||
Selling and marketing expenses | 261 | 494 | 542 | |||||||||||||||||||||||||
General and administrative expenses | 2,234 | 1,799 | 1,611 | |||||||||||||||||||||||||
Total stock-based compensation expense | 5,571 | 6,264 | 6,378 | |||||||||||||||||||||||||
Tax effect on stock-based compensation expense | 836 | 783 | 797 | |||||||||||||||||||||||||
Net effect of stock-based compensation expense | $ | 4,735 | $ | 5,481 | $ | 5,581 | ||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
For stock options issued by the Company: | ||||||||||||||||||||||||||||
Risk-free interest rates | 1.7 | % | 0.8 | % | 1 | % | ||||||||||||||||||||||
Expected lives (in years) | 5.1 | 4.6 | 5 | |||||||||||||||||||||||||
Dividend yield | 0.9 | % | 0.71 | % | 0.81 | % | ||||||||||||||||||||||
Expected volatility | 35.1 | % | 37.8 | % | 47.2 | % | ||||||||||||||||||||||
Forfeiture rate | 0 | % | 5.6 | % | 6.4 | % | ||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||||||||||||||
Outstanding at beginning of year | 4,710 | $ | 28.23 | 3,563 | $ | 30.09 | 2,934 | $ | 32.4 | |||||||||||||||||||
Granted, at fair value: | ||||||||||||||||||||||||||||
Stock Options | 485 | 29.05 | 45 | 26.7 | 75 | 19.01 | ||||||||||||||||||||||
SARs* | — | — | 1,270 | 23.08 | 602 | 20.13 | ||||||||||||||||||||||
Exercised | (243 | ) | 24.1 | (39 | ) | 16.89 | — | — | ||||||||||||||||||||
Forfeited | (116 | ) | 23.2 | (114 | ) | 30.04 | (48 | ) | 28.92 | |||||||||||||||||||
Expired | (359 | ) | 42.7 | (15.00 | ) | 37.9 | — | — | ||||||||||||||||||||
Outstanding at end of year | 4,477 | 27.48 | 4,710 | 28.23 | 3,563 | 30.09 | ||||||||||||||||||||||
Options and SARs exercisable at end of year | 2,106 | 31.25 | 2,123 | 33.82 | 1,592 | 36.61 | ||||||||||||||||||||||
Weighted-average fair value of options and SARs granted during the year | $ | 9 | $ | 6.66 | $ | 7.25 | ||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding | Options Exercisable | ||||||||||||||||||||||||||
Exercise Price | Number of Shares | Weighted Average | Aggregate | Number of Shares | Weighted Average | Aggregate | ||||||||||||||||||||||
Outstanding | Remaining Contractual | Intrinsic Value | Exercisable | Remaining Contractual | Intrinsic Value | |||||||||||||||||||||||
Life in Years | Life in Years | |||||||||||||||||||||||||||
$ | 15 | - | $ | - | - | - | $ | - | ||||||||||||||||||||
18.56 | 45 | 4.8 | 388 | 45 | 4.8 | 389 | ||||||||||||||||||||||
19.1 | 8 | 3.8 | 61 | 8 | 3.8 | 182 | ||||||||||||||||||||||
19.69 | 26 | 4.6 | 197 | 26 | 4.6 | 197 | ||||||||||||||||||||||
20.13 | 509 | 4.3 | 3,585 | 99 | 4.3 | - | ||||||||||||||||||||||
20.54 | 100 | 4.3 | 664 | 25 | 4.3 | - | ||||||||||||||||||||||
23.34 | 1,129 | 4.4 | 4,343 | - | - | - | ||||||||||||||||||||||
24.57 | 33 | 4.1 | 85 | - | - | |||||||||||||||||||||||
25.65 | 493 | 3.3 | 754 | 220 | 3.3 | 225 | ||||||||||||||||||||||
25.74 | 8 | 0.8 | 11 | 8 | 0.8 | 33 | ||||||||||||||||||||||
26.7 | 45 | 5.8 | 22 | 45 | 5.8 | - | ||||||||||||||||||||||
26.84 | 418 | 1.2 | 142 | 418 | 1.2 | 196 | ||||||||||||||||||||||
28.19 | 30 | 2.8 | - | 30 | 2.8 | - | ||||||||||||||||||||||
28.23 | 53 | 6.8 | - | - | - | |||||||||||||||||||||||
29.21 | 8 | 2.3 | - | 8 | 2.3 | - | ||||||||||||||||||||||
29.52 | 400 | 5.6 | - | - | - | |||||||||||||||||||||||
29.95 | 538 | 2.3 | - | 538 | 2.3 | - | ||||||||||||||||||||||
34.13 | 222 | 1.3 | - | 222 | 1.3 | - | ||||||||||||||||||||||
38.5 | 23 | 1.8 | - | 23 | 1.8 | - | ||||||||||||||||||||||
45.78 | 390 | 0.3 | - | 390 | 0.3 | - | ||||||||||||||||||||||
4,477 | 3.3 | 10,252 | 2,106 | 2.1 | 1,222 | |||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||
Exercise Price | Number of Shares | Weighted Average | Aggregate | Number of Shares Exercisable | Weighted Average | Aggregate | ||||||||||||||||||||||
Outstanding | Remaining Contractual | Intrinsic Value | Remaining Contractual | Intrinsic Value | ||||||||||||||||||||||||
Life in Years | Life in Years | |||||||||||||||||||||||||||
$ | 15 | 21 | 0.8 | $ | 258 | 21 | 0.8 | $ | 258 | |||||||||||||||||||
18.56 | 45 | 5.8 | 389 | 45 | 5.8 | 389 | ||||||||||||||||||||||
19.1 | 23 | 4.8 | 182 | 23 | 4.8 | 182 | ||||||||||||||||||||||
19.69 | 26 | 5.6 | 197 | 26 | 5.6 | 197 | ||||||||||||||||||||||
20.13 | 578 | 5.3 | 4,089 | - | - | - | ||||||||||||||||||||||
20.54 | 120 | 5.3 | 800 | - | - | - | ||||||||||||||||||||||
23.34 | 1,138 | 5.4 | 4,404 | - | - | - | ||||||||||||||||||||||
25.65 | 578 | 4.3 | 901 | 144 | 4.3 | 225 | ||||||||||||||||||||||
25.74 | 23 | 1.8 | 33 | 23 | - | 33 | ||||||||||||||||||||||
26.7 | 45 | 6.8 | 23 | - | - | - | ||||||||||||||||||||||
26.84 | 529 | 2.2 | 196 | 529 | 2.2 | 196 | ||||||||||||||||||||||
28.19 | 30 | 3.8 | - | 30 | 3.8 | - | ||||||||||||||||||||||
29.21 | 8 | 3.3 | - | 8 | 3.3 | - | ||||||||||||||||||||||
29.95 | 547 | 3.3 | - | 273 | 3.3 | - | ||||||||||||||||||||||
34.13 | 222 | 2.3 | - | 222 | 2.3 | - | ||||||||||||||||||||||
38.5 | 23 | 2.8 | - | 23 | 2.8 | - | ||||||||||||||||||||||
38.85 | 8 | 0.2 | - | 8 | 0.2 | - | ||||||||||||||||||||||
42.08 | 329 | 0.3 | - | 329 | 0.3 | - | ||||||||||||||||||||||
45.78 | 397 | 1.3 | - | 397 | - | - | ||||||||||||||||||||||
52.98 | 23 | 0.8 | - | 23 | 0.8 | - | ||||||||||||||||||||||
4,710 | 3.7 | 11,472 | 2,123 | 2.1 | 1,480 | |||||||||||||||||||||||
Chief Financial Officer [Member] | ||||||||||||||||||||||||||||
Note 14 - Stock-based Compensation (Tables) [Line Items] | ||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Risk-free interest rates | 0.81 | % | |||||||||||||||||||||||||
Expected life (in years) | 3.375 | |||||||||||||||||||||||||||
Dividend yield | 0.8 | % | ||||||||||||||||||||||||||
Expected volatility | 33.5 | % | ||||||||||||||||||||||||||
Forfeiture rate | 0 | % | ||||||||||||||||||||||||||
Risk-free interest rates | 1.3 | % | ||||||||||||||||||||||||||
Expected life (in years) | 4 | |||||||||||||||||||||||||||
Dividend yield | 0.7 | % | ||||||||||||||||||||||||||
Expected volatility | 32.4 | % | ||||||||||||||||||||||||||
Forfeiture rate | 0 | % | ||||||||||||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||||||||||||
Note 14 - Stock-based Compensation (Tables) [Line Items] | ||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Grant of options to purchase 100,000 shares of common stock | Grant of options to purchase 300,000 shares of common stock | ||||||||||||||||||||||||||
Risk-free interest rates | 2.36 | % | 1.64 | % | ||||||||||||||||||||||||
Expected life (in years) | 7.25 | 4.75 | ||||||||||||||||||||||||||
Dividend yield | 0.9 | % | 0.9 | % | ||||||||||||||||||||||||
Expected volatility | 42.8 | % | 33.1 | % | ||||||||||||||||||||||||
Forfeiture rate | 0 | % | 0 | % |
Note_16_Discontinued_Operation1
Note 16 - Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Note 16 - Discontinued Operations (Tables) [Line Items] | |||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Revenues - electricity | $ | — | $ | 4,866 | $ | 12,635 | |||||||
Cost of revenues - electricity | — | 2,869 | 7,219 | ||||||||||
Gross margin | — | 1,997 | 5,416 | ||||||||||
Operating expenses: | |||||||||||||
Selling and marketing expenses | — | 192 | 404 | ||||||||||
General and administrative expenses | — | 140 | 201 | ||||||||||
Operating income | — | 1,665 | 4,811 | ||||||||||
Income from discontinued operations before income taxes | — | 5,311 | 4,811 | ||||||||||
Income tax provision | — | (614 | ) | (1,264 | ) | ||||||||
Income from discontinued operations, net of taxes | $ | — | $ | 4,697 | $ | 3,547 | |||||||
Balance Sheet [Member] | |||||||||||||
Note 16 - Discontinued Operations (Tables) [Line Items] | |||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | (Dollars in thousands) | ||||||||||||
Cash and cash equivalents | $ | 52 | |||||||||||
Accounts receivable | 2,274 | ||||||||||||
Prepaid expenses and other | 167 | ||||||||||||
Property, plant and equipment | 3,935 | ||||||||||||
Accounts payable and accrued expenses | (493 | ) | |||||||||||
Deferred income taxes | (442 | ) | |||||||||||
Accrued severance pay | (313 | ) | |||||||||||
Other liabilities | (590 | ) | |||||||||||
Net assets | $ | 4,590 |
Note_17_Interest_Expense_Net_T
Note 17 - Interest Expense, Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Interest Expense Disclosure [Abstract] | |||||||||||||
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Interest related to sale of tax benefits | $ | 12,413 | $ | 13,753 | $ | 6,827 | |||||||
Interest expense | 75,447 | 67,621 | 69,206 | ||||||||||
Less — amount capitalized | (3,206 | ) | (7,598 | ) | (11,964 | ) | |||||||
$ | 84,654 | $ | 73,776 | $ | 64,069 |
Note_18_Income_Taxes_Tables
Note 18 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
U.S | $ | (2,623 | ) | $ | 1,520 | $ | (283,242 | ) | |||||
Non-U.S. (foreign) | 88,459 | 49,616 | 71,437 | ||||||||||
$ | 85,836 | $ | 51,136 | $ | (211,805 | ) | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current: | |||||||||||||
State | $ | 490 | $ | 208 | $ | (768 | ) | ||||||
Foreign | 13,983 | 2,886 | 7,331 | ||||||||||
$ | 14,473 | $ | 3,094 | $ | 6,563 | ||||||||
Deferred: | |||||||||||||
Federal | — | — | (17,312 | ) | |||||||||
State | — | — | (44 | ) | |||||||||
Foreign | 13,135 | 10,458 | 12,620 | ||||||||||
13,135 | 10,458 | (4,736 | ) | ||||||||||
$ | 27,608 | $ | 13,552 | $ | 1,827 | ||||||||
Components of Deferred Income Tax Expense Benefit [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax expense (exclusive of the effect of other components listed below) | $ | (8,993 | ) | $ | (71,052 | ) | $ | 23,802 | |||||
Write-off of power plants | — | — | (90,720 | ) | |||||||||
Usage (benefit) of operating loss carryforwards - US | 7,764 | 11,672 | 26,907 | ||||||||||
Change in valuation allowance | 3,526 | (1,787 | ) | 16,877 | |||||||||
Change in foreign income tax | 13,135 | 10,458 | 8,257 | ||||||||||
Change in lease transaction | 2,136 | 974 | 1,170 | ||||||||||
Change in tax monetization transaction | 5,184 | 46,051 | 5,353 | ||||||||||
Change in intangible drilling costs | (9,706 | ) | 15,091 | 14,133 | |||||||||
Benefit of production tax credits and alternative minimum tax credit | 89 | (949 | ) | (10,515 | ) | ||||||||
$ | 13,135 | $ | 10,458 | $ | (4,736 | ) | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
Valuation allowance | (1.7 | ) | (3.5 | ) | (8.0 | ) | |||||||
Tax monetization | 2.5 | - | - | ||||||||||
State income tax, net of federal benefit | (0.7 | ) | (0.2 | ) | 4.1 | ||||||||
Effect of foreign income tax, net | (4.9 | ) | (7.9 | ) | 2.4 | ||||||||
Production tax credits | 0.9 | (1.9 | ) | 5 | |||||||||
Dividends from foreign subsidiaries | - | - | (39.3 | ) | |||||||||
Subpart F income | 1.4 | 4.7 | - | ||||||||||
Depletion | (1.1 | ) | - | 0.3 | |||||||||
Other, net | 0.8 | 0.3 | (0.4 | ) | |||||||||
Effective tax rate | 32.2 | % | 26.5 | % | 0.9 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax assets (liabilities): | |||||||||||||
Net foreign deferred taxes, primarily depreciation | $ | (66,943 | ) | $ | (53,621 | ) | |||||||
Depreciation | 86,705 | 96,137 | |||||||||||
Intangible drilling costs | (91,678 | ) | (81,972 | ) | |||||||||
Net capital loss carryforward - U.S. | 100,139 | 92,375 | |||||||||||
Tax monetization transaction | (67,337 | ) | (72,521 | ) | |||||||||
Lease transaction | 4,573 | 2,437 | |||||||||||
Investment tax credits | 672 | 672 | |||||||||||
Production tax credits | 71,402 | 71,313 | |||||||||||
Stock options amortization | 4,467 | 3,464 | |||||||||||
Accrued liabilities and other | 2,337 | 2,901 | |||||||||||
44,337 | 61,185 | ||||||||||||
Less - valuation allowance | (111,280 | ) | (114,806 | ) | |||||||||
Total | $ | (66,943 | ) | $ | (53,621 | ) | |||||||
Summary of Valuation Allowance [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Balance at beginning of the year | $ | 114,806 | $ | 113,596 | $ | 61,500 | |||||||
Additions to deferred income tax expense | (3,526 | ) | 1,210 | 52,096 | |||||||||
Balance at end of the year | $ | 111,280 | $ | 114,806 | $ | 113,596 | |||||||
Schedule of Deferred Taxes Classified in Balance Sheet [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current deferred tax assets | $ | 251 | $ | 523 | $ | 637 | |||||||
Current deferred tax liabilities | (975 | ) | — | (20,392 | ) | ||||||||
Non-current deferred tax assets | — | 891 | 21,283 | ||||||||||
Non-current deferred tax liabilities | (66,219 | ) | (55,035 | ) | (45,059 | ) | |||||||
$ | (66,943 | ) | $ | (53,621 | ) | $ | (43,531 | ) | |||||
Summary of Income Tax Contingencies [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Balance at beginning of year | $ | 4,950 | $ | 7,281 | $ | 5,875 | |||||||
Additions based on tax positions taken in prior years | 230 | 200 | 1,381 | ||||||||||
Additions based on tax positions taken in the current year | 2,980 | 1,146 | 25 | ||||||||||
Reduction based on tax positions taken in prior years | (649 | ) | (3,677 | ) | — | ||||||||
Balance at end of year | $ | 7,511 | $ | 4,950 | $ | 7,281 | |||||||
Summary of Income Tax Examinations [Table Text Block] | Israel | 2009 — 2014 | |||||||||||
Kenya | 2000 — 2014 | ||||||||||||
Guatemala | 2008 — 2014 | ||||||||||||
Philippines | 2008 —2014 | ||||||||||||
New Zealand | 2009 —2014 |
Note_19_Business_Segments_Tabl
Note 19 - Business Segments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Electricity | Product | Consolidated | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Year Ended December 31, 2014: | |||||||||||||||||||||||||
Net revenues from external customers | $ | 382,301 | $ | 177,223 | $ | 559,524 | |||||||||||||||||||
Intersegment revenues | — | 44,718 | 44,718 | ||||||||||||||||||||||
Depreciation and amortization expense | 97,826 | 2,973 | 100,799 | ||||||||||||||||||||||
Operating income (loss) | 90,401 | 53,089 | 143,490 | ||||||||||||||||||||||
Segment assets at period end * | 1,963,486 | 158,070 | 2,121,556 | ||||||||||||||||||||||
Expenditures for long-lived assets | 155,323 | 3,458 | 158,781 | ||||||||||||||||||||||
* Including unconsolidated investments | — | — | — | ||||||||||||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||||||||||
Net revenues from external customers | $ | 329,747 | $ | 203,492 | $ | 533,239 | |||||||||||||||||||
Intersegment revenues | — | 37,248 | 37,248 | ||||||||||||||||||||||
Depreciation and amortization expense | 88,853 | 4,079 | 92,932 | ||||||||||||||||||||||
Operating income (loss) | 54,265 | 42,693 | 96,958 | ||||||||||||||||||||||
Segment assets at period end * | 2,017,838 | 141,595 | 2,159,433 | ||||||||||||||||||||||
Expenditures for long-lived assets | 203,047 | 1,581 | 204,628 | ||||||||||||||||||||||
* Including unconsolidated investments | 7,076 | — | 7,076 | ||||||||||||||||||||||
Year Ended December 31, 2012 : | |||||||||||||||||||||||||
Net revenues from external customers | $ | 314,894 | $ | 186,879 | $ | 501,773 | |||||||||||||||||||
Intersegment revenues | — | 48,315 | 48,315 | ||||||||||||||||||||||
Depreciation and amortization expense | 95,927 | 3,557 | 99,484 | ||||||||||||||||||||||
Operating income | (189,994 | ) | 30,098 | (159,896 | ) | ||||||||||||||||||||
Segment assets at period end * | 1,990,490 | 97,033 | 2,087,523 | ||||||||||||||||||||||
Expenditures for long-lived assets | 228,289 | 4,731 | 233,020 | ||||||||||||||||||||||
* Including unconsolidated investments | 2,591 | — | 2,591 | ||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Total segment revenues | $ | 559,524 | $ | 533,239 | $ | 501,773 | |||||||||||||||||||
Intersegment revenues | 44,718 | 37,248 | 48,315 | ||||||||||||||||||||||
Elimination of intersegment revenues | (44,718 | ) | (37,248 | ) | (48,315 | ) | |||||||||||||||||||
Total consolidated revenues | $ | 559,524 | $ | 533,239 | $ | 501,773 | |||||||||||||||||||
Operating income: | |||||||||||||||||||||||||
Operating income | $ | 143,490 | $ | 96,958 | $ | (159,896 | ) | ||||||||||||||||||
Interest income | 312 | 1,332 | 1,201 | ||||||||||||||||||||||
Interest expense, net | (84,654 | ) | (73,776 | ) | (64,069 | ) | |||||||||||||||||||
Foreign currency translation and transaction gains (losses) | (5,839 | ) | 5,085 | 242 | |||||||||||||||||||||
Income attributable to sale of equity interest | 24,143 | 19,945 | 10,127 | ||||||||||||||||||||||
Gain from sale of property, plant and equipment | 7,628 | — | — | ||||||||||||||||||||||
Other non-operating income (expense), net | 756 | 1,592 | 590 | ||||||||||||||||||||||
Total consolidated income before income taxes and equity in income of investees | $ | 85,836 | $ | 51,136 | $ | (211,805 | ) | ||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Revenues from external customers attributable to: (1) | |||||||||||||||||||||||||
North America | $ | 293,710 | $ | 314,666 | $ | 271,845 | |||||||||||||||||||
Pacific Rim | 4,859 | 20,082 | 109,177 | ||||||||||||||||||||||
Latin America | 29,329 | 21,879 | 27,939 | ||||||||||||||||||||||
Africa | 86,074 | 68,746 | 40,885 | ||||||||||||||||||||||
Far East | 59,212 | 10,582 | 2,075 | ||||||||||||||||||||||
Europe | 86,340 | 97,284 | 49,852 | ||||||||||||||||||||||
Consolidated total | $ | 559,524 | $ | 533,239 | $ | 501,773 | |||||||||||||||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Long-lived assets (primarily power plants and related assets) located in: | |||||||||||||||||||||||||
North America | $ | 1,369,136 | $ | 1,387,449 | $ | 1,358,877 | |||||||||||||||||||
Latin America | 76,601 | 63,972 | 67,536 | ||||||||||||||||||||||
Africa | 330,200 | 338,395 | 274,395 | ||||||||||||||||||||||
Europe | 13,272 | 12,787 | 14,859 | ||||||||||||||||||||||
Pacific Rim and Far East | 862 | 671 | 210 | ||||||||||||||||||||||
Consolidated total | $ | 1,790,071 | $ | 1,803,274 | $ | 1,715,877 | |||||||||||||||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Revenues | % | Revenues | % | Revenues | % | ||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||
Southern California Edison (1) | $ | 75,803 | 13.5 | $ | 75,562 | 14.2 | $ | 90,239 | 18 | ||||||||||||||||
Hawaii Electric Light Company (1) | 44,513 | 8 | 48,825 | 9.2 | 48,606 | 9.7 | |||||||||||||||||||
Sierra Pacific Power Company and Nevada Power Company (1)(2) | 92,580 | 16.5 | 94,111 | 17.6 | 78,631 | 15.7 | |||||||||||||||||||
Mighty River Power (3) | — | — | 19,174 | 3.6 | 99,617 | 19.9 | |||||||||||||||||||
KPLC (1) | 86,074 | 15.4 | 61,876 | 11.6 | 40,887 | 8.1 |
Note_20_Transactions_with_Rela1
Note 20 - Transactions with Related Entities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Schedule of Related Party Transactions [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Property rental fee expense paid to the Parent | $ | 1,821 | $ | 1,797 | $ | 1,762 | |||||||
Interest expense on note payable to the Parent | $ | — | $ | — | $ | — | |||||||
Corporate financial, administrative, executive services, and research and development services provided to the Parent | $ | 151 | $ | 148 | $ | 146 | |||||||
Services rendered by an indirect shareholder of the Parent | $ | — | $ | 15 | $ | 51 |
Note_21_Employee_Benefit_Plan_
Note 21 - Employee Benefit Plan (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Compensation and Retirement Disclosure [Abstract] | |||||
Schedule of Expected Benefit Payments [Table Text Block] | (Dollars in thousands) | ||||
Year ending December 31: | |||||
2015 | $ | 4,109 | |||
2016 | 665 | ||||
2017 | 2,163 | ||||
2018 | 2,518 | ||||
2019 | 821 | ||||
2020-2023 | 6,303 | ||||
$ | 16,579 |
Note_23_Quarterly_FInancial_In1
Note 23 - Quarterly FInancial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | Three Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, | June 30, | Sept. 30, | Dec. 31, | Mar. 31, | June 30, | Sept. 30, | Dec. 31, | ||||||||||||||||||||||||||
2013 | 2013 | 2013 | 2013 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||
Electricity | $ | 68,298 | $ | 87,713 | $ | 88,994 | $ | 84,742 | $ | 94,817 | $ | 91,692 | $ | 102,506 | $ | 93,286 | |||||||||||||||||
Product | 50,608 | 64,966 | 41,755 | 46,163 | 47,619 | 35,911 | 37,736 | 55,957 | |||||||||||||||||||||||||
Total revenues | 118,906 | 152,679 | 130,749 | 130,905 | 142,436 | 127,603 | 140,242 | 149,243 | |||||||||||||||||||||||||
Cost of revenues: | |||||||||||||||||||||||||||||||||
Electricity | 55,088 | 58,641 | 61,356 | 57,789 | 57,034 | 67,322 | 61,727 | 60,547 | |||||||||||||||||||||||||
Product | 37,041 | 43,657 | 29,637 | 30,212 | 31,943 | 20,324 | 23,040 | 33,836 | |||||||||||||||||||||||||
Total cost of revenues | 92,129 | 102,298 | 90,993 | 88,001 | 88,977 | 87,646 | 84,767 | 94,383 | |||||||||||||||||||||||||
Gross margin | 26,777 | 50,381 | 39,756 | 42,904 | 53,459 | 39,957 | 55,475 | 54,860 | |||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||
Research and development expenses | 1,000 | 1,608 | 838 | 1,519 | (87 | ) | 232 | 250 | 388 | ||||||||||||||||||||||||
Selling and marketing expenses | 11,509 | 3,777 | 2,575 | 6,752 | 3,379 | 3,216 | 4,258 | 4,572 | |||||||||||||||||||||||||
General and administrative expenses | 6,584 | 7,134 | 6,546 | 8,924 | 7,596 | 6,072 | 7,179 | 7,767 | |||||||||||||||||||||||||
Write-off of unsuccessful exploration activities | -- | -- | -- | 4,094 | -- | 8,107 | -- | 7,332 | |||||||||||||||||||||||||
Operating income | 7,684 | 37,862 | 29,797 | 21,615 | 42,571 | 22,330 | 43,788 | 34,801 | |||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||
Interest income | 41 | 87 | 742 | 462 | 111 | 90 | 35 | 76 | |||||||||||||||||||||||||
Interest expense, net | (15,863 | ) | (17,504 | ) | (18,459 | ) | (21,950 | ) | (20,518 | ) | (22,072 | ) | (22,494 | ) | (19,570 | ) | |||||||||||||||||
Foreign currency translation and transaction gains (losses) | 1,682 | 904 | 1,258 | 1,241 | (638 | ) | (55 | ) | (2,946 | ) | (2,200 | ) | |||||||||||||||||||||
Income attributable to sale of tax benefits | 3,532 | 5,783 | 5,027 | 5,603 | 6,717 | 6,130 | 5,487 | 5,809 | |||||||||||||||||||||||||
Gain from sale of property, plant and equipment | -- | -- | -- | -- | 7,628 | -- | -- | ||||||||||||||||||||||||||
Other non-operating income (expense), net | 1,417 | 29 | 137 | 9 | 63 | 343 | 243 | 107 | |||||||||||||||||||||||||
Income (loss) from continuing operations, before income taxes and equity in income of investees | (1,507 | ) | 27,161 | 18,502 | 6,980 | 28,306 | 14,394 | 24,113 | 19,023 | ||||||||||||||||||||||||
Income tax benefit (provision) | (4,047 | ) | (5,780 | ) | (5,201 | ) | 1,476 | (6,320 | ) | (4,967 | ) | (6,444 | ) | (9,877 | ) | ||||||||||||||||||
Equity in income (losses) of investees | -- | 9 | (158 | ) | (101 | ) | (197 | ) | (114 | ) | (899 | ) | (2,003 | ) | |||||||||||||||||||
Income (loss) from continuing operations | (5,554 | ) | 21,390 | 13,143 | 8,355 | 21,789 | 9,313 | 16,770 | 7,143 | ||||||||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||||||||
Income from discontinued operations (including gain on disposal of $0, $3,646, $0, $0, $0, $0, $0, and $0, respectively) | 831 | 4,480 | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||
Income tax provision | (251 | ) | (363 | ) | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||
Total income from discontinued operations | 580 | 4,117 | -- | -- | -- | -- | |||||||||||||||||||||||||||
Net income (loss) | (4,974 | ) | 25,507 | 13,143 | 8,355 | 21,789 | 9,313 | 16,770 | 7,143 | ||||||||||||||||||||||||
Net loss (income) attributable to noncontrolling interest | (85 | ) | (322 | ) | (193 | ) | (193 | ) | (237 | ) | (177 | ) | (256 | ) | (163 | ) | |||||||||||||||||
Net income (loss) attributable to the Company's stockholders | $ | (5,059 | ) | $ | 25,185 | $ | 12,950 | $ | 8,162 | $ | 21,552 | $ | 9,136 | $ | 16,514 | $ | 6,980 | ||||||||||||||||
Earnings (loss) per share attributable to the Company's stockholders | |||||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (0.12 | ) | $ | 0.46 | $ | 0.29 | $ | 0.18 | $ | 0.47 | $ | 0.2 | $ | 0.37 | $ | 0.15 | ||||||||||||||||
Discontinued operations | 0.01 | 0.09 | -- | -- | - | - | - | - | |||||||||||||||||||||||||
Net income (loss) | $ | (0.11 | ) | $ | 0.55 | $ | 0.29 | $ | 0.18 | $ | 0.47 | $ | 0.2 | $ | 0.37 | $ | 0.15 | ||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (0.12 | ) | $ | 0.46 | $ | 0.28 | $ | 0.18 | $ | 0.47 | $ | 0.2 | $ | 0.36 | $ | 0.15 | ||||||||||||||||
Discontinued operations | 0.01 | 0.09 | -- | -- | - | - | - | - | |||||||||||||||||||||||||
Net income (loss) | $ | (0.11 | ) | $ | 0.55 | $ | 0.28 | $ | 0.19 | $ | 0.47 | $ | 0.2 | $ | 0.36 | $ | 0.15 | ||||||||||||||||
Weighted average number of shares used in computation of earnings (loss) per share attributable to the Company's stockholders: | |||||||||||||||||||||||||||||||||
Basic | 45,431 | 45,431 | 45,438 | 45,461 | 45,479 | 45,606 | 45,690 | 45,537 | |||||||||||||||||||||||||
Diluted | 45,431 | 45,448 | 45,494 | 45,610 | 45,660 | 45,963 | 46,102 | 46,018 |
Note_1_Business_and_Significan2
Note 1 - Business and Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 1 - Business and Significant Accounting Policies (Details) [Line Items] | ||||||||
Dividends, Common Stock, Cash | $9,600,000 | $3,600,000 | $3,600,000 | |||||
Common Stock, Dividends, Per Share, Declared (in Dollars per share) | $0.21 | $0.08 | $0.08 | |||||
Cash, Cash Equivalents, and Short-term Investments | 40,230,000 | 57,354,000 | 57,354,000 | 40,230,000 | 57,354,000 | 66,628,000 | 99,886,000 | |
Accounts Receivable, Net, Current | 48,609,000 | 95,365,000 | 95,365,000 | 48,609,000 | 95,365,000 | |||
Interest Costs Capitalized | 7,598,000 | 3,206,000 | 7,598,000 | 11,964,000 | ||||
Exploration Abandonment and Impairment Expense | 7,332,000 | 8,107,000 | 4,094,000 | 15,439,000 | 4,094,000 | 2,639,000 | ||
Accumulated Amortization, Deferred Finance Costs | 31,871,000 | 25,371,000 | 25,371,000 | 31,871,000 | 25,371,000 | |||
Amortization of Financing Costs | 6,500,000 | 6,009,000 | 3,676,000 | |||||
Deferred Costs, Leasing, Gross | 4,200,000 | 4,200,000 | ||||||
Lease Payment Term | 23 years | |||||||
Other Comprehensive Income (Loss), Net of Tax | -141,000 | -164,000 | 56,000 | |||||
Other Comprehensive Income (Loss), before Tax | 228,000 | 265,000 | 61,000 | |||||
Other Comprehensive Income (Loss), Tax | 87,000 | 101,000 | 117,000 | |||||
Research and Development Arrangement with Federal Government, Customer Funding to Offset Costs Incurred | 555,000 | 1,616,000 | 660,000 | |||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based compensation | |||||||
The Company accounts for stock-based compensation using the fair value method whereby compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite employee service period (generally the vesting period of the grant). The Company uses the simplified method in developing an estimate of the expected term of “plain vanilla” stock-based awards. | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 3,237,593 | 5,139,339 | 5,479,852 | |||||
Use of Estimates, Policy [Policy Text Block] | Use of estimates in preparation of financial statements | |||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of such financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant estimates with regard to the Company’s consolidated financial statements relate to the useful lives of property, plant and equipment, impairment of long-lived assets and assets to be disposed of, revenue recognition of product sales using the percentage of completion method, asset retirement obligations, and the provision for income taxes. | ||||||||
Power Plants [Member] | Maximum [Member] | ||||||||
Note 1 - Business and Significant Accounting Policies (Details) [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 30 years | |||||||
Power Plants [Member] | Minimum [Member] | ||||||||
Note 1 - Business and Significant Accounting Policies (Details) [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 25 years | |||||||
Primary Customers [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||||||
Note 1 - Business and Significant Accounting Policies (Details) [Line Items] | ||||||||
Concentration Risk, Percentage | 69.00% | 35.00% | ||||||
Maximum [Member] | ||||||||
Note 1 - Business and Significant Accounting Policies (Details) [Line Items] | ||||||||
Cash, FDIC Insured Amount | 250,000 | 250,000 | 250,000 | 250,000 | 250,000 | |||
Finite-Lived Intangible Asset, Useful Life | 25 years | |||||||
Minimum [Member] | ||||||||
Note 1 - Business and Significant Accounting Policies (Details) [Line Items] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 13 years | |||||||
Written off as Extinguishment of Debt [Member] | ||||||||
Note 1 - Business and Significant Accounting Policies (Details) [Line Items] | ||||||||
Extinguishment of Debt, Amount | 711,000 | 254,000 | ||||||
Puna Geothermal Ventures [Member] | ||||||||
Note 1 - Business and Significant Accounting Policies (Details) [Line Items] | ||||||||
Deferred Costs, Leasing, Gross | 4,172,000 | 4,172,000 | ||||||
Lease Payment Term | 23 years | |||||||
Deferred Costs, Leasing, Accumulated Amortization | 1,773,000 | 1,589,000 | 1,589,000 | 1,773,000 | 1,589,000 | |||
Amortization of Deferred Leasing Fees | 184,000 | 184,000 | 184,000 | |||||
UNITED STATES | ||||||||
Note 1 - Business and Significant Accounting Policies (Details) [Line Items] | ||||||||
Cash, Cash Equivalents, and Short-term Investments | 23,488,000 | 13,805,000 | 13,805,000 | 23,488,000 | 13,805,000 | |||
Grants Received to Offset Exploration and Development Costs Incurred | 179,000 | 1,665,000 | 1,368,000 | |||||
Foreign Countries [Member] | ||||||||
Note 1 - Business and Significant Accounting Policies (Details) [Line Items] | ||||||||
Cash, Cash Equivalents, and Short-term Investments | 24,304,000 | 56,133,000 | 56,133,000 | 24,304,000 | 56,133,000 | |||
Accounts Receivable, Net, Current | 21,935,000 | 32,231,000 | 32,231,000 | 21,935,000 | 32,231,000 | |||
Wister Site in California [Member] | ||||||||
Note 1 - Business and Significant Accounting Policies (Details) [Line Items] | ||||||||
Exploration Abandonment and Impairment Expense | 8,100,000 | |||||||
Mount Spur Site in Alaska [Member] | ||||||||
Note 1 - Business and Significant Accounting Policies (Details) [Line Items] | ||||||||
Exploration Abandonment and Impairment Expense | $7,300,000 |
Note_1_Business_and_Significan3
Note 1 - Business and Significant Accounting Policies (Details) - Property, Plant, and Equipment Estimated Useful Lives | 12 Months Ended |
Dec. 31, 2014 | |
Leasehold Improvements [Member] | Minimum [Member] | |
Note 1 - Business and Significant Accounting Policies (Details) - Property, Plant, and Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment useful life | 15 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Note 1 - Business and Significant Accounting Policies (Details) - Property, Plant, and Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment useful life | 20 years |
Manufacturing and Drilling Machinery and Equipment [Member] | |
Note 1 - Business and Significant Accounting Policies (Details) - Property, Plant, and Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment useful life | 10 years |
Computer Machinery and Equipment [Member] | Minimum [Member] | |
Note 1 - Business and Significant Accounting Policies (Details) - Property, Plant, and Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment useful life | 3 years |
Computer Machinery and Equipment [Member] | Maximum [Member] | |
Note 1 - Business and Significant Accounting Policies (Details) - Property, Plant, and Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment useful life | 5 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Note 1 - Business and Significant Accounting Policies (Details) - Property, Plant, and Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment useful life | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Note 1 - Business and Significant Accounting Policies (Details) - Property, Plant, and Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment useful life | 15 years |
Other Office Equipment [Member] | Minimum [Member] | |
Note 1 - Business and Significant Accounting Policies (Details) - Property, Plant, and Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment useful life | 5 years |
Other Office Equipment [Member] | Maximum [Member] | |
Note 1 - Business and Significant Accounting Policies (Details) - Property, Plant, and Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment useful life | 10 years |
Automobiles [Member] | Minimum [Member] | |
Note 1 - Business and Significant Accounting Policies (Details) - Property, Plant, and Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment useful life | 5 years |
Automobiles [Member] | Maximum [Member] | |
Note 1 - Business and Significant Accounting Policies (Details) - Property, Plant, and Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment useful life | 7 years |
Note_1_Business_and_Significan4
Note 1 - Business and Significant Accounting Policies (Details) - Shares Used to Calculate Earnings Per Share | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Shares Used to Calculate Earnings Per Share [Abstract] | |||||||||||
Weighted average number of shares used in computation of basic earnings per share | 45,537 | 45,690 | 45,606 | 45,479 | 45,461 | 45,438 | 45,431 | 45,431 | 45,508 | 45,440 | 45,431 |
Additional shares from the assumed exercise of employee stock options | 350 | 35 | |||||||||
Weighted average number of shares used in computation of diluted earnings per share | 46,018 | 46,102 | 45,963 | 45,660 | 45,610 | 45,494 | 45,448 | 45,431 | 45,859 | 45,475 | 45,431 |
Note_2_Inventories_Details_Inv
Note 2 - Inventories (Details) - Inventories, Current (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories, Current [Abstract] | ||
Raw materials and purchased parts for assembly | $4,840 | $6,326 |
Self-manufactured assembly parts and finished products | 12,090 | 15,963 |
Total | $16,930 | $22,289 |
Note_3_Cost_and_Estimated_Earn2
Note 3 - Cost and Estimated Earnings on Uncompleted Contracts (Details) - Cost and Estimated Earnings on Uncompleted Contracts (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cost and Estimated Earnings on Uncompleted Contracts [Abstract] | ||
Costs and estimated earnings incurred on uncompleted contracts | $127,959 | $51,550 |
Less billings to date | -124,890 | -38,236 |
Total | $3,069 | $13,314 |
Note_3_Cost_and_Estimated_Earn3
Note 3 - Cost and Estimated Earnings on Uncompleted Contracts (Details) - Cost and Estimated Earnings on Uncompleted Contracts Included in Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cost and Estimated Earnings on Uncompleted Contracts Included in Consolidated Balance Sheets [Abstract] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | $27,793 | $21,217 |
Billings in excess of costs and estimated earnings on uncompleted contracts | -24,724 | -7,903 |
Total | $3,069 | $13,314 |
Note_4_Unconsolidated_Investme2
Note 4 - Unconsolidated Investments (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 04, 2014 | 23-May-14 | 16-May-14 | |
Note 4 - Unconsolidated Investments (Details) [Line Items] | ||||||||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | ($902,000) | |||||||||||||
Sales Revenue, Goods, Net | 55,957,000 | 37,736,000 | 35,911,000 | 47,619,000 | 46,163,000 | 41,755,000 | 64,966,000 | 50,608,000 | 177,223,000 | 203,492,000 | 186,879,000 | |||
Income (Loss) from Equity Method Investments | -2,003,000 | -899,000 | -114,000 | -197,000 | -101,000 | -158,000 | 9,000 | -3,213,000 | -250,000 | -2,522,000 | ||||
Payments to Acquire Projects | 600,000 | |||||||||||||
Sarulla [Member] | Subject to Fixed Interest Rate [Member] | Lenders Consortium [Member] | ||||||||||||||
Note 4 - Unconsolidated Investments (Details) [Line Items] | ||||||||||||||
Senior Notes | 100,000,000 | |||||||||||||
Sarulla [Member] | Subject to LIBOR based Interest Rate [Member] | Lenders Consortium [Member] | ||||||||||||||
Note 4 - Unconsolidated Investments (Details) [Line Items] | ||||||||||||||
Senior Notes | 1,070,000,000 | 1,070,000,000 | ||||||||||||
Sarulla [Member] | Subject to Fixed LIBOR Interest Rate [Member] | Interest Rate Swap [Member] | Lenders Consortium [Member] | ||||||||||||||
Note 4 - Unconsolidated Investments (Details) [Line Items] | ||||||||||||||
Senior Notes | 960,000,000 | 960,000,000 | ||||||||||||
Sarulla [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | Lenders Consortium [Member] | ||||||||||||||
Note 4 - Unconsolidated Investments (Details) [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.46% | |||||||||||||
Sarulla [Member] | Interest Rate Swap [Member] | Lenders Consortium [Member] | ||||||||||||||
Note 4 - Unconsolidated Investments (Details) [Line Items] | ||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 50,000,000 | |||||||||||||
Sarulla [Member] | ||||||||||||||
Note 4 - Unconsolidated Investments (Details) [Line Items] | ||||||||||||||
Jointly Owned Utility Plant, Proportionate Ownership Share | 12.75% | 12.75% | ||||||||||||
Expected Power Generating Capacity | 330 | |||||||||||||
Contract Effective Date | 4-Apr-13 | |||||||||||||
Power Plant Usage Agreement Term | 30 years | |||||||||||||
Number Of Phases Of Construction | 3 | |||||||||||||
Power Utilization | 110 | |||||||||||||
Period To Start Remaining Phases Of Construction After Commencement Of First Phase | 18 months | |||||||||||||
Supply Commitment, Remaining Minimum Amount Committed | 254,000,000 | 254,000,000 | ||||||||||||
Sales Revenue, Goods, Net | 38,200,000 | |||||||||||||
Income (Loss) from Equity Method Investments | 1,800,000 | |||||||||||||
Sarulla [Member] | Interest Rate Swap [Member] | ||||||||||||||
Note 4 - Unconsolidated Investments (Details) [Line Items] | ||||||||||||||
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion | 63,600,000 | |||||||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 8,100,000 | |||||||||||||
Sarulla [Member] | Lenders Consortium [Member] | ||||||||||||||
Note 4 - Unconsolidated Investments (Details) [Line Items] | ||||||||||||||
Senior Notes | $1,170,000,000 | |||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Note 4 - Unconsolidated Investments (Details) [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Note_4_Unconsolidated_Investme3
Note 4 - Unconsolidated Investments (Details) - Unconsolidated Investments Mainly in Power Plants (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ||
Sarulla | ($3,617) | $7,076 |
Sarulla [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Sarulla | ($3,617) | $7,076 |
Note_5_Variable_Interest_Entit2
Note 5 - Variable Interest Entities (Details) (USD $) | 12 Months Ended | 0 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Aug. 05, 2014 |
Note 5 - Variable Interest Entities (Details) [Line Items] | ||
Payments to Acquire Interest in Subsidiaries and Affiliates | $1,490 | |
Noncontrolling Interest, Increase from Business Combination | -828 | |
Noncontrolling Interest [Member] | Crump Geyser Company [Member] | ||
Note 5 - Variable Interest Entities (Details) [Line Items] | ||
Noncontrolling Interest, Increase from Business Combination | 1,000 | |
Noncontrolling Interest [Member] | ||
Note 5 - Variable Interest Entities (Details) [Line Items] | ||
Noncontrolling Interest, Increase from Business Combination | -987 | |
Additional Paid-in Capital [Member] | Crump Geyser Company [Member] | ||
Note 5 - Variable Interest Entities (Details) [Line Items] | ||
Noncontrolling Interest, Increase from Business Combination | 200 | |
Additional Paid-in Capital [Member] | ||
Note 5 - Variable Interest Entities (Details) [Line Items] | ||
Noncontrolling Interest, Increase from Business Combination | 159 | |
Crump Geyser Company [Member] | ||
Note 5 - Variable Interest Entities (Details) [Line Items] | ||
Payments to Acquire Interest in Subsidiaries and Affiliates | $1,500 | |
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% |
Note_5_Variable_Interest_Entit3
Note 5 - Variable Interest Entities (Details) - Assets and Liabilities for the Company's 2014 Variable Interest Entity (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ||||
Restricted cash and cash equivalents | $93,248 | $51,065 | ||
Unconsolidated investments | -3,617 | 7,076 | ||
Property, plant and equipment, net | 1,437,637 | 1,452,336 | ||
Construction-in-process | 296,722 | 288,827 | ||
Total assets | 2,121,556 | [1] | 2,159,433 | [1] |
Liabilities: | ||||
Accounts payable and accrued expenses | 88,276 | 98,047 | ||
Long-term debt | 1,001,410 | |||
Other long-term liabilities | 2,956 | 3,529 | ||
Total liabilities | 1,334,810 | 1,414,322 | ||
Project Debt [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Assets: | ||||
Restricted cash and cash equivalents | 87,832 | 48,276 | ||
Other current assets | 72,091 | 66,672 | ||
Unconsolidated investments | 0 | |||
Property, plant and equipment, net | 1,160,559 | 1,190,467 | ||
Construction-in-process | 161,534 | 136,486 | ||
Other long-term assets | 51,264 | 56,601 | ||
Total assets | 1,533,280 | 1,498,502 | ||
Liabilities: | ||||
Accounts payable and accrued expenses | 14,266 | 16,087 | ||
Long-term debt | 685,248 | |||
Other long-term liabilities | 91,254 | 103,538 | ||
Total liabilities | 790,768 | 752,531 | ||
Power Purchase Agreements [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Assets: | ||||
Other current assets | 4,496 | 5,459 | ||
Unconsolidated investments | 0 | |||
Property, plant and equipment, net | 178,783 | 190,616 | ||
Construction-in-process | 472 | 461 | ||
Other long-term assets | -1 | 267 | ||
Total assets | 183,750 | 196,803 | ||
Liabilities: | ||||
Accounts payable and accrued expenses | 2,990 | 2,608 | ||
Other long-term liabilities | 6,885 | 5,948 | ||
Total liabilities | $9,875 | $8,556 | ||
[1] | Including unconsolidated investments |
Note_5_Variable_Interest_Entit4
Note 5 - Variable Interest Entities (Details) - Assets and Liabilities for the Company's 2013 Variable Interest Entity (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ||||
Restricted cash, cash equivalents and marketable securities | $93,248 | $51,065 | ||
Property, plant and equipment, net | 1,437,637 | 1,452,336 | ||
Construction-in-process | 296,722 | 288,827 | ||
Total assets | 2,121,556 | [1] | 2,159,433 | [1] |
Liabilities: | ||||
Accounts payable and accrued expenses | 88,276 | 98,047 | ||
Other long-term liabilities | 2,956 | 3,529 | ||
Total liabilities | 1,334,810 | 1,414,322 | ||
Project Debt [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Assets: | ||||
Restricted cash, cash equivalents and marketable securities | 87,832 | 48,276 | ||
Other current assets | 72,091 | 66,672 | ||
Property, plant and equipment, net | 1,160,559 | 1,190,467 | ||
Construction-in-process | 161,534 | 136,486 | ||
Other long-term assets | 51,264 | 56,601 | ||
Total assets | 1,533,280 | 1,498,502 | ||
Liabilities: | ||||
Accounts payable and accrued expenses | 14,266 | 16,087 | ||
Long-term debt | 632,906 | |||
Other long-term liabilities | 91,254 | 103,538 | ||
Total liabilities | 790,768 | 752,531 | ||
Power Purchase Agreements [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Assets: | ||||
Other current assets | 4,496 | 5,459 | ||
Property, plant and equipment, net | 178,783 | 190,616 | ||
Construction-in-process | 472 | 461 | ||
Other long-term assets | -1 | 267 | ||
Total assets | 183,750 | 196,803 | ||
Liabilities: | ||||
Accounts payable and accrued expenses | 2,990 | 2,608 | ||
Other long-term liabilities | 6,885 | 5,948 | ||
Total liabilities | 9,875 | 8,556 | ||
Less than Majority-owned Subsidiaries [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Assets: | ||||
Construction-in-process | 11,055 | |||
Total assets | $11,055 | |||
[1] | Including unconsolidated investments |
Note_6_Fair_Value_of_Financial2
Note 6 - Fair Value of Financial Instruments (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 06, 2014 | Oct. 16, 2013 | Sep. 03, 2013 | |
MMBTU | MMBTU | MMBTU | ||||
Note 6 - Fair Value of Financial Instruments (Details) [Line Items] | ||||||
Gain (Loss) on Price Risk Derivative Instruments Not Designated as Hedging Instruments | $5,700,000 | ($5,000,000) | ||||
Asset Impairment Charges | 236,377,000 | |||||
Design Capacity [Member] | North Brawley Power Plant [Member] | ||||||
Note 6 - Fair Value of Financial Instruments (Details) [Line Items] | ||||||
Capacity of Plant (in Megawatts) | 50 | |||||
Target Level [Member] | North Brawley Power Plant [Member] | ||||||
Note 6 - Fair Value of Financial Instruments (Details) [Line Items] | ||||||
Capacity of Plant (in Megawatts) | 27 | |||||
NGI Swap Contract [Member] | ||||||
Note 6 - Fair Value of Financial Instruments (Details) [Line Items] | ||||||
Derivative, Nonmonetary Notional Amount, Energy Measure (in Millions of British Thermal Units) | 2,200,000 | 4,200,000 | 4,400,000 | |||
Underlying, Derivative Energy Measure (in Dollars per Million British Thermal Units) | 4.95 | 4.103 | 4.035 | |||
New York Harbor ULSD Swap Contract [Member] | ||||||
Note 6 - Fair Value of Financial Instruments (Details) [Line Items] | ||||||
Underlying, Derivative Energy Measure (in Dollars per Million British Thermal Units) | 125.15 | |||||
Derivative, Nonmonetary Notional Amount, Volume (in Barrels (of Oil)) | 275,000 | |||||
Fluctuation in Energy Rate (in Megawatt-hours) | 25 | |||||
Minimum [Member] | North Brawley Power Plant [Member] | ||||||
Note 6 - Fair Value of Financial Instruments (Details) [Line Items] | ||||||
Capacity of Plant (in Megawatts) | 20 | |||||
Maximum [Member] | North Brawley Power Plant [Member] | ||||||
Note 6 - Fair Value of Financial Instruments (Details) [Line Items] | ||||||
Capacity of Plant (in Megawatts) | 33 | |||||
North Brawley Power Plant [Member] | ||||||
Note 6 - Fair Value of Financial Instruments (Details) [Line Items] | ||||||
Assets, Fair Value Disclosure | 32,000,000 | |||||
Asset Impairment Charges | 229,100,000 | |||||
Fair Value Inputs, Discount Rate | 8.00% | |||||
OREG 4 Power Plant [Member] | ||||||
Note 6 - Fair Value of Financial Instruments (Details) [Line Items] | ||||||
Assets, Fair Value Disclosure | 3,600,000 | |||||
Asset Impairment Charges | $7,300,000 | |||||
Fair Value Inputs, Discount Rate | 8.00% |
Note_6_Fair_Value_of_Financial3
Note 6 - Fair Value of Financial Instruments (Details) - Financial Assets and Liabilities at Fair Value (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Carrying Value | $40,230 | $57,354 | ||
Fair Value | 85,076 | 40,015 | ||
Derivatives: | ||||
Fair Value | 86,323 | 39,474 | ||
Natural Gas Price Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Derivatives: | ||||
Fair Value | [1] | |||
Natural Gas Price Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Derivatives: | ||||
Fair Value | 4,129 | [1] | ||
Natural Gas Price Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Derivatives: | ||||
Fair Value | 0 | [1] | ||
Natural Gas Price Swap [Member] | ||||
Derivatives: | ||||
Fair Value | 4,129 | [1] | ||
Natural Gas Price Swap [Member] | Reported Value Measurement [Member] | ||||
Derivatives: | ||||
Carrying Value | 4,129 | [1] | ||
Forward Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Derivatives: | ||||
Fair Value | [2] | |||
Derivatives: | ||||
Fair Value | [2] | |||
Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Derivatives: | ||||
Fair Value | 2,290 | [2] | ||
Derivatives: | ||||
Fair Value | -2,882 | [2] | ||
Forward Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Derivatives: | ||||
Fair Value | 0 | [2] | ||
Derivatives: | ||||
Fair Value | 0 | [2] | ||
Forward Contracts [Member] | ||||
Derivatives: | ||||
Fair Value | 2,290 | [2] | ||
Derivatives: | ||||
Fair Value | -2,882 | [2] | ||
Forward Contracts [Member] | Reported Value Measurement [Member] | ||||
Derivatives: | ||||
Carrying Value | 2,290 | [2] | ||
Derivatives: | ||||
Carrying Value | -2,882 | [2] | ||
Crude Oil Price Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Derivatives: | ||||
Fair Value | [3] | |||
Crude Oil Price Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Derivatives: | ||||
Fair Value | -2,490 | [3] | ||
Crude Oil Price Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Derivatives: | ||||
Fair Value | 0 | [3] | ||
Crude Oil Price Swap [Member] | ||||
Derivatives: | ||||
Fair Value | -2,490 | [3] | ||
Crude Oil Price Swap [Member] | Reported Value Measurement [Member] | ||||
Derivatives: | ||||
Carrying Value | -2,490 | [3] | ||
Fair Value, Inputs, Level 1 [Member] | Natural Gas Price Swap [Member] | ||||
Derivatives: | ||||
Fair Value | [1] | |||
Fair Value, Inputs, Level 1 [Member] | ||||
Current assets: | ||||
Fair Value | 85,076 | 40,015 | ||
Derivatives: | ||||
Fair Value | 85,076 | 40,015 | ||
Fair Value, Inputs, Level 2 [Member] | Natural Gas Price Swap [Member] | ||||
Derivatives: | ||||
Fair Value | -341 | [1] | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Derivatives: | ||||
Fair Value | 1,247 | -541 | ||
Fair Value, Inputs, Level 3 [Member] | Natural Gas Price Swap [Member] | ||||
Derivatives: | ||||
Fair Value | 0 | [1] | ||
Natural Gas Price Swap [Member] | ||||
Derivatives: | ||||
Fair Value | -341 | [1] | ||
Natural Gas Price Swap [Member] | Reported Value Measurement [Member] | ||||
Derivatives: | ||||
Carrying Value | -341 | [1] | ||
Reported Value Measurement [Member] | ||||
Current assets: | ||||
Carrying Value | 85,076 | 40,015 | ||
Derivatives: | ||||
Carrying Value | $86,323 | $39,474 | ||
[1] | This amount relates to derivatives which represent swap contract on natural gas prices, valued primarily based on observable inputs, including forward and spot prices for related commodity indices, and are included within "prepaid expenses and other" and "accounts payable and accrued expenses" on December 31, 2014 and 2013, respectively, in the consolidated balance sheets with the corresponding gain or loss being recognized within "electricity revenue" in the consolidated statement of operations and comprehensive income (loss). | |||
[2] | These amounts relate to derivatives which represent currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, netted against contracted rates and then multiplied against notional amounts, and are included within :accounts payable and accrued expenses" and "prepaid expenses and other" on December 31, 2014 and 2013, respectively, in the consolidated balance sheet with the corresponding gain or loss being recognized within "foreign currency translation and transaction gains (losses)" in the consolidated statement of operations and comprehensive income (loss). | |||
[3] | This amount relates to derivatives which represent swap contract on oil prices, valued primarily based on observable inputs, including forward and spot prices for related commodity indices, and are included within "accounts payable and accrued expenses" on December 31, 2013, in the consolidated balance sheets with the corresponding gain or loss being recognized within "electricity revenues" in the consolidated statement of operations and comprehensive income (loss). |
Note_6_Fair_Value_of_Financial4
Note 6 - Fair Value of Financial Instruments (Details) - Amounts of Gain (Loss) Recognized in Condensed Consolidated Statements on Derivative Instruments not Designated as Hedges (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized | $775 | $895 | $2,716 |
Electricity Revenues [Member] | Oil Price Put Option [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized | -1,330 | -807 | |
Electricity Revenues [Member] | Natural Gas Price Put Option [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized | -1,342 | ||
Electricity Revenues [Member] | Crude Oil Price Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized | 2,728 | -635 | 1,598 |
Electricity Revenues [Member] | Natural Gas Price Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized | 2,996 | -3,052 | 2,804 |
Foreign Currency Gain (Loss) [Member] | Forward Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized | ($4,949) | $5,912 | $463 |
Note_6_Fair_Value_of_Financial5
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Loan from institutional investors | $10 | $23.30 |
Olkaria III - DEG [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Loan from institutional investors | 32.2 | 40.3 |
Olkaria III - DEG [Member] | Estimate of Fair Value Measurement [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Loan | 32.2 | 40.3 |
Olkaria III - DEG [Member] | Reported Value Measurement [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Loan | 31.6 | 39.5 |
Olkaria III - OPIC [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Loan from institutional investors | 279.4 | 279.6 |
Olkaria III - OPIC [Member] | Estimate of Fair Value Measurement [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Loan | 279.4 | 279.6 |
Olkaria III - OPIC [Member] | Reported Value Measurement [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Loan | 282.6 | 299.9 |
Amatitlan Member | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Loan from institutional investors | 34.8 | |
Amatitlan Member | Estimate of Fair Value Measurement [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Loan | 34.8 | |
Amatitlan Member | Reported Value Measurement [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Loan | 31.5 | |
Ormat Funding Corp [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Loan from institutional investors | 71.4 | 83.5 |
Ormat Funding Corp [Member] | Estimate of Fair Value Measurement [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Senior Secured Notes | 71.4 | 83.5 |
Ormat Funding Corp [Member] | Reported Value Measurement [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Senior Secured Notes | 67.2 | 90.8 |
Orcal Geothermal Inc [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Loan from institutional investors | 55.5 | 65.8 |
Orcal Geothermal Inc [Member] | Estimate of Fair Value Measurement [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Senior Secured Notes | 55.5 | 65.8 |
Orcal Geothermal Inc [Member] | Reported Value Measurement [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Senior Secured Notes | 55.1 | 66.2 |
OFC Two Senior Secured Notes [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Loan from institutional investors | 238.8 | 119 |
OFC Two Senior Secured Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Senior Secured Notes | 238.8 | 119 |
OFC Two Senior Secured Notes [Member] | Reported Value Measurement [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Senior Secured Notes | 272.5 | 144.4 |
Senior Unsecured Bonds Member | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Loan from institutional investors | 265.4 | 270.6 |
Senior Unsecured Bonds Member | Estimate of Fair Value Measurement [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Senior Unsecured Bonds | 265.4 | 270.6 |
Senior Unsecured Bonds Member | Reported Value Measurement [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Senior Unsecured Bonds | 250.4 | 250.6 |
Institutional Investors [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Loan from institutional investors | 12.2 | 20.1 |
Institutional Investors [Member] | Estimate of Fair Value Measurement [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Loan from institutional investors | 12.2 | 20.1 |
Institutional Investors [Member] | Reported Value Measurement [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Approximates its Carrying Amount, Exceptions [Line Items] | ||
Loan from institutional investors | $11.90 | $19.50 |
Note_6_Fair_Value_of_Financial6
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments [Line Items] | ||
Fair value levels-secured,unsecured and long term debt | $10 | $23.30 |
Revolving lines of credit | 20.3 | 112 |
Deposits | 17.3 | 21.3 |
Olkaria III - DEG [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments [Line Items] | ||
Fair value levels-secured,unsecured and long term debt | 32.2 | 40.3 |
Olkaria III - DEG [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments [Line Items] | ||
Fair value levels-secured,unsecured and long term debt | 32.2 | 40.3 |
Olkaria III - OPIC [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments [Line Items] | ||
Fair value levels-secured,unsecured and long term debt | 279.4 | 279.6 |
Olkaria III - OPIC [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments [Line Items] | ||
Fair value levels-secured,unsecured and long term debt | 279.4 | 279.6 |
Ormat Funding Corp [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments [Line Items] | ||
Fair value levels-secured,unsecured and long term debt | 71.4 | 83.5 |
Ormat Funding Corp [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments [Line Items] | ||
Fair value levels-secured,unsecured and long term debt | 71.4 | 83.5 |
Orcal Geothermal Inc [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments [Line Items] | ||
Fair value levels-secured,unsecured and long term debt | 55.5 | 65.8 |
Orcal Geothermal Inc [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments [Line Items] | ||
Fair value levels-secured,unsecured and long term debt | 55.5 | 65.8 |
OFC Two Senior Secured Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments [Line Items] | ||
Fair value levels-secured,unsecured and long term debt | 238.8 | 119 |
OFC Two Senior Secured Notes [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments [Line Items] | ||
Fair value levels-secured,unsecured and long term debt | 238.8 | 119 |
Senior Unsecured Bonds Member | Fair Value, Inputs, Level 3 [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments [Line Items] | ||
Fair value levels-secured,unsecured and long term debt | 265.4 | 270.6 |
Senior Unsecured Bonds Member | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments [Line Items] | ||
Fair value levels-secured,unsecured and long term debt | 265.4 | 270.6 |
Institutional Investors [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments [Line Items] | ||
Fair value levels-secured,unsecured and long term debt | 12.2 | 20.1 |
Institutional Investors [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments [Line Items] | ||
Fair value levels-secured,unsecured and long term debt | 12.2 | 20.1 |
Amatitlan Member | Fair Value, Inputs, Level 3 [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments [Line Items] | ||
Fair value levels-secured,unsecured and long term debt | 34.8 | |
Amatitlan Member | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments [Line Items] | ||
Fair value levels-secured,unsecured and long term debt | 34.8 | |
Fair Value, Inputs, Level 1 [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments [Line Items] | ||
Deposits | 17.3 | 21.3 |
Fair Value, Inputs, Level 2 [Member] | ||
Note 6 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments [Line Items] | ||
Fair value levels-secured,unsecured and long term debt | 10 | 23.3 |
Revolving lines of credit | $20.30 | $112 |
Note_6_Fair_Value_of_Financial7
Note 6 - Fair Value of Financial Instruments (Details) - Significant Unobservable Inputs (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2012 |
MWh | MWh | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Generation output (MWh) | 15,097 | 224,836 |
Average realized price ($/MWh) | 60.36 | 92.31 |
Operating costs | $400 | $16,163 |
Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Generation output (MWh) | 11,916 | |
Average realized price ($/MWh) | 49 | 84.5 |
Operating costs | 86 | 12,687 |
Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Generation output (MWh) | 15,456 | |
Average realized price ($/MWh) | 71.5 | 111.25 |
Operating costs | $595 | $20,430 |
Note_7_Property_Plant_and_Equi2
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 26, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 02, 2013 | |
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) [Line Items] | |||||||
Depreciation | $87,851,000 | $91,791,000 | $89,876,000 | ||||
Depreciation, Net of Amortization of Cash Grant | 5,318,000 | 4,330,000 | |||||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 688,916,000 | 601,065,000 | |||||
Property Plant and Equipment Including Construction-in-Progress, Net | 1,327,356,000 | 1,316,597,000 | |||||
Property, Plant and Equipment, Cash Grant, Net | 149,785,000 | 127,675,000 | |||||
Heber Solar Project [Member] | |||||||
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) [Line Items] | |||||||
Sales Price of Disposition | 35,250,000 | ||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | 20,250,000 | 15,000,000 | |||||
Gain (Loss) on Sale of Project | 7,600,000 | ||||||
Power Plants [Member] | KENYA | |||||||
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) [Line Items] | |||||||
Property Plant and Equipment Including Construction-in-Progress, Net | 305,129,000 | 338,517,000 | |||||
Kenya Power And Lighting Co Limited [Member] | |||||||
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) [Line Items] | |||||||
Power Purchase Agreements Term | 20 years | ||||||
Zunil Power Plant [Member] | Nacional de Electrificacion (INDE) [Member] | |||||||
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 3.00% | ||||||
Foreign Countries [Member] | |||||||
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) [Line Items] | |||||||
Property Plant and Equipment Including Construction-in-Progress, Net | 407,003,000 | 424,567,000 | |||||
Momotombo Power Plant [Member] | |||||||
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) [Line Items] | |||||||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 35,396,000 | ||||||
Orzunil I de Electricidad, Limitada [Member] | |||||||
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) [Line Items] | |||||||
Property Plant and Equipment Including Construction-in-Progress, Net | 19,141,000 | 18,846,000 | |||||
Ortitlan, Limitada [Member] | |||||||
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) [Line Items] | |||||||
Property Plant and Equipment Including Construction-in-Progress, Net | 45,624,000 | 52,272,000 | |||||
Ormat International [Member] | |||||||
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) [Line Items] | |||||||
Property Plant and Equipment Including Construction-in-Progress, Net | $12,300,000 | ||||||
Royalty Rate | 12.00% | ||||||
Property, Plant and Equipment Operating Period | 15 years |
Note_7_Property_Plant_and_Equi3
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) - Property, Plant and Equipment, Net (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $2,126,553,000 | $2,053,401,000 |
Less accumulated depreciation | -688,916,000 | -601,065,000 |
Property, plant and equipment, net | 1,437,637,000 | 1,452,336,000 |
Asset retirement cost | 7,444,000 | 7,803,000 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 31,465,000 | 30,336,000 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 3,420,000 | 3,386,000 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 123,807,000 | 101,104,000 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 17,150,000 | 17,492,000 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 6,495,000 | 5,745,000 |
Geothermal and Recovered Energy Generation Power Plants [Member] | UNITED STATES | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 1,463,291,000 | 1,439,374,000 |
Geothermal and Recovered Energy Generation Power Plants [Member] | Foreign Countries [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $473,481,000 | $448,161,000 |
Note_7_Property_Plant_and_Equi4
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) - Construction-in-process (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Projects under exploration and development: | ||||
Construction in progress | $296,722 | $288,827 | ||
Projects under Exploration and Development [Member] | Up-front Bonus Lease Costs [Member] | ||||
Projects under exploration and development: | ||||
Construction in progress | 26,618 | 30,141 | 33,985 | 36,832 |
Projects under Exploration and Development [Member] | Exploration and Development Costs [Member] | ||||
Projects under exploration and development: | ||||
Construction in progress | 45,977 | 38,220 | 32,302 | 40,223 |
Projects under Exploration and Development [Member] | Interest Capitalized [Member] | ||||
Projects under exploration and development: | ||||
Construction in progress | 836 | 1,278 | 1,278 | 1,598 |
Projects under Exploration and Development [Member] | ||||
Projects under exploration and development: | ||||
Construction in progress | 73,431 | 69,639 | 67,565 | 78,653 |
Projects under Construction [Member] | Up-front Bonus Lease Costs [Member] | ||||
Projects under exploration and development: | ||||
Construction in progress | 27,473 | 27,473 | ||
Projects under Construction [Member] | Interest Capitalized [Member] | ||||
Projects under exploration and development: | ||||
Construction in progress | 8,273 | 6,948 | ||
Projects under Construction [Member] | Drilling and Construction Costs [Member] | ||||
Projects under exploration and development: | ||||
Construction in progress | 187,545 | 184,767 | ||
Projects under Construction [Member] | ||||
Projects under exploration and development: | ||||
Construction in progress | $223,291 | $219,188 |
Note_7_Property_Plant_and_Equi5
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) - Activity in Construction and Development (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) - Activity in Construction and Development [Line Items] | ||||||
Balance at December 31, 2011 | $288,827 | |||||
Write off of unsuccessful exploration costs | 7,332 | 8,107 | 4,094 | 15,439 | 4,094 | 2,639 |
Balance at December 31, 2011 | 296,722 | 288,827 | 296,722 | 288,827 | ||
Projects under Exploration and Development [Member] | Up-front Bonus Lease Costs [Member] | ||||||
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) - Activity in Construction and Development [Line Items] | ||||||
Balance at December 31, 2011 | 30,141 | 33,985 | 36,832 | |||
Write off of unsuccessful exploration costs | -3,523 | -3,844 | -1,160 | |||
Transfer of projects under exploration and development to projects under construction | -1,687 | |||||
Balance at December 31, 2011 | 26,618 | 30,141 | 26,618 | 30,141 | 33,985 | |
Projects under Exploration and Development [Member] | Exploration and Development Costs [Member] | ||||||
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) - Activity in Construction and Development [Line Items] | ||||||
Balance at December 31, 2011 | 38,220 | 32,302 | 40,223 | |||
Cost incurred during the year | 19,231 | 6,168 | 3,782 | |||
Write off of unsuccessful exploration costs | -11,474 | -250 | -1,479 | |||
Transfer of projects under exploration and development to projects under construction | -10,224 | |||||
Balance at December 31, 2011 | 45,977 | 38,220 | 45,977 | 38,220 | 32,302 | |
Projects under Exploration and Development [Member] | Interest Capitalized [Member] | ||||||
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) - Activity in Construction and Development [Line Items] | ||||||
Balance at December 31, 2011 | 1,278 | 1,598 | ||||
Cost incurred during the year | 420 | |||||
Write off of unsuccessful exploration costs | -442 | |||||
Transfer of projects under exploration and development to projects under construction | -740 | |||||
Balance at December 31, 2011 | 836 | 836 | 1,278 | |||
Projects under Exploration and Development [Member] | ||||||
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) - Activity in Construction and Development [Line Items] | ||||||
Balance at December 31, 2011 | 69,639 | 67,565 | 78,653 | |||
Cost incurred during the year | 19,231 | 6,168 | 4,203 | |||
Write off of unsuccessful exploration costs | -15,439 | -4,094 | -2,639 | |||
Transfer of projects under exploration and development to projects under construction | -12,651 | |||||
Balance at December 31, 2011 | 73,431 | 69,639 | 73,431 | 69,639 | 67,565 | |
Construction in Progress [Member] | Up-front Bonus Lease Costs [Member] | ||||||
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) - Activity in Construction and Development [Line Items] | ||||||
Balance at December 31, 2011 | 29,160 | 31,179 | ||||
Transfer of completed projects to property, plant and equipment | 1,687 | |||||
Transfer from projects under exploration and development | -1,687 | -3,706 | ||||
Balance at December 31, 2011 | 27,473 | 27,473 | 27,473 | 27,473 | 29,160 | |
Construction in Progress [Member] | Exploration and Development Costs [Member] | ||||||
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) - Activity in Construction and Development [Line Items] | ||||||
Balance at December 31, 2011 | 184,766 | 283,873 | 246,878 | |||
Cost incurred during the year | 132,597 | 203,859 | 216,894 | |||
Sale of property, plant and equipment | -24,692 | |||||
Transfer of completed projects to property, plant and equipment | -105,126 | 10,224 | ||||
Transfer from projects under exploration and development | -302,966 | -190,123 | ||||
Balance at December 31, 2011 | 187,545 | 184,766 | 187,545 | 184,766 | 283,873 | |
Construction in Progress [Member] | Interest Capitalized [Member] | ||||||
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) - Activity in Construction and Development [Line Items] | ||||||
Balance at December 31, 2011 | 6,948 | 15,543 | 13,841 | |||
Cost incurred during the year | 3,206 | 7,609 | 11,542 | |||
Sale of property, plant and equipment | -911 | |||||
Transfer of completed projects to property, plant and equipment | -970 | 740 | ||||
Transfer from projects under exploration and development | -16,204 | -10,579 | ||||
Balance at December 31, 2011 | 8,273 | 6,948 | 8,273 | 6,948 | 15,543 | |
Construction in Progress [Member] | ||||||
Note 7 - Property, Plant and Equipment and Construction-in-Process (Details) - Activity in Construction and Development [Line Items] | ||||||
Balance at December 31, 2011 | 219,187 | 328,576 | 291,898 | |||
Cost incurred during the year | 135,803 | 211,468 | 228,435 | |||
Sale of property, plant and equipment | -25,603 | |||||
Transfer of completed projects to property, plant and equipment | -106,096 | 12,651 | ||||
Transfer from projects under exploration and development | -320,857 | -204,408 | ||||
Balance at December 31, 2011 | $223,291 | $219,187 | $223,291 | $219,187 | $328,576 |
Note_8_Intangible_Assets_Detai
Note 8 - Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 8 - Intangible Assets (Details) [Line Items] | |||
Finite-Lived Intangible Assets, Net | $28,655,000 | $31,933,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 35,170,000 | 31,890,000 | |
Amortization of Intangible Assets | 3,280,000 | 3,280,000 | 3,289,000 |
Selling and Marketing Expense [Member] | Power Purchase Agreements [Member] | Southern California Edison Company [Member] | |||
Note 8 - Intangible Assets (Details) [Line Items] | |||
Liabilities Subject to Compromise, Early Contract Termination Fees | 9,000,000 | ||
Selling and Marketing Expense [Member] | Dixie Meadows PPA [Member] | NV Energy [Member] | |||
Note 8 - Intangible Assets (Details) [Line Items] | |||
Liabilities Subject to Compromise, Early Contract Termination Fees | $2,600,000 |
Note_8_Intangible_Assets_Detai1
Note 8 - Intangible Assets (Details) - Estimated Future Amortization Expense (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Estimated Future Amortization Expense [Abstract] | ||
2015 | $3,280,000 | |
2016 | 3,280,000 | |
2017 | 2,944,000 | |
2018 | 2,814,000 | |
2019 | 2,743,000 | |
Thereafter | 13,594,000 | |
Total | $28,655,000 | $31,933,000 |
Note_9_Accounts_Payable_and_Ac2
Note 9 - Accounts Payable and Accrued Expenses (Details) - Accounts Payable and Accrued Expenses (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Expenses [Abstract] | ||
Trade payables | $48,283 | $49,619 |
Salaries and other payroll costs | 10,774 | 11,711 |
Customer advances | 3,768 | 6,410 |
Accrued interest | 8,546 | 9,277 |
Income tax payable | 3,164 | 224 |
Property tax payable | 4,192 | 4,671 |
Scheduling and transmission | 1,771 | 1,300 |
Royalty accrual | 2,104 | 1,531 |
Deferred revenues | 5,750 | |
Other | 5,674 | 7,554 |
Total | $88,276 | $98,047 |
Note_10_Longterm_Debt_and_Cred2
Note 10 - Long-term Debt and Credit Agreements (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Feb. 28, 2013 | Nov. 30, 2013 | Jun. 20, 2014 | Oct. 31, 2011 | Jul. 31, 2009 | Nov. 30, 2010 | 31-May-09 | Jul. 10, 2009 | Oct. 31, 2012 | Mar. 30, 2009 | Mar. 31, 2009 | Feb. 29, 2004 | Dec. 31, 2005 | Nov. 30, 2009 | 31-May-13 | Aug. 18, 2014 | Sep. 30, 2014 | Dec. 31, 2011 | Jul. 31, 2013 | Aug. 23, 2012 | Jan. 31, 2014 | Aug. 29, 2014 | Sep. 30, 2011 | Feb. 28, 2011 | Aug. 30, 2010 | |
MW | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | 7.00% | 7.00% | |||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | $353,100,000 | $353,100,000 | |||||||||||||||||||||||||||||||||||
Interest Expense | 19,570,000 | 22,494,000 | 22,072,000 | 20,518,000 | 21,950,000 | 18,459,000 | 17,504,000 | 15,863,000 | 84,654,000 | 73,776,000 | 64,069,000 | ||||||||||||||||||||||||||
Repayments of Long-term Debt | 111,180,000 | 68,370,000 | 74,502,000 | ||||||||||||||||||||||||||||||||||
Payments for Derivative Instrument, Financing Activities | 1,505,000 | ||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | -902,000 | ||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 554,000 | ||||||||||||||||||||||||||||||||||||
Line of Credit, Current | 20,300,000 | 20,300,000 | |||||||||||||||||||||||||||||||||||
Stockholders' Equity Attributable to Parent | 774,923,000 | 732,740,000 | 774,923,000 | 732,740,000 | 695,607,000 | 906,644,000 | |||||||||||||||||||||||||||||||
Percentage of Company Assets | 37.10% | ||||||||||||||||||||||||||||||||||||
Debt to Earnings before Interest Tax Depreciation and Amortization Ratio | 3.7 | ||||||||||||||||||||||||||||||||||||
Payments of Dividends | 3,600,000 | ||||||||||||||||||||||||||||||||||||
Tranche One Member | Loan Agreement with OPIC [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 85,000,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.31% | 6.31% | |||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 75,500,000 | ||||||||||||||||||||||||||||||||||||
Tranche One Member | Olkaria III - DEG [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Prepayment Deposit on Debt | 20,500,000 | ||||||||||||||||||||||||||||||||||||
Prepayment Penalty Charges | 1,500,000 | ||||||||||||||||||||||||||||||||||||
Tranche Two [Member] | Loan Agreement with OPIC [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 180,000,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.31% | 6.31% | |||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | 135,000,000 | 45,000,000 | |||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 164,100,000 | ||||||||||||||||||||||||||||||||||||
Tranche Three [Member] | Loan Agreement with OPIC [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 45,000,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.12% | 6.12% | |||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | 45,000,000 | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 43,000,000 | 43,000,000 | |||||||||||||||||||||||||||||||||||
Historical [Member] | Loan Agreement with OPIC [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Services Coverage Ratio | 1.4 | 1.4 | |||||||||||||||||||||||||||||||||||
Historical [Member] | Loan Agreement with OPIC [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Services Coverage Ratio | 2.05 | 2.05 | |||||||||||||||||||||||||||||||||||
Historical [Member] | OrCal Senior Secured Notes [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Services Coverage Ratio | 1.28 | 1.28 | |||||||||||||||||||||||||||||||||||
Historical [Member] | OFC Two Senior Secured Notes [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Services Coverage Ratio | 1.2 | 1.2 | |||||||||||||||||||||||||||||||||||
Historical [Member] | OFC Two Senior Secured Notes [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Services Coverage Ratio | 1.62 | 1.62 | |||||||||||||||||||||||||||||||||||
Projected [Member] | Loan Agreement with OPIC [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Services Coverage Ratio | 1.94 | 1.94 | |||||||||||||||||||||||||||||||||||
Projected [Member] | OrCal Senior Secured Notes [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Services Coverage Ratio | 1.29 | 1.29 | |||||||||||||||||||||||||||||||||||
Projected [Member] | OFC Two Senior Secured Notes [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Services Coverage Ratio | 1.5 | 1.5 | |||||||||||||||||||||||||||||||||||
Projected [Member] | OFC Two Senior Secured Notes [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Services Coverage Ratio | 2.24 | 2.24 | |||||||||||||||||||||||||||||||||||
Phase I Series A Senior Notes [Member] | OFC Two Senior Secured Notes [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 151,700,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.69% | ||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | 141,100,000 | ||||||||||||||||||||||||||||||||||||
Repayments of Long-term Debt | 4,300,000 | ||||||||||||||||||||||||||||||||||||
Other Reserves | 28,000,000 | 28,000,000 | |||||||||||||||||||||||||||||||||||
Other Reserves, Net | 38,700,000 | 38,700,000 | |||||||||||||||||||||||||||||||||||
McGinness Hills Phase II [Member] | OFC Two Senior Secured Notes [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 53,400,000 | 53,400,000 | |||||||||||||||||||||||||||||||||||
First Loan [Member] | Institutional Investors [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 20,000,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 6 years | ||||||||||||||||||||||||||||||||||||
Second Loan [Member] | Institutional Investors [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 20,000,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 8 years | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | ||||||||||||||||||||||||||||||||||||
Third Loan [Member] | Institutional Investors [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 20,000,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 6 years | ||||||||||||||||||||||||||||||||||||
Threshold for Loan Default [Member] | Loan Agreement with OPIC [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Services Coverage Ratio | 1.1 | 1.1 | |||||||||||||||||||||||||||||||||||
Debt Service Reserve Backing [Member] | OrCal Senior Secured Notes [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 10,100,000 | 10,200,000 | 10,100,000 | 10,200,000 | |||||||||||||||||||||||||||||||||
In Addition To [Member] | OFC Two Senior Secured Notes [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 17,100,000 | 17,100,000 | |||||||||||||||||||||||||||||||||||
Subject to Fixed Interest Rate [Member] | Loans Payable [Member] | Olkaria III - DEG [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Secured Debt | 21,700,000 | 21,700,000 | |||||||||||||||||||||||||||||||||||
Extensions of Credit in the Form of Loans and or Letters of Credit [Member] | Revolving Credit Lines With Commerical Banks [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 247,000,000 | 247,000,000 | |||||||||||||||||||||||||||||||||||
Issuance of Letters of Credit [Member] | Revolving Credit Lines With Commerical Banks [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 308,200,000 | 308,200,000 | |||||||||||||||||||||||||||||||||||
Covenant Requirement Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt to Earnings before Interest Tax Depreciation and Amortization Ratio | 7 | ||||||||||||||||||||||||||||||||||||
Covenant Requirement Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Stockholders' Equity Attributable to Parent | 600,000,000 | 600,000,000 | |||||||||||||||||||||||||||||||||||
Percentage of Company Assets | 30.00% | ||||||||||||||||||||||||||||||||||||
Amount Available for Dividend Distribution Percent of Cumulative Net Income | 0.35 | ||||||||||||||||||||||||||||||||||||
Senior Notes [Member] | Ormat Funding Corp Senior Secured Notes [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Secured Debt | 67,200,000 | 90,800,000 | 67,200,000 | 90,800,000 | |||||||||||||||||||||||||||||||||
Senior Notes [Member] | OFC Two Senior Secured Notes [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Secured Debt | 272,500,000 | 144,400,000 | 272,500,000 | 144,400,000 | |||||||||||||||||||||||||||||||||
Loans Payable [Member] | Olkaria III - DEG [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Secured Debt | 31,600,000 | 31,600,000 | |||||||||||||||||||||||||||||||||||
Loan Agreement with TCW [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 42,000,000 | ||||||||||||||||||||||||||||||||||||
Capacity of Plant (in Megawatts) | 20 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.83% | ||||||||||||||||||||||||||||||||||||
Loan Agreement with OPIC [Member] | First Two Years After the Plant 2 Commercial Operation Date [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument Prepayment Premium Percentage | 2.00% | ||||||||||||||||||||||||||||||||||||
Loan Agreement with OPIC [Member] | Third Year After the Plant 2 Commercial Operation Date [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument Prepayment Premium Percentage | 1.00% | ||||||||||||||||||||||||||||||||||||
Loan Agreement with OPIC [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 310,000,000 | ||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 15,700,000 | 15,700,000 | |||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 282,600,000 | 282,600,000 | |||||||||||||||||||||||||||||||||||
Debt Services Coverage Ratio | 1.7 | 1.7 | |||||||||||||||||||||||||||||||||||
Restricted Cash and Cash Equivalents, Current | 8,600,000 | 10,100,000 | 8,600,000 | 10,100,000 | |||||||||||||||||||||||||||||||||
Olkaria III - DEG [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 20,500,000 | 105,000,000 | 77,000,000 | ||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.90% | ||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | 15,000,000 | 90,000,000 | |||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 31,600,000 | 31,600,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | 4.00% | |||||||||||||||||||||||||||||||||||
Ormat Funding Corp [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Services Coverage Ratio | 1.25 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||||||||||||||||||||||||||
Ormat Funding Corp [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 101.00% | ||||||||||||||||||||||||||||||||||||
Ormat Funding Corp [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 12,800,000 | 190,000,000 | 13,200,000 | ||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | ||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 11,100,000 | 10,600,000 | 11,100,000 | 10,600,000 | |||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | 179,700,000 | ||||||||||||||||||||||||||||||||||||
Restricted Cash and Cash Equivalents, Current | 2,000,000 | 2,900,000 | 2,000,000 | 2,900,000 | |||||||||||||||||||||||||||||||||
Debt Instrument Issuance Costs | 10,300,000 | ||||||||||||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | 300,000 | 800,000 | |||||||||||||||||||||||||||||||||||
OrCal Senior Secured Notes [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Services Coverage Ratio | 1.25 | ||||||||||||||||||||||||||||||||||||
OrCal Senior Secured Notes [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 165,000,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.21% | ||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 55,100,000 | 66,200,000 | 55,100,000 | 66,200,000 | |||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | 161,100,000 | ||||||||||||||||||||||||||||||||||||
Restricted Cash and Cash Equivalents, Current | 800,000 | 3,000,000 | 800,000 | 3,000,000 | |||||||||||||||||||||||||||||||||
Debt Instrument Issuance Costs | 3,900,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||||||||||||||||||||||||||
OFC Two Senior Secured Notes [Member] | Subsidiaries [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 140,000,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.61% | ||||||||||||||||||||||||||||||||||||
OFC Two Senior Secured Notes [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 350,000,000 | ||||||||||||||||||||||||||||||||||||
Government Guarantee Percent | 80.00% | ||||||||||||||||||||||||||||||||||||
Debtor-in-Possession Financing, Letters of Credit Outstanding | 17,100,000 | 17,100,000 | |||||||||||||||||||||||||||||||||||
Senior Unsecured Bonds Member | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 108,000,000 | 142,000,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | 7.00% | |||||||||||||||||||||||||||||||||||
Commercial Bank [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 50,000,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||||||||||||||||||||||||||||||||||
Revolving Credit Lines With Commerical Banks [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 357,200,000 | 357,200,000 | |||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 555,200,000 | 555,200,000 | |||||||||||||||||||||||||||||||||||
Long-term Line of Credit | 20,300,000 | 20,300,000 | |||||||||||||||||||||||||||||||||||
Line of Credit, Current | 20,300,000 | 20,300,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.30% | 2.30% | |||||||||||||||||||||||||||||||||||
Union Bank, N.A. [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Services Coverage Ratio | 1.35 | 1.35 | |||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 39,000,000 | 39,000,000 | |||||||||||||||||||||||||||||||||||
Union Bank, N.A. [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | 50,000,000 | |||||||||||||||||||||||||||||||||||
Debt to Earnings before Interest Tax Depreciation and Amortization Ratio | 4.5 | ||||||||||||||||||||||||||||||||||||
Amount Available for Dividend Distribution Percent of Cumulative Net Income | 2 | ||||||||||||||||||||||||||||||||||||
Union Bank, N.A. [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 42,100,000 | 42,100,000 | |||||||||||||||||||||||||||||||||||
Debt Services Coverage Ratio | 2.45 | 2.45 | |||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | 50,000,000 | |||||||||||||||||||||||||||||||||||
Debt to Earnings before Interest Tax Depreciation and Amortization Ratio | 3.18 | ||||||||||||||||||||||||||||||||||||
Amount Available for Dividend Distribution Percent of Cumulative Net Income | 0.65 | ||||||||||||||||||||||||||||||||||||
HSBC Bank USA, N.A. [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Services Coverage Ratio | 1.35 | ||||||||||||||||||||||||||||||||||||
HSBC Bank USA, N.A. [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt to Earnings before Interest Tax Depreciation and Amortization Ratio | 4.5 | ||||||||||||||||||||||||||||||||||||
Amount Available for Dividend Distribution Percent of Cumulative Net Income | 2 | ||||||||||||||||||||||||||||||||||||
HSBC Bank USA, N.A. [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 25,000,000 | ||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 21,800,000 | 21,800,000 | |||||||||||||||||||||||||||||||||||
Debt Services Coverage Ratio | 2.45 | 2.45 | |||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000,000 | 25,000,000 | |||||||||||||||||||||||||||||||||||
Debt to Earnings before Interest Tax Depreciation and Amortization Ratio | 3.18 | ||||||||||||||||||||||||||||||||||||
Amount Available for Dividend Distribution Percent of Cumulative Net Income | 0.65 | ||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 10,000,000 | ||||||||||||||||||||||||||||||||||||
Interest Rate Cap [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Payments for Derivative Instrument, Financing Activities | 1,500,000 | ||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 900,000 | ||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 600,000 | ||||||||||||||||||||||||||||||||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 100,000 | 100,000 | |||||||||||||||||||||||||||||||||||
Subsidiaries [Member] | EIG Global Fund II, Ltd. [Member] | |||||||||||||||||||||||||||||||||||||
Note 10 - Long-term Debt and Credit Agreements (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 30,000,000 | 30,000,000 | |||||||||||||||||||||||||||||||||||
Interest Expense | 1,100,000 | ||||||||||||||||||||||||||||||||||||
Prepayment Premium | 600,000 | ||||||||||||||||||||||||||||||||||||
Write off of Deferred Debt Issuance Cost | $500,000 |
Note_10_Longterm_Debt_and_Cred3
Note 10 - Long-term Debt and Credit Agreements (Details) - Long-Term Debt (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Limited recourse: | ||
$677,353 | $632,901 | |
Less current portion | -52,363 | -51,514 |
Non current portion | 624,990 | 581,387 |
Full recourse agreements: | ||
Recourse debt | 324,056 | 444,955 |
Less current portion | -39,416 | -28,875 |
Non current portion | 284,640 | 416,080 |
Loan Agreement with TCW [Member] | ||
Non-recourse: | ||
Non-recourse debt | 31,509 | |
Loan Agreement with OPIC [Member] | ||
Non-recourse: | ||
Non-recourse debt | 282,620 | 299,946 |
Ormat Funding Corp [Member] | ||
Non-recourse: | ||
Non-recourse debt | 67,206 | 90,840 |
Orcal Geothermal Inc [Member] | ||
Non-recourse: | ||
Non-recourse debt | 55,050 | 66,156 |
OFC Two Senior Secured Notes [Member] | ||
Non-recourse: | ||
Non-recourse debt | 272,477 | 144,450 |
Senior Unsecured Bonds Member | ||
Full recourse agreements: | ||
Recourse debt | 250,289 | 250,596 |
Institutional Investors [Member] | ||
Full recourse agreements: | ||
Recourse debt | 21,887 | 32,868 |
Olkaria III - DEG [Member] | ||
Full recourse agreements: | ||
Recourse debt | 31,580 | 39,474 |
Commercial Bank [Member] | ||
Full recourse agreements: | ||
Recourse debt | 10,000 | |
Revolving Credit Lines With Commerical Banks [Member] | ||
Full recourse agreements: | ||
Recourse debt | $20,300 | $112,017 |
Note_10_Longterm_Debt_and_Cred4
Note 10 - Long-term Debt and Credit Agreements (Details) - Future Minimum Payments under Long-Term Obligations (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Minimum Payments under Long-Term Obligations [Abstract] | |
2015 | $91,779 |
2016 | 69,060 |
2017 | 316,017 |
2018 | 59,186 |
2019 | 50,889 |
Thereafter | 414,479 |
Total | $1,001,410 |
Note_11_Puna_Power_Plant_Lease2
Note 11 - Puna Power Plant Lease Transactions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2005 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Lease Term | 31 years | ||
Deferred Revenue, Leases, Gross | $83,000,000 | ||
Capital Leases, Balance Sheet, Assets by Major Class, Net | 34,400,000 | 36,900,000 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 28,000,000 | 25,500,000 | |
Lease Payment Term | 23 years | ||
Deferred Costs, Leasing, Gross | 4,200,000 | ||
Restricted Cash and Cash Equivalents | 2,700,000 | 4,300,000 | |
Cash | $0 | $0 |
Note_11_Puna_Power_Plant_Lease3
Note 11 - Puna Power Plant Lease Transactions (Details) - Future Minimum Lease Payments under the Project Lease (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Minimum Lease Payments under the Project Lease [Abstract] | |
2015 | $8,222 |
2016 | 8,374 |
2017 | 8,747 |
2018 | 8,944 |
2019 | 6,018 |
Thereafter | 6,913 |
Total | $47,218 |
Note_12_Tax_Monetization_Trans1
Note 12 - Tax Monetization Transaction (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | Feb. 03, 2011 | Jan. 31, 2013 | Oct. 30, 2009 | Jun. 30, 2007 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Jan. 31, 2015 | Dec. 31, 2011 | Dec. 31, 2010 | |
Note 12 - Tax Monetization Transaction (Details) [Line Items] | |||||||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance (in Dollars) | $257,000 | $5,151,000 | |||||||||||
Proceeds from Additional Payments (in Dollars) | 2,200,000 | ||||||||||||
Common Class A [Member] | Ormat Nevada Ortp LLC [Member] | |||||||||||||
Note 12 - Tax Monetization Transaction (Details) [Line Items] | |||||||||||||
Common Stock Voting Rights Percentage | 75.00% | ||||||||||||
Common Class B [Member] | Ormat Nevada Ortp LLC [Member] | |||||||||||||
Note 12 - Tax Monetization Transaction (Details) [Line Items] | |||||||||||||
Common Stock Voting Rights Percentage | 25.00% | ||||||||||||
Subsequent Event [Member] | |||||||||||||
Note 12 - Tax Monetization Transaction (Details) [Line Items] | |||||||||||||
Proceeds from Additional Payments (in Dollars) | 1,600,000 | ||||||||||||
Capital Unit, Class A [Member] | Ormat Nevada Ortp LLC [Member] | |||||||||||||
Note 12 - Tax Monetization Transaction (Details) [Line Items] | |||||||||||||
Percentage Of Ownership Interests | 75.00% | 75.00% | |||||||||||
Capital Unit, Class B [Member] | Ormat Nevada Ortp LLC [Member] | |||||||||||||
Note 12 - Tax Monetization Transaction (Details) [Line Items] | |||||||||||||
Percentage Of Ownership Interests | 7.50% | 25.00% | |||||||||||
Ownership Percentage Of Common Shares Outstanding | 30.00% | ||||||||||||
Ownership Percentage Of Common Shares Outstanding By NonControlling Interest | 70.00% | ||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 17.50% | ||||||||||||
Maximum [Member] | Ormat Nevada Ortp LLC [Member] | |||||||||||||
Note 12 - Tax Monetization Transaction (Details) [Line Items] | |||||||||||||
Expected Future Payments (in Dollars) | 11,000,000 | ||||||||||||
Ormat Nevada Ortp LLC [Member] | |||||||||||||
Note 12 - Tax Monetization Transaction (Details) [Line Items] | |||||||||||||
Number Of Facilities | 4 | ||||||||||||
Proceeds From Sale Of Equity Units (in Dollars) | 63,000,000 | 71,800,000 | |||||||||||
Percentage Of Ownership Interests Flip Date | 95.00% | ||||||||||||
Percentage Of Ownership Interests By Noncontrolling Owners Flip Date | 5.00% | 3.50% | 5.00% | ||||||||||
Percentage Of Ownership Interests | 82.50% | ||||||||||||
Payments for Repurchase of Redeemable Noncontrolling Interest (in Dollars) | 18,500,000 | ||||||||||||
Gain From Repurchase Of Interests At Discount (in Dollars) | 13,300,000 | ||||||||||||
Adjustments To Additional Paid In Capital Purchase Of Noncontrolling Interest (in Dollars) | 1,100,000 | ||||||||||||
Percentage Of Ownership Interests Purchased From Noncontrolling Owners | 1.50% | 1.50% | |||||||||||
Proceeds Sale Minority Interest (in Dollars) | 24,900,000 | ||||||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance (in Dollars) | 2,300,000 | ||||||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets (in Dollars) | $35,700,000 | ||||||||||||
Additional Proceeds as Percentage of Production Tax Credit | 25.00% | ||||||||||||
Final Additional Payments Expected Date | 31-Dec-16 | ||||||||||||
Percentage of Distributable Cash After Flip Date | 97.50% | ||||||||||||
Percentage of Taxable Income After Flip Date | 95.00% | ||||||||||||
Percentage Allocation Of Income and Loss | 5.00% | ||||||||||||
Percentage Allocation of Cash | 2.50% |
Note_13_Asset_Retirement_Oblig2
Note 13 - Asset Retirement Obligation (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Increase (Decrease) in Asset Retirement Obligations | ($1,395,000) | ($2,742,000) |
Note_13_Asset_Retirement_Oblig3
Note 13 - Asset Retirement Obligation (Details) - Reconciliation of the Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligation (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Reconciliation of the Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligation [Abstract] | ||
Balance at beginning of year | $18,679 | $19,289 |
Revision in estimated cash flows | -1,395 | -2,742 |
Liabilities incurred | 356 | 588 |
Accretion expense | 1,502 | 1,544 |
Balance at end of year | $19,142 | $18,679 |
Note_14_Stockbased_Compensatio2
Note 14 - Stock-based Compensation (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-12 | Dec. 31, 2004 | Feb. 11, 2014 | Mar. 31, 2014 | Apr. 02, 2014 | Nov. 05, 2014 | 31-May-14 | Mar. 31, 2021 | |
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $8,146,000 | $8,146,000 | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 146 days | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Fair Value Assumptions Annual ForfeitureRate | 5.60% | 5.60% | ||||||||||||
Increase (Decrease) in Stock-based Compensation Expense Due to Forfeitures | 0.80% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Fair Value Assumptions Dividends Growth Rate | 20.00% | |||||||||||||
Share-based Compensation Arrangement By Share-based Payment Award Fair Value Assumptions Weighted Average Expected Dividend Rate | 0.70% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 485,000 | 45,000 | 75,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $29.05 | $26.70 | $19.01 | |||||||||||
Development Stage Entities, Equity Issuance, Per Share Amount (in Dollars per share) | $27.18 | $27.21 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 895,354 | 811,269 | 895,354 | 811,269 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value (in Dollars) | $2,036,000 | $140,000 | ||||||||||||
Share Price (in Dollars per share) | $27.49 | $23.57 | $27.49 | $23.57 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 243,000 | 39,000 | 0 | |||||||||||
Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche One [Member] | 2004 Stock Incentive Plan [Member] | ||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Vesting Percentage Year Two | 25.00% | |||||||||||||
Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche One [Member] | 2012 Stock Incentive Plan [Member] | ||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 24 months | 24 months | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||||||
Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche Two [Member] | 2004 Stock Incentive Plan [Member] | ||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 36 months | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Vesting Percentage Year Three | 25.00% | |||||||||||||
Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche Two [Member] | 2012 Stock Incentive Plan [Member] | ||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 36 months | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||||||
Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche Three [Member] | 2004 Stock Incentive Plan [Member] | ||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 48 months | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Vesting Percentage Year Four | 50.00% | |||||||||||||
Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche Three [Member] | 2012 Stock Incentive Plan [Member] | ||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 48 months | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||
Employee Stock Option [Member] | Non Employee Director [Member] | 2004 Stock Incentive Plan [Member] | ||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||||||||||
Employee Stock Option [Member] | Non Employee Director [Member] | 2012 Stock Incentive Plan [Member] | ||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||||||||||
Employee Stock Option [Member] | Chief Financial Officer [Member] | 2012 Stock Incentive Plan [Member] | ||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | |||||||||||||
Options to Purchase 300,000 Shares of Common Stock [Member] | Chief Executive Officer [Member] | 2012 Stock Incentive Plan [Member] | ||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $12.88 | |||||||||||||
Options to Purchase 100,000 Shares of Common Stock [Member] | Chief Executive Officer [Member] | 2012 Stock Incentive Plan [Member] | ||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $8.33 | |||||||||||||
Subsequent Event [Member] | Chief Executive Officer [Member] | 2012 Stock Incentive Plan [Member] | ||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 100,000 | |||||||||||||
One Year from the Grant Date [Member] | 2012 Stock Incentive Plan [Member] | ||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||||||||||||
Maximum [Member] | 2012 Stock Incentive Plan [Member] | ||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||||||
Officer [Member] | 2012 Stock Incentive Plan [Member] | ||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 400,000 | |||||||||||||
Chief Financial Officer [Member] | 2012 Stock Incentive Plan [Member] | ||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 32,500 | |||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | 24.57 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | 5.78 | |||||||||||||
Chief Executive Officer [Member] | 2012 Stock Incentive Plan [Member] | ||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | 6 years | ||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $29.52 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 300,000 | 400,000 | ||||||||||||
2004 Stock Incentive Plan [Member] | ||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 3,750,000 | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Awards Exercise Period | 10 years | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | 0 | ||||||||||||
2012 Stock Incentive Plan [Member] | ||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,000,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | 28.23 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | 7.01 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 52,500 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,124,900 | 2,124,900 |
Note_14_Stockbased_Compensatio3
Note 14 - Stock-based Compensation (Details) - Compensation Related to Stock-based Awards (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | $5,571 | $6,264 | $6,378 |
Tax effect on stock-based compensation expense | 836 | 783 | 797 |
Net effect of stock-based compensation expense | 4,735 | 5,481 | 5,581 |
Cost of Sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | 3,076 | 3,971 | 4,225 |
Selling and Marketing Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | 261 | 494 | 542 |
General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | $2,234 | $1,799 | $1,611 |
Note_14_Stockbased_Compensatio4
Note 14 - Stock-based Compensation (Details) - Fair Value of Stock-Based Award on the Date of Grant | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value of Stock-Based Award on the Date of Grant [Abstract] | |||
Risk-free interest rates | 1.70% | 0.80% | 1.00% |
Expected lives (in years) | 5 years 36 days | 4 years 219 days | 5 years |
Dividend yield | 0.90% | 0.71% | 0.81% |
Expected volatility | 35.10% | 37.80% | 47.20% |
Forfeiture rate | 0.00% | 5.60% | 6.40% |
Note_14_Stockbased_Compensatio5
Note 14 - Stock-based Compensation (Details) - Fair Value of Each Option Using Black-Scholes Valuation Model Assumptions | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 05, 2014 | Feb. 11, 2014 | |
Note 14 - Stock-based Compensation (Details) - Fair Value of Each Option Using Black-Scholes Valuation Model Assumptions [Line Items] | |||||
Risk-free interest rates | 1.70% | 0.80% | 1.00% | ||
Expected life (in years) | 5 years 36 days | 4 years 219 days | 5 years | ||
Dividend yield | 0.90% | 0.71% | 0.81% | ||
Expected volatility | 35.10% | 37.80% | 47.20% | ||
Chief Financial Officer [Member] | 2012 Incentive Plan [Member] | |||||
Note 14 - Stock-based Compensation (Details) - Fair Value of Each Option Using Black-Scholes Valuation Model Assumptions [Line Items] | |||||
Risk-free interest rates | 1.30% | 0.81% | |||
Expected life (in years) | 4 years | 3 years 136 days | |||
Dividend yield | 0.70% | 0.80% | |||
Expected volatility | 32.40% | 33.50% | |||
Forfeiture rate | 0.00% | 0.00% |
Note_14_Stockbased_Compensatio6
Note 14 - Stock-based Compensation (Details) - Fair Value of Each Option Using Black-Scholes Valuation Model Assumptions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 14 - Stock-based Compensation (Details) - Fair Value of Each Option Using Black-Scholes Valuation Model Assumptions [Line Items] | |||
Risk-free interest rates | 1.70% | 0.80% | 1.00% |
Expected life (in years) | 5 years 36 days | 4 years 219 days | 5 years |
Dividend yield | 0.90% | 0.71% | 0.81% |
Expected volatility | 35.10% | 37.80% | 47.20% |
Options to Purchase 300,000 Shares of Common Stock [Member] | Chief Executive Officer [Member] | |||
Note 14 - Stock-based Compensation (Details) - Fair Value of Each Option Using Black-Scholes Valuation Model Assumptions [Line Items] | |||
Risk-free interest rates | 2.36% | ||
Expected life (in years) | 7 years 3 months | ||
Dividend yield | 0.90% | ||
Expected volatility | 42.80% | ||
Forfeiture rate | 0.00% | ||
Options to Purchase 100,000 Shares of Common Stock [Member] | Chief Executive Officer [Member] | |||
Note 14 - Stock-based Compensation (Details) - Fair Value of Each Option Using Black-Scholes Valuation Model Assumptions [Line Items] | |||
Risk-free interest rates | 1.64% | ||
Expected life (in years) | 4 years 9 months | ||
Dividend yield | 0.90% | ||
Expected volatility | 33.10% | ||
Forfeiture rate | 0.00% |
Note_14_Stockbased_Compensatio7
Note 14 - Stock-based Compensation (Details) - Summary of the Status of the 2012 Incentive Plan (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Summary of the Status of the 2012 Incentive Plan [Abstract] | ||||||
Outstanding at beginning of year (in Shares) | 4,710,000 | 3,563,000 | 2,934,000 | |||
Outstanding at beginning of year | $28.23 | $30.09 | $32.40 | |||
Outstanding at end of year (in Shares) | 4,477,000 | 4,710,000 | 3,563,000 | |||
Outstanding at end of year | $27.48 | $28.23 | $30.09 | |||
Options and SARs exercisable at end of year (in Shares) | 2,106,000 | 2,123,000 | 1,592,000 | |||
Options and SARs exercisable at end of year | $31.25 | $33.82 | $36.61 | |||
Weighted-average fair value of options and SARs granted during the year | $9 | $6.66 | $7.25 | |||
Granted, at fair value: | ||||||
Stock Options (in Shares) | 485,000 | 45,000 | 75,000 | |||
Stock Options | $29.05 | $26.70 | $19.01 | |||
SARs* (in Shares) | [1] | 1,270,000 | [1] | 602,000 | [1] | |
SARs* | [1] | $23.08 | [1] | $20.13 | [1] | |
Exercised (in Shares) | -243,000 | -39,000 | 0 | |||
Exercised | $24.10 | $16.89 | ||||
Forfeited (in Shares) | -116,000 | -114,000 | -48,000 | |||
Forfeited | $23.20 | $30.04 | $28.92 | |||
Expired (in Shares) | -359,000 | -15,000 | ||||
Expired | $42.70 | $37.90 | ||||
[1] | Upon exercise, SARs entitle the recipient to receive shares of common stock equal to the increase in value of the award between the grant date and the exercise date. |
Note_14_Stockbased_Compensatio8
Note 14 - Stock-based Compensation (Details) - Summary of Information about Stock-Based Awards Outstanding (USD $) | 12 Months Ended | |||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $27.48 | $28.23 | $30.09 | $32.40 |
Number of Shares Outstanding | 4,477 | 4,710 | 3,563 | 2,934 |
Weighted Average Remaining Contractual Life in Years, options outstanding | 3 years 109 days | 3 years 255 days | ||
Aggregate Intrinsic Value, options outstanding (in Dollars) | $10,252 | $11,472 | ||
Number of Shares Exercisable | 2,106 | 2,123 | ||
Weighted Average Remaining Contractual Life in Years, options exercisable | 2 years 36 days | 2 years 36 days | ||
Aggregate Intrinsic Value, options exercisable (in Dollars) | 1,222 | 1,480 | ||
The $15.00 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $15 | $15 | ||
Number of Shares Outstanding | 21 | |||
Weighted Average Remaining Contractual Life in Years, options outstanding | 292 days | |||
Aggregate Intrinsic Value, options outstanding (in Dollars) | 258 | |||
Number of Shares Exercisable | 21 | |||
Weighted Average Remaining Contractual Life in Years, options exercisable | 292 days | |||
Aggregate Intrinsic Value, options exercisable (in Dollars) | 258 | |||
The $18.56 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $18.56 | $18.56 | ||
Number of Shares Outstanding | 45 | 45 | ||
Weighted Average Remaining Contractual Life in Years, options outstanding | 4 years 292 days | 5 years 292 days | ||
Aggregate Intrinsic Value, options outstanding (in Dollars) | 388 | 389 | ||
Number of Shares Exercisable | 45 | 45 | ||
Weighted Average Remaining Contractual Life in Years, options exercisable | 4 years 292 days | 5 years 292 days | ||
Aggregate Intrinsic Value, options exercisable (in Dollars) | 389 | 389 | ||
The $19.10 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $19.10 | $19.10 | ||
Number of Shares Outstanding | 8 | 23 | ||
Weighted Average Remaining Contractual Life in Years, options outstanding | 3 years 292 days | 4 years 292 days | ||
Aggregate Intrinsic Value, options outstanding (in Dollars) | 61 | 182 | ||
Number of Shares Exercisable | 8 | 23 | ||
Weighted Average Remaining Contractual Life in Years, options exercisable | 3 years 292 days | 4 years 292 days | ||
Aggregate Intrinsic Value, options exercisable (in Dollars) | 182 | 182 | ||
The $19.69 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $19.69 | $19.69 | ||
Number of Shares Outstanding | 26 | 26 | ||
Weighted Average Remaining Contractual Life in Years, options outstanding | 4 years 219 days | 5 years 219 days | ||
Aggregate Intrinsic Value, options outstanding (in Dollars) | 197 | 197 | ||
Number of Shares Exercisable | 26 | 26 | ||
Weighted Average Remaining Contractual Life in Years, options exercisable | 4 years 219 days | 5 years 219 days | ||
Aggregate Intrinsic Value, options exercisable (in Dollars) | 197 | 197 | ||
The $20.13 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $20.13 | $20.13 | ||
Number of Shares Outstanding | 509 | 578 | ||
Weighted Average Remaining Contractual Life in Years, options outstanding | 4 years 109 days | 5 years 109 days | ||
Aggregate Intrinsic Value, options outstanding (in Dollars) | 3,585 | 4,089 | ||
Number of Shares Exercisable | 99 | |||
Weighted Average Remaining Contractual Life in Years, options exercisable | 4 years 109 days | |||
The $20.54 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $20.54 | $20.54 | ||
Number of Shares Outstanding | 100 | 120 | ||
Weighted Average Remaining Contractual Life in Years, options outstanding | 4 years 109 days | 5 years 109 days | ||
Aggregate Intrinsic Value, options outstanding (in Dollars) | 664 | 800 | ||
Number of Shares Exercisable | 25 | |||
Weighted Average Remaining Contractual Life in Years, options exercisable | 4 years 109 days | |||
The $23.34 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $23.34 | $23.34 | ||
Number of Shares Outstanding | 1,129 | 1,138 | ||
Weighted Average Remaining Contractual Life in Years, options outstanding | 4 years 146 days | 5 years 146 days | ||
Aggregate Intrinsic Value, options outstanding (in Dollars) | 4,343 | 4,404 | ||
The $24.57 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $24.57 | |||
Number of Shares Outstanding | 33 | |||
Weighted Average Remaining Contractual Life in Years, options outstanding | 4 years 36 days | |||
Aggregate Intrinsic Value, options outstanding (in Dollars) | 85 | |||
The $25.65 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $25.65 | $25.65 | ||
Number of Shares Outstanding | 493 | 578 | ||
Weighted Average Remaining Contractual Life in Years, options outstanding | 3 years 109 days | 4 years 109 days | ||
Aggregate Intrinsic Value, options outstanding (in Dollars) | 754 | 901 | ||
Number of Shares Exercisable | 220 | 144 | ||
Weighted Average Remaining Contractual Life in Years, options exercisable | 3 years 109 days | 4 years 109 days | ||
Aggregate Intrinsic Value, options exercisable (in Dollars) | 225 | 225 | ||
The $25.74 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $25.74 | $25.74 | ||
Number of Shares Outstanding | 8 | 23 | ||
Weighted Average Remaining Contractual Life in Years, options outstanding | 292 days | 1 year 292 days | ||
Aggregate Intrinsic Value, options outstanding (in Dollars) | 11 | 33 | ||
Number of Shares Exercisable | 8 | 23 | ||
Weighted Average Remaining Contractual Life in Years, options exercisable | 292 days | |||
Aggregate Intrinsic Value, options exercisable (in Dollars) | 33 | 33 | ||
The $26.70 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $26.70 | $26.70 | ||
Number of Shares Outstanding | 45 | 45 | ||
Weighted Average Remaining Contractual Life in Years, options outstanding | 5 years 292 days | 6 years 292 days | ||
Aggregate Intrinsic Value, options outstanding (in Dollars) | 22 | 23 | ||
Number of Shares Exercisable | 45 | |||
Weighted Average Remaining Contractual Life in Years, options exercisable | 5 years 292 days | |||
The $26.84 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $26.84 | $26.84 | ||
Number of Shares Outstanding | 418 | 529 | ||
Weighted Average Remaining Contractual Life in Years, options outstanding | 1 year 73 days | 2 years 73 days | ||
Aggregate Intrinsic Value, options outstanding (in Dollars) | 142 | 196 | ||
Number of Shares Exercisable | 418 | 529 | ||
Weighted Average Remaining Contractual Life in Years, options exercisable | 1 year 73 days | 2 years 73 days | ||
Aggregate Intrinsic Value, options exercisable (in Dollars) | $196 | $196 | ||
The $28.19 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $28.19 | $28.19 | ||
Number of Shares Outstanding | 30 | 30 | ||
Weighted Average Remaining Contractual Life in Years, options outstanding | 2 years 292 days | 3 years 292 days | ||
Number of Shares Exercisable | 30 | 30 | ||
Weighted Average Remaining Contractual Life in Years, options exercisable | 2 years 292 days | 3 years 292 days | ||
The $28.23 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $28.23 | |||
Number of Shares Outstanding | 53 | |||
Weighted Average Remaining Contractual Life in Years, options outstanding | 6 years 292 days | |||
The $29.21 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $29.21 | $29.21 | ||
Number of Shares Outstanding | 8 | 8 | ||
Weighted Average Remaining Contractual Life in Years, options outstanding | 2 years 109 days | 3 years 109 days | ||
Number of Shares Exercisable | 8 | 8 | ||
Weighted Average Remaining Contractual Life in Years, options exercisable | 2 years 109 days | 3 years 109 days | ||
The $29.52 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $29.52 | |||
Number of Shares Outstanding | 400 | |||
Weighted Average Remaining Contractual Life in Years, options outstanding | 5 years 219 days | |||
The $29.95 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $29.95 | $29.95 | ||
Number of Shares Outstanding | 538 | 547 | ||
Weighted Average Remaining Contractual Life in Years, options outstanding | 2 years 109 days | 3 years 109 days | ||
Number of Shares Exercisable | 538 | 273 | ||
Weighted Average Remaining Contractual Life in Years, options exercisable | 2 years 109 days | 3 years 109 days | ||
The $34.13 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $34.13 | $34.13 | ||
Number of Shares Outstanding | 222 | 222 | ||
Weighted Average Remaining Contractual Life in Years, options outstanding | 1 year 109 days | 2 years 109 days | ||
Number of Shares Exercisable | 222 | 222 | ||
Weighted Average Remaining Contractual Life in Years, options exercisable | 1 year 109 days | 2 years 109 days | ||
The $38.50 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $38.50 | $38.50 | ||
Number of Shares Outstanding | 23 | 23 | ||
Weighted Average Remaining Contractual Life in Years, options outstanding | 1 year 292 days | 2 years 292 days | ||
Number of Shares Exercisable | 23 | 23 | ||
Weighted Average Remaining Contractual Life in Years, options exercisable | 1 year 292 days | 2 years 292 days | ||
The $45.78 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $45.78 | $45.78 | ||
Number of Shares Outstanding | 390 | 397 | ||
Weighted Average Remaining Contractual Life in Years, options outstanding | 109 days | 1 year 109 days | ||
Number of Shares Exercisable | 390 | 397 | ||
Weighted Average Remaining Contractual Life in Years, options exercisable | 109 days | |||
The $38.85 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $38.85 | |||
Number of Shares Outstanding | 8 | |||
Weighted Average Remaining Contractual Life in Years, options outstanding | 73 days | |||
Number of Shares Exercisable | 8 | |||
Weighted Average Remaining Contractual Life in Years, options exercisable | 73 days | |||
The $42.08 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $42.08 | |||
Number of Shares Outstanding | 329 | |||
Weighted Average Remaining Contractual Life in Years, options outstanding | 109 days | |||
Number of Shares Exercisable | 329 | |||
Weighted Average Remaining Contractual Life in Years, options exercisable | 109 days | |||
The $52.98 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price (in Dollars per share) | $52.98 | |||
Number of Shares Outstanding | 23 | |||
Weighted Average Remaining Contractual Life in Years, options outstanding | 292 days | |||
Number of Shares Exercisable | 23 | |||
Weighted Average Remaining Contractual Life in Years, options exercisable | 292 days |
Note_16_Discontinued_Operation2
Note 16 - Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 30-May-13 | |
Note 16 - Discontinued Operations (Details) [Line Items] | ||||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Momotombo Power Plant [Member] | ||||||||||||
Note 16 - Discontinued Operations (Details) [Line Items] | ||||||||||||
Proceeds from Divestiture of Businesses | 7,751,000 | |||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $3,600,000 |
Note_16_Discontinued_Operation3
Note 16 - Discontinued Operations (Details) - Summary of Financial Information Related to Discontinued Operations (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income from discontinued operations, net of taxes | $4,480 | $831 | $5,311 | $4,811 | |
Selling and Marketing Expense [Member] | Momotombo Power Plant [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Selling and marketing expenses | 192 | 404 | |||
Momotombo Power Plant [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Revenues - electricity | 4,866 | 12,635 | 0 | ||
Cost of revenues - electricity | 2,869 | 7,219 | |||
Gross margin | 1,997 | 5,416 | |||
General and administrative expenses | 140 | 201 | |||
Operating income | 1,665 | 4,811 | |||
Income from discontinued operations before income taxes | 5,311 | 4,811 | |||
Income tax provision | -614 | -1,264 | |||
Income from discontinued operations, net of taxes | $4,697 | $3,547 |
Note_16_Discontinued_Operation4
Note 16 - Discontinued Operations (Details) - Net Assets of Momotombo Power Plant (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | 30-May-14 |
In Thousands, unless otherwise specified | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash and cash equivalents | $40,230 | $57,354 | |
Prepaid expenses and other | 34,884 | 29,654 | |
Property, plant and equipment | 2,126,553 | 2,053,401 | |
Accounts payable and accrued expenses | -88,276 | -98,047 | |
Momotombo Power Plant [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash and cash equivalents | 52 | ||
Accounts receivable | 2,274 | ||
Prepaid expenses and other | 167 | ||
Property, plant and equipment | 3,935 | ||
Accounts payable and accrued expenses | -493 | ||
Deferred income taxes | -442 | ||
Accrued severance pay | -313 | ||
Other liabilities | -590 | ||
Net assets | $4,590 |
Note_17_Interest_Expense_Net_D
Note 17 - Interest Expense, Net (Details) - Components of Interest Expense (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Components of Interest Expense [Abstract] | ||||||||||||
Interest related to sale of tax benefits | $12,413,000 | $13,753,000 | $6,827,000 | |||||||||
Interest expense | 75,447,000 | 67,621,000 | 69,206,000 | |||||||||
Less b amount capitalized | -7,598,000 | -3,206,000 | -7,598,000 | -11,964,000 | ||||||||
$19,570,000 | $22,494,000 | $22,072,000 | $20,518,000 | $21,950,000 | $18,459,000 | $17,504,000 | $15,863,000 | $84,654,000 | $73,776,000 | $64,069,000 |
Note_18_Income_Taxes_Details
Note 18 - Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2004 | Dec. 31, 2011 | |
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Operating Loss Carryforwards, Valuation Allowance | $111,300,000 | |||||
Deferred Tax Assets, Investments | 672,000 | 672,000 | ||||
Deferred Tax Assets, Tax Credit Carryforwards, General Business | 71,402,000 | 71,313,000 | ||||
Deferred Tax Assets, Valuation Allowance | 113,596,000 | 111,280,000 | 114,806,000 | 113,596,000 | 61,500,000 | |
Undistributed Earnings of Foreign Subsidiaries | 75,900,000 | |||||
Distributions Received from Subsidiary | 250,000,000 | |||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 7,500,000 | 5,000,000 | ||||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 649,000 | 3,677,000 | ||||
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Percent | 30.00% | |||||
Investment Tax Credit Per Unit (in Dollars per Kilowatt-hour) | 2.3 | |||||
Production Tax Credit Claim Period | 10 years | |||||
Tax Credit Carry Back | 1 year | |||||
Unused Tax Credit Carry Forward | 20 years | |||||
Public Utilities Property Plant and Equipment Useful Life | 5 years | |||||
Effective Income Tax Rate Year Two | 15.00% | |||||
Foreign Earnings Repatriated | 250,000,000 | |||||
Wholly-owned Foreign Subsidiaries | 2 | |||||
Dividends from Foreign Subsidiaries | 177,200,000 | |||||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 13,000,000 | |||||
Deferred Tax Liabilities, Gross | 59,800,000 | 59,800,000 | ||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 59,800,000 | |||||
Domestic Tax Authority [Member] | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Operating Loss Carryforwards | 251,400,000 | |||||
State and Local Jurisdiction [Member] | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Operating Loss Carryforwards | 216,500,000 | |||||
Open Tax Year | 2014 | |||||
Placed in Service after January 1, 2014 [Member] | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Percent | 10.00% | |||||
Investment One [Member] | Maximum [Member] | Israel Tax Authority [Member] | Ormat Systems Ltd Member | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Effective Income Tax Rate | 25.00% | |||||
Investment One [Member] | Israel Tax Authority [Member] | Ormat Systems Ltd Member | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Period For Tax Exemption | 2 years | |||||
Income Tax Incentive Period | 5 years | |||||
Investment Tax Credit Carryforward [Member] | Maximum [Member] | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Tax Credit Carryforward Expiration Year | 2024 | |||||
Investment Tax Credit Carryforward [Member] | Minimum [Member] | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Tax Credit Carryforward Expiration Year | 2022 | |||||
Investment Tax Credit Carryforward [Member] | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Tax Credit Carryforward Expiration Period | 20 years | |||||
General Business Tax Credit Carryforward [Member] | Maximum [Member] | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Tax Credit Carryforward Expiration Year | 2034 | |||||
General Business Tax Credit Carryforward [Member] | Minimum [Member] | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Tax Credit Carryforward Expiration Year | 2026 | |||||
General Business Tax Credit Carryforward [Member] | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Tax Credit Carryforward Expiration Period | 20 years | |||||
Deferred Tax Assets, Tax Credit Carryforwards, General Business | 71,400,000 | |||||
Maximum [Member] | GUATEMALA | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Open Tax Year | 2014 | |||||
Maximum [Member] | ISRAEL | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Open Tax Year | 2014 | |||||
Maximum [Member] | KENYA | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Open Tax Year | 2014 | |||||
Maximum [Member] | NEW ZEALAND | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Open Tax Year | 2014 | |||||
Minimum [Member] | GUATEMALA | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Open Tax Year | 2008 | |||||
Minimum [Member] | ISRAEL | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Open Tax Year | 2009 | |||||
Minimum [Member] | KENYA | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Open Tax Year | 2000 | |||||
Minimum [Member] | NEW ZEALAND | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Open Tax Year | 2009 | |||||
Internal Revenue Service (IRS) [Member] | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Open Tax Year | 2014 | |||||
Israel Tax Authority [Member] | Ormat Systems Ltd Member | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
Effective Income Tax Rate Year One | 15.00% | |||||
Effective Income Tax Rate Year Three | 12.50% | |||||
Effective Income Tax Rate Year Four and Thereafter | 16.00% | |||||
GUATEMALA | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
National Corporate Tax Rate | 28.00% | |||||
Effective Income Tax Rate | 0.00% | |||||
Tax Exemption Period | 10 years | |||||
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | $1,900,000 | $4,400,000 | $3,600,000 | |||
Income Tax Benefit From Examination Per Share (in Dollars per share) | $0.04 | $0.10 | $0.08 | |||
ISRAEL | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
National Corporate Tax Rate | 26.50% | 25.00% | 25.00% | 24.00% | ||
KENYA | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
National Corporate Tax Rate | 37.50% | |||||
NEW ZEALAND | ||||||
Note 18 - Income Taxes (Details) [Line Items] | ||||||
National Corporate Tax Rate | 28.00% | 28.00% | 28.00% |
Note_18_Income_Taxes_Details_I
Note 18 - Income Taxes (Details) - Income From Continuing Operations Before Income Taxes and Equity in Income (Losses) of Investees (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income From Continuing Operations Before Income Taxes and Equity in Income (Losses) of Investees [Abstract] | |||||||||||
U.S | ($2,623) | $1,520 | ($283,242) | ||||||||
Non-U.S. (foreign) | 88,459 | 49,616 | 71,437 | ||||||||
$19,023 | $24,113 | $14,394 | $28,306 | $6,980 | $18,502 | $27,161 | ($1,507) | $85,836 | $51,136 | ($211,805) |
Note_18_Income_Taxes_Details_C
Note 18 - Income Taxes (Details) - Components of Income Tax Provision (Benefit) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||||||||||
State | $490 | $208 | ($768) | ||||||||
Foreign | 13,983 | 2,886 | 7,331 | ||||||||
14,473 | 3,094 | 6,563 | |||||||||
Deferred: | |||||||||||
Federal | -17,312 | ||||||||||
State | -44 | ||||||||||
Foreign | 13,135 | 10,458 | 12,620 | ||||||||
13,135 | 9,245 | -4,736 | |||||||||
$9,877 | $6,444 | $4,967 | $6,320 | ($1,476) | $5,201 | $5,780 | $4,047 | $27,608 | $13,552 | $1,827 |
Note_18_Income_Taxes_Details_S
Note 18 - Income Taxes (Details) - Significant Components of Deferred Income Tax Expense (Benefit) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Significant Components of Deferred Income Tax Expense (Benefit) [Abstract] | |||
Deferred tax expense (exclusive of the effect of other components listed below) | ($8,993) | ($71,052) | $23,802 |
Write-off of power plants | -90,720 | ||
Usage (benefit) of operating loss carryforwards - US | 7,764 | 11,672 | 26,907 |
Change in valuation allowance | 3,526 | -1,787 | 16,877 |
Change in foreign income tax | 13,135 | 10,458 | 8,257 |
Change in lease transaction | 2,136 | 974 | 1,170 |
Change in tax monetization transaction | 5,184 | 46,051 | 5,353 |
Change in intangible drilling costs | -9,706 | 15,091 | 14,133 |
Benefit of production tax credits and alternative minimum tax credit | 89 | -949 | -10,515 |
$13,135 | $10,458 | ($4,736) |
Note_18_Income_Taxes_Details_D
Note 18 - Income Taxes (Details) - Difference Between US Federal Statutory Tax Rate and Company's Effective Tax Rate | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Difference Between US Federal Statutory Tax Rate and Company's Effective Tax Rate [Abstract] | |||
U.S. federal statutory tax rate | 35.00% | 35.00% | 35.00% |
Valuation allowance | -1.70% | -3.50% | -8.00% |
Tax monetization | 2.50% | ||
State income tax, net of federal benefit | -0.70% | -0.20% | 4.10% |
Effect of foreign income tax, net | -4.90% | -7.90% | 2.40% |
Production tax credits | 0.90% | -1.90% | 5.00% |
Dividends from foreign subsidiaries | -39.30% | ||
Subpart F income | 1.40% | 4.70% | |
Depletion | -1.10% | 0.30% | |
Other, net | 0.80% | 0.30% | -0.40% |
Effective tax rate | 32.20% | 26.50% | 0.90% |
Note_18_Income_Taxes_Details_N
Note 18 - Income Taxes (Details) - Net Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Deferred tax assets (liabilities): | ||||
Net foreign deferred taxes, primarily depreciation | ($66,943) | ($53,621) | ||
Depreciation | 86,705 | 96,137 | ||
Intangible drilling costs | -91,678 | -81,972 | ||
Net capital loss carryforward - U.S. | 100,139 | 92,375 | ||
Tax monetization transaction | -67,337 | -72,521 | ||
Lease transaction | 4,573 | 2,437 | ||
Investment tax credits | 672 | 672 | ||
Production tax credits | 71,402 | 71,313 | ||
Stock options amortization | 4,467 | 3,464 | ||
Accrued liabilities and other | 2,337 | 2,901 | ||
44,337 | 61,185 | |||
Less - valuation allowance | -111,280 | -114,806 | -113,596 | -61,500 |
Total | ($66,943) | ($53,621) |
Note_18_Income_Taxes_Details_R
Note 18 - Income Taxes (Details) - Reconciliation of Beginning and Ending Valuation Allowance (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Beginning and Ending Valuation Allowance [Abstract] | |||
Balance at beginning of the year | $114,806 | $113,596 | $61,500 |
Additions to deferred income tax expense | -3,526 | 1,210 | 52,096 |
Balance at end of the year | $111,280 | $114,806 | $113,596 |
Note_18_Income_Taxes_Details_B
Note 18 - Income Taxes (Details) - Balance Sheet Presentation of Deferred Taxes (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Balance Sheet Presentation of Deferred Taxes [Abstract] | |||
Current deferred tax assets | $251 | $523 | $637 |
Current deferred tax liabilities | -974 | -20,392 | |
Non-current deferred tax assets | 891 | 21,283 | |
Non-current deferred tax liabilities | -66,220 | -55,035 | -45,059 |
($66,943) | ($53,621) | ($43,531) |
Note_18_Income_Taxes_Details_R1
Note 18 - Income Taxes (Details) - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits [Abstract] | |||
Balance at beginning of year | $4,950 | $7,281 | $5,875 |
Additions based on tax positions taken in prior years | 230 | 200 | 1,381 |
Additions based on tax positions taken in the current year | 2,980 | 1,146 | 25 |
Reduction based on tax positions taken in prior years | -649 | -3,677 | |
Balance at end of year | $7,511 | $4,950 | $7,281 |
Note_18_Income_Taxes_Details_F
Note 18 - Income Taxes (Details) - Foreign Subsidiaries Income Tax Years Open to Examination | 12 Months Ended |
Dec. 31, 2014 | |
Minimum [Member] | ISRAEL | |
Income Tax Examination [Line Items] | |
Countries | 2009 |
Minimum [Member] | KENYA | |
Income Tax Examination [Line Items] | |
Countries | 2000 |
Minimum [Member] | GUATEMALA | |
Income Tax Examination [Line Items] | |
Countries | 2008 |
Minimum [Member] | PHILIPPINES | |
Income Tax Examination [Line Items] | |
Countries | 2008 |
Minimum [Member] | NEW ZEALAND | |
Income Tax Examination [Line Items] | |
Countries | 2009 |
Maximum [Member] | ISRAEL | |
Income Tax Examination [Line Items] | |
Countries | 2014 |
Maximum [Member] | KENYA | |
Income Tax Examination [Line Items] | |
Countries | 2014 |
Maximum [Member] | GUATEMALA | |
Income Tax Examination [Line Items] | |
Countries | 2014 |
Maximum [Member] | PHILIPPINES | |
Income Tax Examination [Line Items] | |
Countries | 2014 |
Maximum [Member] | NEW ZEALAND | |
Income Tax Examination [Line Items] | |
Countries | 2014 |
Note_19_Business_Segments_Deta
Note 19 - Business Segments (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 2 |
Note_19_Business_Segments_Deta1
Note 19 - Business Segments (Details) - Summarized Financial Information Concerning Reportable Segments (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues from external customers | $149,243 | $140,242 | $127,603 | $142,436 | $130,905 | $130,749 | $152,679 | $118,906 | $559,524 | $533,239 | $501,773 | |||||
Intersegment revenues | 559,524 | 533,239 | 501,773 | |||||||||||||
Depreciation and amortization expense | 100,799 | 92,932 | ||||||||||||||
Operating income | 34,801 | 43,788 | 22,330 | 42,571 | 21,615 | 29,797 | 37,862 | 7,684 | 143,490 | 96,958 | -159,896 | |||||
Segment assets at period end * | 2,121,556 | [1] | 2,159,433 | [1] | 2,121,556 | [1] | 2,159,433 | [1] | ||||||||
Expenditures for long-lived assets | 158,781 | 204,628 | ||||||||||||||
Including unconsolidated investments | -3,617 | 7,076 | -3,617 | 7,076 | ||||||||||||
Intersegment Eliminations [Member] | Electricity Member | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Depreciation and amortization expense | 95,927 | |||||||||||||||
Operating income | -189,994 | |||||||||||||||
Segment assets at period end * | 1,990,490 | [1] | ||||||||||||||
Expenditures for long-lived assets | 228,289 | |||||||||||||||
Including unconsolidated investments | 2,591 | |||||||||||||||
Intersegment Eliminations [Member] | Product Segment [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Intersegment revenues | 44,718 | 37,248 | 48,315 | |||||||||||||
Depreciation and amortization expense | 3,557 | |||||||||||||||
Operating income | 30,098 | |||||||||||||||
Segment assets at period end * | 97,033 | [1] | ||||||||||||||
Expenditures for long-lived assets | 4,731 | |||||||||||||||
Intersegment Eliminations [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Intersegment revenues | 44,718 | 37,248 | 48,315 | |||||||||||||
Depreciation and amortization expense | 99,484 | |||||||||||||||
Operating income | -159,896 | |||||||||||||||
Segment assets at period end * | 2,087,523 | [1] | ||||||||||||||
Expenditures for long-lived assets | 233,020 | |||||||||||||||
Including unconsolidated investments | 2,591 | |||||||||||||||
Electricity Member | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues from external customers | 382,301 | 329,747 | 314,894 | |||||||||||||
Depreciation and amortization expense | 97,826 | 88,853 | ||||||||||||||
Operating income | 90,401 | 54,265 | ||||||||||||||
Segment assets at period end * | 1,963,486 | [1] | 2,017,838 | [1] | 1,963,486 | [1] | 2,017,838 | [1] | ||||||||
Expenditures for long-lived assets | 155,323 | 203,047 | ||||||||||||||
Including unconsolidated investments | 0 | 7,076 | 0 | 7,076 | ||||||||||||
Product Segment [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net revenues from external customers | 177,223 | 203,492 | 186,879 | |||||||||||||
Depreciation and amortization expense | 2,973 | 4,079 | ||||||||||||||
Operating income | 53,089 | 42,693 | ||||||||||||||
Segment assets at period end * | 158,070 | [1] | 141,595 | [1] | 158,070 | [1] | 141,595 | [1] | ||||||||
Expenditures for long-lived assets | 3,458 | 1,581 | ||||||||||||||
Including unconsolidated investments | $0 | $0 | ||||||||||||||
[1] | Including unconsolidated investments |
Note_19_Business_Segments_Deta2
Note 19 - Business Segments (Details) - Reconciling Information Between Reportable Segments and Consolidated Totals (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||||||||||
Revenues | $559,524 | $533,239 | $501,773 | ||||||||
Operating income: | |||||||||||
Operating income | 34,801 | 43,788 | 22,330 | 42,571 | 21,615 | 29,797 | 37,862 | 7,684 | 143,490 | 96,958 | -159,896 |
Interest income | 76 | 35 | 90 | 111 | 462 | 742 | 87 | 41 | 312 | 1,332 | 1,201 |
Interest expense, net | -19,570 | -22,494 | -22,072 | -20,518 | -21,950 | -18,459 | -17,504 | -15,863 | -84,654 | -73,776 | -64,069 |
Foreign currency translation and transaction gains (losses) | -2,200 | -2,946 | -55 | -638 | 1,241 | 1,258 | 904 | 1,682 | -5,839 | 5,085 | 242 |
Income attributable to sale of equity interest | 5,809 | 5,487 | 6,130 | 6,717 | 5,603 | 5,027 | 5,783 | 3,532 | 24,143 | 19,945 | 10,127 |
Gain from sale of property, plant and equipment | 7,628 | 7,628 | |||||||||
Other non-operating income (expense), net | 107 | 243 | 343 | 63 | 9 | 137 | 29 | 1,417 | 756 | 1,592 | 590 |
Total consolidated income before income taxes and equity in income of investees | 19,023 | 24,113 | 14,394 | 28,306 | 6,980 | 18,502 | 27,161 | -1,507 | 85,836 | 51,136 | -211,805 |
Total Segment Revenues [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 559,524 | 533,239 | 501,773 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 44,718 | 37,248 | 48,315 | ||||||||
Operating income: | |||||||||||
Operating income | -159,896 | ||||||||||
Consolidation, Eliminations [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | ($44,718) | ($37,248) | ($48,315) |
Note_19_Business_Segments_Deta3
Note 19 - Business Segments (Details) - Revenues as Reported in the Geographic Area (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from external customers attributable to: (1) | |||
External customers | $559,524 | $533,239 | $501,773 |
North America [Member] | |||
Revenues from external customers attributable to: (1) | |||
External customers | 293,710 | 314,666 | 271,845 |
Pacific Rim [Member] | |||
Revenues from external customers attributable to: (1) | |||
External customers | 4,859 | 20,082 | 109,177 |
Latin America [Member] | |||
Revenues from external customers attributable to: (1) | |||
External customers | 29,329 | 21,879 | 27,939 |
Africa [Member] | |||
Revenues from external customers attributable to: (1) | |||
External customers | 86,074 | 68,746 | 40,885 |
Far East [Member] | |||
Revenues from external customers attributable to: (1) | |||
External customers | 59,212 | 10,582 | 2,075 |
Europe [Member] | |||
Revenues from external customers attributable to: (1) | |||
External customers | $86,340 | $97,284 | $49,852 |
Note_19_Business_Segments_Deta4
Note 19 - Business Segments (Details) - Long Lived Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Long-lived assets (primarily power plants and related assets) located in: | |||
Long-lived assets locations | $1,790,071 | $1,803,274 | $1,715,877 |
North America [Member] | |||
Long-lived assets (primarily power plants and related assets) located in: | |||
Long-lived assets locations | 1,369,136 | 1,387,449 | 1,358,877 |
Latin America [Member] | |||
Long-lived assets (primarily power plants and related assets) located in: | |||
Long-lived assets locations | 76,601 | 63,972 | 67,536 |
Africa [Member] | |||
Long-lived assets (primarily power plants and related assets) located in: | |||
Long-lived assets locations | 330,200 | 338,395 | 274,395 |
Europe [Member] | |||
Long-lived assets (primarily power plants and related assets) located in: | |||
Long-lived assets locations | 13,272 | 12,787 | 14,859 |
Pacific Rim and Far East [Member] | |||
Long-lived assets (primarily power plants and related assets) located in: | |||
Long-lived assets locations | $862 | $671 | $210 |
Note_19_Business_Segments_Deta5
Note 19 - Business Segments (Details) - Revenue From Major Customers (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenue, Major Customer [Line Items] | ||||||
Revenues | $559,524 | $533,239 | $501,773 | |||
Southern California Edison Company [Member] | ||||||
Revenue, Major Customer [Line Items] | ||||||
Revenues | 75,803 | [1] | 75,562 | [1] | 90,239 | [1] |
Percentage of revenues | 13.50% | [1] | 14.20% | [1] | 18.00% | [1] |
Hawaii Electric Light Company [Member] | ||||||
Revenue, Major Customer [Line Items] | ||||||
Revenues | 44,513 | [1] | 48,825 | [1] | 48,606 | [1] |
Percentage of revenues | 8.00% | [1] | 9.20% | [1] | 9.70% | [1] |
Sierra Pacific Power Company And Nevada Power Company [Member] | ||||||
Revenue, Major Customer [Line Items] | ||||||
Revenues | 92,580 | [1],[2] | 94,111 | [1],[2] | 78,631 | [1],[2] |
Percentage of revenues | 16.50% | [1],[2] | 17.60% | [1],[2] | 15.70% | [1],[2] |
Mighty River Power [Member] | ||||||
Revenue, Major Customer [Line Items] | ||||||
Revenues | [3] | 19,174 | [3] | 99,617 | [3] | |
Percentage of revenues | [3] | 3.60% | [3] | 19.90% | [3] | |
Kenya Power and Lighting Co. Ltd. [Member[ | ||||||
Revenue, Major Customer [Line Items] | ||||||
Revenues | $86,074 | [1] | $61,876 | [1] | $40,887 | [1] |
Percentage of revenues | 15.40% | [1] | 11.60% | [1] | 8.10% | [1] |
[1] | Revenues reported in Electricity Segment. | |||||
[2] | Subsidiaries of NV Energy, Inc. | |||||
[3] | Revenues reported in Products Segment. |
Note_20_Transactions_with_Rela2
Note 20 - Transactions with Related Entities (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2005 | Feb. 12, 2015 | Jul. 31, 2004 | Apr. 01, 2009 | Dec. 31, 2013 | |
Note 20 - Transactions with Related Entities (Details) [Line Items] | ||||||
Due from Officers or Stockholders, Current (in Dollars) | $1,337,000 | $442,000 | ||||
Public Float Percentage | 40.00% | |||||
Common Stock, Shares, Outstanding | 45,537,162 | 45,460,653 | ||||
Corporate Costs and Other (in Dollars) | 10,000 | |||||
Other Research and Development Expense, Percentage | 10.00% | |||||
Lease Term | 31 years | |||||
Subsequent Event [Member] | ||||||
Note 20 - Transactions with Related Entities (Details) [Line Items] | ||||||
Public Float Percentage | 76.00% | |||||
Shares Received for New Company for Each Share in Parent Company | 0.2592 | |||||
Aggregate Shares from Share Exchange | 30,200,000 | |||||
Stock Issued During Period, Shares, New Issues | 3,000,000 | |||||
Investment Owned, Balance, Shares | 27,200,000 | |||||
Common Stock, Shares, Outstanding | 48,500,000 | |||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||
Note 20 - Transactions with Related Entities (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||
Israeli Consumer Price Index [Member] | Minimum [Member] | ||||||
Note 20 - Transactions with Related Entities (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | |||||
July 2004 Rental Agreement [Member] | ||||||
Note 20 - Transactions with Related Entities (Details) [Line Items] | ||||||
Rental Expenses (in Dollars) | 52,000 | |||||
Lease Term | 25 years | |||||
April 2009 Rental Agreement [Member] | ||||||
Note 20 - Transactions with Related Entities (Details) [Line Items] | ||||||
Rental Expenses (in Dollars) | $77,000 |
Note_20_Transactions_with_Rela3
Note 20 - Transactions with Related Entities (Details) - Summary of Transactions Between Company and Related Entities (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of Transactions Between Company and Related Entities [Abstract] | |||
Property rental fee expense paid to the Parent | $1,821 | $1,797 | $1,762 |
Interest expense on note payable to the Parent | 0 | 0 | 0 |
Corporate financial, administrative, executive services, and research and development services provided to the Parent | 151 | 148 | 146 |
Services rendered by an indirect shareholder of the Parent | $15 | $51 |
Note_21_Employee_Benefit_Plan_1
Note 21 - Employee Benefit Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 21 - Employee Benefit Plan (Details) [Line Items] | |||
Maximum Employee Earnings Contribution For 401K | 60.00% | ||
Employer 401K Matching Contribution To Employee Maximum | 2.00% | ||
Companys 401K Employer Match Expense | $533,000 | $482,000 | $507,000 |
Deposits and Other Assets, Noncurrent | 20,044,000 | 22,114,000 | |
Severance Costs | 2,095,000 | 877,000 | 2,320,000 |
Gain (Loss) Of Severance Fund | -1,491,000 | 2,155,000 | 930,000 |
Israeli Severance Funds [Member] | |||
Note 21 - Employee Benefit Plan (Details) [Line Items] | |||
Deposits and Other Assets, Noncurrent | $15,953,000 | $19,572,000 |
Note_21_Employee_Benefit_Plan_2
Note 21 - Employee Benefit Plan (Details) - Expected Future Benefit Payments (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Expected Future Benefit Payments [Abstract] | |
2015 | $4,109 |
2016 | 665 |
2017 | 2,163 |
2018 | 2,518 |
2019 | 821 |
2020-2023 | 6,303 |
$16,579 |
Note_22_Commitments_and_Contin1
Note 22 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2003 | |
Note 22 - Commitments and Contingencies (Details) [Line Items] | ||||
Royalty Expense | $0 | $0 | $0 | |
Letters of Credit Outstanding, Amount | 353,100,000 | |||
Letter Of Credit Fair Value Disclosure | 0 | |||
Recorded Unconditional Purchase Obligation | 119,200,000 | |||
Royalty Cap Amount | 1,600,000 | 1,500,000 | ||
Royalty Cap Amount LIBOR Rate | 600,000 | 500,000 | ||
Operating Leases, Rent Expense | 300,000 | 400,000 | 400,000 | |
Geothermal Resource Agreement [Member] | ||||
Note 22 - Commitments and Contingencies (Details) [Line Items] | ||||
Royalty Expense | 16,304,000 | 13,896,000 | 12,048,000 | |
Minimum [Member] | ||||
Note 22 - Commitments and Contingencies (Details) [Line Items] | ||||
Percentage For Royalty To Be Paid | 3.50% | |||
Maximum [Member] | ||||
Note 22 - Commitments and Contingencies (Details) [Line Items] | ||||
Percentage For Royalty To Be Paid | 5.00% | |||
Construction In Process [Member] | ||||
Note 22 - Commitments and Contingencies (Details) [Line Items] | ||||
Recorded Unconditional Purchase Obligation | $44,100,000 |
Note_23_Quarterly_FInancial_In2
Note 23 - Quarterly FInancial Information (Unaudited) (Details) - Quarterly Financial Information (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||||||||||
Electricity | $93,286 | $102,506 | $91,692 | $94,817 | $84,742 | $88,994 | $87,713 | $68,298 | $382,301 | $329,747 | $314,894 |
Product | 55,957 | 37,736 | 35,911 | 47,619 | 46,163 | 41,755 | 64,966 | 50,608 | 177,223 | 203,492 | 186,879 |
Total revenues | 149,243 | 140,242 | 127,603 | 142,436 | 130,905 | 130,749 | 152,679 | 118,906 | 559,524 | 533,239 | 501,773 |
Cost of revenues: | |||||||||||
Electricity | 60,547 | 61,727 | 67,322 | 57,034 | 57,789 | 61,356 | 58,641 | 55,088 | 246,630 | 232,874 | 237,415 |
Product | 33,836 | 23,040 | 20,324 | 31,943 | 30,212 | 29,637 | 43,657 | 37,041 | 109,143 | 140,547 | 135,346 |
Total cost of revenues | 94,383 | 84,767 | 87,646 | 88,977 | 88,001 | 90,993 | 102,298 | 92,129 | 355,773 | 373,421 | 372,761 |
Gross margin | 54,860 | 55,475 | 39,957 | 53,459 | 42,904 | 39,756 | 50,381 | 26,777 | 203,751 | 159,818 | 129,012 |
Operating expenses: | |||||||||||
Research and development expenses | 388 | 250 | 232 | -87 | 1,519 | 838 | 1,608 | 1,000 | 783 | 4,965 | 6,108 |
Selling and marketing expenses | 4,572 | 4,258 | 3,216 | 3,379 | 6,752 | 2,575 | 3,777 | 11,509 | 15,425 | 24,613 | 15,718 |
General and administrative expenses | 7,767 | 7,179 | 6,072 | 7,596 | 8,924 | 6,546 | 7,134 | 6,584 | 28,614 | 29,188 | 28,066 |
Write-off of unsuccessful exploration activities | 7,332 | 8,107 | 4,094 | 15,439 | 4,094 | 2,639 | |||||
Operating income | 34,801 | 43,788 | 22,330 | 42,571 | 21,615 | 29,797 | 37,862 | 7,684 | 143,490 | 96,958 | -159,896 |
Other income (expense): | |||||||||||
Interest income | 76 | 35 | 90 | 111 | 462 | 742 | 87 | 41 | 312 | 1,332 | 1,201 |
Interest expense, net | -19,570 | -22,494 | -22,072 | -20,518 | -21,950 | -18,459 | -17,504 | -15,863 | -84,654 | -73,776 | -64,069 |
Foreign currency translation and transaction gains (losses) | -2,200 | -2,946 | -55 | -638 | 1,241 | 1,258 | 904 | 1,682 | -5,839 | 5,085 | 242 |
Income attributable to sale of tax benefits | 5,809 | 5,487 | 6,130 | 6,717 | 5,603 | 5,027 | 5,783 | 3,532 | 24,143 | 19,945 | 10,127 |
Gain from sale of property, plant and equipment | 7,628 | 7,628 | |||||||||
Other non-operating income (expense), net | 107 | 243 | 343 | 63 | 9 | 137 | 29 | 1,417 | 756 | 1,592 | 590 |
Income (loss) from continuing operations, before income taxes and equity in income of investees | 19,023 | 24,113 | 14,394 | 28,306 | 6,980 | 18,502 | 27,161 | -1,507 | 85,836 | 51,136 | -211,805 |
Income tax benefit (provision) | -9,877 | -6,444 | -4,967 | -6,320 | 1,476 | -5,201 | -5,780 | -4,047 | -27,608 | -13,552 | -1,827 |
Equity in income (losses) of investees | -2,003 | -899 | -114 | -197 | -101 | -158 | 9 | -3,213 | -250 | -2,522 | |
Income (loss) from continuing operations | 7,143 | 16,770 | 9,313 | 21,789 | 8,355 | 13,143 | 21,390 | -5,554 | 55,015 | 37,334 | -216,154 |
Discontinued operations: | |||||||||||
Income from discontinued operations (including gain on disposal of $0, $3,646, $0, $0, $0, $0, $0, and $0, respectively) | 4,480 | 831 | 5,311 | 4,811 | |||||||
Total income from discontinued operations | 4,117 | 580 | 4,697 | 3,547 | |||||||
Net income (loss) | 7,143 | 16,770 | 9,313 | 21,789 | 8,355 | 13,143 | 25,507 | -4,974 | 55,015 | 42,031 | -212,607 |
Net loss (income) attributable to noncontrolling interest | -163 | -256 | -177 | -237 | -193 | -193 | -322 | -85 | -833 | -793 | -414 |
Net income (loss) attributable to the Company's stockholders | 6,980 | 16,514 | 9,136 | 21,552 | 8,162 | 12,950 | 25,185 | -5,059 | 54,182 | 41,238 | -213,021 |
Basic: | |||||||||||
Income (loss) from continuing operations (in Dollars per share) | $0.15 | $0.37 | $0.20 | $0.47 | $0.18 | $0.29 | $0.46 | ($0.12) | $1.19 | $0.81 | ($4.77) |
Discontinued operations (in Dollars per share) | $0.09 | $0.01 | $0.10 | $0.08 | |||||||
Net income (loss) (in Dollars per share) | $0.15 | $0.37 | $0.20 | $0.47 | $0.18 | $0.29 | $0.55 | ($0.11) | $1.19 | $0.91 | ($4.69) |
Diluted: | |||||||||||
Income (loss) from continuing operations (in Dollars per share) | $0.15 | $0.36 | $0.20 | $0.47 | $0.18 | $0.28 | $0.46 | ($0.12) | $1.18 | $0.81 | ($4.77) |
Discontinued operations (in Dollars per share) | $0.09 | $0.01 | $0.10 | $0.08 | |||||||
Net income (loss) (in Dollars per share) | $0.15 | $0.36 | $0.20 | $0.47 | $0.19 | $0.28 | $0.55 | ($0.11) | $1.18 | $0.91 | ($4.69) |
Weighted average number of shares used in computation of earnings (loss) per share attributable to the Company's stockholders: | |||||||||||
Basic (in Shares) | 45,537 | 45,690 | 45,606 | 45,479 | 45,461 | 45,438 | 45,431 | 45,431 | 45,508 | 45,440 | 45,431 |
Diluted (in Shares) | 46,018 | 46,102 | 45,963 | 45,660 | 45,610 | 45,494 | 45,448 | 45,431 | 45,859 | 45,475 | 45,431 |
Discontinued Operations [Member] | |||||||||||
Other income (expense): | |||||||||||
Income tax benefit (provision) | ($363) | ($251) | ($614) | ($1,264) |
Note_23_Quarterly_FInancial_In3
Note 23 - Quarterly FInancial Information (Unaudited) (Details) - Quarterly Financial Information (Parentheticals) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 23 - Quarterly FInancial Information (Unaudited) (Details) - Quarterly Financial Information (Parentheticals) [Line Items] | |||||||||||
Gain on disposal | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Note_24_Subsequent_Events_Deta
Note 24 - Subsequent Events (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 05, 2015 | Feb. 23, 2015 |
Note 24 - Subsequent Events (Details) [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $0.21 | $0.08 | $0.08 | ||
Subsequent Event [Member] | ORPD LLC [Member] | Northleaf [Member] | |||||
Note 24 - Subsequent Events (Details) [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 40.00% | ||||
Subsequent Event [Member] | Ormat Nevada Ortp LLC [Member] | |||||
Note 24 - Subsequent Events (Details) [Line Items] | |||||
Class B, Percentage of Membership Interests Sold | 100.00% | ||||
Proceeds from Issuance or Sale of Equity | $175 | ||||
Subsequent Event [Member] | |||||
Note 24 - Subsequent Events (Details) [Line Items] | |||||
Dividends, Common Stock | $4 | ||||
Common Stock, Dividends, Per Share, Declared | $0.08 |