Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Jun. 17, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | ORMAT TECHNOLOGIES, INC. | |
Entity Central Index Key | 1,296,445 | |
Trading Symbol | ora | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 50,617,209 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Current assets: | |||
Cash and cash equivalents | $ 54,723 | $ 47,818 | |
Restricted cash and cash equivalents (primarily related to VIEs) | 50,332 | 48,825 | |
Receivables: | |||
Trade | 103,580 | 110,410 | |
Other | 10,018 | 13,828 | |
Inventories | 20,069 | 19,551 | |
Costs and estimated earnings in excess of billings on uncompleted contracts | 41,134 | 40,945 | |
Prepaid expenses and other | 42,274 | 40,269 | |
Total current assets | 322,130 | 321,646 | |
Investment in an unconsolidated company | 63,109 | 34,084 | |
Deposits and other | 21,205 | 21,599 | |
Deferred income taxes | 124,304 | 57,337 | |
Deferred charges | 49,834 | ||
Property, plant and equipment, net | 1,723,560 | 1,734,691 | |
Construction-in-process | 345,563 | 293,542 | |
Deferred financing and lease costs, net | 4,922 | 4,674 | |
Intangible assets, net | 84,771 | 85,420 | |
Goodwill | 21,253 | 21,037 | |
Total assets | 2,710,817 | [1] | 2,623,864 |
Current liabilities: | |||
Accounts payable and accrued expenses | 103,551 | 153,796 | |
Short term revolving credit lines with banks (full recourse) | 38,500 | 51,500 | |
Billings in excess of costs and estimated earnings on uncompleted contracts | 10,458 | 20,241 | |
Current portion of long-term debt: | |||
Senior secured notes | 28,398 | 33,226 | |
Other loans | 21,495 | 21,495 | |
Full recourse | 2,809 | 3,087 | |
Total current liabilities | 205,211 | 283,345 | |
Long-term debt, net of current portion: | |||
Senior secured notes (less deferred financing costs of $7,693 and $8,113, respectively) | 305,905 | 311,668 | |
Other loans (less deferred financing costs of $5,231 and $5,258, respectively) | 237,245 | 242,385 | |
Senior unsecured bonds (less deferred financing costs of $863 and $580, respectively) | 303,469 | 203,752 | |
Other loans (less deferred financing costs of $994 and $1,011, respectively) | 46,506 | 46,489 | |
Liability associated with sale of tax benefits | 42,622 | 44,634 | |
Deferred lease income | 50,745 | 51,520 | |
Deferred income taxes | 48,074 | 61,961 | |
Liability for unrecognized tax benefits | 9,074 | 8,890 | |
Liabilities for severance pay | 20,874 | 21,141 | |
Asset retirement obligation | 27,639 | 27,110 | |
Other long-term liabilities | 21,625 | 18,853 | |
Total liabilities | 1,318,989 | 1,321,748 | |
Commitments and contingencies (Note 10) | |||
Redeemable noncontrolling interest | 6,943 | 6,416 | |
Equity: | |||
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 50,617,209 and 50,609,051 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively | 51 | 51 | |
Additional paid-in capital | 890,485 | 888,778 | |
Retained earnings | 410,758 | 327,255 | |
Accumulated other comprehensive loss | (909) | (4,706) | |
Total equity attributable to the Company's stockholders | 1,300,385 | 1,211,378 | |
Noncontrolling interest | 84,500 | 84,322 | |
Total equity | 1,384,885 | 1,295,700 | |
Total liabilities, redeemable noncontrolling interest and equity | $ 2,710,817 | $ 2,623,864 | |
[1] | Electricity segment assets include goodwill in the amount of $7.8 million and $6.2 million as of March, 31, 2018 and 2017, respectively. Other segment assets include goodwill in the amount of $13.5 million as of March 31, 2018 and 2017. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, plant and equipment, net | $ 1,723,560 | $ 1,734,691 |
Construction-in-process | $ 345,563 | $ 293,542 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 50,617,209 | 50,609,051 |
Common stock, shares outstanding (in shares) | 50,617,209 | 50,609,051 |
Senior Secured Notes [Member] | ||
Deferred financing costs | $ 7,693 | $ 8,113 |
Other Loans, Limited and Non-recourse [Member] | ||
Deferred financing costs | 5,231 | 5,258 |
Senior Unsecured Bonds [Member] | ||
Deferred financing costs | 863 | 580 |
Other Loans, Full Recourse [Member] | ||
Deferred financing costs | 994 | 1,011 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Property, plant and equipment, net | 1,655,365 | 1,631,900 |
Construction-in-process | $ 149,872 | $ 142,717 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Revenues: | |||
Total consolidated revenues | $ 184,023 | $ 189,898 | [1] |
Cost of revenues: | |||
Cost of revenues | 110,651 | 115,488 | |
Gross profit | 73,372 | 74,410 | |
Operating expenses: | |||
Research and development expenses | 1,108 | 602 | |
Selling and marketing expenses | 3,699 | 4,363 | |
General and administrative expenses | 13,849 | 9,949 | |
Write-off of unsuccessful exploration activities | 123 | 0 | |
Operating income | 54,593 | 59,496 | [1] |
Other income (expense): | |||
Interest income | 113 | 244 | |
Interest expense, net | (14,344) | (14,923) | |
Derivatives and foreign currency transaction gains (losses) | (1,599) | 1,338 | |
Income attributable to sale of tax benefits | 7,361 | 6,157 | |
Other non-operating expense, net | (20) | (92) | |
Income from continuing operations before income taxes and equity in earnings (losses) of investees | 46,104 | 52,220 | |
Income tax (provision) benefit | 26,942 | (11,004) | |
Equity in earnings (losses) of investees, net | 1,210 | (1,599) | |
Income from continuing operations | 74,256 | 39,617 | |
Net income attributable to noncontrolling interest | (4,748) | (4,423) | |
Net income attributable to the Company's stockholders | 69,508 | 35,194 | |
Comprehensive income: | |||
Net income | 74,256 | 39,617 | |
Other comprehensive income (loss), net of related taxes: | |||
Change in foreign currency translation adjustments | 1,528 | ||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment | 2,634 | 569 | |
Loss in respect of derivative instruments designated for cash flow hedge | 20 | 48 | |
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (15) | (24) | |
Comprehensive income | 78,423 | 40,210 | |
Comprehensive income attributable to noncontrolling interest | (5,118) | (4,412) | |
Comprehensive income attributable to the Company's stockholders | $ 73,305 | $ 35,798 | |
Basic: | |||
Net income (in dollars per share) | $ 1.37 | $ 0.71 | |
Diluted: | |||
Net income (in dollars per share) | $ 1.36 | $ 0.70 | |
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: | |||
Basic (in shares) | 50,614 | 49,680 | |
Diluted (in shares) | 51,051 | 50,491 | |
Dividend per share declared (in dollars per share) | $ 0.23 | $ 0.17 | |
Electricity [Member] | |||
Revenues: | |||
Total consolidated revenues | $ 132,489 | $ 115,776 | |
Cost of revenues: | |||
Cost of revenues | 73,482 | 66,036 | |
Product [Member] | |||
Revenues: | |||
Revenues | 48,672 | 74,122 | |
Cost of revenues: | |||
Cost of revenues | 33,726 | 49,452 | |
Other Revenue [Member] | |||
Revenues: | |||
Revenues | 2,862 | ||
Cost of revenues: | |||
Cost of revenues | $ 3,443 | ||
[1] | The amounts related to the Other segment are immaterial. |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 49,667 | ||||||
Balance at Dec. 31, 2016 | $ 50 | $ 869,463 | $ 215,352 | $ (8,175) | $ 1,076,690 | $ 91,582 | $ 1,168,272 |
Stock-based compensation | 1,713 | 1,713 | 1,713 | ||||
Exercise of options by employees and directors (in shares) | 39 | ||||||
Exercise of options by employees and directors | |||||||
Cash paid to noncontrolling interest | (6,807) | (6,807) | |||||
Cash dividend declared | (8,448) | (8,448) | (8,448) | ||||
Net income | 35,194 | 35,194 | 4,079 | 39,273 | |||
Other comprehensive income (loss), net of related taxes: | |||||||
Currency translation adjustment | 89 | 89 | (11) | ||||
Loss in respect of derivative instruments designated for cash flow hedge | 48 | 48 | 48 | ||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 569 | 569 | 569 | ||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (24) | (24) | (24) | ||||
Balance (in shares) at Dec. 31, 2016 | 49,667 | ||||||
Balance at Dec. 31, 2016 | $ 50 | 869,463 | 215,352 | (8,175) | 1,076,690 | 91,582 | 1,168,272 |
Other comprehensive income (loss), net of related taxes: | |||||||
Stock-based compensation | 1,713 | 1,713 | 1,713 | ||||
Exercise of options by employees and directors (in shares) | 39 | ||||||
Exercise of options by employees and directors | |||||||
Cash paid to noncontrolling interest | (6,807) | (6,807) | |||||
Cash dividend declared | (8,448) | (8,448) | (8,448) | ||||
Net income | 35,194 | 35,194 | 4,079 | 39,273 | |||
Balance (in shares) at Mar. 31, 2017 | 49,706 | ||||||
Balance at Mar. 31, 2017 | $ 50 | 871,176 | 242,098 | (7,493) | 1,105,831 | 88,843 | 1,194,674 |
Balance (in shares) at Dec. 31, 2017 | 50,609 | ||||||
Balance at Dec. 31, 2017 | $ 51 | 888,778 | 327,255 | (4,706) | 1,211,378 | 84,322 | 1,295,700 |
Stock-based compensation | 1,707 | 1,707 | 1,707 | ||||
Exercise of options by employees and directors (in shares) | 8 | ||||||
Exercise of options by employees and directors | |||||||
Cash paid to noncontrolling interest | (4,674) | (4,674) | |||||
Cash dividend declared | (11,640) | (11,640) | (11,640) | ||||
Net income | 69,508 | 69,508 | 4,482 | 73,990 | |||
Other comprehensive income (loss), net of related taxes: | |||||||
Currency translation adjustment | 1,158 | 1,158 | 370 | 1,528 | |||
Loss in respect of derivative instruments designated for cash flow hedge | 20 | 20 | 20 | ||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 2,634 | 2,634 | 2,634 | ||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (15) | (15) | (15) | ||||
Balance (in shares) at Dec. 31, 2017 | 50,609 | ||||||
Balance at Dec. 31, 2017 | $ 51 | 888,778 | 327,255 | (4,706) | 1,211,378 | 84,322 | 1,295,700 |
Other comprehensive income (loss), net of related taxes: | |||||||
Stock-based compensation | 1,707 | 1,707 | 1,707 | ||||
Exercise of options by employees and directors (in shares) | 8 | ||||||
Exercise of options by employees and directors | |||||||
Cash paid to noncontrolling interest | (4,674) | (4,674) | |||||
Cash dividend declared | (11,640) | (11,640) | (11,640) | ||||
Net income | 69,508 | 69,508 | 4,482 | 73,990 | |||
Balance (in shares) at Mar. 31, 2018 | 50,617 | ||||||
Balance at Mar. 31, 2018 | $ 51 | 890,485 | 410,758 | (909) | 1,300,385 | 84,500 | 1,384,885 |
Other comprehensive income (loss), net of related taxes: | |||||||
Cumulative effect of changes in accounting principles | $ 25,635 | $ 25,635 | $ 25,635 |
Consolidated Statements of Equ6
Consolidated Statements of Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Retained Earnings [Member] | ||
Cash dividend declared, per share (in dollars per share) | $ 0.23 | $ 0.17 |
Amortization of unrealized gains, tax | $ 9 | $ 14 |
Loss in respect of derivative instruments designated for cash flow hedge, related tax | $ 13 | |
Cash dividend declared, per share (in dollars per share) | $ 0.23 | $ 0.17 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 74,256 | $ 39,617 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 30,553 | 27,059 |
Accretion of asset retirement obligation | 529 | 455 |
Stock-based compensation | 1,707 | 1,713 |
Amortization of deferred lease income | (671) | (671) |
Income attributable to sale of tax benefits, net of interest expense | (6,295) | (4,335) |
Equity in losses (earnings) of investees | (1,210) | 1,600 |
Mark-to-market of derivative instruments | 962 | (1,519) |
Write-off of unsuccessful exploration activities | 123 | 0 |
Gain on severance pay fund asset | 129 | (947) |
Deferred income tax provision and deferred charges | (29,467) | 6,612 |
Liability for unrecognized tax benefits | 184 | 692 |
Deferred lease revenues | (104) | (92) |
Changes in operating assets and liabilities, net of amounts acquired: | ||
Receivables | 9,777 | 19,092 |
Costs and estimated earnings in excess of billings on uncompleted contracts | (189) | (4,352) |
Inventories | (503) | (5,800) |
Prepaid expenses and other | (2,005) | 6,873 |
Deposits and other | 62 | (557) |
Accounts payable and accrued expenses | (49,027) | 681 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 9,783 | 14,035 |
Liabilities for severance pay | (267) | 930 |
Other long-term liabilities | 1,008 | (1,553) |
Net cash provided by operating activities | 19,769 | 71,463 |
Cash flows from investing activities: | ||
Capital expenditures | (66,962) | (52,885) |
Investment in unconsolidated companies | (1,275) | (14,918) |
Cash paid for acquisition of controlling interest in a subsidiary, net of cash acquired | (35,300) | |
Decrease (increase) in severance pay fund asset, net of payments made to retired employees | 203 | (18) |
Net cash used in investing activities | (68,034) | (103,121) |
Cash flows from financing activities: | ||
Proceeds from long-term loans, net of transaction costs | 100,000 | |
Proceeds from revolving credit lines with banks | 860,800 | 50,000 |
Repayment of revolving credit lines with banks | (873,800) | (20,000) |
Cash received from noncontrolling interest | 4,134 | 1,411 |
Repayments of long-term debt | (16,687) | (13,405) |
Cash paid to noncontrolling interest | (4,674) | (6,807) |
Payments of capital leases | (436) | (408) |
Deferred debt issuance costs | (1,020) | (1,144) |
Cash dividends paid | (11,640) | (8,448) |
Net cash provided by financing activities | 56,677 | 1,199 |
Net change in cash and cash equivalents and restricted cash and cash equivalents | 8,412 | (30,459) |
Cash and cash equivalents and restricted cash and cash equivalentsat beginning of period | 96,643 | 264,476 |
Cash and cash equivalents and restricted cash and cash equivalents at end of period | 105,055 | 234,017 |
Supplemental non-cash investing and financing activities: | ||
Increase (decrease) in accounts payable related to purchases of property, plant and equipment | $ (1,673) | $ 1,801 |
Note 1 - General and Basis of P
Note 1 - General and Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, they do not March 31, 2018, three March 31, 2018 2017 three March 31, 2018 2017. The financial data and other information disclosed in the notes to the condensed consolidated financial statements related to these periods are unaudited. The results for the three March 31, 2018 not December 31, 2018. These condensed unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10 December 31, 2017. December 31, 2017 December 31, 2017, not Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000. Revision of previously issued condensed consolidated financial statements As previously disclosed in the Company’s Form 10 December 31 2017, June 19, 2018, 2017 The Company also identified other tax errors in the previously issued unaudited condensed consolidated financial statements as of and for the three March 31, 2017, 1.Materiality, 250, 250” not 2017 three March 31, 2017 $0.1 $1.7 January 1, 2017 2017. The effects of the revision on the line items within the Company's condensed consolidated statements of operations and comprehensive income for the three March 31, 2017 Three months ended March 31, 2017 As originally reported Adjustments As revised (Dollars in thousands) Income tax provision $ (10,886 ) $ (118 ) $ (11,004 ) Income from continuing operations 39,735 (118 ) 39,617 Net income attributable to the Company’s Stockholders 35,312 (118 ) 35,194 Loss in respect of derivative instruments designated for cash flow hedge 22 26 48 Comprehensive income 40,302 (92 ) 40,210 Comprehensive income attributable to the Company’s stockholders 35,890 (92 ) 35,798 Earnings per share Basic: $ 0.71 $ - $ 0.71 Diluted: $ 0.70 $ - $ 0.70 The effects of the revision on the line items within the Company’s condensed consolidated statements of equity for the three March 31, 2017 Three months ended March 31, 2017 As originally reported Adjustments As revised (Dollars in thousands) Balances as of December 31, 2016: Retained earnings $ 216,644 $ (1,292 ) $ 215,352 Accumulated other comprehensive loss (7,732 ) (443 ) (8,175 ) Total stockholders’ equity attributable to the Company’s stockholders 1,078,425 (1,735 ) 1,076,690 Total equity 1,170,007 (1,735 ) 1,168,272 Net income for the three months ended March 31, 2017 39,391 (118 ) 39,273 Net income attributable to the Company’s stockholders for the three months ended March 31, 2017 35,312 (118 ) 35,194 Loss in respect of derivative instruments designated for cash flow hedge for the three months ended March 31, 2017 22 26 48 Balances as of March 31, 2017: Retained earnings 243,508 (1,410 ) 242,098 Accumulated other comprehensive loss (7,076 ) (417 ) (7,493 ) Total stockholders’ equity attributable to the Company’s stockholders 1,107,658 (1,827 ) 1,105,831 Total equity 1,196,501 (1,827 ) 1,194,674 Although there was no three March 31, 2017 Three months ended March 31, 2017 As originally reported Adjustments As revised (Dollars in thousands) Cash flows from operating activities: Net income $ 39,735 $ (118 ) $ 39,617 Liability for unrecognized tax benefits 574 118 692 Net cash provided by operating activities 71,463 - 71,463 Migdal Senior Unsecured Loan On March 22, 2018 $100 15 $4.2 September 15, 2021, $37 March 15, 2029. 4.8% The Migdal Loan is subject to early redemption by the Company prior to maturity from time to time (but not 0.50%. 0.25% no 1% 0.25% no 4.8% 4.5, 0.5% The Migdal Loan constitutes senior unsecured indebtedness of the Company and will rank equally in right of payment with any existing and future senior unsecured indebtedness of the Company, and effectively junior to any existing and future secured indebtedness, to the extent of the security therefore. The Migdal Loan Agreement includes various affirmative and negative covenants, including a covenant that the Company maintain (i) a debt to adjusted EBITDA ratio below 6, not $650 not 25%. $800 one not 50% March 27, 2018 Other comprehensive income For the three March 31, 2018 2017, $5,000 $2,000, $9,000 $3,000, $4,000 $1,000, March 31, 2018, $0.6 Write-offs of unsuccessful exploration activities Write-offs of unsuccessful exploration activities for the three March 31, 2018 $0.1 no three March 31, 2017. Reconciliation of Cash and cash equivalents and Restricted cash and cash equivalents The following table provides a reconciliation of Cash and cash equivalents and Restricted cash and cash equivalents reported on the balance sheet that sum to the total of the same amounts shown on the statement of cash flows: March 31, December 31, 2018 2017 Cash and cash equivalents $ 54,723 $ 47,818 Restricted cash and cash equivalents 50,332 48,825 Total Cash and cash equivalents and Restricted cash and cash equivalents $ 105,055 $ 96,643 Concentration of credit risk Financial instruments that potentially subject the Company to a 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 United States and in foreign countries. At March 31, 2018 December 31, 2017, $20.3 $21.2 eight $250,000 March 31, 2018 December 31, 2017, $47.3 $32.8 At March 31, 2018 December 31, 2017, $73.3 $78.1 March 31, 2018 December 31, 2017, 59% 57% Sierra Pacific Power Company and Nevada Power Company (subsidiaries of NV Energy, Inc.) accounted for 17.4% 18.8% three March 31, 2018 2017, Southern California Public Power Authority (“SCPPA”) accounted for 16.3% 9.0% three March 31, 2018 2017, Kenya Power and Lighting Co. Ltd. accounted for 15.1% 14.3% three March 31, 2018 2017, The Company has historically been able to collect on substantially all of its receivable balances, and believes it will continue to be able to collect all amounts due. Accordingly, no |
Note 2 - New Accounting Pronoun
Note 2 - New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 2 New accounting pronouncements effective in the three March 31, 2018 Income Taxes In March 2018, 2018 05, 740 No. 118, 118” December 2017. 11 Revenues from Contracts with Customers In May 2014, 2014 09, 606, 1 2 3 4 5 2014 09 March 2016, 2016 08, not The Company adopted this update effectively as of January 1, 2018 one five 606, The adoption of ASC 606, not 2018, 606 January 1, 2018, (Dollars in millions) Electricity segment revenues $ – Product segment revenues – Other segment revenues – Investment in an unconsolidated company 24.0 Electricity segment revenues July 1, 2003, three 840 606, 30 60 Product segment revenues third not not no one two In contracts for which we determine that control is not Accounting for product contracts that are satisfied over time includes use of several estimates such as variable consideration related to bonuses and penalties and total estimated cost for completing the contract. The estimated amount of variable consideration will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not The nature of our product contracts give rise to several modifications or change requests by our customer. Substantially all of the modifications are treated as cumulative catch-ups to revenues since the additional goods are not one The Company generally provides a one December 31, 2017, 2016, 2015. Contract Assets and Liabilities related to our Product segment March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 (Dollars in thousands) Contract assets (*) $ 41,134 $ 40,945 Contract liabilities (*) (10,458 ) (20,241 ) Contract assets, net $ 30,676 $ 20,704 (*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheet. The following table presents the significant changes in the contract assets and contract liabilities for the three March 31, 2018: Contract assets Contract liabilities (Dollars in thousands) Recognition of contract liabilities as revenue as a result of performance obligations satisfied $ – $ 8,353 Cash received in advance for which revenues have not yet recognized – (4,451 ) Reduction of contract assets as a result of rights to consideration becoming unconditional (22,144 ) – Contract assets recognized, net of recognized receivables 28,214 – Net change in contract assets and contract liabilities $ 6,070 $ 3,902 The timing of revenue recognition, billings and cash collections results in accounts receivable, contract assets and contract liabilities on the consolidated balance sheet. In our Products segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, or upon achievement of contractual milestones. Generally, billing occurs subsequent to the recognition of revenue, resulting in contract assets. However, we sometimes receive advances or deposits from our customers before revenue can be recognized, resulting in contract liabilities. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. The timing of billing our customers and receiving advance payments vary from contract to contract. We typically receive a down payment of between 10% 20% no On March 31, 2018, $211.0 not 91% 24 The following schedule reconciles revenues accounted under ASC 840, 606, three March 31, 2018: Three Months Ended March 31, 2018 (Dollars in thousands) Electricity Revenues accounted under ASC 840, Leases $ 125,832 Electricity and Product revenues accounted under ASC 606 58,191 Total consolidated revenues $ 184,023 Disaggregated revenues from contracts with customers for the three March 31, 2018 9 Investment in an unconsolidated company 606 one $24.0 January 1, 2018. not not The following schedule quantifies the impact of adopting ASC 606 three March 31, 2018: 2018, under previous standard Effect of the New Revenue Standard 2018, as reported (Dollars in thousands) Equity in earnings of investees, net $ 1,944 $ (734 ) $ 1,210 Income from continuing operations 74,990 (734 ) 74,256 Net income attributable to the Company’s stockholders 70,242 (734 ) 69,508 Retained earnings 411,492 (734 ) 410,758 Other segment revenues 606 may Compensation - Stock Compensation In May 2017, 2017 09, 718 718. 1 2 3 718 December 15, 2017. not Business Combinations In January 2017, 2017 01, 805 not December 15, 2017, not Statement of Cash Flow In November 2016, 2016 18, 230 December 15, 2017 three March 31, 2018 Intra-Entity Transfers of Assets Other than Inventory In October 2016, 2016 16, not December 15, 2017 three March 31, 2018 $1.8 $49.8 $51.6 Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (Topic 230 In August 2016, 2016 15, 230 eight December 15, 2017 $8.0 fourth 2017 Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, 2016 01, December 15, 2017 not New accounting pronouncements effective in future periods Derivatives and Hedging In August 2017, 2017 12, December 15, 2018, Intangibles –Goodwill and Other In January 2017, 2017 04, 350 not 2 2 first first December 15, 2019. January 1, 2017. Leases In February 2016, 2016 02, 842 two 606. December 15, 2018, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive income In February 2018, 2018 02, 220 2017. December 15, 2018, not |
Note 3 - Inventories
Note 3 - Inventories | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 Inventories consist of the following: March 31, December 31, 2018 2017 (Dollars in thousands) Raw materials and purchased parts for assembly $ 12,019 $ 12,007 Self-manufactured assembly parts and finished products 8,050 7,544 Total $ 20,069 $ 19,551 |
Note 4 - Investment in an Uncon
Note 4 - Investment in an Unconsolidated Company | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 4 Unconsolidated investments consist of the following: March 31, December 31, 2018 2017 (Dollars in thousands) Sarulla $ 63,109 $ 34,084 The Sarulla Project The Company holds a 12.75% 330 three 110 NIL 2, April 2018. April 4, 2013 30 On May 16, 2014, $1.17 six $1.17 $0.1 $1.07 three March 31, 2018, $16.9 The Sarulla consortium entered into interest rate swap agreements with various international banks, effective as of June 4, 2014, $0.96 $1.07 3.4565%. three March 31, 2018 2017, $20.7 $4.5 $2.6 $0.6 March 31, 2018 $2.5 During the three March 31, 2018, $1.3 $59.5 As further described above under the heading “New accounting pronouncement effective in the three March 31, 2018” 2 606, January 1, 2018. $24.0 January 1, 2018. not one $24.0 January 1, 2018, |
Note 5 - Fair Value of Financia
Note 5 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 5— 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 3 three Level 1 Level 2 not Level 3 no The following table sets forth certain fair value information at March 31, 2018 December 31, 2017 March 31, 2018 Fair Value Carrying Value at March 31, 2018 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 20,658 $ 20,658 $ 20,658 $ — $ — Derivatives: Contingent receivable (1) 111 111 — — 111 Currency forward contracts (2) 30 30 — 30 — Liabilities: Current liabilities: Derivatives: Contingent payables (1) (14,006 ) (14,006 ) — — (14,006 ) Warrants (1) (4,080 ) (4,080 ) — — (4,080 ) $ 2,713 $ 2,713 $ 20,658 $ 30 $ (17,975 ) December 31, 2017 Fair Value Carrying Value at December 31, 2017 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets Current assets: Cash equivalents (including restricted cash accounts) $ 18,359 $ 18,359 $ 18,359 $ — $ — Derivatives: Contingent receivable (1) 108 108 — — 108 Currency forward contracts (2) 992 992 — 992 — Liabilities: Current liabilities: Derivatives: Contingent payables (1) (13,904 ) (13,904 ) — — (13,904 ) Warrants (1) (3,967 ) (3,967 ) — — (3,967 ) $ 1,588 $ 1,588 $ 18,359 $ 992 $ (17,763 ) ( 1 These amounts relate to contingent receivables and payables and warrants relating to acquisition of substantially all of the assets of Viridity Energy, Inc. and the Guadeloupe power plant purchase transaction, valued primarily based on unobservable inputs and are included within “Prepaid expenses and other”, “Accounts payable and accrued expenses” and “Other long-term liabilities” on March 31, 2018 December 31, 2017 ( 2 These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Prepaid expenses and other” and “Accounts payable and accrued expenses”, as applicable, on March 31, 2018 December 31, 2017, 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 The following table presents the amounts of gain (loss) recognized in the consolidated statements of operations and comprehensive income on derivative instruments not Amount of recognized gain (loss) Derivatives not designated Location of recognized Three Months Ended March 31, as hedging instruments gain (loss) 2018 2017 Put options on natural gas price Derivatives and foreign currency transaction gains (losses) $ — $ (193 ) Contingent considerations Derivative and foreign currency transaction gains (losses) — (50 ) Currency forward contracts Derivative and foreign currency and transaction gains (losses) (546 ) 2,262 $ (546 ) $ 2,019 In January 2017, 4.1 $3 January 26, 2017 November 27, 2017 $0.7 The foregoing future and forward transactions were not There were no 1, 2 3 three March 31, 2018. The fair value of the Company’s long-term debt approximates its carrying amount, except for the following: Fair Value Carrying Amount March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 (Dollars in millions) (Dollars in millions) Olkaria III Loan - OPIC $ 225.2 $ 234.6 $ 224.1 $ 228.6 Olkaria IV Loan - DEG 2 50.6 50.7 50.0 50.0 Amatitlan Loan 31.2 32.8 32.4 33.3 Senior Secured Notes: OrCal Geothermal Inc. ("OrCal") 28.5 34.2 27.3 32.1 OFC 2 LLC ("OFC 2") 223.9 234.6 228.0 232.5 Don A. Campbell 1 ("DAC 1") 81.6 85.5 86.7 88.3 Senior Unsecured Bonds 196.5 200.3 204.3 204.3 Senior Unsecured Loan 100.7 — 100.0 — Other long-term debt 6.6 7.0 7.8 7.9 The fair value of the long-term debt is determined by a valuation model, which is based on a conventional discounted cash flow methodology and utilizes assumptions of current borrowing rates. 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 financial instruments such as revolving lines of credit and deposits approximates fair value. The following table presents the fair value of financial instruments as of March 31, 2018: Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III - OPIC $ — $ — $ 225.2 $ 225.2 Olkaria IV - DEG 2 — — 50.6 50.6 Amatitlan Loan — 31.2 — 31.2 Senior Secured Notes: OrCal Senior Secured Notes — — 28.5 28.5 OFC 2 Senior Secured Notes — — 223.9 223.9 DAC 1 Senior Secured Notes — — 81.6 81.6 Senior Unsecured Bonds — — 196.5 196.5 Senior Unsecured Loan — — 100.7 100.7 Other long-term debt — — 6.6 6.6 Revolving lines of credit — 38.5 — 38.5 Deposits 15.2 — — 15.2 The following table presents the fair value of financial instruments as of December 31, 2017: Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III Loan - OPIC $ — $ — $ 234.6 $ 234.6 Olkaria IV - DEG 2 50.7 50.7 Amatitlan Loan — 32.8 — 32.8 Senior Secured Notes: OrCal Senior Secured Notes — — 34.2 34.2 OFC 2 Senior Secured Notes — — 234.6 234.6 DAC 1 Senior Secured Notes — — 85.5 85.5 Senior Unsecured Bonds — — 200.3 200.3 Other long-term debt — — 7.0 7.0 Revolving lines of credit — 51.5 — 51.5 Deposits 15.6 — — 15.6 |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 6 The 2004 In 2004, 2004 “2004 2004 3,750,000 2004 25% 24 25% 36 50% 48 2004 one may ten 2004 2004 May 2012 2012 “2012 2004 The 2012 In May 2012, 2012 2012 4,000,000 2012 25% 24 25% 36 50% 48 2012 one 100% first 25% third fourth six ten 2012 2012 2018 2018 “2018 2012 The 2018 On May 7, 2018, 2018 2018 2018 2018 5,000,000 |
Note 7 - Interest Expense, Net
Note 7 - Interest Expense, Net | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Interest Expense Disclosure [Text Block] | NOTE 7 The components of interest expense are as follows: Three Months Ended March 31, 2018 2017 Interest related to sale of tax benefits $ 1,409 $ 2,012 Interest expense 13,306 14,175 Less — amount capitalized (371 ) (1,264 ) $ 14,344 $ 14,923 |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 8 Basic earnings per share attributable to the Company’s stockholders 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 The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share: Three Months Ended March 31, 2018 2017 Weighted average number of shares used in computation of basic earnings per share 50,614 49,680 Add: Additional shares from the assumed exercise of employee stock options 437 811 Weighted average number of shares used in computation of diluted earnings per share 51,051 50,491 The number of stock-based awards that could potentially dilute future earnings per share and that were not 62,409 11,491 three March 31, 2018 2017, |
Note 9 - Business Segments
Note 9 - Business Segments | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 9 In 2018, 280, 2018 three three March 31, 2017 Transfer prices between the operating segments are determined based 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, including, as further described under Note 1 606: Electricity Product Other Consolidated (Dollars in thousands) Three Months Ended March 31, 2018: Revenues from external customers: United States (1) 83,683 194 2,862 86,739 Foreign (2) 48,806 48,478 — 97,284 Total net revenues from external customers $ 132,489 $ 48,672 2,862 184,023 Intersegment revenues — 24,827 — 24,827 Operating income 46,412 9,553 (1,372 ) 54,593 Segment assets at period end (3) (*) 2,542,154 114,815 53,848 2,710,817 (*) Including unconsolidated investments 63,109 — — 63,109 Three Months Ended March 31, 2017: Net revenues from external customers (4) $ 115,776 $ 74,122 — 189,898 Intersegment revenues (4) — 16,213 — 16,213 Operating income (4) 40,898 18,598 — 59,496 Segment assets at period end (3) 2,233,237 217,051 49,600 2,499,888 ( 1 Electricity revenues in the United States are all accounted under ASC 840, $6.7 606 2018. 606, 2 ( 2 Electricity revenues in foreign countries are all accounted under ASC 840, 606 2 ( 3 Electricity segment assets include goodwill in the amount of $7.8 $6.2 March, 31, 2018 2017, $13.5 March 31, 2018 2017. ( 4 The amounts related to the Other segment are immaterial. Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table: Three Months Ended March 31, 2018 2017 Revenue: Total segment revenue $ 184,023 $ 189,898 Intersegment revenue 24,827 16,213 Elimination of intersegment revenue (24,827 ) (16,213 ) Total consolidated revenue $ 184,023 $ 189,898 Operating income: Operating income $ 54,593 $ 59,496 Interest income 113 244 Interest expense, net (14,344 ) (14,923 ) Derivatives and foreign currency transaction gains (losses) (1,599 ) 1,338 Income attributable to sale of tax benefits 7,361 6,157 Other non-operating income (expense), net (20 ) (92 ) Total consolidated income before income taxes and equity in earnings of investees $ 46,104 $ 52,220 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 ● Following the announcement of the Company’s acquisition of U.S. Geothermal Inc. (“USG”), a number of putative shareholder class action complaints were initially filed on behalf of USG shareholders between March 8, 2018 March 30, 2018 No. 2018 0177 Mar. 12, 2018). ● On February 18, 2018, January 16, 2018 2 January 2018 3 ● On August 5, 2016, December 12, 2016, August 2014. June 14, 2017, ● On March 29, 2016, 27th $4.8 3.75% 10 11th February 2018 ● Jon Olson and Hilary Wilt, together with Puna Pono Alliance filed a complaint on February 17, 2015 16 May 17, 2015, October 10, 2016, January 23, 2017, April 20, 2017 ● On May 21, 2018, 44366 05 18 eleven 93 $26 August 3, 2017 May 13, 2018. ● On June 11, 2018, August 8, 2017 May 15, 2018 10 10b 5 20 10 December 31, 2016 2017, 10 nine September 30, 2017 not 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 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 11 The Company’s effective tax rate expense (benefit) for the three March 31, 2018 2017 58.4 21.1%, 21% three March 31, 2018 16% The Tax Cuts and Jobs Act (the Tax Act) was enacted on December 22, 2017. 1 35 21 2 3 4 5 6 7 8 December 31, 2017. The SEC staff issued SAB 118, 118 not one 740. 118, 740 740 The Company is applying the guidance in SAB 118 December 31, 2017, 1 2 3 4 March 31, 2018, December 31, 2017, During the first 2018, not 118, first 2018, $44.4 96% first 2018. 740. 2018 2018, In May 2018 Q1 not $44.4 first 2018. second 740 second three June 30, 2018. may 2018. |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12 Cash dividend On May 7, 2018, $5.1 $0.10 May 21, 2018, May 30, 2018. Compliance with financial covenants In relation to covenants in certain debt facilities, which require timely filing of quarterly financial statements, the Company received waivers from each of its and its subsidiaries’ lenders as follows: ● The Company received waivers extending the period required to file the quarterly condensed consolidated financial statements for the three March 31, 2018 May 30, 2018 ● The deeds of trust governing the Company’s Series 2 3 June 14, 2018 three March 31, 2018. not not 10 March 31, 2018. may Following the filing of such condensed consolidated financial statements and the filing of the restated consolidated financial statements for the fiscal year ended December 31, 2017 second third 2017, Tungsten Mountain partnership transaction On May 17, 2018, one 26 $33.4 $13 Puna On May 3, 2018, 38 three $109 Platanares loan On April 30, 2018 $124.7 35 may three 14 second 2018. 6.75% 7.25% U.S. Geothermal transaction On April 24, 2018, $110 $106 $4 ● three 38 ● development assets which include a project at the Geysers, California; a second The Company accounted for the transaction in accordance with ASC 805, 810, may one 2017 01, 2 not The Company deemed the transaction to not not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Reclassification, Policy [Policy Text Block] | Revision of previously issued condensed consolidated financial statements As previously disclosed in the Company’s Form 10 December 31 2017, June 19, 2018, 2017 The Company also identified other tax errors in the previously issued unaudited condensed consolidated financial statements as of and for the three March 31, 2017, 1.Materiality, 250, 250” not 2017 three March 31, 2017 $0.1 $1.7 January 1, 2017 2017. The effects of the revision on the line items within the Company's condensed consolidated statements of operations and comprehensive income for the three March 31, 2017 Three months ended March 31, 2017 As originally reported Adjustments As revised (Dollars in thousands) Income tax provision $ (10,886 ) $ (118 ) $ (11,004 ) Income from continuing operations 39,735 (118 ) 39,617 Net income attributable to the Company’s Stockholders 35,312 (118 ) 35,194 Loss in respect of derivative instruments designated for cash flow hedge 22 26 48 Comprehensive income 40,302 (92 ) 40,210 Comprehensive income attributable to the Company’s stockholders 35,890 (92 ) 35,798 Earnings per share Basic: $ 0.71 $ - $ 0.71 Diluted: $ 0.70 $ - $ 0.70 The effects of the revision on the line items within the Company’s condensed consolidated statements of equity for the three March 31, 2017 Three months ended March 31, 2017 As originally reported Adjustments As revised (Dollars in thousands) Balances as of December 31, 2016: Retained earnings $ 216,644 $ (1,292 ) $ 215,352 Accumulated other comprehensive loss (7,732 ) (443 ) (8,175 ) Total stockholders’ equity attributable to the Company’s stockholders 1,078,425 (1,735 ) 1,076,690 Total equity 1,170,007 (1,735 ) 1,168,272 Net income for the three months ended March 31, 2017 39,391 (118 ) 39,273 Net income attributable to the Company’s stockholders for the three months ended March 31, 2017 35,312 (118 ) 35,194 Loss in respect of derivative instruments designated for cash flow hedge for the three months ended March 31, 2017 22 26 48 Balances as of March 31, 2017: Retained earnings 243,508 (1,410 ) 242,098 Accumulated other comprehensive loss (7,076 ) (417 ) (7,493 ) Total stockholders’ equity attributable to the Company’s stockholders 1,107,658 (1,827 ) 1,105,831 Total equity 1,196,501 (1,827 ) 1,194,674 Although there was no three March 31, 2017 Three months ended March 31, 2017 As originally reported Adjustments As revised (Dollars in thousands) Cash flows from operating activities: Net income $ 39,735 $ (118 ) $ 39,617 Liability for unrecognized tax benefits 574 118 692 Net cash provided by operating activities 71,463 - 71,463 |
Debt, Policy [Policy Text Block] | Migdal Senior Unsecured Loan On March 22, 2018 $100 15 $4.2 September 15, 2021, $37 March 15, 2029. 4.8% The Migdal Loan is subject to early redemption by the Company prior to maturity from time to time (but not 0.50%. 0.25% no 1% 0.25% no 4.8% 4.5, 0.5% The Migdal Loan constitutes senior unsecured indebtedness of the Company and will rank equally in right of payment with any existing and future senior unsecured indebtedness of the Company, and effectively junior to any existing and future secured indebtedness, to the extent of the security therefore. The Migdal Loan Agreement includes various affirmative and negative covenants, including a covenant that the Company maintain (i) a debt to adjusted EBITDA ratio below 6, not $650 not 25%. $800 one not 50% March 27, 2018 |
Comprehensive Income, Policy [Policy Text Block] | Other comprehensive income For the three March 31, 2018 2017, $5,000 $2,000, $9,000 $3,000, $4,000 $1,000, March 31, 2018, $0.6 |
Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block] | Write-offs of unsuccessful exploration activities Write-offs of unsuccessful exploration activities for the three March 31, 2018 $0.1 no three March 31, 2017. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Reconciliation of Cash and cash equivalents and Restricted cash and cash equivalents The following table provides a reconciliation of Cash and cash equivalents and Restricted cash and cash equivalents reported on the balance sheet that sum to the total of the same amounts shown on the statement of cash flows: March 31, December 31, 2018 2017 Cash and cash equivalents $ 54,723 $ 47,818 Restricted cash and cash equivalents 50,332 48,825 Total Cash and cash equivalents and Restricted cash and cash equivalents $ 105,055 $ 96,643 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk Financial instruments that potentially subject the Company to a 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 United States and in foreign countries. At March 31, 2018 December 31, 2017, $20.3 $21.2 eight $250,000 March 31, 2018 December 31, 2017, $47.3 $32.8 At March 31, 2018 December 31, 2017, $73.3 $78.1 March 31, 2018 December 31, 2017, 59% 57% Sierra Pacific Power Company and Nevada Power Company (subsidiaries of NV Energy, Inc.) accounted for 17.4% 18.8% three March 31, 2018 2017, Southern California Public Power Authority (“SCPPA”) accounted for 16.3% 9.0% three March 31, 2018 2017, Kenya Power and Lighting Co. Ltd. accounted for 15.1% 14.3% three March 31, 2018 2017, The Company has historically been able to collect on substantially all of its receivable balances, and believes it will continue to be able to collect all amounts due. Accordingly, no |
New Accounting Pronouncements, Policy [Policy Text Block] | New accounting pronouncements effective in the three March 31, 2018 Income Taxes In March 2018, 2018 05, 740 No. 118, 118” December 2017. 11 Revenues from Contracts with Customers In May 2014, 2014 09, 606, 1 2 3 4 5 2014 09 March 2016, 2016 08, not The Company adopted this update effectively as of January 1, 2018 one five 606, The adoption of ASC 606, not 2018, 606 January 1, 2018, (Dollars in millions) Electricity segment revenues $ – Product segment revenues – Other segment revenues – Investment in an unconsolidated company 24.0 Electricity segment revenues July 1, 2003, three 840 606, 30 60 Product segment revenues third not not no one two In contracts for which we determine that control is not Accounting for product contracts that are satisfied over time includes use of several estimates such as variable consideration related to bonuses and penalties and total estimated cost for completing the contract. The estimated amount of variable consideration will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not The nature of our product contracts give rise to several modifications or change requests by our customer. Substantially all of the modifications are treated as cumulative catch-ups to revenues since the additional goods are not one The Company generally provides a one December 31, 2017, 2016, 2015. Contract Assets and Liabilities related to our Product segment March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 (Dollars in thousands) Contract assets (*) $ 41,134 $ 40,945 Contract liabilities (*) (10,458 ) (20,241 ) Contract assets, net $ 30,676 $ 20,704 (*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheet. The following table presents the significant changes in the contract assets and contract liabilities for the three March 31, 2018: Contract assets Contract liabilities (Dollars in thousands) Recognition of contract liabilities as revenue as a result of performance obligations satisfied $ – $ 8,353 Cash received in advance for which revenues have not yet recognized – (4,451 ) Reduction of contract assets as a result of rights to consideration becoming unconditional (22,144 ) – Contract assets recognized, net of recognized receivables 28,214 – Net change in contract assets and contract liabilities $ 6,070 $ 3,902 The timing of revenue recognition, billings and cash collections results in accounts receivable, contract assets and contract liabilities on the consolidated balance sheet. In our Products segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, or upon achievement of contractual milestones. Generally, billing occurs subsequent to the recognition of revenue, resulting in contract assets. However, we sometimes receive advances or deposits from our customers before revenue can be recognized, resulting in contract liabilities. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. The timing of billing our customers and receiving advance payments vary from contract to contract. We typically receive a down payment of between 10% 20% no On March 31, 2018, $211.0 not 91% 24 The following schedule reconciles revenues accounted under ASC 840, 606, three March 31, 2018: Three Months Ended March 31, 2018 (Dollars in thousands) Electricity Revenues accounted under ASC 840, Leases $ 125,832 Electricity and Product revenues accounted under ASC 606 58,191 Total consolidated revenues $ 184,023 Disaggregated revenues from contracts with customers for the three March 31, 2018 9 Investment in an unconsolidated company 606 one $24.0 January 1, 2018. not not The following schedule quantifies the impact of adopting ASC 606 three March 31, 2018: 2018, under previous standard Effect of the New Revenue Standard 2018, as reported (Dollars in thousands) Equity in earnings of investees, net $ 1,944 $ (734 ) $ 1,210 Income from continuing operations 74,990 (734 ) 74,256 Net income attributable to the Company’s stockholders 70,242 (734 ) 69,508 Retained earnings 411,492 (734 ) 410,758 Other segment revenues 606 may Compensation - Stock Compensation In May 2017, 2017 09, 718 718. 1 2 3 718 December 15, 2017. not Business Combinations In January 2017, 2017 01, 805 not December 15, 2017, not Statement of Cash Flow In November 2016, 2016 18, 230 December 15, 2017 three March 31, 2018 Intra-Entity Transfers of Assets Other than Inventory In October 2016, 2016 16, not December 15, 2017 three March 31, 2018 $1.8 $49.8 $51.6 Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (Topic 230 In August 2016, 2016 15, 230 eight December 15, 2017 $8.0 fourth 2017 Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, 2016 01, December 15, 2017 not New accounting pronouncements effective in future periods Derivatives and Hedging In August 2017, 2017 12, December 15, 2018, Intangibles –Goodwill and Other In January 2017, 2017 04, 350 not 2 2 first first December 15, 2019. January 1, 2017. Leases In February 2016, 2016 02, 842 two 606. December 15, 2018, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive income In February 2018, 2018 02, 220 2017. December 15, 2018, not |
Note 1 - General and Basis of21
Note 1 - General and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Three months ended March 31, 2017 As originally reported Adjustments As revised (Dollars in thousands) Income tax provision $ (10,886 ) $ (118 ) $ (11,004 ) Income from continuing operations 39,735 (118 ) 39,617 Net income attributable to the Company’s Stockholders 35,312 (118 ) 35,194 Loss in respect of derivative instruments designated for cash flow hedge 22 26 48 Comprehensive income 40,302 (92 ) 40,210 Comprehensive income attributable to the Company’s stockholders 35,890 (92 ) 35,798 Earnings per share Basic: $ 0.71 $ - $ 0.71 Diluted: $ 0.70 $ - $ 0.70 Three months ended March 31, 2017 As originally reported Adjustments As revised (Dollars in thousands) Balances as of December 31, 2016: Retained earnings $ 216,644 $ (1,292 ) $ 215,352 Accumulated other comprehensive loss (7,732 ) (443 ) (8,175 ) Total stockholders’ equity attributable to the Company’s stockholders 1,078,425 (1,735 ) 1,076,690 Total equity 1,170,007 (1,735 ) 1,168,272 Net income for the three months ended March 31, 2017 39,391 (118 ) 39,273 Net income attributable to the Company’s stockholders for the three months ended March 31, 2017 35,312 (118 ) 35,194 Loss in respect of derivative instruments designated for cash flow hedge for the three months ended March 31, 2017 22 26 48 Balances as of March 31, 2017: Retained earnings 243,508 (1,410 ) 242,098 Accumulated other comprehensive loss (7,076 ) (417 ) (7,493 ) Total stockholders’ equity attributable to the Company’s stockholders 1,107,658 (1,827 ) 1,105,831 Total equity 1,196,501 (1,827 ) 1,194,674 Three months ended March 31, 2017 As originally reported Adjustments As revised (Dollars in thousands) Cash flows from operating activities: Net income $ 39,735 $ (118 ) $ 39,617 Liability for unrecognized tax benefits 574 118 692 Net cash provided by operating activities 71,463 - 71,463 |
Schedule of Cash and Cash Equivalents [Table Text Block] | March 31, December 31, 2018 2017 Cash and cash equivalents $ 54,723 $ 47,818 Restricted cash and cash equivalents 50,332 48,825 Total Cash and cash equivalents and Restricted cash and cash equivalents $ 105,055 $ 96,643 |
Note 2 - New Accounting Prono22
Note 2 - New Accounting Pronouncements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | (Dollars in millions) Electricity segment revenues $ – Product segment revenues – Other segment revenues – Investment in an unconsolidated company 24.0 Three Months Ended March 31, 2018 (Dollars in thousands) Electricity Revenues accounted under ASC 840, Leases $ 125,832 Electricity and Product revenues accounted under ASC 606 58,191 Total consolidated revenues $ 184,023 2018, under previous standard Effect of the New Revenue Standard 2018, as reported (Dollars in thousands) Equity in earnings of investees, net $ 1,944 $ (734 ) $ 1,210 Income from continuing operations 74,990 (734 ) 74,256 Net income attributable to the Company’s stockholders 70,242 (734 ) 69,508 Retained earnings 411,492 (734 ) 410,758 |
Contract with Customer, Asset and Liability [Table Text Block] | March 31, 2018 December 31, 2017 (Dollars in thousands) Contract assets (*) $ 41,134 $ 40,945 Contract liabilities (*) (10,458 ) (20,241 ) Contract assets, net $ 30,676 $ 20,704 Contract assets Contract liabilities (Dollars in thousands) Recognition of contract liabilities as revenue as a result of performance obligations satisfied $ – $ 8,353 Cash received in advance for which revenues have not yet recognized – (4,451 ) Reduction of contract assets as a result of rights to consideration becoming unconditional (22,144 ) – Contract assets recognized, net of recognized receivables 28,214 – Net change in contract assets and contract liabilities $ 6,070 $ 3,902 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2018 2017 (Dollars in thousands) Raw materials and purchased parts for assembly $ 12,019 $ 12,007 Self-manufactured assembly parts and finished products 8,050 7,544 Total $ 20,069 $ 19,551 |
Note 4 - Investment in an Unc24
Note 4 - Investment in an Unconsolidated Company (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | March 31, December 31, 2018 2017 (Dollars in thousands) Sarulla $ 63,109 $ 34,084 |
Note 5 - Fair Value of Financ25
Note 5 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2018 Fair Value Carrying Value at March 31, 2018 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 20,658 $ 20,658 $ 20,658 $ — $ — Derivatives: Contingent receivable (1) 111 111 — — 111 Currency forward contracts (2) 30 30 — 30 — Liabilities: Current liabilities: Derivatives: Contingent payables (1) (14,006 ) (14,006 ) — — (14,006 ) Warrants (1) (4,080 ) (4,080 ) — — (4,080 ) $ 2,713 $ 2,713 $ 20,658 $ 30 $ (17,975 ) December 31, 2017 Fair Value Carrying Value at December 31, 2017 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets Current assets: Cash equivalents (including restricted cash accounts) $ 18,359 $ 18,359 $ 18,359 $ — $ — Derivatives: Contingent receivable (1) 108 108 — — 108 Currency forward contracts (2) 992 992 — 992 — Liabilities: Current liabilities: Derivatives: Contingent payables (1) (13,904 ) (13,904 ) — — (13,904 ) Warrants (1) (3,967 ) (3,967 ) — — (3,967 ) $ 1,588 $ 1,588 $ 18,359 $ 992 $ (17,763 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | Amount of recognized gain (loss) Derivatives not designated Location of recognized Three Months Ended March 31, as hedging instruments gain (loss) 2018 2017 Put options on natural gas price Derivatives and foreign currency transaction gains (losses) $ — $ (193 ) Contingent considerations Derivative and foreign currency transaction gains (losses) — (50 ) Currency forward contracts Derivative and foreign currency and transaction gains (losses) (546 ) 2,262 $ (546 ) $ 2,019 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair Value Carrying Amount March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 (Dollars in millions) (Dollars in millions) Olkaria III Loan - OPIC $ 225.2 $ 234.6 $ 224.1 $ 228.6 Olkaria IV Loan - DEG 2 50.6 50.7 50.0 50.0 Amatitlan Loan 31.2 32.8 32.4 33.3 Senior Secured Notes: OrCal Geothermal Inc. ("OrCal") 28.5 34.2 27.3 32.1 OFC 2 LLC ("OFC 2") 223.9 234.6 228.0 232.5 Don A. Campbell 1 ("DAC 1") 81.6 85.5 86.7 88.3 Senior Unsecured Bonds 196.5 200.3 204.3 204.3 Senior Unsecured Loan 100.7 — 100.0 — Other long-term debt 6.6 7.0 7.8 7.9 |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III - OPIC $ — $ — $ 225.2 $ 225.2 Olkaria IV - DEG 2 — — 50.6 50.6 Amatitlan Loan — 31.2 — 31.2 Senior Secured Notes: OrCal Senior Secured Notes — — 28.5 28.5 OFC 2 Senior Secured Notes — — 223.9 223.9 DAC 1 Senior Secured Notes — — 81.6 81.6 Senior Unsecured Bonds — — 196.5 196.5 Senior Unsecured Loan — — 100.7 100.7 Other long-term debt — — 6.6 6.6 Revolving lines of credit — 38.5 — 38.5 Deposits 15.2 — — 15.2 Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III Loan - OPIC $ — $ — $ 234.6 $ 234.6 Olkaria IV - DEG 2 50.7 50.7 Amatitlan Loan — 32.8 — 32.8 Senior Secured Notes: OrCal Senior Secured Notes — — 34.2 34.2 OFC 2 Senior Secured Notes — — 234.6 234.6 DAC 1 Senior Secured Notes — — 85.5 85.5 Senior Unsecured Bonds — — 200.3 200.3 Other long-term debt — — 7.0 7.0 Revolving lines of credit — 51.5 — 51.5 Deposits 15.6 — — 15.6 |
Note 7 - Interest Expense, Net
Note 7 - Interest Expense, Net (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | Three Months Ended March 31, 2018 2017 Interest related to sale of tax benefits $ 1,409 $ 2,012 Interest expense 13,306 14,175 Less — amount capitalized (371 ) (1,264 ) $ 14,344 $ 14,923 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended March 31, 2018 2017 Weighted average number of shares used in computation of basic earnings per share 50,614 49,680 Add: Additional shares from the assumed exercise of employee stock options 437 811 Weighted average number of shares used in computation of diluted earnings per share 51,051 50,491 |
Note 9 - Business Segments (Tab
Note 9 - Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Electricity Product Other Consolidated (Dollars in thousands) Three Months Ended March 31, 2018: Revenues from external customers: United States (1) 83,683 194 2,862 86,739 Foreign (2) 48,806 48,478 — 97,284 Total net revenues from external customers $ 132,489 $ 48,672 2,862 184,023 Intersegment revenues — 24,827 — 24,827 Operating income 46,412 9,553 (1,372 ) 54,593 Segment assets at period end (3) (*) 2,542,154 114,815 53,848 2,710,817 (*) Including unconsolidated investments 63,109 — — 63,109 Three Months Ended March 31, 2017: Net revenues from external customers (4) $ 115,776 $ 74,122 — 189,898 Intersegment revenues (4) — 16,213 — 16,213 Operating income (4) 40,898 18,598 — 59,496 Segment assets at period end (3) 2,233,237 217,051 49,600 2,499,888 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2018 2017 Revenue: Total segment revenue $ 184,023 $ 189,898 Intersegment revenue 24,827 16,213 Elimination of intersegment revenue (24,827 ) (16,213 ) Total consolidated revenue $ 184,023 $ 189,898 Operating income: Operating income $ 54,593 $ 59,496 Interest income 113 244 Interest expense, net (14,344 ) (14,923 ) Derivatives and foreign currency transaction gains (losses) (1,599 ) 1,338 Income attributable to sale of tax benefits 7,361 6,157 Other non-operating income (expense), net (20 ) (92 ) Total consolidated income before income taxes and equity in earnings of investees $ 46,104 $ 52,220 |
Note 1 - General and Basis of29
Note 1 - General and Basis of Presentation (Details Textual) $ in Thousands | Mar. 22, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Jan. 01, 2017USD ($) | Dec. 31, 2016USD ($) |
Income Tax Expense (Benefit), Total | $ (26,942) | $ 11,004 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | 1,384,885 | $ 1,295,700 | 1,194,674 | $ 1,295,700 | $ 1,168,272 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 5,000 | 2,000 | |||||||
Interest Expense, Total | 14,344 | 14,923 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | (909) | (4,706) | (7,493) | (4,706) | (8,175) | ||||
Exploration Abandonment and Impairment Expense | 123 | $ 0 | |||||||
Accounts Receivable, Net, Current, Total | 103,580 | 110,410 | 110,410 | ||||||
Provision for Doubtful Accounts | 0 | ||||||||
Deferred Tax Liabilities, Gross, Noncurrent | $ 48,074 | 61,961 | $ 61,961 | ||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member] | |||||||||
Concentration Risk, Percentage | 59.00% | 57.00% | |||||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Sierra Pacific Power Company And Nevada Power Company [Member] | |||||||||
Concentration Risk, Percentage | 17.40% | 18.80% | |||||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Southern California Public Power Authority [Member] | |||||||||
Concentration Risk, Percentage | 16.30% | 9.00% | |||||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Kenya Power and Lighting Co LTD [Member] | |||||||||
Concentration Risk, Percentage | 15.10% | 14.30% | |||||||
UNITED STATES | |||||||||
Cash, Cash Equivalents, and Short-term Investments, Total | $ 20,300 | 21,200 | $ 21,200 | ||||||
Foreign Countries [Member] | |||||||||
Cash, Cash Equivalents, and Short-term Investments, Total | 47,300 | 32,800 | 32,800 | ||||||
Accounts Receivable, Net, Current, Total | 73,300 | 78,100 | $ 78,100 | ||||||
Other Comprehensive Income (Loss) [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | 600 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||
Income Tax Expense (Benefit), Total | (4,000) | $ (1,000) | |||||||
Interest Expense, Total | $ (9,000) | (3,000) | |||||||
Migdal Loan [Member] | |||||||||
Debt Instrument, Face Amount | $ 100,000 | ||||||||
Debt Instrument, Periodic Payment, Total | 4,200 | ||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 37,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | ||||||||
Debt Instrument Increase in Stated Interest Rate if Rating is Downgraded to ILA Negative | 0.50% | ||||||||
Debt Instrument Increase in Stated Interest Rate Each Additional Downgrade | 0.25% | ||||||||
Debt Instrument Decrease in Stated Interest Rate for Each Rating Upgrade | 0.25% | ||||||||
Debt to EBITDA Ratio Threshold for Rate Increase | 4.5 | ||||||||
Debt Instrument Increase in Stated Interest Rate if Debt to EBITDA Ratio Exceeds Threshold | 0.50% | ||||||||
Debt to EBITDA Ratio Requirement | 6 | ||||||||
Stockholders Equity, Debt Covenant, Minimum Threshold | $ 650,000 | ||||||||
Stockholders Equity to Total Assets, Ratio | 25.00% | ||||||||
Stockholders Equity, Debt Covenant, Minimum Threshold to Pay Dividends | $ 800,000 | ||||||||
Dividends to Net Income, Ratio | 50.00% | ||||||||
Migdal Loan [Member] | Maximum [Member] | |||||||||
Debt Instrument, Increase in Stated Interest Rate | 1.00% | ||||||||
Migdal Loan [Member] | Minimum [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | ||||||||
Restatement Adjustment [Member] | |||||||||
Income Tax Expense (Benefit), Total | $ 100 | 118 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | (1,827) | $ 1,700 | (1,735) | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $ (417) | $ (443) | |||||||
Deferred Tax Liabilities, Gross, Noncurrent | $ 1,100 | $ 6,100 |
Note 1 - General and Basis of30
Note 1 - General and Basis of Presentation - Effect of Revision on Balance Sheet Line Items (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2016 | |
Income tax provision | $ 26,942 | $ (11,004) | |||
Income from continuing operations | 74,256 | 39,617 | |||
Net income attributable to the Company’s Stockholders | 69,508 | 35,194 | |||
Loss in respect of derivative instruments designated for cash flow hedge | 20 | 48 | |||
Comprehensive income | 78,423 | 40,210 | |||
Comprehensive income attributable to the Company’s stockholders | $ 73,305 | $ 35,798 | |||
Net income (in dollars per share) | $ 1.37 | $ 0.71 | |||
Diluted: (in dollars per share) | $ 1.36 | $ 0.70 | |||
Retained earnings | $ 410,758 | $ 327,255 | $ 242,098 | $ 215,352 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | (909) | (4,706) | (7,493) | (8,175) | |
Total stockholders’ equity attributable to the Company’s stockholders | 1,300,385 | 1,211,378 | 1,105,831 | 1,076,690 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | 1,384,885 | 1,295,700 | 1,194,674 | 1,168,272 | |
Net income for the three months ended March 31, 2017 | 73,990 | 39,273 | |||
Net income | 74,256 | 39,617 | |||
Liability for unrecognized tax benefits | (29,467) | 6,612 | |||
Net cash provided by operating activities | $ 19,769 | 71,463 | |||
Previously Reported [Member] | |||||
Income tax provision | (10,886) | ||||
Income from continuing operations | 39,735 | ||||
Net income attributable to the Company’s Stockholders | 35,312 | ||||
Loss in respect of derivative instruments designated for cash flow hedge | 22 | ||||
Comprehensive income | 40,302 | ||||
Comprehensive income attributable to the Company’s stockholders | $ 35,890 | ||||
Net income (in dollars per share) | $ 0.71 | ||||
Diluted: (in dollars per share) | $ 0.70 | ||||
Retained earnings | $ 243,508 | 216,644 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | (7,076) | (7,732) | |||
Total stockholders’ equity attributable to the Company’s stockholders | 1,107,658 | 1,078,425 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | 1,196,501 | 1,170,007 | |||
Net income for the three months ended March 31, 2017 | 39,391 | ||||
Net income | 39,735 | ||||
Liability for unrecognized tax benefits | 574 | ||||
Net cash provided by operating activities | 71,463 | ||||
Restatement Adjustment [Member] | |||||
Income tax provision | $ (100) | (118) | |||
Income from continuing operations | (118) | ||||
Net income attributable to the Company’s Stockholders | (118) | ||||
Loss in respect of derivative instruments designated for cash flow hedge | 26 | ||||
Comprehensive income | (92) | ||||
Comprehensive income attributable to the Company’s stockholders | $ (92) | ||||
Net income (in dollars per share) | |||||
Diluted: (in dollars per share) | |||||
Retained earnings | $ (1,410) | (1,292) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | (417) | (443) | |||
Total stockholders’ equity attributable to the Company’s stockholders | (1,827) | (1,735) | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | (1,827) | $ 1,700 | $ (1,735) | ||
Net income for the three months ended March 31, 2017 | (118) | ||||
Net income | (118) | ||||
Liability for unrecognized tax benefits | 118 | ||||
Net cash provided by operating activities |
Note 1 - General and Basis of31
Note 1 - General and Basis of Presentation - Cash and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | $ 54,723 | $ 47,818 | ||
Restricted cash and cash equivalents | 50,332 | 48,825 | ||
Total Cash and cash equivalents and Restricted cash and cash equivalents | $ 105,055 | $ 96,643 | $ 234,017 | $ 264,476 |
Note 2 - New Accounting Prono32
Note 2 - New Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years | ||
Deferred Costs, Total | $ 49,834 | ||
Accounting Standards Update 2014-09 [Member] | |||
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 24,000 | ||
Accounting Standards Update 2016-16 [Member] | |||
Cumulative Effect on Retained Earnings, Net of Tax, Total | 1,800 | ||
Deferred Costs, Total | 49,800 | ||
Deferred Tax Assets, Net, Noncurrent | 51,600 | ||
Accounting Standards Update 2016-15 [Member] | Reclassifcation of Cash Paid From Investing Activities to Financing Activities [Member] | |||
Prior Period Reclassification Adjustment | $ 8,000 | ||
Product Segment [Member] | |||
Revenue, Remaining Performance Obligation, Amount | $ 211,000 |
Note 2 - New Accounting Prono33
Note 2 - New Accounting Pronouncements - Remaining Performance Obligation Percentage (Details Textual) | Mar. 31, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Percentage | 91.00% |
Note 2 - New Accounting Prono34
Note 2 - New Accounting Pronouncements - Impact of Adoption (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investment in an unconsolidated company | $ 63,109 | $ 34,084 | ||||
Total consolidated revenues | 184,023 | $ 189,898 | [1] | |||
Equity in earnings of investees, net | 1,210 | (1,599) | ||||
Income from continuing operations | 74,256 | 39,617 | ||||
Net income attributable to the Company’s stockholders | 69,508 | 35,194 | ||||
Retained earnings | 410,758 | 242,098 | $ 327,255 | $ 215,352 | ||
Electricity [Member] | ||||||
Total consolidated revenues | 132,489 | 115,776 | ||||
Product [Member] | ||||||
Revenues | 48,672 | 74,122 | ||||
Other Revenue [Member] | ||||||
Revenues | 2,862 | |||||
Accounting Standards Update 2014-09 [Member] | ||||||
Investment in an unconsolidated company | $ 24,000 | |||||
Accounting Standards Update 2014-09 [Member] | Electricity [Member] | ||||||
Revenues | ||||||
Electricity Revenues accounted under ASC 840, Leases | 125,832 | |||||
Accounting Standards Update 2014-09 [Member] | Product [Member] | ||||||
Revenues | ||||||
Accounting Standards Update 2014-09 [Member] | Electricity and Product Revenue [Member] | ||||||
Revenues | 58,191 | |||||
Accounting Standards Update 2014-09 [Member] | Other Revenue [Member] | ||||||
Revenues | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||
Equity in earnings of investees, net | 1,944 | |||||
Income from continuing operations | 74,990 | |||||
Net income attributable to the Company’s stockholders | 70,242 | |||||
Retained earnings | 411,492 | |||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
Equity in earnings of investees, net | (734) | |||||
Income from continuing operations | (734) | |||||
Net income attributable to the Company’s stockholders | (734) | |||||
Retained earnings | $ (734) | |||||
[1] | The amounts related to the Other segment are immaterial. |
Note 2 - New Accounting Prono35
Note 2 - New Accounting Pronouncements - Contract Assets (Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | ||
Contract assets (*) | [1] | $ 41,134 | $ 40,945 |
Contract liabilities (*) | [1] | (10,458) | (20,241) |
Contract assets, net | 30,676 | $ 20,704 | |
Recognition of contract liabilities as revenue as a result of performance obligations satisfied, liabilities | 8,353 | ||
Cash received in advance for which revenues have not yet recognized, liabilities | (4,451) | ||
Reduction of contract assets as a result of rights to consideration becoming unconditional, assets | (22,144) | ||
Contract assets recognized, net of recognized receivables, assets | 28,214 | ||
Net change in contract assets and contract liabilities, assets | 6,070 | ||
Net change in contract assets and contract liabilities, liabilities | $ 3,902 | ||
[1] | Contract assets and contract liabilities are presented as Costs and estimated earnings in excess of billings on uncompleted contracts and Billings in excess of costs and estimated earnings on uncompleted contracts, respectively, on the consolidated balance sheet. |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories, Current (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Raw materials and purchased parts for assembly | $ 12,019 | $ 12,007 |
Self-manufactured assembly parts and finished products | 8,050 | 7,544 |
Total | $ 20,069 | $ 19,551 |
Note 4 - Investment in an Unc37
Note 4 - Investment in an Unconsolidated Company (Details Textual) $ in Thousands | Jan. 01, 2018USD ($) | Jun. 04, 2014USD ($) | Mar. 31, 2018USD ($)MWh | Mar. 31, 2017USD ($) | May 16, 2014USD ($) |
Number of Commercial Lenders in Funding Consortium | 6 | ||||
Interest Expense, Total | $ 14,344 | $ 14,923 | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ 2,634 | 569 | |||
Accounting Standards Update 2014-09 [Member] | |||||
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 24,000 | ||||
Sarulla [Member] | Lenders Consortium [Member] | |||||
Senior Notes, Total | $ 1,170,000 | ||||
Sarulla [Member] | |||||
Jointly Owned Utility Plant, Proportionate Ownership Share | 12.75% | ||||
Expected Power Generating Capacity | MWh | 330 | ||||
Number of Phases of Construction | 3 | ||||
Power Utilization | MWh | 110 | ||||
Power Plant Usage Agreement Term | 30 years | ||||
Payments to Acquire Projects | $ 1,300 | ||||
Accumulated Cash Contributions to Acquire Projects | $ 59,500 | ||||
Contract Effective Date | April 4, 2013 | ||||
Sarulla [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Equity Method Investments | 24,000 | ||||
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 24,000 | ||||
Sarulla [Member] | Interest Rate Swap [Member] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ 2,600 | 600 | |||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax, Ending Balance | 2,500 | ||||
Sarulla [Member] | Interest Rate Swap [Member] | Sarulla Project Company [Member] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 20,700 | $ 4,500 | |||
Sarulla [Member] | Lenders Consortium [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.4565% | ||||
Sarulla [Member] | Lenders Consortium [Member] | Subject to Fixed Interest Rate [Member] | |||||
Senior Notes, Total | 100,000 | ||||
Sarulla [Member] | Lenders Consortium [Member] | Subject to Fixed LIBOR Interest Rate [Member] | |||||
Senior Notes, Total | $ 1,070,000 | ||||
Interest Expense, Total | $ 16,900 | ||||
Sarulla [Member] | Lenders Consortium [Member] | Subject to Fixed LIBOR Interest Rate [Member] | Interest Rate Swap [Member] | |||||
Senior Notes, Total | $ 960,000 |
Note 4 - Investment in an Unc38
Note 4 - Investment in an Unconsolidated Company - Unconsolidated Investments Mainly in Power Plants (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Sarulla | $ (6,943) | $ (6,416) |
Sarulla [Member] | ||
Sarulla | $ 63,109 | $ 34,084 |
Note 5 - Fair Value of Financ39
Note 5 - Fair Value of Financial Instruments (Details Textual) - Henry Hub Natural Gas Future ("NG") Contracts [Member] - Put Option [Member] BTU in Millions, $ in Millions | Jan. 12, 2017USD ($)BTU$ / BTU |
Derivative, Nonmonetary Notional Amount, Energy Measure | BTU | 4.1 |
Derivative, Price Risk Option Strike Price | $ / BTU | 3 |
Payments for Derivative Instrument, Investing Activities | $ | $ 0.7 |
Note 5 - Fair Value of Financ40
Note 5 - Fair Value of Financial Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Reported Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | $ 20,658 | $ 18,359 | |
2,713 | 1,588 | ||
Reported Value Measurement [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 111 | 108 |
Reported Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | 30 | 992 |
Reported Value Measurement [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | (14,006) | (13,904) |
Reported Value Measurement [Member] | Warrant [Member] | |||
Derivative Liability, Current | [1] | (4,080) | (3,967) |
Estimate of Fair Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | 20,658 | 18,359 | |
2,713 | 1,588 | ||
Estimate of Fair Value Measurement [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 111 | 108 |
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | 30 | 992 |
Estimate of Fair Value Measurement [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | (14,006) | (13,904) |
Estimate of Fair Value Measurement [Member] | Warrant [Member] | |||
Derivative Liability, Current | [1] | (4,080) | (3,967) |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents (including restricted cash accounts) | 20,658 | 18,359 | |
20,658 | 18,359 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Warrant [Member] | |||
Derivative Liability, Current | [1] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash equivalents (including restricted cash accounts) | |||
30 | 992 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | 30 | 992 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Warrant [Member] | |||
Derivative Liability, Current | [1] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash equivalents (including restricted cash accounts) | |||
(17,975) | (17,763) | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 111 | 108 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | (14,006) | (13,904) |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | |||
Derivative Liability, Current | [1] | $ (4,080) | $ (3,967) |
[1] | These amounts relate to contingent receivables and payables and warrants relating to acquisition of substantially all of the assets of Viridity Energy, Inc and the and Guadeloupe power plant purchase transaction, valued primarily based on unobservable inputs and are included within "Prepaid expenses and other", "Accounts payable and accrued expenses" and "Other long-term liabilities" on March 31, 2018 and within "Prepaid expenses and other" and "Other long-term liabilities" on December 31, 2017 in the consolidated balance sheets with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the consolidated statement of operations and comprehensive income. | ||
[2] | These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within "Prepaid expenses and other" and "Accounts payable and accrued expenses", as applicable, on March 31, 2018 and December 31, 2017, in the consolidated balance sheet with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the consolidated statement of operations and comprehensive income. |
Note 5 - Fair Value of Financ41
Note 5 - Fair Value of Financial Instruments - Amounts of Gain (Loss) Recognized in Condensed Consolidated Statements on Derivative Instruments Not Designated as Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Amount of gain (loss) recognized | $ (546) | $ 2,019 |
Foreign Currency Gain (Loss) [Member] | Put Options on Natural Gas Price [Member] | ||
Amount of gain (loss) recognized | (193) | |
Foreign Currency Gain (Loss) [Member] | Contingent Considerations [Member] | ||
Amount of gain (loss) recognized | (50) | |
Foreign Currency Gain (Loss) [Member] | Currency Forward Contracts [Member] | ||
Amount of gain (loss) recognized | $ (546) | $ 2,262 |
Note 5 - Fair Value of Financ42
Note 5 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Estimate of Fair Value Measurement [Member] | ||
Other long-term debt | $ 6.6 | $ 7 |
Reported Value Measurement [Member] | ||
Other long-term debt | 7.8 | 7.9 |
Olkaria III OPIC [Member] | ||
Loans | 225.2 | 234.6 |
Olkaria III OPIC [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 225.2 | 234.6 |
Olkaria III OPIC [Member] | Reported Value Measurement [Member] | ||
Loans | 224.1 | 228.6 |
Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 50.6 | |
Olkaria IV Loan - DEG 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 50.6 | 50.7 |
Olkaria IV Loan - DEG 2 [Member] | Reported Value Measurement [Member] | ||
Loans | 50 | 50 |
Amatitlan Loan [Member] | ||
Loans | 31.2 | 32.8 |
Amatitlan Loan [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 31.2 | 32.8 |
Amatitlan Loan [Member] | Reported Value Measurement [Member] | ||
Loans | 32.4 | 33.3 |
OrCal Geothermal Inc [Member] | ||
Notes | 28.5 | 34.2 |
OrCal Geothermal Inc [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 28.5 | 34.2 |
OrCal Geothermal Inc [Member] | Reported Value Measurement [Member] | ||
Notes | 27.3 | 32.1 |
OFC Two Senior Secured Notes [Member] | ||
Notes | 223.9 | 234.6 |
OFC Two Senior Secured Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 223.9 | 234.6 |
OFC Two Senior Secured Notes [Member] | Reported Value Measurement [Member] | ||
Notes | 228 | 232.5 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 81.6 | 85.5 |
Don A. Campbell 1 ("DAC1") [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 81.6 | 85.5 |
Don A. Campbell 1 ("DAC1") [Member] | Reported Value Measurement [Member] | ||
Notes | 86.7 | 88.3 |
Senior Unsecured Bonds [Member] | ||
Senior secured debt | 196.5 | 200.3 |
Senior Unsecured Bonds [Member] | Estimate of Fair Value Measurement [Member] | ||
Senior secured debt | 196.5 | 200.3 |
Senior Unsecured Bonds [Member] | Reported Value Measurement [Member] | ||
Senior secured debt | 204.3 | 204.3 |
Senior Unsecured Loan [Member] | ||
Senior secured debt | 100.7 | |
Senior Unsecured Loan [Member] | Estimate of Fair Value Measurement [Member] | ||
Senior secured debt | 100.7 | |
Senior Unsecured Loan [Member] | Reported Value Measurement [Member] | ||
Senior secured debt | $ 100 |
Note 5 - Fair Value of Financ43
Note 5 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Revolving lines of credit | $ 38.5 | $ 51.5 |
Deposits | 15.2 | 15.6 |
Fair Value, Inputs, Level 1 [Member] | ||
Revolving lines of credit | ||
Deposits | 15.2 | 15.6 |
Fair Value, Inputs, Level 2 [Member] | ||
Revolving lines of credit | 38.5 | 51.5 |
Deposits | ||
Fair Value, Inputs, Level 3 [Member] | ||
Revolving lines of credit | ||
Deposits | ||
Olkaria III OPIC [Member] | ||
Loans | 225.2 | 234.6 |
Olkaria III OPIC [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Loans | ||
Olkaria III OPIC [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Loans | ||
Olkaria III OPIC [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans | 225.2 | 234.6 |
Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 50.6 | |
Olkaria IV Loan - DEG 2 [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Loans | ||
Olkaria IV Loan - DEG 2 [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Loans | ||
Olkaria IV Loan - DEG 2 [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans | 50.6 | 50.7 |
Amatitlan Loan [Member] | ||
Loans | 31.2 | 32.8 |
Amatitlan Loan [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Loans | ||
Amatitlan Loan [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Loans | 31.2 | 32.8 |
Amatitlan Loan [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans | ||
OrCal Geothermal Inc [Member] | ||
Notes | 28.5 | 34.2 |
OrCal Geothermal Inc [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Notes | ||
OrCal Geothermal Inc [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Notes | ||
OrCal Geothermal Inc [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Notes | 28.5 | 34.2 |
OFC Two Senior Secured Notes [Member] | ||
Notes | 223.9 | 234.6 |
OFC Two Senior Secured Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Notes | ||
OFC Two Senior Secured Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Notes | ||
OFC Two Senior Secured Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Notes | 223.9 | 234.6 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 81.6 | 85.5 |
Don A. Campbell 1 ("DAC1") [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Notes | ||
Don A. Campbell 1 ("DAC1") [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Notes | ||
Don A. Campbell 1 ("DAC1") [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Notes | 81.6 | 85.5 |
Senior Unsecured Bonds [Member] | ||
Senior secured debt | 196.5 | 200.3 |
Senior Unsecured Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Senior secured debt | ||
Senior Unsecured Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Senior secured debt | ||
Senior Unsecured Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Senior secured debt | 196.5 | 200.3 |
Senior Unsecured Loan [Member] | ||
Senior secured debt | 100.7 | |
Senior Unsecured Loan [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Senior secured debt | ||
Senior Unsecured Loan [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Senior secured debt | ||
Senior Unsecured Loan [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Senior secured debt | 100.7 | |
Other Long-term Debt [Member] | ||
Senior secured debt | 7 | |
Other long-term debt | 6.6 | |
Other Long-term Debt [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Senior secured debt | ||
Other long-term debt | ||
Other Long-term Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Senior secured debt | ||
Other long-term debt | ||
Other Long-term Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Senior secured debt | $ 7 | |
Other long-term debt | $ 6.6 |
Note 6 - Stock-based Compensa44
Note 6 - Stock-based Compensation (Details Textual) - shares | 1 Months Ended | 12 Months Ended | |
May 31, 2012 | Dec. 31, 2004 | Mar. 31, 2018 | |
2004 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,750,000 | ||
2004 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||
2004 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
2004 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
2004 Stock Incentive Plan [Member] | Employee Stock Option [Member] | Non Employee Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
2012 Stock Incentive Plan [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 6 years | ||
2012 Stock Incentive Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | |||
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, Award Vesting Period | 1 year | ||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche One [Member] | Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche One [Member] | Senior Management [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche Two [Member] | Senior Management [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche Three [Member] | Senior Management [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche Four [Member] | Senior Management [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
2012 Stock Incentive Plan [Member] | Employee Stock Option [Member] | Non Employee Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
The 2018 Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,000,000 |
Note 7 - Interest Expense, Ne45
Note 7 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest related to sale of tax benefits | $ 1,409 | $ 2,012 |
Interest expense | 13,306 | 14,175 |
Less — amount capitalized | (371) | (1,264) |
Interest Expense, Total | $ 14,344 | $ 14,923 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 62,409 | 11,491 |
Note 8 - Earnings Per Share - S
Note 8 - Earnings Per Share - Shares Used to Calculate Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Weighted average number of shares used in computation of basic earnings per share (in shares) | 50,614 | 49,680 |
Additional shares from the assumed exercise of employee stock options (in shares) | 437 | 811 |
Weighted average number of shares used in computation of diluted earnings per share (in shares) | 51,051 | 50,491 |
Note 9 - Business Segments (Det
Note 9 - Business Segments (Details Textual) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Number of Reportable Segments | 3 | |
Goodwill, Ending Balance | $ 21,253 | $ 21,037 |
Electricity Segment [Member] | ||
Goodwill, Ending Balance | 7,800 | 6,200 |
Other Segments [Member] | ||
Goodwill, Ending Balance | 13,500 | $ 13,500 |
Accounting Standards Update 2014-09 [Member] | Electricity Revenues [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 6,700 |
Note 9 - Business Segments - Su
Note 9 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | ||||
Total consolidated revenues | $ 184,023 | $ 189,898 | [1] | |||
Operating income | 54,593 | 59,496 | [1] | |||
Segment assets at period end | 2,710,817 | [2] | 2,499,888 | [2] | $ 2,623,864 | |
Including unconsolidated investments | 63,109 | |||||
Operating income | 54,593 | 59,496 | [1] | |||
Intersegment Eliminations [Member] | ||||||
Total consolidated revenues | 24,827 | 16,213 | [1] | |||
Electricity Segment [Member] | ||||||
Total consolidated revenues | 132,489 | 115,776 | [1] | |||
Operating income | 46,412 | 40,898 | [1] | |||
Segment assets at period end | [2] | 2,542,154 | 2,233,237 | |||
Including unconsolidated investments | 63,109 | |||||
Operating income | 46,412 | 40,898 | [1] | |||
Electricity Segment [Member] | Intersegment Eliminations [Member] | ||||||
Total consolidated revenues | [1] | |||||
Product Segment [Member] | ||||||
Total consolidated revenues | 48,672 | 74,122 | [1] | |||
Operating income | 9,553 | 18,598 | [1] | |||
Segment assets at period end | [2] | 114,815 | 217,051 | |||
Including unconsolidated investments | ||||||
Operating income | 9,553 | 18,598 | [1] | |||
Product Segment [Member] | Intersegment Eliminations [Member] | ||||||
Total consolidated revenues | 24,827 | 16,213 | [1] | |||
Other Segments [Member] | ||||||
Total consolidated revenues | 2,862 | [1] | ||||
Operating income | (1,372) | [1] | ||||
Segment assets at period end | [2] | 53,848 | 49,600 | |||
Including unconsolidated investments | ||||||
Operating income | (1,372) | [1] | ||||
Other Segments [Member] | Intersegment Eliminations [Member] | ||||||
Total consolidated revenues | [1] | |||||
UNITED STATES | ||||||
Total consolidated revenues | [3] | 86,739 | ||||
UNITED STATES | Electricity Segment [Member] | ||||||
Total consolidated revenues | [3] | 83,683 | ||||
UNITED STATES | Product Segment [Member] | ||||||
Total consolidated revenues | [3] | 194 | ||||
UNITED STATES | Other Segments [Member] | ||||||
Total consolidated revenues | [3] | 2,862 | ||||
Foreign Countries [Member] | ||||||
Total consolidated revenues | [4] | 97,284 | ||||
Foreign Countries [Member] | Electricity Segment [Member] | ||||||
Total consolidated revenues | [4] | 48,806 | ||||
Foreign Countries [Member] | Product Segment [Member] | ||||||
Total consolidated revenues | [4] | 48,478 | ||||
Foreign Countries [Member] | Other Segments [Member] | ||||||
Total consolidated revenues | [4] | |||||
[1] | The amounts related to the Other segment are immaterial. | |||||
[2] | Electricity segment assets include goodwill in the amount of $7.8 million and $6.2 million as of March, 31, 2018 and 2017, respectively. Other segment assets include goodwill in the amount of $13.5 million as of March 31, 2018 and 2017. | |||||
[3] | Electricity revenues in the United States are all accounted under ASC 840, Leases, except for $6.7 million that are accounted under ASC 606 starting 2018. Product and Other revenues in the United States are accounted under ASC 606, as further described under Note 2 to the consolidated financial statements. | |||||
[4] | Electricity revenues in foreign countries are all accounted under ASC 840, Leases, and Product revenues in foreign countries are accounted under ASC 606 as further described under Note 2 to the consolidated financial statements. |
Note 9 - Business Segments - Re
Note 9 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Total consolidated revenues | $ 184,023 | $ 189,898 | [1] |
Operating income | 54,593 | 59,496 | [1] |
Interest income | 113 | 244 | |
Interest expense, net | (14,344) | (14,923) | |
Derivatives and foreign currency transaction gains (losses) | (1,599) | 1,338 | |
Income attributable to sale of tax benefits | 7,361 | 6,157 | |
Other non-operating income (expense), net | (20) | (92) | |
Total consolidated income before income taxes and equity in earnings of investees | 46,104 | 52,220 | |
Intersegment Eliminations [Member] | |||
Total consolidated revenues | 24,827 | 16,213 | [1] |
Consolidation, Eliminations [Member] | |||
Total consolidated revenues | $ (24,827) | $ (16,213) | |
[1] | The amounts related to the Other segment are immaterial. |
Note 10 - Commitments and Con51
Note 10 - Commitments and Contingencies (Details Textual) ₪ in Millions, $ in Millions | May 21, 2018USD ($) | May 21, 2018ILS (₪) | Mar. 29, 2016USD ($) |
Former Local Sales Representative vs. Ormat [Member] | Pending Litigation [Member] | |||
Loss Contingency, Damages Sought, Value | $ 4.8 | ||
Loss Contingency, Additional Damages Sought for Ormat Geothermal Products Sales in Chile, Percent | 3.75% | ||
Loss Contingency, Damages Sought, Ormat Geothermal Products Sales in Chile, Period | 10 years | ||
Heit vs Ormat Technologies, Inc. et al (C.A. 44366-05-18) [Member] | Subsequent Event [Member] | |||
Loss Contingency, Damages Sought, Value | $ 26 | ₪ 93 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent, Total | (58.40%) | 21.10% | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 44.4 | |||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Foreign Tax Authority [Member] | Israel Tax Authority [Member] | ||||
National Corporate Tax Rate | 16.00% |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) $ / shares in Units, $ in Thousands | May 07, 2018USD ($)$ / shares | Apr. 30, 2018USD ($)MWh | Apr. 24, 2018USD ($)MWh | Mar. 31, 2018USD ($)$ / shares | Mar. 31, 2017USD ($)$ / shares | May 17, 2018USD ($) | May 03, 2018USD ($) | Dec. 31, 2017USD ($) |
Dividends, Common Stock, Total | $ 11,640 | $ 8,448 | ||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.23 | $ 0.17 | ||||||
Property, Plant and Equipment, Net, Ending Balance | $ 1,723,560 | $ 1,734,691 | ||||||
Subsequent Event [Member] | ||||||||
Dividends, Common Stock, Total | $ 5,100 | |||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.10 | |||||||
Dividends Payable, Date of Record | May 21, 2018 | |||||||
Dividends Payable, Date to be Paid | May 30, 2018 | |||||||
Subsequent Event [Member] | U.S. Geothermal [Member] | ||||||||
Current Power Generation | MWh | 38 | |||||||
Payments to Acquire Businesses, Gross | $ 110,000 | |||||||
Subsequent Event [Member] | U.S. Geothermal [Member] | Ormat Nevada Inc. [Member] | ||||||||
Payments to Acquire Businesses, Gross | 106,000 | |||||||
Subsequent Event [Member] | U.S. Geothermal [Member] | Ormat Technologies, Inc. [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 4,000 | |||||||
Subsequent Event [Member] | Puna Geothermal Power Plant [Member] | ||||||||
Property, Plant and Equipment, Net, Ending Balance | $ 109,000 | |||||||
Subsequent Event [Member] | Platanares [Member] | ||||||||
Non-recourse Financing Agreement | $ 124,700 | |||||||
Current Power Generation | MWh | 35 | |||||||
Non-recourse Finacing Agreement, Term | 14 years | |||||||
Subsequent Event [Member] | Platanares [Member] | Minimum [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | |||||||
Subsequent Event [Member] | Platanares [Member] | Maximum [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | |||||||
Subsequent Event [Member] | Tungsten Mountain [Member] | ||||||||
Parternship Agreement, Initial Purchase Price | $ 33,400 | |||||||
Partnership Agreement, Expected Additional Installments | $ 13,000 |