Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 06, 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) | 50,630,138 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Current assets: | |||
Cash and cash equivalents | $ 66,696 | $ 47,818 | |
Restricted cash and cash equivalents (primarily related to VIEs) | 76,041 | 48,825 | |
Receivables: | |||
Trade | 109,061 | 110,410 | |
Other | 20,731 | 13,828 | |
Inventories | 36,696 | 19,551 | |
Costs and estimated earnings in excess of billings on uncompleted contracts | 46,573 | 40,945 | |
Prepaid expenses and other | 39,836 | 40,269 | |
Total current assets | 395,634 | 321,646 | |
Investment in an unconsolidated company | 66,551 | 34,084 | |
Deposits and other | 20,532 | 21,599 | |
Deferred income taxes | 102,162 | 57,337 | |
Deferred charges | 49,834 | ||
Property, plant and equipment, net | 1,840,558 | 1,734,691 | |
Construction-in-process | 316,447 | 293,542 | |
Deferred financing and lease costs, net | 4,926 | 4,674 | |
Intangible assets, net | 207,206 | 85,420 | |
Goodwill | 40,133 | 21,037 | |
Total assets | 2,994,149 | [1] | 2,623,864 |
Current liabilities: | |||
Accounts payable and accrued expenses | 103,342 | 153,796 | |
Short term revolving credit lines with banks (full recourse) | 158,600 | 51,500 | |
Billings in excess of costs and estimated earnings on uncompleted contracts | 16,136 | 20,241 | |
Current portion of long-term debt: | |||
Senior secured notes | 36,458 | 33,226 | |
Other loans | 21,495 | 21,495 | |
Full recourse | 5,000 | 3,087 | |
Total current liabilities | 341,031 | 283,345 | |
Senior secured notes (less deferred financing costs of $7,987 and $8,113, respectively) | 391,047 | 311,668 | |
Other loans (less deferred financing costs of $5,025 and $5,258, respectively) | 230,973 | 242,385 | |
Senior unsecured bonds (less deferred financing costs of $813 and $580, respectively) | 303,527 | 203,752 | |
Other loans (less deferred financing costs of $970 and $1,011, respectively) | 44,030 | 46,489 | |
Liability associated with sale of tax benefits | 70,574 | 44,634 | |
Deferred lease income | 49,973 | 51,520 | |
Deferred income taxes | 47,128 | 61,961 | |
Liability for unrecognized tax benefits | 9,637 | 8,890 | |
Liabilities for severance pay | 20,159 | 21,141 | |
Asset retirement obligation | 37,188 | 27,110 | |
Other long-term liabilities | 21,817 | 18,853 | |
Total liabilities | 1,567,084 | 1,321,748 | |
Commitments and contingencies (Note 10) | |||
Redeemable noncontrolling interest | 8,268 | 6,416 | |
Equity: | |||
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 50,630,138 and 50,609,051 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively | 51 | 51 | |
Additional paid-in capital | 892,601 | 888,778 | |
Retained earnings | 405,353 | 327,255 | |
Accumulated other comprehensive income (loss) | (2,297) | (4,706) | |
Total stockholders' equity attributable to Company's stockholders | 1,295,708 | 1,211,378 | |
Noncontrolling interest | 123,089 | 84,322 | |
Total equity | 1,418,797 | 1,295,700 | |
Total liabilities, redeemable nonconrolling interest and equity | $ 2,994,149 | $ 2,623,864 | |
[1] | Electricity segment assets include goodwill in the amount of $26.7 million and $6.6 million as of June 30, 2018 and 2017, respectively. Other segment assets include goodwill in the amount of $13.5 million as of June 30, 2018 and 2017. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Property, plant and equipment, net | $ 1,840,558 | $ 1,734,691 |
Construction-in-process | $ 316,447 | $ 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) | 50,630,138 | 50,609,051 |
Common stock, shares outstanding (in shares) | 50,630,138 | 50,609,051 |
Senior Secured Notes [Member] | ||
Deferred financing costs | $ 7,987 | $ 8,113 |
Other Loans, Limited and Non-recourse [Member] | ||
Deferred financing costs | 5,025 | 5,258 |
Senior Unsecured Bonds [Member] | ||
Deferred financing costs | 813 | 580 |
Other Loans, Full Recourse [Member] | ||
Deferred financing costs | 970 | 1,011 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Property, plant and equipment, net | 1,759,608 | 1,631,900 |
Construction-in-process | $ 100,184 | $ 142,717 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Total consolidated revenues | $ 178,299,000 | $ 179,364,000 | $ 362,322,000 | $ 369,262,000 |
Cost of revenues: | ||||
Cost of revenues | 120,837,000 | 108,871,000 | 231,488,000 | 224,359,000 |
Gross profit | 57,462,000 | 70,493,000 | 130,834,000 | 144,903,000 |
Operating expenses: | ||||
Research and development expenses | 1,251,000 | 1,050,000 | 2,359,000 | 1,652,000 |
Selling and marketing expenses | 3,712,000 | 4,090,000 | 7,411,000 | 8,453,000 |
General and administrative expenses | 15,866,000 | 12,201,000 | 29,719,000 | 22,150,000 |
Write-off of unsuccessful exploration activities | 0 | 0 | 119,000 | 0 |
Operating income | 36,633,000 | 53,152,000 | 91,226,000 | 112,648,000 |
Other income (expense): | ||||
Interest income | 189,000 | 362,000 | 302,000 | 606,000 |
Interest expense, net | (15,846,000) | (14,540,000) | (30,190,000) | (29,463,000) |
Derivatives and foreign currency transaction gains (losses) | (529,000) | 1,703,000 | (2,128,000) | 3,041,000 |
Income attributable to sale of tax benefits | 3,556,000 | 4,356,000 | 10,917,000 | 10,513,000 |
Other non-operating income (expense), net | 7,373,000 | 6,000 | 7,353,000 | (86,000) |
Income from continuing operations before income taxes and equity in losses of investees | 31,376,000 | 45,039,000 | 77,480,000 | 97,259,000 |
Income tax (provision) benefit | (29,105,000) | (32,765,000) | (2,163,000) | (43,769,000) |
Equity in earnings (losses) of investees, net | 388,000 | (428,000) | 1,598,000 | (2,027,000) |
Income from continuing operations | 2,659,000 | 11,846,000 | 76,915,000 | 51,463,000 |
Net income attributable to noncontrolling interest | (3,002,000) | (3,206,000) | (7,750,000) | (7,629,000) |
Net income attributable to the Company's stockholders | (343,000) | 8,640,000 | 69,165,000 | 43,834,000 |
Comprehensive income: | ||||
Net income | 2,659,000 | 11,846,000 | 76,915,000 | 51,463,000 |
Other comprehensive income (loss), net of related taxes: | ||||
Change in foreign currency translation adjustments | (2,496,000) | 1,461,000 | (968,000) | 1,539,000 |
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment | 529,000 | (916,000) | 3,163,000 | (347,000) |
Loss in respect of derivative instruments designated for cash flow hedge | 20,000 | 45,000 | 40,000 | 93,000 |
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (15,000) | (15,000) | (30,000) | (39,000) |
Comprehensive income | 697,000 | 12,421,000 | 79,120,000 | 52,709,000 |
Comprehensive income attributable to noncontrolling interest | (2,428,000) | (3,613,000) | (7,546,000) | (8,025,000) |
Comprehensive income attributable to the Company's stockholders | $ (1,731,000) | $ 8,808,000 | $ 71,574,000 | $ 44,684,000 |
Basic: | ||||
Net income (in dollars per share) | $ (0.01) | $ 0.17 | $ 1.37 | $ 0.88 |
Diluted: | ||||
Net income (in dollars per share) | $ (0.01) | $ 0.17 | $ 1.36 | $ 0.87 |
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: | ||||
Basic (in shares) | 50,623 | 49,771 | 50,618 | 49,726 |
Diluted (in shares) | 50,958 | 50,624 | 51,001 | 50,559 |
Dividend per share declared (in dollars per share) | $ 0.10 | $ 0.08 | $ 0.33 | $ 0.25 |
Electricity [Member] | ||||
Revenues: | ||||
Revenues | $ 122,179,000 | $ 110,896,000 | $ 254,668,000 | $ 226,672,000 |
Cost of revenues: | ||||
Cost of revenues | 81,236,000 | 63,196,000 | 154,718,000 | 129,232,000 |
Product [Member] | ||||
Revenues: | ||||
Revenues | 54,915,000 | 67,587,000 | 103,587,000 | 141,709,000 |
Cost of revenues: | ||||
Cost of revenues | 37,573,000 | 43,432,000 | 71,299,000 | 92,884,000 |
Other Revenue [Member] | ||||
Revenues: | ||||
Revenues | 1,205,000 | 881,000 | 4,067,000 | 881,000 |
Cost of revenues: | ||||
Cost of revenues | $ 2,028,000 | $ 2,243,000 | $ 5,471,000 | $ 2,243,000 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Guadeloupe [Member]Common Stock [Member] | Guadeloupe [Member]Additional Paid-in Capital [Member] | Guadeloupe [Member]Retained Earnings [Member] | Guadeloupe [Member]AOCI Attributable to Parent [Member] | Guadeloupe [Member]Parent [Member] | Guadeloupe [Member]Noncontrolling Interest [Member] | Guadeloupe [Member] | Tungsten [Member]Common Stock [Member] | Tungsten [Member]Additional Paid-in Capital [Member] | Tungsten [Member]Retained Earnings [Member] | Tungsten [Member]AOCI Attributable to Parent [Member] | Tungsten [Member]Parent [Member] | Tungsten [Member]Noncontrolling Interest [Member] | Tungsten [Member] | U.S. Geothermal [Member]Common Stock [Member] | U.S. Geothermal [Member]Additional Paid-in Capital [Member] | U.S. Geothermal [Member]Retained Earnings [Member] | U.S. Geothermal [Member]AOCI Attributable to Parent [Member] | U.S. Geothermal [Member]Parent [Member] | U.S. Geothermal [Member]Noncontrolling Interest [Member] | U.S. Geothermal [Member] | 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 | 5,343 | 5,343 | 5,343 | |||||||||||||||||||||||||
Exercise of options by employees and directors (in shares) | 243 | |||||||||||||||||||||||||||
Exercise of options by employees and directors | 785 | 785 | 785 | |||||||||||||||||||||||||
Cash paid to noncontrolling interest | (14,594) | (14,594) | ||||||||||||||||||||||||||
Cash dividend declared | (12,426) | (12,426) | (12,426) | |||||||||||||||||||||||||
Net income | 43,834 | 43,834 | 6,941 | 50,775 | ||||||||||||||||||||||||
Currency translation adjustment | 1,143 | 1,143 | 396 | 1,539 | ||||||||||||||||||||||||
Loss in respect of derivative instruments designated for cash flow hedge | 93 | 93 | 93 | |||||||||||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment (net of related tax of $0) | (347) | (347) | (347) | |||||||||||||||||||||||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (39) | (39) | (39) | |||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2017 | 49,910 | |||||||||||||||||||||||||||
Balance at Jun. 30, 2017 | $ 50 | 875,591 | 246,760 | (7,325) | 1,115,076 | 84,325 | 1,199,401 | |||||||||||||||||||||
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 | 3,823 | 3,823 | 3,823 | |||||||||||||||||||||||||
Exercise of options by employees and directors (in shares) | 21 | |||||||||||||||||||||||||||
Exercise of options by employees and directors | ||||||||||||||||||||||||||||
Cash paid to noncontrolling interest | (6,377) | (6,377) | ||||||||||||||||||||||||||
Cash dividend declared | (16,702) | (16,702) | (16,702) | |||||||||||||||||||||||||
Net income | 69,165 | 69,165 | 7,289 | 76,454 | ||||||||||||||||||||||||
Currency translation adjustment | (764) | (764) | (204) | (968) | ||||||||||||||||||||||||
Loss in respect of derivative instruments designated for cash flow hedge | 40 | 40 | 40 | |||||||||||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment (net of related tax of $0) | 3,163 | 3,163 | 3,163 | |||||||||||||||||||||||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (30) | (30) | (30) | |||||||||||||||||||||||||
Cumulative effect of changes in accounting principles at Dec. 31, 2017 | 25,635 | 25,635 | 25,635 | |||||||||||||||||||||||||
Increase in noncontrolling interest | $ 2,165 | $ 2,165 | $ 996 | $ 996 | $ 34,898 | $ 34,898 | ||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2018 | 50,630 | |||||||||||||||||||||||||||
Balance at Jun. 30, 2018 | $ 51 | $ 892,601 | $ 405,353 | $ (2,297) | $ 1,295,708 | $ 123,089 | $ 1,418,797 |
Consolidated Statements of Equ6
Consolidated Statements of Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Retained Earnings [Member] | ||
Cash dividend declared, per share (in dollars per share) | $ 0.33 | $ 0.25 |
Amortization of unrealized gains, tax | $ 18 | $ 24 |
Loss in respect of derivative instruments designated for cash flow hedge, related tax | $ 24 | |
Cash dividend declared, per share (in dollars per share) | $ 0.33 | $ 0.25 |
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment, tax. | $ 0 | $ 0 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 76,915,000 | $ 51,463,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 63,580,000 | 54,082,000 |
Accretion of asset retirement obligation | 1,068,000 | 919,000 |
Stock-based compensation | 3,823,000 | 5,343,000 |
Amortization of deferred lease income | (1,342,000) | (1,343,000) |
Income attributable to sale of tax benefits, net of interest expense | (8,303,000) | (6,844,000) |
Equity in losses (earnings) of investees | (1,598,000) | 2,027,000 |
Mark-to-market of derivative instruments | 1,499,000 | (2,462,000) |
Loss on disposal of property, plant and equipment | 4,942,000 | |
Write-off of unsuccessful exploration activities | 119,000 | 0 |
Gain on severance pay fund asset | 721,000 | (1,537,000) |
Deferred income tax provision and deferred charges | (5,060,000) | 34,771,000 |
Liability for unrecognized tax benefits | 747,000 | 395,000 |
Deferred lease revenues | (205,000) | (182,000) |
Proceeds from insurance recoveries | (7,150,000) | |
Changes in operating assets and liabilities, net of amounts acquired: | ||
Receivables | 2,977,000 | (625,000) |
Costs and estimated earnings in excess of billings on uncompleted contracts | (5,628,000) | (7,703,000) |
Inventories | (981,000) | (103,000) |
Prepaid expenses and other | 433,000 | 1,820,000 |
Deposits and other | 6,000 | 652,000 |
Accounts payable and accrued expenses | (54,183,000) | (4,636,000) |
Billings in excess of costs and estimated earnings on uncompleted contracts | 4,105,000 | 14,056,000 |
Liabilities for severance pay | (982,000) | 2,425,000 |
Other long-term liabilities | (243,000) | (248,000) |
Net cash provided by operating activities | 67,050,000 | 114,158,000 |
Cash flows from investing activities: | ||
Capital expenditures | (139,125,000) | (116,015,000) |
Investment in unconsolidated companies | (3,800,000) | (27,412,000) |
Cash paid for acquisition of controlling interest in a subsidiary, net of cash acquired | (95,093,000) | (35,300,000) |
Proceeds from insurance recoveries related to destroyed equipment | 1,488,000 | |
Decrease (increase) in severance pay fund asset, net of payments made to retired employees | 340,000 | (130,000) |
Net cash used in investing activities | (236,190,000) | (178,857,000) |
Cash flows from financing activities: | ||
Proceeds from long-term loans, net of transaction costs | 100,000,000 | |
Proceeds from exercise of options by employees | 785,000 | |
Proceeds from the sale of limited liability company interest in Tungsten, net of transaction costs | 4,134,000 | 2,017,000 |
Proceeds from revolving credit lines with banks | 1,791,400,000 | 437,500,000 |
Repayment of revolving credit lines with banks | (1,684,300,000) | (407,500,000) |
Repayments of long-term debt | (28,264,000) | (33,177,000) |
Cash paid to noncontrolling interest | (8,030,000) | (14,594,000) |
Payments of capital leases | (972,000) | (751,000) |
Deferred debt issuance costs | (1,428,000) | (3,731,000) |
Cash dividends paid | (16,702,000) | (12,426,000) |
Net cash provided by (used in) financing activities | 188,241,000 | (31,877,000) |
Net change in cash and cash equivalents and restricted cash and cash equivalents | 19,101,000 | (96,576,000) |
Restricted cash and cash equivalents acquired in a business combination | 26,993,000 | |
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period | 96,643,000 | 264,476,000 |
Cash and cash equivalents and restricted cash and cash equivalents at end of period | 142,737,000 | 167,900,000 |
Supplemental non-cash investing and financing activities: | ||
Increase (decrease) in accounts payable related to purchases of property, plant and equipment | (6,202,000) | 2,338,000 |
Accrued liabilities related to financing activities | 1,979,000 | |
Tungsten [Member] | ||
Cash flows from financing activities: | ||
Proceeds from the sale of limited liability company interest in Tungsten, net of transaction costs | $ 32,403,000 |
Note 1 - General and Basis of P
Note 1 - General and Basis of Presentation | 6 Months Ended |
Jun. 30, 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 June 30, 2018, three six June 30, 2018 2017 six June 30, 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 six June 30, 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. Tungsten Mountain partnership transaction On May 17, 2018, one 26 $33.4 $13 Under the agreements, prior to the December 31, 2026 ( 97.5% 95.0% On the Target Flip Date, Ormat Nevada has the option to purchase the private investor’s interests at the then-current fair market value, plus an amount that may Puna On May 3, 2018, 38 three $4.9 second 2018. $7.2 $102.2 U.S. Geothermal (“USG”) transaction On April 24, 2018, $110 $106 $4 • three 38 • development assets which include a project at the Geysers, California; a second As a result of the acquisition, the Company expanded its overall generation capacity and expects to improve the profitability of the purchased assets through cost reduction and synergies. The Company accounted for the transaction in accordance with Accounting Standard Codification ASC 805, 810, may one 2017 01, 2 not The Company deemed the transaction to not not The following table summarizes the fair value amounts of identified assets and liabilities assumed as of the transaction date (in millions): Cash and cash equivalents and restricted cash $ 37.9 Working capital (8.2 ) Property, plant and equipment and construction-in-process 77.3 Intangible assets (1) 127.0 Deferred tax liability (4.9 ) Long-term term debt, net of deferred transaction costs (98.3 ) Asset retirement obligation (9.0 ) Total identifiable assets and liabilities acquired $ 121.8 Goodwill (2) $ 19.3 ( 1 Intangible assets are primarily related to long-term electricity power purchase agreements and depreciated over an average of 19 ( 2 Goodwill is primarily related to the expected synergies in operation as a result of the purchase transaction and is allocated to the Electricity segment. The fair value of the noncontrolling interest of $34.9 40% 20 9%. Total Electricity segment revenues and operating losses related to the three $3.4 $4.2 three six June 30, 2018. January 1, 2017: Pro forma for the six months ended June 30, 2018 Pro forma for the six months ended June 30, 2017 Pro forma for the three months ended June 30, 2018 Pro forma for the three months ended June 30, 2017 (Dollars in thousands) Electricity revenues $ 265,965 $ 241,420 $ 125,003 $ 117,207 Total revenues 373,619 384,010 181,123 185,675 Operating profit 89,219 114,753 36,200 53,238 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 June 30, 2018 Other comprehensive income For the six June 30, 2018 2017, $10,000 $54,000, $15,000 $30,000, $5,000 24,000 three June 30, 2018 2017, $5,000 $30,000, $6,000 $20,000, $1,000 10,000 June 30, 2018 $1.0 Write-offs of unsuccessful exploration activities Write-offs of unsuccessful exploration activities for the three six June 30, 2018 $0 $0.1 no three six June 30, 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: June 30, December 31, 2018 2017 (Dollars in thousands) Cash and cash equivalents $ 66,696 $ 47,818 Restricted cash and cash equivalents 76,041 48,825 Total Cash and cash equivalents and restricted cash and cash equivalents $ 142,737 $ 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 (“U.S.”) and in foreign countries. At June 30, 2018 December 31, 2017, $21.6 $21.2 eight $250,000 June 30, 2018 December 31, 2017, $59.8 $32.8 At June 30, 2018 December 31, 2017, $83.2 $78.1 June 30, 2018 December 31, 2017, 55% 57% Sierra Pacific Power Company and Nevada Power Company (subsidiaries of NV Energy, Inc.) accounted for 17.0% 16.7% three June 30, 2018 2017, 16.7% 17.8% six June 30, 2018 2017, Southern California Public Power Authority (“SCPPA”) accounted for 14.9% 8.7% three June 30, 2018 2017, 15.6% 8.9% six June 30, 2018 2017. Kenya Power and Lighting Co. Ltd. accounted for 16.6% 15.4% three June 30, 2018 2017, 15.8% 14.8% six June 30, 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 | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 2 New accounting pronouncements effective in the six June 30, 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 customers. 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 three six June 30, 2018 2017. Contract Assets and Liabilities related to our Product segment: Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. We receive payments from customers based on the terms established in our contracts. Total contract assets and contract liabilities as of June 30, 2018 December 31, 2017 June 30, December 31, 2018 2017 (Dollars in thousands) Contract assets (*) $ 46,573 $ 40,945 Contract liabilities (*) (16,136 ) (20,241 ) Contract assets, net $ 30,437 $ 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 six June 30, 2018: Contract assets Contract liabilities (Dollars in thousands) Recognition of contract liabilities as revenue as a result of performance obligations satisfied $ - $ 11,094 Cash received in advance for which revenues have not yet recognized, net expenditures made - (12,901 ) Reduction of contract assets as a result of rights to consideration becoming unconditional (59,634 ) - Contract assets recognized, net of recognized receivables 71,174 - Net change in contract assets and contract liabilities 11,540 (1,807 ) The timing of revenue recognition, billings and cash collections results in accounts receivable, contract assets and contract liabilities on the condensed 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 June 30, 2018, $229.0 not 96% 24 The following schedule reconciles revenues accounted for under ASC 840, 606, three six June 30, 2018: Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 (Dollars in thousands) (Dollars in thousands) Electricity revenues accounted under ASC 840, Leases $ 116,914 $ 242,745 Electricity, Product and Other revenues accounted under ASC 606 61,385 119,577 Total consolidated revenues $ 178,299 $ 362,322 Disaggregated revenues from contracts with customers for the three six June 30, 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 six June 30, 2018: Three months ended June 30, 2018 under previous standard Effect of the New Revenue Standard As reported for the three months ended June 30, 2018 (Dollars in thousands) Equity in earnings (losses) of investees, net $ (3,237 ) $ 3,625 $ 388 Income from continuing operations (966 ) 3,625 2,659 Net income attributable to the Company’s stockholders (3,968 ) 3,625 (343 ) Retained earnings 401,728 3,625 405,353 Six months ended June 30, 2018 under previous standard Effect of the New Revenue Standard As reported for the six months ended June 30, 2018 (Dollars in thousands) Equity in earnings (losses) of investees, net $ (1,293 ) $ 2,891 $ 1,598 Income from continuing operations 74,024 2,891 76,915 Net income attributable to the Company’s stockholders 66,274 2,891 69,165 Retained earnings 402,462 2,891 405,353 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 | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 — INVENTORIES Inventories consist of the following: June 30, December 31, 2018 2017 (Dollars in thousands) Raw materials and purchased parts for assembly $ 26,919 $ 12,007 Self-manufactured assembly parts and finished products 9,777 7,544 Total $ 36,696 $ 19,551 |
Note 4 - Investment in an Uncon
Note 4 - Investment in an Unconsolidated Company | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 4 INVESTMENT IN AN UNCONSOLIDATED COMPANY Unconsolidated investments consist of the following: June 30, December 31, 2018 2017 (Dollars in thousands) Sarulla $ 66,551 $ 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 six June 30, 2018, $23.1 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 six June 30, 2018 $4.2 $24.8 $0.5 $3.2 three six June 30, 2017 $7.2 $2.7 $0.9 $0.3 June 30, 2018 $1.9 During the three six June 30, 2018, $2.5 $3.8 $62.0 As further described above under the heading “New accounting pronouncement effective in the six June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2018 December 31, 2017 June 30, 2018 Fair Value Carrying Value at June 30, 2018 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 19,069 $ 19,069 $ 19,069 $ — $ — Derivatives: Contingent receivable (1) 106 106 — — 106 Liabilities: Current liabilities: Derivatives: Contingent payables (1) (13,808 ) (13,808 ) — — (13,808 ) Currency forward contracts (2) (507 ) (507 ) — (507 ) — $ 4,860 $ 4,860 $ 19,069 $ (507 ) $ (13,702 ) 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 to 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 June 30, 2018 December 31, 2017 second 2018 ( 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 June 30, 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 as hedging instruments Location of recognized gain (loss) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Put options on natural gas price Derivatives and foreign transaction gains (losses) — (48 ) — (241 ) Contingent considerations Derivative and foreign transaction gains (losses) — (45 ) — (95 ) Currency forward contracts Derivative and foreign and transaction gains (losses) (911 ) 1,457 (1,457 ) 3,719 $ (911 ) $ 1,364 $ (1,457 ) $ 3,383 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 six June 30, 2018. The fair value of the Company’s long-term debt approximates its carrying amount, except for the following: Fair Value Carrying Amount June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 (Dollars in millions) (Dollars in millions) Olkaria III Loan - OPIC 219.6 234.6 219.6 228.6 Olkaria IV Loan - DEG 2 49.5 50.7 50.0 50.0 Amatitlan Loan 31.7 32.8 31.5 33.3 Senior Secured Notes: OrCal Geothermal Inc. ("OrCal") 28.7 34.2 27.3 32.1 OFC 2 LLC ("OFC 2") 219.2 234.6 224.2 232.5 Don A. Campbell 1 ("DAC 1") 79.9 85.5 85.3 88.3 USG Prudential - NV 29.7 — 28.3 — USG Prudential - ID 18.6 — 18.9 — USG DOE 49.0 — 53.0 — Senior Unsecured Bonds 198.1 200.3 204.3 204.3 Senior Unsecured Loan 101.3 — 100.0 — Other long-term debt 5.4 7.0 6.4 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 June 30, 2018: Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III - OPIC — — 219.6 219.6 Olkaria IV - DEG 2 — — 49.5 49.5 Amatitlan Loan — 31.7 — 31.7 Senior Secured Notes: OrCal Senior Secured Notes — — 28.7 28.7 OFC 2 Senior Secured Notes — — 219.2 219.2 DAC 1 Senior Secured Notes — — 79.9 79.9 USG Prudential - NV — — 29.7 29.7 USG Prudential - ID — — 18.6 18.6 USG DOE — — 49.0 49.0 Senior Unsecured Bonds — — 198.1 198.1 Senior Unsecured Loan — — 101.3 101.3 Other long-term debt — — 5.4 5.4 Revolving lines of credit — 158.6 — 158.6 Deposits 19.3 — — 19.3 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 | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 6 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 May 2018 2018 “2018 2012 The 201 8 Incentive Compensation Plan On May 7, 2018, 2018 2018 2018 2018 5,000,000 2018 50% second 25% third fourth 2018 100% first six ten 2018 On May 8, 2018, 295,671 40,489 one 2018 $55.16, five 100% 22% first second 28% third fourth The fair value of each SAR for the director and the CEO on the grant date was $14.56 $14.57, $54.92 $54.23, Risk-free interest rate 2.84 % Expected life (in years) 5.5 Dividend yield 0.79 % Expected volatility 25.24 % Forfeiture rate 0.0 % Sub-Optimal Exercise Factor 2.5 On June 25, 2018, 838,117 19,848 2018 $53.44, six 50% second 25% third fourth The fair value of each SAR for the employees and members of senior management on the grant date was $13.82 $14.64, $52.03 $52.09, Risk-free interest rate 2.79 % Expected life (in years) 6 Dividend yield 0.92 % Expected volatility 25.64 % Forfeiture rate for employees 2.78 % Forfeiture rate for members of the senior management 0.0 % Sub-Optimal Exercise Factor for employees 2.0 Sub-Optimal Exercise Factor for members of the senior management 2.8 |
Note 7 - Interest Expense, Net
Note 7 - Interest Expense, Net | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Interest Expense Disclosure [Text Block] | NOTE 7 — INTEREST EXPENSE, NET The components of interest expense are as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Interest related to sale of tax benefits $ 1,761 $ 1,849 $ 3,170 $ 3,861 Interest expense 15,421 14,146 28,727 28,321 Less — amount capitalized (1,336 ) (1,455 ) (1,707 ) (2,719 ) $ 15,846 $ 14,540 $ 30,190 $ 29,463 |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Weighted average number of shares used in computation of basic earnings per share 50,623 49,771 50,618 49,726 Add: Additional shares from the assumed exercise of employee stock options 335 853 383 833 Weighted average number of shares used in computation of diluted earnings per share 50,958 50,624 51,001 50,559 The number of stock-based awards that could potentially dilute future earnings per share and that were not 232,925 2,363 three June 30, 2018 2017, 223,708 2,430 six June 30, 2018 2017, |
Note 9 - Business Segments
Note 9 - Business Segments | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 9 In 2018, 280, 2018 three 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 June 30, 2018: Revenues from external customers: United States (1) $ 73,139 $ 27 $ 1,205 $ 74,371 Foreign (2) 49,040 54,888 — 103,928 Net revenue from external customers 122,179 54,915 1,205 178,299 Intersegment revenue — 11,453 — 11,453 Operating income 27,462 10,761 (1,590 ) 36,633 Segment assets at period end (3) (*) 2,805,182 125,572 63,395 2,994,149 * Including unconsolidated investments 66,551 — — 66,551 Three Months Ended June 30, 2017: Net revenue from external customers $ 110,896 $ 67,587 881 179,364 Intersegment revenue — 16,565 — 16,565 Operating income 38,014 17,035 (1,897 ) 53,152 Segment assets at period end (3) (*) 2,273,503 187,015 50,115 2,510,633 * Including unconsolidated investments 13,957 — — 13,957 Six Months Ended June 30, 2018: Revenues from external customers: United States (1) $ 156,822 $ 221 $ 4,067 $ 161,110 Foreign (2) 97,846 103,366 — 201,212 Net revenues from external customers 254,668 103,587 4,067 362,322 Intersegment revenues — 36,280 — 36,280 Operating income 73,874 20,314 (2,962 ) 91,226 Segment assets at period end (3) (*) 2,805,182 125,572 63,395 2,994,149 * Including unconsolidated investments 66,551 — — 66,551 Six Months Ended June 30, 2017: Net revenues from external customers $ 226,672 $ 141,709 $ 881 $ 369,262 Intersegment revenues — 32,778 — 32,778 Operating income 78,912 35,633 (1,897 ) 112,648 Segment assets at period end (3) (*) 2,273,503 187,015 50,115 2,510,633 * Including unconsolidated investments 13,957 — — 13,957 ( 1 Electricity segment revenues in the United States are all accounted under ASC 840, $5.3 $11.9 three six June 30, 2018 606 2018. 606, 2 ( 2 Electricity segment revenues in foreign countries are all accounted under ASC 840, 606 2 ( 3 Electricity segment assets include goodwill in the amount of $26.7 $6.6 June 30, 2018 2017, $13.5 June 30, 2018 2017. Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Revenue: Total segment revenue $ 178,299 $ 179,364 $ 362,322 $ 369,262 Intersegment revenue 11,453 16,565 36,280 32,778 Elimination of intersegment revenue (11,453 ) (16,565 ) (36,280 ) (32,778 ) Total consolidated revenue $ 178,299 $ 179,364 $ 362,322 $ 369,262 Operating income: Operating income $ 36,633 $ 53,152 $ 91,226 $ 112,648 Interest income 189 362 302 606 Interest expense, net (15,846 ) (14,540 ) (30,190 ) (29,463 ) Derivatives and foreign currency transaction gains (losses) (529 ) 1,703 (2,128 ) 3,041 Income attributable to sale of tax benefits 3,556 4,356 10,917 10,513 Other non-operating income (expense), net 7,373 6 7,353 (86 ) Total consolidated income before income taxes and equity in income of investees $ 31,376 $ 45,039 $ 77,480 $ 97,259 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 ● Following the announcement of the Company’s acquisition of 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). May 24, 2018 ● On February 18, 2018, January 16, 2018 2 January 2018 3 ● On August 5, 2016, December 12, 2016, August 2014. June 14, 2017, March 25, 2017. June 19, 2018, third third no ● On March 29, 2016, 27th $4.6 3.75% 10 11th ● 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, 11 August 3, 2017 May 13, 2018. 31 1 38C 1 2017 2 May 16, 2018, May 11, 2018 2017 ● 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 | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 11 The Company’s effective tax rate expense (benefit) for the three June 30, 2018 2017 92.8% 72.7%, 2.8% 45.0% six June 30, 2018 2017, 21% six June 30, 2018 37.5% 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 June 30, 2018, December 31, 2017, The Company continues to analyze specific provisions of the Act, including the newly created requirement that GILTI earned by controlled foreign corporations (CFCs) must be included currently in gross income of the CFC’s U.S. shareholder. In the second 2018, March 31, 2018 $27.5 $44.4 March 31, 2018. The U.S. Department of the Treasury and the IRS recently published proposed regulations under IRC Section 965 December 31, 2017. 2017, December 22, 2017. |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12 Cash dividend On August 7, 2018 $5.1 $0.10 August 21, 2018 August 29, 2018 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
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 June 30, 2018 |
Comprehensive Income, Policy [Policy Text Block] | Other comprehensive income For the six June 30, 2018 2017, $10,000 $54,000, $15,000 $30,000, $5,000 24,000 three June 30, 2018 2017, $5,000 $30,000, $6,000 $20,000, $1,000 10,000 June 30, 2018, $1.0 |
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 six June 30, 2018 $0 $0.1 no three six June 30, 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: June 30, December 31, 2018 2017 (Dollars in thousands) Cash and cash equivalents $ 66,696 $ 47,818 Restricted cash and cash equivalents 76,041 48,825 Total Cash and cash equivalents and restricted cash and cash equivalents $ 142,737 $ 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 (“U.S.”) and in foreign countries. At June 30, 2018 December 31, 2017, $21.6 $21.2 eight $250,000 June 30, 2018 December 31, 2017, $59.8 $32.8 At June 30, 2018 December 31, 2017, $83.2 $78.1 June 30, 2018 December 31, 2017, 55% 57% Sierra Pacific Power Company and Nevada Power Company (subsidiaries of NV Energy, Inc.) accounted for 17.0% 16.7% three June 30, 2018 2017, 16.7% 17.8% six June 30, 2018 2017, Southern California Public Power Authority (“SCPPA”) accounted for 14.9% 8.7% three June 30, 2018 2017, 15.6% 8.9% six June 30, 2018 2017. Kenya Power and Lighting Co. Ltd. accounted for 16.6% 15.4% three June 30, 2018 2017, 15.8% 14.8% six June 30, 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 six June 30, 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 customers. 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 three six June 30, 2018 2017. Contract Assets and Liabilities related to our Product segment: Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. We receive payments from customers based on the terms established in our contracts. Total contract assets and contract liabilities as of June 30, 2018 December 31, 2017 June 30, December 31, 2018 2017 (Dollars in thousands) Contract assets (*) $ 46,573 $ 40,945 Contract liabilities (*) (16,136 ) (20,241 ) Contract assets, net $ 30,437 $ 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 six June 30, 2018: Contract assets Contract liabilities (Dollars in thousands) Recognition of contract liabilities as revenue as a result of performance obligations satisfied $ - $ 11,094 Cash received in advance for which revenues have not yet recognized, net expenditures made - (12,901 ) Reduction of contract assets as a result of rights to consideration becoming unconditional (59,634 ) - Contract assets recognized, net of recognized receivables 71,174 - Net change in contract assets and contract liabilities 11,540 (1,807 ) The timing of revenue recognition, billings and cash collections results in accounts receivable, contract assets and contract liabilities on the condensed 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 June 30, 2018, $229.0 not 91% 24 The following schedule reconciles revenues accounted for under ASC 840, 606, three six June 30, 2018: Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 (Dollars in thousands) (Dollars in thousands) Electricity Revenues accounted under ASC 840, Leases $ 118,984 $ 246,812 Electricity, Product and Other revenues accounted under ASC 606 59,315 115,510 Total consolidated revenues $ 178,299 $ 362,322 Disaggregated revenues from contracts with customers for the three six June 30, 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 June 30, 2018: 2018, under previous standard Effect of the New Revenue Standard 2018, as reported (Dollars in thousands) Equity in earnings of investees, net $ 2,332 $ (734 ) $ 1,598 Income from continuing operations 74,990 (734 ) 94,356 Net income attributable to the Company’s stockholders 70,242 (734 ) 86,606 Retained earnings 411,492 (734 ) 422,794 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) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash and cash equivalents and restricted cash $ 37.9 Working capital (8.2 ) Property, plant and equipment and construction-in-process 77.3 Intangible assets (1) 127.0 Deferred tax liability (4.9 ) Long-term term debt, net of deferred transaction costs (98.3 ) Asset retirement obligation (9.0 ) Total identifiable assets and liabilities acquired $ 121.8 Goodwill (2) $ 19.3 |
Business Acquisition, Pro Forma Information [Table Text Block] | Pro forma for the six months ended June 30, 2018 Pro forma for the six months ended June 30, 2017 Pro forma for the three months ended June 30, 2018 Pro forma for the three months ended June 30, 2017 (Dollars in thousands) Electricity revenues $ 265,965 $ 241,420 $ 125,003 $ 117,207 Total revenues 373,619 384,010 181,123 185,675 Operating profit 89,219 114,753 36,200 53,238 |
Schedule of Cash and Cash Equivalents [Table Text Block] | June 30, December 31, 2018 2017 (Dollars in thousands) Cash and cash equivalents $ 66,696 $ 47,818 Restricted cash and cash equivalents 76,041 48,825 Total Cash and cash equivalents and restricted cash and cash equivalents $ 142,737 $ 96,643 |
Note 2 - New Accounting Prono22
Note 2 - New Accounting Pronouncements (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2018 Six Months Ended June 30, 2018 (Dollars in thousands) (Dollars in thousands) Electricity revenues accounted under ASC 840, Leases $ 116,914 $ 242,745 Electricity, Product and Other revenues accounted under ASC 606 61,385 119,577 Total consolidated revenues $ 178,299 $ 362,322 Three months ended June 30, 2018 under previous standard Effect of the New Revenue Standard As reported for the three months ended June 30, 2018 (Dollars in thousands) Equity in earnings (losses) of investees, net $ (3,237 ) $ 3,625 $ 388 Income from continuing operations (966 ) 3,625 2,659 Net income attributable to the Company’s stockholders (3,968 ) 3,625 (343 ) Retained earnings 401,728 3,625 405,353 Six months ended June 30, 2018 under previous standard Effect of the New Revenue Standard As reported for the six months ended June 30, 2018 (Dollars in thousands) Equity in earnings (losses) of investees, net $ (1,293 ) $ 2,891 $ 1,598 Income from continuing operations 74,024 2,891 76,915 Net income attributable to the Company’s stockholders 66,274 2,891 69,165 Retained earnings 402,462 2,891 405,353 |
Contract with Customer, Asset and Liability [Table Text Block] | June 30, December 31, 2018 2017 (Dollars in thousands) Contract assets (*) $ 46,573 $ 40,945 Contract liabilities (*) (16,136 ) (20,241 ) Contract assets, net $ 30,437 $ 20,704 Contract assets Contract liabilities (Dollars in thousands) Recognition of contract liabilities as revenue as a result of performance obligations satisfied $ - $ 11,094 Cash received in advance for which revenues have not yet recognized, net expenditures made - (12,901 ) Reduction of contract assets as a result of rights to consideration becoming unconditional (59,634 ) - Contract assets recognized, net of recognized receivables 71,174 - Net change in contract assets and contract liabilities 11,540 (1,807 ) |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, 2018 2017 (Dollars in thousands) Raw materials and purchased parts for assembly $ 26,919 $ 12,007 Self-manufactured assembly parts and finished products 9,777 7,544 Total $ 36,696 $ 19,551 |
Note 4 - Investment in an Unc24
Note 4 - Investment in an Unconsolidated Company (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | June 30, December 31, 2018 2017 (Dollars in thousands) Sarulla $ 66,551 $ 34,084 |
Note 5 - Fair Value of Financ25
Note 5 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2018 Fair Value Carrying Value at June 30, 2018 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 19,069 $ 19,069 $ 19,069 $ — $ — Derivatives: Contingent receivable (1) 106 106 — — 106 Liabilities: Current liabilities: Derivatives: Contingent payables (1) (13,808 ) (13,808 ) — — (13,808 ) Currency forward contracts (2) (507 ) (507 ) — (507 ) — $ 4,860 $ 4,860 $ 19,069 $ (507 ) $ (13,702 ) 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 as hedging instruments Location of recognized gain (loss) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Put options on natural gas price Derivatives and foreign transaction gains (losses) — (48 ) — (241 ) Contingent considerations Derivative and foreign transaction gains (losses) — (45 ) — (95 ) Currency forward contracts Derivative and foreign and transaction gains (losses) (911 ) 1,457 (1,457 ) 3,719 $ (911 ) $ 1,364 $ (1,457 ) $ 3,383 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair Value Carrying Amount June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 (Dollars in millions) (Dollars in millions) Olkaria III Loan - OPIC 219.6 234.6 219.6 228.6 Olkaria IV Loan - DEG 2 49.5 50.7 50.0 50.0 Amatitlan Loan 31.7 32.8 31.5 33.3 Senior Secured Notes: OrCal Geothermal Inc. ("OrCal") 28.7 34.2 27.3 32.1 OFC 2 LLC ("OFC 2") 219.2 234.6 224.2 232.5 Don A. Campbell 1 ("DAC 1") 79.9 85.5 85.3 88.3 USG Prudential - NV 29.7 — 28.3 — USG Prudential - ID 18.6 — 18.9 — USG DOE 49.0 — 53.0 — Senior Unsecured Bonds 198.1 200.3 204.3 204.3 Senior Unsecured Loan 101.3 — 100.0 — Other long-term debt 5.4 7.0 6.4 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 — — 219.6 219.6 Olkaria IV - DEG 2 — — 49.5 49.5 Amatitlan Loan — 31.7 — 31.7 Senior Secured Notes: OrCal Senior Secured Notes — — 28.7 28.7 OFC 2 Senior Secured Notes — — 219.2 219.2 DAC 1 Senior Secured Notes — — 79.9 79.9 USG Prudential - NV — — 29.7 29.7 USG Prudential - ID — — 18.6 18.6 USG DOE — — 49.0 49.0 Senior Unsecured Bonds — — 198.1 198.1 Senior Unsecured Loan — — 101.3 101.3 Other long-term debt — — 5.4 5.4 Revolving lines of credit — 158.6 — 158.6 Deposits 19.3 — — 19.3 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 Compensa26
Note 6 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Share-based Payment Award, Equity Awards Other than Options, Valuation Assumptions [Table Text Block] | Risk-free interest rate 2.84 % Expected life (in years) 5.5 Dividend yield 0.79 % Expected volatility 25.24 % Forfeiture rate 0.0 % Sub-Optimal Exercise Factor 2.5 Risk-free interest rate 2.79 % Expected life (in years) 6 Dividend yield 0.92 % Expected volatility 25.64 % Forfeiture rate for employees 2.78 % Forfeiture rate for members of the senior management 0.0 % Sub-Optimal Exercise Factor for employees 2.0 Sub-Optimal Exercise Factor for members of the senior management 2.8 |
Note 7 - Interest Expense, Net
Note 7 - Interest Expense, Net (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Interest related to sale of tax benefits $ 1,761 $ 1,849 $ 3,170 $ 3,861 Interest expense 15,421 14,146 28,727 28,321 Less — amount capitalized (1,336 ) (1,455 ) (1,707 ) (2,719 ) $ 15,846 $ 14,540 $ 30,190 $ 29,463 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Weighted average number of shares used in computation of basic earnings per share 50,623 49,771 50,618 49,726 Add: Additional shares from the assumed exercise of employee stock options 335 853 383 833 Weighted average number of shares used in computation of diluted earnings per share 50,958 50,624 51,001 50,559 |
Note 9 - Business Segments (Tab
Note 9 - Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Electricity Product Other Consolidated (Dollars in thousands) Three Months Ended June 30, 2018: Revenues from external customers: United States (1) $ 73,139 $ 27 $ 1,205 $ 74,371 Foreign (2) 49,040 54,888 — 103,928 Net revenue from external customers 122,179 54,915 1,205 178,299 Intersegment revenue — 11,453 — 11,453 Operating income 27,462 10,761 (1,590 ) 36,633 Segment assets at period end (3) (*) 2,805,182 125,572 63,395 2,994,149 * Including unconsolidated investments 66,551 — — 66,551 Three Months Ended June 30, 2017: Net revenue from external customers $ 110,896 $ 67,587 881 179,364 Intersegment revenue — 16,565 — 16,565 Operating income 38,014 17,035 (1,897 ) 53,152 Segment assets at period end (3) (*) 2,273,503 187,015 50,115 2,510,633 * Including unconsolidated investments 13,957 — — 13,957 Six Months Ended June 30, 2018: Revenues from external customers: United States (1) $ 156,822 $ 221 $ 4,067 $ 161,110 Foreign (2) 97,846 103,366 — 201,212 Net revenues from external customers 254,668 103,587 4,067 362,322 Intersegment revenues — 36,280 — 36,280 Operating income 73,874 20,314 (2,962 ) 91,226 Segment assets at period end (3) (*) 2,805,182 125,572 63,395 2,994,149 * Including unconsolidated investments 66,551 — — 66,551 Six Months Ended June 30, 2017: Net revenues from external customers $ 226,672 $ 141,709 $ 881 $ 369,262 Intersegment revenues — 32,778 — 32,778 Operating income 78,912 35,633 (1,897 ) 112,648 Segment assets at period end (3) (*) 2,273,503 187,015 50,115 2,510,633 * Including unconsolidated investments 13,957 — — 13,957 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Revenue: Total segment revenue $ 178,299 $ 179,364 $ 362,322 $ 369,262 Intersegment revenue 11,453 16,565 36,280 32,778 Elimination of intersegment revenue (11,453 ) (16,565 ) (36,280 ) (32,778 ) Total consolidated revenue $ 178,299 $ 179,364 $ 362,322 $ 369,262 Operating income: Operating income $ 36,633 $ 53,152 $ 91,226 $ 112,648 Interest income 189 362 302 606 Interest expense, net (15,846 ) (14,540 ) (30,190 ) (29,463 ) Derivatives and foreign currency transaction gains (losses) (529 ) 1,703 (2,128 ) 3,041 Income attributable to sale of tax benefits 3,556 4,356 10,917 10,513 Other non-operating income (expense), net 7,373 6 7,353 (86 ) Total consolidated income before income taxes and equity in income of investees $ 31,376 $ 45,039 $ 77,480 $ 97,259 |
Note 1 - General and Basis of30
Note 1 - General and Basis of Presentation (Details Textual) | May 17, 2018USD ($) | Apr. 24, 2018USD ($)MWh | Mar. 22, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | May 03, 2018USD ($) |
Insured Event, Gain (Loss) | $ 7,150,000 | ||||||||
Property, Plant and Equipment, Net, Ending Balance | $ 1,840,558,000 | 1,840,558,000 | $ 1,734,691,000 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 5,000,000 | $ 30,000,000 | 10,000,000 | 54,000,000 | |||||
Interest Expense, Total | 15,846,000 | 14,540,000 | 30,190,000 | 29,463,000 | |||||
Income Tax Expense (Benefit), Total | 29,105,000 | 32,765,000 | 2,163,000 | 43,769,000 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | (2,297,000) | (2,297,000) | (4,706,000) | ||||||
Exploration Abandonment and Impairment Expense | 0 | $ 0 | 119,000 | $ 0 | |||||
Accounts Receivable, Net, Current, Total | $ 109,061,000 | 109,061,000 | $ 110,410,000 | ||||||
Provision for Doubtful Accounts | $ 0 | ||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member] | |||||||||
Concentration Risk, Percentage | 55.00% | 57.00% | |||||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Sierra Pacific Power Company And Nevada Power Company [Member] | |||||||||
Concentration Risk, Percentage | 17.00% | 16.70% | 16.70% | 17.80% | |||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Southern California Public Power Authority [Member] | |||||||||
Concentration Risk, Percentage | 14.90% | 8.70% | 15.60% | 8.90% | |||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Kenya Power and Lighting Co LTD [Member] | |||||||||
Concentration Risk, Percentage | 16.60% | 15.40% | 15.80% | 14.80% | |||||
UNITED STATES | |||||||||
Cash, Cash Equivalents, and Short-term Investments, Total | $ 21,600,000 | $ 21,600,000 | $ 21,200,000 | ||||||
Foreign Countries [Member] | |||||||||
Cash, Cash Equivalents, and Short-term Investments, Total | 59,800,000 | 59,800,000 | 32,800,000 | ||||||
Accounts Receivable, Net, Current, Total | 83,200,000 | 83,200,000 | $ 78,100,000 | ||||||
Other Comprehensive Income (Loss) [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | 1,000,000 | 1,000,000 | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||
Interest Expense, Total | 6,000,000 | $ 20,000,000 | (15,000,000) | $ (30,000,000) | |||||
Income Tax Expense (Benefit), Total | (1,000,000) | $ 10,000,000 | 5,000,000 | $ 24,000,000 | |||||
Migdal Loan [Member] | |||||||||
Debt Instrument, Face Amount | $ 100,000,000 | ||||||||
Debt Instrument, Periodic Payment, Total | 4,200,000 | ||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 37,000,000 | ||||||||
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 | $ 650,000,000 | ||||||||
Stockholders Equity to Total Assets, Ratio | 25.00% | ||||||||
Stockholders Equity, Debt Covenant, Minimum Threshold to Pay Dividends | $ 800,000,000 | ||||||||
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% | ||||||||
U.S. Geothermal [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 110,000,000 | ||||||||
Current Power Generation | MWh | 38 | ||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 3,400,000 | 3,400,000 | |||||||
Business Acquisition, Pro Forma Operating Income (Loss) since Acquisition Date, Actual | (4,200,000) | $ (4,200,000) | |||||||
U.S. Geothermal [Member] | Neal Hot Springs [Member] | |||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 34,900,000 | ||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Percent | 40.00% | ||||||||
U.S. Geothermal [Member] | Neal Hot Springs [Member] | Measurement Input, Expected Term [Member] | |||||||||
Noncontrolling Interest, Measurement Input | 20 | ||||||||
U.S. Geothermal [Member] | Neal Hot Springs [Member] | Measurement Input, Discount Rate [Member] | |||||||||
Noncontrolling Interest, Measurement Input | 9 | ||||||||
U.S. Geothermal [Member] | Long-term Electricity Power Purchase Agreements [Member] | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 19 years | ||||||||
U.S. Geothermal [Member] | Ormat Nevada Inc. [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 106,000,000 | ||||||||
U.S. Geothermal [Member] | Ormat Technologies, Inc. [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 4,000,000 | ||||||||
Puna Geothermal Power Plant [Member] | |||||||||
Impairment of Long-Lived Assets Held-for-use | 4,900,000 | ||||||||
Property, Plant and Equipment, Net, Ending Balance | $ 102,200,000 | ||||||||
Puna Geothermal Power Plant [Member] | Other Income [Member] | |||||||||
Insured Event, Gain (Loss) | $ 7,200,000 | ||||||||
Tungsten Mountain [Member] | |||||||||
Parternship Agreement, Initial Purchase Price | $ 33,400,000 | ||||||||
Partnership Agreement, Expected Additional Installments | $ 13,000,000 | ||||||||
Partnership Agreement, Percentage of Distributable Cash Flow Generated | 97.50% | ||||||||
Partnership Agreement, Percentage of Taxable Income | 95.00% |
Note 1 - General and Basis of31
Note 1 - General and Basis of Presentation - Fair Value of Amounts of Identified Assets and Liabilities Assumed in a Business Combination (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Apr. 24, 2018 | Dec. 31, 2017 | |
Goodwill (2) | $ 40,133 | $ 21,037 | ||
U.S. Geothermal [Member] | ||||
Cash and cash equivalents and restricted cash | $ 37,900 | |||
Working capital | (8,200) | |||
Property, plant and equipment and construction-in-process | 77,300 | |||
Intangible assets (1) | [1] | 127,000 | ||
Deferred tax liability | (4,900) | |||
Long-term term debt, net of deferred transaction costs | (98,300) | |||
Asset retirement obligation | (9,000) | |||
Total identifiable assets and liabilities acquired | 121,800 | |||
Goodwill (2) | [2] | $ 19,300 | ||
[1] | Intangible assets are primarily related to long-term electricity power purchase agreements and depreciated over an average of 19 years. | |||
[2] | Goodwill is primarily related to the expected synergies in operation as a result of the purchase transaction and is allocated to the Electricity segment. |
Note 1 - General and Basis of32
Note 1 - General and Basis of Presentation - Summary of Unaudited Pro Forma Information Related to a Business Combination (Details) - U.S. Geothermal [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | $ 181,123 | $ 185,675 | $ 373,619 | $ 384,010 |
Operating profit | 36,200 | 53,238 | 89,219 | 114,753 |
Electricity Segment [Member] | ||||
Revenues | $ 125,003 | $ 117,207 | $ 265,965 | $ 241,420 |
Note 1 - General and Basis of33
Note 1 - General and Basis of Presentation - Cash and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | $ 66,696 | $ 47,818 | ||
Restricted cash and cash equivalents | 76,041 | 48,825 | ||
Total Cash and cash equivalents and restricted cash and cash equivalents | $ 142,737 | $ 96,643 | $ 167,900 | $ 264,476 |
Note 2 - New Accounting Prono34
Note 2 - New Accounting Pronouncements 1 (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 |
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 | $ 229,000 |
Note 2 - New Accounting Prono35
Note 2 - New Accounting Pronouncements 2 (Details Textual) | Jun. 30, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01 | |
Revenue, Remaining Performance Obligation, Percentage | 96.00% |
Note 2 - New Accounting Prono36
Note 2 - New Accounting Pronouncements - Impact of Adoption (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 |
Investment in an unconsolidated company | $ 66,551 | $ 66,551 | $ 34,084 | |||
Total consolidated revenues | 178,299 | $ 179,364 | 362,322 | $ 369,262 | ||
Equity in earnings (losses) of investees, net | 388 | (428) | 1,598 | (2,027) | ||
Income from continuing operations | 2,659 | 11,846 | 76,915 | 51,463 | ||
Net income attributable to the Company’s stockholders | (343) | 8,640 | 69,165 | 43,834 | ||
Retained earnings | 405,353 | 405,353 | $ 327,255 | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||
Equity in earnings (losses) of investees, net | (3,237) | (1,293) | ||||
Income from continuing operations | (966) | 74,024 | ||||
Net income attributable to the Company’s stockholders | (3,968) | 66,274 | ||||
Retained earnings | 401,728 | 401,728 | ||||
Electricity [Member] | ||||||
Revenues | 122,179 | 110,896 | 254,668 | 226,672 | ||
Electricity, Product and Other revenues accounted under ASC 606 | 122,179 | 110,896 | 254,668 | 226,672 | ||
Product [Member] | ||||||
Revenues | 54,915 | 67,587 | 103,587 | 141,709 | ||
Electricity, Product and Other revenues accounted under ASC 606 | 54,915 | 67,587 | 103,587 | 141,709 | ||
Other Revenue [Member] | ||||||
Revenues | 1,205 | 881 | 4,067 | 881 | ||
Electricity, Product and Other revenues accounted under ASC 606 | 1,205 | $ 881 | 4,067 | $ 881 | ||
Accounting Standards Update 2014-09 [Member] | ||||||
Investment in an unconsolidated company | $ 24,000 | |||||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||||
Equity in earnings (losses) of investees, net | 3,625 | 2,891 | ||||
Income from continuing operations | 3,625 | 2,891 | ||||
Net income attributable to the Company’s stockholders | 3,625 | 2,891 | ||||
Retained earnings | 3,625 | 3,625 | ||||
Accounting Standards Update 2014-09 [Member] | Electricity [Member] | ||||||
Revenues | ||||||
Electricity revenues accounted under ASC 840, Leases | 116,914 | 242,745 | ||||
Electricity, Product and Other revenues accounted under ASC 606 | ||||||
Accounting Standards Update 2014-09 [Member] | Product [Member] | ||||||
Revenues | ||||||
Electricity, Product and Other revenues accounted under ASC 606 | ||||||
Accounting Standards Update 2014-09 [Member] | Electricity and Product Revenue [Member] | ||||||
Revenues | 61,385 | 119,577 | ||||
Electricity, Product and Other revenues accounted under ASC 606 | $ 61,385 | $ 119,577 | ||||
Accounting Standards Update 2014-09 [Member] | Other Revenue [Member] | ||||||
Revenues | ||||||
Electricity, Product and Other revenues accounted under ASC 606 |
Note 2 - New Accounting Prono37
Note 2 - New Accounting Pronouncements - Contract Assets (Liabilities) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2017 | ||
Contract assets (*) | [1] | $ 46,573 | $ 40,945 |
Contract liabilities (*) | [1] | (16,136) | (20,241) |
Contract assets, net | 30,437 | $ 20,704 | |
Recognition of contract liabilities as revenue as a result of performance obligations satisfied, liabilities | 11,094 | ||
Cash received in advance for which revenues have not yet recognized, net expenditures made, liabilities | (12,901) | ||
Reduction of contract assets as a result of rights to consideration becoming unconditional, assets | (59,634) | ||
Contract assets recognized, net of recognized receivables, assets | 71,174 | ||
Net change in contract assets and contract liabilities, assets | 11,540 | ||
Net change in contract assets and contract liabilities, liabilities | $ (1,807) | ||
[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 | Jun. 30, 2018 | Dec. 31, 2017 |
Raw materials and purchased parts for assembly | $ 26,919 | $ 12,007 |
Self-manufactured assembly parts and finished products | 9,777 | 7,544 |
Total | $ 36,696 | $ 19,551 |
Note 4 - Investment in an Unc39
Note 4 - Investment in an Unconsolidated Company (Details Textual) $ in Thousands | Jan. 01, 2018USD ($) | Jun. 04, 2014USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)MWh | Jun. 30, 2017USD ($) | May 16, 2014USD ($) |
Number of Commercial Lenders in Funding Consortium | 6 | ||||||
Interest Expense, Total | $ 15,846 | $ 14,540 | $ 30,190 | $ 29,463 | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ 529 | (916) | $ 3,163 | (347) | |||
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% | 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 | $ 2,500 | $ 3,800 | |||||
Accumulated Cash Contributions to Acquire Projects | 62,000 | $ 62,000 | |||||
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 | 500 | (900) | $ 3,200 | (300) | |||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax, Ending Balance | 1,900 | 1,900 | |||||
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 | $ 4,200 | $ (7,200) | 24,800 | $ (2,700) | |||
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 | $ 23,100 | ||||||
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 Unc40
Note 4 - Investment in an Unconsolidated Company - Unconsolidated Investments Mainly in Power Plants (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Sarulla | $ (8,268) | $ (6,416) |
Sarulla [Member] | ||
Sarulla | $ 66,551 | $ 34,084 |
Note 5 - Fair Value of Financ41
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 Financ42
Note 5 - Fair Value of Financial Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Reported Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | $ 19,069 | $ 18,359 | |
4,860 | 1,588 | ||
Reported Value Measurement [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 106 | 108 |
Reported Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | (507) | 992 |
Reported Value Measurement [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | (13,808) | (13,904) |
Reported Value Measurement [Member] | Warrant [Member] | |||
Derivative Liability, Current | [1] | (3,967) | |
Estimate of Fair Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | 19,069 | 18,359 | |
4,860 | 1,588 | ||
Estimate of Fair Value Measurement [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 106 | 108 |
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | (507) | 992 |
Estimate of Fair Value Measurement [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | (13,808) | (13,904) |
Estimate of Fair Value Measurement [Member] | Warrant [Member] | |||
Derivative Liability, Current | [1] | (3,967) | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents (including restricted cash accounts) | 19,069 | 18,359 | |
19,069 | 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) | |||
(507) | 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] | (507) | 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) | |||
(13,702) | (17,763) | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 106 | 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] | $ (13,808) | (13,904) |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | |||
Derivative Liability, Current | [1] | $ (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 to 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 June 30, 2018 and 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. The warrants were executed during the second quarter of 2018 in accordance with the purchase agreements. | ||
[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 June 30, 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 Financ43
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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Amount of gain (loss) recognized | $ (911) | $ 1,364 | $ (1,457) | $ 3,383 |
Foreign Currency Gain (Loss) [Member] | Put Options on Natural Gas Price [Member] | ||||
Amount of gain (loss) recognized | (48) | (241) | ||
Foreign Currency Gain (Loss) [Member] | Contingent Considerations [Member] | ||||
Amount of gain (loss) recognized | (45) | (95) | ||
Foreign Currency Gain (Loss) [Member] | Currency Forward Contracts [Member] | ||||
Amount of gain (loss) recognized | $ (911) | $ 1,457 | $ (1,457) | $ 3,719 |
Note 5 - Fair Value of Financ44
Note 5 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Estimate of Fair Value Measurement [Member] | ||
Other long-term debt | $ 5.4 | $ 7 |
Reported Value Measurement [Member] | ||
Other long-term debt | 6.4 | 7.9 |
Olkaria III OPIC [Member] | ||
Loans | 219.6 | 234.6 |
Olkaria III OPIC [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 219.6 | 234.6 |
Olkaria III OPIC [Member] | Reported Value Measurement [Member] | ||
Loans | 219.6 | 228.6 |
Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 49.5 | |
Olkaria IV Loan - DEG 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 49.5 | 50.7 |
Olkaria IV Loan - DEG 2 [Member] | Reported Value Measurement [Member] | ||
Loans | 50 | 50 |
Amatitlan Loan [Member] | ||
Loans | 31.7 | 32.8 |
Amatitlan Loan [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 31.7 | 32.8 |
Amatitlan Loan [Member] | Reported Value Measurement [Member] | ||
Loans | 31.5 | 33.3 |
OrCal Geothermal Inc [Member] | ||
Notes | 28.7 | 34.2 |
OrCal Geothermal Inc [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 28.7 | 34.2 |
OrCal Geothermal Inc [Member] | Reported Value Measurement [Member] | ||
Notes | 27.3 | 32.1 |
OFC Two Senior Secured Notes [Member] | ||
Notes | 219.2 | 234.6 |
OFC Two Senior Secured Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 219.2 | 234.6 |
OFC Two Senior Secured Notes [Member] | Reported Value Measurement [Member] | ||
Notes | 224.2 | 232.5 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 79.9 | 85.5 |
Don A. Campbell 1 ("DAC1") [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 79.9 | 85.5 |
Don A. Campbell 1 ("DAC1") [Member] | Reported Value Measurement [Member] | ||
Notes | 85.3 | 88.3 |
USG Prudential - NV [Member] | ||
Notes | 29.7 | |
USG Prudential - NV [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 29.7 | |
USG Prudential - NV [Member] | Reported Value Measurement [Member] | ||
Notes | 28.3 | |
USG Prudential - ID [Member] | ||
Notes | 18.6 | |
USG Prudential - ID [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 18.6 | |
USG Prudential - ID [Member] | Reported Value Measurement [Member] | ||
Notes | 18.9 | |
USG DOE [Member] | ||
Notes | 49 | |
USG DOE [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 49 | |
USG DOE [Member] | Reported Value Measurement [Member] | ||
Notes | 53 | |
Senior Unsecured Bonds [Member] | ||
Senior secured debt | 198.1 | 200.3 |
Senior Unsecured Bonds [Member] | Estimate of Fair Value Measurement [Member] | ||
Senior secured debt | 198.1 | 200.3 |
Senior Unsecured Bonds [Member] | Reported Value Measurement [Member] | ||
Senior secured debt | 204.3 | 204.3 |
Senior Unsecured Loan [Member] | ||
Senior secured debt | 101.3 | |
Senior Unsecured Loan [Member] | Estimate of Fair Value Measurement [Member] | ||
Senior secured debt | 101.3 | |
Senior Unsecured Loan [Member] | Reported Value Measurement [Member] | ||
Senior secured debt | $ 100 |
Note 5 - Fair Value of Financ45
Note 5 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Revolving lines of credit | $ 158.6 | $ 51.5 |
Deposits | 19.3 | 15.6 |
Fair Value, Inputs, Level 1 [Member] | ||
Revolving lines of credit | ||
Deposits | 19.3 | 15.6 |
Fair Value, Inputs, Level 2 [Member] | ||
Revolving lines of credit | 158.6 | 51.5 |
Deposits | ||
Fair Value, Inputs, Level 3 [Member] | ||
Revolving lines of credit | ||
Deposits | ||
Olkaria III OPIC [Member] | ||
Loans | 219.6 | 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 | 219.6 | 234.6 |
Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 49.5 | |
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 | 49.5 | 50.7 |
Amatitlan Loan [Member] | ||
Loans | 31.7 | 32.8 |
Amatitlan Loan [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Loans | ||
Amatitlan Loan [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Loans | 31.7 | 32.8 |
Amatitlan Loan [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans | ||
OrCal Geothermal Inc [Member] | ||
Notes | 28.7 | 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 | 28.7 | 34.2 |
OFC Two Senior Secured Notes [Member] | ||
Notes | 219.2 | 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 | 219.2 | 234.6 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 79.9 | 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 | 79.9 | 85.5 |
USG Prudential - NV [Member] | ||
Notes | 29.7 | |
USG Prudential - NV [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Notes | ||
USG Prudential - NV [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Notes | ||
USG Prudential - NV [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Notes | 29.7 | |
Senior Unsecured Bonds [Member] | ||
Senior secured debt | 198.1 | 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 | 198.1 | 200.3 |
USG Prudential - ID [Member] | ||
Notes | 18.6 | |
USG Prudential - ID [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Notes | ||
USG Prudential - ID [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Notes | ||
USG Prudential - ID [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Notes | 18.6 | |
Other Long-term Debt [Member] | ||
Senior secured debt | 7 | |
Other long-term debt | 5.4 | |
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 | 5.4 | |
USG DOE [Member] | ||
Notes | 49 | |
USG DOE [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Notes | ||
USG DOE [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Notes | ||
USG DOE [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Notes | 49 | |
Senior Unsecured Loan [Member] | ||
Senior secured debt | 101.3 | |
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 | $ 101.3 |
Note 6 - Stock-based Compensa46
Note 6 - Stock-based Compensation (Details Textual) - $ / shares | Jun. 25, 2018 | May 08, 2018 | May 07, 2018 | May 31, 2012 |
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] | 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 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 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 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 | |||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 6 years | |||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [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% | 100.00% | ||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-based Compensation Award, Tranche One [Member] | Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-based Compensation Award, Tranche One [Member] | Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 22.00% | |||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-based Compensation Award, Tranche One [Member] | Employees and Senior Management [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-based Compensation Award, Tranche Two [Member] | Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-based Compensation Award, Tranche Two [Member] | Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 22.00% | |||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-based Compensation Award, Tranche Two [Member] | Employees and Senior Management [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-based Compensation Award, Tranche Three [Member] | Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-based Compensation Award, Tranche Three [Member] | Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 28.00% | |||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-based Compensation Award, Tranche Three [Member] | Employees and Senior Management [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-based Compensation Award, Tranche Four [Member] | Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 28.00% | |||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 295,671 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 14.56 | |||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | Senior Management [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 14.64 | |||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 838,117 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 13.82 | |||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | Director and Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years 182 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercise Price | $ 55.16 | |||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 295,671 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 14.57 | |||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | Employees and Senior Management [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 6 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 53.44 | |||
The 2018 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 40,489 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 54.92 | |||
The 2018 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Senior Management [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 52.09 | |||
The 2018 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 19,848 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 52.03 | |||
The 2018 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Director and Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years 182 days | |||
The 2018 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 40,489 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 54.23 | |||
The 2018 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Employees and Senior Management [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 6 years |
Note 6 - Stock-based Compensa47
Note 6 - Stock-based Compensation - Fair Value of Stock-based Award Using Exercise Multiple-based Lattice SAR and RSU Pricing Model Assumptions (Details) - Stock Appreciation Rights and Restricted Stock Units [Member] - The 2018 Incentive Plan [Member] | Jun. 25, 2018 | May 08, 2018 |
Director and Chief Executive Officer [Member] | ||
Risk-free interest rate | 2.84% | |
Expected life (in years) (Year) | 5 years 182 days | |
Dividend yield | 0.79% | |
Expected volatility | 25.24% | |
Forfeiture rate | 0.00% | |
Sub-Optimal Exercise Factor | 2.5 | |
Employees and Senior Management [Member] | ||
Risk-free interest rate | 2.79% | |
Expected life (in years) (Year) | 6 years | |
Dividend yield | 0.92% | |
Expected volatility | 25.64% | |
Employees [Member] | ||
Forfeiture rate | 2.78% | |
Sub-Optimal Exercise Factor | 2 | |
Senior Management [Member] | ||
Forfeiture rate | 0.00% | |
Sub-Optimal Exercise Factor | 2.8 |
Note 7 - Interest Expense, Ne48
Note 7 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest related to sale of tax benefits | $ 1,761 | $ 1,849 | $ 3,170 | $ 3,861 |
Interest expense | 15,421 | 14,146 | 28,727 | 28,321 |
Less — amount capitalized | (1,336) | (1,455) | (1,707) | (2,719) |
Interest Expense, Total | $ 15,846 | $ 14,540 | $ 30,190 | $ 29,463 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 232,925 | 2,363 | 223,708 | 2,430 |
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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Weighted average number of shares used in computation of basic earnings per share (in shares) | 50,623 | 49,771 | 50,618 | 49,726 |
Additional shares from the assumed exercise of employee stock options (in shares) | 335 | 853 | 383 | 833 |
Weighted average number of shares used in computation of diluted earnings per share (in shares) | 50,958 | 50,624 | 51,001 | 50,559 |
Note 9 - Business Segments (Det
Note 9 - Business Segments (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | |
Number of Reportable Segments | 3 | |||
Goodwill, Ending Balance | $ 40,133 | $ 40,133 | $ 21,037 | |
Electricity Segment [Member] | ||||
Goodwill, Ending Balance | 26,700 | 26,700 | $ 6,600 | |
Other Segments [Member] | ||||
Goodwill, Ending Balance | 13,500 | 13,500 | $ 13,500 | |
Accounting Standards Update 2014-09 [Member] | Electricity Revenues [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 5,300 | $ 11,900 |
Note 9 - Business Segments - Su
Note 9 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||||||
Total consolidated revenues | $ 178,299 | $ 179,364 | $ 362,322 | $ 369,262 | ||||||
Operating income | 36,633 | 53,152 | 91,226 | 112,648 | ||||||
Segment assets at period end | 2,994,149 | [1] | 2,510,633 | [1] | 2,994,149 | [1] | 2,510,633 | [1] | $ 2,623,864 | |
Including unconsolidated investments | 66,551 | 13,957 | 66,551 | 13,957 | ||||||
Operating income | 36,633 | 53,152 | 91,226 | 112,648 | ||||||
Intersegment Eliminations [Member] | ||||||||||
Total consolidated revenues | 11,453 | 16,565 | 36,280 | 32,778 | ||||||
Electricity Segment [Member] | ||||||||||
Total consolidated revenues | 122,179 | 110,896 | 254,668 | 226,672 | ||||||
Operating income | 27,462 | 38,014 | 73,874 | 78,912 | ||||||
Segment assets at period end | [1] | 2,805,182 | 2,273,503 | 2,805,182 | 2,273,503 | |||||
Including unconsolidated investments | 66,551 | 13,957 | 66,551 | 13,957 | ||||||
Operating income | 27,462 | 38,014 | 73,874 | 78,912 | ||||||
Electricity Segment [Member] | Intersegment Eliminations [Member] | ||||||||||
Total consolidated revenues | ||||||||||
Product Segment [Member] | ||||||||||
Total consolidated revenues | 54,915 | 67,587 | 103,587 | 141,709 | ||||||
Operating income | 10,761 | 17,035 | 20,314 | 35,633 | ||||||
Segment assets at period end | [1] | 125,572 | 187,015 | 125,572 | 187,015 | |||||
Including unconsolidated investments | ||||||||||
Operating income | 10,761 | 17,035 | 20,314 | 35,633 | ||||||
Product Segment [Member] | Intersegment Eliminations [Member] | ||||||||||
Total consolidated revenues | 11,453 | 16,565 | 36,280 | 32,778 | ||||||
Other Segments [Member] | ||||||||||
Total consolidated revenues | 1,205 | 881 | 4,067 | 881 | ||||||
Operating income | (1,590) | (1,897) | (2,962) | (1,897) | ||||||
Segment assets at period end | [1] | 63,395 | 50,115 | 63,395 | 50,115 | |||||
Including unconsolidated investments | ||||||||||
Operating income | (1,590) | (1,897) | (2,962) | (1,897) | ||||||
Other Segments [Member] | Intersegment Eliminations [Member] | ||||||||||
Total consolidated revenues | ||||||||||
UNITED STATES | ||||||||||
Total consolidated revenues | [2] | 74,371 | 161,110 | |||||||
UNITED STATES | Electricity Segment [Member] | ||||||||||
Total consolidated revenues | [2] | 73,139 | 156,822 | |||||||
UNITED STATES | Product Segment [Member] | ||||||||||
Total consolidated revenues | [2] | 27 | 221 | |||||||
UNITED STATES | Other Segments [Member] | ||||||||||
Total consolidated revenues | [2] | 1,205 | 4,067 | |||||||
Foreign Countries [Member] | ||||||||||
Total consolidated revenues | [3] | 103,928 | 201,212 | |||||||
Foreign Countries [Member] | Electricity Segment [Member] | ||||||||||
Total consolidated revenues | [3] | 49,040 | 97,846 | |||||||
Foreign Countries [Member] | Product Segment [Member] | ||||||||||
Total consolidated revenues | [3] | 54,888 | 103,366 | |||||||
Foreign Countries [Member] | Other Segments [Member] | ||||||||||
Total consolidated revenues | [3] | |||||||||
[1] | Electricity segment assets include goodwill in the amount of $26.7 million and $6.6 million as of June 30, 2018 and 2017, respectively. Other segment assets include goodwill in the amount of $13.5 million as of June 30, 2018 and 2017. | |||||||||
[2] | Electricity segment revenues in the United States are all accounted under ASC 840, Leases, except for $5.3 million and $11.9 million in the three and six months ended June 30, 2018 that are accounted under ASC 606 starting in 2018. Product and Other segment revenues in the United States are accounted under ASC 606, as further described under Note 2 to the consolidated financial statements. | |||||||||
[3] | Electricity segment revenues in foreign countries are all accounted under ASC 840, Leases, and Product revenues in foreign countries are accounted under ASC 606 as further described under Note 2 to the consolidated financial statements. |
Note 9 - Business Segments - Re
Note 9 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Total consolidated revenues | $ 178,299 | $ 179,364 | $ 362,322 | $ 369,262 |
Operating income | 36,633 | 53,152 | 91,226 | 112,648 |
Interest income | 189 | 362 | 302 | 606 |
Interest expense, net | (15,846) | (14,540) | (30,190) | (29,463) |
Derivatives and foreign currency transaction gains (losses) | (529) | 1,703 | (2,128) | 3,041 |
Income attributable to sale of tax benefits | 3,556 | 4,356 | 10,917 | 10,513 |
Other non-operating income (expense), net | 7,373 | 6 | 7,353 | (86) |
Total consolidated income before income taxes and equity in income of investees | 31,376 | 45,039 | 77,480 | 97,259 |
Intersegment Eliminations [Member] | ||||
Total consolidated revenues | 11,453 | 16,565 | 36,280 | 32,778 |
Consolidation, Eliminations [Member] | ||||
Total consolidated revenues | $ (11,453) | $ (16,565) | $ (36,280) | $ (32,778) |
Note 10 - Commitments and Con54
Note 10 - Commitments and Contingencies (Details Textual) - Former Local Sales Representative vs. Ormat [Member] - Pending Litigation [Member] $ in Millions | Mar. 29, 2016USD ($) |
Loss Contingency, Damages Sought, Value | $ 4.6 |
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 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 92.80% | 72.70% | 2.80% | 45.00% | |||
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) | $ (27.5) | |||||
Scenario, Forecast [Member] | |||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||||||
Foreign Tax Authority [Member] | Kenya Revenue Authority [Member] | |||||||
National Corporate Tax Rate | 37.50% | ||||||
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) - USD ($) $ / shares in Units, $ in Thousands | Aug. 07, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
Dividends, Common Stock, Total | $ 16,702 | $ 12,426 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.10 | $ 0.08 | $ 0.33 | $ 0.25 | |
Subsequent Event [Member] | |||||
Dividends, Common Stock, Total | $ 5,100 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.10 | ||||
Dividends Payable, Date Declared | Aug. 7, 2018 | ||||
Dividends Payable, Date of Record | Aug. 21, 2018 | ||||
Dividends Payable, Date to be Paid | Aug. 29, 2018 |