Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 05, 2019 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001296445 | |
Entity Registrant Name | ORMAT TECHNOLOGIES, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-32347 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 88-0326081 | |
Entity Address, Address Line One | 6140 Plumas Street | |
Entity Address, City or Town | Reno | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89519-6075 | |
City Area Code | 775 | |
Local Phone Number | 356-9029 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 50,993,861 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | ORA | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | ||
Current assets: | ||||
Cash and cash equivalents | $ 97,602 | $ 98,802 | ||
Restricted cash and cash equivalents (primarily related to VIEs) | 82,435 | 78,693 | ||
Receivables: | ||||
Trade | 139,226 | 137,581 | ||
Other | 18,482 | 19,393 | ||
Inventories | 39,324 | 45,024 | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | [1] | 43,125 | 42,130 | |
Prepaid expenses and other | 12,116 | 51,441 | ||
Total current assets | 432,310 | 473,064 | ||
Investment in an unconsolidated company | 73,714 | 71,983 | ||
Deposits and other | 21,078 | 18,209 | ||
Deferred income taxes | 131,820 | 113,760 | ||
Property, plant and equipment, net | 1,962,637 | 1,959,578 | ||
Construction-in-process | 352,013 | 261,690 | ||
Operating leases right of use | 58,170 | 0 | ||
Finance leases right of use | 18,046 | 0 | ||
Deferred financing and lease costs, net | 957 | 3,242 | ||
Intangible assets, net | 188,815 | 199,874 | ||
Goodwill | 19,933 | 19,950 | ||
Total assets | 3,259,493 | [2] | 3,121,350 | |
Current liabilities: | ||||
Accounts payable and accrued expenses | 137,176 | 116,362 | ||
Short term revolving credit lines with banks (full recourse) | 0 | 159,000 | ||
Commercial paper | 50,000 | 0 | ||
Billings in excess of costs and estimated earnings on uncompleted contracts | 6,003 | 18,402 | ||
Current portion of long-term debt: | ||||
Senior secured notes | 39,393 | 33,493 | ||
Other loans | 34,135 | 29,687 | ||
Full recourse | 76,572 | 5,000 | ||
Operating lease liabilities | 6,253 | 0 | ||
Finance lease liabilities | 3,191 | 0 | ||
Total current liabilities | 352,723 | 361,944 | ||
Long-term debt, net of current portion: | ||||
Senior secured notes (less deferred financing costs of $6,597 and $7,434, respectively) | 344,924 | 375,337 | ||
Other loans (less deferred financing costs of $10,797 and $9,354, respectively) | 326,227 | 320,242 | ||
Senior unsecured bonds (less deferred financing costs of $727 and $758, respectively) | 286,401 | 303,575 | ||
Other loans (less deferred financing costs of $1,564 and $921, respectively) | 73,384 | 41,579 | ||
Operating lease liabilities | 17,698 | 0 | ||
Finance lease liabilities | 12,224 | 0 | ||
Liability associated with sale of tax benefits | 118,811 | 69,893 | ||
Deferred lease income | 43,264 | 48,433 | ||
Deferred income taxes | 86,475 | 61,323 | ||
Liability for unrecognized tax benefits | 15,053 | 11,769 | ||
Liabilities for severance pay | 18,570 | 17,994 | ||
Asset retirement obligation | 44,810 | 39,475 | ||
Other long-term liabilities | 5,400 | 16,087 | ||
Total liabilities | 1,745,964 | 1,667,651 | ||
Commitments and contingencies (Note 10) | ||||
Redeemable noncontrolling interest | 8,741 | 8,603 | ||
Equity: | ||||
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 50,993,861 and 50,699,781 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively | 51 | 51 | ||
Additional paid-in capital | 910,651 | 901,363 | ||
Retained earnings | 480,879 | 422,222 | ||
Accumulated other comprehensive income (loss) | (10,848) | (3,799) | ||
Total stockholders' equity attributable to Company's stockholders | 1,380,733 | 1,319,837 | ||
Noncontrolling interest | 124,055 | 125,259 | ||
Total equity | 1,504,788 | 1,445,096 | ||
Total liabilities, redeemable noncontrolling interest and equity | $ 3,259,493 | $ 3,121,350 | ||
[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 sheets. | |||
[2] | Electricity segment assets include goodwill in the amount of $19.9 million and $26.7 million as of September 30, 2019 and 2018, respectively. Other segment assets include goodwill in the amount of $13.5 million as of September 30, 2018. No goodwill is included in the Other segment assets as of September 30, 2019. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Property, plant and equipment, net | $ 1,962,637 | $ 1,959,578 |
Construction-in-process | 352,013 | 261,690 |
Operating leases right of use | 58,170 | 0 |
Finance leases right of use | $ 18,046 | $ 0 |
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) | 50,993,861 | 50,699,781 |
Common stock, shares outstanding (in shares) | 50,993,861 | 50,699,781 |
Senior Secured Notes [Member] | ||
Deferred financing costs | $ 6,597 | $ 7,434 |
Other Loans, Limited and Non-recourse [Member] | ||
Deferred financing costs | 10,797 | 9,354 |
Senior Unsecured Bonds [Member] | ||
Deferred financing costs | 727 | 758 |
Other Loans, Full Recourse [Member] | ||
Deferred financing costs | 1,564 | 921 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Property, plant and equipment, net | 1,860,656 | 1,859,228 |
Construction-in-process | 163,187 | $ 104,085 |
Operating leases right of use | 49,079 | |
Finance leases right of use | $ 9,246 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues: | ||||
Revenues | $ 170,499,000 | $ 166,480,000 | $ 553,602,000 | $ 528,802,000 |
Cost of revenues: | ||||
Cost of revenues | 115,004,000 | 117,688,000 | 358,781,000 | 349,176,000 |
Gross profit | 55,495,000 | 48,792,000 | 194,821,000 | 179,626,000 |
Operating expenses: | ||||
Research and development expenses | 1,062,000 | 706,000 | 2,772,000 | 3,065,000 |
Selling and marketing expenses | 3,783,000 | 8,578,000 | 10,924,000 | 15,989,000 |
General and administrative expenses | 11,931,000 | 13,606,000 | 41,801,000 | 43,325,000 |
Write-off of unsuccessful exploration activities | 0 | 0 | 0 | 119,000 |
Operating income | 38,719,000 | 25,902,000 | 139,324,000 | 117,128,000 |
Other income (expense): | ||||
Interest income | 482,000 | 214,000 | 1,195,000 | 516,000 |
Interest expense, net | (20,076,000) | (18,700,000) | (62,816,000) | (48,890,000) |
Derivatives and foreign currency transaction gains (losses) | 205,000 | (383,000) | 696,000 | (2,511,000) |
Income attributable to sale of tax benefits | 4,056,000 | 4,066,000 | 16,457,000 | 14,983,000 |
Other non-operating income (expense), net | 244,000 | 309,000 | 1,362,000 | 7,662,000 |
Income from operations before income tax and equity in earnings (losses) of investees | 23,630,000 | 11,408,000 | 96,218,000 | 88,888,000 |
Income tax (provision) benefit | (9,626,000) | (1,184,000) | (20,136,000) | (3,347,000) |
Equity in earnings (losses) of investees, net | 1,085,000 | (117,000) | 3,334,000 | 1,481,000 |
Net income | 15,089,000 | 10,107,000 | 79,416,000 | 87,022,000 |
Net income attributable to noncontrolling interest | 516,000 | 474,000 | (3,927,000) | (7,276,000) |
Net income attributable to the Company's stockholders | 15,605,000 | 10,581,000 | 75,489,000 | 79,746,000 |
Comprehensive income: | ||||
Net income | 15,089,000 | 10,107,000 | 79,416,000 | 87,022,000 |
Other comprehensive income (loss), net of related taxes: | ||||
Change in foreign currency translation adjustments | (2,191,000) | (91,000) | (3,057,000) | (1,059,000) |
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment | (1,467,000) | 1,012,000 | (4,699,000) | 4,175,000 |
Loss in respect of derivative instruments designated for cash flow hedge | 18,000 | 20,000 | 58,000 | 60,000 |
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (7,000) | (14,000) | (24,000) | (44,000) |
Comprehensive income | 11,442,000 | 11,034,000 | 71,694,000 | 90,154,000 |
Comprehensive income attributable to noncontrolling interest | 1,051,000 | 458,000 | (3,254,000) | (7,088,000) |
Comprehensive income attributable to the Company's stockholders | $ 12,493,000 | $ 11,492,000 | $ 68,440,000 | $ 83,066,000 |
Basic: | ||||
Net income (in dollars per share) | $ 0.31 | $ 0.21 | $ 1.49 | $ 1.58 |
Diluted: | ||||
Net income (in dollars per share) | $ 0.30 | $ 0.21 | $ 1.48 | $ 1.56 |
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: | ||||
Basic (in shares) | 50,933 | 50,645 | 50,816 | 50,627 |
Diluted (in shares) | 51,334 | 50,963 | 51,124 | 50,985 |
Electricity [Member] | ||||
Revenues: | ||||
Revenue | $ 123,978,000 | $ 116,891,000 | $ 395,965,000 | $ 371,559,000 |
Cost of revenues: | ||||
Cost of revenues | 80,124,000 | 79,845,000 | 231,442,000 | 234,563,000 |
Product [Member] | ||||
Revenues: | ||||
Revenue | 43,037,000 | 48,439,000 | 147,195,000 | 152,026,000 |
Cost of revenues: | ||||
Cost of revenues | 31,073,000 | 35,669,000 | 114,495,000 | 106,968,000 |
Other Revenue [Member] | ||||
Revenues: | ||||
Revenue | 3,484,000 | 1,150,000 | 10,442,000 | 5,217,000 |
Cost of revenues: | ||||
Cost of revenues | $ 3,807,000 | $ 2,174,000 | $ 12,844,000 | $ 7,645,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Guadeloupe 1 [Member]Noncontrolling Interest [Member] | Guadeloupe 1 [Member] | Tungsten [Member]Noncontrolling Interest [Member] | Tungsten [Member] | U.S. Geothermal [Member]Noncontrolling Interest [Member] | U.S. Geothermal [Member] | McGinness Hills Phase III [Member]Noncontrolling Interest [Member] | McGinness Hills Phase III [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, 2017 | 50,609 | ||||||||||||||
Balance at Dec. 31, 2017 | $ 51 | $ 888,778 | $ 327,255 | $ (4,706) | $ 1,211,378 | $ 84,322 | $ 1,295,700 | ||||||||
Cumulative effect of changes in accounting principles at Dec. 31, 2017 | 25,635 | 25,635 | 25,635 | ||||||||||||
Adjusted balance as of the beginning of the year at Dec. 31, 2017 | $ 51 | 888,778 | 352,890 | (4,706) | 1,237,013 | 84,322 | 1,321,335 | ||||||||
Stock-based compensation | 1,707 | 1,707 | 1,707 | ||||||||||||
Exercise of options by employees and directors (in shares) | 8 | ||||||||||||||
Cash paid to noncontrolling interest | (4,674) | (4,674) | |||||||||||||
Cash dividend declared | (11,640) | (11,640) | (11,640) | ||||||||||||
Net income | 69,508 | 69,508 | 4,482 | 73,990 | |||||||||||
Currency translation adjustment | 1,158 | 1,158 | 370 | 1,528 | |||||||||||
Loss in respect of derivative instruments designated for cash flow hedge | 20 | 20 | 20 | ||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 2,634 | 2,634 | 2,634 | ||||||||||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (15) | (15) | (15) | ||||||||||||
Change in foreign currency translation adjustments | 1,158 | 1,158 | 370 | 1,528 | |||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment | 2,634 | 2,634 | 2,634 | ||||||||||||
Balance (in shares) at Mar. 31, 2018 | 50,617 | ||||||||||||||
Balance at Mar. 31, 2018 | $ 51 | 890,485 | 410,758 | (909) | 1,300,385 | 84,500 | 1,384,885 | ||||||||
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 | ||||||||
Cumulative effect of changes in accounting principles at Dec. 31, 2017 | 25,635 | 25,635 | 25,635 | ||||||||||||
Adjusted balance as of the beginning of the year at Dec. 31, 2017 | $ 51 | 888,778 | 352,890 | (4,706) | 1,237,013 | 84,322 | 1,321,335 | ||||||||
Currency translation adjustment | (1,059) | ||||||||||||||
Loss in respect of derivative instruments designated for cash flow hedge | 60 | ||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 4,175 | ||||||||||||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (44) | ||||||||||||||
Change in foreign currency translation adjustments | (1,059) | ||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment | 4,175 | ||||||||||||||
Balance (in shares) at Sep. 30, 2018 | 50,630 | ||||||||||||||
Balance at Sep. 30, 2018 | $ 51 | 896,160 | 410,870 | (1,386) | 1,305,695 | 124,001 | 1,429,696 | ||||||||
Balance (in shares) at Mar. 31, 2018 | 50,617 | ||||||||||||||
Balance at Mar. 31, 2018 | $ 51 | 890,485 | 410,758 | (909) | 1,300,385 | 84,500 | 1,384,885 | ||||||||
Adjusted balance as of the beginning of the year at Mar. 31, 2018 | $ 51 | 890,485 | 410,758 | (909) | 1,300,385 | 84,500 | 1,384,885 | ||||||||
Stock-based compensation | 2,116 | 2,116 | 2,116 | ||||||||||||
Exercise of options by employees and directors (in shares) | 13 | ||||||||||||||
Cash paid to noncontrolling interest | (1,703) | (1,703) | |||||||||||||
Cash dividend declared | (5,062) | (5,062) | (5,062) | ||||||||||||
Net income | (343) | (343) | 2,807 | 2,464 | |||||||||||
Currency translation adjustment | (1,922) | (1,922) | (574) | (2,496) | |||||||||||
Loss in respect of derivative instruments designated for cash flow hedge | 20 | 20 | 20 | ||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 529 | 529 | 529 | ||||||||||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (15) | (15) | (15) | ||||||||||||
Increase in noncontrolling interest | $ 2,165 | $ 2,165 | $ 996 | $ 996 | $ 34,898 | $ 34,898 | |||||||||
Change in foreign currency translation adjustments | (1,922) | (1,922) | (574) | (2,496) | |||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment | 529 | 529 | 529 | ||||||||||||
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 | ||||||||
Stock-based compensation | 3,559 | 3,559 | 3,559 | ||||||||||||
Cash paid to noncontrolling interest | (1,525) | (1,525) | |||||||||||||
Cash dividend declared | (5,064) | (5,064) | (5,064) | ||||||||||||
Net income | 10,581 | 10,581 | (753) | 9,828 | |||||||||||
Currency translation adjustment | (107) | (107) | 16 | (91) | |||||||||||
Loss in respect of derivative instruments designated for cash flow hedge | 20 | 20 | 20 | ||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 1,012 | 1,012 | 1,012 | ||||||||||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (14) | (14) | (14) | ||||||||||||
Increase in noncontrolling interest | $ 3,174 | $ 3,174 | |||||||||||||
Change in foreign currency translation adjustments | (107) | (107) | 16 | (91) | |||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment | 1,012 | 1,012 | 1,012 | ||||||||||||
Balance (in shares) at Sep. 30, 2018 | 50,630 | ||||||||||||||
Balance at Sep. 30, 2018 | $ 51 | 896,160 | 410,870 | (1,386) | 1,305,695 | 124,001 | 1,429,696 | ||||||||
Balance (in shares) at Dec. 31, 2018 | 50,700 | ||||||||||||||
Balance at Dec. 31, 2018 | $ 51 | 901,363 | 422,222 | (3,799) | 1,319,837 | 125,259 | 1,445,096 | ||||||||
Cumulative effect of changes in accounting principles at Dec. 31, 2018 | (58) | (58) | (58) | ||||||||||||
Adjusted balance as of the beginning of the year at Dec. 31, 2018 | $ 51 | 901,363 | 422,164 | (3,799) | 1,319,779 | 125,259 | 1,445,038 | ||||||||
Stock-based compensation | 2,360 | 2,360 | 2,360 | ||||||||||||
Exercise of options by employees and directors (in shares) | 52 | ||||||||||||||
Cash paid to noncontrolling interest | (4,146) | (4,146) | |||||||||||||
Cash dividend declared | (5,579) | (5,579) | (5,579) | ||||||||||||
Net income | 25,946 | 25,946 | 1,855 | 27,801 | |||||||||||
Currency translation adjustment | (1,026) | (1,026) | (322) | (1,348) | |||||||||||
Loss in respect of derivative instruments designated for cash flow hedge | 22 | 22 | 22 | ||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | (1,145) | (1,145) | (1,145) | ||||||||||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (8) | (8) | (8) | ||||||||||||
Change in foreign currency translation adjustments | (1,026) | (1,026) | (322) | (1,348) | |||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment | (1,145) | (1,145) | (1,145) | ||||||||||||
Balance (in shares) at Mar. 31, 2019 | 50,752 | ||||||||||||||
Balance at Mar. 31, 2019 | $ 51 | 903,723 | 442,531 | (5,956) | 1,340,349 | 122,646 | 1,462,995 | ||||||||
Balance (in shares) at Dec. 31, 2018 | 50,700 | ||||||||||||||
Balance at Dec. 31, 2018 | $ 51 | 901,363 | 422,222 | (3,799) | 1,319,837 | 125,259 | 1,445,096 | ||||||||
Cumulative effect of changes in accounting principles at Dec. 31, 2018 | (58) | (58) | (58) | ||||||||||||
Adjusted balance as of the beginning of the year at Dec. 31, 2018 | $ 51 | 901,363 | 422,164 | (3,799) | 1,319,779 | 125,259 | 1,445,038 | ||||||||
Currency translation adjustment | (3,057) | ||||||||||||||
Loss in respect of derivative instruments designated for cash flow hedge | 58 | ||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | (4,699) | ||||||||||||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (24) | ||||||||||||||
Change in foreign currency translation adjustments | (3,057) | ||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment | (4,699) | ||||||||||||||
Balance (in shares) at Sep. 30, 2019 | 50,993 | ||||||||||||||
Balance at Sep. 30, 2019 | $ 51 | 910,651 | 480,879 | (10,848) | 1,380,733 | 124,055 | 1,504,788 | ||||||||
Balance (in shares) at Mar. 31, 2019 | 50,752 | ||||||||||||||
Balance at Mar. 31, 2019 | $ 51 | 903,723 | 442,531 | (5,956) | 1,340,349 | 122,646 | 1,462,995 | ||||||||
Stock-based compensation | 2,643 | 2,643 | 2,643 | ||||||||||||
Exercise of options by employees and directors (in shares) | 110 | ||||||||||||||
Cash paid to noncontrolling interest | (2,767) | (2,767) | |||||||||||||
Cash dividend declared | (5,589) | (5,589) | (5,589) | ||||||||||||
Net income | 33,938 | 33,938 | 2,017 | 35,955 | |||||||||||
Currency translation adjustment | 298 | 298 | 184 | 482 | |||||||||||
Loss in respect of derivative instruments designated for cash flow hedge | 18 | 18 | 18 | ||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | (2,087) | (2,087) | (2,087) | ||||||||||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (9) | (9) | (9) | ||||||||||||
Change in foreign currency translation adjustments | 298 | 298 | 184 | 482 | |||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment | (2,087) | (2,087) | (2,087) | ||||||||||||
Balance (in shares) at Jun. 30, 2019 | 50,862 | ||||||||||||||
Balance at Jun. 30, 2019 | $ 51 | 906,366 | 470,880 | (7,736) | 1,369,561 | 122,080 | 1,491,641 | ||||||||
Stock-based compensation | 2,228 | 2,228 | 2,228 | ||||||||||||
Exercise of options by employees and directors (in shares) | 131 | ||||||||||||||
Cash paid to noncontrolling interest | (1,326) | (1,326) | |||||||||||||
Cash dividend declared | (5,606) | (5,606) | (5,606) | ||||||||||||
Net income | 15,605 | 15,605 | (805) | 14,800 | |||||||||||
Currency translation adjustment | 0 | (1,656) | (535) | (2,191) | |||||||||||
Loss in respect of derivative instruments designated for cash flow hedge | 18 | 18 | 18 | ||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | (1,467) | (1,467) | (1,467) | ||||||||||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (7) | (7) | (7) | ||||||||||||
Increase in noncontrolling interest | $ 4,641 | $ 4,641 | |||||||||||||
Exercise of options by employees and directors | 2,057 | 2,057 | 2,057 | ||||||||||||
Change in foreign currency translation adjustments | 0 | (1,656) | (535) | (2,191) | |||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment | (1,467) | (1,467) | (1,467) | ||||||||||||
Balance (in shares) at Sep. 30, 2019 | 50,993 | ||||||||||||||
Balance at Sep. 30, 2019 | $ 51 | $ 910,651 | $ 480,879 | $ (10,848) | $ 1,380,733 | $ 124,055 | $ 1,504,788 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Retained Earnings [Member] | ||||||
Cash dividend declared, per share (in dollars per share) | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.10 | $ 0.23 |
Amortization of unrealized gains, tax | $ (6) | $ 6 | $ 6 | $ 6 | $ 9 | $ 9 |
Amortization of unrealized gains, tax | $ 6 | $ (6) | (6) | (6) | (9) | (9) |
Loss in respect of derivative instruments designated for cash flow hedge, related tax | 24 | 0 | 11 | 13 | ||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 79,416,000 | $ 87,022,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 111,328,000 | 98,371,000 |
Accretion of asset retirement obligation | 2,015,000 | 1,826,000 |
Stock-based compensation | 7,231,000 | 7,382,000 |
Amortization of deferred lease income | (2,014,000) | (2,014,000) |
Income attributable to sale of tax benefits, net of interest expense | (7,738,000) | (9,806,000) |
Equity in losses (earnings) of investees | (3,334,000) | (1,774,000) |
Mark-to-market of derivative instruments | (1,909,000) | 1,202,000 |
Loss on disposal of property, plant and equipment | 1,426,000 | 5,365,000 |
Write-off of unsuccessful exploration activities | 0 | 119,000 |
Loss (gain) on severance pay fund asset | (862,000) | 630,000 |
Deferred income tax provision | 7,177,000 | (6,612,000) |
Liability for unrecognized tax benefits | 3,284,000 | 1,249,000 |
Deferred lease revenues | (470,000) | (303,000) |
Gain from insurance recoveries | 0 | (7,150,000) |
Changes in operating assets and liabilities, net of businesses acquired: | ||
Receivables | (60,000) | (9,704,000) |
Costs and estimated earnings in excess of billings on uncompleted contracts | (995,000) | (6,866,000) |
Inventories | 3,780,000 | (1,728,000) |
Prepaid expenses and other | 4,003,000 | (4,183,000) |
Operating lease right of use asset | 5,620,000 | 0 |
Deposits and other | (2,622,000) | 10,000 |
Accounts payable and accrued expenses | 14,237,000 | (50,056,000) |
Billings in excess of costs and estimated earnings on uncompleted contracts | (12,399,000) | 1,519,000 |
Liabilities for severance pay | 576,000 | (1,238,000) |
Other long-term liabilities | (6,238,000) | (105,000) |
Net cash provided by operating activities | 201,452,000 | 103,156,000 |
Cash flows from investing activities: | ||
Capital expenditures | (190,530,000) | (200,657,000) |
Cash received from insurance recoveries related to destroyed equipment | 0 | 7,150,000 |
Investment in unconsolidated companies | (3,096,000) | (3,800,000) |
Cash paid for acquisition of controlling interest in a subsidiary, net of cash acquired | 0 | (95,093,000) |
Decrease (increase) in severance pay fund asset, net of payments made to retired employees | 615,000 | 850,000 |
Net cash used in investing activities | (193,011,000) | (291,550,000) |
Cash flows from financing activities: | ||
Proceeds from sale of membership interests to noncontrolling interest, net of transaction costs | 0 | 3,174,000 |
Proceeds from long-term loans, net of transaction costs | 132,847,000 | 100,000,000 |
Proceeds from exercise of options by employees | 2,057,000 | 0 |
Proceeds from issuance of senior unsecured notes, net of transaction costs | 0 | 0 |
Purchase of Senior unsecured notes | 0 | 0 |
Proceeds from the sale of limited liability company interest, net of transaction costs | 58,671,000 | 32,403,000 |
Prepayment of loans | (6,098,000) | 0 |
Proceeds from issuance of commercial paper | 50,000,000 | 0 |
Proceeds from revolving credit lines with banks | 1,311,500,000 | 2,819,800,000 |
Repayment of revolving credit lines with banks | (1,470,500,000) | (2,661,800,000) |
Cash received from noncontrolling interest | 3,346,000 | 4,134,000 |
Repayments of long-term debt | (52,997,000) | (41,858,000) |
Cash paid to noncontrolling interest | (9,399,000) | (9,555,000) |
Payments of finance leases | (2,734,000) | (1,706,000) |
Deferred debt issuance costs | (4,566,000) | (3,002,000) |
Cash dividends paid | (16,774,000) | (21,766,000) |
Net cash provided by (used in) financing activities | (4,647,000) | 219,824,000 |
Effect of exchange rate changes | (1,252,000) | 0 |
Net change in cash and cash equivalents and restricted cash and cash equivalents | 2,542,000 | 31,430,000 |
Restricted cash and cash equivalents acquired in a business combination | 0 | 26,993,000 |
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period | 177,495,000 | 96,643,000 |
Cash and cash equivalents and restricted cash and cash equivalents at end of period | 180,037,000 | 155,066,000 |
Supplemental non-cash investing and financing activities: | ||
Increase (decrease) in accounts payable related to purchases of property, plant and equipment | 7,496,000 | (10,390,000) |
Right of use assets obtained in exchange for new lease liabilities | $ 10,435,000 | $ 5,864,000 |
Note 1 - General and Basis of P
Note 1 - General and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019, three nine September 30, 2019 2018, nine September 30, 2019 2018 three September 30, 2019 2018, June 30, 2019 2018 March 31, 2019 2018. 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 periods presented are not 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, 2018. December 31, 2018 December 31, 2018 not Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000. McGinness Hills 3 On August 14, 2019, one 48 3 3 Pursuant to the transaction documents, prior to December 31, 2027 ( one 3 On the Target Flip Date, the Company, through one may Ijen transaction On July 2, 2019 323 Issuance of short-term commercial paper On June 27, 2019, July 3, 2019, 90 3 90 Plumstriker Loan On May 4, 2019, two two 20 On May 30, 2019, three 29 14 June 30, 2019. May 30, 2026. not Société Géneralé Loan On April 9, 2019, April 29, 2019, 28 July 29, 2019. April 29, 2026. one Bpifrance Loan On April 4, 2019, April 29, 2019, 20 June 30, 2021. March 31, 2026. not Puna On May 3, 2018, 38 three first 2019, May 2018 second third 2019, nine September 30, 2019. not As of November 2019, first 2020, one second 2020. The Company continues to assess the accounting implications of this event on the assets and liabilities on its balance sheet and whether an impairment will be required. Any significant damage to the geothermal resource or continued shut-down following the lava event at the Puna facilities could have an adverse impact on the power plant's electricity generation and availability, which in turn could have a material adverse impact on our business and results of operations. DEG 3 On January 4, 2019, 4” 3 February 28, 2019, 4 3 3 19 June 21, 2019, June 21, 2028. 3 4 1 3 1 3 3 Migdal Senior Unsecured Loan On March 25, 2019, first March 22, 2018. 15 September 15, 2021, March 15, 2029. 10 December 31, 2018. Write-offs of Unsuccessful Exploration Activities There were nowrite-offs of unsuccessful exploration activities for the three nine September 30, 2019. three nine September 30, 2018 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 as reported on the balance sheet to the total of the same amounts shown on the statement of cash flows: September 30, December 31, September 30, 2019 2018 2018 (Dollars in thousands) Cash and cash equivalents $ 97,602 $ 98,802 $ 71,965 Restricted cash and cash equivalents 82,435 78,693 83,101 Total Cash and cash equivalents and restricted cash and cash equivalents $ 180,037 $ 177,495 $ 155,066 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 U.S. and in foreign countries. At September 30, 2019 December 31, 2018, ten $250,000 September 30, 2019 December 31, 2018, At September 30, 2019 December 31, 2018, September 30, 2019 December 31, 2018, Sierra Pacific Power Company and Nevada Power Company (subsidiaries of NV Energy, Inc.) accounted for 15.1% and 13.6% of the Company’s total revenues for the three September 30, 2019 2018, nine September 30, 2019 2018, Southern California Public Power Authority (“SCPPA”) accounted for 16.4% and 13.7% of the Company’s total revenues for the three September 30, 2019 2018, nine September 30, 2019 2018, Kenya Power and Lighting Co. Ltd. ("KPLC") accounted for 18.0% and 18.6% of the Company’s total revenues for the three September 30, 2019 2018, nine September 30, 2019 2018, The Company has historically been able to collect on substantially all of its receivable balances. As of September 30, 2019, October 2019. September 30, 2019, none June 30, 2019. no Additionally, Pacific Gas and Electric Corporation (“PG&E Corporation”) and its subsidiary Pacific Gas and Electric Company (“PG&E”), which accounts for 2.2% and 1.4% of our total revenues for the three nine September 30, 2019, 2017 2018. January 29, 2019, 11 Revenues from Contracts with Customers Contract assets related to our Product segment reflect revenue recognized and September 30, 2019 December 31, 2018 September 30, December 31, 2019 2018 (Dollars in thousands) Contract assets (*) $ 43,125 $ 42,130 Contract liabilities (*) (6,003 ) (18,402 ) Contract assets, net $ 37,122 $ 23,728 (*) 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 sheets. On September 30, 2019, not |
Note 2 - New Accounting Pronoun
Note 2 - New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 2 New accounting pronouncements effective in the nine September 30, 2019 Leases In February 2016, 2016 02, 842 two 606. January 1, 2019 no In accordance with the new standard, for agreements in which the Company is the lessee, the Company applies a unified accounting model by which it recognizes a right-of-use asset ("ROU") and a lease liability at the commencement date of the lease contract for all the leases in which the Company has a right to control identified assets for a specified period of time. The classification of the lease as a finance lease or an operating lease determines the subsequent accounting for the lease arrangement. Upon the adoption of the new standard the Company, both as a lessee and as a lessor, chose to apply the following permitted practical expedients: 1. Not 2. Not 840 840 3. Exclude initial direct costs from measurement of the ROU asset at the date of initial application; 4. Applying the practical expedient (for a lessor) to not 606 606. 5. Applying the practical expedient (for a lessee) regarding the recognition and measurement of short-term leases, for leases for a period of up to 12 Since the Company elected to apply the practical expedients above, it applied the new standard to all contracts entered into before January 1, 2019 840. The new significant accounting policies regarding leases that were applied as from January 1, 2019 1. On the inception date of the lease, the Company determines whether the arrangement is a lease or contains a lease, while examining if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 2. a. Lease classification At the commencement date, a lease is a finance lease if it meets any one ● The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. ● The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise. ● The lease term is for the major part of the remaining economic life of the underlying asset. ● The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not ● The underlying asset is of such a specialized nature that it is expected to have no b. Leased assets and lease liabilities - initial recognition Upon initial recognition, the Company recognizes a liability at the present value of the lease payments to be made over the lease term, and concurrently recognizes a ROU asset at the same amount of the liability, adjusted for any prepaid or accrued lease payments, plus initial direct costs incurred in respect of the lease. Since the interest rate implicit in the lease is not c. The lease term The lease term is the non-cancellable period of the lease plus periods covered by an extension or termination option if it is reasonably certain that the Company will exercise the option. d. Subsequent measurement of operating leases After lease commencement, the Company measures the lease liability at the present value of the remaining lease payments using the discount rate determined at lease commencement (as long as the discount rate hasn’t been updated as a result of a reassessment event). The Company subsequently measures the ROU asset at the present value of the remaining lease payments, adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term and any unamortized initial direct costs. Further, the Company will recognize lease expense on a straight-line basis over the lease term. e. Subsequent measurement of finance leases After lease commencement, the Company measures the lease liability by increasing the carrying amount to reflect interest on the lease liability and reducing the carrying amount to reflect the lease payments made during the period. The Company shall determine the interest on the lease liability in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements. After lease commencement, the Company measures the ROU assets at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. The Company amortizes the ROU asset on a straight-line basis, unless another systematic basis better represents the pattern in which the Company expects to consume the ROU asset’s future economic benefits. The ROU asset is amortized over the shorter of the lease term or the useful life of the ROU asset as follows: (in years) Land 1 - 35 Automobiles 5 Building 15 The total periodic cost (the sum of interest and amortization expense) of a finance lease is typically higher in the early periods and lower in the later periods. f. Variable lease payments: Variable lease payments that depend on an index or a rate On the commencement date, the lease payments shall include variable lease payments that depend on an index or a rate (such as the Consumer Price Index or a market interest rate), initially measured using the index or rate at the commencement date. The Company does not Other variable lease payments Variable payments that depends on performance or use of the underlying asset are not 3. At lease commencement, the Company as a lessor classifies leases as either finance or operating leases. Finance leases are further classified as a sales-type lease or as a direct financing lease. Under an operating lease, the Company recognizes the lease payment as income over the lease term, generally on a straight-line basis or as earned. 4. a) Effects of the initial application of the new standard on the Company's consolidated balance sheets statement as of January 1, 2019: According to the previous accounting policy The change As presented according to Topic 842 (Dollars in thousands) As of January 1, 2019: Prepaid expenses and other $ 51,441 $ (35,385 ) $ 16,056 Deferred financing and lease costs, net 3,242 (1,659 ) 1,583 Property, plant and equipment, net 1,959,578 (12,855 ) 1,946,723 Operating leases right of use - 62,244 62,244 Finance leases right of use - 13,476 13,476 Accounts payable and accrued expenses 116,362 (2,860 ) 113,502 Current maturity of operating lease liabilities - 7,532 7,532 Current maturity of finance lease liabilities - 2,841 2,841 Other long-term liabilities 16,087 (9,970 ) 6,117 Long term portion of operating lease liabilities - 17,668 17,668 Long term portion of finance lease liabilities - 10,668 10,668 Retained earnings 422,222 (58 ) 422,164 The Operating leases right of use is higher than the related lease liabilities as a result of prepayments of leases, including the Puna lease and deferred financing lease costs. b) A weighted-average nominal incremental interest rate of 5% and 7% was used to discount future lease payments in the calculation of the lease liabilities in respect of operating leases and in respect of finance leases, respectively. Derivatives and Hedging In August 2017, 2017 12, December 15, 2018, not Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, 2018 02, 220 2017 December 15, 2018, not New accounting pronouncements effective in future periods Financial Instruments—Credit Losses In June 2016, 2016 13 January 1, 2020, |
Note 3 - Inventories
Note 3 - Inventories | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 Inventories consist of the following: September 30, December 31, 2019 2018 (Dollars in thousands) Raw materials and purchased parts for assembly $ 30,108 $ 26,914 Self-manufactured assembly parts and finished products 9,216 18,110 Total $ 39,324 $ 45,024 |
Note 4 - Leases
Note 4 - Leases | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Leases of Lessee and Lessor Disclosure [Text Block] | NOTE 4 A. Leases in which the Company is a lessee The table below presents the effects on the amounts relating to a lessee’s total lease cost: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (Dollars in thousands) Lease cost Finance lease cost: Amortization of right-of-use assets $ 938 $ 2,424 Interest on lease liabilities 375 1,001 Operating lease cost 2,070 5,996 Variable lease cost 133 523 Total lease cost $ 3,516 $ 9,944 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ — $ — Operating cash flows for operating leases 5,483 6,727 Financing cash flows for finance leases 1,021 2,734 Right-of-use assets obtained in exchange for new finance lease liabilities 901 5,186 Right-of-use assets obtained in exchange for new operating lease liabilities 4,652 5,250 September 30, 2019 Weighted-average remaining lease term — finance leases (in years) 4.0 Weighted-average remaining lease term — operating leases (in years) 6.0 Future minimum lease payments under non-cancellable leases as of September 30, 2019 Operating Leases Finance Leases (Dollars in thousands) Year ending December 31, 2019 (excluding the nine months ended September 30, 2019) 2,282 1,100 2020 5,162 4,402 2021 4,412 3,966 2022 2,921 3,862 2023 1,544 2,739 Thereafter 13,734 5,010 Total future minimum lease payments 30,055 21,079 Less imputed interest 6,104 5,664 Total $ 23,951 $ 15,415 Future minimum lease payments under non-cancellable leases as of December 31, 2018, 840, (Dollars in thousands) Year ending December 31, 2019 $ 10,889 2020 7,515 2021 5,758 2022 4,415 2023 2,910 Thereafter 9,292 Total $ 40,779 B. Leases in which the Company is a lessor The table below presents the lease income recognized for lessors: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (Dollars in thousands) Lease income relating to lease payments of operating leases $ 110,461 $ 351,953 Lease income relating to variable lease payments not included in the measurement of the lease — — Total $ 110,461 $ 351,953 |
Note 5 - Fair Value of Financia
Note 5 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019 December 31, 2018 September 30, 2019 Fair Value Carrying Value at September 30, 2019 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 27,100 $ 27,100 $ 27,100 $ — $ — Derivatives: Contingent receivable (1) 99 99 — — 99 Currency forward contracts (2) 869 869 — 869 — Liabilities: Current liabilities: Derivatives: Contingent payables (1) (3,261 ) (3,261 ) — — (3,261 ) $ 24,807 $ 24,807 $ 27,100 $ 869 $ (3,162 ) December 31, 2018 Fair Value Carrying Value at December 31, 2018 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets Current assets: Cash equivalents (including restricted cash accounts) $ 18,787 $ 18,787 $ 18,787 $ — $ — Derivatives: Contingent receivable (1) 104 104 — — 104 Liabilities: Current liabilities: Derivatives: Contingent payables (1) (3,424 ) (3,424 ) — — (3,424 ) Currency forward contracts (2) (1,040 ) (1,040 ) — (1,040 ) — $ 14,427 $ 14,427 $ 18,787 $ (1,040 ) $ (3,320 ) ( 1 These amounts relate to contingent receivables and payables and warrants relating to acquisition of the Guadeloupe power plant, 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 September 30, 2019 December 31, 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 September 30, 2019 December 31, 2018, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Currency forward contracts Derivative and foreign currency transaction gains (losses) 941 (198 ) 2,640 (1,655 ) $ 941 $ (198 ) $ 2,640 $ (1,655 ) The foregoing forward transactions were not There were no 1, 2 3 nine September 30, 2019. The fair value of the Company’s long-term debt approximates its carrying amount, except for the following: Fair Value Carrying Amount September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 (Dollars in millions) (Dollars in millions) Olkaria III Loan - OPIC 208.0 211.8 197.1 210.6 Olkaria IV Loan - DEG 2 47.3 47.2 45.0 47.5 Olkaria IV Loan - DEG 3 41.8 — 39.3 — Platanares Loan - OPIC 118.6 119.1 106.5 112.7 Amatitlan Loan 27.3 29.9 27.1 29.8 Senior Secured Notes: OrCal Geothermal Inc. ("OrCal") 15.4 19.0 15.0 18.7 OFC 2 LLC ("OFC 2") 216.9 214.5 207.1 217.8 Don A. Campbell 1 ("DAC 1") 80.6 78.8 79.6 83.3 USG Prudential - NV 31.4 29.4 27.5 27.8 USG Prudential - ID 18.4 18.6 18.3 18.9 USG DOE 45.1 48.3 44.9 51.4 Senior Unsecured Bonds 203.4 199.4 204.3 204.3 Senior Unsecured Loan 160.9 102.2 150.0 100.0 Plumstriker 23.7 — 23.2 — Other long-term debt 16.1 5.4 17.1 6.2 The fair value of the long-term debt and commercial paper 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, commercial paper and deposits approximates fair value. The following table presents the fair value of financial instruments as of September 30, 2019: Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III - OPIC — — 208.0 208.0 Olkaria IV - DEG 2 — — 47.3 47.3 Olkaria IV - DEG 3 — — 41.8 41.8 Platanares Loan - OPIC — — 118.6 118.6 Amatitlan Loan — 27.3 — 27.3 Senior Secured Notes: OrCal Senior Secured Notes — — 15.4 15.4 OFC 2 Senior Secured Notes — — 216.9 216.9 DAC 1 Senior Secured Notes — — 80.6 80.6 USG Prudential - NV — — 31.4 31.4 USG Prudential - ID — — 18.4 18.4 USG DOE — — 45.1 45.1 Senior Unsecured Bonds — — 203.4 203.4 Senior Unsecured Loan — — 160.9 160.9 Plumstriker — 23.7 — 23.7 Other long-term debt — — 16.1 16.1 Commercial paper — 50.1 — 50.1 Deposits 12.1 — — 12.1 The following table presents the fair value of financial instruments as of December 31, 2018: Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III Loan - OPIC — — 211.8 211.8 Olkaria IV - DEG 2 — — 47.2 47.2 Platanares Loan - OPIC — — 119.1 119.1 Amatitlan Loan — 29.9 — 29.9 Senior Secured Notes: OrCal Senior Secured Notes — — 19.0 19.0 OFC 2 Senior Secured Notes — — 214.5 214.5 DAC 1 Senior Secured Notes — — 78.8 78.8 USG Prudential - NV — — 29.4 29.4 USG Prudential - ID — — 18.6 18.6 USG DOE — — 48.3 48.3 Senior Unsecured Bonds — — 199.4 199.4 Senior Unsecured Loan — — 102.2 102.2 Other long-term debt — — 5.4 5.4 Revolving lines of credit — 159.0 — 159.0 Deposits 12.0 — — 12.0 |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 6 No material grants were provided under the 2018 nine September 30, 2019. |
Note 7 - Interest Expense, Net
Note 7 - Interest Expense, Net | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Interest Expense Disclosure [Text Block] | NOTE 7 The components of interest expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (Dollars in thousands) Interest related to sale of tax benefits $ 2,671 $ 2,916 $ 9,487 $ 6,086 Interest expense 17,924 16,571 54,307 45,298 Less — amount capitalized (519 ) (787 ) (978 ) (2,494 ) $ 20,076 $ 18,700 $ 62,816 $ 48,890 |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
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 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Weighted average number of shares used in computation of basic earnings per share 50,933 50,645 50,816 50,627 Add: Additional shares from the assumed exercise of employee stock options 401 318 308 358 Weighted average number of shares used in computation of diluted earnings per share 51,334 50,963 51,124 50,985 The number of stock-based awards that could potentially dilute future earnings per share and that were not three September 30, 2019 2018, nine September 30, 2019 2018, |
Note 9 - Business Segments
Note 9 - Business Segments | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 9 The Company has three reporting segments: the Electricity segment, the Product segment and the Other segment. These segments are managed and reported separately as each offers different products and serves different markets. The Electricity segment is engaged in the sale of electricity from the Company’s power plants pursuant to PPAs. The Product segment is engaged in the manufacture, including design and development, of turbines and power units for the supply of electrical energy and in the associated construction of power plants utilizing the power units manufactured by the Company to supply energy from geothermal fields and other alternative energy sources. The Other segment is engaged in management of curtailable customer loads under contracts with U.S. retail energy providers and directly with large commercial and industrial customers as well as battery storage as a service ("BSAAS"). Under this segment, we provide energy storage, demand response and energy management related services through our Viridity Energy Solutions Inc. ("Viridity") business. 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: Electricity Product Other Consolidated (Dollars in thousands) Three Months Ended September 30, 2019: Revenues from external customers: United States (1) $ 71,916 $ 4,816 $ 3,484 $ 80,216 Foreign (2) 52,062 38,221 — 90,283 Net revenue from external customers 123,978 43,037 3,484 170,499 Intersegment revenue — 20,831 — 20,831 Operating income (loss) 32,362 6,826 (469 ) 38,719 Segment assets at period end (3) (*) 3,050,971 125,762 82,760 3,259,493 * Including unconsolidated investments 73,714 — — 73,714 Three Months Ended September 30, 2018: Revenues from external customers: United States (1) $ 64,905 $ 281 $ 1,150 $ 66,336 Foreign (2) 51,986 48,158 — 100,144 Net revenue from external customers 116,891 $ 48,439 1,150 166,480 Intersegment revenue — 9,236 — 9,236 Operating income (loss) 20,150 7,300 (1,548 ) 25,902 Segment assets at period end (3) (*) 2,859,354 125,881 74,348 3,059,583 * Including unconsolidated investments 67,739 — — 67,739 Nine Months Ended September 30, 2019: Revenues from external customers: United States (1) $ 240,375 $ 28,591 $ 10,442 $ 279,408 Foreign (2) 155,590 118,604 — 274,194 Net revenues from external customers 395,965 147,195 10,442 553,602 Intersegment revenues — 58,259 — 58,259 Operating income (loss) 127,388 16,385 (4,449 ) 139,324 Segment assets at period end (3) (*) 3,050,971 125,762 82,760 3,259,493 * Including unconsolidated investments 73,714 — — 73,714 Nine Months Ended September 30, 2018: Revenues from external customers: United States (1) $ 221,727 $ 502 $ 5,217 $ 227,446 Foreign (2) 149,832 151,524 — 301,356 Net revenues from external customers 371,559 152,026 5,217 528,802 Intersegment revenues — 45,516 — 45,516 Operating income (loss) 94,024 27,614 (4,510 ) 117,128 Segment assets at period end 2,859,354 125,881 74,348 3,059,583 * Including unconsolidated investments 67,739 — — 67,739 ( 1 Electricity segment revenues in the United States are all accounted under ASC 842, three nine September 30, 2019 606. three nine September 30, 2018, 840, 606. ( 2 For the three nine September 30, 2019, 842, 606. three nine September 30, 2018, 840, 606. ( 3 Electricity segment assets include goodwill in the amount of $19.9 million and $26.7 million as of September 30, 2019 2018, September 30, 2018. September 30, 2019. Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenue: Total segment revenue $ 170,499 $ 166,480 $ 553,602 $ 528,802 Intersegment revenue 20,831 9,236 58,259 45,516 Elimination of intersegment revenue (20,831 ) (9,236 ) (58,259 ) (45,516 ) Total consolidated revenue $ 170,499 $ 166,480 $ 553,602 $ 528,802 Operating income: Operating income $ 38,719 $ 25,902 $ 139,324 $ 117,128 Interest income 482 214 1,195 516 Interest expense, net (20,076 ) (18,700 ) (62,816 ) (48,890 ) Derivatives and foreign currency transaction gains (losses) 205 (383 ) 696 (2,511 ) Income attributable to sale of tax benefits 4,056 4,066 16,457 14,983 Other non-operating income (expense), net 244 309 1,362 7,662 Total consolidated income before income taxes and equity in income of investees $ 23,630 $ 11,408 $ 96,218 $ 88,888 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 ● 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 1934, 10b 5 20 10 December 31, 2016 2017, 10 nine September 30, 2017 1995 March 12, 2019 July 12, 2019 August 26, 2019 September 25, 2019 November 18, 2019.The ● On September 11, 2018, October 22, 2018, four 14 2018 January 24, 2019, thirty ● Following the announcement of the Company’s acquisition of U.S. Geothermal Inc. (“USG”), a number of putative shareholder class action complaints were initially filed on behalf of USG shareholders between March 8, 2018 March 30, 2018 No. 2018 0177 Mar. 12, 2018). May 24, 2018 September 9, 2019 ● On August 5, 2016, April 4, 2019, ● On March 29, 2016, 27th 11th 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 | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 11 The Company’s effective tax rate expense (benefit) for the three September 30, 2019 2018 nine September 30, 2019 2018, nine September 30, 2019 As a result of the Tax Act, the Company is also subject to certain statutory restrictions on its interest deductions under IRC section 163 During the second 2019, no nine September 30, 2019, Tax Audit in Kenya On July 30, 2019, 2013 2017 third 2019, Not September 30, 2019, not |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12 Cash dividend On November 6, 2019, November 20, 2019, December 4, 2019. Stock based awards On November 6, 2019, 2018 November 7, 2019. first six |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Tax Monetization Transactions Policy [Policy Text Block] | McGinness Hills 3 On August 14, 2019, one 48 3 3 Pursuant to the transaction documents, prior to December 31, 2027 ( one 3 On the Target Flip Date, the Company, through one may |
Debt, Policy [Policy Text Block] | Issuance of short-term commercial paper On June 27, 2019, July 3, 2019, 90 3 90 Plumstriker Loan On May 4, 2019, two two 20 On May 30, 2019, three 29 14 June 30, 2019. May 30, 2026. not Société Géneralé Loan On April 9, 2019, April 29, 2019, 28 July 29, 2019. April 29, 2026. one Bpifrance Loan On April 4, 2019, April 29, 2019, 20 June 30, 2021. March 31, 2026. not Puna On May 3, 2018, 38 three first 2019, May 2018 second third 2019, nine September 30, 2019. not As of November 2019, first 2020, one second 2020. The Company continues to assess the accounting implications of this event on the assets and liabilities on its balance sheet and whether an impairment will be required. Any significant damage to the geothermal resource or continued shut-down following the lava event at the Puna facilities could have an adverse impact on the power plant's electricity generation and availability, which in turn could have a material adverse impact on our business and results of operations. DEG 3 On January 4, 2019, 4” 3 February 28, 2019, 4 3 3 19 June 21, 2019, June 21, 2028. 3 4 1 3 1 3 3 Migdal Senior Unsecured Loan On March 25, 2019, first March 22, 2018. 15 September 15, 2021, March 15, 2029. 10 December 31, 2018. |
Equity Method Investments [Policy Text Block] | Ijen transaction On July 2, 2019 323 |
Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block] | Write-offs of Unsuccessful Exploration Activities There were nowrite-offs of unsuccessful exploration activities for the three nine September 30, 2019. three nine September 30, 2018 |
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 as reported on the balance sheet to the total of the same amounts shown on the statement of cash flows: September 30, December 31, September 30, 2019 2018 2018 (Dollars in thousands) Cash and cash equivalents $ 97,602 $ 98,802 $ 71,965 Restricted cash and cash equivalents 82,435 78,693 83,101 Total Cash and cash equivalents and restricted cash and cash equivalents $ 180,037 $ 177,495 $ 155,066 |
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 U.S. and in foreign countries. At September 30, 2019 December 31, 2018, ten $250,000 September 30, 2019 December 31, 2018, At September 30, 2019 December 31, 2018, September 30, 2019 December 31, 2018, Sierra Pacific Power Company and Nevada Power Company (subsidiaries of NV Energy, Inc.) accounted for 15.1% and 13.6% of the Company’s total revenues for the three September 30, 2019 2018, nine September 30, 2019 2018, Southern California Public Power Authority (“SCPPA”) accounted for 16.4% and 13.7% of the Company’s total revenues for the three September 30, 2019 2018, nine September 30, 2019 2018, Kenya Power and Lighting Co. Ltd. ("KPLC") accounted for 18.0% and 18.6% of the Company’s total revenues for the three September 30, 2019 2018, nine September 30, 2019 2018, The Company has historically been able to collect on substantially all of its receivable balances. As of September 30, 2019, October 2019. September 30, 2019, none June 30, 2019. no Additionally, Pacific Gas and Electric Corporation (“PG&E Corporation”) and its subsidiary Pacific Gas and Electric Company (“PG&E”), which accounts for 2.2% and 1.4% of our total revenues for the three nine September 30, 2019, 2017 2018. January 29, 2019, 11 |
Revenue [Policy Text Block] | Revenues from Contracts with Customers Contract assets related to our Product segment reflect revenue recognized and September 30, 2019 December 31, 2018 September 30, December 31, 2019 2018 (Dollars in thousands) Contract assets (*) $ 43,125 $ 42,130 Contract liabilities (*) (6,003 ) (18,402 ) Contract assets, net $ 37,122 $ 23,728 (*) 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 sheets. On September 30, 2019, not |
Note 1 - General and Basis of_2
Note 1 - General and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | September 30, December 31, September 30, 2019 2018 2018 (Dollars in thousands) Cash and cash equivalents $ 97,602 $ 98,802 $ 71,965 Restricted cash and cash equivalents 82,435 78,693 83,101 Total Cash and cash equivalents and restricted cash and cash equivalents $ 180,037 $ 177,495 $ 155,066 |
Contract with Customer, Asset and Liability [Table Text Block] | September 30, December 31, 2019 2018 (Dollars in thousands) Contract assets (*) $ 43,125 $ 42,130 Contract liabilities (*) (6,003 ) (18,402 ) Contract assets, net $ 37,122 $ 23,728 |
Note 2 - New Accounting Prono_2
Note 2 - New Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule Of Estimated Useful Lives [Table Text Block] | (in years) Land 1 - 35 Automobiles 5 Building 15 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | According to the previous accounting policy The change As presented according to Topic 842 (Dollars in thousands) As of January 1, 2019: Prepaid expenses and other $ 51,441 $ (35,385 ) $ 16,056 Deferred financing and lease costs, net 3,242 (1,659 ) 1,583 Property, plant and equipment, net 1,959,578 (12,855 ) 1,946,723 Operating leases right of use - 62,244 62,244 Finance leases right of use - 13,476 13,476 Accounts payable and accrued expenses 116,362 (2,860 ) 113,502 Current maturity of operating lease liabilities - 7,532 7,532 Current maturity of finance lease liabilities - 2,841 2,841 Other long-term liabilities 16,087 (9,970 ) 6,117 Long term portion of operating lease liabilities - 17,668 17,668 Long term portion of finance lease liabilities - 10,668 10,668 Retained earnings 422,222 (58 ) 422,164 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2019 2018 (Dollars in thousands) Raw materials and purchased parts for assembly $ 30,108 $ 26,914 Self-manufactured assembly parts and finished products 9,216 18,110 Total $ 39,324 $ 45,024 |
Note 4 - Leases (Tables)
Note 4 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (Dollars in thousands) Lease cost Finance lease cost: Amortization of right-of-use assets $ 938 $ 2,424 Interest on lease liabilities 375 1,001 Operating lease cost 2,070 5,996 Variable lease cost 133 523 Total lease cost $ 3,516 $ 9,944 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ — $ — Operating cash flows for operating leases 5,483 6,727 Financing cash flows for finance leases 1,021 2,734 Right-of-use assets obtained in exchange for new finance lease liabilities 901 5,186 Right-of-use assets obtained in exchange for new operating lease liabilities 4,652 5,250 September 30, 2019 Weighted-average remaining lease term — finance leases (in years) 4.0 Weighted-average remaining lease term — operating leases (in years) 6.0 |
Lessee, Lease Liability, Maturity [Table Text Block] | Operating Leases Finance Leases (Dollars in thousands) Year ending December 31, 2019 (excluding the nine months ended September 30, 2019) 2,282 1,100 2020 5,162 4,402 2021 4,412 3,966 2022 2,921 3,862 2023 1,544 2,739 Thereafter 13,734 5,010 Total future minimum lease payments 30,055 21,079 Less imputed interest 6,104 5,664 Total $ 23,951 $ 15,415 |
Schedule of Future Minimum Rental Payments for Operating and Capital Leases [Table Text Block] | (Dollars in thousands) Year ending December 31, 2019 $ 10,889 2020 7,515 2021 5,758 2022 4,415 2023 2,910 Thereafter 9,292 Total $ 40,779 |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (Dollars in thousands) Lease income relating to lease payments of operating leases $ 110,461 $ 351,953 Lease income relating to variable lease payments not included in the measurement of the lease — — Total $ 110,461 $ 351,953 |
Note 5 - Fair Value of Financ_2
Note 5 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2019 Fair Value Carrying Value at September 30, 2019 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 27,100 $ 27,100 $ 27,100 $ — $ — Derivatives: Contingent receivable (1) 99 99 — — 99 Currency forward contracts (2) 869 869 — 869 — Liabilities: Current liabilities: Derivatives: Contingent payables (1) (3,261 ) (3,261 ) — — (3,261 ) $ 24,807 $ 24,807 $ 27,100 $ 869 $ (3,162 ) December 31, 2018 Fair Value Carrying Value at December 31, 2018 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets Current assets: Cash equivalents (including restricted cash accounts) $ 18,787 $ 18,787 $ 18,787 $ — $ — Derivatives: Contingent receivable (1) 104 104 — — 104 Liabilities: Current liabilities: Derivatives: Contingent payables (1) (3,424 ) (3,424 ) — — (3,424 ) Currency forward contracts (2) (1,040 ) (1,040 ) — (1,040 ) — $ 14,427 $ 14,427 $ 18,787 $ (1,040 ) $ (3,320 ) |
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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Currency forward contracts Derivative and foreign currency transaction gains (losses) 941 (198 ) 2,640 (1,655 ) $ 941 $ (198 ) $ 2,640 $ (1,655 ) |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair Value Carrying Amount September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 (Dollars in millions) (Dollars in millions) Olkaria III Loan - OPIC 208.0 211.8 197.1 210.6 Olkaria IV Loan - DEG 2 47.3 47.2 45.0 47.5 Olkaria IV Loan - DEG 3 41.8 — 39.3 — Platanares Loan - OPIC 118.6 119.1 106.5 112.7 Amatitlan Loan 27.3 29.9 27.1 29.8 Senior Secured Notes: OrCal Geothermal Inc. ("OrCal") 15.4 19.0 15.0 18.7 OFC 2 LLC ("OFC 2") 216.9 214.5 207.1 217.8 Don A. Campbell 1 ("DAC 1") 80.6 78.8 79.6 83.3 USG Prudential - NV 31.4 29.4 27.5 27.8 USG Prudential - ID 18.4 18.6 18.3 18.9 USG DOE 45.1 48.3 44.9 51.4 Senior Unsecured Bonds 203.4 199.4 204.3 204.3 Senior Unsecured Loan 160.9 102.2 150.0 100.0 Plumstriker 23.7 — 23.2 — Other long-term debt 16.1 5.4 17.1 6.2 |
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 — — 208.0 208.0 Olkaria IV - DEG 2 — — 47.3 47.3 Olkaria IV - DEG 3 — — 41.8 41.8 Platanares Loan - OPIC — — 118.6 118.6 Amatitlan Loan — 27.3 — 27.3 Senior Secured Notes: OrCal Senior Secured Notes — — 15.4 15.4 OFC 2 Senior Secured Notes — — 216.9 216.9 DAC 1 Senior Secured Notes — — 80.6 80.6 USG Prudential - NV — — 31.4 31.4 USG Prudential - ID — — 18.4 18.4 USG DOE — — 45.1 45.1 Senior Unsecured Bonds — — 203.4 203.4 Senior Unsecured Loan — — 160.9 160.9 Plumstriker — 23.7 — 23.7 Other long-term debt — — 16.1 16.1 Commercial paper — 50.1 — 50.1 Deposits 12.1 — — 12.1 Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III Loan - OPIC — — 211.8 211.8 Olkaria IV - DEG 2 — — 47.2 47.2 Platanares Loan - OPIC — — 119.1 119.1 Amatitlan Loan — 29.9 — 29.9 Senior Secured Notes: OrCal Senior Secured Notes — — 19.0 19.0 OFC 2 Senior Secured Notes — — 214.5 214.5 DAC 1 Senior Secured Notes — — 78.8 78.8 USG Prudential - NV — — 29.4 29.4 USG Prudential - ID — — 18.6 18.6 USG DOE — — 48.3 48.3 Senior Unsecured Bonds — — 199.4 199.4 Senior Unsecured Loan — — 102.2 102.2 Other long-term debt — — 5.4 5.4 Revolving lines of credit — 159.0 — 159.0 Deposits 12.0 — — 12.0 |
Note 7 - Interest Expense, Net
Note 7 - Interest Expense, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (Dollars in thousands) Interest related to sale of tax benefits $ 2,671 $ 2,916 $ 9,487 $ 6,086 Interest expense 17,924 16,571 54,307 45,298 Less — amount capitalized (519 ) (787 ) (978 ) (2,494 ) $ 20,076 $ 18,700 $ 62,816 $ 48,890 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Weighted average number of shares used in computation of basic earnings per share 50,933 50,645 50,816 50,627 Add: Additional shares from the assumed exercise of employee stock options 401 318 308 358 Weighted average number of shares used in computation of diluted earnings per share 51,334 50,963 51,124 50,985 |
Note 9 - Business Segments (Tab
Note 9 - Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Electricity Product Other Consolidated (Dollars in thousands) Three Months Ended September 30, 2019: Revenues from external customers: United States (1) $ 71,916 $ 4,816 $ 3,484 $ 80,216 Foreign (2) 52,062 38,221 — 90,283 Net revenue from external customers 123,978 43,037 3,484 170,499 Intersegment revenue — 20,831 — 20,831 Operating income (loss) 32,362 6,826 (469 ) 38,719 Segment assets at period end (3) (*) 3,050,971 125,762 82,760 3,259,493 * Including unconsolidated investments 73,714 — — 73,714 Three Months Ended September 30, 2018: Revenues from external customers: United States (1) $ 64,905 $ 281 $ 1,150 $ 66,336 Foreign (2) 51,986 48,158 — 100,144 Net revenue from external customers 116,891 $ 48,439 1,150 166,480 Intersegment revenue — 9,236 — 9,236 Operating income (loss) 20,150 7,300 (1,548 ) 25,902 Segment assets at period end (3) (*) 2,859,354 125,881 74,348 3,059,583 * Including unconsolidated investments 67,739 — — 67,739 Nine Months Ended September 30, 2019: Revenues from external customers: United States (1) $ 240,375 $ 28,591 $ 10,442 $ 279,408 Foreign (2) 155,590 118,604 — 274,194 Net revenues from external customers 395,965 147,195 10,442 553,602 Intersegment revenues — 58,259 — 58,259 Operating income (loss) 127,388 16,385 (4,449 ) 139,324 Segment assets at period end (3) (*) 3,050,971 125,762 82,760 3,259,493 * Including unconsolidated investments 73,714 — — 73,714 Nine Months Ended September 30, 2018: Revenues from external customers: United States (1) $ 221,727 $ 502 $ 5,217 $ 227,446 Foreign (2) 149,832 151,524 — 301,356 Net revenues from external customers 371,559 152,026 5,217 528,802 Intersegment revenues — 45,516 — 45,516 Operating income (loss) 94,024 27,614 (4,510 ) 117,128 Segment assets at period end 2,859,354 125,881 74,348 3,059,583 * Including unconsolidated investments 67,739 — — 67,739 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenue: Total segment revenue $ 170,499 $ 166,480 $ 553,602 $ 528,802 Intersegment revenue 20,831 9,236 58,259 45,516 Elimination of intersegment revenue (20,831 ) (9,236 ) (58,259 ) (45,516 ) Total consolidated revenue $ 170,499 $ 166,480 $ 553,602 $ 528,802 Operating income: Operating income $ 38,719 $ 25,902 $ 139,324 $ 117,128 Interest income 482 214 1,195 516 Interest expense, net (20,076 ) (18,700 ) (62,816 ) (48,890 ) Derivatives and foreign currency transaction gains (losses) 205 (383 ) 696 (2,511 ) Income attributable to sale of tax benefits 4,056 4,066 16,457 14,983 Other non-operating income (expense), net 244 309 1,362 7,662 Total consolidated income before income taxes and equity in income of investees $ 23,630 $ 11,408 $ 96,218 $ 88,888 |
Note 1 - General and Basis of_3
Note 1 - General and Basis of Presentation 1 (Details Textual) | Aug. 14, 2019USD ($) | Jul. 03, 2019USD ($) | Jul. 02, 2019USD ($) | May 30, 2019 | Mar. 25, 2019USD ($) | Oct. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2027 | May 04, 2019USD ($) | Apr. 29, 2019 | Apr. 09, 2019USD ($) | Jan. 04, 2019USD ($) |
Payments to Acquire Equity Method Investments | $ 3,096,000 | $ 3,800,000 | |||||||||||||||
Proceeds from Issuance of Commercial Paper | $ 50,000,000 | 50,000,000 | 0 | ||||||||||||||
Exploration Abandonment and Impairment Expense | $ 0 | $ 0 | 0 | $ 119,000 | |||||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 139,226,000 | 139,226,000 | $ 137,581,000 | ||||||||||||||
Product [Member] | |||||||||||||||||
Revenue, Remaining Performance Obligation, Amount | $ 167,400,000 | $ 167,400,000 | |||||||||||||||
Revenue, Remaining Performance Obligation, Percentage | 100.00% | 100.00% | |||||||||||||||
Kenya Power and Lighting Co LTD [Member] | |||||||||||||||||
Accounts Receivable, Past Due | $ 41,100,000 | $ 41,100,000 | |||||||||||||||
Accounts Receivable, Past Due, Average Number of Days Overdue | 60 | 60 | |||||||||||||||
Kenya Power and Lighting Co LTD [Member] | Subsequent Event [Member] | |||||||||||||||||
Proceeds, Overdue Accounts Receivable | $ 10,800,000 | ||||||||||||||||
ENNE [Member] | |||||||||||||||||
Accounts Receivable, Past Due | $ 20,100,000 | $ 20,100,000 | |||||||||||||||
Proceeds, Overdue Accounts Receivable | $ 0 | ||||||||||||||||
Accounts Receivable, Past Due, Average Number of Days Overdue | 181 | 181 | |||||||||||||||
Accounts Receivable, Past Due, Average Number of Days Overdue, Number of Days Increase During Period | 73 | ||||||||||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member] | |||||||||||||||||
Concentration Risk, Percentage | 59.00% | 56.00% | |||||||||||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Sierra Pacific Power Company And Nevada Power Company [Member] | |||||||||||||||||
Concentration Risk, Percentage | 15.10% | 13.60% | 16.70% | 15.70% | |||||||||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Southern California Public Power Authority [Member] | |||||||||||||||||
Concentration Risk, Percentage | 16.40% | 13.70% | 17.70% | 14.90% | |||||||||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Kenya Power and Lighting Co LTD [Member] | |||||||||||||||||
Concentration Risk, Percentage | 18.00% | 18.60% | 16.60% | 16.70% | |||||||||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Pacific Gas & Electric [Member] | |||||||||||||||||
Concentration Risk, Percentage | 2.20% | 1.40% | |||||||||||||||
UNITED STATES | |||||||||||||||||
Cash, Cash Equivalents, and Short-term Investments, Total | $ 47,300,000 | $ 47,300,000 | $ 31,300,000 | ||||||||||||||
Foreign Countries [Member] | |||||||||||||||||
Cash, Cash Equivalents, and Short-term Investments, Total | 74,200,000 | 74,200,000 | 93,900,000 | ||||||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 109,600,000 | 109,600,000 | $ 102,000,000 | ||||||||||||||
DEG 3 Loan Agreement [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.04% | ||||||||||||||||
Additional Migdal Loan [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 50,000,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.60% | ||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 2,100,000 | ||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 18,500,000 | ||||||||||||||||
Commercial Paper [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||||||||||||
Commercial Paper [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument, Term | 90 days | ||||||||||||||||
Commercial Paper [Member] | Maximum [Member] | |||||||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||||||
Subsidiary of Medco Power [Member] | Ijen Geothermal Project Company [Member] | |||||||||||||||||
Ownership Percentage Of Common Shares Outstanding | 51.00% | ||||||||||||||||
Plumstriker and its Two Subsidiaries [Member] | Plumstriker Loan Agreement [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 23,500,000 | ||||||||||||||||
Debt Instrument, Equal Quarterly Principal Installments, Percentage of Loan | 1.25% | ||||||||||||||||
Plumstriker and its Two Subsidiaries [Member] | London Interbank Offered Rate (LIBOR) [Member] | Plumstriker Loan Agreement [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||||||||||||
Guadeloupe 1 [Member] | Loan Agreement with Société Général [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 8,900,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.52% | ||||||||||||||||
Guadeloupe 1 [Member] | Loan Agreement with Bpifrance [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 8,900,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.93% | ||||||||||||||||
OrPower 4, Inc [Member] | DEG 3 Loan Agreement [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 41,500,000 | ||||||||||||||||
Ijen Geothermal Project Company [Member] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 49.00% | ||||||||||||||||
Payments to Acquire Equity Method Investments | $ 2,700,000 | ||||||||||||||||
McGinness Hills Phase III [Member] | Forecast [Member] | |||||||||||||||||
Percentage of Distributable Cash Generated by Power Plant Received by Company | 97.50% | ||||||||||||||||
Percentage of Tax Attributes Related to Power Plant Received by Company | 95.00% | ||||||||||||||||
McGinness Hills Phase III [Member] | Private Investor [Member] | |||||||||||||||||
Proceeds from Sale of Interest in Partnership Unit | $ 59,300,000 | ||||||||||||||||
Additional Amount Receivable from Sale of Interest in Partnership Unit | 9,000,000 | ||||||||||||||||
Additional Amount Receivable from Sale of Interest in Partnership Unit, Upper Limit | $ 22,000,000 | ||||||||||||||||
Puna Geothermal Power Plant [Member] | Electricity Segment [Member] | |||||||||||||||||
Proceeds from Insurance Settlement, Operating Activities | $ 1,500,000 | ||||||||||||||||
Puna Geothermal Power Plant [Member] | Electricity Segment [Member] | Cost of Sales [Member] | |||||||||||||||||
Proceeds from Insurance Settlement, Operating Activities | $ 9,300,000 |
Note 1 - General and Basis of_4
Note 1 - General and Basis of Presentation 2 (Details Textual) | Sep. 30, 2019 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01 | Product [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 24 months |
Note 1 - General and Basis of_5
Note 1 - General and Basis of Presentation - Cash and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | $ 97,602 | $ 98,802 | $ 71,965 | |
Restricted cash and cash equivalents | 82,435 | 78,693 | 83,101 | |
Total Cash and cash equivalents and restricted cash and cash equivalents | $ 180,037 | $ 177,495 | $ 155,066 | $ 96,643 |
Note 1 - General and Basis of_6
Note 1 - General and Basis of Presentation - Contract Assets (Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Contract assets (*) | [1] | $ 43,125 | $ 42,130 |
Contract liabilities (*) | [1] | (6,003) | (18,402) |
Contract assets, net | $ 37,122 | $ 23,728 | |
[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 sheets. |
Note 2 - New Accounting Prono_3
Note 2 - New Accounting Pronouncements (Details Textual) | Sep. 30, 2019 |
Operating Lease, Weighted Average Discount Rate, Percent | 5.00% |
Finance Lease, Weighted Average Discount Rate, Percent | 7.00% |
Note 2 - New Accounting Prono_4
Note 2 - New Accounting Pronouncements - ROU Assets Useful Life (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Automobiles [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 5 years |
Building [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 15 years |
Minimum [Member] | Land [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 1 year |
Maximum [Member] | Land [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 35 years |
Note 2 - New Accounting Prono_5
Note 2 - New Accounting Pronouncements - Effect of the Initial Application of New Standard in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Prepaid expenses and other | $ 12,116 | $ 16,056 | $ 51,441 |
Deferred financing and lease costs, net | 957 | 1,583 | 3,242 |
Property, plant and equipment, net | 1,962,637 | 1,946,723 | 1,959,578 |
Operating leases right of use | 58,170 | 62,244 | 0 |
Finance leases right of use | 18,046 | 13,476 | 0 |
Accounts payable and accrued expenses | 137,176 | 113,502 | 116,362 |
Current maturity of operating lease liabilities | 6,253 | 7,532 | 0 |
Finance lease liabilities | 3,191 | 2,841 | 0 |
Other long-term liabilities | 5,400 | 6,117 | 16,087 |
Long term portion of operating lease liabilities | 17,698 | 17,668 | 0 |
Long term portion of finance lease liabilities | 12,224 | 10,668 | 0 |
Retained earnings | $ 480,879 | 422,164 | $ 422,222 |
Accounting Standards Update 2016-02 [Member] | |||
Prepaid expenses and other | (35,385) | ||
Deferred financing and lease costs, net | (1,659) | ||
Property, plant and equipment, net | (12,855) | ||
Operating leases right of use | 62,244 | ||
Finance leases right of use | 13,476 | ||
Accounts payable and accrued expenses | (2,860) | ||
Current maturity of operating lease liabilities | 7,532 | ||
Finance lease liabilities | 2,841 | ||
Other long-term liabilities | (9,970) | ||
Long term portion of operating lease liabilities | 17,668 | ||
Long term portion of finance lease liabilities | 10,668 | ||
Retained earnings | $ (58) |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories, Current (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Raw materials and purchased parts for assembly | $ 30,108 | $ 26,914 |
Self-manufactured assembly parts and finished products | 9,216 | 18,110 |
Total | $ 39,324 | $ 45,024 |
Note 4 - Leases - Lessee's Tota
Note 4 - Leases - Lessee's Total Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Lease cost | |||
Amortization of right-of-use assets | $ 938 | $ 2,424 | |
Interest on lease liabilities | 375 | 1,001 | |
Operating lease cost | 2,070 | 5,996 | |
Variable lease cost | 133 | 523 | |
Total lease cost | 3,516 | 9,944 | |
Operating cash flows for finance leases | 0 | 0 | |
Operating cash flows for operating leases | 5,483 | 6,727 | |
Financing cash flows for finance leases | 1,021 | 2,734 | $ 1,706 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 901 | 5,186 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 4,652 | $ 5,250 | |
Weighted-average remaining lease term — finance leases (in years) (Year) | 4 years | 4 years | |
Weighted-average remaining lease term — operating leases (in years) (Year) | 6 years | 6 years |
Note 4 - Leases - Lessee Future
Note 4 - Leases - Lessee Future Minimum Lease Payments (Details) $ in Thousands | Sep. 30, 2019USD ($) |
2019 (excluding the three months ended March 31, 2019), operating leases | $ 2,282 |
2019 (excluding the three months ended March 31, 2019), finance leases | 1,100 |
2020, operating leases | 5,162 |
2020, finance leases | 4,402 |
2021, operating leases | 4,412 |
2021, finance leases | 3,966 |
2022, operating leases | 2,921 |
2022, finance leases | 3,862 |
2023, operating leases | 1,544 |
2023, finance leases | 2,739 |
Thereafter, operating leases | 13,734 |
Thereafter, finance leases | 5,010 |
Total future minimum lease payments, operating leases | 30,055 |
Total future minimum lease payments, finance leases | 21,079 |
Less imputed interest, operating leases | 6,104 |
Less imputed interest, finance leases | 5,664 |
Total, operating leases | 23,951 |
Total, finance leases | $ 15,415 |
Note 4 - Leases - Future Minimu
Note 4 - Leases - Future Minimum Lease Payments Under Non-cancellable Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 10,889 |
2020 | 7,515 |
2021 | 5,758 |
2022 | 4,415 |
2023 | 2,910 |
Thereafter | 9,292 |
Total | $ 40,779 |
Note 4 - Leases - Lease Income
Note 4 - Leases - Lease Income Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Lease income relating to lease payments of operating leases | $ 110,461 | $ 351,953 |
Lease income relating to variable lease payments not included in the measurement of the lease | 0 | 0 |
Total | $ 110,461 | $ 351,953 |
Note 5 - Fair Value of Financ_3
Note 5 - Fair Value of Financial Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Reported Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | $ 27,100 | $ 18,787 | |
24,807 | 14,427 | ||
Cash equivalents (including restricted cash accounts) | 27,100 | 18,787 | |
Reported Value Measurement [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 99 | 104 |
Reported Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | 869 | |
Derivative Liability, Current | [2] | (1,040) | |
Reported Value Measurement [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | (3,261) | (3,424) |
Estimate of Fair Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | 27,100 | 18,787 | |
24,807 | 14,427 | ||
Cash equivalents (including restricted cash accounts) | 27,100 | 18,787 | |
Estimate of Fair Value Measurement [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 99 | 104 |
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | 869 | |
Derivative Liability, Current | [2] | (1,040) | |
Estimate of Fair Value Measurement [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | (3,261) | (3,424) |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents (including restricted cash accounts) | 27,100 | 18,787 | |
27,100 | 18,787 | ||
Cash equivalents (including restricted cash accounts) | 27,100 | 18,787 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | 0 | |
Derivative Liability, Current | [2] | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash equivalents (including restricted cash accounts) | 0 | 0 | |
869 | (1,040) | ||
Cash equivalents (including restricted cash accounts) | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | 869 | |
Derivative Liability, Current | [2] | (1,040) | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash equivalents (including restricted cash accounts) | 0 | 0 | |
(3,162) | (3,320) | ||
Cash equivalents (including restricted cash accounts) | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 99 | 104 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | 0 | |
Derivative Liability, Current | [2] | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | $ (3,261) | $ (3,424) |
[1] | These amounts relate to contingent receivables and payables and warrants relating to acquisition of the Guadeloupe power plant, 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 September 30, 2019 and December 31, 2018 in the consolidated balance sheets with the corresponding gain or loss being recognized within Derivatives and foreign currency transaction gains (losses) in the consolidated statement of operations and comprehensive income. | ||
[2] | These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within "Prepaid expenses and other" and "Accounts payable and accrued expenses", as applicable, on September 30, 2019 and December 31, 2018, 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 Financ_4
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Amount of gain (loss) recognized | $ 941 | $ (198) | $ 2,640 | $ (1,655) |
Foreign Currency Gain (Loss) [Member] | Currency Forward Contracts [Member] | ||||
Amount of gain (loss) recognized | $ 941 | $ (198) | $ 2,640 | $ (1,655) |
Note 5 - Fair Value of Financ_5
Note 5 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Estimate of Fair Value Measurement [Member] | ||
Other long-term debt | $ 16.1 | $ 5.4 |
Reported Value Measurement [Member] | ||
Other long-term debt | 17.1 | 6.2 |
Olkaria III OPIC [Member] | ||
Loans | 208 | 211.8 |
Olkaria III OPIC [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 208 | 211.8 |
Olkaria III OPIC [Member] | Reported Value Measurement [Member] | ||
Loans | 197.1 | 210.6 |
Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 47.3 | |
Olkaria IV Loan - DEG 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 47.3 | 47.2 |
Olkaria IV Loan - DEG 2 [Member] | Reported Value Measurement [Member] | ||
Loans | 45 | 47.5 |
Olkaria IV Loan - DEG 3 [Member] | ||
Loans | 41.8 | |
Olkaria IV Loan - DEG 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 41.8 | 0 |
Olkaria IV Loan - DEG 3 [Member] | Reported Value Measurement [Member] | ||
Loans | 39.3 | 0 |
Platanares Loan - OPIC [Member] | ||
Loans | 118.6 | 119.1 |
Platanares Loan - OPIC [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 118.6 | 119.1 |
Platanares Loan - OPIC [Member] | Reported Value Measurement [Member] | ||
Loans | 106.5 | 112.7 |
Amatitlan Loan [Member] | ||
Loans | 27.3 | 29.9 |
Amatitlan Loan [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 27.3 | 29.9 |
Amatitlan Loan [Member] | Reported Value Measurement [Member] | ||
Loans | 27.1 | 29.8 |
OrCal Geothermal Inc [Member] | ||
Notes | 15.4 | 19 |
OrCal Geothermal Inc [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 15.4 | 19 |
OrCal Geothermal Inc [Member] | Reported Value Measurement [Member] | ||
Notes | 15 | 18.7 |
OFC Two Senior Secured Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 216.9 | 214.5 |
OFC Two Senior Secured Notes [Member] | Reported Value Measurement [Member] | ||
Notes | 207.1 | 217.8 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 80.6 | 78.8 |
Don A. Campbell 1 ("DAC1") [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 80.6 | 78.8 |
Don A. Campbell 1 ("DAC1") [Member] | Reported Value Measurement [Member] | ||
Notes | 79.6 | 83.3 |
USG Prudential - NV [Member] | ||
Notes | 31.4 | 29.4 |
USG Prudential - NV [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 31.4 | 29.4 |
USG Prudential - NV [Member] | Reported Value Measurement [Member] | ||
Notes | 27.5 | 27.8 |
USG Prudential - ID [Member] | ||
Notes | 18.4 | 18.6 |
USG Prudential - ID [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 18.4 | 18.6 |
USG Prudential - ID [Member] | Reported Value Measurement [Member] | ||
Notes | 18.3 | 18.9 |
USG DOE [Member] | ||
Notes | 45.1 | 48.3 |
USG DOE [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 45.1 | 48.3 |
USG DOE [Member] | Reported Value Measurement [Member] | ||
Notes | 44.9 | 51.4 |
Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 203.4 | 199.4 |
Senior Unsecured Bonds [Member] | Estimate of Fair Value Measurement [Member] | ||
Senior Unsecured debt | 203.4 | 199.4 |
Senior Unsecured Bonds [Member] | Reported Value Measurement [Member] | ||
Senior Unsecured debt | 204.3 | 204.3 |
Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 160.9 | 102.2 |
Senior Unsecured Loan [Member] | Estimate of Fair Value Measurement [Member] | ||
Senior Unsecured debt | 160.9 | 102.2 |
Senior Unsecured Loan [Member] | Reported Value Measurement [Member] | ||
Senior Unsecured debt | 150 | 100 |
Plumstriker Loan Agreement [Member] | ||
Loans | 23.7 | |
Plumstriker Loan Agreement [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 23.7 | 0 |
Plumstriker Loan Agreement [Member] | Reported Value Measurement [Member] | ||
Loans | $ 23.2 | $ 0 |
Note 5 - Fair Value of Financ_6
Note 5 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Deposits | $ 12.1 | $ 12 |
Revolving lines of credit | 159 | |
Commercial Paper [Member] | ||
Commercial paper | 50.1 | |
Olkaria III OPIC [Member] | ||
Loans | 208 | 211.8 |
Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 47.3 | |
Olkaria IV Loan - DEG 3 [Member] | ||
Loans | 41.8 | |
Platanares Loan - OPIC [Member] | ||
Loans | 118.6 | 119.1 |
Amatitlan Loan [Member] | ||
Loans | 27.3 | 29.9 |
OrCal Geothermal Inc [Member] | ||
Notes | 15.4 | 19 |
OFC Senior Secured Notes [Member] | ||
Notes | 216.9 | 214.5 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 80.6 | 78.8 |
USG Prudential - NV [Member] | ||
Notes | 31.4 | 29.4 |
USG Prudential - ID [Member] | ||
Notes | 18.4 | 18.6 |
USG DOE [Member] | ||
Notes | 45.1 | 48.3 |
Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 203.4 | 199.4 |
Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 160.9 | 102.2 |
Other Long-term Debt [Member] | ||
Senior Unsecured debt | 16.1 | 5.4 |
Plumstriker Loan Agreement [Member] | ||
Loans | 23.7 | |
Fair Value, Inputs, Level 1 [Member] | ||
Deposits | 12.1 | 12 |
Revolving lines of credit | 0 | |
Fair Value, Inputs, Level 1 [Member] | Commercial Paper [Member] | ||
Commercial paper | 0 | |
Fair Value, Inputs, Level 1 [Member] | Olkaria III OPIC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Olkaria IV Loan - DEG 3 [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 1 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Amatitlan Loan [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | OrCal Geothermal Inc [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | OFC Senior Secured Notes [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | USG Prudential - NV [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | USG Prudential - ID [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | USG DOE [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Other Long-term Debt [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Deposits | 0 | 0 |
Revolving lines of credit | 159 | |
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ||
Commercial paper | 50.1 | |
Fair Value, Inputs, Level 2 [Member] | Olkaria III OPIC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Olkaria IV Loan - DEG 3 [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Amatitlan Loan [Member] | ||
Loans | 27.3 | 29.9 |
Fair Value, Inputs, Level 2 [Member] | OrCal Geothermal Inc [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | OFC Senior Secured Notes [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | USG Prudential - NV [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | USG Prudential - ID [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | USG DOE [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Other Long-term Debt [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | 23.7 | |
Fair Value, Inputs, Level 3 [Member] | ||
Deposits | 0 | 0 |
Revolving lines of credit | 0 | |
Fair Value, Inputs, Level 3 [Member] | Commercial Paper [Member] | ||
Commercial paper | 0 | |
Fair Value, Inputs, Level 3 [Member] | Olkaria III OPIC [Member] | ||
Loans | 208 | 211.8 |
Fair Value, Inputs, Level 3 [Member] | Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 47.3 | 47.2 |
Fair Value, Inputs, Level 3 [Member] | Olkaria IV Loan - DEG 3 [Member] | ||
Loans | 41.8 | |
Fair Value, Inputs, Level 3 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 118.6 | 119.1 |
Fair Value, Inputs, Level 3 [Member] | Amatitlan Loan [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | OrCal Geothermal Inc [Member] | ||
Notes | 15.4 | 19 |
Fair Value, Inputs, Level 3 [Member] | OFC Senior Secured Notes [Member] | ||
Notes | 216.9 | 214.5 |
Fair Value, Inputs, Level 3 [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 80.6 | 78.8 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - NV [Member] | ||
Notes | 31.4 | 29.4 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - ID [Member] | ||
Notes | 18.4 | 18.6 |
Fair Value, Inputs, Level 3 [Member] | USG DOE [Member] | ||
Notes | 45.1 | 48.3 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 203.4 | 199.4 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 160.9 | 102.2 |
Fair Value, Inputs, Level 3 [Member] | Other Long-term Debt [Member] | ||
Senior Unsecured debt | 16.1 | $ 5.4 |
Fair Value, Inputs, Level 3 [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | $ 0 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Details Textual) shares in Thousands | Sep. 30, 2019shares |
The 2018 Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 |
Note 7 - Interest Expense, Ne_2
Note 7 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest related to sale of tax benefits | $ 2,671 | $ 2,916 | $ 9,487 | $ 6,086 |
Interest expense | 17,924 | 16,571 | 54,307 | 45,298 |
Less — amount capitalized | (519) | (787) | (978) | (2,494) |
$ 20,076 | $ 18,700 | $ 62,816 | $ 48,890 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,495 | 388,193 | 172,153 | 205,990 |
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Weighted average number of shares used in computation of basic earnings per share (in shares) | 50,933 | 50,645 | 50,816 | 50,627 |
Additional shares from the assumed exercise of employee stock options (in shares) | 401 | 318 | 308 | 358 |
Weighted average number of shares used in computation of diluted earnings per share (in shares) | 51,334 | 50,963 | 51,124 | 50,985 |
Note 9 - Business Segments (Det
Note 9 - Business Segments (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Number of Reportable Segments | 3 | ||||
Goodwill, Ending Balance | $ 19,933 | $ 19,933 | $ 19,950 | ||
Electricity Segment [Member] | |||||
Goodwill, Ending Balance | 19,900 | $ 26,700 | 19,900 | $ 26,700 | |
Other Segments [Member] | |||||
Goodwill, Ending Balance | 0 | 13,500 | 0 | 13,500 | |
Accounting Standards Update 2014-09 [Member] | Electricity Revenues [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 13,500 | $ 5,800 | $ 44,000 | $ 17,700 |
Note 9 - Business Segments - Su
Note 9 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||||||
Revenues | $ 170,499 | $ 166,480 | $ 553,602 | $ 528,802 | ||||||
Operating income (loss) | 38,719 | 25,902 | 139,324 | 117,128 | ||||||
Segment assets at period end | 3,259,493 | [1] | 3,059,583 | [1] | 3,259,493 | [1] | 3,059,583 | [1] | $ 3,121,350 | |
Operating income (loss) | 38,719 | 25,902 | 139,324 | 117,128 | ||||||
Unconsolidated Investment [Member] | ||||||||||
Segment assets at period end | 73,714 | 67,739 | 73,714 | 67,739 | ||||||
Segment Reconciling Items [Member] | ||||||||||
Revenues | 20,831 | 9,236 | 58,259 | 45,516 | ||||||
Electricity Segment [Member] | ||||||||||
Operating income (loss) | 32,362 | 20,150 | 127,388 | 94,024 | ||||||
Segment assets at period end | [1] | 3,050,971 | 2,859,354 | 3,050,971 | 2,859,354 | |||||
Operating income (loss) | 32,362 | 20,150 | 127,388 | 94,024 | ||||||
Electricity Segment [Member] | Unconsolidated Investment [Member] | ||||||||||
Segment assets at period end | 73,714 | 67,739 | 73,714 | 67,739 | ||||||
Electricity Segment [Member] | Operating Segments [Member] | ||||||||||
Revenues | 123,978 | 116,891 | 395,965 | 371,559 | ||||||
Electricity Segment [Member] | Segment Reconciling Items [Member] | ||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||
Product Segment [Member] | ||||||||||
Operating income (loss) | 6,826 | 7,300 | 16,385 | 27,614 | ||||||
Segment assets at period end | [1] | 125,762 | 125,881 | 125,762 | 125,881 | |||||
Operating income (loss) | 6,826 | 7,300 | 16,385 | 27,614 | ||||||
Product Segment [Member] | Unconsolidated Investment [Member] | ||||||||||
Segment assets at period end | 0 | 0 | 0 | 0 | ||||||
Product Segment [Member] | Operating Segments [Member] | ||||||||||
Revenues | 43,037 | 48,439 | 147,195 | 152,026 | ||||||
Product Segment [Member] | Segment Reconciling Items [Member] | ||||||||||
Revenues | 20,831 | 9,236 | 58,259 | 45,516 | ||||||
Other Segments [Member] | ||||||||||
Operating income (loss) | (469) | (1,548) | (4,449) | (4,510) | ||||||
Segment assets at period end | [1] | 82,760 | 74,348 | 82,760 | 74,348 | |||||
Operating income (loss) | (469) | (1,548) | (4,449) | (4,510) | ||||||
Other Segments [Member] | Unconsolidated Investment [Member] | ||||||||||
Segment assets at period end | 0 | 0 | 0 | 0 | ||||||
Other Segments [Member] | Operating Segments [Member] | ||||||||||
Revenues | 3,484 | 1,150 | 10,442 | 5,217 | ||||||
Other Segments [Member] | Segment Reconciling Items [Member] | ||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||
UNITED STATES | ||||||||||
Revenues | [2] | 80,216 | 66,336 | 279,408 | 227,446 | |||||
UNITED STATES | Electricity Segment [Member] | Operating Segments [Member] | ||||||||||
Revenues | [2] | 71,916 | 64,905 | 240,375 | 221,727 | |||||
UNITED STATES | Product Segment [Member] | Operating Segments [Member] | ||||||||||
Revenues | [2] | 4,816 | 281 | 28,591 | 502 | |||||
UNITED STATES | Other Segments [Member] | Operating Segments [Member] | ||||||||||
Revenues | [2] | 3,484 | 1,150 | 10,442 | 5,217 | |||||
Foreign Countries [Member] | ||||||||||
Revenues | [3] | 90,283 | 100,144 | 274,194 | 301,356 | |||||
Foreign Countries [Member] | Electricity Segment [Member] | Operating Segments [Member] | ||||||||||
Revenues | [3] | 52,062 | 51,986 | 155,590 | 149,832 | |||||
Foreign Countries [Member] | Product Segment [Member] | Operating Segments [Member] | ||||||||||
Revenues | [3] | 38,221 | 48,158 | 118,604 | 151,524 | |||||
Foreign Countries [Member] | Other Segments [Member] | Operating Segments [Member] | ||||||||||
Revenues | [3] | $ 0 | $ 0 | $ 0 | $ 0 | |||||
[1] | Electricity segment assets include goodwill in the amount of $19.9 million and $26.7 million as of September 30, 2019 and 2018, respectively. Other segment assets include goodwill in the amount of $13.5 million as of September 30, 2018. No goodwill is included in the Other segment assets as of September 30, 2019. | |||||||||
[2] | Electricity segment revenues in the United States are all accounted under ASC 842, Leases, except for $13.5 million and $44.0 million in the three and nine months ended September 30, 2019 that are accounted under ASC 606. For the three and nine months ended September 30, 2018, Electricity segment revenues in the United States are all accounted under ASC 840, Leases, except for $5.8 million and $17.7 million that are accounted under ASC 606. | |||||||||
[3] | For the three and nine months ended September 30, 2019, Electricity segment revenues in foreign countries are all accounted under ASC 842, Leases, and Product revenues in foreign countries are accounted under ASC 606. For the three and nine months ended September 30, 2018, Electricity segment revenues in foreign countries are all accounted under ASC 840, Leases, and Product revenues in foreign countries are accounted under ASC 606. |
Note 9 - Business Segments - Re
Note 9 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues | $ 170,499 | $ 166,480 | $ 553,602 | $ 528,802 |
Operating income (loss) | 38,719 | 25,902 | 139,324 | 117,128 |
Interest income | 482 | 214 | 1,195 | 516 |
Interest expense, net | (20,076) | (18,700) | (62,816) | (48,890) |
Derivatives and foreign currency transaction gains (losses) | 205 | (383) | 696 | (2,511) |
Income attributable to sale of tax benefits | 4,056 | 4,066 | 16,457 | 14,983 |
Other non-operating income (expense), net | 244 | 309 | 1,362 | 7,662 |
Total consolidated income before income taxes and equity in income of investees | 23,630 | 11,408 | 96,218 | 88,888 |
Segment Reconciling Items [Member] | ||||
Revenues | 20,831 | 9,236 | 58,259 | 45,516 |
Consolidation, Eliminations [Member] | ||||
Revenues | $ (20,831) | $ (9,236) | $ (58,259) | $ (45,516) |
Note 10 - Commitments and Con_2
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 40.70% | 10.40% | 20.90% | 3.80% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Tax Cuts and Jobs Act, Interest Deduction Limits, Percentage of Adjusted Taxable Income Allowed | 30.00% | 30.00% | ||
Deferred Tax Asset, Interest Carryforward | $ 8.9 | $ 8.9 | ||
Foreign Income Tax Expense (Benefit), Continuing Operations, Total | 6.6 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 1.9 | |||
State and Local Income Tax Expense (Benefit), Continuing Operations, Total | 1.2 | |||
Foreign Tax Authority [Member] | Kenya Revenue Authority [Member] | ||||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $ 77 | $ 77 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - USD ($) | Nov. 07, 2019 | Nov. 06, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 |
Dividends, Common Stock, Total | $ 5,606,000 | $ 5,589,000 | $ 5,579,000 | $ 5,064,000 | $ 5,062,000 | $ 11,640,000 | ||
Subsequent Event [Member] | ||||||||
Dividends, Common Stock, Total | $ 5,600,000 | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.11 | |||||||
Subsequent Event [Member] | Stock Appreciation Rights (SARs) and Restricted Stock Units (RSUs) [Member] | The 2018 Incentive Plan [Member] | Board of Directors Chairman [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value | $ 180,000 | |||||||
Subsequent Event [Member] | Stock Appreciation Rights (SARs) and Restricted Stock Units (RSUs) [Member] | The 2018 Incentive Plan [Member] | Directors, Excluding Board of Directors Chairman [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value | $ 120,000 |