Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 07, 2020 | |
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 | Q1 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
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 | 51,035,718 | |
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 | Mar. 31, 2020 | Dec. 31, 2019 | ||
Current assets: | ||||
Cash and cash equivalents | $ 231,149 | $ 71,173 | ||
Restricted cash and cash equivalents (primarily related to VIEs) | 88,627 | 81,937 | ||
Receivables: | ||||
Trade less allowance for credit losses of $779 and $0, respectively (primarily related to VIEs) | 168,924 | 154,525 | ||
Other | 27,718 | 22,048 | ||
Inventories | 34,107 | 34,949 | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | [1] | 22,305 | 38,365 | |
Prepaid expenses and other | 11,456 | 12,667 | ||
Total current assets | 584,286 | 415,664 | ||
Investment in unconsolidated companies | 76,008 | 81,140 | ||
Deposits and other | 37,734 | 38,284 | ||
Deferred income taxes | 118,682 | 129,510 | ||
Property, plant and equipment, net | 1,981,086 | 1,971,415 | ||
Construction-in-process | 413,789 | 376,555 | ||
Operating leases right of use | 17,611 | 17,405 | ||
Finance leases right of use | 14,149 | 14,161 | ||
Intangible assets, net | 182,305 | 186,220 | ||
Goodwill | 19,963 | 20,140 | ||
Total assets | 3,445,613 | [2],[3] | 3,250,494 | |
Current liabilities: | ||||
Accounts payable and accrued expenses | 140,867 | 141,857 | ||
Short term revolving credit lines with banks (full recourse) | 270,500 | 40,550 | ||
Commercial paper | 8,275 | 50,000 | ||
Billings in excess of costs and estimated earnings on uncompleted contracts | 5,937 | 2,755 | ||
Current portion of long-term debt: | ||||
Senior secured notes | 24,617 | 24,473 | ||
Other loans | 34,408 | 34,458 | ||
Full recourse | 76,572 | 76,572 | ||
Operating lease liabilities | 2,974 | 2,743 | ||
Finance lease liabilities | 3,169 | 3,068 | ||
Total current liabilities | 567,319 | 376,476 | ||
Long-term debt, net of current portion: | ||||
Senior secured notes (less deferred financing costs of $6,049 and $6,317, respectively) | 331,077 | 339,336 | ||
Other loans (less deferred financing costs of $9,872 and $10,482, respectively) | 309,588 | 317,395 | ||
Senior unsecured bonds (less deferred financing costs of $623 and $675, respectively) | 286,505 | 286,453 | ||
Other loans (less deferred financing costs of $1,475 and $1,519, respectively) | 68,789 | 68,747 | ||
Operating lease liabilities | 14,035 | 14,008 | ||
Finance lease liabilities | 11,230 | 11,209 | ||
Liability associated with sale of tax benefits | 121,627 | 123,468 | ||
Deferred income taxes | 100,969 | 97,126 | ||
Liability for unrecognized tax benefits | 14,560 | 14,643 | ||
Liabilities for severance pay | 18,208 | 18,751 | ||
Asset retirement obligation | 50,786 | 50,183 | ||
Other long-term liabilities | 7,867 | 8,039 | ||
Total liabilities | 1,902,560 | 1,725,834 | ||
Commitments and contingencies (Note 9) | ||||
Redeemable noncontrolling interest | 9,402 | 9,250 | ||
Equity: | ||||
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 51,035,718 and 51,031,652 issued and outstanding as of March 31, 2020 and December 31, 2019, respectively | 51 | 51 | ||
Additional paid-in capital | 915,139 | 913,150 | ||
Retained earnings | 507,537 | 487,873 | ||
Accumulated other comprehensive income (loss) | (13,662) | (8,654) | ||
Total stockholders' equity attributable to Company's stockholders | 1,409,065 | 1,392,420 | ||
Noncontrolling interest | 124,586 | 122,990 | ||
Total equity | 1,533,651 | 1,515,410 | ||
Total liabilities, redeemable noncontrolling interest and equity | $ 3,445,613 | $ 3,250,494 | ||
[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 $20.0 million and $20.1 million as of March 31, 2020 and 2019, respectively. No goodwill is included in the Product and ESMS segment assets as of March 31, 2020 and 2019. | |||
[3] | Including unconsolidated investments 76,008 76,008 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Trade, allowance for credit losses | $ 779 | $ 0 |
Property, plant and equipment, net | 1,981,086 | 1,971,415 |
Construction-in-process | 413,789 | 376,555 |
Operating leases right of use | 17,611 | 17,405 |
Finance leases right of use | $ 14,149 | $ 14,161 |
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) | 51,035,718 | 51,031,652 |
Common stock, shares outstanding (in shares) | 51,035,718 | 51,031,652 |
Senior Secured Notes [Member] | ||
Deferred financing costs | $ 6,049 | $ 6,317 |
Other Loans, Limited and Non-recourse [Member] | ||
Deferred financing costs | 9,872 | 10,482 |
Senior Unsecured Bonds [Member] | ||
Deferred financing costs | 623 | 675 |
Other Loans, Full Recourse [Member] | ||
Deferred financing costs | 1,475 | 1,519 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Property, plant and equipment, net | 1,889,857 | 1,880,547 |
Construction-in-process | 166,124 | 149,830 |
Operating leases right of use | 4,796 | 4,688 |
Finance leases right of use | $ 8,730 | $ 8,479 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Revenue | $ 192,113 | $ 199,038 |
Cost of revenues: | ||
Cost of revenues | 110,295 | 124,859 |
Gross profit | 81,818 | 74,179 |
Operating expenses: | ||
Research and development expenses | 1,619 | 900 |
Selling and marketing expenses | 4,794 | 3,865 |
General and administrative expenses | 14,348 | 15,689 |
Operating income | 61,057 | 53,725 |
Other income (expense): | ||
Interest income | 402 | 293 |
Interest expense, net | (17,273) | (21,223) |
Derivatives and foreign currency transaction gains (losses) | 393 | 472 |
Income attributable to sale of tax benefits | 4,132 | 7,764 |
Other non-operating income (expense), net | 78 | 91 |
Income from operations before income tax and equity in earnings (losses) of investees | 48,789 | 41,122 |
Income tax (provision) benefit | (18,148) | (14,039) |
Equity in earnings (losses) of investees, net | (735) | 1,047 |
Net income | 29,906 | 28,130 |
Net income attributable to noncontrolling interest | (3,873) | (2,184) |
Net income attributable to the Company's stockholders | 26,033 | 25,946 |
Comprehensive income: | ||
Net income | 29,906 | 28,130 |
Other comprehensive income (loss), net of related taxes: | ||
Change in foreign currency translation adjustments | (645) | (1,348) |
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment | (4,755) | (1,145) |
Change in respect of derivative instruments designated for cash flow hedge | 13 | 22 |
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (8) | (8) |
Comprehensive income | 24,511 | 25,651 |
Comprehensive income attributable to noncontrolling interest | (3,486) | (1,862) |
Comprehensive income attributable to the Company's stockholders | $ 21,025 | $ 23,789 |
Basic: | ||
Net income (in dollars per share) | $ 0.51 | $ 0.51 |
Diluted: | ||
Net income (in dollars per share) | $ 0.51 | $ 0.51 |
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: | ||
Basic (in shares) | 51,036 | 50,709 |
Diluted (in shares) | 51,526 | 51,012 |
Electricity [Member] | ||
Revenues: | ||
Revenue | $ 142,856 | $ 142,908 |
Cost of revenues: | ||
Cost of revenues | 71,368 | 77,543 |
Product [Member] | ||
Revenues: | ||
Revenue | 47,411 | 52,128 |
Cost of revenues: | ||
Cost of revenues | 36,978 | 42,106 |
Energy Storage and Management Services [Member] | ||
Revenues: | ||
Revenue | 1,846 | 4,002 |
Cost of revenues: | ||
Cost of revenues | $ 1,949 | $ 5,210 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [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, 2018 | 50,700 | 50,700 | |||||||||||||||||||
Balance at Dec. 31, 2018 | $ 0 | $ 0 | $ (58) | $ 0 | $ (58) | $ 0 | $ (58) | $ 51 | $ 901,363 | $ 422,164 | $ (3,799) | $ 1,319,779 | $ 125,259 | $ 1,445,038 | $ 51 | $ 901,363 | $ 422,222 | $ (3,799) | $ 1,319,837 | $ 125,259 | $ 1,445,096 |
Stock-based compensation | $ 0 | 2,360 | 0 | 0 | 2,360 | 0 | 2,360 | ||||||||||||||
Exercise of options by employees and directors (in shares) | 52 | ||||||||||||||||||||
Exercise of options by employees and directors | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | (4,146) | (4,146) | ||||||||||||||
Cash dividend declared | 0 | 0 | (5,579) | 0 | (5,579) | 0 | (5,579) | ||||||||||||||
Net income | 0 | 0 | 25,946 | 0 | 25,946 | 1,855 | 27,801 | ||||||||||||||
Change in foreign currency translation adjustments | 0 | 0 | 0 | (1,026) | (1,026) | (322) | (1,348) | ||||||||||||||
Change in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | 22 | 22 | 0 | 22 | ||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 0 | 0 | 0 | (1,145) | (1,145) | 0 | (1,145) | ||||||||||||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge, net | $ 0 | 0 | 0 | (8) | (8) | 0 | (8) | ||||||||||||||
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, 2019 | 51,032 | 51,032 | |||||||||||||||||||
Balance at Dec. 31, 2019 | $ 0 | $ 0 | $ (755) | $ 0 | $ (755) | $ 0 | $ (755) | $ 51 | $ 913,150 | $ 487,118 | $ (8,654) | $ 1,391,665 | $ 122,990 | $ 1,514,655 | $ 51 | 913,150 | 487,873 | (8,654) | 1,392,420 | 122,990 | 1,515,410 |
Stock-based compensation | $ 0 | 1,989 | 0 | 0 | 1,989 | 0 | 1,989 | ||||||||||||||
Exercise of options by employees and directors (in shares) | 4 | ||||||||||||||||||||
Exercise of options by employees and directors | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | (3,007) | (3,007) | ||||||||||||||
Cash dividend declared | 0 | 0 | (5,614) | 0 | (5,614) | 0 | (5,614) | ||||||||||||||
Net income | 0 | 0 | 26,033 | 0 | 26,033 | 3,543 | 29,576 | ||||||||||||||
Change in foreign currency translation adjustments | 0 | 0 | 0 | (258) | (258) | (387) | (645) | ||||||||||||||
Change in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | 13 | 13 | 0 | 13 | ||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 0 | 0 | 0 | (4,755) | (4,755) | 0 | (4,755) | ||||||||||||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge, net | 0 | 0 | 0 | (8) | (8) | 0 | (8) | ||||||||||||||
Increase in noncontrolling interest | $ 0 | 0 | 0 | 0 | 0 | 1,447 | 1,447 | ||||||||||||||
Balance (in shares) at Mar. 31, 2020 | 51,036 | ||||||||||||||||||||
Balance at Mar. 31, 2020 | $ 51 | $ 915,139 | $ 507,537 | $ (13,662) | $ 1,409,065 | $ 124,586 | $ 1,533,651 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Retained Earnings [Member] | ||
Cash dividend declared, per share (in dollars per share) | $ 0.11 | $ 0.11 |
Amortization of unrealized gains, tax | $ 18 | |
Change in respect of derivative instruments designated for cash flow hedge, tax | 24 | |
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment, tax | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 29,906 | $ 28,130 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 36,952 | 36,901 |
Accretion of asset retirement obligation | 772 | 651 |
Stock-based compensation | 1,989 | 2,360 |
Amortization of deferred lease income | 0 | (775) |
Income attributable to sale of tax benefits, net of interest expense | (2,087) | (4,314) |
Equity in losses (earnings) of investees | 735 | (1,047) |
Mark-to-market of derivative instruments | (561) | (1,209) |
Loss on disposal of property, plant and equipment | 88 | 377 |
Loss (gain) on severance pay fund asset | 535 | (330) |
Deferred income tax provision | 15,123 | 10,469 |
Liability for unrecognized tax benefits | (83) | 713 |
Changes in operating assets and liabilities, net of businesses acquired: | ||
Receivables | (25,008) | (1,119) |
Costs and estimated earnings in excess of billings on uncompleted contracts | 16,060 | 12,368 |
Inventories | 842 | 2,018 |
Prepaid expenses and other | 1,211 | (2,105) |
Change in operating lease right of use asset | 784 | 1,698 |
Deposits and other | 343 | 26 |
Accounts payable and accrued expenses | 350 | (4,271) |
Billings in excess of costs and estimated earnings on uncompleted contracts | 3,182 | (2,894) |
Liabilities for severance pay | (543) | 406 |
Change in operating lease liabilities | (734) | 0 |
Other long-term liabilities | (100) | (616) |
Net cash provided by operating activities | 79,756 | 77,437 |
Cash flows from investing activities: | ||
Capital expenditures | (80,375) | (51,303) |
Investment in unconsolidated companies | (358) | 0 |
Decrease (increase) in severance pay fund asset, net of payments made to retired employees | (87) | 359 |
Net cash used in investing activities | (80,820) | (50,944) |
Cash flows from financing activities: | ||
Proceeds from long-term loans, net of transaction costs | 0 | 91,500 |
Repayments of commercial paper | (41,725) | 0 |
Proceeds from revolving credit lines with banks | 872,900 | 914,700 |
Repayment of revolving credit lines with banks | (642,950) | (1,012,800) |
Cash received from noncontrolling interest | 6,270 | 3,346 |
Repayments of long-term debt | (16,416) | (15,757) |
Cash paid to noncontrolling interest | (3,279) | (4,459) |
Payments under finance lease obligations | (675) | (767) |
Deferred debt issuance costs | (416) | (1,223) |
Cash dividends paid | (5,614) | (5,579) |
Net cash provided by (used in) financing activities | 168,095 | (31,039) |
Effect of exchange rate changes | (365) | (485) |
Net change in cash and cash equivalents and restricted cash and cash equivalents | 166,666 | (5,031) |
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period | 153,110 | 177,495 |
Cash and cash equivalents and restricted cash and cash equivalents at end of period | 319,776 | 172,464 |
Supplemental non-cash investing and financing activities: | ||
Increase (decrease) in accounts payable related to purchases of property, plant and equipment | (1,436) | 153 |
Right of use assets obtained in exchange for new lease liabilities | $ 1,194 | $ 2,154 |
Note 1 - General and Basis of P
Note 1 - General and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, they do not March 31, 2020, three March 31, 2020 2019. 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, 2019. December 31, 2019 December 31, 2019 not Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000. COVID- 19 In March 2020, 19" 19 19 may no 19 no Puna On May 3, 2018, 38 three March April 2020, May 2018 first 2020, three March 31, 2020. not As of May 2020, two one fourth 29 In December 2019, 2052 46MW no 8MW 2022. The Company continues to assess the accounting implications of this event on the assets and liabilities on its consolidated balance sheets 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 the Company's business and results of operations. Write-offs of unsuccessful exploration activities There were no three March 31, 2020 2019. 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: March 31, December 31, March 31, 2020 2019 2019 (Dollars in thousands) Cash and cash equivalents $ 231,149 $ 71,173 $ 79,366 Restricted cash and cash equivalents 88,627 81,937 93,098 Total Cash and cash equivalents and restricted cash and cash equivalents $ 319,776 $ 153,110 $ 172,464 Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of temporary cash investments and accounts receivable. The Company places its temporary cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At March 31, 2020 December 31, 2019, ten $250,000 March 31, 2020 December 31, 2019, At March 31, 2020 December 31, 2019, March 31, 2020 December 31, 2019, 10% three March 31, 2020 2019, Sierra Pacific Power Company and Nevada Power Company (subsidiaries of NV Energy, Inc.) accounted for 19.2% and 18.3% of the Company’s total revenues for the three March 31, 2020 2019, Southern California Public Power Authority (“SCPPA”) accounted for 18.7% and 19.4% of the Company’s total revenues for the three March 31, 2020 2019, Kenya Power and Lighting Co. Ltd. ("KPLC") accounted for 15.4% and 15.3% of the Company’s total revenues for the three March 31, 2020 2019, The Company has historically been able to collect on substantially all of its receivable balances. As of March 31, 2020, April 2020. In Honduras, the Company has been able to collect current charges from Empresa Nacional de Energía Eléctrica (“ENEE”) starting in May 2019. 19 may March 2020. March 31, 2020, October 2018 April 2019, none The Company may 19 Revenues from Contracts with Customers Contract assets related to our Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of March 31, 2020 December 31, 2019 March 31, December 31, 2020 2019 (Dollars in thousands) Contract assets (*) $ 22,305 $ 38,365 Contract liabilities (*) (5,937 ) (2,755 ) Contract assets, net $ 16,368 $ 35,610 (*) 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. The contract liabilities balance at the beginning of the year was fully recognized as product revenues during the three March 31, 2020 On March 31, 2020, not Leases in which the Company is a lessor The table below presents the lease income recognized as a lessor: Three Months Ended March 31, 2020 2019 (Dollars in thousands) Lease income relating to lease payments of operating leases $ 126,076 $ 125,908 Total $ 126,076 $ 125,908 |
Note 2 - New Accounting Pronoun
Note 2 - New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 2 New accounting pronouncements effective in the three March 31, 2020 Financial Instruments—Credit Losses In June 2016, 2016 13, 326 November 2018, 2018 19, 326, 2018 19 not January 1, 2020, not may January 1, 2020 19 19 not The following table describes the changes in the allowance for expected credit losses for the three March 31, 2020 ( (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 755 Current period provision for expected credit losses 24 Ending balance of the allowance for expected credit losses $ 779 New accounting pronouncements effective in future periods Accounting for Income Taxes In December 2019, 2019 12, 740 2019 12 740. December 15, 2020 not 2019 12 March 31, 2020. not 2019 12 Reference Rate Reform In March 2020, 2020 04, 848 December 31, 2021. 470, March 12, 2020 December 31, 2022. may March 12, 2020, March 12, 2020, not |
Note 3 - Inventories
Note 3 - Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 Inventories consist of the following: March 31, December 31, 2020 2019 (Dollars in thousands) Raw materials and purchased parts for assembly $ 20,559 $ 21,942 Self-manufactured assembly parts and finished products 13,548 13,007 Total inventories $ 34,107 $ 34,949 |
Note 4 - Fair Value of Financia
Note 4 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 4— The fair value measurement guidance clarifies that fair value is an exit price, representing the amount that would be received upon selling an asset or paid upon transferring a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 3 three Level 1 Level 2 not Level 3 no The following table sets forth certain fair value information at March 31, 2020 December 31, 2019 March 31, 2020 Fair Value Carrying Value at March 31, 2020 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 36,978 $ 36,978 $ 36,978 $ — $ — Derivatives: Contingent receivable (1) 99 99 — — 99 Currency forward contracts (2) 928 928 — 928 — Liabilities: Current liabilities: Derivatives: Contingent payables (1) (3,272 ) (3,272 ) — — (3,272 ) $ 34,733 $ 34,733 $ 36,978 $ 928 $ (3,173 ) December 31, 2019 Fair Value Carrying Value at December 31, 2019 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets Current assets: Cash equivalents (including restricted cash accounts) $ 28,316 $ 28,316 $ 28,316 $ — $ — Derivatives: Contingent receivables (1) 102 102 — — 102 Currency forward contracts (2) 362 362 — 362 — Liabilities: Current liabilities: Derivatives: Contingent payable (1) (3,359 ) (3,359 ) — — (3,359 ) $ 25,421 $ 25,421 $ 28,316 $ 362 $ (3,257 ) 1. These amounts relate to contingent receivables and payables 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 March 31, 2020 December 31, 2019 2. These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Prepaid expenses and other” and “Accounts payable and accrued expenses”, as applicable, on March 31, 2020 December 31, 2019, 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 March 31, 2020 2019 Currency forward contracts Derivative and foreign currency transaction gains (losses) 1,090 1,083 $ 1,090 $ 1,083 The foregoing forward transactions were not There were no 1, 2 3 three March 31, 2020. The fair value of the Company’s long-term debt approximates its carrying amount, except for the following: Fair Value Carrying Amount March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 (Dollars in millions) (Dollars in millions) Olkaria III Loan - OPIC $ 206.5 $ 202.1 $ 188.1 $ 192.6 Olkaria III plant 4 Loan - DEG 2 46.2 43.8 42.5 42.5 Olkaria III plant 1 Loan - DEG 3 40.8 38.8 37.1 37.1 Platanares Loan - OPIC 118.9 115.3 102.4 104.5 Amatitlan Loan 25.5 26.4 25.4 26.3 Senior Secured Notes: OFC 2 LLC ("OFC 2") 218.1 210.9 198.4 203.0 Don A. Campbell 1 ("DAC 1") 81.7 78.5 76.6 78.2 USG Prudential - NV 32.8 30.6 28.3 28.4 USG Prudential - ID 18.3 18.6 18.9 19.6 USG DOE 46.2 45.0 39.4 40.8 Senior Unsecured Bonds 207.7 205.7 204.3 204.3 Senior Unsecured Loan 169.0 161.3 150.0 150.0 Plumstriker 21.4 21.7 21.3 21.6 Other long-term debt 16.2 16.3 16.6 17.4 The fair value of the long-term debt is determined by a valuation model, which is based on a conventional discounted cash flow methodology and utilizes assumptions of current borrowing rates. The fair value of revolving lines of credit is determined using a comparison of market-based price sources that are reflective of similar credit ratings to those of the Company. As disclosed above under Note 1 19 may may 19 may The carrying value of financial instruments such as revolving lines of credit and deposits approximates fair value. The following table presents the fair value of financial instruments as of March 31, 2020: Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III - OPIC — — 206.5 206.5 Olkaria III plant 4 Loan - DEG 2 — — 46.2 46.2 Olkaria III plant 1 Loan - DEG 3 — — 40.8 40.8 Platanares Loan - OPIC — — 118.9 118.9 Amatitlan Loan — 25.5 — 25.5 Senior Secured Notes: OFC 2 Senior Secured Notes — — 218.1 218.1 DAC 1 Senior Secured Notes — — 81.7 81.7 USG Prudential - NV — — 32.8 32.8 USG Prudential - ID — — 18.3 18.3 USG DOE — — 46.2 46.2 Senior Unsecured Bonds — — 207.7 207.7 Senior Unsecured Loan — — 169.0 169.0 Plumstriker — 21.4 — 21.4 Other long-term debt — — 16.2 16.2 Commercial paper — 8.3 — 8.3 Revolving lines of credit — 270.5 — 270.5 Deposits 11.8 — — 11.8 The following table presents the fair value of financial instruments as of December 31, 2019: Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III Loan - OPIC — — 202.1 202.1 Olkaria IV - DEG 2 — — 43.8 43.8 Olkaria IV - DEG 3 — — 38.8 38.8 Platanares Loan - OPIC — — 115.3 115.3 Amatitlan Loan — 26.4 — 26.4 Senior Secured Notes: OFC 2 Senior Secured Notes — — 210.9 210.9 DAC 1 Senior Secured Notes — — 78.5 78.5 USG Prudential - NV — — 30.6 30.6 USG Prudential - ID — — 18.6 18.6 USG DOE — — 45.0 45.0 Senior Unsecured Bonds — — 205.7 205.7 Senior Unsecured Loan — — 161.3 161.3 Plumstriker — 21.7 — 21.7 Other long-term debt — — 16.3 16.3 Commercial paper — 50.0 — 50.0 Revolving lines of credit — 40.6 — 40.6 Deposits 12.2 — — 12.2 |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 5 No 2018 three March 31, 2020. |
Note 6 - Interest Expense, Net
Note 6 - Interest Expense, Net | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Interest Expense Disclosure [Text Block] | NOTE 6 The components of interest expense are as follows: Three Months Ended March 31, 2020 2019 (Dollars in thousands) Interest related to sale of tax benefits $ 2,324 $ 3,661 Interest expense 17,166 17,562 Less — amount capitalized (2,217 ) — Total interest expense, net $ 17,273 $ 21,223 |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 7 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 March 31, 2020 2019 Weighted average number of shares used in computation of basic earnings per share add: 51,036 50,709 Additional shares from the assumed exercise of employee stock options 490 303 Weighted average number of shares used in computation of diluted earnings per share 51,526 51,012 The number of stock-based awards that could potentially dilute future earnings per share and that were not three March 31, 2020 2019, |
Note 8 - Business Segments
Note 8 - Business Segments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 8 The Company has three • Under the Electricity segment the Company builds, owns and operates geothermal, solar PV and recovered energy-based power plants in the United States and geothermal power plants in other countries around the world and sell the electricity they generate. • Under the Product segment, the Company designs, manufactures and sells equipment for geothermal and recovered energy-based electricity generation and remote power units and provide services relating to the engineering, procurement and construction of geothermal and recovered energy-based power plants. • Under the ESMS segment the Company provides energy storage, demand response and energy management related services as well as services relating to the engineering, procurement, construction, operation and maintenance of energy storage units mainly through its 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, including the Company's disaggregated revenues from contracts with customers: Electricity Product ESMS Consolidated (Dollars in thousands) Three Months Ended March 31, 2020: Revenues from external customers: United States (1) $ 91,692 $ 398 $ 1,846 $ 93,936 Foreign (2) 51,164 47,013 — 98,177 Net revenue from external customers 142,856 47,411 1,846 192,113 Intersegment revenue — 8,656 — 8,656 Operating income (loss) 58,630 3,872 (1,445 ) 61,057 Segment assets at period end (3) (*) 3,139,603 230,831 75,179 3,445,613 * Including unconsolidated investments 76,008 — — 76,008 Three Months Ended March 31, 2019: Revenues from external customers: United States (1) $ 91,528 $ 11,243 $ 4,002 $ 106,773 Foreign (2) 51,380 40,885 — 92,265 Net revenue from external customers 142,908 52,128 4,002 199,038 Intersegment revenue — 18,261 — 18,261 Operating income 51,551 4,252 (2,078 ) 53,725 Segment assets at period end (3) (*) 2,950,444 125,248 67,522 3,143,214 * Including unconsolidated investments 71,885 — — 71,885 ( 1 Electricity segment revenues in the United States are all accounted under lease accounting except for $16.8 million and $17.0 million in the three March 31, 2020 2019, 606. 606. ( 2 Electricity segment revenues in foreign countries are all accounted under lease accounting. Product segment revenues in foreign countries are accounted under ASC 606. ( 3 Electricity segment assets include goodwill in the amount of $20.0 million and $20.1 million as of March 31, 2020 2019, No March 31, 2020 2019. Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table: Three Months Ended March 31, 2020 2019 (Dollars in thousands) Revenues: Total segment revenues $ 192,113 $ 199,038 Intersegment revenues 8,656 18,261 Elimination of intersegment revenues (8,656 ) (18,261 ) Total consolidated revenues $ 192,113 $ 199,038 Operating income: Operating income $ 61,057 $ 53,725 Interest income 402 293 Interest expense, net (17,273 ) (21,223 ) Derivatives and foreign currency transaction gains (losses) 393 472 Income attributable to sale of tax benefits 4,132 7,764 Other non-operating income (expense), net 78 91 Total consolidated income before income taxes and equity in income of investees $ 48,789 $ 41,122 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9 • 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 May 13, 2019. 10 10b 5 20 10 December 31, 2016 2017, 10 nine September 30, 2017 December 6, 2019 March 23, 2020, not • On September 11, 2018, October 22, 2018, four 14 2018 January 24, 2019, not • 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 March 27, 2020, not • On March 29, 2016, 27th 11th April 16, 2020, 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 the Company's 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 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 The Company’s effective tax rate expense (benefit) for the three March 31, 2020 2019 three March 31, 2020 In response to the COVID- 19 March 27, 2020 three March 31, 2020, no 19 Tax Audit in Kenya The Company received three 2019 2013 2017. first two first second May 8, 2020 second second first two third The Company is currently at different stages of discussions with the KRA on the matters included in the KRA assessments, objection decisions and preliminary findings as described above. The Company believes its tax positions for the issues raised during the audit period is more-likely-than- not March 31, 2020, not first |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 11 Cash Dividend On May 8, 2020, May 21, 2020 June 2, 2020 Senior Unsecured Bonds On April 6, 2020, 3 3 3 September 2022 3 Additionally, on April 20, 2020, 3 3 3 September 2022 3 Senior Unsecured Loan In April 2020, second March 22, 2018. September 15, 2021 September 15, 2028. one March 15, 2029. COVID- 19 On April 17, 2020, 19 Additionally, on April 30, 2020, 19. Energy storage assets portfolio purchase transaction In April 2020, February 2020 20MW third 2020. 2020 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Effect of COVID-19 Pandemic, Policy [Text Block] | COVID- 19 In March 2020, 19" 19 19 may no 19 no |
Public Utilities, Policy [Policy Text Block] | Puna On May 3, 2018, 38 three March April 2020, May 2018 first 2020, three March 31, 2020. not As of May 2020, two one fourth 29 In December 2019, 2052 46MW no 8MW 2022. The Company continues to assess the accounting implications of this event on the assets and liabilities on its consolidated balance sheets 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 the Company's business and results of operations. |
Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block] | Write-offs of unsuccessful exploration activities There were no three March 31, 2020 2019. |
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: March 31, December 31, March 31, 2020 2019 2019 (Dollars in thousands) Cash and cash equivalents $ 231,149 $ 71,173 $ 79,366 Restricted cash and cash equivalents 88,627 81,937 93,098 Total Cash and cash equivalents and restricted cash and cash equivalents $ 319,776 $ 153,110 $ 172,464 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of temporary cash investments and accounts receivable. The Company places its temporary cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At March 31, 2020 December 31, 2019, ten $250,000 March 31, 2020 December 31, 2019, At March 31, 2020 December 31, 2019, March 31, 2020 December 31, 2019, 10% three March 31, 2020 2019, Sierra Pacific Power Company and Nevada Power Company (subsidiaries of NV Energy, Inc.) accounted for 19.2% and 18.3% of the Company’s total revenues for the three March 31, 2020 2019, Southern California Public Power Authority (“SCPPA”) accounted for 18.7% and 19.4% of the Company’s total revenues for the three March 31, 2020 2019, Kenya Power and Lighting Co. Ltd. ("KPLC") accounted for 15.4% and 15.3% of the Company’s total revenues for the three March 31, 2020 2019, The Company has historically been able to collect on substantially all of its receivable balances. As of March 31, 2020, April 2020. In Honduras, the Company has been able to collect current charges from Empresa Nacional de Energía Eléctrica (“ENEE”) starting in May 2019. 19 may March 2020. March 31, 2020, October 2018 April 2019, none The Company may 19 |
Revenue [Policy Text Block] | Revenues from Contracts with Customers Contract assets related to our Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of March 31, 2020 December 31, 2019 March 31, December 31, 2020 2019 (Dollars in thousands) Contract assets (*) $ 22,305 $ 38,365 Contract liabilities (*) (5,937 ) (2,755 ) Contract assets, net $ 16,368 $ 35,610 (*) 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. The contract liabilities balance at the beginning of the year was fully recognized as product revenues during the three March 31, 2020 On March 31, 2020, not |
Lessor, Leases [Policy Text Block] | Leases in which the Company is a lessor The table below presents the lease income recognized as a lessor: Three Months Ended March 31, 2020 2019 (Dollars in thousands) Lease income relating to lease payments of operating leases $ 126,076 $ 125,908 Total $ 126,076 $ 125,908 |
Note 1 - General and Basis of_2
Note 1 - General and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | March 31, December 31, March 31, 2020 2019 2019 (Dollars in thousands) Cash and cash equivalents $ 231,149 $ 71,173 $ 79,366 Restricted cash and cash equivalents 88,627 81,937 93,098 Total Cash and cash equivalents and restricted cash and cash equivalents $ 319,776 $ 153,110 $ 172,464 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | March 31, December 31, 2020 2019 (Dollars in thousands) Contract assets (*) $ 22,305 $ 38,365 Contract liabilities (*) (5,937 ) (2,755 ) Contract assets, net $ 16,368 $ 35,610 |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended March 31, 2020 2019 (Dollars in thousands) Lease income relating to lease payments of operating leases $ 126,076 $ 125,908 Total $ 126,076 $ 125,908 |
Note 2 - New Accounting Prono_2
Note 2 - New Accounting Pronouncements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 755 Current period provision for expected credit losses 24 Ending balance of the allowance for expected credit losses $ 779 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2020 2019 (Dollars in thousands) Raw materials and purchased parts for assembly $ 20,559 $ 21,942 Self-manufactured assembly parts and finished products 13,548 13,007 Total inventories $ 34,107 $ 34,949 |
Note 4 - Fair Value of Financ_2
Note 4 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2020 Fair Value Carrying Value at March 31, 2020 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 36,978 $ 36,978 $ 36,978 $ — $ — Derivatives: Contingent receivable (1) 99 99 — — 99 Currency forward contracts (2) 928 928 — 928 — Liabilities: Current liabilities: Derivatives: Contingent payables (1) (3,272 ) (3,272 ) — — (3,272 ) $ 34,733 $ 34,733 $ 36,978 $ 928 $ (3,173 ) December 31, 2019 Fair Value Carrying Value at December 31, 2019 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets Current assets: Cash equivalents (including restricted cash accounts) $ 28,316 $ 28,316 $ 28,316 $ — $ — Derivatives: Contingent receivables (1) 102 102 — — 102 Currency forward contracts (2) 362 362 — 362 — Liabilities: Current liabilities: Derivatives: Contingent payable (1) (3,359 ) (3,359 ) — — (3,359 ) $ 25,421 $ 25,421 $ 28,316 $ 362 $ (3,257 ) |
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 March 31, 2020 2019 Currency forward contracts Derivative and foreign currency transaction gains (losses) 1,090 1,083 $ 1,090 $ 1,083 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair Value Carrying Amount March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 (Dollars in millions) (Dollars in millions) Olkaria III Loan - OPIC $ 206.5 $ 202.1 $ 188.1 $ 192.6 Olkaria III plant 4 Loan - DEG 2 46.2 43.8 42.5 42.5 Olkaria III plant 1 Loan - DEG 3 40.8 38.8 37.1 37.1 Platanares Loan - OPIC 118.9 115.3 102.4 104.5 Amatitlan Loan 25.5 26.4 25.4 26.3 Senior Secured Notes: OFC 2 LLC ("OFC 2") 218.1 210.9 198.4 203.0 Don A. Campbell 1 ("DAC 1") 81.7 78.5 76.6 78.2 USG Prudential - NV 32.8 30.6 28.3 28.4 USG Prudential - ID 18.3 18.6 18.9 19.6 USG DOE 46.2 45.0 39.4 40.8 Senior Unsecured Bonds 207.7 205.7 204.3 204.3 Senior Unsecured Loan 169.0 161.3 150.0 150.0 Plumstriker 21.4 21.7 21.3 21.6 Other long-term debt 16.2 16.3 16.6 17.4 |
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 — — 206.5 206.5 Olkaria III plant 4 Loan - DEG 2 — — 46.2 46.2 Olkaria III plant 1 Loan - DEG 3 — — 40.8 40.8 Platanares Loan - OPIC — — 118.9 118.9 Amatitlan Loan — 25.5 — 25.5 Senior Secured Notes: OFC 2 Senior Secured Notes — — 218.1 218.1 DAC 1 Senior Secured Notes — — 81.7 81.7 USG Prudential - NV — — 32.8 32.8 USG Prudential - ID — — 18.3 18.3 USG DOE — — 46.2 46.2 Senior Unsecured Bonds — — 207.7 207.7 Senior Unsecured Loan — — 169.0 169.0 Plumstriker — 21.4 — 21.4 Other long-term debt — — 16.2 16.2 Commercial paper — 8.3 — 8.3 Revolving lines of credit — 270.5 — 270.5 Deposits 11.8 — — 11.8 Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III Loan - OPIC — — 202.1 202.1 Olkaria IV - DEG 2 — — 43.8 43.8 Olkaria IV - DEG 3 — — 38.8 38.8 Platanares Loan - OPIC — — 115.3 115.3 Amatitlan Loan — 26.4 — 26.4 Senior Secured Notes: OFC 2 Senior Secured Notes — — 210.9 210.9 DAC 1 Senior Secured Notes — — 78.5 78.5 USG Prudential - NV — — 30.6 30.6 USG Prudential - ID — — 18.6 18.6 USG DOE — — 45.0 45.0 Senior Unsecured Bonds — — 205.7 205.7 Senior Unsecured Loan — — 161.3 161.3 Plumstriker — 21.7 — 21.7 Other long-term debt — — 16.3 16.3 Commercial paper — 50.0 — 50.0 Revolving lines of credit — 40.6 — 40.6 Deposits 12.2 — — 12.2 |
Note 6 - Interest Expense, Net
Note 6 - Interest Expense, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | Three Months Ended March 31, 2020 2019 (Dollars in thousands) Interest related to sale of tax benefits $ 2,324 $ 3,661 Interest expense 17,166 17,562 Less — amount capitalized (2,217 ) — Total interest expense, net $ 17,273 $ 21,223 |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended March 31, 2020 2019 Weighted average number of shares used in computation of basic earnings per share add: 51,036 50,709 Additional shares from the assumed exercise of employee stock options 490 303 Weighted average number of shares used in computation of diluted earnings per share 51,526 51,012 |
Note 8 - Business Segments (Tab
Note 8 - Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Electricity Product ESMS Consolidated (Dollars in thousands) Three Months Ended March 31, 2020: Revenues from external customers: United States (1) $ 91,692 $ 398 $ 1,846 $ 93,936 Foreign (2) 51,164 47,013 — 98,177 Net revenue from external customers 142,856 47,411 1,846 192,113 Intersegment revenue — 8,656 — 8,656 Operating income (loss) 58,630 3,872 (1,445 ) 61,057 Segment assets at period end (3) (*) 3,139,603 230,831 75,179 3,445,613 * Including unconsolidated investments 76,008 — — 76,008 Three Months Ended March 31, 2019: Revenues from external customers: United States (1) $ 91,528 $ 11,243 $ 4,002 $ 106,773 Foreign (2) 51,380 40,885 — 92,265 Net revenue from external customers 142,908 52,128 4,002 199,038 Intersegment revenue — 18,261 — 18,261 Operating income 51,551 4,252 (2,078 ) 53,725 Segment assets at period end (3) (*) 2,950,444 125,248 67,522 3,143,214 * Including unconsolidated investments 71,885 — — 71,885 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2020 2019 (Dollars in thousands) Revenues: Total segment revenues $ 192,113 $ 199,038 Intersegment revenues 8,656 18,261 Elimination of intersegment revenues (8,656 ) (18,261 ) Total consolidated revenues $ 192,113 $ 199,038 Operating income: Operating income $ 61,057 $ 53,725 Interest income 402 293 Interest expense, net (17,273 ) (21,223 ) Derivatives and foreign currency transaction gains (losses) 393 472 Income attributable to sale of tax benefits 4,132 7,764 Other non-operating income (expense), net 78 91 Total consolidated income before income taxes and equity in income of investees $ 48,789 $ 41,122 |
Note 1 - General and Basis of_3
Note 1 - General and Basis of Presentation 1 (Details Textual) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2020USD ($) | Apr. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Exploration Abandonment and Impairment Expense | $ 0 | $ 0 | |||
Cash, FDIC Insured Amount | 14,400 | $ 12,900 | |||
Cash, Uninsured Amount | 228,800 | 84,800 | |||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 168,924 | $ 154,525 | |||
Product [Member] | |||||
Revenue, Remaining Performance Obligation, Amount | $ 96,500 | ||||
Revenue, Remaining Performance Obligation, Percentage | 100.00% | ||||
Kenya Power and Lighting Co LTD [Member] | |||||
Accounts Receivable, Past Due | $ 38,600 | ||||
Accounts Receivable, Past Due, Average Number of Days Overdue | 61 | ||||
Kenya Power and Lighting Co LTD [Member] | Subsequent Event [Member] | |||||
Proceeds, Overdue Accounts Receivable | $ 8,000 | ||||
ENNE [Member] | |||||
Accounts Receivable, Past Due | $ 20,100 | ||||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 0 | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member] | |||||
Concentration Risk, Percentage | 50.00% | 58.00% | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Sierra Pacific Power Company And Nevada Power Company [Member] | |||||
Concentration Risk, Percentage | 19.20% | 18.30% | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Southern California Public Power Authority [Member] | |||||
Concentration Risk, Percentage | 18.70% | 19.40% | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Kenya Power and Lighting Co LTD [Member] | |||||
Concentration Risk, Percentage | 15.40% | 15.30% | |||
Non-US [Member] | |||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 135,100 | $ 118,800 | |||
Electricity Segment [Member] | Puna Geothermal Power Plant [Member] | |||||
Proceeds from Insurance Settlement, Operating Activities | $ 3,000 | ||||
Electricity Segment [Member] | Puna Geothermal Power Plant [Member] | Cost of Sales [Member] | |||||
Proceeds from Insurance Settlement, Operating Activities | $ 4,900 |
Note 1 - General and Basis of_4
Note 1 - General and Basis of Presentation 2 (Details Textual) | Mar. 31, 2020 |
Product [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 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 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | $ 231,149 | $ 71,173 | $ 79,366 | |
Restricted cash and cash equivalents | 88,627 | 81,937 | 93,098 | |
Total Cash and cash equivalents and restricted cash and cash equivalents | $ 319,776 | $ 153,110 | $ 172,464 | $ 177,495 |
Note 1 - General and Basis of_6
Note 1 - General and Basis of Presentation - Contract Assets (Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Contract assets (*) | [1] | $ 22,305 | $ 38,365 |
Contract liabilities (*) | [1] | (5,937) | (2,755) |
Contract assets, net | $ 16,368 | $ 35,610 | |
[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 1 - General and Basis of_7
Note 1 - General and Basis of Presentation - Lease Income as Lessor (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Lease income relating to lease payments of operating leases | $ 126,076 | $ 125,908 |
Total | $ 126,076 | $ 125,908 |
Note 2 - New Accounting Prono_3
Note 2 - New Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $ 1,533,651 | $ 1,515,410 | $ 1,462,995 | $ 1,445,096 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | (755) | (58) | |||
Retained Earnings [Member] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $ 507,537 | 487,873 | $ 442,531 | 422,222 | |
Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $ (755) | $ (58) | |||
Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $ (800) |
Note 2 - New Accounting Prono_4
Note 2 - New Accounting Pronouncements - Changes in the Allowance for Expected Credit Losses (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Beginning balance of the allowance for expected credit losses | $ 0 |
Ending balance of the allowance for expected credit losses | 779 |
Accounting Standards Update 2016-13 [Member] | |
Beginning balance of the allowance for expected credit losses | 755 |
Current period provision for expected credit losses | 24 |
Ending balance of the allowance for expected credit losses | $ 779 |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories, Current (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Raw materials and purchased parts for assembly | $ 20,559 | $ 21,942 |
Self-manufactured assembly parts and finished products | 13,548 | 13,007 |
Total inventories | $ 34,107 | $ 34,949 |
Note 4 - Fair Value of Financ_3
Note 4 - Fair Value of Financial Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Reported Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | $ 36,978 | $ 28,316 | |
Fair Value, Net Asset (Liability), Total | 34,733 | 25,421 | |
Reported Value Measurement [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 99 | 102 |
Reported Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | 928 | 362 |
Reported Value Measurement [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | (3,272) | (3,359) |
Estimate of Fair Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | 36,978 | 28,316 | |
Fair Value, Net Asset (Liability), Total | 34,733 | 25,421 | |
Estimate of Fair Value Measurement [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 99 | 102 |
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | 928 | 362 |
Estimate of Fair Value Measurement [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | (3,272) | (3,359) |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents (including restricted cash accounts) | 36,978 | 28,316 | |
Fair Value, Net Asset (Liability), Total | 36,978 | 28,316 | |
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 | 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 | |
Fair Value, Net Asset (Liability), Total | 928 | 362 | |
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] | 928 | 362 |
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 | |
Fair Value, Net Asset (Liability), Total | (3,173) | (3,257) | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 99 | 102 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | $ (3,272) | $ (3,359) |
[1] | These amounts relate to contingent receivables and payables 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 March 31, 2020 and December 31, 2019 in the consolidated balance sheets with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the condensed consolidated statements of operations and comprehensive income. | ||
[2] | These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within "Prepaid expenses and other" and "Accounts payable and accrued expenses", as applicable, on March 31, 2020 and December 31, 2019, in the condensed 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. |
Note 4 - Fair Value of Financ_4
Note 4 - Fair Value of Financial Instruments - Amounts of Gain (Loss) Recognized in Condensed Consolidated Statements on Derivative Instruments Not Designated as Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Amount of gain (loss) recognized | $ 1,090 | $ 1,083 |
Foreign Currency Gain (Loss) [Member] | Currency Forward Contracts [Member] | ||
Amount of gain (loss) recognized | $ 1,090 | $ 1,083 |
Note 4 - Fair Value of Financ_5
Note 4 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Estimate of Fair Value Measurement [Member] | ||
Other long-term debt | $ 16.2 | $ 16.3 |
Reported Value Measurement [Member] | ||
Other long-term debt | 16.6 | 17.4 |
Olkaria III OPIC [Member] | ||
Loans | 206.5 | 202.1 |
Olkaria III OPIC [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 206.5 | 202.1 |
Olkaria III OPIC [Member] | Reported Value Measurement [Member] | ||
Loans | 188.1 | 192.6 |
Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 46.2 | 43.8 |
Olkaria III Plant 4 Loan - DEG 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 46.2 | 43.8 |
Olkaria III Plant 4 Loan - DEG 2 [Member] | Reported Value Measurement [Member] | ||
Loans | 42.5 | 42.5 |
Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 40.8 | 38.8 |
Olkaria III plant 1 Loan - DEG 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 40.8 | 38.8 |
Olkaria III plant 1 Loan - DEG 3 [Member] | Reported Value Measurement [Member] | ||
Loans | 37.1 | 37.1 |
Platanares Loan - OPIC [Member] | ||
Loans | 118.9 | 115.3 |
Platanares Loan - OPIC [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 118.9 | 115.3 |
Platanares Loan - OPIC [Member] | Reported Value Measurement [Member] | ||
Loans | 102.4 | 104.5 |
Amatitlan Loan [Member] | ||
Loans | 25.5 | 26.4 |
Amatitlan Loan [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 25.5 | 26.4 |
Amatitlan Loan [Member] | Reported Value Measurement [Member] | ||
Loans | 25.4 | 26.3 |
OFC Two Senior Secured Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 218.1 | 210.9 |
OFC Two Senior Secured Notes [Member] | Reported Value Measurement [Member] | ||
Notes | 198.4 | 203 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 81.7 | 78.5 |
Don A. Campbell 1 ("DAC1") [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 81.7 | 78.5 |
Don A. Campbell 1 ("DAC1") [Member] | Reported Value Measurement [Member] | ||
Notes | 76.6 | 78.2 |
USG Prudential - NV [Member] | ||
Notes | 32.8 | 30.6 |
USG Prudential - NV [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 32.8 | 30.6 |
USG Prudential - NV [Member] | Reported Value Measurement [Member] | ||
Notes | 28.3 | 28.4 |
USG Prudential - ID [Member] | ||
Notes | 18.3 | 18.6 |
USG Prudential - ID [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 18.3 | 18.6 |
USG Prudential - ID [Member] | Reported Value Measurement [Member] | ||
Notes | 18.9 | 19.6 |
USG DOE [Member] | ||
Notes | 46.2 | 45 |
USG DOE [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 46.2 | 45 |
USG DOE [Member] | Reported Value Measurement [Member] | ||
Notes | 39.4 | 40.8 |
Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 207.7 | 205.7 |
Senior Unsecured Bonds [Member] | Estimate of Fair Value Measurement [Member] | ||
Senior Unsecured debt | 207.7 | 205.7 |
Senior Unsecured Bonds [Member] | Reported Value Measurement [Member] | ||
Senior Unsecured debt | 204.3 | 204.3 |
Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 169 | 161.3 |
Senior Unsecured Loan [Member] | Estimate of Fair Value Measurement [Member] | ||
Senior Unsecured debt | 169 | 161.3 |
Senior Unsecured Loan [Member] | Reported Value Measurement [Member] | ||
Senior Unsecured debt | 150 | 150 |
Plumstriker Loan Agreement [Member] | ||
Loans | 21.4 | |
Senior Unsecured debt | 21.7 | |
Plumstriker Loan Agreement [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 21.4 | 21.7 |
Plumstriker Loan Agreement [Member] | Reported Value Measurement [Member] | ||
Loans | $ 21.3 | $ 21.6 |
Note 4 - Fair Value of Financ_6
Note 4 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Revolving lines of credit | $ 270.5 | $ 40.6 |
Deposits | 11.8 | 12.2 |
Commercial Paper [Member] | ||
Commercial paper | 8.3 | 50 |
Olkaria III OPIC [Member] | ||
Loans | 206.5 | 202.1 |
Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 46.2 | 43.8 |
Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 40.8 | 38.8 |
Platanares Loan - OPIC [Member] | ||
Loans | 118.9 | 115.3 |
Amatitlan Loan [Member] | ||
Loans | 25.5 | 26.4 |
OFC Senior Secured Notes [Member] | ||
Notes | 218.1 | 210.9 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 81.7 | 78.5 |
USG Prudential - NV [Member] | ||
Notes | 32.8 | 30.6 |
USG Prudential - ID [Member] | ||
Notes | 18.3 | 18.6 |
USG DOE [Member] | ||
Notes | 46.2 | 45 |
Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 207.7 | 205.7 |
Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 169 | 161.3 |
Plumstriker Loan Agreement [Member] | ||
Loans | 21.4 | |
Senior Unsecured debt | 21.7 | |
Other Long-term Debt [Member] | ||
Senior Unsecured debt | 16.2 | 16.3 |
Fair Value, Inputs, Level 1 [Member] | ||
Revolving lines of credit | 0 | 0 |
Deposits | 11.8 | 12.2 |
Fair Value, Inputs, Level 1 [Member] | Commercial Paper [Member] | ||
Commercial paper | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Olkaria III OPIC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 0 | 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] | 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] | Plumstriker Loan Agreement [Member] | ||
Loans | 0 | |
Senior Unsecured debt | 0 | |
Fair Value, Inputs, Level 1 [Member] | Other Long-term Debt [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Revolving lines of credit | 270.5 | 40.6 |
Deposits | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ||
Commercial paper | 8.3 | 50 |
Fair Value, Inputs, Level 2 [Member] | Olkaria III OPIC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Amatitlan Loan [Member] | ||
Loans | 25.5 | 26.4 |
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] | Plumstriker Loan Agreement [Member] | ||
Loans | 21.4 | |
Senior Unsecured debt | 21.7 | |
Fair Value, Inputs, Level 2 [Member] | Other Long-term Debt [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Revolving lines of credit | 0 | 0 |
Deposits | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Commercial Paper [Member] | ||
Commercial paper | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III OPIC [Member] | ||
Loans | 206.5 | 202.1 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 46.2 | 43.8 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 40.8 | 38.8 |
Fair Value, Inputs, Level 3 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 118.9 | 115.3 |
Fair Value, Inputs, Level 3 [Member] | Amatitlan Loan [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | OFC Senior Secured Notes [Member] | ||
Notes | 218.1 | 210.9 |
Fair Value, Inputs, Level 3 [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 81.7 | 78.5 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - NV [Member] | ||
Notes | 32.8 | 30.6 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - ID [Member] | ||
Notes | 18.3 | 18.6 |
Fair Value, Inputs, Level 3 [Member] | USG DOE [Member] | ||
Notes | 46.2 | 45 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 207.7 | 205.7 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 169 | 161.3 |
Fair Value, Inputs, Level 3 [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | 0 | |
Senior Unsecured debt | 0 | |
Fair Value, Inputs, Level 3 [Member] | Other Long-term Debt [Member] | ||
Senior Unsecured debt | $ 16.2 | $ 16.3 |
Note 5 - Stock-based Compensa_2
Note 5 - Stock-based Compensation (Details Textual) shares in Thousands | Mar. 31, 2020shares |
The 2018 Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 |
Note 6 - Interest Expense, Ne_2
Note 6 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest related to sale of tax benefits | $ 2,324 | $ 3,661 |
Interest expense | 17,166 | 17,562 |
Less — amount capitalized | (2,217) | 0 |
Total interest expense, net | $ 17,273 | $ 21,223 |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 4,535 | 249,908 |
Note 7 - Earnings Per Share - S
Note 7 - Earnings Per Share - Shares Used to Calculate Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Weighted average number of shares used in computation of basic earnings per share add: (in shares) | 51,036 | 50,709 |
Additional shares from the assumed exercise of employee stock options (in shares) | 490 | 303 |
Weighted average number of shares used in computation of diluted earnings per share (in shares) | 51,526 | 51,012 |
Note 8 - Business Segments (Det
Note 8 - Business Segments (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Number of Reportable Segments | 3 | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 192,113 | $ 199,038 | |
Goodwill, Ending Balance | 19,963 | $ 20,140 | |
Electricity Segment [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 142,856 | 142,908 | |
Goodwill, Ending Balance | 20,000 | 20,100 | |
Electricity Segment [Member] | Accounting Standards Update 2014-09 [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 16,800 | 17,000 | |
Product and Energy Storage and Management Services Segments [Member] | |||
Goodwill, Ending Balance | $ 0 | $ 0 |
Note 8 - Business Segments - Su
Note 8 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||||
Revenues | $ 192,113 | $ 199,038 | ||||
Operating income (loss) | 61,057 | 53,725 | ||||
Segment assets at period end | 3,445,613 | [1],[2] | 3,143,214 | [1],[3] | $ 3,250,494 | |
Intersegment Eliminations [Member] | ||||||
Revenues | 8,656 | 18,261 | ||||
Segment Reconciling Items [Member] | ||||||
Segment assets at period end | 76,008 | 71,885 | ||||
Electricity Segment [Member] | ||||||
Revenues | 142,856 | 142,908 | ||||
Operating income (loss) | 58,630 | 51,551 | ||||
Segment assets at period end | [1] | 3,139,603 | [2] | 2,950,444 | [3] | |
Electricity Segment [Member] | Intersegment Eliminations [Member] | ||||||
Revenues | 0 | 0 | ||||
Electricity Segment [Member] | Segment Reconciling Items [Member] | ||||||
Segment assets at period end | 76,008 | 71,885 | ||||
Product Segment [Member] | ||||||
Revenues | 47,411 | 52,128 | ||||
Operating income (loss) | 3,872 | 4,252 | ||||
Segment assets at period end | [1] | 230,831 | [2] | 125,248 | [3] | |
Product Segment [Member] | Intersegment Eliminations [Member] | ||||||
Revenues | 8,656 | 18,261 | ||||
Product Segment [Member] | Segment Reconciling Items [Member] | ||||||
Segment assets at period end | 0 | 0 | ||||
Other Segments [Member] | ||||||
Revenues | 1,846 | 4,002 | ||||
Operating income (loss) | (1,445) | (2,078) | ||||
Segment assets at period end | [1] | 75,179 | [2] | 67,522 | [3] | |
Other Segments [Member] | Intersegment Eliminations [Member] | ||||||
Revenues | 0 | 0 | ||||
Other Segments [Member] | Segment Reconciling Items [Member] | ||||||
Segment assets at period end | 0 | 0 | ||||
UNITED STATES | ||||||
Revenues | [4] | 93,936 | 106,773 | |||
UNITED STATES | Electricity Segment [Member] | ||||||
Revenues | [4] | 91,692 | 91,528 | |||
UNITED STATES | Product Segment [Member] | ||||||
Revenues | [4] | 398 | 11,243 | |||
UNITED STATES | Other Segments [Member] | ||||||
Revenues | [4] | 1,846 | 4,002 | |||
Non-US [Member] | ||||||
Revenues | [5] | 98,177 | 92,265 | |||
Non-US [Member] | Electricity Segment [Member] | ||||||
Revenues | [5] | 51,164 | 51,380 | |||
Non-US [Member] | Product Segment [Member] | ||||||
Revenues | [5] | 47,013 | 40,885 | |||
Non-US [Member] | Other Segments [Member] | ||||||
Revenues | [5] | $ 0 | $ 0 | |||
[1] | Electricity segment assets include goodwill in the amount of $20.0 million and $20.1 million as of March 31, 2020 and 2019, respectively. No goodwill is included in the Product and ESMS segment assets as of March 31, 2020 and 2019. | |||||
[2] | Including unconsolidated investments 76,008 76,008 | |||||
[3] | Including unconsolidated investments 71,885 71,885 | |||||
[4] | Electricity segment revenues in the United States are all accounted under lease accounting except for $16.8 million and $17.0 million in the three months ended March 31, 2020 and 2019, respectively, that are accounted under ASC 606. Product and ESMS segment revenues in the United States are accounted under ASC 606. | |||||
[5] | Electricity segment revenues in foreign countries are all accounted under lease accounting. Product segment revenues in foreign countries are accounted under ASC 606. |
Note 8 - Business Segments - Re
Note 8 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | $ 192,113 | $ 199,038 |
Operating income (loss) | 61,057 | 53,725 |
Interest income | 402 | 293 |
Interest expense, net | (17,273) | (21,223) |
Derivatives and foreign currency transaction gains (losses) | 393 | 472 |
Income attributable to sale of tax benefits | 4,132 | 7,764 |
Other non-operating income (expense), net | 78 | 91 |
Total consolidated income before income taxes and equity in income of investees | 48,789 | 41,122 |
Intersegment Eliminations [Member] | ||
Revenue | 8,656 | 18,261 |
Consolidation, Eliminations [Member] | ||
Revenue | $ (8,656) | $ (18,261) |
Note 9 - Commitments and Cont_2
Note 9 - 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 (Year) | 10 years |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 11 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Nov. 30, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 37.20% | 34.10% | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Foreign Tax Authority [Member] | Kenya Revenue Authority [Member] | Tax Years 2013-2017 [Member] | ||||
Income Tax Examination, Settlement Demanded Including Accrued Interest and Penalties | $ 17 | $ 202 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) $ / shares in Units, $ in Thousands | May 08, 2020USD ($)$ / shares | Apr. 30, 2020USD ($)MWh | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Apr. 20, 2020USD ($) | Apr. 17, 2020MWh | Apr. 16, 2020MWh | Apr. 06, 2020USD ($) |
Dividends, Common Stock, Total | $ 5,614 | $ 5,579 | ||||||
Subsequent Event [Member] | ||||||||
Dividends, Common Stock, Total | $ 5,600 | |||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.11 | |||||||
Dividends Payable, Date of Record | May 21, 2020 | |||||||
Dividends Payable, Date to be Paid | Jun. 2, 2020 | |||||||
Subsequent Event [Member] | Pomona Battery Storage Facility [Member] | ||||||||
Storage Capacity of Acquired Facility (Megawatt-Hour) | MWh | 20 | |||||||
Payments to Acquire Productive Assets, Total | $ 47,000 | |||||||
Subsequent Event [Member] | Olkaria Compex [Member] | ||||||||
Capacity of Plant, Contracted Level (Megawatt-Hour) | MWh | 133.9 | 150 | ||||||
Subsequent Event [Member] | Additional Series 3 Bonds [Member] | ||||||||
Debt Instrument, Face Amount | $ 50,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.45% | |||||||
Subsequent Event [Member] | Second Addition to Series 3 Bonds [Member] | ||||||||
Debt Instrument, Face Amount | $ 14,500 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.45% | |||||||
Subsequent Event [Member] | Second Addendum Migdal Loan [Member] | ||||||||
Debt Instrument, Face Amount | $ 50,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.44% | |||||||
Debt Instrument, Principal to Be Repaid in Installments | $ 31,500 | |||||||
Debt Instrument, Number of Semi-annual Payments | 15 | |||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 18,500 |