Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 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 | Q2 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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 | 51,067,163 | |
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 | Jun. 30, 2020 | Dec. 31, 2019 | ||
Current assets: | ||||
Cash and cash equivalents | $ 173,718 | $ 71,173 | ||
Restricted cash and cash equivalents (primarily related to VIEs) | 76,116 | 81,937 | ||
Receivables: | ||||
Trade less allowance for credit losses of $779 and $0, respectively (primarily related to VIEs) | 179,757 | 154,525 | ||
Other | 18,121 | 22,048 | ||
Inventories | 38,932 | 34,949 | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | [1] | 19,477 | 38,365 | |
Prepaid expenses and other | 10,948 | 12,667 | ||
Total current assets | 517,069 | 415,664 | ||
Investment in unconsolidated companies | 84,414 | 81,140 | ||
Deposits and other | 37,278 | 38,284 | ||
Deferred income taxes | 116,758 | 129,510 | ||
Property, plant and equipment, net | 2,038,038 | 1,971,415 | ||
Construction-in-process | 394,123 | 376,555 | ||
Operating leases right of use | 17,638 | 17,405 | ||
Finance leases right of use | 13,280 | 14,161 | ||
Intangible assets, net | 179,659 | 186,220 | ||
Goodwill | 20,120 | 20,140 | ||
Total assets | 3,418,377 | [2],[3] | 3,250,494 | |
Current liabilities: | ||||
Accounts payable and accrued expenses | 149,591 | 141,857 | ||
Short term revolving credit lines with banks (full recourse) | 100,057 | 40,550 | ||
Commercial paper | 3,775 | 50,000 | ||
Billings in excess of costs and estimated earnings on uncompleted contracts | 5,599 | 2,755 | ||
Current portion of long-term debt: | ||||
Senior secured notes | 28,544 | 24,473 | ||
Other loans | 34,341 | 34,458 | ||
Full recourse | 76,572 | 76,572 | ||
Operating lease liabilities | 3,016 | 2,743 | ||
Finance lease liabilities | 3,151 | 3,068 | ||
Total current liabilities | 404,646 | 376,476 | ||
Long-term debt, net of current portion: | ||||
Senior secured notes (less deferred financing costs of $5,802 and $6,317, respectively) | 325,714 | 339,336 | ||
Other loans (less deferred financing costs of $9,514 and $10,482, respectively) | 301,318 | 317,395 | ||
Senior unsecured bonds (less deferred financing costs of $929 and $675, respectively) | 415,751 | 286,453 | ||
Other loans (less deferred financing costs of $1,430 and $1,519, respectively) | 64,150 | 68,747 | ||
Operating lease liabilities | 14,201 | 14,008 | ||
Finance lease liabilities | 10,523 | 11,209 | ||
Liability associated with sale of tax benefits | 118,072 | 123,468 | ||
Deferred income taxes | 104,013 | 97,126 | ||
Liability for unrecognized tax benefits | 15,309 | 14,643 | ||
Liabilities for severance pay | 18,835 | 18,751 | ||
Asset retirement obligation | 51,414 | 50,183 | ||
Other long-term liabilities | 7,814 | 8,039 | ||
Total liabilities | 1,851,760 | 1,725,834 | ||
Redeemable noncontrolling interest | 9,806 | 9,250 | ||
Equity: | ||||
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 51,067,163 and 51,031,652 issued and outstanding as of June 30, 2020 and December 31, 2019, respectively | 51 | 51 | ||
Additional paid-in capital | 917,403 | 913,150 | ||
Retained earnings | 524,864 | 487,873 | ||
Accumulated other comprehensive income (loss) | (13,921) | (8,654) | ||
Total stockholders' equity attributable to Company's stockholders | 1,428,397 | 1,392,420 | ||
Noncontrolling interest | 128,414 | 122,990 | ||
Total equity | 1,556,811 | 1,515,410 | ||
Total liabilities, redeemable noncontrolling interest and equity | $ 3,418,377 | $ 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. The contract liabilities balance at the beginning of the year was fully recognized as product revenues during the six months ended June 30, 2020 as a result of performance obligations satisfied. | |||
[2] | * Including unconsolidated investments 84,414 - - 84,414 | |||
[3] | Electricity segment assets include goodwill in the amount of $20.1 million and $20.2 million as of June 30, 2020 and 2019, respectively. No goodwill is included in the Product and ESMS segment assets as of June 30, 2020 and 2019. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Trade, allowance for credit losses | $ 779,000 | $ 0 |
Property, plant and equipment, net | 2,038,038,000 | 1,971,415,000 |
Construction-in-process | 394,123,000 | 376,555,000 |
Operating leases right of use | 17,638,000 | 17,405,000 |
Finance leases right of use | $ 13,280,000 | $ 14,161,000 |
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) | 51,067,163 | 51,031,652 |
Common stock, shares outstanding (in shares) | 51,067,163 | 51,031,652 |
Senior Secured Notes [Member] | ||
Deferred financing costs | $ 5,802,000 | $ 6,317,000 |
Other Loans, Limited and Non-recourse [Member] | ||
Deferred financing costs | 9,514,000 | 10,482,000 |
Senior Unsecured Bonds [Member] | ||
Deferred financing costs | 929,000 | 675,000 |
Other Loans, Full Recourse [Member] | ||
Deferred financing costs | 1,430,000 | 1,519,000 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Property, plant and equipment, net | 1,931,033 | 1,880,547 |
Construction-in-process | 182,813 | 149,830 |
Operating leases right of use | 5,527,000 | 4,688,000 |
Finance leases right of use | $ 8,117,000 | $ 8,479,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues: | ||||
Revenue | $ 174,900 | $ 184,065 | $ 367,013 | $ 383,103 |
Cost of revenues: | ||||
Cost of revenues | 109,514 | 118,918 | 219,809 | 243,777 |
Gross profit | 65,386 | 65,147 | 147,204 | 139,326 |
Operating expenses: | ||||
Research and development expenses | 1,172 | 810 | 2,791 | 1,710 |
Selling and marketing expenses | 4,854 | 3,276 | 9,648 | 7,141 |
General and administrative expenses | 11,285 | 14,181 | 25,633 | 29,870 |
Operating income | 48,075 | 46,880 | 109,132 | 100,605 |
Other income (expense): | ||||
Interest income | 441 | 420 | 843 | 713 |
Interest expense, net | (19,785) | (21,517) | (37,058) | (42,740) |
Derivatives and foreign currency transaction gains (losses) | 671 | 19 | 1,064 | 491 |
Income attributable to sale of tax benefits | 5,672 | 4,637 | 9,804 | 12,401 |
Other non-operating income (expense), net | 304 | 1,027 | 382 | 1,118 |
Income from operations before income tax and equity in earnings (losses) of investees | 35,378 | 31,466 | 84,167 | 72,588 |
Income tax (provision) benefit | (11,766) | 3,529 | (29,914) | (10,510) |
Equity in earnings (losses) of investees, net | 1,658 | 1,202 | 923 | 2,249 |
Net income | 25,270 | 36,197 | 55,176 | 64,327 |
Net income attributable to noncontrolling interest | (2,224) | (2,259) | (6,097) | (4,443) |
Net income attributable to the Company's stockholders | 23,046 | 33,938 | 49,079 | 59,884 |
Comprehensive income: | ||||
Net income | 25,270 | 36,197 | 55,176 | 64,327 |
Other comprehensive income (loss), net of related taxes: | ||||
Change in foreign currency translation adjustments | 921 | 482 | 276 | (866) |
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment | (653) | (2,087) | (5,408) | (3,232) |
Change in respect of derivative instruments designated for cash flow hedge | 17 | 18 | 30 | 40 |
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (5) | (9) | (13) | (17) |
Comprehensive income | 25,550 | 34,601 | 50,061 | 60,252 |
Comprehensive income attributable to noncontrolling interest | (2,763) | (2,443) | (6,249) | (4,305) |
Comprehensive income attributable to the Company's stockholders | $ 22,787 | $ 32,158 | $ 43,812 | $ 55,947 |
Basic: | ||||
Net income (in dollars per share) | $ 0.45 | $ 0.67 | $ 0.96 | $ 1.18 |
Diluted: | ||||
Net income (in dollars per share) | $ 0.45 | $ 0.66 | $ 0.95 | $ 1.17 |
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: | ||||
Basic (in shares) | 51,043 | 50,800 | 51,040 | 50,757 |
Diluted (in shares) | 51,362 | 51,094 | 51,448 | 51,058 |
Electricity [Member] | ||||
Revenues: | ||||
Revenue | $ 128,685 | $ 129,079 | $ 271,541 | $ 271,987 |
Cost of revenues: | ||||
Cost of revenues | 71,950 | 73,775 | 143,318 | 151,318 |
Product [Member] | ||||
Revenues: | ||||
Revenue | 43,701 | 52,030 | 91,112 | 104,158 |
Cost of revenues: | ||||
Cost of revenues | 34,709 | 41,316 | 71,687 | 83,422 |
Energy Storage and Management Services [Member] | ||||
Revenues: | ||||
Revenue | 2,514 | 2,956 | 4,360 | 6,958 |
Cost of revenues: | ||||
Cost of revenues | $ 2,855 | $ 3,827 | $ 4,804 | $ 9,037 |
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 | $ 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, 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 |
Change in foreign currency translation adjustments | (866) | ||||||||||||||||||||
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 | ||||||||||||||
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 | $ 0 | 2,643 | 0 | 0 | 2,643 | 0 | 2,643 | ||||||||||||||
Exercise of options by employees and directors (in shares) | 110 | ||||||||||||||||||||
Exercise of options by employees and directors | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | (2,767) | (2,767) | ||||||||||||||
Cash dividend declared | 0 | 0 | (5,589) | 0 | (5,589) | 0 | (5,589) | ||||||||||||||
Net income | 0 | 0 | 33,938 | 0 | 33,938 | 2,017 | 35,955 | ||||||||||||||
Change in foreign currency translation adjustments | 0 | 0 | 0 | 298 | 298 | 184 | 482 | ||||||||||||||
Change in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | 18 | 18 | 0 | 18 | ||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 0 | 0 | 0 | (2,087) | (2,087) | 0 | (2,087) | ||||||||||||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | $ 0 | 0 | 0 | (9) | (9) | 0 | (9) | ||||||||||||||
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 | ||||||||||||||
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 | 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 | ||||||||||||||
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 |
Change in foreign currency translation adjustments | 276 | ||||||||||||||||||||
Balance (in shares) at Jun. 30, 2020 | 51,067 | ||||||||||||||||||||
Balance at Jun. 30, 2020 | $ 51 | 917,403 | 524,864 | (13,921) | 1,428,397 | 128,414 | 1,556,811 | ||||||||||||||
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 | ||||||||||||||
Stock-based compensation | $ 0 | 2,264 | 0 | 0 | 2,264 | 0 | 2,264 | ||||||||||||||
Exercise of options by employees and directors (in shares) | 31 | ||||||||||||||||||||
Exercise of options by employees and directors | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Cash dividend declared | 0 | 0 | (5,719) | 0 | (5,719) | 0 | (5,719) | ||||||||||||||
Net income | 0 | 0 | 23,046 | 0 | 23,046 | 1,982 | 25,028 | ||||||||||||||
Change in foreign currency translation adjustments | 0 | 0 | 0 | 382 | 382 | 539 | 921 | ||||||||||||||
Change in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | 17 | 17 | 0 | 17 | ||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 0 | 0 | 0 | (653) | (653) | 0 | (653) | ||||||||||||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | (5) | (5) | 0 | (5) | ||||||||||||||
Increase in noncontrolling interest | $ 0 | 0 | 0 | 0 | 0 | 1,307 | 1,307 | ||||||||||||||
Balance (in shares) at Jun. 30, 2020 | 51,067 | ||||||||||||||||||||
Balance at Jun. 30, 2020 | $ 51 | $ 917,403 | $ 524,864 | $ (13,921) | $ 1,428,397 | $ 128,414 | $ 1,556,811 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | |
Retained Earnings [Member] | ||||
Cash dividend declared, per share (in dollars per share) | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 |
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge, tax | $ 6 | |||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment, tax | $ 0 | $ 0 | $ 0 | |
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge, tax | $ 6 | $ 6 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 55,176 | $ 64,327 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 74,859 | 73,331 |
Accretion of asset retirement obligation | 1,545 | 1,323 |
Stock-based compensation | 4,253 | 5,003 |
Amortization of deferred lease income | 0 | (1,344) |
Income attributable to sale of tax benefits, net of interest expense | (5,538) | (6,089) |
Equity in losses (earnings) of investees | (923) | (2,249) |
Mark-to-market of derivative instruments | (2,043) | (1,579) |
Loss on disposal of property, plant and equipment | 801 | 1,136 |
Loss (gain) on severance pay fund asset | 38 | (547) |
Deferred income tax provision | 19,731 | 1,534 |
Liability for unrecognized tax benefits | 666 | 2,709 |
Deferred lease revenues | 0 | (364) |
Changes in operating assets and liabilities, net of businesses acquired: | ||
Receivables | (24,831) | 2,200 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 18,888 | 14,778 |
Inventories | (3,983) | 4,224 |
Prepaid expenses and other | 1,719 | 6,894 |
Change in operating lease right of use asset | 1,865 | 4,176 |
Deposits and other | 1,048 | (2,284) |
Accounts payable and accrued expenses | 10,009 | (6,196) |
Billings in excess of costs and estimated earnings on uncompleted contracts | 2,844 | (4,272) |
Liabilities for severance pay | 84 | 64 |
Change in operating lease liabilities | (1,634) | 0 |
Other long-term liabilities | (220) | (696) |
Net cash provided by operating activities | 154,354 | 156,079 |
Cash flows from investing activities: | ||
Capital expenditures | (151,254) | (114,880) |
Investment in unconsolidated companies | (7,759) | 0 |
Decrease (increase) in severance pay fund asset, net of payments made to retired employees | (14) | 712 |
Net cash used in investing activities | (159,027) | (114,168) |
Cash flows from financing activities: | ||
Proceeds from long-term loans, net of transaction costs | 129,407 | 132,847 |
Repayments of commercial paper and prepayment of loans | (46,225) | (6,098) |
Proceeds from revolving credit lines with banks | 1,250,639 | 1,298,500 |
Repayment of revolving credit lines with banks | (1,191,132) | (1,404,400) |
Cash received from noncontrolling interest | 7,577 | 3,346 |
Repayments of long-term debt | (31,784) | (36,767) |
Cash paid to noncontrolling interest | (3,661) | (7,828) |
Payments under finance lease obligations | (1,389) | (1,713) |
Deferred debt issuance costs | (677) | (4,345) |
Cash dividends paid | (11,333) | (11,168) |
Net cash provided by (used in) financing activities | 101,422 | (37,626) |
Effect of exchange rate changes | (25) | (141) |
Net change in cash and cash equivalents and restricted cash and cash equivalents | 96,724 | 4,144 |
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 | 249,834 | 181,639 |
Supplemental non-cash investing and financing activities: | ||
Increase (decrease) in accounts payable related to purchases of property, plant and equipment | $ (2,226) | $ 6,010 |
Note 1 - General and Basis of P
Note 1 - General and Basis of Presentation | 6 Months Ended |
Jun. 30, 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 June 30, 2020, three six June 30, 2020 2019 six June 30, 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. Senior Unsecured Bonds - Series 3 On April 6, 2020, 3 3 3 September 2022 3 On April 20, 2020, 3 3 3 September 2022 3 Additionally, on May 13, 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 In March 2020, 19" 19 first 2020, second July 2020, 11, 19 may no 19 no Puna On May 3, 2018, 38 three first six 2020, second May 2018 first six 2020, second six June 30, 2020. not As of August 2020, 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 write-offs of unsuccessful exploration activities for the three six June 30, 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: June 30, December 31, June 30, 2020 2019 2019 (Dollars in thousands) Cash and cash equivalents $ 173,718 $ 71,173 $ 110,665 Restricted cash and cash equivalents 76,116 81,937 70,974 Total Cash and cash equivalents and restricted cash and cash equivalents $ 249,834 $ 153,110 $ 181,639 Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of temporary cash investments and accounts receivable. The Company places its temporary cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At June 30, 2020 December 31, 2019, ten $250,000 June 30, 2020 December 31, 2019, At June 30, 2020 December 31, 2019, June 30, 2020 December 31, 2019, 10% six June 30, 2020 2019, Sierra Pacific Power Company and Nevada Power Company (subsidiaries of NV Energy, Inc.) accounted for 17.2% and 16.5% of the Company's total revenues for the three June 30, 2020 2019, six June 30, 2020 2019, Southern California Public Power Authority (“SCPPA”) accounted for 20.0% and 17.2% of the Company's total revenues for the three June 30, 2020 2019, six June 30, 2020 2019, Kenya Power and Lighting Co. Ltd. ("KPLC") accounted for 16.0% and 16.6% of the Company's total revenues for the three June 30, 2020 2019, six June 30, 2020 2019, The Company has historically been able to collect on substantially all of its receivable balances. As of June 30, 2020, July 2020. April 17, 2020, 19 150 133.9 In Honduras, the Company has been able to collect current charges from Empresa Nacional de Energía Eléctrica (“ENEE”) starting in May 2019. 19 may June 30, 2020, October 2018 April 2019 February March July 2020, April 30, 2020, 19. not 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 June 30, 2020 December 31, 2019 June 30, December 31, 2020 2019 (Dollars in thousands) Contract assets (*) $ 19,477 $ 38,365 Contract liabilities (*) $ (5,599 ) $ (2,755 ) (*) 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 six June 30, 2020 On June 30, 2020, not Leases in which the Company is a lessor The table below presents the lease income recognized as a lessor: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Dollars in thousands) (Dollars in thousands) Lease income relating to lease payments from operating leases $ 113,083 $ 116,138 $ 239,159 $ 242,046 |
Note 2 - New Accounting Pronoun
Note 2 - New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 2 New accounting pronouncements effective in the six June 30, 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 six June 30, 2020 ( Three Months Ended June 30, Six Months Ended June 30, 2020 2020 (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 779 $ 755 Current period provision for expected credit losses — 24 Ending balance of the allowance for expected credit losses $ 779 $ 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 June 30, 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 | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 Inventories consist of the following: June 30, December 31, 2020 2019 (Dollars in thousands) Raw materials and purchased parts for assembly $ 22,593 $ 21,942 Self-manufactured assembly parts and finished products 16,339 13,007 Total inventories $ 38,932 $ 34,949 |
Note 4 - Fair Value of Financia
Note 4 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 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 June 30, 2020 December 31, 2019 June 30, 2020 Fair Value Carrying Value at June 30, 2020 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 36,661 $ 36,661 $ 36,661 $ — $ — Derivatives: Contingent receivable (1) 101 101 — — 101 Currency forward contracts (2) 2,405 2,405 — 2,405 — Liabilities: Current liabilities: Derivatives: Contingent payables (1) (2,900 ) (2,900 ) — — (2,900 ) $ 36,267 $ 36,267 $ 36,661 $ 2,405 $ (2,799 ) 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 June 30, 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 June 30, 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) Amount of recognized gain (loss) Derivatives not designated as hedging instruments Location of recognized gain (loss) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Currency forward contracts Derivative and foreign currency transaction gains (losses) 1,435 616 $ 2,525 $ 1,699 $ 1,435 $ 616 $ 2,525 $ 1,699 The foregoing forward transactions were not There were no 1, 2 3 six June 30, 2020. The fair value of the Company’s long-term debt approximates its carrying amount, except for the following: Fair Value Carrying Amount June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 (Dollars in millions) (Dollars in millions) Olkaria III Loan - OPIC $ 203.4 $ 202.1 $ 183.6 $ 192.6 Olkaria III plant 4 Loan - DEG 2 43.2 43.8 40.0 42.5 Olkaria III plant 1 Loan - DEG 3 38.3 38.8 34.9 37.1 Platanares Loan - OPIC 117.7 115.3 100.4 104.5 Amatitlan Loan 24.6 26.4 24.5 26.3 Senior Secured Notes: OFC 2 LLC ("OFC 2") 222.6 210.9 198.4 203.0 Don A. Campbell 1 ("DAC 1") 81.2 78.5 75.2 78.2 USG Prudential - NV 33.0 30.6 28.2 28.4 USG Prudential - ID 18.6 18.6 18.8 19.6 USG DOE 47.1 45.0 39.5 40.8 Senior Unsecured Bonds 294.8 205.7 285.2 204.3 Senior Unsecured Loan 231.5 161.3 200.0 150.0 Plumstriker 20.0 21.7 20.0 21.6 Other long-term debt 16.4 16.3 16.7 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 June 30, 2020: Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III - OPIC — — 203.4 203.4 Olkaria III plant 4 Loan - DEG 2 — — 43.2 43.2 Olkaria III plant 1 Loan - DEG 3 — — 38.3 38.3 Platanares Loan - OPIC — — 117.7 117.7 Amatitlan Loan — 24.6 — 24.6 Senior Secured Notes: OFC 2 Senior Secured Notes — — 222.6 222.6 DAC 1 Senior Secured Notes — — 81.2 81.2 USG Prudential - NV — — 33.0 33.0 USG Prudential - ID — — 18.6 18.6 USG DOE — — 47.1 47.1 Senior Unsecured Bonds — — 294.8 294.8 Senior Unsecured Loan — — 231.5 231.5 Plumstriker — 20.0 — 20.0 Other long-term debt — — 16.4 16.4 Commercial paper — 3.8 — 3.8 Revolving lines of credit — 100.1 — 100.1 Deposits 12.2 — — 12.2 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 | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 5 On May 12, 2020, 2018 six The fair value of each SAR, RSU and PSU on the grant date was $17.6, $67.2 and $73.2, respectively. The Company calculated the fair value of each SAR on the grant date using the complex lattice, tree-based option-pricing model based on the following assumptions: Risk-free interest rates 0.44 % Expected life (in years) 2.8 Dividend yield 0.63 % Expected volatility (weighted average) 28.14 % On June 15, 2020, 2018 six The fair value of each SAR, RSU and PSU on the grant date was $18.0, $68.0 and $65.0 , respectively. The Company calculated the fair value of each SAR on the grant date using the complex lattice, tree-based option-pricing model based on the following assumptions: Risk-free interest rates 0.44% - 0.28% Expected life (in years) 2 - 2.8 Dividend yield 0.64% Expected volatility (weighted average) 28.5% - 35.2% |
Note 6 - Interest Expense, Net
Note 6 - Interest Expense, Net | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Interest Expense Disclosure [Text Block] | NOTE 6 The components of interest expense are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Dollars in thousands) (Dollars in thousands) Interest related to sale of tax benefits $ 2,500 $ 3,155 $ 4,824 $ 6,816 Interest expense 19,634 18,821 36,800 36,383 Less — amount capitalized (2,349 ) (459 ) (4,566 ) (459 ) Total interest expense, net $ 19,785 $ 21,517 $ 37,058 $ 42,740 |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Weighted average number of shares used in computation of basic earnings per share add: 51,043 50,800 51,040 50,757 Additional shares from the assumed exercise of employee stock options 319 294 408 301 Weighted average number of shares used in computation of diluted earnings per share 51,362 51,094 51,448 51,058 The number of stock-based awards that could potentially dilute future earnings per share and that were not three June 30, 2020 2019, six June 30, 2020 2019, |
Note 8 - Business Segments
Note 8 - Business Segments | 6 Months Ended |
Jun. 30, 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 June 30, 2020: Revenues from external customers: United States (1) $ 80,427 $ 2,269 $ 2,514 $ 85,210 Foreign (2) 48,258 41,432 — 89,690 Net revenue from external customers 128,685 43,701 2,514 174,900 Intersegment revenue — 50,453 — 50,453 Operating income (loss) 45,875 3,803 (1,603 ) 48,075 Segment assets at period end (3) (*) 3,150,770 190,474 77,133 3,418,377 * Including unconsolidated investments 84,414 — — 84,414 Three Months Ended June 30, 2019: Revenues from external customers: United States (1) $ 76,931 $ 12,532 $ 2,956 $ 92,419 Foreign (2) 52,148 39,498 — 91,646 Net revenue from external customers 129,079 52,030 2,956 184,065 Intersegment revenue — 19,167 — 19,167 Operating income (loss) 43,475 5,307 (1,902 ) 46,880 Segment assets at period end (3) (*) 2,992,891 128,524 72,366 3,193,781 * Including unconsolidated investments 71,047 — — 71,047 Six Months Ended June 30, 2020: Revenues from external customers: United States (1) $ 172,119 $ 2,667 $ 4,360 $ 179,146 Foreign (2) 99,422 88,445 — 187,867 Net revenue from external customers 271,541 91,112 4,360 367,013 Intersegment revenue — 59,109 — 59,109 Operating income (loss) 104,505 7,675 (3,048 ) 109,132 Segment assets at period end (3) (*) 3,150,770 190,474 77,133 3,418,377 * Including unconsolidated investments 84,414 — — 84,414 Six Months Ended June 30, 2019: Revenues from external customers: United States (1) $ 168,459 $ 23,775 $ 6,958 $ 199,192 Foreign (2) 103,528 80,383 — 183,911 Net revenue from external customers 271,987 104,158 6,958 383,103 Intersegment revenue — 37,428 — 37,428 Operating income (loss) 95,026 9,559 (3,980 ) 100,605 Segment assets at period end (3) (*) 2,992,891 128,524 72,366 3,193,781 * Including unconsolidated investments 71,047 — — 71,047 ( 1 Electricity segment revenues in the United States are all accounted under lease accounting except for $15.6 million and $32.4 million in the three six June 30, 2020, 606. three six June 30, 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 $20.1 million and $20.2 million as of June 30, 2020 2019, No June 30, 2020 2019. Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Dollars in thousands) (Dollars in thousands) Revenues: Total segment revenues $ 174,900 $ 184,065 $ 367,013 $ 383,103 Intersegment revenues 50,453 19,167 59,109 37,428 Elimination of intersegment revenues (50,453 ) (19,167 ) (59,109 ) (37,428 ) Total consolidated revenues $ 174,900 $ 184,065 $ 367,013 $ 383,103 Operating income: Operating income $ 48,075 $ 46,880 $ 109,132 $ 100,605 Interest income 441 420 843 713 Interest expense, net (19,785 ) (21,517 ) (37,058 ) (42,740 ) Derivatives and foreign currency transaction gains (losses) 671 19 1,064 491 Income attributable to sale of tax benefits 5,672 4,637 9,804 12,401 Other non-operating income (expense), net 304 1,027 382 1,118 Total consolidated income before income taxes and equity in income of investees $ 35,378 $ 31,466 $ 84,167 $ 72,588 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 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 10 10b 5 1 2017 2 May 16, 2018, May 11, 2018 2017 June 30, 2020, July 2, 2020, not may • 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, June 10, 2020 , not • On September 11, 2018, October 22, 2018, four 14 2018 January 24, 2019, July 10, 2020, 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, June 3, 2020, September 16, 2020. not • On March 29, 2016, 27th 11th April 16, 2020, 11th not May 2020, may 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 | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 The Company’s effective tax rate expense (benefit) for the three June 30, 2020 2019 six June 30, 2020 2019, six June 30, 2020 In response to the COVID- 19 March 27, 2020 six June 30, 2020, no 19 Tax Audit in Kenya The Company has received three 2013 2017. first two third The Company is currently at different stages of discussions with the KRA on the matters included in the KRA assessments. The Company believes its tax positions for the issues raised during the audit period is more-likely-than- not June 30, 2020, not |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 11 Senior Unsecured Bonds - Series 4 On July 1, 2020, 4” 4 4 December 2020 June 2022 4. 4 Cross Currency Swap Shortly after the issuance of the Senior Unsecured Bonds - Series 4, 4 4, 815, Cash Dividend On August 4, 2020, August 18, 2020 September 1, 2020 Energy storage assets portfolio purchase transaction On July 20, 2020, 20MW/80MWh December 2016 The Pomona facility is one first 73MW/136MWh The Company will account for the transaction under ASC 805, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Effect of COVID-19 Pandemic, Policy [Text Block] | COVID- 19 In March 2020, 19" 19 first 2020, second July 2020, 11, 19 may no 19 no |
Puna Power Plant, Policy [Policy Text Block] | Puna On May 3, 2018, 38 three first six 2020, second May 2018 first six 2020, second six June 30, 2020. not As of August 2020, 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 write-offs of unsuccessful exploration activities for the three six June 30, 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: June 30, December 31, June 30, 2020 2019 2019 (Dollars in thousands) Cash and cash equivalents $ 173,718 $ 71,173 $ 110,665 Restricted cash and cash equivalents 76,116 81,937 70,974 Total Cash and cash equivalents and restricted cash and cash equivalents $ 249,834 $ 153,110 $ 181,639 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of temporary cash investments and accounts receivable. The Company places its temporary cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At June 30, 2020 December 31, 2019, ten $250,000 June 30, 2020 December 31, 2019, At June 30, 2020 December 31, 2019, June 30, 2020 December 31, 2019, 10% six June 30, 2020 2019, Sierra Pacific Power Company and Nevada Power Company (subsidiaries of NV Energy, Inc.) accounted for 17.2% and 16.5% of the Company's total revenues for the three June 30, 2020 2019, six June 30, 2020 2019, Southern California Public Power Authority (“SCPPA”) accounted for 20.0% and 17.2% of the Company's total revenues for the three June 30, 2020 2019, six June 30, 2020 2019, Kenya Power and Lighting Co. Ltd. ("KPLC") accounted for 16.0% and 16.6% of the Company's total revenues for the three June 30, 2020 2019, six June 30, 2020 2019, The Company has historically been able to collect on substantially all of its receivable balances. As of June 30, 2020, July 2020. April 17, 2020, 19 150 133.9 In Honduras, the Company has been able to collect current charges from Empresa Nacional de Energía Eléctrica (“ENEE”) starting in May 2019. 19 may June 30, 2020, October 2018 April 2019 February March July 2020, April 30, 2020, 19. not 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 June 30, 2020 December 31, 2019 June 30, December 31, 2020 2019 (Dollars in thousands) Contract assets (*) $ 19,477 $ 38,365 Contract liabilities (*) $ (5,599 ) $ (2,755 ) (*) 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 six June 30, 2020 On June 30, 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Dollars in thousands) (Dollars in thousands) Lease income relating to lease payments from operating leases $ 113,083 $ 116,138 $ 239,159 $ 242,046 |
Note 1 - General and Basis of_2
Note 1 - General and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | June 30, December 31, June 30, 2020 2019 2019 (Dollars in thousands) Cash and cash equivalents $ 173,718 $ 71,173 $ 110,665 Restricted cash and cash equivalents 76,116 81,937 70,974 Total Cash and cash equivalents and restricted cash and cash equivalents $ 249,834 $ 153,110 $ 181,639 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | June 30, December 31, 2020 2019 (Dollars in thousands) Contract assets (*) $ 19,477 $ 38,365 Contract liabilities (*) $ (5,599 ) $ (2,755 ) |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Dollars in thousands) (Dollars in thousands) Lease income relating to lease payments from operating leases $ 113,083 $ 116,138 $ 239,159 $ 242,046 |
Note 2 - New Accounting Prono_2
Note 2 - New Accounting Pronouncements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2020 2020 (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 779 $ 755 Current period provision for expected credit losses — 24 Ending balance of the allowance for expected credit losses $ 779 $ 779 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, 2020 2019 (Dollars in thousands) Raw materials and purchased parts for assembly $ 22,593 $ 21,942 Self-manufactured assembly parts and finished products 16,339 13,007 Total inventories $ 38,932 $ 34,949 |
Note 4 - Fair Value of Financ_2
Note 4 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2020 Fair Value Carrying Value at June 30, 2020 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 36,661 $ 36,661 $ 36,661 $ — $ — Derivatives: Contingent receivable (1) 101 101 — — 101 Currency forward contracts (2) 2,405 2,405 — 2,405 — Liabilities: Current liabilities: Derivatives: Contingent payables (1) (2,900 ) (2,900 ) — — (2,900 ) $ 36,267 $ 36,267 $ 36,661 $ 2,405 $ (2,799 ) 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) Amount of recognized gain (loss) Derivatives not designated as hedging instruments Location of recognized gain (loss) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Currency forward contracts Derivative and foreign currency transaction gains (losses) 1,435 616 $ 2,525 $ 1,699 $ 1,435 $ 616 $ 2,525 $ 1,699 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair Value Carrying Amount June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 (Dollars in millions) (Dollars in millions) Olkaria III Loan - OPIC $ 203.4 $ 202.1 $ 183.6 $ 192.6 Olkaria III plant 4 Loan - DEG 2 43.2 43.8 40.0 42.5 Olkaria III plant 1 Loan - DEG 3 38.3 38.8 34.9 37.1 Platanares Loan - OPIC 117.7 115.3 100.4 104.5 Amatitlan Loan 24.6 26.4 24.5 26.3 Senior Secured Notes: OFC 2 LLC ("OFC 2") 222.6 210.9 198.4 203.0 Don A. Campbell 1 ("DAC 1") 81.2 78.5 75.2 78.2 USG Prudential - NV 33.0 30.6 28.2 28.4 USG Prudential - ID 18.6 18.6 18.8 19.6 USG DOE 47.1 45.0 39.5 40.8 Senior Unsecured Bonds 294.8 205.7 285.2 204.3 Senior Unsecured Loan 231.5 161.3 200.0 150.0 Plumstriker 20.0 21.7 20.0 21.6 Other long-term debt 16.4 16.3 16.7 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 — — 203.4 203.4 Olkaria III plant 4 Loan - DEG 2 — — 43.2 43.2 Olkaria III plant 1 Loan - DEG 3 — — 38.3 38.3 Platanares Loan - OPIC — — 117.7 117.7 Amatitlan Loan — 24.6 — 24.6 Senior Secured Notes: OFC 2 Senior Secured Notes — — 222.6 222.6 DAC 1 Senior Secured Notes — — 81.2 81.2 USG Prudential - NV — — 33.0 33.0 USG Prudential - ID — — 18.6 18.6 USG DOE — — 47.1 47.1 Senior Unsecured Bonds — — 294.8 294.8 Senior Unsecured Loan — — 231.5 231.5 Plumstriker — 20.0 — 20.0 Other long-term debt — — 16.4 16.4 Commercial paper — 3.8 — 3.8 Revolving lines of credit — 100.1 — 100.1 Deposits 12.2 — — 12.2 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 Compensa_2
Note 5 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Risk-free interest rates 0.44 % Expected life (in years) 2.8 Dividend yield 0.63 % Expected volatility (weighted average) 28.14 % Risk-free interest rates 0.44% - 0.28% Expected life (in years) 2 - 2.8 Dividend yield 0.64% Expected volatility (weighted average) 28.5% - 35.2% |
Note 6 - Interest Expense, Net
Note 6 - Interest Expense, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Dollars in thousands) (Dollars in thousands) Interest related to sale of tax benefits $ 2,500 $ 3,155 $ 4,824 $ 6,816 Interest expense 19,634 18,821 36,800 36,383 Less — amount capitalized (2,349 ) (459 ) (4,566 ) (459 ) Total interest expense, net $ 19,785 $ 21,517 $ 37,058 $ 42,740 |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Weighted average number of shares used in computation of basic earnings per share add: 51,043 50,800 51,040 50,757 Additional shares from the assumed exercise of employee stock options 319 294 408 301 Weighted average number of shares used in computation of diluted earnings per share 51,362 51,094 51,448 51,058 |
Note 8 - Business Segments (Tab
Note 8 - Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Electricity Product ESMS Consolidated (Dollars in thousands) Three Months Ended June 30, 2020: Revenues from external customers: United States (1) $ 80,427 $ 2,269 $ 2,514 $ 85,210 Foreign (2) 48,258 41,432 — 89,690 Net revenue from external customers 128,685 43,701 2,514 174,900 Intersegment revenue — 50,453 — 50,453 Operating income (loss) 45,875 3,803 (1,603 ) 48,075 Segment assets at period end (3) (*) 3,150,770 190,474 77,133 3,418,377 * Including unconsolidated investments 84,414 — — 84,414 Three Months Ended June 30, 2019: Revenues from external customers: United States (1) $ 76,931 $ 12,532 $ 2,956 $ 92,419 Foreign (2) 52,148 39,498 — 91,646 Net revenue from external customers 129,079 52,030 2,956 184,065 Intersegment revenue — 19,167 — 19,167 Operating income (loss) 43,475 5,307 (1,902 ) 46,880 Segment assets at period end (3) (*) 2,992,891 128,524 72,366 3,193,781 * Including unconsolidated investments 71,047 — — 71,047 Six Months Ended June 30, 2020: Revenues from external customers: United States (1) $ 172,119 $ 2,667 $ 4,360 $ 179,146 Foreign (2) 99,422 88,445 — 187,867 Net revenue from external customers 271,541 91,112 4,360 367,013 Intersegment revenue — 59,109 — 59,109 Operating income (loss) 104,505 7,675 (3,048 ) 109,132 Segment assets at period end (3) (*) 3,150,770 190,474 77,133 3,418,377 * Including unconsolidated investments 84,414 — — 84,414 Six Months Ended June 30, 2019: Revenues from external customers: United States (1) $ 168,459 $ 23,775 $ 6,958 $ 199,192 Foreign (2) 103,528 80,383 — 183,911 Net revenue from external customers 271,987 104,158 6,958 383,103 Intersegment revenue — 37,428 — 37,428 Operating income (loss) 95,026 9,559 (3,980 ) 100,605 Segment assets at period end (3) (*) 2,992,891 128,524 72,366 3,193,781 * Including unconsolidated investments 71,047 — — 71,047 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Dollars in thousands) (Dollars in thousands) Revenues: Total segment revenues $ 174,900 $ 184,065 $ 367,013 $ 383,103 Intersegment revenues 50,453 19,167 59,109 37,428 Elimination of intersegment revenues (50,453 ) (19,167 ) (59,109 ) (37,428 ) Total consolidated revenues $ 174,900 $ 184,065 $ 367,013 $ 383,103 Operating income: Operating income $ 48,075 $ 46,880 $ 109,132 $ 100,605 Interest income 441 420 843 713 Interest expense, net (19,785 ) (21,517 ) (37,058 ) (42,740 ) Derivatives and foreign currency transaction gains (losses) 671 19 1,064 491 Income attributable to sale of tax benefits 5,672 4,637 9,804 12,401 Other non-operating income (expense), net 304 1,027 382 1,118 Total consolidated income before income taxes and equity in income of investees $ 35,378 $ 31,466 $ 84,167 $ 72,588 |
Note 1 - General and Basis of_3
Note 1 - General and Basis of Presentation 1 (Details Textual) $ in Thousands | May 13, 2020USD ($) | Apr. 20, 2020USD ($) | Apr. 06, 2020USD ($) | Jul. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jul. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Apr. 30, 2020USD ($) |
Exploration Abandonment and Impairment Expense | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Cash, FDIC Insured Amount | 11,400 | 11,400 | $ 12,900 | ||||||||
Cash, Uninsured Amount | 116,100 | 116,100 | 84,800 | ||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 179,757 | 179,757 | $ 154,525 | ||||||||
Product [Member] | |||||||||||
Revenue, Remaining Performance Obligation, Amount | $ 63,500 | $ 63,500 | |||||||||
Revenue, Remaining Performance Obligation, Percentage | 100.00% | 100.00% | |||||||||
Kenya Power and Lighting Co LTD [Member] | |||||||||||
Accounts Receivable, Past Due | $ 54,800 | $ 54,800 | |||||||||
Accounts Receivable, Past Due, Average Number of Days Overdue | 81 | 81 | |||||||||
Kenya Power and Lighting Co LTD [Member] | Subsequent Event [Member] | |||||||||||
Proceeds, Overdue Accounts Receivable | $ 8,800 | ||||||||||
ENNE [Member] | |||||||||||
Accounts Receivable, Past Due | $ 24,000 | $ 24,000 | |||||||||
ENNE [Member] | February and March [Member] | |||||||||||
Accounts Receivable, Past Due | 20,100 | 20,100 | |||||||||
ENNE [Member] | October 2018 and April 2019 [Member] | |||||||||||
Accounts Receivable, Past Due | $ 4,000 | $ 4,000 | |||||||||
ENNE [Member] | Subsequent Event [Member] | |||||||||||
Proceeds, Overdue Accounts Receivable | $ 700 | ||||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member] | |||||||||||
Concentration Risk, Percentage | 52.00% | 58.00% | |||||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Sierra Pacific Power Company And Nevada Power Company [Member] | |||||||||||
Concentration Risk, Percentage | 17.20% | 16.50% | 18.30% | 17.40% | |||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Southern California Public Power Authority [Member] | |||||||||||
Concentration Risk, Percentage | 20.00% | 17.20% | 19.50% | 18.30% | |||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Kenya Power and Lighting Co LTD [Member] | |||||||||||
Concentration Risk, Percentage | 16.00% | 16.60% | 15.70% | 16.00% | |||||||
Non-US [Member] | |||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 151,600 | $ 151,600 | $ 118,800 | ||||||||
Electricity Segment [Member] | Puna Geothermal Power Plant [Member] | |||||||||||
Proceeds from Insurance Settlement, Operating Activities | 800 | 3,900 | |||||||||
Electricity Segment [Member] | Puna Geothermal Power Plant [Member] | Cost of Sales [Member] | |||||||||||
Proceeds from Insurance Settlement, Operating Activities | $ 3,300 | 8,200 | |||||||||
Electricity Segment [Member] | Puna Geothermal Power Plant [Member] | General and Administrative Expense [Member] | |||||||||||
Proceeds from Insurance Settlement, Operating Activities | $ 3,000 | ||||||||||
COVID 19 [Member] | |||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 400,000 | ||||||||||
Senior Unsecured Bonds, Series 3 [Member] | |||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 15,300 | $ 14,500 | $ 50,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.45% | 4.45% | 4.45% | ||||||||
Second Addendum Migdal Loan [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.44% | ||||||||||
Debt Instrument, Face Amount | $ 50,000 | ||||||||||
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 |
Note 1 - General and Basis of_4
Note 1 - General and Basis of Presentation 2 (Details Textual) | Jun. 30, 2020 |
Product [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
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 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | $ 173,718 | $ 71,173 | $ 110,665 | |
Restricted cash and cash equivalents | 76,116 | 81,937 | 70,974 | |
Total Cash and cash equivalents and restricted cash and cash equivalents | $ 249,834 | $ 153,110 | $ 181,639 | $ 177,495 |
Note 1 - General and Basis of_6
Note 1 - General and Basis of Presentation - Contract Assets (Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | |
Contract assets (*) | [1] | $ 19,477 | $ 38,365 |
Contract liabilities (*) | [1] | $ (5,599) | $ (2,755) |
[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. The contract liabilities balance at the beginning of the year was fully recognized as product revenues during the six months ended June 30, 2020 as a result of performance obligations satisfied. |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Lease income relating to lease payments from operating leases | $ 113,083 | $ 116,138 | $ 239,159 | $ 242,046 |
Note 2 - New Accounting Prono_3
Note 2 - New Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $ 1,556,811 | $ 1,533,651 | $ 1,515,410 | $ 1,491,641 | $ 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 | $ 524,864 | $ 507,537 | 487,873 | $ 470,880 | $ 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) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Beginning balance of the allowance for expected credit losses | $ 0 | |
Ending balance of the allowance for expected credit losses | $ 779 | 779 |
Accounting Standards Update 2016-13 [Member] | ||
Beginning balance of the allowance for expected credit losses | 779 | 755 |
Current period provision for expected credit losses | 0 | 24 |
Ending balance of the allowance for expected credit losses | $ 779 | $ 779 |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories, Current (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Raw materials and purchased parts for assembly | $ 22,593 | $ 21,942 |
Self-manufactured assembly parts and finished products | 16,339 | 13,007 |
Total inventories | $ 38,932 | $ 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 | Jun. 30, 2020 | Dec. 31, 2019 | |
Reported Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | $ 36,661 | $ 28,316 | |
Fair Value, Net Asset (Liability), Total | 36,267 | 25,421 | |
Reported Value Measurement [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 101 | 102 |
Reported Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | 2,405 | 362 |
Reported Value Measurement [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | (2,900) | (3,359) |
Estimate of Fair Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | 36,661 | 28,316 | |
Fair Value, Net Asset (Liability), Total | 36,267 | 25,421 | |
Estimate of Fair Value Measurement [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 101 | 102 |
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | 2,405 | 362 |
Estimate of Fair Value Measurement [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | (2,900) | (3,359) |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents (including restricted cash accounts) | 36,661 | 28,316 | |
Fair Value, Net Asset (Liability), Total | 36,661 | 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 | 2,405 | 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] | 2,405 | 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 | (2,799) | (3,257) | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 101 | 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] | $ (2,900) | $ (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 June 30, 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 June 30, 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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Amount of gain (loss) recognized | $ 1,435 | $ 616 | $ 2,525 | $ 1,699 |
Foreign Currency Gain (Loss) [Member] | Currency Forward Contracts [Member] | ||||
Amount of gain (loss) recognized | $ 1,435 | $ 616 | $ 2,525 | $ 1,699 |
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 | Jun. 30, 2020 | Dec. 31, 2019 |
Estimate of Fair Value Measurement [Member] | ||
Other long-term debt | $ 16.4 | $ 16.3 |
Reported Value Measurement [Member] | ||
Other long-term debt | 16.7 | 17.4 |
Olkaria III OPIC [Member] | ||
Loans | 203.4 | 202.1 |
Olkaria III OPIC [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 203.4 | 202.1 |
Olkaria III OPIC [Member] | Reported Value Measurement [Member] | ||
Loans | 183.6 | 192.6 |
Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 43.2 | 43.8 |
Olkaria III Plant 4 Loan - DEG 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 43.2 | 43.8 |
Olkaria III Plant 4 Loan - DEG 2 [Member] | Reported Value Measurement [Member] | ||
Loans | 40 | 42.5 |
Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 38.3 | 38.8 |
Olkaria III plant 1 Loan - DEG 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 38.3 | 38.8 |
Olkaria III plant 1 Loan - DEG 3 [Member] | Reported Value Measurement [Member] | ||
Loans | 34.9 | 37.1 |
Platanares Loan - OPIC [Member] | ||
Loans | 117.7 | 115.3 |
Platanares Loan - OPIC [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 117.7 | 115.3 |
Platanares Loan - OPIC [Member] | Reported Value Measurement [Member] | ||
Loans | 100.4 | 104.5 |
Amatitlan Loan [Member] | ||
Loans | 24.6 | 26.4 |
Amatitlan Loan [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 24.6 | 26.4 |
Amatitlan Loan [Member] | Reported Value Measurement [Member] | ||
Loans | 24.5 | 26.3 |
OFC Two Senior Secured Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 222.6 | 210.9 |
OFC Two Senior Secured Notes [Member] | Reported Value Measurement [Member] | ||
Notes | 198.4 | 203 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 81.2 | 78.5 |
Don A. Campbell 1 ("DAC1") [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 81.2 | 78.5 |
Don A. Campbell 1 ("DAC1") [Member] | Reported Value Measurement [Member] | ||
Notes | 75.2 | 78.2 |
USG Prudential - NV [Member] | ||
Notes | 33 | 30.6 |
USG Prudential - NV [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 33 | 30.6 |
USG Prudential - NV [Member] | Reported Value Measurement [Member] | ||
Notes | 28.2 | 28.4 |
USG Prudential - ID [Member] | ||
Notes | 18.6 | 18.6 |
USG Prudential - ID [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 18.6 | 18.6 |
USG Prudential - ID [Member] | Reported Value Measurement [Member] | ||
Notes | 18.8 | 19.6 |
USG DOE [Member] | ||
Notes | 47.1 | 45 |
USG DOE [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 47.1 | 45 |
USG DOE [Member] | Reported Value Measurement [Member] | ||
Notes | 39.5 | 40.8 |
Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 294.8 | 205.7 |
Senior Unsecured Bonds [Member] | Estimate of Fair Value Measurement [Member] | ||
Senior Unsecured debt | 294.8 | 205.7 |
Senior Unsecured Bonds [Member] | Reported Value Measurement [Member] | ||
Senior Unsecured debt | 285.2 | 204.3 |
Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 231.5 | 161.3 |
Senior Unsecured Loan [Member] | Estimate of Fair Value Measurement [Member] | ||
Senior Unsecured debt | 231.5 | 161.3 |
Senior Unsecured Loan [Member] | Reported Value Measurement [Member] | ||
Senior Unsecured debt | 200 | 150 |
Plumstriker Loan Agreement [Member] | ||
Loans | 20 | |
Senior Unsecured debt | 21.7 | |
Plumstriker Loan Agreement [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 20 | 21.7 |
Plumstriker Loan Agreement [Member] | Reported Value Measurement [Member] | ||
Loans | $ 20 | $ 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 | Jun. 30, 2020 | Dec. 31, 2019 |
Revolving lines of credit | $ 100.1 | $ 40.6 |
Deposits | 12.2 | 12.2 |
Commercial Paper [Member] | ||
Commercial paper | 3.8 | 50 |
Olkaria III OPIC [Member] | ||
Loans | 203.4 | 202.1 |
Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 43.2 | 43.8 |
Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 38.3 | 38.8 |
Platanares Loan - OPIC [Member] | ||
Loans | 117.7 | 115.3 |
Amatitlan Loan [Member] | ||
Loans | 24.6 | 26.4 |
OFC Senior Secured Notes [Member] | ||
Notes | 222.6 | 210.9 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 81.2 | 78.5 |
USG Prudential - NV [Member] | ||
Notes | 33 | 30.6 |
USG Prudential - ID [Member] | ||
Notes | 18.6 | 18.6 |
USG DOE [Member] | ||
Notes | 47.1 | 45 |
Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 294.8 | 205.7 |
Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 231.5 | 161.3 |
Plumstriker Loan Agreement [Member] | ||
Loans | 20 | |
Senior Unsecured debt | 21.7 | |
Other Long-term Debt [Member] | ||
Senior Unsecured debt | 16.4 | 16.3 |
Fair Value, Inputs, Level 1 [Member] | ||
Revolving lines of credit | 0 | 0 |
Deposits | 12.2 | 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 | 100.1 | 40.6 |
Deposits | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ||
Commercial paper | 3.8 | 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 | 24.6 | 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 | 20 | |
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 | 203.4 | 202.1 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 43.2 | 43.8 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 38.3 | 38.8 |
Fair Value, Inputs, Level 3 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 117.7 | 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 | 222.6 | 210.9 |
Fair Value, Inputs, Level 3 [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 81.2 | 78.5 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - NV [Member] | ||
Notes | 33 | 30.6 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - ID [Member] | ||
Notes | 18.6 | 18.6 |
Fair Value, Inputs, Level 3 [Member] | USG DOE [Member] | ||
Notes | 47.1 | 45 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 294.8 | 205.7 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 231.5 | 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 | $ 16.4 | $ 16.3 |
Note 5 - Stock-based Compensa_3
Note 5 - Stock-based Compensation (Details Textual) - The 2018 Incentive Plan [Member] - $ / shares | Jun. 15, 2020 | May 12, 2020 |
Stock Appreciation Rights (SARs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 852,475 | 46,795 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercise Price (in dollars per share) | $ 69.14 | $ 68.34 |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 6 years | 6 years |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 18 | $ 17.6 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 11,068 | 6,142 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 68 | $ 67.2 |
Performance Stock Units (PSU) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 10,962 | 5,637 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 65 | $ 73.2 |
SARs, RSUs, and PSUs [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | 2 years |
SARs, RSUs, and PSUs [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | 4 years |
Stock Appreciation Rights, Expiratiopn Period 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,156 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 months |
Note 5 - Stock-based Compensa_4
Note 5 - Stock-based Compensation - Fair Value of Stock-based Award on the Date of Grant (Details) | Jun. 15, 2020 | May 12, 2020 |
May 2020 SARs [Member] | ||
Risk-free interest rates | 0.44% | |
Expected life (in years) (Year) | 2 years 9 months 18 days | |
Dividend yield | 0.63% | |
Expected volatility (weighted average) | 28.14% | |
June 2020 SARs [Member] | ||
Dividend yield | 0.64% | |
June 2020 SARs [Member] | Minimum [Member] | ||
Risk-free interest rates | 0.44% | |
Expected life (in years) (Year) | 2 years | |
Expected volatility (weighted average) | 28.50% | |
June 2020 SARs [Member] | Maximum [Member] | ||
Risk-free interest rates | 0.28% | |
Expected life (in years) (Year) | 2 years 9 months 18 days | |
Expected volatility (weighted average) | 35.20% |
Note 6 - Interest Expense, Ne_2
Note 6 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest related to sale of tax benefits | $ 2,500 | $ 3,155 | $ 4,824 | $ 6,816 |
Interest expense | 19,634 | 18,821 | 36,800 | 36,383 |
Less — amount capitalized | (2,349) | (459) | (4,566) | (459) |
Total interest expense, net | $ 19,785 | $ 21,517 | $ 37,058 | $ 42,740 |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 141,328 | 174,334 | 132,941 | 228,775 |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Weighted average number of shares used in computation of basic earnings per share add: (in shares) | 51,043 | 50,800 | 51,040 | 50,757 |
Additional shares from the assumed exercise of employee stock options (in shares) | 319 | 294 | 408 | 301 |
Weighted average number of shares used in computation of diluted earnings per share (in shares) | 51,362 | 51,094 | 51,448 | 51,058 |
Note 8 - Business Segments (Det
Note 8 - Business Segments (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Number of Reportable Segments | 3 | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 174,900 | $ 184,065 | $ 367,013 | $ 383,103 | |
Goodwill, Ending Balance | 20,120 | 20,120 | $ 20,140 | ||
Electricity Segment [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 128,685 | 129,079 | 271,541 | 271,987 | |
Goodwill, Ending Balance | 20,100 | 20,200 | 20,100 | 20,200 | |
Electricity Segment [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 15,600 | 32,400 | 12,900 | 29,900 | |
Product and Energy Storage and Management Services Segments [Member] | |||||
Goodwill, Ending Balance | $ 0 | $ 0 | $ 0 | $ 0 |
Note 8 - Business Segments - Su
Note 8 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | ||||||
Revenues | $ 174,900 | $ 184,065 | $ 367,013 | $ 383,103 | ||||||
Operating income (loss) | 48,075 | 46,880 | 109,132 | 100,605 | ||||||
Segment assets at period end | 3,418,377 | [1],[2] | 3,193,781 | [2],[3] | 3,418,377 | [1],[2] | 3,193,781 | [2],[3] | $ 3,250,494 | |
Intersegment Eliminations [Member] | ||||||||||
Revenues | 50,453 | 19,167 | 59,109 | 37,428 | ||||||
Segment Reconciling Items [Member] | ||||||||||
Segment assets at period end | 84,414 | 71,047 | 84,414 | 71,047 | ||||||
Electricity Segment [Member] | ||||||||||
Revenues | 128,685 | 129,079 | 271,541 | 271,987 | ||||||
Operating income (loss) | 45,875 | 43,475 | 104,505 | 95,026 | ||||||
Segment assets at period end | [2] | 3,150,770 | [1] | 2,992,891 | [3] | 3,150,770 | [1] | 2,992,891 | [3] | |
Electricity Segment [Member] | Intersegment Eliminations [Member] | ||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||
Electricity Segment [Member] | Segment Reconciling Items [Member] | ||||||||||
Segment assets at period end | 84,414 | 71,047 | 84,414 | 71,047 | ||||||
Product Segment [Member] | ||||||||||
Revenues | 43,701 | 52,030 | 91,112 | 104,158 | ||||||
Operating income (loss) | 3,803 | 5,307 | 7,675 | 9,559 | ||||||
Segment assets at period end | [2] | 190,474 | [1] | 128,524 | [3] | 190,474 | [1] | 128,524 | [3] | |
Product Segment [Member] | Intersegment Eliminations [Member] | ||||||||||
Revenues | 50,453 | 19,167 | 59,109 | 37,428 | ||||||
Product Segment [Member] | Segment Reconciling Items [Member] | ||||||||||
Segment assets at period end | 0 | 0 | 0 | 0 | ||||||
Other Segments [Member] | ||||||||||
Revenues | 2,514 | 2,956 | 4,360 | 6,958 | ||||||
Operating income (loss) | (1,603) | (1,902) | (3,048) | (3,980) | ||||||
Segment assets at period end | [2] | 77,133 | [1] | 72,366 | [3] | 77,133 | [1] | 72,366 | [3] | |
Other Segments [Member] | Intersegment Eliminations [Member] | ||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||
Other Segments [Member] | Segment Reconciling Items [Member] | ||||||||||
Segment assets at period end | 0 | 0 | 0 | 0 | ||||||
UNITED STATES | ||||||||||
Revenues | [4] | 85,210 | 92,419 | 179,146 | 199,192 | |||||
UNITED STATES | Electricity Segment [Member] | ||||||||||
Revenues | [4] | 80,427 | 76,931 | 172,119 | 168,459 | |||||
UNITED STATES | Product Segment [Member] | ||||||||||
Revenues | [4] | 2,269 | 12,532 | 2,667 | 23,775 | |||||
UNITED STATES | Other Segments [Member] | ||||||||||
Revenues | [4] | 2,514 | 2,956 | 4,360 | 6,958 | |||||
Non-US [Member] | ||||||||||
Revenues | [5] | 89,690 | 91,646 | 187,867 | 183,911 | |||||
Non-US [Member] | Electricity Segment [Member] | ||||||||||
Revenues | [5] | 48,258 | 52,148 | 99,422 | 103,528 | |||||
Non-US [Member] | Product Segment [Member] | ||||||||||
Revenues | [5] | 41,432 | 39,498 | 88,445 | 80,383 | |||||
Non-US [Member] | Other Segments [Member] | ||||||||||
Revenues | [5] | $ 0 | $ 0 | $ 0 | $ 0 | |||||
[1] | * Including unconsolidated investments 84,414 - - 84,414 | |||||||||
[2] | Electricity segment assets include goodwill in the amount of $20.1 million and $20.2 million as of June 30, 2020 and 2019, respectively. No goodwill is included in the Product and ESMS segment assets as of June 30, 2020 and 2019. | |||||||||
[3] | Including unconsolidated investments 71,047 - - 71,047 | |||||||||
[4] | Electricity segment revenues in the United States are all accounted under lease accounting except for 15.6 million and $32.4 million in the three and six months ended June 30, 2020, respectively, that are accounted under ASC 606. For the three and six months ended June 30, 2019, Electricity segment revenues in the United States are all accounted under lease accounting except for 12.9 million and 29.9 million, respectively, that are accounted under ASC 606. Product and ESMS segment revenues in the United States are accounted under ASC 606. | |||||||||
[5] | Electricity segment revenues in foreign countries are all accounted under lease accounting. Product segment revenues in foreign countries are accounted under ASC 606. |
Note 8 - Business Segments - Re
Note 8 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue | $ 174,900 | $ 184,065 | $ 367,013 | $ 383,103 |
Operating income (loss) | 48,075 | 46,880 | 109,132 | 100,605 |
Interest income | 441 | 420 | 843 | 713 |
Interest expense, net | (19,785) | (21,517) | (37,058) | (42,740) |
Derivatives and foreign currency transaction gains (losses) | 671 | 19 | 1,064 | 491 |
Income attributable to sale of tax benefits | 5,672 | 4,637 | 9,804 | 12,401 |
Other non-operating income (expense), net | 304 | 1,027 | 382 | 1,118 |
Total consolidated income before income taxes and equity in income of investees | 35,378 | 31,466 | 84,167 | 72,588 |
Intersegment Eliminations [Member] | ||||
Revenue | 50,453 | 19,167 | 59,109 | 37,428 |
Consolidation, Eliminations [Member] | ||||
Revenue | $ (50,453) | $ (19,167) | $ (59,109) | $ (37,428) |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 33.30% | (11.20%) | 35.50% | 14.50% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Foreign Tax Authority [Member] | Kenya Revenue Authority [Member] | First and Second Assessment Tax Years 2013-2017 [Member] | ||||
Income Tax Examination, Assessment | $ 157 | $ 157 | ||
Income Tax Examination, Penalties and Interest Accrued, Total | 42 | 42 | ||
Foreign Tax Authority [Member] | Kenya Revenue Authority [Member] | Third Assessment Tax Years 2013-2017 [Member] | ||||
Income Tax Examination, Assessment | 3 | 3 | ||
Income Tax Examination, Penalties and Interest Accrued, Total | $ 1 | $ 1 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) $ / shares in Units, $ in Thousands, ₪ in Billions | Aug. 04, 2020USD ($)$ / shares | Jul. 20, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Jul. 01, 2020USD ($) | Jul. 01, 2020ILS (₪) |
Dividends, Common Stock, Total | $ 5,719 | $ 5,614 | $ 5,589 | $ 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 | Aug. 18, 2020 | |||||||
Dividends Payable, Date to be Paid | Sep. 1, 2020 | |||||||
Subsequent Event [Member] | Pomona Energy Storage [Member] | Southern California Edison Company [Member] | ||||||||
Energy Storage Resource Agreement, Term (Year) | 10 years | |||||||
Subsequent Event [Member] | Pomona Energy Storage [Member] | ||||||||
Business Combination, Consideration Transferred, Total | $ 43,900 | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Working Capital | $ 3,100 | |||||||
Senior Unsecured Bonds, Series 4 [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument, Face Amount | $ 290,000 | ₪ 1 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.35% | 3.35% | ||||||
Debt Instrument, Number of Annual Payments | 10 | 10 | ||||||
Senior Unsecured Bonds, Series 4 [Member] | Subsequent Event [Member] | Cross Currency Interest Rate Contract [Member] | ||||||||
Derivative, Fixed Interest Rate | 4.34% | 4.34% |