Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 24, 2021 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-32347 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 88-0326081 | ||
Entity Address, Address Line One | 6140 Plumas Street | ||
Entity Address, City or Town | Reno | ||
Entity Address, State or Province | NV | ||
Entity Address, Postal Zip Code | 89519-6075 | ||
City Area Code | 775 | ||
Local Phone Number | 356-9029 | ||
Title of 12(b) Security | Common Stock $0.001 Par Value | ||
Trading Symbol | ORA | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 2,544,589,505 | ||
Entity Common Stock, Shares Outstanding | 55,983,259 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |||
Current assets: | |||||
Cash and cash equivalents | $ 448,252 | $ 71,173 | |||
Restricted cash and cash equivalents (primarily related to VIEs) | 88,526 | 81,937 | |||
Receivables: | |||||
Trade less allowance for credit losses of $597 and $0, respectively (primarily related to VIEs) | 149,170 | 154,525 | |||
Other | 17,987 | 22,048 | |||
Inventories | 35,321 | 34,949 | |||
Costs and estimated earnings in excess of billings on uncompleted contracts | [1] | 24,544 | 38,365 | ||
Prepaid expenses and other | 15,354 | 12,667 | |||
Total current assets | 779,154 | 415,664 | |||
Investment in unconsolidated companies | 98,217 | 81,140 | |||
Deposits and other | 66,989 | 38,284 | |||
Deferred income taxes | 119,299 | 129,510 | |||
Property, plant and equipment, net | 2,099,046 | 1,971,415 | |||
Construction-in-process | 479,315 | 376,555 | |||
Operating leases right of use | 16,347 | 17,405 | |||
Finance leases right of use | 11,633 | 14,161 | |||
Intangible assets, net | 194,421 | 186,220 | |||
Goodwill | 24,566 | 20,140 | |||
Total assets | [2] | 3,888,987 | [3] | 3,250,494 | [4] |
Current liabilities: | |||||
Accounts payable and accrued expenses | 152,763 | 141,857 | |||
Short term revolving credit lines with banks (full recourse) | 0 | 40,550 | |||
Commercial paper | 0 | 50,000 | |||
Billings in excess of costs and estimated earnings on uncompleted contracts | 11,179 | 2,755 | |||
Current portion of long-term debt: | |||||
Senior secured notes | 24,949 | 24,473 | |||
Other loans | 35,897 | 34,458 | |||
Full recourse | 17,768 | 76,572 | |||
Operating lease liabilities | 2,922 | 2,743 | |||
Finance lease liabilities | 3,169 | 3,068 | |||
Total current liabilities | 248,647 | 376,476 | |||
Long-term debt, net of current portion: | |||||
Senior secured notes (less deferred financing costs of $5,318 and $6,317, respectively) | 315,195 | 339,336 | |||
Other loans (less deferred financing costs of $8,557 and $10,482, respectively) | 284,928 | 317,395 | |||
Senior unsecured bonds (less deferred financing costs of $2,086 and $675, respectively) | 717,534 | 286,453 | |||
Other loans (less deferred financing costs of $1,340 and $1,519, respectively) | 59,556 | 68,747 | |||
Operating lease liabilities | 12,897 | 14,008 | |||
Finance lease liabilities | 9,104 | 11,209 | |||
Liability associated with sale of tax benefits | 111,476 | 123,468 | |||
Deferred income taxes | 87,972 | 97,126 | |||
Liability for unrecognized tax benefits | 1,970 | 14,643 | |||
Liabilities for severance pay | 18,749 | 18,751 | |||
Asset retirement obligation | 63,457 | 50,183 | |||
Other long-term liabilities | 6,235 | 8,039 | |||
Total liabilities | 1,937,720 | 1,725,834 | |||
Commitments and contingencies (Note 21) | |||||
Redeemable noncontrolling interest | 9,830 | 9,250 | |||
Equity: | |||||
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 55,983,259 and 51,031,652 issued and outstanding as of December 31, 2020 and December 31, 2019, respectively | 56 | 51 | |||
Additional paid-in capital | 1,262,446 | 913,150 | |||
Retained earnings | 550,103 | 487,873 | |||
Accumulated other comprehensive loss | (6,620) | (8,654) | |||
Total stockholders' equity attributable to Company's stockholders | 1,805,985 | 1,392,420 | |||
Noncontrolling interest | 135,452 | 122,990 | |||
Total equity | 1,941,437 | 1,515,410 | |||
Total liabilities, redeemable noncontrolling interest and equity | $ 3,888,987 | $ 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 years ended December 31, 2020 and 2019 as a result of performance obligations satisfied. | ||||
[2] | Electricity segment assets include goodwill in the amount of $20.5 million, $20.1 million and $20.0 million as of December 31, 2020, 2019 and 2018, respectively. Energy Storage segment assets include goodwill in the amount of $4.1 million as of December 31, 2020. No goodwill is included in the Product segment assets as of December 31, 2020, 2019 and 2018. | ||||
[3] | Including unconsolidated investments 98,217 — — 98,217 | ||||
[4] | Including unconsolidated investments 81,140 — — 81,140 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Trade, allowance for credit losses | $ 597 | $ 0 |
Property, plant and equipment, net | 2,099,046 | 1,971,415 |
Construction-in-process | 479,315 | 376,555 |
Operating leases right of use | 16,347 | 17,405 |
Finance leases right of use | $ 11,633 | $ 14,161 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 55,983,259 | 51,031,652 |
Common stock, shares outstanding (in shares) | 55,983,259 | 51,031,652 |
Senior Secured Notes [Member] | ||
Deferred financing costs | $ 5,318 | $ 6,317 |
Other Loans, Limited and Non-recourse [Member] | ||
Deferred financing costs | 8,557 | 10,482 |
Senior Unsecured Bonds [Member] | ||
Deferred financing costs | 2,086 | 675 |
Other Loans, Full Recourse [Member] | ||
Deferred financing costs | 1,340 | 1,519 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Property, plant and equipment, net | 1,978,220 | 1,880,547 |
Construction-in-process | 198,812 | 149,830 |
Operating leases right of use | 4,721 | 4,688 |
Finance leases right of use | $ 7,001 | $ 8,479 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenues: | ||||
Revenue | [1] | $ 705,342 | $ 746,044 | $ 719,267 |
Cost of revenues: | ||||
Cost of revenues | 429,067 | 476,721 | 448,832 | |
Gross profit | 276,275 | 269,323 | 270,435 | |
Operating expenses: | ||||
Research and development expenses | 5,395 | 4,647 | 4,183 | |
Selling and marketing expenses | 17,384 | 15,047 | 19,802 | |
General and administrative expenses | 60,226 | 55,833 | 47,750 | |
Impairment charge | 0 | 0 | 13,464 | |
Write-off of unsuccessful exploration activities | 0 | 0 | 126 | |
Business interruption insurance income | (20,743) | 0 | 0 | |
Operating income | 214,013 | 193,796 | 185,110 | |
Other income (expense): | ||||
Interest income | 1,717 | 1,515 | 974 | |
Interest expense, net | (77,953) | (80,384) | (70,924) | |
Derivatives and foreign currency transaction gains (losses) | 3,802 | 624 | (4,761) | |
Income attributable to sale of tax benefits | 25,720 | 20,872 | 19,003 | |
Other non-operating income (expense), net | 1,418 | 880 | 7,779 | |
Income from operations before income tax and equity in earnings (losses) of investees | 168,717 | 137,303 | 137,181 | |
Income tax (provision) benefit | (67,003) | (45,613) | (34,733) | |
Equity in earnings (losses) of investees, net | 92 | 1,853 | 7,663 | |
Net income | 101,806 | 93,543 | 110,111 | |
Net income attributable to noncontrolling interest | (16,350) | (5,448) | (12,145) | |
Net income attributable to the Company's stockholders | 85,456 | 88,095 | 97,966 | |
Comprehensive income: | ||||
Net income | 101,806 | 93,543 | 110,111 | |
Other comprehensive income (loss), net of related taxes: | ||||
Change in foreign currency translation adjustments | 3,813 | (1,810) | (1,831) | |
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment | (3,975) | (3,417) | 2,235 | |
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | 3,366 | 0 | 0 | |
Other changes in comprehensive income | 274 | 44 | 24 | |
Comprehensive income | 105,284 | 88,360 | 110,539 | |
Comprehensive income attributable to noncontrolling interest | (17,794) | (5,120) | (11,666) | |
Comprehensive income attributable to the Company's stockholders | $ 87,490 | $ 83,240 | $ 98,873 | |
Earnings per share attributable to the Company's stockholders: | ||||
Basic: (in dollars per share) | $ 1.66 | $ 1.73 | $ 1.93 | |
Diluted: (in dollars per share) | $ 1.65 | $ 1.72 | $ 1.92 | |
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: | ||||
Basic (in shares) | 51,567 | 50,867 | 50,643 | |
Diluted (in shares) | 51,937 | 51,227 | 50,969 | |
Electricity [Member] | ||||
Revenues: | ||||
Revenue | $ 541,393 | $ 540,333 | $ 509,879 | |
Cost of revenues: | ||||
Cost of revenues | 300,059 | 312,835 | 298,255 | |
Product [Member] | ||||
Revenues: | ||||
Revenue | 148,125 | 191,009 | 201,743 | |
Cost of revenues: | ||||
Cost of revenues | 114,948 | 145,974 | 140,697 | |
Energy Storage and Management Services [Member] | ||||
Revenues: | ||||
Revenue | 15,824 | 14,702 | 7,645 | |
Cost of revenues: | ||||
Cost of revenues | $ 14,060 | $ 17,912 | $ 9,880 | |
[1] | Revenues as reported in the geographic area in which they originate. |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Guadeloupe 1 [Member]Common Stock [Member] | Guadeloupe 1 [Member]Additional Paid-in Capital [Member] | Guadeloupe 1 [Member]Retained Earnings [Member] | Guadeloupe 1 [Member]AOCI Attributable to Parent [Member] | Guadeloupe 1 [Member]Parent [Member] | Guadeloupe 1 [Member]Noncontrolling Interest [Member] | Guadeloupe 1 [Member] | Tungsten [Member]Common Stock [Member] | Tungsten [Member]Additional Paid-in Capital [Member] | Tungsten [Member]Retained Earnings [Member] | Tungsten [Member]AOCI Attributable to Parent [Member] | Tungsten [Member]Parent [Member] | Tungsten [Member]Noncontrolling Interest [Member] | Tungsten [Member] | McGinness Hills Phase III [Member]Common Stock [Member] | McGinness Hills Phase III [Member]Additional Paid-in Capital [Member] | McGinness Hills Phase III [Member]Retained Earnings [Member] | McGinness Hills Phase III [Member]AOCI Attributable to Parent [Member] | McGinness Hills Phase III [Member]Parent [Member] | McGinness Hills Phase III [Member]Noncontrolling Interest [Member] | McGinness Hills Phase III [Member] | Cross Currency Interest Rate Contract [Member]Common Stock [Member] | Cross Currency Interest Rate Contract [Member]Additional Paid-in Capital [Member] | Cross Currency Interest Rate Contract [Member]Retained Earnings [Member] | Cross Currency Interest Rate Contract [Member]AOCI Attributable to Parent [Member] | Cross Currency Interest Rate Contract [Member]Parent [Member] | Cross Currency Interest Rate Contract [Member]Noncontrolling Interest [Member] | Cross Currency Interest Rate Contract [Member] | 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, 2017 | 50,609 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance in Other comprehensive income (loss) beginning of period at Dec. 31, 2017 | $ 51 | $ 888,778 | $ 351,090 | $ (4,706) | $ 1,235,213 | $ 84,322 | $ 1,319,535 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | $ 0 | 10,218 | 0 | 0 | 10,218 | 0 | 10,218 | ||||||||||||||||||||||||||||||||||||||||||
Exercise of options by employees and directors (in shares) | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of options by employees and directors | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | (10,972) | (10,972) | ||||||||||||||||||||||||||||||||||||||||||
Cash dividend declared | 0 | 0 | (26,834) | 0 | (26,834) | 0 | (26,834) | ||||||||||||||||||||||||||||||||||||||||||
Increase in noncontrolling interest | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 5,339 | $ 5,339 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 996 | $ 996 | |||||||||||||||||||||||||||||||||||
Tax effect of partnership interest buyout | 0 | 2,367 | 0 | 0 | 2,367 | 0 | 2,367 | ||||||||||||||||||||||||||||||||||||||||||
Purchase of U.S. Geothermal | 0 | 0 | 0 | 0 | 0 | 34,898 | 34,898 | ||||||||||||||||||||||||||||||||||||||||||
Net income | 0 | 0 | 97,966 | 0 | 97,966 | 11,155 | 109,121 | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | (1,352) | (1,352) | (479) | (1,831) | ||||||||||||||||||||||||||||||||||||||||||
Change in respect of derivative instruments designated for cash flow hedge | $ 0 | $ 0 | $ 0 | $ 81 | $ 81 | $ 0 | $ 81 | 0 | |||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 0 | 0 | 0 | 2,235 | 2,235 | 0 | 2,235 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | $ 0 | 0 | 0 | (57) | (57) | 0 | (57) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2018 | 50,700 | 50,700 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance in Other comprehensive income (loss) end of period 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 | 9,358 | 0 | 0 | 9,358 | 0 | 9,358 | ||||||||||||||||||||||||||||||||||||||||||
Exercise of options by employees and directors (in shares) | 332 | ||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of options by employees and directors | $ 0 | 2,429 | 0 | 0 | 2,429 | 0 | 2,429 | ||||||||||||||||||||||||||||||||||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | (8,329) | (8,329) | ||||||||||||||||||||||||||||||||||||||||||
Cash dividend declared | 0 | 0 | (22,386) | 0 | (22,386) | 0 | (22,386) | ||||||||||||||||||||||||||||||||||||||||||
Increase in noncontrolling interest | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 2,072 | $ 2,072 | ||||||||||||||||||||||||||||||||||||||||||
Net income | 0 | 0 | 88,095 | 0 | 88,095 | 4,316 | 92,411 | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | (1,482) | (1,482) | (328) | (1,810) | ||||||||||||||||||||||||||||||||||||||||||
Change in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | 75 | 75 | 0 | 75 | 0 | |||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 0 | 0 | 0 | (3,417) | (3,417) | 0 | (3,417) | ||||||||||||||||||||||||||||||||||||||||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | $ 0 | 0 | 0 | (31) | (31) | 0 | (31) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 44 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2019 | 51,032 | 51,032 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance in Other comprehensive income (loss) end of period 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 | 9,830 | 0 | 0 | 9,830 | 0 | 9,830 | ||||||||||||||||||||||||||||||||||||||||||
Exercise of options by employees and directors (in shares) | 178 | ||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of options by employees and directors | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | (6,756) | (6,756) | ||||||||||||||||||||||||||||||||||||||||||
Cash dividend declared | 0 | 0 | (22,471) | 0 | (22,471) | 0 | (22,471) | ||||||||||||||||||||||||||||||||||||||||||
Increase in noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 2,754 | 2,754 | ||||||||||||||||||||||||||||||||||||||||||
Net income | 0 | 0 | 85,456 | 0 | 85,456 | 15,020 | 100,476 | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | 2,369 | 2,369 | 1,444 | 3,813 | ||||||||||||||||||||||||||||||||||||||||||
Change in respect of derivative instruments designated for cash flow hedge | $ 0 | $ 0 | $ 0 | $ 3,366 | $ 3,366 | $ 0 | $ 3,366 | 3,366 | |||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | $ 0 | 0 | 0 | (3,975) | (3,975) | 0 | (3,975) | ||||||||||||||||||||||||||||||||||||||||||
Common stock issuance (in shares) | 4,773 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuance | $ 5 | 339,466 | 0 | 0 | 339,471 | 0 | 339,471 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | $ 0 | 0 | 0 | 274 | 274 | 0 | 274 | ||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 55,983 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance in Other comprehensive income (loss) end of period at Dec. 31, 2020 | $ 56 | $ 1,262,446 | $ 550,103 | $ (6,620) | $ 1,805,985 | $ 135,452 | $ 1,941,437 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retained Earnings [Member] | |||
Cash dividend declared, per share (in dollars per share) | $ 0.44 | $ 0.44 | $ 0.53 |
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge, tax | $ 18 | ||
Cross Currency Interest Rate Contract [Member] | |||
Change in respect of derivative instruments designated for cash flow hedge, tax | $ 1,095 | 24 | |
Change in respect of derivative instruments designated for cash flow hedge, tax | 1,100 | ||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment, tax | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 101,806 | $ 93,543 | $ 110,111 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 156,612 | 148,761 | 132,233 |
Accretion of asset retirement obligation | 3,232 | 2,709 | 2,474 |
Stock-based compensation | 9,830 | 9,358 | 10,218 |
Amortization of deferred lease income | 0 | (2,685) | (2,685) |
Income attributable to sale of tax benefits, net of interest expense | (12,090) | (10,084) | (8,609) |
Equity in losses (earnings) of investees, net | (92) | (1,853) | (7,663) |
Mark-to-market of derivative instruments | (1,192) | (1,402) | 2,032 |
Write-off of unsuccessful exploration activities | 0 | 0 | 126 |
Impairment charge | 0 | 0 | 13,464 |
Loss (gain) on severance pay fund asset | (893) | (1,016) | 1,186 |
Deferred income tax provision | 5,102 | 27,896 | 19,360 |
Liability for unrecognized tax benefits | (12,673) | 2,874 | 2,879 |
Deferred lease revenues | 0 | (574) | (402) |
Gain from insurance recoveries | 0 | 0 | (4,463) |
Other | 338 | 914 | 100 |
Changes in operating assets and liabilities, net of businesses acquired: | |||
Receivables | 3,520 | (15,133) | (29,928) |
Costs and estimated earnings in excess of billings on uncompleted contracts | 13,821 | 3,765 | (1,185) |
Inventories | 178 | 5,500 | (9,318) |
Prepaid expenses and other | (2,687) | 3,452 | (11,172) |
Change in operating lease right of use asset | 3,825 | 8,167 | 0 |
Deposits and other | (893) | (22,525) | 18 |
Accounts payable and accrued expenses | (5,373) | 8,738 | (56,724) |
Billings in excess of costs and estimated earnings on uncompleted contracts | 8,424 | (15,647) | (1,839) |
Liabilities for severance pay | (2) | 757 | (3,147) |
Change in operating lease liabilities | (3,765) | (8,405) | 0 |
Other liabilities, net | (2,023) | (617) | (11,244) |
Net cash provided by operating activities | 265,005 | 236,493 | 145,822 |
Cash flows from investing activities: | |||
Capital expenditures | (320,738) | (279,986) | (258,521) |
Cash received from insurance recoveries | 4,700 | 35,435 | 10,427 |
Investment in unconsolidated companies | (20,960) | (10,674) | (3,800) |
Buyout of Class B membership in OPC | 0 | 0 | 2,367 |
Cash paid for acquisition of a business, net of cash acquired | (43,397) | 0 | (95,093) |
Decrease (increase) in severance pay fund asset, net of payments made to retired employees | 845 | 687 | 2,186 |
Other investing activities | (6,419) | 0 | 0 |
Net cash used in investing activities | (385,969) | (254,538) | (342,434) |
Cash flows from financing activities: | |||
Proceeds from sale of membership interests to noncontrolling interest, net of transaction costs | 0 | 0 | 3,174 |
Proceeds from long-term loans, net of transaction costs | 419,262 | 132,847 | 214,700 |
Proceeds from exercise of options by employees | 0 | 2,429 | 0 |
Proceeds from issuance of common stock, net of stock issuance costs | 339,471 | 0 | 0 |
Proceeds from the sale of limited liability company interest, net of transaction costs | 0 | 58,289 | 32,175 |
Repayments of commercial paper and prepayments of long-term debt | (50,000) | (21,073) | 0 |
Proceeds from issuance of commercial paper | 0 | 50,000 | 0 |
Proceeds from revolving credit lines with banks | 1,249,400 | 1,450,850 | 4,097,000 |
Repayment of revolving credit lines with banks | (1,289,950) | (1,569,300) | (3,989,500) |
Cash received from noncontrolling interest | 7,577 | 3,346 | 4,134 |
Repayments of long-term debt | (135,384) | (72,708) | (62,774) |
Cash paid to noncontrolling interest | (9,739) | (9,730) | (13,106) |
Payments under finance lease obligations | (2,890) | (3,164) | (2,551) |
Deferred debt issuance costs | (1,798) | (5,165) | (5,287) |
Cash dividends paid | (22,471) | (22,386) | (26,834) |
Net cash provided by (used in) financing activities | 503,478 | (5,765) | 251,131 |
Effect of exchange rate changes | 1,154 | (575) | (660) |
Net change in cash and cash equivalents and restricted cash and cash equivalents | 383,668 | (24,385) | 53,859 |
Restricted cash and cash equivalents acquired in a business combination | 0 | 0 | 26,993 |
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period | 153,110 | 177,495 | 96,643 |
Cash and cash equivalents and restricted cash and cash equivalents at end of period | 536,778 | 153,110 | 177,495 |
Supplemental disclosure of cash flow information: | |||
Interest, net of interest capitalized | 60,830 | 61,628 | 53,864 |
Income taxes, net | 64,795 | 1,649 | 18,028 |
Supplemental non-cash investing and financing activities: | |||
Increase (decrease) in accounts payable related to purchases of property, plant and equipment | 3,148 | 9,423 | (6,878) |
Right of use assets obtained in exchange for new lease liabilities | 3,642 | 11,626 | 8,584 |
Increase in asset retirement cost and asset retirement obligation | $ 8,963 | $ 8,334 | $ 881 |
Note 1 - Business and Significa
Note 1 - Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 Business The Company is primarily engaged in the geothermal and recovered energy business and primarily designs, develops, builds, sells, owns and operates clean, environmentally friendly geothermal and recovered energy-based power plants, usually using equipment that it designs and manufactures. The Company owns and operates geothermal and recovered energy-based power plants in various countries, including the United States, Kenya, Guatemala, Guadeloupe and Honduras. The Company’s equipment manufacturing operations are primarily located in Israel. Additionally, the Company owns and operates independent storage facilities in the United States providing energy storage and related services. Most of the Company’s domestic power plant facilities are Qualifying Facilities under the PURPA. The Power Purchase Agreements ("PPAs") for certain of such facilities are dependent upon their maintaining Qualifying Facility status. Rounding Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000, Basis of presentation The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and of all majority-owned subsidiaries in which the Company exercises control over operating and financial policies, and variable interest entities in which the Company has an interest and is the primary beneficiary. Intercompany accounts and transactions have been eliminated in consolidation. Investments in less-than-majority-owned entities or other entities in which the Company exercises significant influence over operating and financial policies are accounted for using the equity method of accounting or consolidated if they are a variable interest entity in which the Company has an interest and is the primary beneficiary. Under the equity method, original investments are recorded at cost and adjusted by the Company’s share of undistributed earnings or losses of such companies. The Company’s earnings or losses in investments accounted for under the equity method have been reflected as “equity in earnings (losses) of investees, net” on the Company’s consolidated statements of operations and comprehensive income (loss). Cash and cash equivalents The Company considers all highly liquid instruments, with an original maturity of three Restricted cash, cash equivalents, and marketable securities Under the terms of certain long-term debt agreements, the Company is required to maintain certain debt service reserves, including principal and interest, cash collateral and operating fund accounts, including for future wells drilling, that have been classified as restricted cash and cash equivalents. Funds that will be used to satisfy obligations due during the next 12 Reconciliation of cash and cash equivalents and restricted cash and cash equivalents The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported on the balance sheet that sum to the total of the same amounts shown on the statement of cash flows: December 31, 2020 2019 2018 (Dollars in thousands) Cash and cash equivalents $ 448,252 $ 71,173 $ 98,802 Restricted cash and cash equivalents 88,526 81,937 78,693 Total cash and cash equivalents and restricted cash and cash equivalents $ 536,778 $ 153,110 $ 177,495 Concentration of credit risk Financial instruments which potentially subject the Company to concentration of credit risk consist principally of temporary cash investments and accounts receivable. The Company places its temporary cash investments with high credit quality financial institutions located in the U.S. and in foreign countries. At December 31, 2020 2019, ten $250,000 December 31, 2020 2019, not At December 31, 2020 2019, December 31, 2020 2019, 18 The Company has historically been able to collect substantially all of its receivable balances. As of December 31, 2020, January February 2021. April 17, 2020, 19 September 2020. second 2020 third 2020. In Honduras, the Company successfully collected during the year an overdue debt from Empresa Nacional de Energía Eléctrica ("ENEE") of $20.1 million that was related to the period from October 2018 April 2019. 19 may December 31, 2020, January 2021. April 30, 2020, 19 The Company may 19 Inventories Inventories consist primarily of raw material parts and sub-assemblies for power units and are stated at the lower of cost or net realizable value, using the weighted-average cost method. Inventories are reduced by a provision for slow-moving and obsolete inventories. This provision was not December 31, 2020 2019. Deposits and other Deposits and other consist primarily of performance bonds for construction projects, long-term insurance contract funds and receivables, certain deferred costs and derivative instruments. Property, plant and equipment, net Property, plant and equipment are stated at cost. All costs associated with the acquisition, development and construction of power plants operated by the Company are capitalized. Major improvements are capitalized and repairs and maintenance (including major maintenance) costs are expensed. Power plants operated by the Company, which include geothermal wells and exploration and resource development costs, are depreciated using the straight-line method over their estimated useful lives, which range from 15 to 30 years. The other assets are depreciated using the straight-line method over the following estimated useful lives of the assets: Years Buildings 25 Leasehold improvements 15 - 30 Machinery and equipment — manufacturing and drilling 10 Machinery and equipment — computers 3 - 5 Energy storage equipment 15 Office equipment — furniture and fixtures 5 - 15 Office equipment — other 5 - 10 Vehicles 5 - 7 The cost and accumulated depreciation of items sold or retired are removed from the accounts. Any resulting gain or loss is recognized currently and recorded in the accompanying statements of operations. The Company capitalizes interest costs as part of constructing power plant facilities. Such capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Capitalized interest costs amounted to $10.4 million, $3.3 million, and $3.7 million for the years ended December 31, 2020, 2019 2018, Exploration and development costs The Company capitalizes costs incurred in connection with the exploration and development of geothermal resources once it acquires land rights to the potential geothermal resource. Prior to acquiring land rights, the Company makes an initial assessment that an economically feasible geothermal reservoir is probable on that land. The Company determines the economic feasibility of potential geothermal resources internally, with all available data and external assessments vetted through the exploration department and occasionally using outside service providers. Costs associated with the initial assessment are expensed and included in cost of electricity revenues in the consolidated statements of operations and comprehensive income (loss). Such costs were immaterial during the years ended December 31, 2020, 2019 2018. two three may In most cases, the Company obtains the right to conduct the geothermal development and operations on land owned by the Bureau of Land Management ("BLM"), various states or with private parties. The up-front bonus payments and other related costs, such as legal fees, are capitalized and included in construction-in-process. The annual land lease payments made during the exploration, development and construction phase are accounted under lease accounting as further described under the caption Leases below and reflected as expenses in “electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss). Upon commencement of power generation on the leased land, the Company begins to pay the lessor’s long-term royalty payments based on the utilization of the geothermal resources as defined in the respective agreements. Such payments are expensed when the related revenues are earned and included in “electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss). Following the acquisition of land rights to the potential geothermal resource, the Company conducts further studies and surveys, including water and soil analyses, among others, and augments its database with the results of these studies. The Company then initiates a suite of geophysical surveys to assess the resource and determine drilling locations. If the results of these activities support the initial assessment of the feasibility of the geothermal resource, the Company then proceeds to exploratory drilling and other related activities which may may not When deciding whether to continue holding lease rights and/or to pursue exploration activity, the Company diligently prioritizes prospective investments, taking into account resource and probability assessments in order to make informed decisions about whether a particular project will support commercial operation. As a result, write-off of unsuccessful activities for the years ended December 31, 2020, 2019 2018 All exploration and development costs that are being capitalized will be depreciated over their estimated useful lives when the related geothermal power plant is substantially complete and ready for use. A geothermal power plant is substantially complete and ready for use when electricity generation commences. Asset retirement obligation The Company records the fair value of a legal liability for an asset retirement obligation in the period in which it is incurred. The Company’s legal liabilities include plugging wells and post-closure costs of power producing sites. When a new liability for asset retirement obligations is recorded, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. The Company periodically reassesses the assumptions used to estimate the expected cash flows required to settle the asset retirement obligation, including changes in estimated probabilities, amounts, and timing of the settlement of the asset retirement obligation, as well as changes in the legal requirements of an obligation and revises the previously recorded asset retirement obligation accordingly. At retirement, the obligation is settled for its recorded amount at a gain or loss. Deferred financing costs Deferred financing costs are presented as a direct deduction from the carrying value of the associated debt liability or under "Deposits and other" if associated with lines of credit. Such deferred costs are amortized over the term of the related obligation using the effective interest method or ratably, as applicable. Amortization of deferred financing costs is presented as interest expense in the consolidated statements of operations and comprehensive income (loss). Amortization expense for the years ended December 31, 2020, 2019 2018 December 31, 2020, 2019 2018, no Goodwill Goodwill represents the excess of the fair value of consideration transferred in the business combination transactions over the fair value of tangible and intangible assets acquired, net of the fair value of liabilities assumed and the fair value of any noncontrolling interest in the acquisitions. Goodwill is not December 31 not first not no not 2017 04, 350 2018, one not 9 Intangible assets Intangible assets consist of allocated acquisition costs of PPAs, which are amortized using the straight-line method over the 15 to 29-year terms of the agreements (see Note 9 may not no no not Impairment of long-lived assets and long-lived assets to be disposed of The Company evaluates long-lived assets, such as property, plant and equipment and construction-in-process for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not not not The Company tests its operating plants that are operated together as a complex for impairment at the complex level because the cash flows of such plants result from significant shared operating activities. For example, the operating power plants in a complex are managed under a combined operation management generally with one one not not not Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset. The significant assumptions that the Company uses in estimating its undiscounted future cash flows include: (i) projected generating capacity of the complex or power plant and rates to be received under the respective PPAs and expected market rates thereafter and (ii) projected operating expenses of the relevant complex or power plant. Estimates of future cash flows used to test recoverability of a long-lived asset under development also include cash flows associated with all future expenditures necessary to develop the asset. If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Management believes that no impairment exists for long-lived assets; however, estimates as to the recoverability of such assets may may Derivative instruments Derivative instruments (including certain derivative instruments embedded in other contracts) are measured at their fair value and recorded as either assets or liabilities unless exempted from derivative treatment as a normal purchase and sale. Changes in the fair value of derivatives not The Company maintains a risk management strategy that may Foreign currency translation The U.S. dollar is the functional currency for all of the Company’s consolidated operations and those of its equity affiliates except for the Guadeloupe power plant and the Company's operations in New Zealand. For those entities, all gains and losses from currency translations are included within the line item “Derivatives and foreign currency transaction gains (losses)” within the consolidated statements of operations and comprehensive income (loss). The Euro and New Zealand Dollar are the functional currencies of the Guadeloupe power plant and the Company's operations in New Zealand, respectively, and thus the impact from currency translation adjustments in those locations are included as currency translation adjustments in Accumulated other comprehensive income in the consolidated statements of equity and in comprehensive income. The accumulated currency translation adjustments amounted to $(0.9) million and $1.5 million as of December 31, 2020 2019, Comprehensive income (loss) reporting Comprehensive income (loss) includes net income or loss plus other comprehensive income (loss), which for the Company consists of changes in unrealized gains or losses in respect of the Company’s share in derivatives instruments of an unconsolidated investment, foreign currency translation adjustments and changes in respect of derivative instruments designated as a cash flow hedge. The changes in foreign currency translation adjustments during the years ended December 31, 2020, 2019 2018 5 7 Power purchase agreements Substantially all of the Company’s Electricity revenues are recognized pursuant to PPAs in the United States and in various foreign countries, including Kenya, Guatemala, Guadeloupe and Honduras. These PPAs generally provide for the payment of energy payments or both energy and capacity payments through their respective terms which expire in varying periods from 2022 2047. not first first Pursuant to the terms of certain of the PPAs, the Company may not not may Revenues and cost of revenues Upon adoption of ASU 2014 09, 606 January 1, 2018, 1 2 3 4 5 Revenues are primarily related to: (i) sale of electricity from geothermal and recovered energy-based power plants owned and operated by the Company; (ii) geothermal and recovered energy-based power plant equipment engineering, sale, construction and installation, and operating services and (iii) Energy storage services as well as services relating to the engineering, procurement, construction, operation and maintenance of energy storage units. Electricity segment revenues five 8 606, 30 60 Product segment revenues third not not no one two In contracts for which the Company determines that control is not Accounting for product contracts that are satisfied over time includes use of several estimates such as variable consideration related to bonuses and penalties and total estimated cost for completing the contract. The estimated amount of variable consideration will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not The nature of the Company's product contracts give rise to several modifications or change requests by its customers. Substantially all of the modifications are treated as cumulative catch-ups to revenues since the additional goods are not one Energy Storage segment revenues 606 may Contract assets related to the Company's Product segment reflect revenues 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 December 31, 2020 2019 December 31, December 31, 2020 2019 (Dollars in thousands) Contract assets (*) $ 24,544 $ 38,365 Contract liabilities (*) $ (11,179 ) $ (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 years ended December 31, 2020 2019 The following table presents the significant changes in the contract assets and contract liabilities for the years ended December 31, 2020 2019: Years Ended December 31, 2020 2019 Contract assets Contract liabilities Contract assets Contract liabilities (Dollars in thousands) Recognition of contract liabilities as revenue as a result of performance obligations satisfied $ — $ 5,336 $ — $ 12,675 Cash received in advance for which revenues have not yet recognized, net of expenditures made — (11,177 ) — (3,323 ) Reduction of contract assets as a result of rights to consideration becoming unconditional (145,548 ) — (130,918 ) — Contract assets recognized, net of recognized receivables 129,144 — 133,448 — Net change in contract assets and contract liabilities $ (16,404 ) $ (5,841 ) $ 2,530 $ 9,352 The timing of revenue recognition, billings and cash collections results in accounts receivable, contract assets and contract liabilities on the consolidated balance sheet. In the Company's Products segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, or upon achievement of contractual milestones. Generally, billing occurs subsequent to the recognition of revenue, resulting in contract assets. However, the Company sometimes receives advances or deposits from its customers before revenue can be recognized, resulting in contract liabilities. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. The timing of billing its customers and receiving advance payments vary from contract to contract. The majority of payments are received no On December 31, 2020, not The following schedule reconciles revenues accounted under lease accounting, and ASC 606, December 31, 2020 2019: Year Ended December 31, 2020 2019 (Dollars in thousands) Electricity revenues accounted under lease accounting $ 473,260 $ 479,059 Electricity, Product and Energy Storage revenues accounted under ASC 606 232,082 266,985 Total consolidated revenues $ 705,342 $ 746,044 Disaggregated revenues from contracts with customers for the years ended December 31, 2020 2019 18 Leases In February 2016, 2016 02, 842 two 606. January 1, 2019 no The Company is a lessee in operating lease transactions primarily consisting of land leases for its exploration and development activities. Additionally, the Company is a lessee in finance lease transactions primarily consisting of fleet vehicles and office rentals. As further described above under Revenues and cost of revenues, the Company acts as a lessor in PPAs that are accounted under ASC 842, In accordance with the new standard, for agreements in which the Company is the lessee, the Company applies a unified accounting model by which it recognizes a right-of-use asset ("ROU") and a lease liability at the commencement date of the lease contract for all the leases in which the Company has a right to control identified assets for a specified period of time. The classification of the lease as a finance lease or an operating lease determines the subsequent accounting for the lease arrangement. Upon the adoption of the new standard the Company, both as a lessee and as a lessor, chose to apply the following permitted practical expedients: 1. Not 2. Not 840 840 3. Exclude initial direct costs from measurement of the ROU asset at the date of initial application; 4. Applying the practical expedient (for a lessor) to not 606 606. 5. Applying the practical expedient (for a lessee) regarding the recognition and measurement of short-term leases, for leases for a period of up to 12 Since the Company elected to apply the practical expedients above, it applied the new standard to all contracts entered into before January 1, 2019 840. The new significant accounting policies regarding leases that were applied as from January 1, 2019 1. Determining whether an arrangement contains a lease On the inception date of the lease, the Company determines whether the arrangement is a lease or contains a lease, while examining if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 2. The Company as a lessee a. Lease classification: At the commencement date, a lease is a finance lease if it meets any one • The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. • The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise. • The lease term is for the major part of the remaining economic life of the underlying asset. • The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not • The underlying asset is of such a specialized nature that it is expected to have no b. Leased assets and lease liabilities - initial recognition Upon initial recognition, the Company recognizes a liability at the present value of the lease payments to be made over the lease term, and concurrently recognizes a ROU asset at the same amount of the liability, adjusted for any prepaid or accrued lease payments, plus initial direct costs incurred in respect of the lease. Since the interest rate implicit in the lease is not c. The lease term The lease term is the non-cancellable period of the lease plus periods covered by an extension or termination option if it is reasonably certain that the Company will exercise the option. d. Subsequent measurement of operating leases After lease commencement, the Company measures the lease liability at the present value of the remaining lease payments using the discount rate determined at lease commencement (as long as the discount rate has not The Company subsequently measures the ROU asset at the present value of the remaining lease payments, adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term and any unamortized initial direct costs. Further, the Company will recognize lease expense on a straight-line basis over the lease term. e. Subsequent measurement of finance leases After lease commencement, the Company measures the lease liability by increasing the carrying amount to reflect interest on the lease liability and reducing the carrying amount to reflect the lease payments made during the period. The Company shall determine the interest on the lease liability in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements. After lease commencement, the Company measures the ROU assets at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. The Company amortizes the ROU asset on a straight-line basis, unless another systematic basis better represents the pattern in which the Company expects to consume the ROU asset’s future economic benefits. The ROU asset is amortized over the shorter of the lease term or the useful life of the ROU asset as follows: (in years) Vehicles 5 Building 15 The total periodic expense (the sum of interest and amortization expense) of a finance lease is typically higher in the early periods and lower in the later periods. f. Variable lease payments: Variable lease payments that depend on an index or a rate On the commencement date, the lease payments may not Other variable lease payments: Variable payments that depend on performance or use of the underlying asset are not 1. The Company as a lessor At lease commencement, the Company as a lessor classifies leases as either finance or operating leases. Finance leases are further classified as a sales-type lease or as a direct financing lease. Under an operating lease, the Company recognizes the lease payment as income over the lease term, generally on a straight-line basis or as earned. 2. Impact of the new standard a) The effects of the initial application of the new standard on the Company's consolidated balance sheet as of January 1, 2019 According to the previous accounting policy The change As presented according to Topic 842 (Dollars in thousands) As of January 1, 2019: Prepaid expenses and other $ 51,441 $ (35,385 ) $ 16,056 Deferred financing and lease costs, net 3,242 (1,659 ) 1,583 Property, plant and equipment, net 1,959,578 (12,855 ) 1,946,723 Operating leases right of use — 62,244 62,244 Finance leases right of use — 13,476 13,476 Accounts payable and accrued expenses 116,362 (2,860 ) 113,502 Current maturity of operating lease liabilities — 7,532 7,532 Current maturity of finance lease liabilities — 2,841 2,841 Other long-term liabilities 16,087 (9,970 ) 6,117 Long term portion of operating lease liabilities — 17,668 17,668 Long term portion of finance lease liabilities — 10,668 10,668 Retained earnings 422,222 (58 ) 422,164 The operating leases right of use is higher than the related lease liabilities as a result of prepayments of leases, including the Puna lease and deferred financing lease costs. a) A weighted-average nominal incremental interest rate of 5% and 5% was used to discount future lease payments in the calculation of the lease liabilities in respect of operating leases and in respect of finance leases, respectively. Termination fee Fees to terminate PPAs are recognized in the period incurred as selling and marketing expenses. During 2018, 2 2018. 2020 2019, Warranty on products sold The Company generally provides a one two December 31, 2020, 2019 2018. Research and development Research and development costs incurred by the Company for the development of existing and new geothermal and recovered energy power plants as well as storage related technologies are expensed as incurred. Stock-based compensation The Company accounts for stock-based compensation using the fair value method whereby compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite employee service period (generally the vesting period of the grant). The Company uses the Complex Lattice, Three-based Option Pricing model to calculate the fair value of the stock-based compensation awards. Tax monetization Transactions The Company has three 3 13 470. 810. 835 7. Income taxes Income taxes are accounted for using the asset and liability approach, which requires the recognition of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. The measurement of current and deferred tax assets and liabilities are based on provisions of the enacted tax law. The Company accounts for investment tax credits and production tax credits as a reduction to income taxes in the year in which the credit arises. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are more likely than not not The FASB released guidance Staff Q&A, Topic 740, No. 5, Earnings per share Basic earnings per share attributable to the Company’s stockholders (“earnings per share”) 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: Year Ended December 31, 2020 2019 2018 (In thousands) Weighted average number of shares used in computation of basic earnings per share 51,567 50,867 50,643 Add: Additional shares from the assumed exercise of employee stock options 370 360 326 Weighted average number of shares used in computation of diluted earnings per share 51,937 51,227 50,969 The number of stock-based awards that could potentially dilute future earnings per share and were not December 31, 2020, 2019 2018. Use of estimates in preparation of financial statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of such financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant estimates with regard to the Company’s consolidated financial statements relate to the useful lives of property, plant and equipment, impairment of goodwill and long-lived assets, including intangible assets, revenue recognition of product sales using the percentage of completion method, asset retirement obligations, and the provision for income taxes. Redeemable noncontrolling interest Redeemable noncontrolling interest relates to a certain noncontrolling shareholder in a subsidiary having an option to sell its equity interest to the Company. Changes in the carrying amount of the Company's Redeemable noncontrolling interest were as follows: 2020 2019 (Dollars in thousands) Redeemable noncontrolling interest as of January 1, $ 9,250 $ 8,603 Redeemable noncontrolling interest in results of operation of a consolidated subsidiary 1,330 1,132 Cash paid to noncontrolling interest (1,779 ) (252 ) Currency translation adjustments 1,029 (233 ) Redeemable noncontrolling interest as of December 31, $ 9,830 $ 9,250 Cash dividends During the years ended December 31, 2020, 2019 2018, Stockholders' equity offering On November 18, 2020, 30 November 30, 2020. COVID- 19 In March 2020, 19" 19 11, $339.5 the are 19 event were first 2020 second 2020. one 2020. 19 While the extent and duration of the economic downturn from the COVID- 19 may 19 no Puna Power Plant On May 3, 2018, 38 three 2020, 2020, not As of February 2021, May 2018, 13 one 2021, The Company continues to assess the accounting implications of this event on the |
Note 2 - Business Acquisitions
Note 2 - Business Acquisitions and Others | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 2 Energy storage assets portfolio purchase transaction On July 20, 2020, 20MW/80MWh December 2016 The Pomona facility is the Company's first 73MW/136MWh The Company accounted for the transaction in accordance with Accounting Standard Codification ("ASC") 805, 810, The following table summarizes the purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions): Trade and other receivables $ 1.0 Property, plant and equipment, net 20.1 Intangible assets (1) 20.4 Goodwill (2) 4.1 Total assets acquired $ 45.6 Liabilities assumed $ (2.2 ) Total assets acquired and liabilities assumed, net $ 43.4 ( 1 ( 2 The amounts of revenues and earnings related to Pomona that are included in the Company's consolidated statements of operations and comprehensive income for the year ended 2020 not not Ijen transaction On July 2, 2019, 2020 2019, 323 USG transaction On April 24, 2018, • three 38 • development assets which include a project at the Geysers, California; a second As a result of the acquisition, the Company expanded its overall generation capacity and improved the profitability of the purchased assets through cost reduction and synergies. The Company accounted for the transaction in accordance with Accounting Standard Codification ASC 805, 810, The following table summarizes the purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions): Cash and cash equivalents and restricted cash $ 37.9 Property, plant and equipment and construction-in-process 77.3 Intangible assets (1) 127.0 Goodwill (2) 12.7 Deferred taxes 1.7 Total assets acquired $ 256.6 Other working capital $ (8.2 ) Long-term term debt (98.3 ) Asset retirement obligation (9.0 ) Noncontrolling interest (34.9 ) Total liabilities assumed $ (150.4 ) Total assets acquired, and liabilities assumed, net $ 106.2 ( 1 Intangible assets are primarily related to long-term electricity power purchase agreements and depreciated over an average of 19 years. ( 2 Goodwill is primarily related to the expected synergies in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and not The fair value of the noncontrolling interest of $34.9 million reflects the 40% minority interests in the Neal Hot Springs project that was evaluated using the income approach. The fair value of the noncontrolling interest was based on the following significant inputs: (i) forecasted cash flows assumed to be generated in correspondence with the remaining life of the related power purchase agreement which is approximately 20 years; (ii) revenues were estimated in accordance with the price and generation capacity of the related power purchase agreement; (iii) assumed terminal value based on the realizable value of the project at the end of the power purchase agreement term; and (iv) assumed discount rate of approximately 9%. Total Electricity revenues and operating profit related to the three December 31, 2018 December 31, 2018. Pro forma for the year ended December 31, 2018 (Dollars in thousands) Electricity revenues $ 521,175 Total revenues 730,563 Income from continuing operations before income taxes and equity in losses of investees 134,142 |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 Inventories consist of the following: December 31, 2020 2019 (Dollars in thousands) Raw materials and purchased parts for assembly $ 14,835 $ 21,942 Self-manufactured assembly parts and finished products 20,486 13,007 Total $ 35,321 $ 34,949 |
Note 4 - Cost and Estimated Ear
Note 4 - Cost and Estimated Earnings on Uncompleted Contracts | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Long-term Contracts or Programs Disclosure [Text Block] | NOTE 4 Cost and estimated earnings on uncompleted contracts consist of the following: December 31, 2020 2019 (Dollars in thousands) Costs and estimated earnings incurred on uncompleted contracts $ 227,591 $ 196,550 Less billings to date (214,226 ) (160,940 ) Total $ 13,365 $ 35,610 These amounts are included in the consolidated balance sheets under the following captions: December 31, 2020 2019 (Dollars in thousands) Costs and estimated earnings in excess of billings on uncompleted contracts $ 24,544 $ 38,365 Billings in excess of costs and estimated earnings on uncompleted contracts (11,179 ) (2,755 ) Total $ 13,365 $ 35,610 The completion costs of the Company’s construction contracts are subject to estimation. Due to uncertainties inherent in the estimation process, it is reasonably possible that estimated contract earnings will be further revised in the near term. |
Note 5 - Investment in Unconsol
Note 5 - Investment in Unconsolidated Companies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 5 Investment in unconsolidated companies mainly consists of the following: December 31, 2020 2019 (Dollars in thousands) Sarulla $ 67,451 $ 70,589 Ijen 30,766 10,551 Total investment in unconsolidated companies $ 98,217 $ 81,140 The Sarulla Complex The Company holds a 12.75% equity interest in a consortium that developed the 330 MW Sarulla geothermal power plant project in Tapanuli Utara, North Sumatra, Indonesia. The Sarulla project is comprised of three separately constructed 110 MW units, the most recent of which, NIL 2, April 2018. April 4, 2013. During the years ended December 31, 2020, 2019 2018, The Sarulla consortium entered into interest rate swap agreements with various international banks, effective as of June 4, 2014, Year Ended December 31, 2020 2019 (Dollars in thousands) Change, net of deferred tax, in unrealized gains (losses) in respect of the Company’s share in derivative instruments of unconsolidated investment $ (3,975 ) $ (3,417 ) The related accumulated loss recorded by the Company under accumulated other comprehensive income (loss) as of December 31, 2020 2019 The Sarulla power plant complex has been experiencing a certain reduction in generation primarily due to well field issues at one 2021. not no The Ijen Project For details on the Ijen project, please see Note 2 |
Note 6 - Variable Interest Enti
Note 6 - Variable Interest Entities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Disclosure Of Variable Interest Entities [Text Block] | NOTE 6 The Company’s overall methodology for evaluating transactions and relationships under the variable interest entity (“VIE”) accounting and disclosure requirements includes the following two first • The design of the entity, including the nature of its risks and the purpose for which the entity was created, to determine the variability that the entity was designed to create and distribute to its interest holders; • The nature of the Company’s involvement with the entity; • Whether control of the entity may not • Whether there is sufficient equity investment at risk to finance the activities of the entity; and • Whether parties other than the equity holders have the obligation to absorb expected losses or the right to receive residual returns. If the Company identifies a VIE based on the above considerations, it then performs the second • Whether the Company has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and • Whether the Company has the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company’s VIEs include certain of its wholly owned subsidiaries that own one not may The tables below detail the assets and liabilities (excluding intercompany balances which are eliminated in consolidation) for the Company’s VIEs, combined by VIE classifications, that were included in the consolidated balance sheets as of December 31, 2020 2019: December 31, 2020 Project Debt PPAs (Dollars in thousands) Assets: Restricted cash and cash equivalents $ 86,581 $ — Other current assets 133,017 30,917 Property, plant and equipment, net 1,208,165 770,055 Construction-in-process 27,440 171,372 Other long-term assets 156,000 60,143 Total assets $ 1,611,203 $ 1,032,487 Liabilities: Accounts payable and accrued expenses $ 21,958 $ 15,362 Long-term debt 730,177 — Other long-term liabilities 143,985 39,486 Total liabilities $ 896,120 $ 54,848 December 31, 2019 Project Debt PPAs (Dollars in thousands) Assets: Restricted cash and cash equivalents $ 81,522 $ 20 Other current assets 164,386 29,076 Property, plant and equipment, net 1,211,656 668,891 Construction-in-process 10,188 139,642 Other long-term assets 162,995 40,138 Total assets $ 1,630,747 $ 877,767 Liabilities: Accounts payable and accrued expenses $ 25,361 $ 13,201 Long-term debt 794,214 — Other long-term liabilities 126,851 32,790 Total liabilities $ 946,426 $ 45,991 |
Note 7 - Fair Value of Financia
Note 7 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 7— The fair value measurement guidance clarifies that fair value represents the amount that would be received upon selling an asset or paid upon transferring a liability in an orderly transaction between market participants at the measurement date. 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 December 31, 2020 2019 December 31, 2020 Fair Value Carrying Value at December 31, 2020 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 28,653 $ 28,653 $ 28,653 $ — $ — Derivatives: Contingent receivable (1) 111 111 — — 111 Currency forward contracts (2) 1,554 1,554 — 1,554 — Long-term assets: Cross currency swap (3) 27,829 27,829 — 27,829 — Liabilities: Current liabilities: Derivatives: Contingent payables (1) (549 ) (549 ) — — (549 ) Cross currency swap (3) (2,283 ) (2,283 ) — (2,283 ) — Long-term liabilities: Contingent payables (1) (2,630 ) (2,630 ) — — (2,630 ) $ 52,685 $ 52,685 $ 28,653 $ 27,100 $ (3,068 ) 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 receivable (1) 102 102 — — 102 Currency forward contracts (2) 362 362 — 362 — Liabilities: Current liabilities: Derivatives: Contingent payables (1) (3,359 ) (3,359 ) — — (3,359 ) $ 25,421 $ 25,421 $ 28,316 $ 362 $ (3,257 ) ( 1 December 31, 2020 2019 ( 2 December 31, 2020 December 31, 2019, ( 3 zero December 31, 2020. December 31, 2020 December 31, 2020. The amounts set forth in the tables above include investments in 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 (loss): Derivatives not designated as hedging instruments Location of recognized gain (loss) Amount of recognized gain (loss) 2020 2019 2018 (Dollars in thousands) Contingent considerations Derivative and foreign currency transaction gains (losses) $ — $ — $ 170 Contingent considerations General and administrative expenses — — 10,322 Currency forward contracts (1) Derivative and foreign currency transaction gains (losses) 5,175 2,556 (3,081 ) $ 5,175 $ 2,556 $ 7,411 Derivatives designated as cash flow hedging instruments Cross currency swap (2) Derivative and foreign currency transaction gains (losses) $ 21,187 $ — $ — ( 1 not ( 2 11 There were no 1, 2 3 December 31, 2020. The following table presents the effect of derivative instruments designated as cash flow hedges on the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2020: Balance in Other comprehensive income (loss) beginning of period Gain or (loss) recognized in Other comprehensive income (loss) (1) Amount reclassified from Other comprehensive income (loss) into earnings Balance in Other comprehensive income (loss) end of period (Dollars in thousands) Cash flow hedge: Cross currency swap $ — $ 24,553 $ (21,187 ) $ 3,366 ( 1 The estimated net amount of existing gain (loss) that is reported in "Accumulated other comprehensive income (loss)" as of December 31, 2020 12 June 2031. The fair value of the Company’s long-term debt approximates its fair value, except for the following: Fair Value Carrying Amount 2020 2019 2020 2019 (Dollars in millions) (Dollars in millions) Olkaria III Loan - DFC $ 192.5 $ 202.1 $ 174.7 $ 192.6 Olkaria III plant 4 Loan - DEG 2 40.4 43.8 37.5 42.5 Olkaria III plant 1 Loan - DEG 3 35.8 38.8 32.8 37.1 Platanares Loan - DFC 112.1 115.3 96.3 104.5 Amatitlan Loan 23.5 26.4 22.8 26.3 Senior Secured Notes: OFC 2 LLC ("OFC 2") 207.9 210.9 188.2 203.0 Don A. Campbell 1 ("DAC 1") 78.5 78.5 73.1 78.2 USG Prudential - NV 31.8 30.6 27.6 28.4 USG Prudential - ID 18.3 18.6 18.4 19.6 USG DOE 45.1 45.0 38.2 40.8 Senior Unsecured Bonds 585.1 205.7 529.1 204.3 Senior Unsecured Loan 222.2 161.3 200.0 150.0 Plumstriker 18.1 21.7 18.1 21.6 Other long-term debt 17.4 16.3 17.6 17.4 The fair value of the long-term debt is determined by a valuation model, which is based on a conventional discounted cash flow methodology and utilizes assumptions of current borrowing rates.The fair value of revolving lines of credit is determined using a comparison of market-based price sources that are reflective of similar credit ratings to those of the Company. As disclosed above under Note 1 19 may may 19 may The carrying value of other financial instruments, such as revolving lines of credit, commercial paper and deposits approximates fair value. The following table presents the fair value of financial instruments as of December 31, 2020: Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III - DFC $ — $ — $ 192.5 $ 192.5 Olkaria III plant 4 - DEG 2 — — 40.4 40.4 Olkaria III plant 1 - DEG 3 — — 35.8 35.8 Platanares Loan - DFC — — 112.1 112.1 Amatitlan Loan — 23.5 — 23.5 Senior Secured Notes: OFC 2 Senior Secured Notes — — 207.9 207.9 DAC 1 Senior Secured Notes — — 78.5 78.5 USG Prudential - NV — — 31.8 31.8 USG Prudential - ID — — 18.3 18.3 USG DOE — — 45.1 45.1 Senior Unsecured Bonds — — 585.1 585.1 Senior Unsecured Loan — — 222.2 222.2 Plumstriker — 18.1 — 18.1 Other long-term debt — — 17.4 17.4 Deposits 14.8 — — 14.8 The following table presents the fair value of financial instruments as of December 31, 2019: Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III Loan - DFC $ — $ — $ 202.1 $ 202.1 Olkaria III plant 4 - DEG 2 — — 43.8 43.8 Olkaria III plant 1 - DEG 3 — — 38.8 38.8 Platanares Loan - DFC — — 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 8 - Property, Plant and Eq
Note 8 - Property, Plant and Equipment and Construction-in-process | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 8 Property, plant and equipment Property, plant and equipment, net, consist of the following: December 31, 2020 2019 (Dollars in thousands) Land owned by the Company where the geothermal resource is located $ 40,157 $ 38,049 Leasehold improvements 8,477 7,757 Machinery and equipment 271,981 230,465 Land, buildings and office equipment 43,555 39,099 Vehicles 8,960 8,021 Energy storage equipment 63,562 32,896 Geothermal and recovered energy generation power plants, including geothermal wells and exploration and resource development costs: United States of America, net of cash grants 2,296,415 2,128,014 Foreign countries 732,537 721,824 Asset retirement cost 28,946 19,824 3,494,590 3,225,949 Less accumulated depreciation (1,395,543 ) (1,254,534 ) Property, plant and equipment, net $ 2,099,047 $ 1,971,415 Depreciation expense for the years ended December 31, 2020, 2019 2018 December 31, 2020, 2019, 2018 U.S. Operations The net book value of the property, plant and equipment, including construction-in-process, located in the United States was approximately $2,081.6 million and $1,841.4 million as of December 31, 2020 2019, December 31, 2020 2019 Foreign Operations The net book value of property, plant and equipment, including construction-in-process, located outside of the United States was approximately $496.8 million and $506.6 million as of December 31, 2020 2019, The Company, through its wholly owned subsidiary, OrPower 4, 4” December 31, 2020 2019, 2033 2036. The Company, through its wholly owned subsidiary, Orzunil I de Electricidad, Limitada (Orzunil), owns a power plant in Guatemala. On January 22, 2014, 2019 2034. December 31, 2020 2019, The Company, through its wholly owned subsidiary, Ortitlan, Limitada (“Ortitlan”), owns a power plant in Guatemala. The net book value of the assets related to the power plant was $42.0 million and $42.8 million at December 31, 2020 2019, The Company, through its wholly owned subsidiary, GeoPlatanares, signed a BOT contract for the Platanares geothermal project in Honduras with ELCOSA, a privately owned Honduran energy company, for 15 years from the commercial operation date, which expires in 2047. December 31, 2020 2019, The Company, through its subsidiary, GB, owns a power plant in Guadeloupe. The net book value of the assets related to the power plant was $32.0 million and $24.5 million at December 31, 2020 2019, Construction-in-process Construction-in-process consists of the following: December 31, 2020 2019 (Dollars in thousands) Projects under exploration and development: Up-front bonus costs $ 5,347 $ 17,018 Exploration and development costs 45,478 66,916 Interest capitalized 703 703 51,528 84,637 Projects under construction: Up-front bonus costs 39,144 27,473 Drilling and construction costs 379,117 258,484 Interest capitalized 9,526 5,961 427,787 291,918 Total $ 479,315 $ 376,555 Projects under exploration and development Up-front Bonus Costs Exploration and Development Costs Interest Capitalized Total (Dollars in thousands) Balance at December 31, 2017 $ 17,018 $ 46,154 $ 703 $ 63,875 Cost incurred during the year — 7,209 — 7,209 Write off of unsuccessful exploration costs — (126 ) — (126 ) Balance at December 31, 2018 17,018 53,237 703 70,958 Cost incurred during the year — 17,215 — 17,215 Transfer of projects under exploration and development to projects under construction — (3,536 ) — (3,536 ) Balance at December 31, 2019 17,018 66,916 703 84,637 Cost incurred during the year — 5,832 — 5,832 Transfer of projects under exploration and development to projects under construction (11,671 ) (27,270 ) — (38,941 ) Balance at December 31, 2020 $ 5,347 $ 45,478 $ 703 $ 51,528 Projects under construction Up-front Bonus Costs Drilling and Construction Costs Interest Capitalized Total (Dollars in thousands) Balance at December 31, 2017 $ 27,473 $ 198,943 $ 3,251 $ 229,667 Cost incurred during the year — 219,610 — 219,610 Cost write off — (1,380 ) — (1,380 ) Fair value of projects under construction acquired in a buisness combination — 4,668 — 4,668 Transfer of completed projects to property, plant and equipment — (261,443 ) (390 ) (261,833 ) Balance at December 31, 2018 27,473 160,398 2,861 190,732 Cost incurred during the year — 264,137 3,100 267,237 Transfer of projects under exploration and development to projects under construction — 3,536 — 3,536 Insurance recoveries — (35,435 ) — (35,435 ) Transfer of completed projects to property, plant and equipment — (134,152 ) — (134,152 ) Balance at December 31, 2019 27,473 258,484 5,961 291,918 Cost incurred during the year — 298,215 3,565 301,780 Transfer of projects under exploration and development to projects under construction 11,671 27,270 — 38,941 Transfer of completed projects to property, plant and equipment — (204,852 ) — (204,852 ) Balance at December 31, 2020 $ 39,144 $ 379,117 $ 9,526 $ 427,787 |
Note 9 - Intangible Assets and
Note 9 - Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 9 Intangible assets amounting to $194.4 million and $186.2 million consist mainly of the Company’s PPAs acquired in business combinations and its energy storage activities, net of accumulated amortization of $89.4 million and $74.1 million as of December 31, 2020 2019, December 31, 2020 2019 December 31, 2020, 2019 2018 December 31, 2020, 2019 2018, 2020 2018 2 December 2020, 2019 2018 may not 2020, 2019 2018. Estimated future amortization expense for the intangible assets as of December 31, 2020 (Dollars in thousands) Year ending December 31: 2021 $ 16,200 2022 15,947 2023 15,828 2024 14,613 2025 16,539 Thereafter 115,295 Total $ 194,421 Goodwill Goodwill amounting to $24.6 million and $20.1 million as of December 31, 2020 2019, In 2018, Except as noted above, for the years 2020, 2019 2018 no Changes in the carrying amount of the Company’s goodwill for the years ended December 31, 2020 2019 2020 2019 (Dollars in thousands) Goodwill as of January 1, $ 20,140 $ 19,950 Goodwill acquired (1) 4,107 — Translation differences 319 190 Goodwill as of December 31, $ 24,566 $ 20,140 ( 1 2 |
Note 10 - Accounts Payable and
Note 10 - Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 10 Accounts payable and accrued expenses consist of the following: December 31, 2020 2019 (Dollars in thousands) Trade payable $ 75,779 $ 73,271 Salaries and other payroll costs 29,271 24,364 Customer advances 1,197 2,092 Accrued interest 7,843 6,321 Income tax payable 19,913 11,344 Property tax payable 1,378 3,033 Scheduling and transmission 2,632 2,264 Royalty accrual 3,581 6,457 Warranty accrual 2,087 3,245 Other 9,082 9,466 Total $ 152,763 $ 141,857 |
Note 11 - Long-term Debt, Credi
Note 11 - Long-term Debt, Credit Agreements and Commercial Paper | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 11 Long-term debt consists of notes payable under the following agreements: December 31, 2020 2019 (Dollars in thousands) Limited and non-recourse agreements: Loans: Non-recourse: Other loans $ 9,826 $ 8,997 Limited recourse: Loan agreement with DFC (the Olkaria III power plant) 174,652 192,646 Loan agreement with DFC (the Platanares power plant) 96,266 104,459 Loan agreement with Banco Industrial S.A. and Westrust Bank (International) Limited 22,750 26,250 Loan agreement with a global industrial company (the Plumstriker battery energy storage projects) 18,081 21,615 Other loans 7,807 8,367 Senior Secured Notes: Non-recourse: DAC 1 Senior Secured Notes 73,121 78,247 Limited recourse: OFC 2 Senior Secured Notes 188,223 203,040 Other loans 84,118 88,840 Total limited and non-recourse agreements 674,844 732,461 Less current portion (60,834 ) (58,932 ) Non current portion $ 614,010 $ 673,529 Full recourse agreements: Senior Unsecured Bonds 529,066 204,332 Senior Unsecured Loan (Migdal) 200,000 150,000 Loan agreements with DEG (the Olkaria III and power plants 4 and 1 upgrade) 70,264 79,632 Revolving credit lines with banks — 40,550 Total full recourse agreements 799,330 474,514 Less current portion (17,768 ) (117,122 ) Non current portion $ 781,562 $ 357,392 Full-Recourse Third-Party Debt Senior Unsecured Bonds - Series 4 On July 1, 2020, 4” 4 4 December 2020 June 2022 4. 4 2 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate Date (Dollars in millions) Senior Unsecured Bonds - Series 4 $ 289.8 $ 311.0 3.35 % June 2031 Cross Currency Swap Concurrently with the issuance of the Senior Unsecured Bonds - Series 4, 4 4, 815, 4. Senior Unsecured Bonds In September 2016, two 2 3 2 In September 2020, 2 3 September 2022 On April 6, 2020, 3 3 3 September 2022 On April 20, 2020, 3 3 3 September 2022 On May 13, 2020, 3 3 3 September 2022 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate Date (Dollars in millions) Senior Unsecured Bonds - Series 3 $ 218.0 $ 218.0 4.45 % September 2022 Senior Unsecured Loan On March 22, 2018 15 September 15, 2021, March 15, 2029. The Loan is subject to early redemption by the Company prior to maturity from time to time (but not no no 4.5, The Migdal Loan Agreement includes various affirmative and negative covenants, including a covenant that the Company maintain (i) a debt to adjusted EBITDA ratio below 6, not not 25%. one not March 27, 2018 December 31, 2020, On March 25, 2019, first March 22, 2018. 15 September 15, 2021, March 15, 2029. In April 2020, second March 22, 2018. September 15, 2021 September 15, 2028. one March 15, 2029. Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate (1) Date (Dollars in millions) Migdal Loan $ 100.0 $ 100.0 4.80 % March 2029 Additional Migdal Loan 50.0 50.0 4.60 % March 2029 Second Addendum Migdal Loan 50.0 50.0 5.44 % March 2029 Total Senior Unsecured Loan $ 200.0 $ 200.0 ( 1 Loan Agreements with DEG (the Olkaria III Complex) On October 20, 2016, 4 2 December 21, 2016, 4 2 2 20 December 21, 2018, June 21, 2028. 2 4 4 2 1 3 2 On January 4, 2019, 4 3 February 28, 2019, 4 3 3 19 June 21, 2019, June 21, 2028. 3 4 1 3 1 3 3 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate (1) Date (Dollars in millions) DEG 2 Loan $ 50.0 $ 37.5 6.28 % June 2028 DEG 3 Loan 41.5 32.8 6.04 % June 2028 ( 1 Non-Recourse and Limited-Recourse Third-Party Debt Finance Agreement with DFC (formerly OPIC) (the Olkaria III Complex) On August 23, 2012, 4, The OPIC Loan is comprised of up to three Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate (1) Date (Dollars in millions) OPIC Loan - Tranch I $ 85.0 $ 47.2 6.34 % December 2030 OPIC Loan - Tranch II 180.0 100.6 6.29 % June 2030 OPIC Loan - Tranch III 45.0 26.9 6.12 % December 2030 Total OPIC Loan $ 310.0 $ 174.7 ( 1 The OPIC Loan is collateralized by substantially all of OrPower 4’s 4. 12 December 31, 2020, Finance Agreement with DFC (the Platanares power plant) On April 30, 2018, October 2018. Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate (1) Date (Dollars in millions) DFC - Platanares Loan $ 114.7 $ 96.3 7.02 % September 2032 ( 1 The Platanares Loan is be secured by a first December 31, 2020, Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited On July 31, 2015, The loan is payable in 48 quarterly payments commencing September 30, 2015. per annum Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate (1) Date (Dollars in millions) Amatitlan Loan $ 42.0 $ 22.8 LIBOR+4.35% June 2027 ( 1 There are various restrictive covenants under the Amatitlan credit agreement. These include, among other things, (i) a financial covenant to maintain a Debt Service Coverage Ratio (as defined in the credit agreement) and (ii) limitations on Restricted Payments (as defined in the credit agreement) that among other things would limit dividends that could be paid. As of December 31, 2020, Plumstriker Loan On May 4, 2019, two two 20 On May 30, 2019, three 29 14 June 30, 2019. not Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate (1) Date (Dollars in millions) Plumstriker Loan $ 23.5 $ 18.1 LIBOR+3.5% May 2026 ( 1 Don A. Campbell Senior Secured Notes — Non-Recourse On November 29, 2016, 47 47” 47 47 1 1933, 47 first 1” The net proceeds from the sale of the DAC 1 1 The DAC 1 47 47. 47 47 47 47 December 31, 2020, Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate (1) Date (Dollars in millions) DAC 1 Senior Secured Notes $ 92.5 $ 73.1 4.03 % September 2033 ( 1 OFC 2 In September 2011, 2, 2’s 2 2 2 2 December 31, 2034. 2 1705 2005, 2 2 On October 31, 2011, 2 2032 On August 29, 2014, 2 2 second 1705 2005. The OFC 2 2 2. 2 2 2. 2 December 31, 2020, Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate (1) Date (Dollars in millions) OFC 2 Senior Secured Notes - Series A $ 151.7 $ 86.9 4.69 % December 2032 OFC 2 Senior Secured Notes - Series C 140.0 101.3 4.61 % December 2032 Total OFC 2 Senior Secured Notes $ 291.7 $ 188.2 ( 1 The Company provided a guaranty in connection with the issuance of the Series A Notes and Series C Notes. The guaranty may 2 2 may 2 2 2 2 2 not Other Limited Recourse Loans On April 24, 2018, Prudential Capital Group – Idaho non-recourse In May 2016, 2023 March 2023. U.S. Department of Energy – non-recourse On August 31, 2011, first Prudential Capital Group – Nevada non-recourse On September 26, 2013, Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate (1) Date (Dollars in millions) Prudential Capital Group – Idaho non-recourse $ 20.0 $ 17.5 5.80 % March 2023 U.S. Department of Energy – non-recourse 96.8 42.0 2.60 % February 2035 Prudential Capital Group – Nevada non-recourse 30.7 26.3 6.75 % December 2037 Total $ 147.5 $ 85.8 ( 1 Bpifrance Loan - Non Recourse On April 4, 2019, April 29, 2019, 1.93%. 20 June 30, 2021. March 31, 2026. not December 31, 2020, Société Géneralé Loan - Limited Recourse On April 9, 2019, April 29, 2019, July 29, 2019. April 29, 2026. one December 31, 2020, Revolving credit lines with commercial banks As of December 31, 2020, one one March 2021 July 2022. As of December 31, 2020, Credit Agreements Credit agreement with Union Bank Ormat Nevada has a credit agreement with Union Bank under which it has an aggregate available credit of up to $60.0 million as of December 31, 2020. June 30, 2021. The facility is limited to the issuance, extension, modification or amendment of letters of credit. Union Bank is currently the sole lender and issuing bank under the credit agreement, but is also designated as an administrative agent on behalf of banks that may, There are various restrictive covenants under the credit agreement, which include a requirement to comply with the following financial ratios, which are measured quarterly: (i) a 12 not 4.5; 12 not 1.35; not 2.0. December 31, 2020: ( 12 1.64; 12 5.05; As of December 31, 2020, Credit agreement with HSBC Bank USA N.A. Ormat Nevada has a credit agreement with HSBC Bank USA, N.A for one October 31, 2021. December 31, 2020, may may, There are various restrictive covenants under the credit agreement, including a requirement to comply with the following financial ratios, which are measured quarterly: (i) a 12 not 4.5; 12 not 1.35; not 2.0. December 31, 2020: ( 12 1.64; 12 5.05; As of December 31, 2020, Chubb Surety Bond In May 2017, may may no may twenty not December 31, 2020, Short-term commercial paper On June 27, 2019, July 3, 2019, 90 five three 90 2020. Restrictive covenants The Company’s obligations under the credit agreements, the loan agreements, and the trust instrument governing the bonds, described above, are unsecured, but are subject to a negative pledge in favor of the banks and the other lenders and certain other restrictive covenants. These include, among other things, a prohibition on: (i) creating any floating charge or any permanent pledge, charge or lien over the Company's assets without obtaining the prior written approval of the lender; (ii) guaranteeing the liabilities of any third third no 12 not 6; not December 31, 2020: ( 12 December 31, 2020, Future minimum payments Future minimum payments under long-term debt as of December 31, 2020 (Dollars in Year ending December 31: 2021 $ 78,429 2022 336,997 2023 135,124 2024 118,168 2025 118,621 Thereafter 686,835 Total $ 1,474,174 |
Note 12 - Puna Power Plant Tran
Note 12 - Puna Power Plant Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Projected [Member] | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | NOTE 12 In 2005, December 2019, 2052 46 no 227,000 227,000 December 31, 2019. In connection with the execution of the amended and restated PPA, the Company paid $20.5 million to effectively terminate the lease transactions involving the original power plant which gives the Company the ability to satisfy its obligations under the new PPA. The Company recorded this payment under Deposits and other in its consolidated balance sheets as an incremental cost in obtaining the new amended and restated PPA as described above. Prior to the amended and restated PPA, PGV leased the Puna Power Plant to an unrelated company under a 31-year head lease (the “Head Lease”) in return for prepaid lease payments in the total amount of $83.0 million (the “Deferred Lease Income”). The unrelated company (the “Lessor”) simultaneously leased back the Puna Power Plant to PGV under a 23-year lease (the “Project Lease”). PGV’s rent obligations under the Project Lease were paid solely from revenues generated by the Puna Power Plant under a PPA that PGV had with HELCO. The Head Lease and the Project Lease were non-recourse lease obligations to the Company. PGV’s rights in the geothermal resource and the related PPA were not |
Note 13 - Tax Monetization Tran
Note 13 - Tax Monetization Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Disclosure Of Investments In And Advances To Affiliates [Text Block] | NOTE 13 McGinness Hills 3 On August 14, 2019, one 3 3 Pursuant to the transaction documents, prior to December 31, 2027 ( one 3 not On the Target Flip Date, the Company, through one Tungsten Mountain partnership transaction On May 17, 2018, one Under the transaction documents, prior to December 31, 2026 ( not ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIES On the Target Flip Date, Ormat Nevada has the option to purchase the private investor’s interests at the then-current fair market value, plus an amount that causes the private investor to reach its target return, if needed. If Ormat Nevada exercises this purchase option, it will become the sole owner of the project again. Opal Geo Transaction On December 16, 2016, December 16, 2016, five In connection with the transactions contemplated by the Equity Contribution Agreement and the LLC Agreement, Ormat Nevada transferred its indirect ownership interest in the McGinness Hills (Phase I and Phase II), Tuscarora, Jersey Valley and second 2” 2 Pursuant to the Equity Contribution Agreement, JPM contributed approximately $62.1 million to Opal Geo in exchange for 100% of the Class B Membership Interests of Opal Geo. JPM also agreed to make deferred capital contributions to Opal Geo based on the amount of electricity generated by the DAC 2 December 31, 2022. Under the LLC Agreement, until December 31, 2022, December 31, 2022 Under the LLC Agreement, all items of Opal Geo income and loss, gain, deduction and credit (including the federal production tax credits relating to the operation of the two two no two Under the LLC Agreement, OrLeaf, which owns 100% of the Class A Membership Interests in Opal Geo, will serve as the managing member of Opal Geo and control the day-to-day management of Opal Geo and its portfolio of five may five 2 five The LLC Agreement contains certain customary restrictions on transfer applicable to both OrLeaf and JPM with respect to their respective Membership Interests in Opal Geo, and also provides OrLeaf with a right of first may December 31, 2022 9 ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIES Pursuant to the Equity Contribution Agreement, the Company has provided a guaranty for the benefit of JPM of certain of OrLeaf’s indemnification obligations to JPM under the LLC Agreement. In addition, Ormat Nevada also provided a guaranty for the benefit of JPM of all present and future payment and performance obligations of OrLeaf under the LLC Agreement and each ancillary document to which OrLeaf is a party. JPM’s approximately $62.1 1. 2 |
Note 14 - Asset Retirement Obli
Note 14 - Asset Retirement Obligation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | NOTE 14 The following table presents a reconciliation of the beginning and ending aggregate carrying amount of asset retirement obligation for the years presented below: Year Ended December 31, 2020 2019 (Dollars in thousands) Balance at beginning of year $ 50,183 $ 39,475 Revision in estimated cash flows (165 ) (335 ) Liabilities incurred and acquired 10,207 8,334 Accretion expense 3,232 2,709 Balance at end of year $ 63,457 $ 50,183 |
Note 15 - Stock-based Compensat
Note 15 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 15 The Company makes an estimate of expected forfeitures and recognizes compensation costs only for those stock-based awards expected to vest. As of December 31, 2020, During the years ended December 31, 2020, 2019 2018, Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Cost of revenues $ 4,435 $ 3,633 $ 3,488 Selling and marketing expenses 1,081 916 792 General and administrative expenses 4,314 4,810 5,938 Total stock-based compensation expense 9,830 9,359 10,218 Tax effect on stock-based compensation expense 858 736 668 Net effect of stock-based compensation expense $ 8,972 $ 8,623 $ 9,550 During the fourth 2020, 2019 2018, Valuation assumptions The Company estimates the fair value of the stock-based awards using the Complex Lattice, Tree-based option-pricing model. The dividend yield forecast is expected to be at least 20% of the Company’s yearly net profit, which is equivalent to a 0.6% yearly weighted average dividend rate in the year ended December 31, 2020. The Company calculated the fair value of each stock-based award on the date of grant based on the following assumptions: Year Ended December 31, 2020 2019 2018 For stock based awards issued by the Company: Risk-free interest rates 0.4 % 1.8 % 2.8 % Expected lives (in weighted average years) 5.8 3.5 3.5 Dividend yield 0.6 % 0.7 % 0.9 % Expected volatility (weighted average) 28.8 % 25.1 % 25.5 % The Company estimated the forfeiture rate (on a weighted average basis) as follows: Year Ended December 31, 2020 2019 2018 Weighted average forfeiture rate 8.2 % 8.6 % 3.1 % Stock-based awards The 2012 In May 2012, 2012 2012 2012 second third fourth 2012 one first third fourth six ten 2012 2012 May 2018 2018 “2018 2012 The 2018 In May 2018, 2018 2018 2018 2018 2018 second third fourth 2018 first six ten 2018 On December 31, 2020, 2018 six 2 4 The average fair value of each SAR, RSU and PSU on the grant date was $25.50, $89.15 and $96.10, 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 0.13% - 0.51% Expected life (in years) 2 - 6 Dividend yield 0.61% Expected volatility (weighted average) 37.68% - 30.15% On November 3, 2020, 2018 six one The average fair value of each SAR and RSU on the grant date was $18.25 and $67.13, 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 0.12% - 0.44% Expected life (in years) 1 - 6 Dividend yield 0.61% Expected volatility (weighted average) 45.2% - 29.4% 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 - 6 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 - 6 Dividend yield 0.64% Expected volatility (weighted average) 28.5% - 35.2% On July 1, 2020, 2018 six The fair value of each SAR, RSU and PSU on the grant date was $16.5, $62.3 and $57.3, 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 0.41% - 0.17% Expected life (in years) 2 - 6 Dividend yield 0.64% Expected volatility (weighted average) 28.5% - 35.7% On November 7, 2019, 2018 six first The fair value of each SAR and RSU for the directors on the grant date was $19.8 and $76.4, respectively. The Company calculated the fair value of each SAR on the grant date using the Exercise Multiple-Based Lattice Pricing model based on the following assumptions: Risk-free interest rate 1.79% Expected life (in years) 1 - 6 Dividend yield 0.57% Expected volatility 24.80% Information on the awards outstanding and the related weighted average exercise price as of and for the years ended December 31, 2020, 2019 2018 Year Ended December 31, 2020 2019 2018 Awards (In thousands) Weighted Average Exercise Price Awards (In thousands) Weighted Average Exercise Price Awards (In thousands) Weighted Average Exercise Price Outstanding at beginning of year 1,792 $ 50.39 2,527 $ 46.77 1,548 $ 41.35 Granted, at fair value: SARs (1) 957 68.82 38 69.13 1,172 53.87 RSUs (2) 35 — 9 — 74 — PSUs (3) 25 — — — — — Exercised (469 ) 45.71 (711 ) 37.83 (203 ) 29.75 Forfeited (100 ) 55.05 (71 ) 50.59 (64 ) 45.73 Expired — — — — — — Outstanding at end of year 2,240 57.68 1,792 50.39 2,527 46.77 Options and SARs exercisable at end of year 704 51.64 479 48.35 846 42.06 Weighted-average fair value of awards granted during the year $ 20.84 $ 29.24 $ 16.45 ( 1 Upon exercise, SARs entitle the recipient to receive shares of common stock equal to the increase in value of the award between the grant date and the exercise date. ( 2 An RSU represents the right to receive one ( 3 The Performance shares units shall be paid out based on achievement of three 500 As of December 31, 2020, 2018 2012 The following table summarizes information about stock-based awards outstanding at December 31, 2020 ( Awards Outstanding Awards Exercisable Exercise Price Number of Stock-based Awards Outstanding Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Number of Stock-based Awards Exercisable Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value $ — 85 2.1 $ 7,677 — — $ — 42.87 235 1.5 11,129 235 1.5 11,129 47.46 15 2.9 642 15 2.9 642 51.71 8 4.0 309 — 4.0 — 53.16 31 3.9 1,164 21 3.9 792 53.44 486 3.5 17,893 129 3.5 4,719 55.16 296 2.9 10,384 213 2.9 7,484 57.97 15 3.6 485 15 3.6 485 58.79 1 1.5 33 — 1.5 — 63.35 94 2.9 2,525 68 2.9 1,843 63.40 45 5.5 1,219 — 5.5 — 67.54 12 5.9 269 — 5.9 — 68.34 47 5.4 1,027 — 5.4 — 69.14 842 5.4 17,820 — 5.4 — 71.71 4 4.6 74 — 4.6 — 72.14 15 4.7 272 — 4.7 — 76.43 8 4.9 117 8 4.9 117 90.28 1 2.8 — — 2.8 — 2,240 3.9 $ 73,039 704 2.6 $ 27,211 The following table summarizes information about stock-based awards outstanding at December 31, 2019 ( Awards Outstanding Awards Exercisable Exercise Price Number of Stock-based Awards Outstanding Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Number of Stock-based Awards Exercisable Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value $ — 59 1.5 $ 4,369 — — $ — 42.87 427 2.5 13,517 230 2.5 7,295 47.46 15 3.9 406 15 3.9 406 51.71 8 5.0 182 0 0.0 0 53.16 35 4.9 756 15 4.9 329 53.44 783 4.5 16,498 0 0.0 0 55.16 296 3.9 5,724 131 3.9 2,527 57.97 30 4.6 497 30 4.6 497 58.79 12 2.5 187 6 2.5 94 63.35 98 3.9 1,094 52 3.9 581 71.71 4 5.6 11 — — — 72.14 15 5.7 36 — — — 76.43 10 5.9 — — — — 1,792 3.8 $ 43,277 479 3.2 $ 11,729 The aggregate intrinsic value in the above tables represents the total pretax intrinsic value, based on the Company’s stock price of $90.28 and $74.52 as of December 31, 2020 2019, December 31, 2020 2019 The total pretax intrinsic value of options exercised during the year ended December 31, 2020 2019 December 31, 2020 2019, |
Note 16 - Interest Expense, Net
Note 16 - Interest Expense, Net | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Interest Expense Disclosure [Text Block] | NOTE 16 The components of interest expense are as follows: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Interest related to sale of tax benefits $ 9,344 $ 11,786 $ 11,284 Interest expense 79,018 71,883 63,368 Less — amount capitalized (10,409 ) (3,285 ) (3,728 ) $ 77,953 $ 80,384 $ 70,924 |
Note 17 - Income Taxes
Note 17 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 17 U.S. and foreign components of income from continuing operations, before income taxes and equity in income (losses) of investees consisted of: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) U.S $ 43,273 $ 14,187 $ 14,097 Non-U.S. (foreign) 125,444 123,116 123,084 Total income from continuing operations, before income taxes and equity in losses $ 168,717 $ 137,303 $ 137,181 The components of the provision (benefit) for income taxes, net are as follows: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Current: Federal $ — $ 0 $ — State 363 172 381 Foreign 61,574 16,969 14,992 Total current income tax expense $ 61,937 $ 17,141 $ 15,373 Deferred: Federal 22,682 (12,179 ) (6,886 ) State 7,277 4,671 (2,595 ) Foreign (24,893 ) 35,980 28,841 Total deferred tax provision (benefit) 5,066 28,472 19,360 Total Income tax provision $ 67,003 $ 45,613 $ 34,733 Reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2020 2019 2018 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Impact of federal tax reform — — 2.6 Transition tax inclusion — — (5.7 ) Foreign tax credits (0.3 ) (22.8 ) (4.2 ) Withholding tax 4.4 10.4 5.9 Valuation allowance - U.S. 3.0 (3.7 ) (17.2 ) State income tax, net of federal benefit 3.8 3.7 1.0 Uncertain tax positions (7.5 ) 2.1 2.1 Effect of foreign income tax, net 8.5 9.7 5.6 Production tax credits (1.8 ) (5.0 ) (3.1 ) Subpart F income 0.2 0.5 0.5 Tax on global intangible low-tax income 11.1 16.9 18.6 Intra-entity transfers of assets other than inventory (0.4 ) 0.3 (2.1 ) Noncontrolling interest (1.6 ) (0.4 ) (1.5 ) Other, net (0.7 ) 0.5 1.8 Effective tax rate 39.7 % 33.2 % 25.3 % The net deferred tax assets and liabilities consist of the following: December 31, 2020 2019 (Dollars in thousands) Deferred tax assets (liabilities): Net foreign deferred taxes, primarily depreciation $ (66,452 ) $ (88,508 ) Depreciation (23,835 ) (21,958 ) Intangible drilling costs (6,689 ) (1,405 ) Net operating loss carryforward - U.S. 35,346 45,307 Tax monetization transaction (46,449 ) (30,964 ) Right-of-use assets (3,753 ) (3,715 ) Lease liabilities 3,846 3,755 State and Investment tax credits 813 813 Production tax credits 103,592 100,524 Foreign tax credits 92,077 92,497 Withholding tax (12,416 ) (15,539 ) Stock options amortization 1,510 1,409 Basis difference in partnership interest (41,818 ) (39,622 ) Excess business interest 10,971 6,189 Accrued liabilities and other 6,777 1,013 Total 53,520 49,796 Less - valuation allowance (22,193 ) (17,412 ) Total, net $ 31,327 $ 32,384 The following table presents a reconciliation of the beginning and ending valuation allowance: 2020 2019 (Dollars in thousands) Balance at beginning of the year $ 17,412 $ 22,441 Additions to valuation allowance 20,214 15,437 Release of valuation allowance (15,433 ) (20,466 ) Balance at end of the year $ 22,193 $ 17,412 At December 31, 2020, 2018 2032 2037. 2017 At December 31, 2020, 2022 2039. December 31, 2020, 2022. At December 31, 2020, 2025 2040 December 31, 2020, The Company has recorded deferred tax assets for net operating losses, foreign tax credits, and production tax credits. Realization of the deferred tax assets and tax credits is dependent on generating sufficient taxable income in appropriate jurisdictions prior to expiration of the NOL carryforwards and tax credits. Based upon available evidence of the Company’s ability to generate additional taxable income in the future and historical losses in prior years, a valuation allowance in the amount of $22.2 million and $17.4 million is recorded against the U.S. deferred tax assets as of December 31, 2020 2019, not not $22.2 On April 24, 2018, 382, not not The FASB released guidance Staff Q&A, Topic 740, No. 5, The following table presents the deferred taxes on the balance sheet as of the dates indicated: Year Ended December 31, 2020 2019 (Dollars in thousands) Non-current deferred tax assets $ 119,299 $ 129,510 Non-current deferred tax liabilities (87,972 ) (97,126 ) Non-current deferred tax assets, net 31,327 32,384 Uncertain tax benefit offset (1) (95 ) (95 ) $ 31,232 $ 32,289 ( 1 2013 11, At December 31, 2020, no 2020, At December 31, 2019, no 2019, Uncertain tax positions The Company is subject to income taxes in the United States (federal and state) and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company's tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which additional taxes will be due. These reserves are established when the Company believes that certain positions might be challenged despite evidence supporting the position. The Company adjusts these reserves in light of changing facts and circumstances, such as the outcome of tax audits. The provision for income taxes includes the impact of reserve positions and changes to reserves that are considered probable. At December 31, 2020 2019, A reconciliation of the Company's unrecognized tax benefits is as follows: Year Ended December 31, 2020 2019 (Dollars in thousands) Balance at beginning of year $ 10,623 $ 8,820 Additions based on tax positions taken in prior years 283 104 Additions based on tax positions taken in the current year 1,570 2,314 Reduction based on tax positions taken in prior years (10,803 ) (615 ) Balance at end of year $ 1,673 $ 10,623 The Company and its U.S. subsidiaries file consolidated income tax returns for federal and state (where applicable) purposes. As of December 31, 2020, not The Company remains open to examination by the Internal Revenue Service for the years 2002 2019 2004 2019. may The Company’s foreign subsidiaries remain open to examination by the local income tax authorities in the following countries for the years indicated: Israel 2019 - 2020 Kenya 2015 - 2020 Guatemala 2016 - 2020 Honduras 2015 - 2020 Guadeloupe 2017 - 2020 Management believes that the liability for unrecognized tax benefits is adequate for all open tax years based on its assessment of many factors, including among others, past experience and interpretations of local income tax regulations. This assessment relies on estimates and assumptions and may not twelve Tax benefits in the United States The U.S. government encourages production of electricity from geothermal resources through certain tax subsidies. On February 9, 2018 2018 2018. December 20, 2019, 2021 first 10 may 1 20 If the Company claims the ITC, the Company’s “tax basis” in the plant that it can recover through bonus or accelerated depreciation (if elected) must be reduced by half of the ITC. If the Company claims the PTC, there is no September 27, 2017, first ● 80% for property placed in service after Dec. 31, 2022 Jan. 1, 2024. ● 60% for property placed in service after Dec. 31, 2023 Jan. 1, 2025. ● 40% for property placed in service after Dec. 31, 2024 Jan. 1, 2026. ● 20% for property placed in service after Dec. 31, 2025 Jan. 1, 2027. The Company could also elect in lieu of bonus depreciation to depreciate most of its "tax basis" in the plant for tax purposes over five may first Income taxes related to foreign operations Guadeloupe 2018, 2019, 2020, 2021 2022. October 2020, 2017 2019. no Guatemala ten August 2017. August 2017, Honduras - first ten September 2017. Israel 2017 2018 1959 two January 2011, 2014 2011. In the event of distribution of a cash dividend out of retained earnings which were tax exempt due to prior benefits, Ormat Systems would have to pay tax in respect of the amount distributed. Since the exemptions are contingent upon nondistribution of dividends and since upon liquidation the Company will have to pay a 25% tax on exempt income, Ormat Systems recorded deferred tax liability at the rate of 25% in respect of the tax exempt income in 2004 2008. may may Kenya Tax audit in Israel On December 28, 2020 2015 2018. January 7, 2021. Tax audit in Kenya The Company was audited by the Kenya Revenue Authority ("KRA") for income tax years 2013 2017 2019 2020 three On October 19, 2020, second December 4, 2019 2013 2019 2019 2019 October 27, 2020. On December 21, 2020, first third June 28, 2019 May 12, 2020, December 28, 2020. |
Note 18 - Business Segments
Note 18 - Business Segments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 18 The Company has three reporting segments: the Electricity segment, the Product segment and the Energy Storage segment (previously named "Energy Storage and Management Services"). These segments are managed and reported separately as each offers different products and serves different markets. • 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 Energy Storage segment, the Company provides energy storage and related services as well as services relating to the engineering, procurement, construction, operation and maintenance of energy storage units. To better reflect the significant business activities under this reporting segment, the Company has renamed this reporting segment to be "Energy Storage". There is no Transfer prices between the operating segments were determined on current market values or cost plus markup of the seller’s business segment. Summarized financial information concerning the Company’s reportable segments is shown in the following tables, including, as further described under Note 1 606: Electricity Product Energy Storage Consolidated (Dollars in thousands) Year Ended December 31, 2020: Revenues from external customers: United States (1) $ 341,399 $ 5,800 $ 15,824 $ 363,023 Foreign (2) 199,994 142,325 — 342,319 Net revenues from external customers 541,393 148,125 15,824 705,342 Intersegment revenues — 113,200 — — Depreciation and amortization expense 144,357 6,010 6,245 156,612 Operating income (loss) 205,256 13,145 (4,388 ) 214,013 Segment assets at period end (3) (*) 3,607,384 145,911 135,692 3,888,987 Expenditures for long-lived assets 267,843 18,011 34,884 320,738 * Including unconsolidated investments 98,217 — — 98,217 Year Ended December 31, 2019: Revenues from external customers: United States (1) 333,797 30,562 13,597 377,956 Foreign (2) 206,536 160,447 1,105 368,088 Net revenues from external customers $ 540,333 $ 191,009 $ 14,702 $ 746,044 Intersegment revenues — 84,614 — — Depreciation and amortization expense 138,426 5,308 5,027 148,761 Operating income (loss) 177,192 23,180 (6,576 ) 193,796 Segment assets at period end (3) (*) 3,044,909 126,018 79,567 3,250,494 Expenditures for long-lived assets 259,898 9,156 10,932 279,986 * Including unconsolidated investments 81,140 — — 81,140 Year Ended December 31, 2018: Revenues from external customers: United States (1) 305,962 14,999 7,645 328,606 Foreign (2) 203,917 186,744 — 390,661 Net revenues from external customers 509,879 201,743 7,645 719,267 Intersegment revenues — 48,817 — — Depreciation and amortization expense 126,181 4,311 1,741 132,233 Operating income (loss) 155,546 38,083 (8,519 ) 185,110 Segment assets at period end (3) (*) 2,896,938 156,942 67,470 3,121,350 Expenditures for long-lived assets 219,803 9,993 28,725 258,521 * Including unconsolidated investments 71,983 — — 71,983 ( 1 Electricity segment revenues in the United States are all accounted under lease accounting, except for $68.1 million, $61.3 million and $26.9 million for the years 2020, 2019 2018 606. 606, 1 ( 2 Electricity segment revenues in foreign countries are all accounted under lease accounting. Product and Energy Storage segment revenues in foreign countries are accounted under ASC 606 1 ( 3 Electricity segment assets include goodwill in the amount of $20.5 million, $20.1 million and $20.0 million as of December 31, 2020, 2019 2018, December 31, 2020. December 31, 2020, 2019 2018. Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Revenues: Total segment revenues $ 705,342 $ 746,044 $ 719,267 Intersegment revenues 113,200 84,614 48,817 Elimination of intersegment revenues (113,200 ) (84,614 ) (48,817 ) Total consolidated revenues $ 705,342 $ 746,044 $ 719,267 Operating income (expense): Operating income $ 214,013 $ 193,796 $ 185,110 Interest income 1,717 1,515 974 Interest expense, net (77,953 ) (80,384 ) (70,924 ) Derivatives and foreign currency transaction gains (losses) 3,802 624 (4,761 ) Income attributable to sale of tax benefits 25,720 20,872 19,003 Other non-operating income (expense), net 1,418 880 7,779 Total consolidated income before income taxes and equity in earnings (losses) of investees $ 168,717 $ 137,303 $ 137,181 The Company sells electricity, products and energy storage services mainly to the geographical areas set forth below based on the location of the customer. The following tables present certain data by geographic area: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Revenues from external customers attributable to: United States $ 363,023 $ 377,956 $ 328,606 Indonesia — — 4,379 Kenya 115,474 121,661 119,094 Turkey 65,535 88,938 168,699 Chile 32,418 25,540 980 Guatemala 27,391 28,624 27,975 New Zealand 34,985 31,222 10,451 Honduras 35,197 34,446 34,355 Other foreign countries 31,319 37,657 24,728 Consolidated total $ 705,342 $ 746,044 $ 719,267 Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Long-lived assets (primarily power plants and related assets) located in: United States $ 2,084,021 $ 1,870,335 $ 1,696,439 Kenya 289,266 284,526 301,956 Other foreign countries 232,953 224,676 222,872 Consolidated total $ 2,606,240 $ 2,379,537 $ 2,221,267 The following table presents revenues from major customers: Year Ended December 31, 2020 2019 2018 Revenues % Revenues % Revenues % (Dollars in thousands) (Dollars in thousands) (Dollars in thousands) Southern California Public Power (1) $ 145,450 20.6 $ 133,725 17.9 $ 109,208 15.2 Sierra Pacific Power Company and Nevada Power Company (1)(2) 123,734 17.5 125,486 16.8 116,149 16.1 KPLC (1) 115,474 16.4 121,661 16.3 119,094 16.6 ( 1 ( 2 |
Note 19 - Transactions With Rel
Note 19 - Transactions With Related Entities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 19 There were no |
Note 20 - Employee Benefit Plan
Note 20 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE 20 401 The Company has a 401 60 2020, 2019 2018, one December 31, 2020, 2019 2018, Severance plan The Company, through Ormat Systems, provides limited non-pension benefits to all current employees in Israel who are entitled to benefits in the event of termination or retirement in accordance with the Israeli Government sponsored programs. These plans generally obligate the Company to pay one no December 31, 2020 2019, not may not December 31, 2020, 2019 2018 The Company expects to pay the following future benefits to its employees upon their reaching normal retirement age: (Dollars in Year ending December 31: 2021 $ 4,968 2022 1,910 2023 148 2024 686 2025 1,160 2026-2043 11,582 Total $ 20,454 The above amounts were determined based on the employees’ current salary rates and the number of years’ service that will have been accumulated at their retirement date. These amounts do not |
Note 21 - Commitments and Conti
Note 21 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 21 Geothermal resources The Company, through its project subsidiaries in the United States and other foreign locations, controls certain rights to geothermal fluids through certain leases with the BLM or through private leases. Royalties on the utilization of the geothermal resources are computed and paid to the lessors as defined in the respective agreements. Royalty expense under the geothermal resource agreements were $20.8 million, $21.7 million and $21.6 million for the years ended December 31, 2020, 2019 2018, Letters of credit In the ordinary course of business with customers, vendors, and lenders, the Company is contingently liable for performance under letters of credit totaling $190.3 million at December 31, 2020. not not Purchase commitments The Company purchases raw materials for inventories, construction-in-process and services from a variety of vendors. During the normal course of business, in order to manage manufacturing lead times and help assure adequate supply, the Company enters into agreements with contract manufacturers and suppliers that either allow them to procure goods and services based upon specifications defined by the Company, or that establish parameters defining the Company’s requirements. At December 31, 2020, 2021. Grants and royalties The Company, through Ormat Systems, had historically, through December 31, 2003, December 31, 2020, 2019 2018. not not December 31, 2020 2019, Lease commitments The Company's lease commitments are detailed under Note 22, Contingencies • 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, January 4, 2021, July 2, 2020 • 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, January 21, 2020, • On September 11, 2018, October 22, 2018, four 14 2018 January 24, 2019, July 10, 2020, October 12, 2020, November 24, 2020, March 22, 2021 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 October 6, 2020. not • On March 29, 2016, 27th 11th April 16, 2020, 11th not May 2020, October 19, 2020, two 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 22 - Leases
Note 22 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Leases of Lessee and Lessor Disclosure [Text Block] | NOTE 22 The Company is a lessee in operating lease transactions primarily consisting of land leases for its exploration and development activities. Additionally, the Company was a lessee under an operating lease in relation to the Puna power plant transaction which was terminated in December 2019 12 1 A. Leases in which the Company is a lessee The table below presents the effects on the amounts relating to total lease cost: Year Ended December 31, 2020 Year Ended December 31, 2019 (Dollars in thousands) Lease cost Finance lease cost: Amortization of right-of-use assets $ 3,422 $ 3,273 Interest on lease liabilities 1,226 1,330 Operating lease cost 3,303 8,057 Variable lease cost 1,891 1,647 Short-term lease cost — — Total lease cost $ 9,842 $ 14,307 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 1,226 $ 1,330 Operating cash flows for operating leases 3,213 9,004 Financing cash flows for finance leases 2,890 3,164 Right-of-use assets obtained in exchange for new finance lease liabilities 1,028 5,262 Right-of-use assets obtained in exchange for new operating lease liabilities 2,614 6,364 December 31, December 31, Additional information as of the end of the year: 2020 2019 Weighted-average remaining lease term — finance leases (in years) 5.2 4.0 Weighted-average remaining lease term — operating leases (in years) 10.7 7.3 Weighted-average discount rate (in percentage) 5 % 5 % Future minimum lease payments under non-cancellable leases as of December 31, 2020 Operating Leases Finance Leases (Dollars in thousands) Year ending December 31, 2021 $ 3,255 $ 4,177 2022 2,539 4,116 2023 1,902 3,015 2024 1,625 1,156 2025 1,440 565 Thereafter 9,559 3,694 Total future minimum lease payments 20,320 16,723 Less imputed interest 4,501 4,450 Total $ 15,819 $ 12,273 B. Leases in which the Company is a lessor The table below presents the lease income recognized for lessors: Year Ended December 31, 2020 Year Ended December 31, 2019 (Dollars in thousands) Lease income relating to lease payments of operating leases $ 473,260 $ 479,059 |
Note 23 - Quarterly Financial I
Note 23 - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 23 Three Months Ended Mar. 31,2019 June 30,2019 Sept. 30,2019 Dec. 31,2019 Mar. 31,2020 June 30,2020 Sept. 30,2020 Dec. 31,2020 (Dollars in thousands, except per share amounts) Revenues: Electricity $ 142,908 $ 129,079 $ 123,978 $ 144,368 $ 142,856 $ 128,685 $ 123,660 $ 146,192 Product 52,128 52,030 43,037 43,814 47,411 43,701 29,625 27,388 Energy storage 4,002 2,956 3,484 4,260 1,846 2,514 5,662 5,802 Total revenues 199,038 184,065 170,499 192,442 192,113 174,900 158,947 179,382 Cost of revenues: Electricity 77,543 73,775 80,124 81,393 71,368 71,950 76,670 80,071 Product 42,106 41,316 31,073 31,479 36,978 34,709 24,037 19,224 Energy storage 5,210 3,827 3,807 5,068 1,949 2,855 4,210 5,046 Total cost of revenues 124,859 118,918 115,004 117,940 110,295 109,514 104,917 104,341 Gross profit 74,179 65,147 55,495 74,502 81,818 65,386 54,030 75,041 Operating expenses: Research and development expenses 900 810 1,062 1,875 1,619 1,172 1,490 1,114 Selling and marketing expenses 3,865 3,276 3,783 4,123 4,794 4,854 4,076 3,660 General and administrative expenses 15,689 14,181 11,931 14,032 16,745 11,870 14,539 17,072 Business interruption insurance income — — — — (2,397 ) (585 ) (17,761 ) — Operating income 53,725 46,880 38,719 54,472 61,057 48,075 51,686 53,195 Other income (expense): Interest income 293 420 482 320 402 441 626 248 Interest expense, net (21,223 ) (21,517 ) (20,076 ) (17,568 ) (17,273 ) (19,785 ) (21,756 ) (19,139 ) Derivatives and foreign currency transaction gains (losses) 472 19 205 (72 ) 393 671 1,047 1,691 Income attributable to sale of tax benefits 7,764 4,637 4,056 4,415 4,132 5,672 7,014 8,902 Other non-operating income (expense), net 91 1,027 244 (482 ) 78 304 961 75 Income from operations before income tax and equity in earnings (losses) of investees 41,122 31,466 23,630 41,085 48,789 35,378 39,578 44,972 Income tax (provision) benefit (14,039 ) 3,529 (9,626 ) (25,477 ) (18,148 ) (11,766 ) (15,361 ) (21,728 ) Equity in earnings (losses) of investees, net 1,047 1,202 1,085 (1,481 ) (735 ) 1,658 (1,119 ) 288 Net income 28,130 36,197 15,089 14,127 29,906 25,270 23,098 23,532 Net loss (income) attributable to noncontrolling interest (2,184 ) (2,259 ) 516 (1,521 ) (3,873 ) (2,224 ) (7,419 ) (2,834 ) Net income (loss) attributable to the Company's stockholders $ 25,946 $ 33,938 $ 15,605 $ 12,606 $ 26,033 $ 23,046 $ 15,679 $ 20,698 Earnings (loss) per share attributable to the Company's stockholders Basic $ 0.51 $ 0.67 $ 0.31 $ 0.25 $ 0.51 $ 0.45 $ 0.31 $ 0.39 Diluted $ 0.51 $ 0.66 $ 0.30 $ 0.24 $ 0.51 $ 0.45 $ 0.31 $ 0.39 Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: Basic 50,709 50,800 50,933 51,017 51,036 51,043 51,072 53,106 Diluted 51,012 51,094 51,334 51,511 51,526 51,362 51,282 53,551 |
Note 24 - Subsequent Events
Note 24 - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 24 Cash dividend On February 24, 2021, March 11, 2021 March 29, 2021 . Weather conditions In February 2021, one February 15, 3 3" February 16, 2021 February 19, 2021 not February 19, 2021, In addition, as the event is still unfolding, the Company may may not Tax law amendment In January 2017, 73" not 12% Ormat Systems applied for a ruling from the IIA in order to qualify as an “Innovation Promoting Enterprise", that will allow the company to bypass the quantitative pre-conditions and be eligible for the tax benefits of a PTE. On January 20, 2021, 12% 2019 2020 13% 2019 2020 first 2021. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Description Of Business [Policy Text Block] | Business The Company is primarily engaged in the geothermal and recovered energy business and primarily designs, develops, builds, sells, owns and operates clean, environmentally friendly geothermal and recovered energy-based power plants, usually using equipment that it designs and manufactures. The Company owns and operates geothermal and recovered energy-based power plants in various countries, including the United States, Kenya, Guatemala, Guadeloupe and Honduras. The Company’s equipment manufacturing operations are primarily located in Israel. Additionally, the Company owns and operates independent storage facilities in the United States providing energy storage and related services. Most of the Company’s domestic power plant facilities are Qualifying Facilities under the PURPA. The Power Purchase Agreements ("PPAs") for certain of such facilities are dependent upon their maintaining Qualifying Facility status. |
Rounding [Policy Text Block] | Rounding Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000, |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and of all majority-owned subsidiaries in which the Company exercises control over operating and financial policies, and variable interest entities in which the Company has an interest and is the primary beneficiary. Intercompany accounts and transactions have been eliminated in consolidation. Investments in less-than-majority-owned entities or other entities in which the Company exercises significant influence over operating and financial policies are accounted for using the equity method of accounting or consolidated if they are a variable interest entity in which the Company has an interest and is the primary beneficiary. Under the equity method, original investments are recorded at cost and adjusted by the Company’s share of undistributed earnings or losses of such companies. The Company’s earnings or losses in investments accounted for under the equity method have been reflected as “equity in earnings (losses) of investees, net” on the Company’s consolidated statements of operations and comprehensive income (loss). |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents The Company considers all highly liquid instruments, with an original maturity of three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash, cash equivalents, and marketable securities Under the terms of certain long-term debt agreements, the Company is required to maintain certain debt service reserves, including principal and interest, cash collateral and operating fund accounts, including for future wells drilling, that have been classified as restricted cash and cash equivalents. Funds that will be used to satisfy obligations due during the next 12 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash [Policy Text Block] | Reconciliation of cash and cash equivalents and restricted cash and cash equivalents The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported on the balance sheet that sum to the total of the same amounts shown on the statement of cash flows: December 31, 2020 2019 2018 (Dollars in thousands) Cash and cash equivalents $ 448,252 $ 71,173 $ 98,802 Restricted cash and cash equivalents 88,526 81,937 78,693 Total cash and cash equivalents and restricted cash and cash equivalents $ 536,778 $ 153,110 $ 177,495 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk Financial instruments which potentially subject the Company to concentration of credit risk consist principally of temporary cash investments and accounts receivable. The Company places its temporary cash investments with high credit quality financial institutions located in the U.S. and in foreign countries. At December 31, 2020 2019, ten $250,000 December 31, 2020 2019, not At December 31, 2020 2019, December 31, 2020 2019, 18 The Company has historically been able to collect substantially all of its receivable balances. As of December 31, 2020, January February 2021. April 17, 2020, 19 September 2020. second 2020 third 2020. In Honduras, the Company successfully collected during the year an overdue debt from Empresa Nacional de Energía Eléctrica ("ENEE") of $20.1 million that was related to the period from October 2018 April 2019. 19 may December 31, 2020, January 2021. April 30, 2020, 19 The Company may 19 |
Inventory, Policy [Policy Text Block] | Inventories Inventories consist primarily of raw material parts and sub-assemblies for power units and are stated at the lower of cost or net realizable value, using the weighted-average cost method. Inventories are reduced by a provision for slow-moving and obsolete inventories. This provision was not December 31, 2020 2019. |
Deposit Contracts, Policy [Policy Text Block] | Deposits and other Deposits and other consist primarily of performance bonds for construction projects, long-term insurance contract funds and receivables, certain deferred costs and derivative instruments. |
Property, Plant and Equipment, Impairment [Policy Text Block] | Property, plant and equipment, net Property, plant and equipment are stated at cost. All costs associated with the acquisition, development and construction of power plants operated by the Company are capitalized. Major improvements are capitalized and repairs and maintenance (including major maintenance) costs are expensed. Power plants operated by the Company, which include geothermal wells and exploration and resource development costs, are depreciated using the straight-line method over their estimated useful lives, which range from 15 to 30 years. The other assets are depreciated using the straight-line method over the following estimated useful lives of the assets: Years Buildings 25 Leasehold improvements 15 - 30 Machinery and equipment — manufacturing and drilling 10 Machinery and equipment — computers 3 - 5 Energy storage equipment 15 Office equipment — furniture and fixtures 5 - 15 Office equipment — other 5 - 10 Vehicles 5 - 7 The cost and accumulated depreciation of items sold or retired are removed from the accounts. Any resulting gain or loss is recognized currently and recorded in the accompanying statements of operations. The Company capitalizes interest costs as part of constructing power plant facilities. Such capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Capitalized interest costs amounted to $10.4 million, $3.3 million, and $3.7 million for the years ended December 31, 2020, 2019 2018, |
Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block] | Exploration and development costs The Company capitalizes costs incurred in connection with the exploration and development of geothermal resources once it acquires land rights to the potential geothermal resource. Prior to acquiring land rights, the Company makes an initial assessment that an economically feasible geothermal reservoir is probable on that land. The Company determines the economic feasibility of potential geothermal resources internally, with all available data and external assessments vetted through the exploration department and occasionally using outside service providers. Costs associated with the initial assessment are expensed and included in cost of electricity revenues in the consolidated statements of operations and comprehensive income (loss). Such costs were immaterial during the years ended December 31, 2020, 2019 2018. two three may In most cases, the Company obtains the right to conduct the geothermal development and operations on land owned by the Bureau of Land Management ("BLM"), various states or with private parties. The up-front bonus payments and other related costs, such as legal fees, are capitalized and included in construction-in-process. The annual land lease payments made during the exploration, development and construction phase are accounted under lease accounting as further described under the caption Leases below and reflected as expenses in “electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss). Upon commencement of power generation on the leased land, the Company begins to pay the lessor’s long-term royalty payments based on the utilization of the geothermal resources as defined in the respective agreements. Such payments are expensed when the related revenues are earned and included in “electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss). Following the acquisition of land rights to the potential geothermal resource, the Company conducts further studies and surveys, including water and soil analyses, among others, and augments its database with the results of these studies. The Company then initiates a suite of geophysical surveys to assess the resource and determine drilling locations. If the results of these activities support the initial assessment of the feasibility of the geothermal resource, the Company then proceeds to exploratory drilling and other related activities which may may not When deciding whether to continue holding lease rights and/or to pursue exploration activity, the Company diligently prioritizes prospective investments, taking into account resource and probability assessments in order to make informed decisions about whether a particular project will support commercial operation. As a result, write-off of unsuccessful activities for the years ended December 31, 2020, 2019 2018 All exploration and development costs that are being capitalized will be depreciated over their estimated useful lives when the related geothermal power plant is substantially complete and ready for use. A geothermal power plant is substantially complete and ready for use when electricity generation commences. |
Asset Retirement Obligation [Policy Text Block] | Asset retirement obligation The Company records the fair value of a legal liability for an asset retirement obligation in the period in which it is incurred. The Company’s legal liabilities include plugging wells and post-closure costs of power producing sites. When a new liability for asset retirement obligations is recorded, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. The Company periodically reassesses the assumptions used to estimate the expected cash flows required to settle the asset retirement obligation, including changes in estimated probabilities, amounts, and timing of the settlement of the asset retirement obligation, as well as changes in the legal requirements of an obligation and revises the previously recorded asset retirement obligation accordingly. At retirement, the obligation is settled for its recorded amount at a gain or loss. |
Deferred Financing And Lease Transaction Costs [Policy Text Block] | Deferred financing costs Deferred financing costs are presented as a direct deduction from the carrying value of the associated debt liability or under "Deposits and other" if associated with lines of credit. Such deferred costs are amortized over the term of the related obligation using the effective interest method or ratably, as applicable. Amortization of deferred financing costs is presented as interest expense in the consolidated statements of operations and comprehensive income (loss). Amortization expense for the years ended December 31, 2020, 2019 2018 December 31, 2020, 2019 2018, no |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of the fair value of consideration transferred in the business combination transactions over the fair value of tangible and intangible assets acquired, net of the fair value of liabilities assumed and the fair value of any noncontrolling interest in the acquisitions. Goodwill is not December 31 not first not no not 2017 04, 350 2018, one not 9 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible assets Intangible assets consist of allocated acquisition costs of PPAs, which are amortized using the straight-line method over the 15 to 29-year terms of the agreements (see Note 9 may not no no not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets and long-lived assets to be disposed of The Company evaluates long-lived assets, such as property, plant and equipment and construction-in-process for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not not not The Company tests its operating plants that are operated together as a complex for impairment at the complex level because the cash flows of such plants result from significant shared operating activities. For example, the operating power plants in a complex are managed under a combined operation management generally with one one not not not Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset. The significant assumptions that the Company uses in estimating its undiscounted future cash flows include: (i) projected generating capacity of the complex or power plant and rates to be received under the respective PPAs and expected market rates thereafter and (ii) projected operating expenses of the relevant complex or power plant. Estimates of future cash flows used to test recoverability of a long-lived asset under development also include cash flows associated with all future expenditures necessary to develop the asset. If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Management believes that no impairment exists for long-lived assets; however, estimates as to the recoverability of such assets may may |
Derivatives, Policy [Policy Text Block] | Derivative instruments Derivative instruments (including certain derivative instruments embedded in other contracts) are measured at their fair value and recorded as either assets or liabilities unless exempted from derivative treatment as a normal purchase and sale. Changes in the fair value of derivatives not The Company maintains a risk management strategy that may |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation The U.S. dollar is the functional currency for all of the Company’s consolidated operations and those of its equity affiliates except for the Guadeloupe power plant and the Company's operations in New Zealand. For those entities, all gains and losses from currency translations are included within the line item “Derivatives and foreign currency transaction gains (losses)” within the consolidated statements of operations and comprehensive income (loss). The Euro and New Zealand Dollar are the functional currencies of the Guadeloupe power plant and the Company's operations in New Zealand, respectively, and thus the impact from currency translation adjustments in those locations are included as currency translation adjustments in Accumulated other comprehensive income in the consolidated statements of equity and in comprehensive income. The accumulated currency translation adjustments amounted to $(0.9) million and $1.5 million as of December 31, 2020 2019, |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income (loss) reporting Comprehensive income (loss) includes net income or loss plus other comprehensive income (loss), which for the Company consists of changes in unrealized gains or losses in respect of the Company’s share in derivatives instruments of an unconsolidated investment, foreign currency translation adjustments and changes in respect of derivative instruments designated as a cash flow hedge. The changes in foreign currency translation adjustments during the years ended December 31, 2020, 2019 2018 5 7 |
SCPPA Power Purchase Agreement, Policy [Policy Text Block] | Power purchase agreements Substantially all of the Company’s Electricity revenues are recognized pursuant to PPAs in the United States and in various foreign countries, including Kenya, Guatemala, Guadeloupe and Honduras. These PPAs generally provide for the payment of energy payments or both energy and capacity payments through their respective terms which expire in varying periods from 2022 2047. not first first Pursuant to the terms of certain of the PPAs, the Company may not not may |
Revenue [Policy Text Block] | Revenues and cost of revenues Upon adoption of ASU 2014 09, 606 January 1, 2018, 1 2 3 4 5 Revenues are primarily related to: (i) sale of electricity from geothermal and recovered energy-based power plants owned and operated by the Company; (ii) geothermal and recovered energy-based power plant equipment engineering, sale, construction and installation, and operating services and (iii) Energy storage services as well as services relating to the engineering, procurement, construction, operation and maintenance of energy storage units. Electricity segment revenues five 8 606, 30 60 Product segment revenues third not not no one two In contracts for which the Company determines that control is not Accounting for product contracts that are satisfied over time includes use of several estimates such as variable consideration related to bonuses and penalties and total estimated cost for completing the contract. The estimated amount of variable consideration will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not The nature of the Company's product contracts give rise to several modifications or change requests by its customers. Substantially all of the modifications are treated as cumulative catch-ups to revenues since the additional goods are not one Energy Storage segment revenues 606 may Contract assets related to the Company's Product segment reflect revenues 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 December 31, 2020 2019 December 31, December 31, 2020 2019 (Dollars in thousands) Contract assets (*) $ 24,544 $ 38,365 Contract liabilities (*) $ (11,179 ) $ (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 years ended December 31, 2020 2019 The following table presents the significant changes in the contract assets and contract liabilities for the years ended December 31, 2020 2019: Years Ended December 31, 2020 2019 Contract assets Contract liabilities Contract assets Contract liabilities (Dollars in thousands) Recognition of contract liabilities as revenue as a result of performance obligations satisfied $ — $ 5,336 $ — $ 12,675 Cash received in advance for which revenues have not yet recognized, net of expenditures made — (11,177 ) — (3,323 ) Reduction of contract assets as a result of rights to consideration becoming unconditional (145,548 ) — (130,918 ) — Contract assets recognized, net of recognized receivables 129,144 — 133,448 — Net change in contract assets and contract liabilities $ (16,404 ) $ (5,841 ) $ 2,530 $ 9,352 The timing of revenue recognition, billings and cash collections results in accounts receivable, contract assets and contract liabilities on the consolidated balance sheet. In the Company's Products segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, or upon achievement of contractual milestones. Generally, billing occurs subsequent to the recognition of revenue, resulting in contract assets. However, the Company sometimes receives advances or deposits from its customers before revenue can be recognized, resulting in contract liabilities. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. The timing of billing its customers and receiving advance payments vary from contract to contract. The majority of payments are received no On December 31, 2020, not The following schedule reconciles revenues accounted under lease accounting, and ASC 606, December 31, 2020 2019: Year Ended December 31, 2020 2019 (Dollars in thousands) Electricity revenues accounted under lease accounting $ 473,260 $ 479,059 Electricity, Product and Energy Storage revenues accounted under ASC 606 232,082 266,985 Total consolidated revenues $ 705,342 $ 746,044 Disaggregated revenues from contracts with customers for the years ended December 31, 2020 2019 18 |
Lessor, Leases [Policy Text Block] | Leases In February 2016, 2016 02, 842 two 606. January 1, 2019 no The Company is a lessee in operating lease transactions primarily consisting of land leases for its exploration and development activities. Additionally, the Company is a lessee in finance lease transactions primarily consisting of fleet vehicles and office rentals. As further described above under Revenues and cost of revenues, the Company acts as a lessor in PPAs that are accounted under ASC 842, In accordance with the new standard, for agreements in which the Company is the lessee, the Company applies a unified accounting model by which it recognizes a right-of-use asset ("ROU") and a lease liability at the commencement date of the lease contract for all the leases in which the Company has a right to control identified assets for a specified period of time. The classification of the lease as a finance lease or an operating lease determines the subsequent accounting for the lease arrangement. Upon the adoption of the new standard the Company, both as a lessee and as a lessor, chose to apply the following permitted practical expedients: 1. Not 2. Not 840 840 3. Exclude initial direct costs from measurement of the ROU asset at the date of initial application; 4. Applying the practical expedient (for a lessor) to not 606 606. 5. Applying the practical expedient (for a lessee) regarding the recognition and measurement of short-term leases, for leases for a period of up to 12 Since the Company elected to apply the practical expedients above, it applied the new standard to all contracts entered into before January 1, 2019 840. The new significant accounting policies regarding leases that were applied as from January 1, 2019 1. Determining whether an arrangement contains a lease On the inception date of the lease, the Company determines whether the arrangement is a lease or contains a lease, while examining if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 2. The Company as a lessee a. Lease classification: At the commencement date, a lease is a finance lease if it meets any one • The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. • The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise. • The lease term is for the major part of the remaining economic life of the underlying asset. • The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not • The underlying asset is of such a specialized nature that it is expected to have no b. Leased assets and lease liabilities - initial recognition Upon initial recognition, the Company recognizes a liability at the present value of the lease payments to be made over the lease term, and concurrently recognizes a ROU asset at the same amount of the liability, adjusted for any prepaid or accrued lease payments, plus initial direct costs incurred in respect of the lease. Since the interest rate implicit in the lease is not c. The lease term The lease term is the non-cancellable period of the lease plus periods covered by an extension or termination option if it is reasonably certain that the Company will exercise the option. d. Subsequent measurement of operating leases After lease commencement, the Company measures the lease liability at the present value of the remaining lease payments using the discount rate determined at lease commencement (as long as the discount rate has not The Company subsequently measures the ROU asset at the present value of the remaining lease payments, adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term and any unamortized initial direct costs. Further, the Company will recognize lease expense on a straight-line basis over the lease term. e. Subsequent measurement of finance leases After lease commencement, the Company measures the lease liability by increasing the carrying amount to reflect interest on the lease liability and reducing the carrying amount to reflect the lease payments made during the period. The Company shall determine the interest on the lease liability in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements. After lease commencement, the Company measures the ROU assets at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. The Company amortizes the ROU asset on a straight-line basis, unless another systematic basis better represents the pattern in which the Company expects to consume the ROU asset’s future economic benefits. The ROU asset is amortized over the shorter of the lease term or the useful life of the ROU asset as follows: (in years) Vehicles 5 Building 15 The total periodic expense (the sum of interest and amortization expense) of a finance lease is typically higher in the early periods and lower in the later periods. f. Variable lease payments: Variable lease payments that depend on an index or a rate On the commencement date, the lease payments may not Other variable lease payments: Variable payments that depend on performance or use of the underlying asset are not 1. The Company as a lessor At lease commencement, the Company as a lessor classifies leases as either finance or operating leases. Finance leases are further classified as a sales-type lease or as a direct financing lease. Under an operating lease, the Company recognizes the lease payment as income over the lease term, generally on a straight-line basis or as earned. 2. Impact of the new standard a) The effects of the initial application of the new standard on the Company's consolidated balance sheet as of January 1, 2019 According to the previous accounting policy The change As presented according to Topic 842 (Dollars in thousands) As of January 1, 2019: Prepaid expenses and other $ 51,441 $ (35,385 ) $ 16,056 Deferred financing and lease costs, net 3,242 (1,659 ) 1,583 Property, plant and equipment, net 1,959,578 (12,855 ) 1,946,723 Operating leases right of use — 62,244 62,244 Finance leases right of use — 13,476 13,476 Accounts payable and accrued expenses 116,362 (2,860 ) 113,502 Current maturity of operating lease liabilities — 7,532 7,532 Current maturity of finance lease liabilities — 2,841 2,841 Other long-term liabilities 16,087 (9,970 ) 6,117 Long term portion of operating lease liabilities — 17,668 17,668 Long term portion of finance lease liabilities — 10,668 10,668 Retained earnings 422,222 (58 ) 422,164 The operating leases right of use is higher than the related lease liabilities as a result of prepayments of leases, including the Puna lease and deferred financing lease costs. a) A weighted-average nominal incremental interest rate of 5% and 5% was used to discount future lease payments in the calculation of the lease liabilities in respect of operating leases and in respect of finance leases, respectively. |
Termination fee [Policy Text Block] | Termination fee Fees to terminate PPAs are recognized in the period incurred as selling and marketing expenses. During 2018, 2 2018. 2020 2019, |
Standard Product Warranty, Policy [Policy Text Block] | Warranty on products sold The Company generally provides a one two December 31, 2020, 2019 2018. |
Research and Development Expense, Policy [Policy Text Block] | Research and development Research and development costs incurred by the Company for the development of existing and new geothermal and recovered energy power plants as well as storage related technologies are expensed as incurred. |
Share-based Payment Arrangement [Policy Text Block] | Stock-based compensation The Company accounts for stock-based compensation using the fair value method whereby compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite employee service period (generally the vesting period of the grant). The Company uses the Complex Lattice, Three-based Option Pricing model to calculate the fair value of the stock-based compensation awards. |
Tax Monetization Transactions Policy [Policy Text Block] | Tax monetization Transactions The Company has three 3 13 470. 810. 835 7. |
Income Tax, Policy [Policy Text Block] | Income taxes Income taxes are accounted for using the asset and liability approach, which requires the recognition of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. The measurement of current and deferred tax assets and liabilities are based on provisions of the enacted tax law. The Company accounts for investment tax credits and production tax credits as a reduction to income taxes in the year in which the credit arises. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are more likely than not not The FASB released guidance Staff Q&A, Topic 740, No. 5, |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share Basic earnings per share attributable to the Company’s stockholders (“earnings per share”) 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: Year Ended December 31, 2020 2019 2018 (In thousands) Weighted average number of shares used in computation of basic earnings per share 51,567 50,867 50,643 Add: Additional shares from the assumed exercise of employee stock options 370 360 326 Weighted average number of shares used in computation of diluted earnings per share 51,937 51,227 50,969 The number of stock-based awards that could potentially dilute future earnings per share and were not December 31, 2020, 2019 2018. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates in preparation of financial statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of such financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant estimates with regard to the Company’s consolidated financial statements relate to the useful lives of property, plant and equipment, impairment of goodwill and long-lived assets, including intangible assets, revenue recognition of product sales using the percentage of completion method, asset retirement obligations, and the provision for income taxes. |
Redeemable Noncontrolling Interest, Policy [Policy Text Block] | Redeemable noncontrolling interest Redeemable noncontrolling interest relates to a certain noncontrolling shareholder in a subsidiary having an option to sell its equity interest to the Company. Changes in the carrying amount of the Company's Redeemable noncontrolling interest were as follows: 2020 2019 (Dollars in thousands) Redeemable noncontrolling interest as of January 1, $ 9,250 $ 8,603 Redeemable noncontrolling interest in results of operation of a consolidated subsidiary 1,330 1,132 Cash paid to noncontrolling interest (1,779 ) (252 ) Currency translation adjustments 1,029 (233 ) Redeemable noncontrolling interest as of December 31, $ 9,830 $ 9,250 |
Dividend Declared [Policy Text Block] | Cash dividends During the years ended December 31, 2020, 2019 2018, |
Stockholders' Equity, Policy [Policy Text Block] | Stockholders' equity offering On November 18, 2020, 30 November 30, 2020. |
Effect of COVID-19 Pandemic, Policy [Policy Text Block] | COVID- 19 In March 2020, 19" 19 11, $339.5 the are 19 event were first 2020 second 2020. one 2020. 19 While the extent and duration of the economic downturn from the COVID- 19 may 19 no |
Puna Power Plant, Policy [Policy Text Block] | Puna Power Plant On May 3, 2018, 38 three 2020, 2020, not As of February 2021, May 2018, 13 one 2021, The Company continues to assess the accounting implications of this event on the assets and liabilities on its balance sheet and whether an impairment will be required. As of December 31, 2020, no |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements New accounting pronouncements effective in the year ended December 31, 2020 Financial Instruments—Credit Losses In June 2016, 2016 13, 326 November 2018, 2018 19, 326, 2018 19 not January 1, 2020, not may January 1, 2020 19 19 not The following table describes the changes in the allowance for expected credit losses for the year ended December 31, 2020 ( Year Ended December 31, 2020 (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 755 Change in the provision for expected credit losses for the period (158 ) Ending balance of the allowance for expected credit losses $ 597 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 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 December 31, 2020 not 2019 12 |
Note 1 - Business and Signifi_2
Note 1 - Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | December 31, 2020 2019 2018 (Dollars in thousands) Cash and cash equivalents $ 448,252 $ 71,173 $ 98,802 Restricted cash and cash equivalents 88,526 81,937 78,693 Total cash and cash equivalents and restricted cash and cash equivalents $ 536,778 $ 153,110 $ 177,495 |
Schedule Of Estimated Useful Lives [Table Text Block] | Years Buildings 25 Leasehold improvements 15 - 30 Machinery and equipment — manufacturing and drilling 10 Machinery and equipment — computers 3 - 5 Energy storage equipment 15 Office equipment — furniture and fixtures 5 - 15 Office equipment — other 5 - 10 Vehicles 5 - 7 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | December 31, December 31, 2020 2019 (Dollars in thousands) Contract assets (*) $ 24,544 $ 38,365 Contract liabilities (*) $ (11,179 ) $ (2,755 ) Years Ended December 31, 2020 2019 Contract assets Contract liabilities Contract assets Contract liabilities (Dollars in thousands) Recognition of contract liabilities as revenue as a result of performance obligations satisfied $ — $ 5,336 $ — $ 12,675 Cash received in advance for which revenues have not yet recognized, net of expenditures made — (11,177 ) — (3,323 ) Reduction of contract assets as a result of rights to consideration becoming unconditional (145,548 ) — (130,918 ) — Contract assets recognized, net of recognized receivables 129,144 — 133,448 — Net change in contract assets and contract liabilities $ (16,404 ) $ (5,841 ) $ 2,530 $ 9,352 |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | Year Ended December 31, 2020 2019 (Dollars in thousands) Electricity revenues accounted under lease accounting $ 473,260 $ 479,059 Electricity, Product and Energy Storage revenues accounted under ASC 606 232,082 266,985 Total consolidated revenues $ 705,342 $ 746,044 According to the previous accounting policy The change As presented according to Topic 842 (Dollars in thousands) As of January 1, 2019: Prepaid expenses and other $ 51,441 $ (35,385 ) $ 16,056 Deferred financing and lease costs, net 3,242 (1,659 ) 1,583 Property, plant and equipment, net 1,959,578 (12,855 ) 1,946,723 Operating leases right of use — 62,244 62,244 Finance leases right of use — 13,476 13,476 Accounts payable and accrued expenses 116,362 (2,860 ) 113,502 Current maturity of operating lease liabilities — 7,532 7,532 Current maturity of finance lease liabilities — 2,841 2,841 Other long-term liabilities 16,087 (9,970 ) 6,117 Long term portion of operating lease liabilities — 17,668 17,668 Long term portion of finance lease liabilities — 10,668 10,668 Retained earnings 422,222 (58 ) 422,164 |
Schedule of Weighted Average Number of Shares [Table Text Block] | Year Ended December 31, 2020 2019 2018 (In thousands) Weighted average number of shares used in computation of basic earnings per share 51,567 50,867 50,643 Add: Additional shares from the assumed exercise of employee stock options 370 360 326 Weighted average number of shares used in computation of diluted earnings per share 51,937 51,227 50,969 |
Redeemable Noncontrolling Interest [Table Text Block] | 2020 2019 (Dollars in thousands) Redeemable noncontrolling interest as of January 1, $ 9,250 $ 8,603 Redeemable noncontrolling interest in results of operation of a consolidated subsidiary 1,330 1,132 Cash paid to noncontrolling interest (1,779 ) (252 ) Currency translation adjustments 1,029 (233 ) Redeemable noncontrolling interest as of December 31, $ 9,830 $ 9,250 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Year Ended December 31, 2020 (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 755 Change in the provision for expected credit losses for the period (158 ) Ending balance of the allowance for expected credit losses $ 597 |
ROA Asset [Member] | |
Notes Tables | |
Schedule Of Estimated Useful Lives [Table Text Block] | (in years) Vehicles 5 Building 15 |
Note 2 - Business Acquisition_2
Note 2 - Business Acquisitions and Others (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Trade and other receivables $ 1.0 Property, plant and equipment, net 20.1 Intangible assets (1) 20.4 Goodwill (2) 4.1 Total assets acquired $ 45.6 Liabilities assumed $ (2.2 ) Total assets acquired and liabilities assumed, net $ 43.4 Cash and cash equivalents and restricted cash $ 37.9 Property, plant and equipment and construction-in-process 77.3 Intangible assets (1) 127.0 Goodwill (2) 12.7 Deferred taxes 1.7 Total assets acquired $ 256.6 Other working capital $ (8.2 ) Long-term term debt (98.3 ) Asset retirement obligation (9.0 ) Noncontrolling interest (34.9 ) Total liabilities assumed $ (150.4 ) Total assets acquired, and liabilities assumed, net $ 106.2 |
Business Acquisition, Pro Forma Information [Table Text Block] | Pro forma for the year ended December 31, 2018 (Dollars in thousands) Electricity revenues $ 521,175 Total revenues 730,563 Income from continuing operations before income taxes and equity in losses of investees 134,142 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2020 2019 (Dollars in thousands) Raw materials and purchased parts for assembly $ 14,835 $ 21,942 Self-manufactured assembly parts and finished products 20,486 13,007 Total $ 35,321 $ 34,949 |
Note 4 - Cost and Estimated E_2
Note 4 - Cost and Estimated Earnings on Uncompleted Contracts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Cost And Estimated Earnings On Uncompleted Contracts [Table Text Block] | December 31, 2020 2019 (Dollars in thousands) Costs and estimated earnings incurred on uncompleted contracts $ 227,591 $ 196,550 Less billings to date (214,226 ) (160,940 ) Total $ 13,365 $ 35,610 |
Cost and Estimated Earnings on Uncompleted Contracts Included in Consolidated Balance Sheets [Table Text Block] | December 31, 2020 2019 (Dollars in thousands) Costs and estimated earnings in excess of billings on uncompleted contracts $ 24,544 $ 38,365 Billings in excess of costs and estimated earnings on uncompleted contracts (11,179 ) (2,755 ) Total $ 13,365 $ 35,610 |
Note 5 - Investment in Uncons_2
Note 5 - Investment in Unconsolidated Companies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, 2020 2019 (Dollars in thousands) Sarulla $ 67,451 $ 70,589 Ijen 30,766 10,551 Total investment in unconsolidated companies $ 98,217 $ 81,140 |
Other Comprehensive Income (Loss) from Equity Method Investments[Table Text Block] | Year Ended December 31, 2020 2019 (Dollars in thousands) Change, net of deferred tax, in unrealized gains (losses) in respect of the Company’s share in derivative instruments of unconsolidated investment $ (3,975 ) $ (3,417 ) |
Note 6 - Variable Interest En_2
Note 6 - Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | December 31, 2020 Project Debt PPAs (Dollars in thousands) Assets: Restricted cash and cash equivalents $ 86,581 $ — Other current assets 133,017 30,917 Property, plant and equipment, net 1,208,165 770,055 Construction-in-process 27,440 171,372 Other long-term assets 156,000 60,143 Total assets $ 1,611,203 $ 1,032,487 Liabilities: Accounts payable and accrued expenses $ 21,958 $ 15,362 Long-term debt 730,177 — Other long-term liabilities 143,985 39,486 Total liabilities $ 896,120 $ 54,848 December 31, 2019 Project Debt PPAs (Dollars in thousands) Assets: Restricted cash and cash equivalents $ 81,522 $ 20 Other current assets 164,386 29,076 Property, plant and equipment, net 1,211,656 668,891 Construction-in-process 10,188 139,642 Other long-term assets 162,995 40,138 Total assets $ 1,630,747 $ 877,767 Liabilities: Accounts payable and accrued expenses $ 25,361 $ 13,201 Long-term debt 794,214 — Other long-term liabilities 126,851 32,790 Total liabilities $ 946,426 $ 45,991 |
Note 7 - Fair Value of Financ_2
Note 7 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2020 Fair Value Carrying Value at December 31, 2020 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 28,653 $ 28,653 $ 28,653 $ — $ — Derivatives: Contingent receivable (1) 111 111 — — 111 Currency forward contracts (2) 1,554 1,554 — 1,554 — Long-term assets: Cross currency swap (3) 27,829 27,829 — 27,829 — Liabilities: Current liabilities: Derivatives: Contingent payables (1) (549 ) (549 ) — — (549 ) Cross currency swap (3) (2,283 ) (2,283 ) — (2,283 ) — Long-term liabilities: Contingent payables (1) (2,630 ) (2,630 ) — — (2,630 ) $ 52,685 $ 52,685 $ 28,653 $ 27,100 $ (3,068 ) 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 receivable (1) 102 102 — — 102 Currency forward contracts (2) 362 362 — 362 — Liabilities: Current liabilities: Derivatives: Contingent payables (1) (3,359 ) (3,359 ) — — (3,359 ) $ 25,421 $ 25,421 $ 28,316 $ 362 $ (3,257 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivatives not designated as hedging instruments Location of recognized gain (loss) Amount of recognized gain (loss) 2020 2019 2018 (Dollars in thousands) Contingent considerations Derivative and foreign currency transaction gains (losses) $ — $ — $ 170 Contingent considerations General and administrative expenses — — 10,322 Currency forward contracts (1) Derivative and foreign currency transaction gains (losses) 5,175 2,556 (3,081 ) $ 5,175 $ 2,556 $ 7,411 Derivatives designated as cash flow hedging instruments Cross currency swap (2) Derivative and foreign currency transaction gains (losses) $ 21,187 $ — $ — |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Balance in Other comprehensive income (loss) beginning of period Gain or (loss) recognized in Other comprehensive income (loss) (1) Amount reclassified from Other comprehensive income (loss) into earnings Balance in Other comprehensive income (loss) end of period (Dollars in thousands) Cash flow hedge: Cross currency swap $ — $ 24,553 $ (21,187 ) $ 3,366 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair Value Carrying Amount 2020 2019 2020 2019 (Dollars in millions) (Dollars in millions) Olkaria III Loan - DFC $ 192.5 $ 202.1 $ 174.7 $ 192.6 Olkaria III plant 4 Loan - DEG 2 40.4 43.8 37.5 42.5 Olkaria III plant 1 Loan - DEG 3 35.8 38.8 32.8 37.1 Platanares Loan - DFC 112.1 115.3 96.3 104.5 Amatitlan Loan 23.5 26.4 22.8 26.3 Senior Secured Notes: OFC 2 LLC ("OFC 2") 207.9 210.9 188.2 203.0 Don A. Campbell 1 ("DAC 1") 78.5 78.5 73.1 78.2 USG Prudential - NV 31.8 30.6 27.6 28.4 USG Prudential - ID 18.3 18.6 18.4 19.6 USG DOE 45.1 45.0 38.2 40.8 Senior Unsecured Bonds 585.1 205.7 529.1 204.3 Senior Unsecured Loan 222.2 161.3 200.0 150.0 Plumstriker 18.1 21.7 18.1 21.6 Other long-term debt 17.4 16.3 17.6 17.4 |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III - DFC $ — $ — $ 192.5 $ 192.5 Olkaria III plant 4 - DEG 2 — — 40.4 40.4 Olkaria III plant 1 - DEG 3 — — 35.8 35.8 Platanares Loan - DFC — — 112.1 112.1 Amatitlan Loan — 23.5 — 23.5 Senior Secured Notes: OFC 2 Senior Secured Notes — — 207.9 207.9 DAC 1 Senior Secured Notes — — 78.5 78.5 USG Prudential - NV — — 31.8 31.8 USG Prudential - ID — — 18.3 18.3 USG DOE — — 45.1 45.1 Senior Unsecured Bonds — — 585.1 585.1 Senior Unsecured Loan — — 222.2 222.2 Plumstriker — 18.1 — 18.1 Other long-term debt — — 17.4 17.4 Deposits 14.8 — — 14.8 Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III Loan - DFC $ — $ — $ 202.1 $ 202.1 Olkaria III plant 4 - DEG 2 — — 43.8 43.8 Olkaria III plant 1 - DEG 3 — — 38.8 38.8 Platanares Loan - DFC — — 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 8 - Property, Plant and _2
Note 8 - Property, Plant and Equipment and Construction-in-process (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2020 2019 (Dollars in thousands) Land owned by the Company where the geothermal resource is located $ 40,157 $ 38,049 Leasehold improvements 8,477 7,757 Machinery and equipment 271,981 230,465 Land, buildings and office equipment 43,555 39,099 Vehicles 8,960 8,021 Energy storage equipment 63,562 32,896 Geothermal and recovered energy generation power plants, including geothermal wells and exploration and resource development costs: United States of America, net of cash grants 2,296,415 2,128,014 Foreign countries 732,537 721,824 Asset retirement cost 28,946 19,824 3,494,590 3,225,949 Less accumulated depreciation (1,395,543 ) (1,254,534 ) Property, plant and equipment, net $ 2,099,047 $ 1,971,415 |
Construction In Progress [Table Text Block] | December 31, 2020 2019 (Dollars in thousands) Projects under exploration and development: Up-front bonus costs $ 5,347 $ 17,018 Exploration and development costs 45,478 66,916 Interest capitalized 703 703 51,528 84,637 Projects under construction: Up-front bonus costs 39,144 27,473 Drilling and construction costs 379,117 258,484 Interest capitalized 9,526 5,961 427,787 291,918 Total $ 479,315 $ 376,555 |
Rollforward Of Construction In Process [Table Text Block] | Projects under exploration and development Up-front Bonus Costs Exploration and Development Costs Interest Capitalized Total (Dollars in thousands) Balance at December 31, 2017 $ 17,018 $ 46,154 $ 703 $ 63,875 Cost incurred during the year — 7,209 — 7,209 Write off of unsuccessful exploration costs — (126 ) — (126 ) Balance at December 31, 2018 17,018 53,237 703 70,958 Cost incurred during the year — 17,215 — 17,215 Transfer of projects under exploration and development to projects under construction — (3,536 ) — (3,536 ) Balance at December 31, 2019 17,018 66,916 703 84,637 Cost incurred during the year — 5,832 — 5,832 Transfer of projects under exploration and development to projects under construction (11,671 ) (27,270 ) — (38,941 ) Balance at December 31, 2020 $ 5,347 $ 45,478 $ 703 $ 51,528 Projects under construction Up-front Bonus Costs Drilling and Construction Costs Interest Capitalized Total (Dollars in thousands) Balance at December 31, 2017 $ 27,473 $ 198,943 $ 3,251 $ 229,667 Cost incurred during the year — 219,610 — 219,610 Cost write off — (1,380 ) — (1,380 ) Fair value of projects under construction acquired in a buisness combination — 4,668 — 4,668 Transfer of completed projects to property, plant and equipment — (261,443 ) (390 ) (261,833 ) Balance at December 31, 2018 27,473 160,398 2,861 190,732 Cost incurred during the year — 264,137 3,100 267,237 Transfer of projects under exploration and development to projects under construction — 3,536 — 3,536 Insurance recoveries — (35,435 ) — (35,435 ) Transfer of completed projects to property, plant and equipment — (134,152 ) — (134,152 ) Balance at December 31, 2019 27,473 258,484 5,961 291,918 Cost incurred during the year — 298,215 3,565 301,780 Transfer of projects under exploration and development to projects under construction 11,671 27,270 — 38,941 Transfer of completed projects to property, plant and equipment — (204,852 ) — (204,852 ) Balance at December 31, 2020 $ 39,144 $ 379,117 $ 9,526 $ 427,787 |
Note 9 - Intangible Assets an_2
Note 9 - Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (Dollars in thousands) Year ending December 31: 2021 $ 16,200 2022 15,947 2023 15,828 2024 14,613 2025 16,539 Thereafter 115,295 Total $ 194,421 |
Schedule of Goodwill [Table Text Block] | 2020 2019 (Dollars in thousands) Goodwill as of January 1, $ 20,140 $ 19,950 Goodwill acquired (1) 4,107 — Translation differences 319 190 Goodwill as of December 31, $ 24,566 $ 20,140 |
Note 10 - Accounts Payable an_2
Note 10 - Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2020 2019 (Dollars in thousands) Trade payable $ 75,779 $ 73,271 Salaries and other payroll costs 29,271 24,364 Customer advances 1,197 2,092 Accrued interest 7,843 6,321 Income tax payable 19,913 11,344 Property tax payable 1,378 3,033 Scheduling and transmission 2,632 2,264 Royalty accrual 3,581 6,457 Warranty accrual 2,087 3,245 Other 9,082 9,466 Total $ 152,763 $ 141,857 |
Note 11 - Long-term Debt, Cre_2
Note 11 - Long-term Debt, Credit Agreements and Commercial Paper (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2020 2019 (Dollars in thousands) Limited and non-recourse agreements: Loans: Non-recourse: Other loans $ 9,826 $ 8,997 Limited recourse: Loan agreement with DFC (the Olkaria III power plant) 174,652 192,646 Loan agreement with DFC (the Platanares power plant) 96,266 104,459 Loan agreement with Banco Industrial S.A. and Westrust Bank (International) Limited 22,750 26,250 Loan agreement with a global industrial company (the Plumstriker battery energy storage projects) 18,081 21,615 Other loans 7,807 8,367 Senior Secured Notes: Non-recourse: DAC 1 Senior Secured Notes 73,121 78,247 Limited recourse: OFC 2 Senior Secured Notes 188,223 203,040 Other loans 84,118 88,840 Total limited and non-recourse agreements 674,844 732,461 Less current portion (60,834 ) (58,932 ) Non current portion $ 614,010 $ 673,529 Full recourse agreements: Senior Unsecured Bonds 529,066 204,332 Senior Unsecured Loan (Migdal) 200,000 150,000 Loan agreements with DEG (the Olkaria III and power plants 4 and 1 upgrade) 70,264 79,632 Revolving credit lines with banks — 40,550 Total full recourse agreements 799,330 474,514 Less current portion (17,768 ) (117,122 ) Non current portion $ 781,562 $ 357,392 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate Date (Dollars in millions) Senior Unsecured Bonds - Series 4 $ 289.8 $ 311.0 3.35 % June 2031 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate Date (Dollars in millions) Senior Unsecured Bonds - Series 3 $ 218.0 $ 218.0 4.45 % September 2022 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate (1) Date (Dollars in millions) Migdal Loan $ 100.0 $ 100.0 4.80 % March 2029 Additional Migdal Loan 50.0 50.0 4.60 % March 2029 Second Addendum Migdal Loan 50.0 50.0 5.44 % March 2029 Total Senior Unsecured Loan $ 200.0 $ 200.0 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate (1) Date (Dollars in millions) DEG 2 Loan $ 50.0 $ 37.5 6.28 % June 2028 DEG 3 Loan 41.5 32.8 6.04 % June 2028 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate (1) Date (Dollars in millions) OPIC Loan - Tranch I $ 85.0 $ 47.2 6.34 % December 2030 OPIC Loan - Tranch II 180.0 100.6 6.29 % June 2030 OPIC Loan - Tranch III 45.0 26.9 6.12 % December 2030 Total OPIC Loan $ 310.0 $ 174.7 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate (1) Date (Dollars in millions) DFC - Platanares Loan $ 114.7 $ 96.3 7.02 % September 2032 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate (1) Date (Dollars in millions) Amatitlan Loan $ 42.0 $ 22.8 LIBOR+4.35% June 2027 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate (1) Date (Dollars in millions) Plumstriker Loan $ 23.5 $ 18.1 LIBOR+3.5% May 2026 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate (1) Date (Dollars in millions) DAC 1 Senior Secured Notes $ 92.5 $ 73.1 4.03 % September 2033 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate (1) Date (Dollars in millions) OFC 2 Senior Secured Notes - Series A $ 151.7 $ 86.9 4.69 % December 2032 OFC 2 Senior Secured Notes - Series C 140.0 101.3 4.61 % December 2032 Total OFC 2 Senior Secured Notes $ 291.7 $ 188.2 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2020 Interest Rate (1) Date (Dollars in millions) Prudential Capital Group – Idaho non-recourse $ 20.0 $ 17.5 5.80 % March 2023 U.S. Department of Energy – non-recourse 96.8 42.0 2.60 % February 2035 Prudential Capital Group – Nevada non-recourse 30.7 26.3 6.75 % December 2037 Total $ 147.5 $ 85.8 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (Dollars in Year ending December 31: 2021 $ 78,429 2022 336,997 2023 135,124 2024 118,168 2025 118,621 Thereafter 686,835 Total $ 1,474,174 |
Note 14 - Asset Retirement Ob_2
Note 14 - Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Asset Retirement Obligations [Table Text Block] | Year Ended December 31, 2020 2019 (Dollars in thousands) Balance at beginning of year $ 50,183 $ 39,475 Revision in estimated cash flows (165 ) (335 ) Liabilities incurred and acquired 10,207 8,334 Accretion expense 3,232 2,709 Balance at end of year $ 63,457 $ 50,183 |
Note 15 - Stock-based Compens_2
Note 15 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Cost of revenues $ 4,435 $ 3,633 $ 3,488 Selling and marketing expenses 1,081 916 792 General and administrative expenses 4,314 4,810 5,938 Total stock-based compensation expense 9,830 9,359 10,218 Tax effect on stock-based compensation expense 858 736 668 Net effect of stock-based compensation expense $ 8,972 $ 8,623 $ 9,550 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2020 2019 2018 For stock based awards issued by the Company: Risk-free interest rates 0.4 % 1.8 % 2.8 % Expected lives (in weighted average years) 5.8 3.5 3.5 Dividend yield 0.6 % 0.7 % 0.9 % Expected volatility (weighted average) 28.8 % 25.1 % 25.5 % Year Ended December 31, 2020 2019 2018 Weighted average forfeiture rate 8.2 % 8.6 % 3.1 % Risk-free interest rates 0.13% - 0.51% Expected life (in years) 2 - 6 Dividend yield 0.61% Expected volatility (weighted average) 37.68% - 30.15% Risk-free interest rates 0.12% - 0.44% Expected life (in years) 1 - 6 Dividend yield 0.61% Expected volatility (weighted average) 45.2% - 29.4% Risk-free interest rates 0.44% Expected life (in years) 2 - 6 Dividend yield 0.63% Expected volatility (weighted average) 28.14% Risk-free interest rates 0.44% - 0.28% Expected life (in years) 2 - 6 Dividend yield 0.64% Expected volatility (weighted average) 28.5% - 35.2% Risk-free interest rates 0.41% - 0.17% Expected life (in years) 2 - 6 Dividend yield 0.64% Expected volatility (weighted average) 28.5% - 35.7% |
Schedule of Share-based Payment Award, Equity Awards Other than Options, Valuation Assumptions [Table Text Block] | Risk-free interest rate 1.79% Expected life (in years) 1 - 6 Dividend yield 0.57% Expected volatility 24.80% |
Share-based Payment Arrangement, Option and Stock Appreciation Rights, Activity [Table Text Block] | Year Ended December 31, 2020 2019 2018 Awards (In thousands) Weighted Average Exercise Price Awards (In thousands) Weighted Average Exercise Price Awards (In thousands) Weighted Average Exercise Price Outstanding at beginning of year 1,792 $ 50.39 2,527 $ 46.77 1,548 $ 41.35 Granted, at fair value: SARs (1) 957 68.82 38 69.13 1,172 53.87 RSUs (2) 35 — 9 — 74 — PSUs (3) 25 — — — — — Exercised (469 ) 45.71 (711 ) 37.83 (203 ) 29.75 Forfeited (100 ) 55.05 (71 ) 50.59 (64 ) 45.73 Expired — — — — — — Outstanding at end of year 2,240 57.68 1,792 50.39 2,527 46.77 Options and SARs exercisable at end of year 704 51.64 479 48.35 846 42.06 Weighted-average fair value of awards granted during the year $ 20.84 $ 29.24 $ 16.45 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Awards Outstanding Awards Exercisable Exercise Price Number of Stock-based Awards Outstanding Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Number of Stock-based Awards Exercisable Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value $ — 85 2.1 $ 7,677 — — $ — 42.87 235 1.5 11,129 235 1.5 11,129 47.46 15 2.9 642 15 2.9 642 51.71 8 4.0 309 — 4.0 — 53.16 31 3.9 1,164 21 3.9 792 53.44 486 3.5 17,893 129 3.5 4,719 55.16 296 2.9 10,384 213 2.9 7,484 57.97 15 3.6 485 15 3.6 485 58.79 1 1.5 33 — 1.5 — 63.35 94 2.9 2,525 68 2.9 1,843 63.40 45 5.5 1,219 — 5.5 — 67.54 12 5.9 269 — 5.9 — 68.34 47 5.4 1,027 — 5.4 — 69.14 842 5.4 17,820 — 5.4 — 71.71 4 4.6 74 — 4.6 — 72.14 15 4.7 272 — 4.7 — 76.43 8 4.9 117 8 4.9 117 90.28 1 2.8 — — 2.8 — 2,240 3.9 $ 73,039 704 2.6 $ 27,211 Awards Outstanding Awards Exercisable Exercise Price Number of Stock-based Awards Outstanding Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Number of Stock-based Awards Exercisable Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value $ — 59 1.5 $ 4,369 — — $ — 42.87 427 2.5 13,517 230 2.5 7,295 47.46 15 3.9 406 15 3.9 406 51.71 8 5.0 182 0 0.0 0 53.16 35 4.9 756 15 4.9 329 53.44 783 4.5 16,498 0 0.0 0 55.16 296 3.9 5,724 131 3.9 2,527 57.97 30 4.6 497 30 4.6 497 58.79 12 2.5 187 6 2.5 94 63.35 98 3.9 1,094 52 3.9 581 71.71 4 5.6 11 — — — 72.14 15 5.7 36 — — — 76.43 10 5.9 — — — — 1,792 3.8 $ 43,277 479 3.2 $ 11,729 |
Note 16 - Interest Expense, N_2
Note 16 - Interest Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Interest related to sale of tax benefits $ 9,344 $ 11,786 $ 11,284 Interest expense 79,018 71,883 63,368 Less — amount capitalized (10,409 ) (3,285 ) (3,728 ) $ 77,953 $ 80,384 $ 70,924 |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 2020 2019 2018 (Dollars in thousands) U.S $ 43,273 $ 14,187 $ 14,097 Non-U.S. (foreign) 125,444 123,116 123,084 Total income from continuing operations, before income taxes and equity in losses $ 168,717 $ 137,303 $ 137,181 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Current: Federal $ — $ 0 $ — State 363 172 381 Foreign 61,574 16,969 14,992 Total current income tax expense $ 61,937 $ 17,141 $ 15,373 Deferred: Federal 22,682 (12,179 ) (6,886 ) State 7,277 4,671 (2,595 ) Foreign (24,893 ) 35,980 28,841 Total deferred tax provision (benefit) 5,066 28,472 19,360 Total Income tax provision $ 67,003 $ 45,613 $ 34,733 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2020 2019 2018 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Impact of federal tax reform — — 2.6 Transition tax inclusion — — (5.7 ) Foreign tax credits (0.3 ) (22.8 ) (4.2 ) Withholding tax 4.4 10.4 5.9 Valuation allowance - U.S. 3.0 (3.7 ) (17.2 ) State income tax, net of federal benefit 3.8 3.7 1.0 Uncertain tax positions (7.5 ) 2.1 2.1 Effect of foreign income tax, net 8.5 9.7 5.6 Production tax credits (1.8 ) (5.0 ) (3.1 ) Subpart F income 0.2 0.5 0.5 Tax on global intangible low-tax income 11.1 16.9 18.6 Intra-entity transfers of assets other than inventory (0.4 ) 0.3 (2.1 ) Noncontrolling interest (1.6 ) (0.4 ) (1.5 ) Other, net (0.7 ) 0.5 1.8 Effective tax rate 39.7 % 33.2 % 25.3 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2020 2019 (Dollars in thousands) Deferred tax assets (liabilities): Net foreign deferred taxes, primarily depreciation $ (66,452 ) $ (88,508 ) Depreciation (23,835 ) (21,958 ) Intangible drilling costs (6,689 ) (1,405 ) Net operating loss carryforward - U.S. 35,346 45,307 Tax monetization transaction (46,449 ) (30,964 ) Right-of-use assets (3,753 ) (3,715 ) Lease liabilities 3,846 3,755 State and Investment tax credits 813 813 Production tax credits 103,592 100,524 Foreign tax credits 92,077 92,497 Withholding tax (12,416 ) (15,539 ) Stock options amortization 1,510 1,409 Basis difference in partnership interest (41,818 ) (39,622 ) Excess business interest 10,971 6,189 Accrued liabilities and other 6,777 1,013 Total 53,520 49,796 Less - valuation allowance (22,193 ) (17,412 ) Total, net $ 31,327 $ 32,384 |
Summary of Valuation Allowance [Table Text Block] | 2020 2019 (Dollars in thousands) Balance at beginning of the year $ 17,412 $ 22,441 Additions to valuation allowance 20,214 15,437 Release of valuation allowance (15,433 ) (20,466 ) Balance at end of the year $ 22,193 $ 17,412 |
Schedule of Deferred Taxes Classified in Balance Sheet [Table Text Block] | Year Ended December 31, 2020 2019 (Dollars in thousands) Non-current deferred tax assets $ 119,299 $ 129,510 Non-current deferred tax liabilities (87,972 ) (97,126 ) Non-current deferred tax assets, net 31,327 32,384 Uncertain tax benefit offset (1) (95 ) (95 ) $ 31,232 $ 32,289 |
Summary of Income Tax Contingencies [Table Text Block] | Year Ended December 31, 2020 2019 (Dollars in thousands) Balance at beginning of year $ 10,623 $ 8,820 Additions based on tax positions taken in prior years 283 104 Additions based on tax positions taken in the current year 1,570 2,314 Reduction based on tax positions taken in prior years (10,803 ) (615 ) Balance at end of year $ 1,673 $ 10,623 |
Summary of Income Tax Examinations [Table Text Block] | Israel 2019 - 2020 Kenya 2015 - 2020 Guatemala 2016 - 2020 Honduras 2015 - 2020 Guadeloupe 2017 - 2020 |
Note 18 - Business Segments (Ta
Note 18 - Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Electricity Product Energy Storage Consolidated (Dollars in thousands) Year Ended December 31, 2020: Revenues from external customers: United States (1) $ 341,399 $ 5,800 $ 15,824 $ 363,023 Foreign (2) 199,994 142,325 — 342,319 Net revenues from external customers 541,393 148,125 15,824 705,342 Intersegment revenues — 113,200 — — Depreciation and amortization expense 144,357 6,010 6,245 156,612 Operating income (loss) 205,256 13,145 (4,388 ) 214,013 Segment assets at period end (3) (*) 3,607,384 145,911 135,692 3,888,987 Expenditures for long-lived assets 267,843 18,011 34,884 320,738 * Including unconsolidated investments 98,217 — — 98,217 Year Ended December 31, 2019: Revenues from external customers: United States (1) 333,797 30,562 13,597 377,956 Foreign (2) 206,536 160,447 1,105 368,088 Net revenues from external customers $ 540,333 $ 191,009 $ 14,702 $ 746,044 Intersegment revenues — 84,614 — — Depreciation and amortization expense 138,426 5,308 5,027 148,761 Operating income (loss) 177,192 23,180 (6,576 ) 193,796 Segment assets at period end (3) (*) 3,044,909 126,018 79,567 3,250,494 Expenditures for long-lived assets 259,898 9,156 10,932 279,986 * Including unconsolidated investments 81,140 — — 81,140 Year Ended December 31, 2018: Revenues from external customers: United States (1) 305,962 14,999 7,645 328,606 Foreign (2) 203,917 186,744 — 390,661 Net revenues from external customers 509,879 201,743 7,645 719,267 Intersegment revenues — 48,817 — — Depreciation and amortization expense 126,181 4,311 1,741 132,233 Operating income (loss) 155,546 38,083 (8,519 ) 185,110 Segment assets at period end (3) (*) 2,896,938 156,942 67,470 3,121,350 Expenditures for long-lived assets 219,803 9,993 28,725 258,521 * Including unconsolidated investments 71,983 — — 71,983 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Revenues: Total segment revenues $ 705,342 $ 746,044 $ 719,267 Intersegment revenues 113,200 84,614 48,817 Elimination of intersegment revenues (113,200 ) (84,614 ) (48,817 ) Total consolidated revenues $ 705,342 $ 746,044 $ 719,267 Operating income (expense): Operating income $ 214,013 $ 193,796 $ 185,110 Interest income 1,717 1,515 974 Interest expense, net (77,953 ) (80,384 ) (70,924 ) Derivatives and foreign currency transaction gains (losses) 3,802 624 (4,761 ) Income attributable to sale of tax benefits 25,720 20,872 19,003 Other non-operating income (expense), net 1,418 880 7,779 Total consolidated income before income taxes and equity in earnings (losses) of investees $ 168,717 $ 137,303 $ 137,181 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Revenues from external customers attributable to: United States $ 363,023 $ 377,956 $ 328,606 Indonesia — — 4,379 Kenya 115,474 121,661 119,094 Turkey 65,535 88,938 168,699 Chile 32,418 25,540 980 Guatemala 27,391 28,624 27,975 New Zealand 34,985 31,222 10,451 Honduras 35,197 34,446 34,355 Other foreign countries 31,319 37,657 24,728 Consolidated total $ 705,342 $ 746,044 $ 719,267 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Long-lived assets (primarily power plants and related assets) located in: United States $ 2,084,021 $ 1,870,335 $ 1,696,439 Kenya 289,266 284,526 301,956 Other foreign countries 232,953 224,676 222,872 Consolidated total $ 2,606,240 $ 2,379,537 $ 2,221,267 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Year Ended December 31, 2020 2019 2018 Revenues % Revenues % Revenues % (Dollars in thousands) (Dollars in thousands) (Dollars in thousands) Southern California Public Power (1) $ 145,450 20.6 $ 133,725 17.9 $ 109,208 15.2 Sierra Pacific Power Company and Nevada Power Company (1)(2) 123,734 17.5 125,486 16.8 116,149 16.1 KPLC (1) 115,474 16.4 121,661 16.3 119,094 16.6 |
Note 20 - Employee Benefit Pl_2
Note 20 - Employee Benefit Plan (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Expected Benefit Payments [Table Text Block] | (Dollars in Year ending December 31: 2021 $ 4,968 2022 1,910 2023 148 2024 686 2025 1,160 2026-2043 11,582 Total $ 20,454 |
Note 22 - Leases (Tables)
Note 22 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended December 31, 2020 Year Ended December 31, 2019 (Dollars in thousands) Lease cost Finance lease cost: Amortization of right-of-use assets $ 3,422 $ 3,273 Interest on lease liabilities 1,226 1,330 Operating lease cost 3,303 8,057 Variable lease cost 1,891 1,647 Short-term lease cost — — Total lease cost $ 9,842 $ 14,307 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 1,226 $ 1,330 Operating cash flows for operating leases 3,213 9,004 Financing cash flows for finance leases 2,890 3,164 Right-of-use assets obtained in exchange for new finance lease liabilities 1,028 5,262 Right-of-use assets obtained in exchange for new operating lease liabilities 2,614 6,364 December 31, December 31, Additional information as of the end of the year: 2020 2019 Weighted-average remaining lease term — finance leases (in years) 5.2 4.0 Weighted-average remaining lease term — operating leases (in years) 10.7 7.3 Weighted-average discount rate (in percentage) 5 % 5 % |
Lessee, Lease Liability, Maturity [Table Text Block] | Operating Leases Finance Leases (Dollars in thousands) Year ending December 31, 2021 $ 3,255 $ 4,177 2022 2,539 4,116 2023 1,902 3,015 2024 1,625 1,156 2025 1,440 565 Thereafter 9,559 3,694 Total future minimum lease payments 20,320 16,723 Less imputed interest 4,501 4,450 Total $ 15,819 $ 12,273 |
Operating Lease, Lease Income [Table Text Block] | Year Ended December 31, 2020 Year Ended December 31, 2019 (Dollars in thousands) Lease income relating to lease payments of operating leases $ 473,260 $ 479,059 |
Note 23 - Quarterly Financial_2
Note 23 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Three Months Ended Mar. 31,2019 June 30,2019 Sept. 30,2019 Dec. 31,2019 Mar. 31,2020 June 30,2020 Sept. 30,2020 Dec. 31,2020 (Dollars in thousands, except per share amounts) Revenues: Electricity $ 142,908 $ 129,079 $ 123,978 $ 144,368 $ 142,856 $ 128,685 $ 123,660 $ 146,192 Product 52,128 52,030 43,037 43,814 47,411 43,701 29,625 27,388 Energy storage 4,002 2,956 3,484 4,260 1,846 2,514 5,662 5,802 Total revenues 199,038 184,065 170,499 192,442 192,113 174,900 158,947 179,382 Cost of revenues: Electricity 77,543 73,775 80,124 81,393 71,368 71,950 76,670 80,071 Product 42,106 41,316 31,073 31,479 36,978 34,709 24,037 19,224 Energy storage 5,210 3,827 3,807 5,068 1,949 2,855 4,210 5,046 Total cost of revenues 124,859 118,918 115,004 117,940 110,295 109,514 104,917 104,341 Gross profit 74,179 65,147 55,495 74,502 81,818 65,386 54,030 75,041 Operating expenses: Research and development expenses 900 810 1,062 1,875 1,619 1,172 1,490 1,114 Selling and marketing expenses 3,865 3,276 3,783 4,123 4,794 4,854 4,076 3,660 General and administrative expenses 15,689 14,181 11,931 14,032 16,745 11,870 14,539 17,072 Business interruption insurance income — — — — (2,397 ) (585 ) (17,761 ) — Operating income 53,725 46,880 38,719 54,472 61,057 48,075 51,686 53,195 Other income (expense): Interest income 293 420 482 320 402 441 626 248 Interest expense, net (21,223 ) (21,517 ) (20,076 ) (17,568 ) (17,273 ) (19,785 ) (21,756 ) (19,139 ) Derivatives and foreign currency transaction gains (losses) 472 19 205 (72 ) 393 671 1,047 1,691 Income attributable to sale of tax benefits 7,764 4,637 4,056 4,415 4,132 5,672 7,014 8,902 Other non-operating income (expense), net 91 1,027 244 (482 ) 78 304 961 75 Income from operations before income tax and equity in earnings (losses) of investees 41,122 31,466 23,630 41,085 48,789 35,378 39,578 44,972 Income tax (provision) benefit (14,039 ) 3,529 (9,626 ) (25,477 ) (18,148 ) (11,766 ) (15,361 ) (21,728 ) Equity in earnings (losses) of investees, net 1,047 1,202 1,085 (1,481 ) (735 ) 1,658 (1,119 ) 288 Net income 28,130 36,197 15,089 14,127 29,906 25,270 23,098 23,532 Net loss (income) attributable to noncontrolling interest (2,184 ) (2,259 ) 516 (1,521 ) (3,873 ) (2,224 ) (7,419 ) (2,834 ) Net income (loss) attributable to the Company's stockholders $ 25,946 $ 33,938 $ 15,605 $ 12,606 $ 26,033 $ 23,046 $ 15,679 $ 20,698 Earnings (loss) per share attributable to the Company's stockholders Basic $ 0.51 $ 0.67 $ 0.31 $ 0.25 $ 0.51 $ 0.45 $ 0.31 $ 0.39 Diluted $ 0.51 $ 0.66 $ 0.30 $ 0.24 $ 0.51 $ 0.45 $ 0.31 $ 0.39 Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: Basic 50,709 50,800 50,933 51,017 51,036 51,043 51,072 53,106 Diluted 51,012 51,094 51,334 51,511 51,526 51,362 51,282 53,551 |
Note 1 - Business and Signifi_3
Note 1 - Business and Significant Accounting Policies 1 (Details Textual) $ / shares in Units, $ in Thousands | Nov. 30, 2020USD ($)$ / shares | Nov. 30, 2020$ / sharesshares | Nov. 18, 2020$ / sharesshares | Jan. 31, 2021USD ($) | Feb. 28, 2021USD ($) | Jul. 31, 2020USD ($) | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Jan. 01, 2020USD ($) | Dec. 31, 2017USD ($) |
Cash, FDIC Insured Amount | $ 18,900 | $ 12,900 | |||||||||
Cash, Uninsured Amount | 72,400 | 84,800 | |||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 149,170 | 154,525 | |||||||||
Interest Costs Capitalized | 10,409 | 3,285 | $ 3,728 | ||||||||
Exploration Abandonment and Impairment Expense | 0 | 0 | 126 | ||||||||
Amortization of Debt Issuance Costs | 3,500 | 5,400 | 4,600 | ||||||||
Write off of Deferred Debt Issuance Cost | 0 | 0 | $ 0 | ||||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | ||||||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Ending Balance | (900) | $ 1,500 | |||||||||
Revenue, Remaining Performance Obligation, Amount | $ 33,400 | ||||||||||
Operating Lease, Weighted Average Discount Rate, Percent | 5.00% | ||||||||||
Finance Lease, Weighted Average Discount Rate, Percent | 5.00% | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 369,700 | 360,500 | 176,400 | ||||||||
Payments of Dividends, Total | $ 22,500 | $ 22,400 | $ 26,800 | ||||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ / shares | $ 0.44 | $ 0.44 | $ 0.53 | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Proceeds from Issuance of Common Stock | $ 339,471 | $ 0 | $ 0 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | 1,941,437 | 1,515,410 | 1,445,096 | $ 1,319,535 | |||||||
Retained Earnings [Member] | |||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | 550,103 | 487,873 | 422,222 | $ 351,090 | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | (755) | (58) | |||||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | (755) | (58) | |||||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | Accounting Standards Update 2016-13 [Member] | |||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $ (800) | ||||||||||
Electricity Segment [Member] | Puna Geothermal Power Plant [Member] | |||||||||||
Business Interruption Insurance Recovery, Gross | 28,600 | ||||||||||
Proceeds from Insurance Settlement, Operating Activities | 4,700 | ||||||||||
Electricity Segment [Member] | Puna Geothermal Power Plant [Member] | Operating Expense [Member] | |||||||||||
Gain on Business Interruption Insurance Recovery | 20,700 | ||||||||||
Electricity Segment [Member] | Puna Geothermal Power Plant [Member] | Nonoperating Income (Expense) [Member] | |||||||||||
Proceeds from Insurance Settlement, Operating Activities | 600 | ||||||||||
COVID 19 [Member] | |||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 400,000 | ||||||||||
Underwriting Agreement [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 4,150,000 | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 74 | ||||||||||
Proceeds from Issuance of Common Stock | $ 339,500 | ||||||||||
Underwriting Agreement [Member] | Underwriters [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 622,500 | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 74 | $ 74 | |||||||||
Galena 2 Power Purchase Agreement [Member] | |||||||||||
Termination Fees | $ 0 | $ 0 | $ 5,000 | ||||||||
Minimum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||||||||
Standard Product Warranty, Term (Year) | 1 year | ||||||||||
Minimum [Member] | Viridity Energy, Inc. [Member] | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 6 years | ||||||||||
Maximum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 29 years | ||||||||||
Standard Product Warranty, Term (Year) | 2 years | ||||||||||
Maximum [Member] | Viridity Energy, Inc. [Member] | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 19 years | ||||||||||
Power Plants [Member] | Minimum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life (Year) | 15 years | ||||||||||
Power Plants [Member] | Maximum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life (Year) | 30 years | ||||||||||
Kenya Power and Lighting Co LTD [Member] | |||||||||||
Accounts Receivable, Past Due | $ 48,900 | ||||||||||
Accounts Receivable, Past Due, Average Number of Days Overdue | 78 | ||||||||||
Kenya Power and Lighting Co LTD [Member] | Subsequent Event [Member] | |||||||||||
Proceeds, Overdue Accounts Receivable | $ 16,200 | ||||||||||
ENNE [Member] | |||||||||||
Accounts Receivable, Past Due | $ 20,100 | ||||||||||
ENNE [Member] | Subsequent Event [Member] | |||||||||||
Proceeds, Overdue Accounts Receivable | $ 2,900 | ||||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member] | |||||||||||
Concentration Risk, Percentage | 65.00% | 58.00% | |||||||||
Non-US [Member] | |||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 111,300 | $ 118,800 |
Note 1 - Business and Signifi_4
Note 1 - Business and Significant Accounting Policies 2 (Details Textual) - Product [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Dec. 31, 2020 |
Revenue, Remaining Performance Obligation, Percentage | 100.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 24 months |
Note 1 - Business and Signifi_5
Note 1 - Business and Significant Accounting Policies - Cash and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | $ 448,252 | $ 71,173 | $ 98,802 | |
Restricted cash and cash equivalents | 88,526 | 81,937 | 78,693 | |
Total cash and cash equivalents and restricted cash and cash equivalents | $ 536,778 | $ 153,110 | $ 177,495 | $ 96,643 |
Note 1 - Business and Signifi_6
Note 1 - Business and Significant Accounting Policies - Property, Plant, and Equipment Estimated Useful Life (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Building [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 25 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 15 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 30 years |
Machinery And Equipment - Manufacturing And Drilling [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 10 years |
Machinery and Equipment - Computers [Member] | Minimum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 3 years |
Machinery and Equipment - Computers [Member] | Maximum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 5 years |
Energy Equipment [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 15 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 15 years |
Office Equipment - Other [Member] | Minimum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 5 years |
Office Equipment - Other [Member] | Maximum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 10 years |
Vehicles [Member] | Minimum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 5 years |
Vehicles [Member] | Maximum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 7 years |
Note 1 - Business and Signifi_7
Note 1 - Business and Significant Accounting Policies - Contract Assets (Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Contract assets (*) | [1] | $ 24,544 | $ 38,365 |
Contract liabilities (*) | [1] | (11,179) | (2,755) |
Recognition of contract liabilities as revenue as a result of performance obligations satisfied | 5,336 | 12,675 | |
Cash received in advance for which revenues have not yet recognized, net of expenditures made | (11,177) | (3,323) | |
Reduction of contract assets as a result of rights to consideration becoming unconditional | (145,548) | (130,918) | |
Contract assets recognized, net of recognized receivables | 129,144 | 133,448 | |
Net change in contract assets and contract liabilities | (16,404) | 2,530 | |
Net change in contract assets and contract liabilities | $ (5,841) | $ 9,352 | |
[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 years ended December 31, 2020 and 2019 as a result of performance obligations satisfied. |
Note 1 - Business and Signifi_8
Note 1 - Business and Significant Accounting Policies - Impact of Adoption (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | ||
Revenue | [1] | $ 705,342 | $ 746,044 | $ 719,267 | |||||||||
Prepaid expenses and other | $ 15,354 | $ 12,667 | 15,354 | 12,667 | 51,441 | $ 16,056 | |||||||
Deferred financing and lease costs, net | 3,242 | 1,583 | |||||||||||
Property, plant and equipment, net | 2,099,046 | 1,971,415 | 2,099,046 | 1,971,415 | 1,959,578 | 1,946,723 | |||||||
Operating leases right of use | 16,347 | 17,405 | 16,347 | 17,405 | 0 | 62,244 | |||||||
Finance leases right of use | 11,633 | 14,161 | 11,633 | 14,161 | 0 | 13,476 | |||||||
Accounts payable and accrued expenses | 152,763 | 141,857 | 152,763 | 141,857 | 116,362 | 113,502 | |||||||
Current maturity of operating lease liabilities | 2,922 | 2,743 | 2,922 | 2,743 | 0 | 7,532 | |||||||
Current maturity of finance lease liabilities | 3,169 | 3,068 | 3,169 | 3,068 | 0 | 2,841 | |||||||
Other long-term liabilities | 6,235 | 8,039 | 6,235 | 8,039 | 16,087 | 6,117 | |||||||
Long term portion of operating lease liabilities | 12,897 | 14,008 | 12,897 | 14,008 | 0 | 17,668 | |||||||
Long term portion of finance lease liabilities | 9,104 | 11,209 | 9,104 | 11,209 | 0 | 10,668 | |||||||
Retained earnings | 550,103 | 487,873 | 550,103 | 487,873 | 422,222 | 422,164 | |||||||
Accounting Standards Update 2016-02 [Member] | |||||||||||||
Prepaid expenses and other | (35,385) | ||||||||||||
Deferred financing and lease costs, net | (1,659) | ||||||||||||
Property, plant and equipment, net | (12,855) | ||||||||||||
Operating leases right of use | 62,244 | ||||||||||||
Finance leases right of use | 13,476 | ||||||||||||
Accounts payable and accrued expenses | (2,860) | ||||||||||||
Current maturity of operating lease liabilities | 7,532 | ||||||||||||
Current maturity of finance lease liabilities | 2,841 | ||||||||||||
Other long-term liabilities | (9,970) | ||||||||||||
Long term portion of operating lease liabilities | 17,668 | ||||||||||||
Long term portion of finance lease liabilities | 10,668 | ||||||||||||
Retained earnings | $ (58) | ||||||||||||
Electricity [Member] | |||||||||||||
Revenue | $ 146,192 | $ 123,660 | $ 128,685 | $ 142,856 | $ 144,368 | $ 123,978 | $ 129,079 | $ 142,908 | 541,393 | 540,333 | $ 509,879 | ||
Electricity [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||||||
Revenue | 473,260 | 479,059 | |||||||||||
Electricity and Product Revenue [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||||
Revenue | $ 232,082 | $ 266,985 | |||||||||||
[1] | Revenues as reported in the geographic area in which they originate. |
Note 1 - Business and Signifi_9
Note 1 - Business and Significant Accounting Policies - ROU Assets Useful Life (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Automobiles [Member] | ROA Asset [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 5 years |
Building [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 25 years |
Building [Member] | ROA Asset [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 15 years |
Note 1 - Business and Signif_10
Note 1 - Business and Significant Accounting Policies - Shares Used to Calculate Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted average number of shares used in computation of basic earnings per share (in shares) | 53,106 | 51,072 | 51,043 | 51,036 | 51,017 | 50,933 | 50,800 | 50,709 | 51,567 | 50,867 | 50,643 |
Additional shares from the assumed exercise of employee stock options (in shares) | 370 | 360 | 326 | ||||||||
Diluted (in shares) | 53,551 | 51,282 | 51,362 | 51,526 | 51,511 | 51,334 | 51,094 | 51,012 | 51,937 | 51,227 | 50,969 |
Note 1 - Business and Signif_11
Note 1 - Business and Significant Accounting Policies - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Redeemable noncontrolling interest as of January 1, | $ 9,250 | $ 8,603 |
Redeemable noncontrolling interest in results of operation of a consolidated subsidiary | 1,330 | 1,132 |
Cash paid to noncontrolling interest | (1,779) | (252) |
Currency translation adjustments | 1,029 | (233) |
Redeemable noncontrolling interest as of December 31, | $ 9,830 | $ 9,250 |
Note 1 - Business and Signif_12
Note 1 - Business and Significant Accounting Policies - Changes in the Allowance for Expected Credit Losses (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Beginning balance of the allowance for expected credit losses | $ 0 |
Ending balance of the allowance for expected credit losses | 597 |
Accounting Standards Update 2016-13 [Member] | |
Beginning balance of the allowance for expected credit losses | 755 |
Change in the provision for expected credit losses for the period | (158) |
Ending balance of the allowance for expected credit losses | $ 597 |
Note 2 - Business Acquisition_3
Note 2 - Business Acquisitions and Others (Details Textual) $ in Thousands | Jul. 20, 2020USD ($) | Jul. 02, 2019USD ($) | Apr. 24, 2018USD ($)MWh | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Payments to Acquire Equity Method Investments | $ 20,960 | $ 10,674 | $ 3,800 | ||||
Ijen Geothermal Project Company [Member] | |||||||
Equity Method Investment, Ownership Percentage | 49.00% | ||||||
Payments to Acquire Equity Method Investments | $ 2,700 | $ 21,000 | $ 7,400 | ||||
Pomona Energy Storage [Member] | Southern California Edison Company [Member] | |||||||
Energy Storage Resource Agreement, Term (Year) | 10 years | ||||||
Subsidiary of Medco Power [Member] | Ijen Geothermal Project Company [Member] | |||||||
Ownership Percentage Of Common Shares Outstanding | 51.00% | ||||||
Pomona Energy Storage [Member] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||
Business Combination, Consideration Transferred, Total | $ 43,400 | ||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 4,800 | ||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 1,600 | ||||||
Pomona Energy Storage [Member] | Long-term Energy Storage Resource Adequacy Agreement [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 18,000 | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 6 years 6 months | ||||||
Pomona Energy Storage [Member] | Other Contract Rights [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2,400 | ||||||
U.S. Geothermal [Member] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||
Business Combination, Consideration Transferred, Total | $ 110,000 | ||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 21,400 | ||||||
Payments to Acquire Businesses, Gross | $ 110,000 | ||||||
Current Power Generation (Megawatt-Hour) | MWh | 38 | ||||||
Business Acquisition, Pro Forma Operating Income (Loss) since Acquisition Date, Actual | $ 2,500 | ||||||
U.S. Geothermal [Member] | Neal Hot Springs [Member] | |||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 34,900 | ||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Percent | 40.00% | ||||||
U.S. Geothermal [Member] | Neal Hot Springs [Member] | Measurement Input, Expected Term [Member] | |||||||
Noncontrolling Interest, Measurement Input | 20 | ||||||
U.S. Geothermal [Member] | Neal Hot Springs [Member] | Measurement Input, Discount Rate [Member] | |||||||
Noncontrolling Interest, Measurement Input | 0.09 | ||||||
U.S. Geothermal [Member] | Long-term Electricity Power Purchase Agreements [Member] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 19 years | ||||||
U.S. Geothermal [Member] | Ormat Nevada Inc. [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 106,000 | ||||||
U.S. Geothermal [Member] | Heit vs Ormat Technologies, Inc. [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 4,000 |
Note 2 - Business Acquisition_4
Note 2 - Business Acquisitions and Others - Fair Value of Amounts of Identified Assets and Liabilities Assumed in a Business Combination (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jul. 20, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 24, 2018 | |
Goodwill (2) | $ 24,566 | $ 20,140 | $ 19,950 | |||
Pomona Energy Storage [Member] | ||||||
Trade and other receivables | $ 1,000 | |||||
Property, plant and equipment, net | 20,100 | |||||
Intangible assets (1) | [1] | 20,400 | ||||
Goodwill (2) | [2] | 4,100 | ||||
Total assets acquired | 45,600 | |||||
Liabilities assumed | (2,200) | |||||
Total assets acquired and liabilities assumed, net | 43,400 | |||||
Total liabilities assumed | $ (2,200) | |||||
U.S. Geothermal [Member] | ||||||
Property, plant and equipment, net | $ 77,300 | |||||
Intangible assets (1) | [3] | 127,000 | ||||
Goodwill (2) | [4] | 12,700 | ||||
Total assets acquired | 256,600 | |||||
Liabilities assumed | (150,400) | |||||
Total assets acquired and liabilities assumed, net | 106,200 | |||||
Cash and cash equivalents and restricted cash | 37,900 | |||||
Deferred taxes | 1,700 | |||||
Other working capital | (8,200) | |||||
Long-term term debt | (98,300) | |||||
Asset retirement obligation | (9,000) | |||||
Noncontrolling interest | (34,900) | |||||
Total liabilities assumed | $ (150,400) | |||||
[1] | Intangible assets of $18.0 million are related to a long-term energy storage resource adequacy agreement with SCE and are depreciated over a period of approximately 6.5 years. The remaining $2.4 million is related to certain other contract rights. | |||||
[2] | Goodwill is primarily related to certain potential future economic benefits arising from assets acquired. Goodwill is allocated to the Energy Storage segment and is deductible for tax purposes. | |||||
[3] | Intangible assets are primarily related to long-term electricity power purchase agreements and depreciated over an average of 19 years. | |||||
[4] | Goodwill is primarily related to the expected synergies in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and not deductible for tax purposes. |
Note 2 - Business Acquisition_5
Note 2 - Business Acquisitions and Others - Summary of Pro Forma Information Related to a Business Combination (Details) - U.S. Geothermal [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Business Acquisition, Pro Forma Revenue | $ 730,563 |
Income from continuing operations before income taxes and equity in losses of investees | 134,142 |
Electricity Segment [Member] | |
Business Acquisition, Pro Forma Revenue | $ 521,175 |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories, Current (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Raw materials and purchased parts for assembly | $ 14,835 | $ 21,942 |
Self-manufactured assembly parts and finished products | 20,486 | 13,007 |
Total | $ 35,321 | $ 34,949 |
Note 4 - Cost and Estimated E_3
Note 4 - Cost and Estimated Earnings on Uncompleted Contracts - Cost and Estimated Earnings on Uncompleted Contracts (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Costs and estimated earnings incurred on uncompleted contracts | $ 227,591 | $ 196,550 |
Less billings to date | (214,226) | (160,940) |
Total | $ 13,365 | $ 35,610 |
Note 4 - Cost and Estimated E_4
Note 4 - Cost and Estimated Earnings on Uncompleted Contracts - Cost and Estimated Earnings on Uncompleted Contracts Included in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Costs and estimated earnings in excess of billings on uncompleted contracts | $ 24,544 | $ 38,365 |
Billings in excess of costs and estimated earnings on uncompleted contracts | (11,179) | (2,755) |
Total | $ 13,365 | $ 35,610 |
Note 5 - Investment in Uncons_3
Note 5 - Investment in Unconsolidated Companies (Details Textual) - Sarulla [Member] $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)MWh | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Jointly Owned Utility Plant, Proportionate Ownership Share | 12.75% | ||
Expected Power Generating Capacity (Megawatt-Hour) | MWh | 330 | ||
Number of Phases of Construction | 3 | ||
Power Utilization (Megawatt-Hour) | MWh | 110 | ||
Power Plant Usage Agreement Term (Year) | 30 years | ||
Payments to Acquire Projects | $ 0 | $ 0 | $ 3,800 |
Accumulated Cash Contributions to Acquire Projects | 62,000 | ||
Interest Rate Swap [Member] | |||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax, Ending Balance | $ 10,300 | $ 6,300 |
Note 5 - Investment in Uncons_4
Note 5 - Investment in Unconsolidated Companies - Unconsolidated Investments Mainly in Power Plants (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total investment in unconsolidated companies | $ 98,217 | $ 81,140 |
Sarulla [Member] | ||
Total investment in unconsolidated companies | 67,451 | 70,589 |
Ijen Geothermal Project Company [Member] | ||
Total investment in unconsolidated companies | $ 30,766 | $ 10,551 |
Note 5 - Investment in Uncons_5
Note 5 - Investment in Unconsolidated Companies - Unrealized Gain (Loss) on Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Rate Swap [Member] | Sarulla [Member] | ||
Change, net of deferred tax, in unrealized gains (losses) in respect of the Company’s share in derivative instruments of unconsolidated investment | $ (3,975) | $ (3,417) |
Note 6 - Variable Interest En_3
Note 6 - Variable Interest Entities - Assets and Liabilities for the Company's 2015 Variable Interest Entity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | ||||
Restricted cash and cash equivalents (primarily related to VIEs) | $ 88,526 | $ 81,937 | ||||||
Property, plant and equipment, net | 2,099,047 | 1,971,415 | ||||||
Construction-in-process | 479,315 | 376,555 | ||||||
Total assets | [1] | 3,888,987 | [2] | 3,250,494 | [3] | $ 3,121,350 | [4] | |
Accounts payable and accrued expenses | 152,763 | 141,857 | $ 113,502 | 116,362 | ||||
Long-term debt | 1,474,174 | |||||||
Other long-term liabilities | 6,235 | 8,039 | 6,117 | 16,087 | ||||
Total liabilities | 1,937,720 | 1,725,834 | ||||||
Assets: | ||||||||
Restricted cash and cash equivalents | 88,526 | 81,937 | 78,693 | |||||
Property, plant and equipment, net | 2,099,047 | 1,971,415 | ||||||
Construction-in-process | 479,315 | 376,555 | ||||||
Total assets | [1] | 3,888,987 | [2] | 3,250,494 | [3] | 3,121,350 | [4] | |
Liabilities: | ||||||||
Accounts payable and accrued expenses | 152,763 | 141,857 | 113,502 | 116,362 | ||||
Long-term debt | 1,474,174 | |||||||
Other long-term liabilities | 6,235 | 8,039 | $ 6,117 | $ 16,087 | ||||
Total liabilities | 1,937,720 | 1,725,834 | ||||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Construction-in-process | 198,812 | 149,830 | ||||||
Assets: | ||||||||
Construction-in-process | 198,812 | 149,830 | ||||||
Variable Interest Entity, Primary Beneficiary [Member] | Project Debt [Member] | ||||||||
Restricted cash and cash equivalents (primarily related to VIEs) | 86,581 | |||||||
Other current assets | 133,017 | 164,386 | ||||||
Property, plant and equipment, net | 1,208,165 | 1,211,656 | ||||||
Construction-in-process | 27,440 | 10,188 | ||||||
Other long-term assets | 156,000 | 162,995 | ||||||
Total assets | 1,611,203 | 1,630,747 | ||||||
Accounts payable and accrued expenses | 21,958 | 25,361 | ||||||
Long-term debt | 730,177 | 794,214 | ||||||
Other long-term liabilities | 143,985 | 126,851 | ||||||
Total liabilities | 896,120 | 946,426 | ||||||
Assets: | ||||||||
Restricted cash and cash equivalents | 81,522 | |||||||
Other current assets | 133,017 | 164,386 | ||||||
Property, plant and equipment, net | 1,208,165 | 1,211,656 | ||||||
Construction-in-process | 27,440 | 10,188 | ||||||
Other long-term assets | 156,000 | 162,995 | ||||||
Total assets | 1,611,203 | 1,630,747 | ||||||
Liabilities: | ||||||||
Accounts payable and accrued expenses | 21,958 | 25,361 | ||||||
Long-term debt | 730,177 | 794,214 | ||||||
Other long-term liabilities | 143,985 | 126,851 | ||||||
Total liabilities | 896,120 | 946,426 | ||||||
Variable Interest Entity, Primary Beneficiary [Member] | Power Purchase Agreement [Member] | ||||||||
Restricted cash and cash equivalents (primarily related to VIEs) | 0 | |||||||
Other current assets | 30,917 | 29,076 | ||||||
Property, plant and equipment, net | 770,055 | 668,891 | ||||||
Construction-in-process | 171,372 | 139,642 | ||||||
Other long-term assets | 60,143 | 40,138 | ||||||
Total assets | 1,032,487 | 877,767 | ||||||
Accounts payable and accrued expenses | 15,362 | 13,201 | ||||||
Long-term debt | 0 | 0 | ||||||
Other long-term liabilities | 39,486 | 32,790 | ||||||
Total liabilities | 54,848 | 45,991 | ||||||
Assets: | ||||||||
Restricted cash and cash equivalents | 20 | |||||||
Other current assets | 30,917 | 29,076 | ||||||
Property, plant and equipment, net | 770,055 | 668,891 | ||||||
Construction-in-process | 171,372 | 139,642 | ||||||
Other long-term assets | 60,143 | 40,138 | ||||||
Total assets | 1,032,487 | 877,767 | ||||||
Liabilities: | ||||||||
Accounts payable and accrued expenses | 15,362 | 13,201 | ||||||
Long-term debt | 0 | 0 | ||||||
Other long-term liabilities | 39,486 | 32,790 | ||||||
Total liabilities | $ 54,848 | $ 45,991 | ||||||
[1] | Electricity segment assets include goodwill in the amount of $20.5 million, $20.1 million and $20.0 million as of December 31, 2020, 2019 and 2018, respectively. Energy Storage segment assets include goodwill in the amount of $4.1 million as of December 31, 2020. No goodwill is included in the Product segment assets as of December 31, 2020, 2019 and 2018. | |||||||
[2] | Including unconsolidated investments 98,217 — — 98,217 | |||||||
[3] | Including unconsolidated investments 81,140 — — 81,140 | |||||||
[4] | Including unconsolidated investments 71,983 — — 71,983 |
Note 7 - Fair Value of Financ_3
Note 7 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2018 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | $ 1,100 | |
Cross Currency Interest Rate Contract [Member] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 1,095 | $ 24 |
Cross Currency Interest Rate Contract [Member] | Deposits and Other and Accounts Payable and Accrued Expenses [Member] | ||
Derivatives, Cash Collateral Deposits | $ 0 |
Note 7 - Fair Value of Financ_4
Note 7 - Fair Value of Financial Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Reported Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | $ 28,653 | $ 28,316 | |
Fair Value, Net Asset (Liability), Total | 52,685 | 25,421 | |
Reported Value Measurement [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 111 | 102 |
Reported Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | 1,554 | 362 |
Reported Value Measurement [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative Asset, Noncurrent | [3] | 27,829 | |
Derivative Liability, Current | [2] | (2,283) | |
Reported Value Measurement [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | (549) | (3,359) |
Derivative Liability, Noncurrent | [1] | (2,630) | |
Estimate of Fair Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | 28,653 | 28,316 | |
Fair Value, Net Asset (Liability), Total | 52,685 | 25,421 | |
Estimate of Fair Value Measurement [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 111 | 102 |
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | 1,554 | 362 |
Estimate of Fair Value Measurement [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative Asset, Noncurrent | [3] | 27,829 | |
Derivative Liability, Current | [2] | (2,283) | |
Estimate of Fair Value Measurement [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | (549) | (3,359) |
Derivative Liability, Noncurrent | [1] | (2,630) | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents (including restricted cash accounts) | 28,653 | 28,316 | |
Fair Value, Net Asset (Liability), Total | 28,653 | 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] | Cross Currency Interest Rate Contract [Member] | |||
Derivative Asset, Noncurrent | [3] | 0 | |
Derivative Liability, Current | [2] | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | 0 | 0 |
Derivative Liability, Noncurrent | [1] | 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 | 27,100 | 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] | 1,554 | 362 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative Asset, Noncurrent | [3] | 27,829 | |
Derivative Liability, Current | [2] | (2,283) | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | 0 | 0 |
Derivative Liability, Noncurrent | [1] | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash equivalents (including restricted cash accounts) | 0 | 0 | |
Fair Value, Net Asset (Liability), Total | (3,068) | (3,257) | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 111 | 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] | Cross Currency Interest Rate Contract [Member] | |||
Derivative Asset, Noncurrent | [3] | 0 | |
Derivative Liability, Current | [2] | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | (549) | $ (3,359) |
Derivative Liability, Noncurrent | [1] | $ (2,630) | |
[1] | These amounts relate to contingent receivables and payables and warrants pertaining to the Guadeloupe power plant purchase transaction, valued primarily based on unobservable inputs and are included within "Prepaid expenses and other", "Accounts payable and accrued expenses" and "Other long-term liabilities" on December 31, 2020 and 2019 in the consolidated balance sheets with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the consolidated statement of operations and comprehensive income. | ||
[2] | These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within "Receivables, other" on December 31, 2020 and December 31, 2019, in the consolidated balance sheet with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the consolidated statement of operations and comprehensive income. | ||
[3] | These amounts relate to CCS contracts valued primarily based on the present value of the CCS future settlement prices for USD and NIS zero yield curves and the applicable exchange rate as of December 31, 2020. These amounts are included within “Deposits and other” and "Accounts payable and accrued expenses" on December 31, 2020 in the consolidated balance sheets. There are no cash collateral deposits on December 31, 2020. |
Note 7 - Fair Value of Financ_5
Note 7 - 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 | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Amount of gain (loss) recognized | $ 5,175 | $ 2,556 | $ 7,411 | |
Foreign Currency Gain (Loss) [Member] | Contingent Receivable [Member] | ||||
Amount of gain (loss) recognized | 0 | 0 | 170 | |
Foreign Currency Gain (Loss) [Member] | Currency Forward Contracts [Member] | ||||
Amount of gain (loss) recognized | [1] | 5,175 | 2,556 | (3,081) |
Foreign Currency Gain (Loss) [Member] | Cross Currency Interest Rate Contract [Member] | ||||
Amount of gain (loss) recognized | [2] | 21,187 | 0 | 0 |
General and Administrative Expense [Member] | Contingent Receivable [Member] | ||||
Amount of gain (loss) recognized | $ 0 | $ 0 | $ 10,322 | |
[1] | The foregoing forward and put options transactions have not been designated as hedge transactions and are marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income. | |||
[2] | The foregoing cross currency swap transactions were designated as a cash flow hedge as further described under note 11 to the consolidated financial statements. The changes in the CCS fair value are initially recorded in "Other comprehensive income (loss)" and a corresponding amount is reclassified out of "Accumulated other comprehensive income (loss)" to "Derivatives and foreign currency transaction gains (losses)" to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the consolidated statements of operations and comprehensive income. |
Note 7 - Fair Value of Financ_6
Note 7 - Fair Value of Financial Instruments - Derivative Instruments in Other Comprehensive Income (Loss) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($) | ||
Balance in Other comprehensive income (loss) beginning of period | $ 1,515,410 | |
Balance in Other comprehensive income (loss) end of period | 1,941,437 | |
Cross Currency Interest Rate Contract [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||
Balance in Other comprehensive income (loss) beginning of period | 0 | |
Gain or (loss) recognized in Other comprehensive income (loss) | 24,553 | [1] |
Amount reclassified from Other comprehensive income (loss) into earnings | (21,187) | |
Balance in Other comprehensive income (loss) end of period | $ 3,366 | |
[1] | The amount of gain or (loss) recognized in Other comprehensive income (loss) is net of tax of $1.1 million. |
Note 7 - Fair Value of Financ_7
Note 7 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Olkaria III OPIC [Member] | ||
Loans | $ 192.5 | $ 202.1 |
Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 40.4 | 43.8 |
Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 35.8 | 38.8 |
Platanares Loan - OPIC [Member] | ||
Loans | 112.1 | 115.3 |
Amatitlan Loan [Member] | ||
Loans | 23.5 | 26.4 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 78.5 | 78.5 |
USG Prudential - NV [Member] | ||
Notes | 31.8 | 30.6 |
USG Prudential - ID [Member] | ||
Notes | 18.3 | 18.6 |
USG DOE [Member] | ||
Notes | 45.1 | 45 |
Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 585.1 | 205.7 |
Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 222.2 | 161.3 |
Plumstriker Loan Agreement [Member] | ||
Loans | 18.1 | |
Senior Unsecured debt | 21.7 | |
Estimate of Fair Value Measurement [Member] | ||
Other long-term debt | 17.4 | 16.3 |
Estimate of Fair Value Measurement [Member] | Olkaria III OPIC [Member] | ||
Loans | 192.5 | 202.1 |
Estimate of Fair Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 40.4 | 43.8 |
Estimate of Fair Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 35.8 | 38.8 |
Estimate of Fair Value Measurement [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 112.1 | 115.3 |
Estimate of Fair Value Measurement [Member] | Amatitlan Loan [Member] | ||
Loans | 23.5 | 26.4 |
Estimate of Fair Value Measurement [Member] | OFC Two Senior Secured Notes [Member] | ||
Notes | 207.9 | 210.9 |
Estimate of Fair Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 78.5 | 78.5 |
Estimate of Fair Value Measurement [Member] | USG Prudential - NV [Member] | ||
Notes | 31.8 | 30.6 |
Estimate of Fair Value Measurement [Member] | USG Prudential - ID [Member] | ||
Notes | 18.3 | 18.6 |
Estimate of Fair Value Measurement [Member] | USG DOE [Member] | ||
Notes | 45.1 | 45 |
Estimate of Fair Value Measurement [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 585.1 | 205.7 |
Estimate of Fair Value Measurement [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 222.2 | 161.3 |
Estimate of Fair Value Measurement [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | 18.1 | 21.7 |
Reported Value Measurement [Member] | ||
Other long-term debt | 17.6 | 17.4 |
Reported Value Measurement [Member] | Olkaria III OPIC [Member] | ||
Loans | 174.7 | 192.6 |
Reported Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 37.5 | 42.5 |
Reported Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 32.8 | 37.1 |
Reported Value Measurement [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 96.3 | 104.5 |
Reported Value Measurement [Member] | Amatitlan Loan [Member] | ||
Loans | 22.8 | 26.3 |
Reported Value Measurement [Member] | OFC Two Senior Secured Notes [Member] | ||
Notes | 188.2 | 203 |
Reported Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 73.1 | 78.2 |
Reported Value Measurement [Member] | USG Prudential - NV [Member] | ||
Notes | 27.6 | 28.4 |
Reported Value Measurement [Member] | USG Prudential - ID [Member] | ||
Notes | 18.4 | 19.6 |
Reported Value Measurement [Member] | USG DOE [Member] | ||
Notes | 38.2 | 40.8 |
Reported Value Measurement [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 529.1 | 204.3 |
Reported Value Measurement [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 200 | 150 |
Reported Value Measurement [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | $ 18.1 | $ 21.6 |
Note 7 - Fair Value of Financ_8
Note 7 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits | $ 14.8 | $ 12.2 |
Revolving lines of credit | 40.6 | |
Commercial Paper [Member] | ||
Commercial paper | 50 | |
Olkaria III OPIC [Member] | ||
Loans | 192.5 | 202.1 |
Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 40.4 | 43.8 |
Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 35.8 | 38.8 |
Platanares Loan - OPIC [Member] | ||
Loans | 112.1 | 115.3 |
Amatitlan Loan [Member] | ||
Loans | 23.5 | 26.4 |
OFC Senior Secured Notes [Member] | ||
Notes | 207.9 | 210.9 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 78.5 | 78.5 |
USG Prudential - NV [Member] | ||
Notes | 31.8 | 30.6 |
USG Prudential - ID [Member] | ||
Notes | 18.3 | 18.6 |
USG DOE [Member] | ||
Notes | 45.1 | 45 |
Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 585.1 | 205.7 |
Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 222.2 | 161.3 |
Plumstriker Loan Agreement [Member] | ||
Loans | 18.1 | |
Senior Unsecured debt | 21.7 | |
Other Long-term Debt [Member] | ||
Senior Unsecured debt | 17.4 | 16.3 |
Fair Value, Inputs, Level 1 [Member] | ||
Deposits | 14.8 | 12.2 |
Revolving lines of credit | 0 | |
Fair Value, Inputs, Level 1 [Member] | Commercial Paper [Member] | ||
Commercial paper | 0 | |
Fair Value, Inputs, Level 1 [Member] | Olkaria III OPIC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Olkaria 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] | ||
Deposits | 0 | 0 |
Revolving lines of credit | 40.6 | |
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ||
Commercial paper | 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 | 23.5 | 26.4 |
Fair Value, Inputs, Level 2 [Member] | OFC Senior Secured Notes [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | USG Prudential - NV [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | USG Prudential - ID [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | USG DOE [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | 18.1 | |
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] | ||
Deposits | 0 | 0 |
Revolving lines of credit | 0 | |
Fair Value, Inputs, Level 3 [Member] | Commercial Paper [Member] | ||
Commercial paper | 0 | |
Fair Value, Inputs, Level 3 [Member] | Olkaria III OPIC [Member] | ||
Loans | 192.5 | 202.1 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 40.4 | 43.8 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 35.8 | 38.8 |
Fair Value, Inputs, Level 3 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 112.1 | 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 | 207.9 | 210.9 |
Fair Value, Inputs, Level 3 [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 78.5 | 78.5 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - NV [Member] | ||
Notes | 31.8 | 30.6 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - ID [Member] | ||
Notes | 18.3 | 18.6 |
Fair Value, Inputs, Level 3 [Member] | USG DOE [Member] | ||
Notes | 45.1 | 45 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 585.1 | 205.7 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 222.2 | 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 | $ 17.4 | $ 16.3 |
Note 8 - Property, Plant and _3
Note 8 - Property, Plant and Equipment and Construction-in-process (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 22, 2014 | |
Depreciation, Total | $ 133.5 | $ 126.7 | $ 114.4 | |
Depreciation Net Of Amortization Of Cash Grant | 7.3 | 7.3 | $ 6.4 | |
Property, Plant and Equipment Including Construction In Progress, Net | 2,081.6 | 1,841.4 | ||
Property, Plant and Equipment, Cash Grant, Net | 155 | 162.3 | ||
Geotermica Platanares [Member] | ||||
Property, Plant and Equipment Including Construction In Progress, Net | $ 97.2 | 96.1 | ||
Power Plant Usage Agreement Term (Year) | 15 years | |||
Geothermie Bouillante SA (“GB”) [Member] | ||||
Property, Plant and Equipment Including Construction In Progress, Net | $ 32 | 24.5 | ||
Orzunil I de Electricidad, Limitada [Member] | ||||
Property, Plant and Equipment Including Construction In Progress, Net | 10.1 | 10.3 | ||
Ortitlan Limitada [Member] | ||||
Property, Plant and Equipment Including Construction In Progress, Net | $ 42 | 42.8 | ||
Kenya Power and Lighting Co Limited [Member] | ||||
Power Purchase Agreements Term (Year) | 20 years | |||
Zunil Power Plant In Guatemala [Member] | Instituto Nacional de Electrificacion (INDE) [Member] | Orzunil I de Electricidad, Limitada [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 3.00% | |||
ENEE [Member] | Geotermica Platanares [Member] | ||||
Power Plant Usage Agreement Term (Year) | 30 years | |||
EDF [Member] | Geothermie Bouillante SA (“GB”) [Member] | ||||
Power Purchase Agreements Term (Year) | 15 years | |||
Foreign Countries [Member] | ||||
Property, Plant and Equipment Including Construction In Progress, Net | $ 496.8 | 506.6 | ||
KENYA | Power Plants [Member] | ||||
Property, Plant and Equipment Including Construction In Progress, Net | $ 289.3 | $ 284.5 |
Note 8 - Property, Plant and _4
Note 8 - Property, Plant and Equipment and Construction-in-process - Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, plant and equipment | $ 3,494,590 | $ 3,225,949 |
Asset retirement cost | 28,946 | 19,824 |
Less accumulated depreciation | (1,395,543) | (1,254,534) |
Property, plant and equipment, net | 2,099,047 | 1,971,415 |
Land [Member] | ||
Property, plant and equipment | 40,157 | 38,049 |
Leasehold Improvements [Member] | ||
Property, plant and equipment | 8,477 | 7,757 |
Machinery and Equipment [Member] | ||
Property, plant and equipment | 271,981 | 230,465 |
Office Equipment [Member] | ||
Property, plant and equipment | 43,555 | 39,099 |
Vehicles [Member] | ||
Property, plant and equipment | 8,960 | 8,021 |
Energy Equipment [Member] | ||
Property, plant and equipment | 63,562 | 32,896 |
Geothermal And Recovered Energy Generation Power Plants [Member] | UNITED STATES | ||
Property, plant and equipment | 2,296,415 | 2,128,014 |
Geothermal And Recovered Energy Generation Power Plants [Member] | Foreign Countries [Member] | ||
Property, plant and equipment | $ 732,537 | $ 721,824 |
Note 8 - Property, Plant and _5
Note 8 - Property, Plant and Equipment and Construction-in-process - Construction-in-process (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Construction in progress | $ 479,315 | $ 376,555 | ||
Projects Under Exploration and Development [Member] | ||||
Construction in progress | 51,528 | 84,637 | $ 70,958 | $ 63,875 |
Projects Under Exploration and Development [Member] | Up-front Bonus Lease Costs [Member] | ||||
Construction in progress | 5,347 | 17,018 | 17,018 | 17,018 |
Projects Under Exploration and Development [Member] | Exploration and Development Costs [Member] | ||||
Construction in progress | 45,478 | 66,916 | 53,237 | 46,154 |
Projects Under Exploration and Development [Member] | Interest Capitalized [Member] | ||||
Construction in progress | 703 | 703 | $ 703 | $ 703 |
Projects Under Construction [Member] | ||||
Construction in progress | 427,787 | 291,918 | ||
Projects Under Construction [Member] | Up-front Bonus Lease Costs [Member] | ||||
Construction in progress | 39,144 | 27,473 | ||
Projects Under Construction [Member] | Interest Capitalized [Member] | ||||
Construction in progress | 9,526 | 5,961 | ||
Projects Under Construction [Member] | Drilling And Construction Costs [Member] | ||||
Construction in progress | $ 379,117 | $ 258,484 |
Note 8 - Property, Plant and _6
Note 8 - Property, Plant and Equipment and Construction-in-process - Activity in Construction and Development (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 376,555 | $ 376,555 | |||||||||
Write off of unsuccessful exploration costs | 0 | $ 0 | $ (126) | ||||||||
Balance | $ 479,315 | $ 376,555 | 479,315 | 376,555 | |||||||
Business interruption insurance income | 0 | $ (17,761) | $ (585) | (2,397) | 0 | $ 0 | $ 0 | $ 0 | (20,743) | 0 | 0 |
Projects Under Exploration and Development [Member] | |||||||||||
Balance | 84,637 | 70,958 | 84,637 | 70,958 | 63,875 | ||||||
Cost incurred during the year | 5,832 | 17,215 | 7,209 | ||||||||
Write off of unsuccessful exploration costs | (126) | ||||||||||
Transfer of projects under exploration and development to projects under construction | (38,941) | (3,536) | |||||||||
Balance | 51,528 | 84,637 | 51,528 | 84,637 | 70,958 | ||||||
Projects Under Exploration and Development [Member] | Up-front Bonus Lease Costs [Member] | |||||||||||
Balance | 17,018 | 17,018 | 17,018 | 17,018 | 17,018 | ||||||
Cost incurred during the year | 0 | 0 | 0 | ||||||||
Write off of unsuccessful exploration costs | 0 | ||||||||||
Transfer of projects under exploration and development to projects under construction | (11,671) | 0 | |||||||||
Balance | 5,347 | 17,018 | 5,347 | 17,018 | 17,018 | ||||||
Projects Under Exploration and Development [Member] | Exploration and Development Costs [Member] | |||||||||||
Balance | 66,916 | 53,237 | 66,916 | 53,237 | 46,154 | ||||||
Cost incurred during the year | 5,832 | 17,215 | 7,209 | ||||||||
Write off of unsuccessful exploration costs | (126) | ||||||||||
Transfer of projects under exploration and development to projects under construction | (27,270) | (3,536) | |||||||||
Balance | 45,478 | 66,916 | 45,478 | 66,916 | 53,237 | ||||||
Projects Under Exploration and Development [Member] | Interest Capitalized [Member] | |||||||||||
Balance | 703 | 703 | 703 | 703 | 703 | ||||||
Cost incurred during the year | 0 | 0 | 0 | ||||||||
Write off of unsuccessful exploration costs | 0 | ||||||||||
Transfer of projects under exploration and development to projects under construction | 0 | 0 | |||||||||
Balance | 703 | 703 | 703 | 703 | 703 | ||||||
Construction in Progress [Member] | |||||||||||
Balance | 291,918 | 190,732 | 291,918 | 190,732 | 229,667 | ||||||
Cost incurred during the year | 301,780 | 267,237 | 219,610 | ||||||||
Transfer of projects under exploration and development to projects under construction | 38,941 | 3,536 | |||||||||
Balance | 427,787 | 291,918 | 427,787 | 291,918 | 190,732 | ||||||
Cost write off | (1,380) | ||||||||||
Fair value of projects under construction acquired in a buisness combination | 4,668 | ||||||||||
Transfer of completed projects to property, plant and equipment | (204,852) | (134,152) | (261,833) | ||||||||
Business interruption insurance income | (35,435) | ||||||||||
Construction in Progress [Member] | Up-front Bonus Lease Costs [Member] | |||||||||||
Balance | 27,473 | 27,473 | 27,473 | 27,473 | 27,473 | ||||||
Cost incurred during the year | 0 | 0 | 0 | ||||||||
Transfer of projects under exploration and development to projects under construction | 11,671 | 0 | |||||||||
Balance | 39,144 | 27,473 | 39,144 | 27,473 | 27,473 | ||||||
Cost write off | 0 | ||||||||||
Fair value of projects under construction acquired in a buisness combination | 0 | ||||||||||
Transfer of completed projects to property, plant and equipment | 0 | 0 | 0 | ||||||||
Business interruption insurance income | 0 | ||||||||||
Construction in Progress [Member] | Drilling And Construction Costs [Member] | |||||||||||
Balance | 258,484 | 160,398 | 258,484 | 160,398 | 198,943 | ||||||
Cost incurred during the year | 298,215 | 264,137 | 219,610 | ||||||||
Transfer of projects under exploration and development to projects under construction | 27,270 | 3,536 | |||||||||
Balance | 379,117 | 258,484 | 379,117 | 258,484 | 160,398 | ||||||
Cost write off | (1,380) | ||||||||||
Fair value of projects under construction acquired in a buisness combination | 4,668 | ||||||||||
Transfer of completed projects to property, plant and equipment | (204,852) | (134,152) | (261,443) | ||||||||
Business interruption insurance income | (35,435) | ||||||||||
Construction in Progress [Member] | Interest Capitalized [Member] | |||||||||||
Balance | $ 5,961 | $ 2,861 | 5,961 | 2,861 | 3,251 | ||||||
Cost incurred during the year | 3,565 | 3,100 | 0 | ||||||||
Transfer of projects under exploration and development to projects under construction | 0 | 0 | |||||||||
Balance | $ 9,526 | $ 5,961 | 9,526 | 5,961 | 2,861 | ||||||
Cost write off | 0 | ||||||||||
Fair value of projects under construction acquired in a buisness combination | 0 | ||||||||||
Transfer of completed projects to property, plant and equipment | $ 0 | 0 | $ (390) | ||||||||
Business interruption insurance income | $ 0 |
Note 9 - Intangible Assets an_3
Note 9 - Intangible Assets and Goodwill (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 194,421 | ||
Amortization of Intangible Assets, Total | 14,400 | $ 13,300 | $ 11,200 |
Increase (Decrease) in Intangible Assets, Current | 20,400 | 0 | 127,000 |
Finite Lived Intangible Assets, Write off | 0 | 0 | 0 |
Goodwill, Ending Balance | 24,566 | 20,140 | 19,950 |
Goodwill, Impairment Loss | 0 | 0 | 13,464 |
Storage and Energy Management Service [Member] | |||
Goodwill, Impairment Loss | $ 13,500 | ||
Power Purchase Agreements and Intangible Assets Related to Storage Activities [Member] | |||
Finite-Lived Intangible Assets, Net, Ending Balance | 194,400 | 186,200 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 89,400 | 74,100 | |
Intangible Assets Related to Storage Activities [Member] | |||
Finite-Lived Intangible Assets, Net, Ending Balance | 47,200 | 30,200 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 8,700 | $ 5,400 |
Note 9 - Intangible Assets an_4
Note 9 - Intangible Assets and Goodwill - Estimated Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 16,200 |
2022 | 15,947 |
2023 | 15,828 |
2024 | 14,613 |
2025 | 16,539 |
Thereafter | 115,295 |
Total | $ 194,421 |
Note 9 - Intangible Assets an_5
Note 9 - Intangible Assets and Goodwill - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Goodwill | $ 20,140 | $ 19,950 | |
Goodwill acquired (1) | [1] | 4,107 | 0 |
Translation differences | 319 | 190 | |
Goodwill | $ 24,566 | $ 20,140 | |
[1] | Goodwill acquired is related to the purchase of the Pomona storage facility as further described in Note 2 to the consolidated financial statements. |
Note 10 - Accounts Payable an_3
Note 10 - Accounts Payable and Accrued Expenses - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Trade payable | $ 75,779 | $ 73,271 | ||
Salaries and other payroll costs | 29,271 | 24,364 | ||
Customer advances | 1,197 | 2,092 | ||
Accrued interest | 7,843 | 6,321 | ||
Income tax payable | 19,913 | 11,344 | ||
Property tax payable | 1,378 | 3,033 | ||
Scheduling and transmission | 2,632 | 2,264 | ||
Royalty accrual | 3,581 | 6,457 | ||
Warranty accrual | 2,087 | 3,245 | ||
Other | 9,082 | 9,466 | ||
Total | $ 152,763 | $ 141,857 | $ 113,502 | $ 116,362 |
Note 11 - Long-term Debt, Cre_3
Note 11 - Long-term Debt, Credit Agreements and Commercial Paper (Details Textual) $ in Thousands, ₪ in Billions | Jul. 20, 2020USD ($) | Apr. 06, 2020USD ($) | Jul. 03, 2019USD ($) | May 30, 2019 | Apr. 09, 2019USD ($) | Mar. 25, 2019USD ($) | Mar. 22, 2018USD ($) | Dec. 21, 2016USD ($) | Jul. 31, 2015USD ($)MWh | Feb. 29, 2012 | Oct. 31, 2018MWh | May 31, 2013 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jul. 01, 2020USD ($) | Jul. 01, 2020ILS (₪) | May 13, 2020USD ($) | Apr. 30, 2020USD ($) | Apr. 20, 2020USD ($) | May 04, 2019USD ($) | Apr. 29, 2019 | Apr. 04, 2019USD ($) | Jan. 04, 2019USD ($) | Apr. 30, 2018USD ($) | Dec. 31, 2017USD ($) | May 31, 2017USD ($) | Nov. 29, 2016USD ($) | Oct. 20, 2016USD ($) | Sep. 30, 2016USD ($) | May 31, 2016USD ($) | Aug. 29, 2014USD ($) | Aug. 23, 2012USD ($) | Oct. 31, 2011USD ($) | Sep. 30, 2011USD ($) | Aug. 31, 2011USD ($) | |
Letters of Credit Outstanding, Amount | $ 190,300 | ||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 2.36 | ||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Commercial Paper | $ 50,000 | $ 0 | $ 50,000 | $ 0 | |||||||||||||||||||||||||||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 1,805,985 | 1,392,420 | |||||||||||||||||||||||||||||||||||
Percentage Of Company Assets | 49.90% | ||||||||||||||||||||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $ 1,941,437 | 1,515,410 | 1,445,096 | $ 1,319,535 | |||||||||||||||||||||||||||||||||
Payments of Dividends, Total | $ 22,500 | $ 22,400 | $ 26,800 | ||||||||||||||||||||||||||||||||||
Covenant Requirement Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Amount Available For Dividend Distribution Percent Of Cumulative Net Income | 50 | ||||||||||||||||||||||||||||||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 750,000 | ||||||||||||||||||||||||||||||||||||
Percentage Of Company Assets | 25.00% | ||||||||||||||||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Commercial Paper [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||||||||||||||||||||||||||||||||
Maximum [Member] | Covenant Requirement Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 6 | ||||||||||||||||||||||||||||||||||||
Maximum [Member] | Commercial Paper [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Term (Year) | 5 years | ||||||||||||||||||||||||||||||||||||
Minimum [Member] | Commercial Paper [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Term (Year) | 90 days | ||||||||||||||||||||||||||||||||||||
Pomona Energy Storage [Member] | |||||||||||||||||||||||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 43,400 | ||||||||||||||||||||||||||||||||||||
Senior Unsecured Bonds, Series 4 [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 289,800 | $ 289,800 | ₪ 1 | ||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Annual Payments | 10 | 10 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.35% | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | $ 311,000 | ||||||||||||||||||||||||||||||||||||
Senior Unsecured Bonds, Series 4 [Member] | Cross Currency Interest Rate Contract [Member] | |||||||||||||||||||||||||||||||||||||
Derivative, Fixed Interest Rate | 4.34% | 4.34% | |||||||||||||||||||||||||||||||||||
Senior Unsecured Bonds, Series 2 [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 67,000 | ||||||||||||||||||||||||||||||||||||
Senior Unsecured Bonds, Series 3 [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 51,100 | $ 218,000 | $ 15,300 | $ 14,500 | $ 137,000 | ||||||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 50,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.45% | 4.45% | |||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | $ 218,000 | ||||||||||||||||||||||||||||||||||||
Senior Unsecured Loan (Migdal) [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 100,000 | $ 100,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.80% | |||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 4,200 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 37,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument Increase in Stated Interest Rate if Rating is Downgraded to ILA Negative | 0.50% | ||||||||||||||||||||||||||||||||||||
Debt Instrument Increase in Stated Interest Rate Each Additional Downgrade | 0.25% | ||||||||||||||||||||||||||||||||||||
Debt Instrument Decrease in Stated Interest Rate for Each Rating Upgrade | 0.25% | ||||||||||||||||||||||||||||||||||||
Debt to EBITDA Ratio Threshold for Rate Increase | 4.5 | ||||||||||||||||||||||||||||||||||||
Debt Instrument Increase in Stated Interest Rate if Debt to EBITDA Ratio Exceeds Threshold | 0.50% | ||||||||||||||||||||||||||||||||||||
Debt to EBITDA Ratio Requirement | 6 | ||||||||||||||||||||||||||||||||||||
Stockholders Equity, Debt Covenant, Minimum Threshold | $ 750,000 | ||||||||||||||||||||||||||||||||||||
Stockholders Equity to Total Assets, Ratio | 25.00% | ||||||||||||||||||||||||||||||||||||
Stockholders Equity, Debt Covenant, Minimum Threshold to Pay Dividends | $ 800,000 | ||||||||||||||||||||||||||||||||||||
Dividends to Net Income, Ratio | 50.00% | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | $ 100,000 | ||||||||||||||||||||||||||||||||||||
Senior Unsecured Loan (Migdal) [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Increase in Stated Interest Rate | 1.00% | ||||||||||||||||||||||||||||||||||||
Senior Unsecured Loan (Migdal) [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | ||||||||||||||||||||||||||||||||||||
Additional Migdal Loan [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 50,000 | $ 50,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.60% | |||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 2,100 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 18,500 | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | $ 50,000 | ||||||||||||||||||||||||||||||||||||
Second Addendum Migdal Loan [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 50,000 | $ 50,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.44% | |||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 18,500 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Principal to Be Repaid in Installments | $ 31,500 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Semi-annual Payments | 15 | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | $ 50,000 | ||||||||||||||||||||||||||||||||||||
DEG 2 Facility Agreement [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.28% | ||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | ||||||||||||||||||||||||||||||||||||
Proceeds from Lines of Credit, Total | $ 50,000 | ||||||||||||||||||||||||||||||||||||
DEG 3 Loan Agreement [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.04% | ||||||||||||||||||||||||||||||||||||
DEG 3 Loan Agreement [Member] | OrPower 4, Inc [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 41,500 | ||||||||||||||||||||||||||||||||||||
Loan Agreement With OPIC the Olkaria III Power Plant [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 310,000 | $ 310,000 | |||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 174,700 | ||||||||||||||||||||||||||||||||||||
Platanares Finance Agreement [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 114,700 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 7.02% | |||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | $ 96,300 | ||||||||||||||||||||||||||||||||||||
Platanares Finance Agreement [Member] | OPIC [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 114,700 | ||||||||||||||||||||||||||||||||||||
Current Power Generation (Megawatt-Hour) | MWh | 35 | ||||||||||||||||||||||||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 42,000 | 42,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Term (Year) | 12 years | ||||||||||||||||||||||||||||||||||||
Power Utilization (Megawatt-Hour) | MWh | 20 | ||||||||||||||||||||||||||||||||||||
Debt Instrument Number of Quarterly Payments | 48 | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | $ 22,800 | ||||||||||||||||||||||||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [2] | 4.35% | |||||||||||||||||||||||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Guaranteed [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.35% | ||||||||||||||||||||||||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Not Guaranteed [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.75% | ||||||||||||||||||||||||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||||||||||||||||||||||||||||||
Plumstriker Loan Agreement [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 23,500 | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | $ 18,100 | ||||||||||||||||||||||||||||||||||||
Plumstriker Loan Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [2] | 3.50% | |||||||||||||||||||||||||||||||||||
Plumstriker Loan Agreement [Member] | Plumstriker and its Two Subsidiaries [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 23,500 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Equal Quarterly Principal Installments, Percentage of Loan | 1.25% | ||||||||||||||||||||||||||||||||||||
Plumstriker Loan Agreement [Member] | Plumstriker and its Two Subsidiaries [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||||||||||||||||||||||||||||||||
Don A. Cambell Senior Secured Notes [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 92,500 | ||||||||||||||||||||||||||||||||||||
OFC Two Senior Secured Notes [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 151,700 | $ 350,000 | |||||||||||||||||||||||||||||||||||
Government Guarantee Percent | 80.00% | ||||||||||||||||||||||||||||||||||||
OFC Two Senior Secured Notes [Member] | Wholly Owned Subsidiaries With Project Debt [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 140,000 | ||||||||||||||||||||||||||||||||||||
Prudential Capital Group Agreement [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 20,000 | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | $ 16,000 | ||||||||||||||||||||||||||||||||||||
DOE Loan Guarantee [Member] | |||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 96,800 | ||||||||||||||||||||||||||||||||||||
Loan Agreement with Bpifrance [Member] | Guadeloupe 1 [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 8,900 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.93% | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 9,800 | ||||||||||||||||||||||||||||||||||||
Loan Agreement with Société Général [Member] | Guadeloupe 1 [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 8,900 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.52% | ||||||||||||||||||||||||||||||||||||
Debt Instrument Number of Quarterly Payments | 28 | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 7,800 | ||||||||||||||||||||||||||||||||||||
Credit Agreements With Eight Commercial Banks [Member] | |||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 623,000 | ||||||||||||||||||||||||||||||||||||
Long-term Line of Credit, Total | 0 | ||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 94,400 | ||||||||||||||||||||||||||||||||||||
Credit Agreements With Eight Commercial Banks [Member] | Extensions of Credit in The Form of Loans and/or Letters of Credit [Member] | |||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 408,000 | ||||||||||||||||||||||||||||||||||||
Credit Agreements With Eight Commercial Banks [Member] | Letter of Credit [Member] | |||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 120,000 | ||||||||||||||||||||||||||||||||||||
Credit Agreements With Eight Commercial Banks [Member] | Union Bank, N.A. [Member] | |||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 60,000 | ||||||||||||||||||||||||||||||||||||
Credit Agreements With Eight Commercial Banks [Member] | HSBC Bank USA, N.A. [Member] | |||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 35,000 | ||||||||||||||||||||||||||||||||||||
Union Bank, N.A. [Member] | |||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 60,000 | ||||||||||||||||||||||||||||||||||||
Long-term Line of Credit, Total | $ 57,900 | ||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 1.64 | ||||||||||||||||||||||||||||||||||||
Debt Services, Coverage Ratio | 5.05 | ||||||||||||||||||||||||||||||||||||
Amount Available For Dividend Distribution Percent Of Cumulative Net Income | 2 | 0.61 | |||||||||||||||||||||||||||||||||||
Union Bank, N.A. [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 4.5 | ||||||||||||||||||||||||||||||||||||
Union Bank, N.A. [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Debt Services, Coverage Ratio | 1.35 | ||||||||||||||||||||||||||||||||||||
HSBC Bank USA, N.A. [Member] | |||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | ||||||||||||||||||||||||||||||||||||
Long-term Line of Credit, Total | $ 27,900 | ||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 1.64 | ||||||||||||||||||||||||||||||||||||
Debt Services, Coverage Ratio | 5.05 | ||||||||||||||||||||||||||||||||||||
Amount Available For Dividend Distribution Percent Of Cumulative Net Income | 0.61 | ||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Borrowing Capacity Increase | $ 10,000 | ||||||||||||||||||||||||||||||||||||
HSBC Bank USA, N.A. [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 4.5 | ||||||||||||||||||||||||||||||||||||
Amount Available For Dividend Distribution Percent Of Cumulative Net Income | 2 | ||||||||||||||||||||||||||||||||||||
HSBC Bank USA, N.A. [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 1.35 | ||||||||||||||||||||||||||||||||||||
Surety Agreement [Member] | Chubb [Member] | |||||||||||||||||||||||||||||||||||||
Surety Bonds Available | $ 200,000 | ||||||||||||||||||||||||||||||||||||
Surety Bonds Outstanding | $ 153,700 | ||||||||||||||||||||||||||||||||||||
[1] | payable semi-annually in arrears. | ||||||||||||||||||||||||||||||||||||
[2] | payable quarterly |
Note 11 - Long-term Debt, Cre_4
Note 11 - Long-term Debt, Credit Agreements and Commercial Paper - Long-term Debt (Details) $ in Thousands, ₪ in Billions | 12 Months Ended | ||||||||||||||
Dec. 31, 2020USD ($) | Jul. 01, 2020USD ($) | Jul. 01, 2020ILS (₪) | May 13, 2020USD ($) | Apr. 30, 2020USD ($) | Apr. 20, 2020USD ($) | Apr. 06, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 25, 2019USD ($) | Mar. 22, 2018USD ($) | Sep. 30, 2016USD ($) | May 31, 2016USD ($) | Jul. 31, 2015USD ($) | Aug. 23, 2012USD ($) | ||
Limited Resource | $ 674,844 | $ 732,461 | |||||||||||||
Less current portion | (60,834) | (58,932) | |||||||||||||
Non current portion | 614,010 | 673,529 | |||||||||||||
Recourse Debt | 799,330 | 474,514 | |||||||||||||
Less current portion | (17,768) | (117,122) | |||||||||||||
Non current portion | 781,562 | 357,392 | |||||||||||||
Nonrecourse Debt [Member] | |||||||||||||||
Amount Issued | 147,500 | ||||||||||||||
Amount Outstanding | 85,800 | ||||||||||||||
Senior Unsecured Bonds, Series 4 [Member] | |||||||||||||||
Amount Issued | 289,800 | $ 289,800 | ₪ 1 | ||||||||||||
Amount Outstanding | $ 311,000 | ||||||||||||||
Annual Interest Rate | 3.35% | ||||||||||||||
Maturity Date | Jun. 30, 2031 | ||||||||||||||
Other Loans, Limited and Non-recourse [Member] | |||||||||||||||
Non-Recourse Debt | $ 9,826 | 8,997 | |||||||||||||
Senior Unsecured Bonds, Series 3 [Member] | |||||||||||||||
Amount Issued | 218,000 | $ 15,300 | $ 14,500 | $ 51,100 | $ 137,000 | ||||||||||
Amount Outstanding | $ 218,000 | ||||||||||||||
Annual Interest Rate | 4.45% | 4.45% | |||||||||||||
Maturity Date | Sep. 30, 2022 | ||||||||||||||
Senior Unsecured Loan (Migdal) [Member] | |||||||||||||||
Recourse Debt | $ 200,000 | 150,000 | |||||||||||||
Amount Issued | 100,000 | $ 100,000 | |||||||||||||
Amount Outstanding | $ 100,000 | ||||||||||||||
Annual Interest Rate | [1] | 4.80% | |||||||||||||
Maturity Date | Mar. 31, 2029 | ||||||||||||||
Olkaria IV Loan - DEG 2 [Member] | |||||||||||||||
Amount Issued | $ 50,000 | ||||||||||||||
Amount Outstanding | $ 37,500 | ||||||||||||||
Annual Interest Rate | [2] | 6.28% | |||||||||||||
Maturity Date | Jun. 30, 2028 | ||||||||||||||
Loan Agreement With OPIC the Olkaria III Power Plant [Member] | |||||||||||||||
Non-Recourse Debt | $ 174,652 | 192,646 | |||||||||||||
Amount Issued | 310,000 | $ 310,000 | |||||||||||||
Amount Outstanding | 174,700 | ||||||||||||||
Loan Agreement With OPIC the Olkaria III Power Plant [Member] | Tranche One [Member] | |||||||||||||||
Amount Issued | 85,000 | ||||||||||||||
Amount Outstanding | $ 47,200 | ||||||||||||||
Annual Interest Rate | [3] | 6.34% | |||||||||||||
Maturity Date | Dec. 31, 2030 | ||||||||||||||
Loan Agreement With OPIC the Olkaria III Power Plant [Member] | Tranche Two [Member] | |||||||||||||||
Amount Issued | $ 180,000 | ||||||||||||||
Amount Outstanding | $ 100,600 | ||||||||||||||
Annual Interest Rate | [3] | 6.29% | |||||||||||||
Maturity Date | Jun. 30, 2030 | ||||||||||||||
Loan Agreement With OPIC the Olkaria III Power Plant [Member] | Tranche Three [Member] | |||||||||||||||
Amount Issued | $ 45,000 | ||||||||||||||
Amount Outstanding | $ 26,900 | ||||||||||||||
Annual Interest Rate | [3] | 6.12% | |||||||||||||
Maturity Date | Dec. 31, 2030 | ||||||||||||||
Platanares Finance Agreement [Member] | |||||||||||||||
Non-Recourse Debt | $ 96,266 | 104,459 | |||||||||||||
Amount Issued | 114,700 | ||||||||||||||
Amount Outstanding | $ 96,300 | ||||||||||||||
Annual Interest Rate | [3] | 7.02% | |||||||||||||
Maturity Date | Sep. 30, 2032 | ||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | |||||||||||||||
Amount Issued | $ 42,000 | $ 42,000 | |||||||||||||
Amount Outstanding | $ 22,800 | ||||||||||||||
Maturity Date | Jun. 30, 2027 | ||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||
Annual Interest Rate, Variable | [3] | 4.35% | |||||||||||||
Plumstriker Loan Agreement [Member] | |||||||||||||||
Non-Recourse Debt | $ 18,081 | 21,615 | |||||||||||||
Amount Issued | 23,500 | ||||||||||||||
Amount Outstanding | $ 18,100 | ||||||||||||||
Maturity Date | May 31, 2026 | ||||||||||||||
Plumstriker Loan Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||
Annual Interest Rate, Variable | [3] | 3.50% | |||||||||||||
Don A. Campbell 1 ("DAC1") [Member] | |||||||||||||||
Non-Recourse Debt | $ 73,121 | 78,247 | |||||||||||||
Amount Issued | 92,500 | ||||||||||||||
Amount Outstanding | $ 73,100 | ||||||||||||||
Annual Interest Rate | [3] | 4.03% | |||||||||||||
Maturity Date | Sep. 30, 2033 | ||||||||||||||
Ormat Funding Corp [Member] | |||||||||||||||
Limited Resource | $ 188,223 | 203,040 | |||||||||||||
Amount Issued | 291,700 | ||||||||||||||
Amount Outstanding | 188,200 | ||||||||||||||
Ormat Funding Corp [Member] | Series A Senior Notes [Member] | |||||||||||||||
Amount Issued | 151,700 | ||||||||||||||
Amount Outstanding | $ 86,900 | ||||||||||||||
Annual Interest Rate | [4] | 4.69% | |||||||||||||
Maturity Date | Dec. 31, 2032 | ||||||||||||||
Ormat Funding Corp [Member] | Series C Senior Notes [Member] | |||||||||||||||
Amount Issued | $ 140,000 | ||||||||||||||
Amount Outstanding | $ 101,300 | ||||||||||||||
Annual Interest Rate | [4] | 4.61% | |||||||||||||
Maturity Date | Dec. 31, 2032 | ||||||||||||||
Prudential Capital Group Agreement [Member] | |||||||||||||||
Amount Issued | $ 20,000 | ||||||||||||||
Amount Outstanding | $ 16,000 | ||||||||||||||
Prudential Capital Group Agreement [Member] | Nonrecourse Debt [Member] | |||||||||||||||
Amount Issued | 20,000 | ||||||||||||||
Amount Outstanding | $ 17,500 | ||||||||||||||
Annual Interest Rate | [5] | 5.80% | |||||||||||||
Maturity Date | Mar. 31, 2023 | ||||||||||||||
Additional Migdal Loan [Member] | |||||||||||||||
Amount Issued | $ 50,000 | $ 50,000 | |||||||||||||
Amount Outstanding | $ 50,000 | ||||||||||||||
Annual Interest Rate | [1] | 4.60% | |||||||||||||
Maturity Date | Mar. 31, 2029 | ||||||||||||||
Olkaria IV Loan - DEG 3 [Member] | |||||||||||||||
Amount Issued | $ 41,500 | ||||||||||||||
Amount Outstanding | $ 32,800 | ||||||||||||||
Annual Interest Rate | [2] | 6.04% | |||||||||||||
Maturity Date | Jun. 30, 2028 | ||||||||||||||
DOE Loan Guarantee [Member] | Nonrecourse Debt [Member] | |||||||||||||||
Amount Issued | $ 96,800 | ||||||||||||||
Amount Outstanding | $ 42,000 | ||||||||||||||
Annual Interest Rate | [5] | 2.60% | |||||||||||||
Maturity Date | Feb. 28, 2035 | ||||||||||||||
Second Addendum Migdal Loan [Member] | |||||||||||||||
Amount Issued | $ 50,000 | $ 50,000 | |||||||||||||
Amount Outstanding | $ 50,000 | ||||||||||||||
Annual Interest Rate | [1] | 5.44% | |||||||||||||
Maturity Date | Mar. 31, 2029 | ||||||||||||||
Prudential Capital Purchase Agreement [member] | Nonrecourse Debt [Member] | |||||||||||||||
Amount Issued | $ 30,700 | ||||||||||||||
Amount Outstanding | $ 26,300 | ||||||||||||||
Annual Interest Rate | [5] | 6.75% | |||||||||||||
Maturity Date | Dec. 31, 2037 | ||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited [Member] | |||||||||||||||
Non-Recourse Debt | $ 22,750 | 26,250 | |||||||||||||
Migdal Senior Unsecured Loan [Member] | |||||||||||||||
Amount Issued | 200,000 | ||||||||||||||
Amount Outstanding | 200,000 | ||||||||||||||
Other Loans, Limited Resource [Member] | |||||||||||||||
Non-Recourse Debt | 7,807 | 8,367 | |||||||||||||
Limited Resource | 84,118 | 88,840 | |||||||||||||
Senior Unsecured Bonds [Member] | |||||||||||||||
Recourse Debt | 529,066 | 204,332 | |||||||||||||
Olkaria III DEG [Member] | |||||||||||||||
Recourse Debt | 70,264 | 79,632 | |||||||||||||
Revolving Credit Lines With Banks [Member] | |||||||||||||||
Recourse Debt | $ 0 | $ 40,550 | |||||||||||||
[1] | payable semi-annually in arrears. | ||||||||||||||
[2] | payable semi-annually | ||||||||||||||
[3] | payable quarterly | ||||||||||||||
[4] | payable quarterly in arrears | ||||||||||||||
[5] | payable semi-annually, except for Nevada non-recourse which is payable quarterly |
Note 11 - Long-term Debt, Cre_5
Note 11 - Long-term Debt, Credit Agreements and Commercial Paper - Future Minimum Payments Under Long-term Obligations (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 78,429 |
2022 | 336,997 |
2023 | 135,124 |
2024 | 118,168 |
2025 | 118,621 |
Thereafter | 686,835 |
Total | $ 1,474,174 |
Note 12 - Puna Power Plant Tr_2
Note 12 - Puna Power Plant Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Dec. 31, 2005 | |
Lease Term (Year) | 31 years | |
Deferred Lease Income, before Accumulated Amortization | $ 83 | |
Lease Payment Term (Year) | 23 years | |
Amended and Restated PPA [Member] | ||
Price Per MWh Under 227,000 MWh (in dollars per share) | $ 70 | |
Price Per MWh Over 227,000 MWh (in dollars per share) | $ 40 | |
Long-term Contract for Purchase of Electric Power, Estimated Annual Cost | $ 19.5 | |
Loss on Contract Termination | $ 20.5 |
Note 13 - Tax Monetization Tr_2
Note 13 - Tax Monetization Transactions (Details Textual) $ in Thousands | Dec. 31, 2022 | Aug. 14, 2019USD ($)MWh | May 17, 2018USD ($)MWh | Dec. 16, 2016USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2022USD ($) |
Proceeds from Noncontrolling Interests | $ 7,577 | $ 3,346 | $ 4,134 | |||||
Opal Geo LLC [Member] | ||||||||
Percentage Of Distributable Cash to Controlling Interest | 97.50% | |||||||
Percentage of Income (Loss), Gain, Deduction and Credit Allocated to Controlling Interests | 1.00% | |||||||
Percentage of Income (Loss), Gain, Deduction and Credit Allocated to Controlling Interests, PTCs Not Available | 95.00% | |||||||
Opal Geo LLC [Member] | Forecast [Member] | ||||||||
Percentage of Income (Loss), Gain, Deduction and Credit Allocated to Controlling Interests | 95.00% | |||||||
Opal Geo LLC [Member] | Capital Unit, Class A [Member] | ||||||||
Percentage Of Ownership Interests | 100.00% | |||||||
Opal Geo LLC [Member] | JPM Capital Corporation [Member] | ||||||||
Proceeds from Noncontrolling Interests | $ 62,100 | |||||||
Percentage Of Distributable Cash to Nontrolling Interests | 2.50% | |||||||
Percentage of Income (Loss), Gain, Deduction and Credit Allocated to Noncontrolling Interests | 99.00% | |||||||
Percentage of Income (Loss), Gain, Deduction and Credit Allocated to Noncontrolling Interests, PTCs Not Available | 5.00% | |||||||
Opal Geo LLC [Member] | JPM Capital Corporation [Member] | Noncontrolling Interest [Member] | ||||||||
Proceeds from Noncontrolling Interests | $ 3,700 | |||||||
Opal Geo LLC [Member] | JPM Capital Corporation [Member] | Allocation to Liability Associated With Sale of Tax Benefits [Member] | ||||||||
Proceeds from Noncontrolling Interests | $ 58,500 | |||||||
Opal Geo LLC [Member] | JPM Capital Corporation [Member] | Forecast [Member] | ||||||||
Proceeds from Noncontrolling Interests | $ 21,000 | |||||||
Percentage Of Distributable Cash to Nontrolling Interests | 100.00% | |||||||
Percentage of Income (Loss), Gain, Deduction and Credit Allocated to Noncontrolling Interests | 5.00% | |||||||
Opal Geo LLC [Member] | JPM Capital Corporation [Member] | Capital Unit, Class B [Member] | ||||||||
Percentage of Equity Interest Sold | 100.00% | |||||||
DAC 2 [Member] | ||||||||
Percentage Of Ownership Interests | 63.25% | |||||||
Other Geothermal Power Plants [Member] | ||||||||
Percentage Of Ownership Interests | 100.00% | |||||||
OPC LLC [Member] | JPM Capital Corporation [Member] | Capital Unit, Class B [Member] | ||||||||
Fair Value of Equity Interest Sold | $ 3,000 | |||||||
Tungsten Mountain [Member] | ||||||||
Power Generated Under Contract (Megawatt-Hour) | MWh | 26 | |||||||
Parternship Agreement, Initial Purchase Price | $ 33,400 | |||||||
Partnership Agreement, Expected Additional Installments | $ 13,000 | |||||||
Partnership Agreement, Percentage of Distributable Cash Flow Generated | 97.50% | |||||||
Partnership Agreement, Percentage of Taxable Income | 95.00% | |||||||
Partnership Agreement, Percentage of Distributable Cash Flow Generated to Private Investor if Target Return Not Reached | 100.00% | |||||||
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached | 99.00% | |||||||
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached, No Longer Generating PTCs | 5.00% | |||||||
McGinness Plant [Member] | ||||||||
Power Generated Under Contract (Megawatt-Hour) | MWh | 48 | |||||||
Parternship Agreement, Initial Purchase Price | $ 59,300 | |||||||
Partnership Agreement, Expected Additional Installments | $ 9,000 | |||||||
Partnership Agreement, Percentage of Distributable Cash Flow Generated | 97.50% | |||||||
Partnership Agreement, Percentage of Taxable Income | 95.00% | |||||||
Partnership Agreement, Percentage of Distributable Cash Flow Generated to Private Investor if Target Return Not Reached | 100.00% | |||||||
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached | 99.00% | |||||||
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached, No Longer Generating PTCs | 5.00% | |||||||
McGinness Plant [Member] | Maximum [Member] | ||||||||
Partnership Agreement, Expected Additional Installments | $ 22,000 |
Note 14 - Asset Retirement Ob_3
Note 14 - Asset Retirement Obligations - Reconciliation of the Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance at beginning of year | $ 50,183 | $ 39,475 | |
Revision in estimated cash flows | (165) | (335) | |
Liabilities incurred and acquired | 10,207 | 8,334 | |
Accretion expense | 3,232 | 2,709 | $ 2,474 |
Balance at end of year | $ 63,457 | $ 50,183 | $ 39,475 |
Note 15 - Stock-based Compens_3
Note 15 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2020 | Nov. 03, 2020 | Jul. 01, 2020 | Jun. 15, 2020 | May 12, 2020 | Nov. 07, 2019 | May 07, 2018 | May 31, 2012 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 18 | $ 18 | $ 18 | ||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 3 months 18 days | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Annual Forfeiture Rate | 10.80% | 10.70% | 5.30% | ||||||||||||||
Increase (Decrease) In Stock Based Compensation Expense Due To Forfeitures, Percent | 0.70% | 101.90% | 381.80% | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Dividends Growth Rate | 20.00% | ||||||||||||||||
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Weighted Average Expected Dividend Rate | 0.60% | ||||||||||||||||
Share Price (in dollars per share) | $ 90.28 | $ 90.28 | $ 74.52 | $ 90.28 | $ 74.52 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number (in shares) | 704,169 | 704,169 | 479,402 | 704,169 | 479,402 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 11 | $ 19.3 | |||||||||||||||
Weighted Average [Member] | |||||||||||||||||
Share Price (in dollars per share) | $ 69.2 | $ 69.2 | $ 65.04 | $ 69.2 | $ 65.04 | ||||||||||||
2012 Stock Incentive Plan [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | 0 | 0 | ||||||||||||||
2012 Stock Incentive Plan [Member] | Minimum [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 6 years | ||||||||||||||||
2012 Stock Incentive Plan [Member] | Maximum [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||||||||||||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,000,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||||||||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | ||||||||||||||||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Payment Arrangement, Tranche One [Member] | Director [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||||||||||||||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||||||||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||||||||||||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche Four [Member] | Senior Management [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||||||||||||
2012 Stock Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | Non Employee Director [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||||||||
The 2018 Incentive Plan [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 5,000,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,516,498 | 2,516,498 | 2,516,498 | ||||||||||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 6 years | ||||||||||||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Minimum [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 6 years | ||||||||||||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Maximum [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||||||||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-based Payment Arrangement, Tranche One [Member] | Director [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||||||||||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-based Payment Arrangement, Tranche One [Member] | Employees [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||||||||||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Employees [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||||||||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 6 years | 6 years | 6 years | 6 years | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 573 | 45,365 | 852,475 | 46,795 | 957,000 | [1] | 38,000 | [1] | 1,172,000 | [1] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercise Price (in dollars per share) | $ 90.28 | $ 63.40 | $ 69.14 | $ 68.34 | $ 90.28 | $ 90.28 | |||||||||||
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) | $ 25.50 | $ 18.25 | $ 16.5 | $ 18 | $ 17.6 | $ 68.82 | [1] | $ 69.13 | [1] | $ 53.87 | [1] | ||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | Minimum [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | ||||||||||||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | Maximum [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||||||||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | Director [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 6 years | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 11,835 | 11,495 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercise Price (in dollars per share) | $ 67.54 | $ 76.87 | |||||||||||||||
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) | $ 19.8 | ||||||||||||||||
The 2018 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 2,103 | 6,020 | 11,068 | 6,142 | 35,000 | [2] | 9,000 | [2] | 74,000 | [2] | |||||||
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) | $ 89.15 | $ 67.13 | $ 62.3 | $ 68 | $ 67.2 | $ 0 | [2] | $ 0 | [2] | $ 0 | [2] | ||||||
The 2018 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Director [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 10,010 | 9,420 | |||||||||||||||
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) | $ 76.4 | ||||||||||||||||
The 2018 Incentive Plan [Member] | Performance Stock Units (PSU) [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,952 | 6,540 | 10,962 | 5,637 | 25,000 | [3] | 0 | [3] | 0 | [3] | |||||||
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) | $ 96.10 | $ 57.3 | $ 65 | $ 73.2 | $ 0 | [3] | $ 0 | [3] | $ 0 | [3] | |||||||
The 2018 Incentive Plan [Member] | SARs, RSUs, and PSUs [Member] | Minimum [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | 2 years | 2 years | ||||||||||||||
The 2018 Incentive Plan [Member] | SARs, RSUs, and PSUs [Member] | Maximum [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | 4 years | 4 years | ||||||||||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights, Expiratiopn Period 2 [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 months | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,156 | ||||||||||||||||
[1] | Upon exercise, SARs entitle the recipient to receive shares of common stock equal to the increase in value of the award between the grant date and the exercise date. | ||||||||||||||||
[2] | An RSU represents the right to receive one share of common stock once certain vesting conditions are met. The value of an RSU is identical to the value of the underlying stock. | ||||||||||||||||
[3] | The Performance shares units shall be paid out based on achievement of three-year relative total stockholder return compared to other companies in S&P 500 index. |
Note 15 - Stock-based Compens_4
Note 15 - Stock-based Compensation - Compensation Related to Stock-based Awards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total stock-based compensation expense | $ 9,830 | $ 9,359 | $ 10,218 |
Tax effect on stock-based compensation expense | 858 | 736 | 668 |
Net effect of stock-based compensation expense | 8,972 | 8,623 | 9,550 |
Cost of Sales [Member] | |||
Total stock-based compensation expense | 4,435 | 3,633 | 3,488 |
Selling and Marketing Expense [Member] | |||
Total stock-based compensation expense | 1,081 | 916 | 792 |
General and Administrative Expense [Member] | |||
Total stock-based compensation expense | $ 4,314 | $ 4,810 | $ 5,938 |
Note 15 - Stock-based Compens_5
Note 15 - Stock-based Compensation - Fair Value of Stock-based Award on the Date of Grant (Details) | Dec. 20, 2020 | Nov. 07, 2020 | Jul. 01, 2020 | Jun. 15, 2020 | May 12, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Risk-free interest rate | 0.40% | 1.80% | 2.80% | |||||
Expected life (in years) (Year) | 5 years 9 months 18 days | 3 years 6 months | 3 years 6 months | |||||
Dividend yield | 0.60% | 0.70% | 0.90% | |||||
Expected volatility | 28.80% | 25.10% | 25.50% | |||||
Weighted average forfeiture rate | 8.20% | 8.60% | 3.10% | |||||
December 2020 SARs, RSUs and PSUs [Member] | ||||||||
Dividend yield | 0.61% | |||||||
December 2020 SARs, RSUs and PSUs [Member] | Minimum [Member] | ||||||||
Risk-free interest rate | 0.13% | |||||||
Expected life (in years) (Year) | 2 years | |||||||
Expected volatility | 37.68% | |||||||
December 2020 SARs, RSUs and PSUs [Member] | Maximum [Member] | ||||||||
Risk-free interest rate | 0.51% | |||||||
Expected life (in years) (Year) | 6 years | |||||||
Expected volatility | 30.15% | |||||||
November 2020 SARs and RSUs [Member] | ||||||||
Dividend yield | 0.61% | |||||||
November 2020 SARs and RSUs [Member] | Minimum [Member] | ||||||||
Risk-free interest rate | 0.12% | |||||||
Expected life (in years) (Year) | 1 year | |||||||
Expected volatility | 45.20% | |||||||
November 2020 SARs and RSUs [Member] | Maximum [Member] | ||||||||
Risk-free interest rate | 0.44% | |||||||
Expected life (in years) (Year) | 6 years | |||||||
Expected volatility | 29.40% | |||||||
June 2020 SARs, RSUs and PSUs [Member] | ||||||||
Dividend yield | 0.64% | 0.64% | ||||||
June 2020 SARs, RSUs and PSUs [Member] | Minimum [Member] | ||||||||
Risk-free interest rate | 0.41% | 0.44% | ||||||
Expected life (in years) (Year) | 2 years | 2 years | ||||||
Expected volatility | 28.50% | 28.50% | ||||||
June 2020 SARs, RSUs and PSUs [Member] | Maximum [Member] | ||||||||
Risk-free interest rate | 0.17% | 0.28% | ||||||
Expected life (in years) (Year) | 6 years | 6 years | ||||||
Expected volatility | 35.70% | 35.20% | ||||||
May 2020 SARs, RSUs and PSUs [Member] | ||||||||
Risk-free interest rate | 0.44% | |||||||
Dividend yield | 0.63% | |||||||
Expected volatility | 28.14% | |||||||
May 2020 SARs, RSUs and PSUs [Member] | Minimum [Member] | ||||||||
Expected life (in years) (Year) | 2 years | |||||||
May 2020 SARs, RSUs and PSUs [Member] | Maximum [Member] | ||||||||
Expected life (in years) (Year) | 6 years |
Note 15 - Stock-based Compens_6
Note 15 - Stock-based Compensation - Fair Value of Stock-based Award Using Exercise Multiple-based Lattice SAR Pricing Model Assumptions (Details) | Nov. 07, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Risk-free interest rate | 0.40% | 1.80% | 2.80% | |
Expected life (in years) (Year) | 5 years 9 months 18 days | 3 years 6 months | 3 years 6 months | |
Dividend yield | 0.60% | 0.70% | 0.90% | |
Expected volatility | 28.80% | 25.10% | 25.50% | |
Director [Member] | The 2018 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | ||||
Risk-free interest rate | 1.79% | |||
Dividend yield | 0.57% | |||
Expected volatility | 24.80% | |||
Director [Member] | The 2018 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | Minimum [Member] | ||||
Expected life (in years) (Year) | 1 year | |||
Director [Member] | The 2018 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | Maximum [Member] | ||||
Expected life (in years) (Year) | 6 years |
Note 15 - Stock-based Compens_7
Note 15 - Stock-based Compensation - Summary of the Status of the 2012 Incentive Plan (Details) - $ / shares | Dec. 31, 2020 | Nov. 03, 2020 | Jul. 01, 2020 | Jun. 15, 2020 | May 12, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Outstanding at beginning of year (in shares) | 1,792,000 | ||||||||||
Outstanding at end of year (in shares) | 2,240,000 | 2,240,000 | 1,792,000 | ||||||||
The 2018 Incentive Plan [Member] | |||||||||||
Outstanding at beginning of year (in shares) | 1,792,000 | 2,527,000 | 1,548,000 | ||||||||
Outstanding, weighted average exercise price (in dollars per share) | $ 50.39 | $ 46.77 | $ 41.35 | ||||||||
Exercised (in shares) | (469,000) | (711,000) | (203,000) | ||||||||
Exercised, weighted average exercise price (in dollars per share) | $ 45.71 | $ 37.83 | $ 29.75 | ||||||||
Forfeited (in shares) | (100,000) | (71,000) | (64,000) | ||||||||
Forfeited, weighted average exercise price (in dollars per share) | $ 55.05 | $ 50.59 | $ 45.73 | ||||||||
Expired (in shares) | 0 | 0 | 0 | ||||||||
Expired, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | $ 0 | ||||||||
Outstanding at end of year (in shares) | 2,240,000 | 2,240,000 | 1,792,000 | 2,527,000 | |||||||
Outstanding, weighted average exercise price (in dollars per share) | $ 57.68 | $ 57.68 | $ 50.39 | $ 46.77 | |||||||
Options and SARs exercisable at end of year (in shares) | 704,000 | 704,000 | 479,000 | 846,000 | |||||||
Options and SARs exercisable at end of year, weighted average exercise price (in dollars per share) | $ 51.64 | $ 51.64 | $ 48.35 | $ 42.06 | |||||||
Weighted-average fair value of awards granted during the year, weighted average exercise price (in dollars per share) | $ 20.84 | $ 20.84 | $ 29.24 | $ 16.45 | |||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | |||||||||||
Other than Options (in shares) | 573 | 45,365 | 852,475 | 46,795 | 957,000 | [1] | 38,000 | [1] | 1,172,000 | [1] | |
Other than Options, weighted average exercise price (in dollars per share) | $ 25.50 | $ 18.25 | $ 16.5 | $ 18 | $ 17.6 | $ 68.82 | [1] | $ 69.13 | [1] | $ 53.87 | [1] |
The 2018 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||
Other than Options (in shares) | 2,103 | 6,020 | 11,068 | 6,142 | 35,000 | [2] | 9,000 | [2] | 74,000 | [2] | |
Other than Options, weighted average exercise price (in dollars per share) | $ 89.15 | $ 67.13 | $ 62.3 | $ 68 | $ 67.2 | $ 0 | [2] | $ 0 | [2] | $ 0 | [2] |
The 2018 Incentive Plan [Member] | Performance Stock Units (PSU) [Member] | |||||||||||
Other than Options (in shares) | 1,952 | 6,540 | 10,962 | 5,637 | 25,000 | [3] | 0 | [3] | 0 | [3] | |
Other than Options, weighted average exercise price (in dollars per share) | $ 96.10 | $ 57.3 | $ 65 | $ 73.2 | $ 0 | [3] | $ 0 | [3] | $ 0 | [3] | |
[1] | Upon exercise, SARs entitle the recipient to receive shares of common stock equal to the increase in value of the award between the grant date and the exercise date. | ||||||||||
[2] | An RSU represents the right to receive one share of common stock once certain vesting conditions are met. The value of an RSU is identical to the value of the underlying stock. | ||||||||||
[3] | The Performance shares units shall be paid out based on achievement of three-year relative total stockholder return compared to other companies in S&P 500 index. |
Note 15 - Stock-based Compens_8
Note 15 - Stock-based Compensation - Summary of Information About Stock-based Awards Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Number of shares outstanding (in shares) | 2,240 | 1,792 |
Weighted average remaining contractual life in years, options outstanding (Year) | 3 years 10 months 24 days | 3 years 9 months 18 days |
Aggregate intrinsic value, options outstanding | $ 73,039 | $ 43,277 |
Number of shares exercisable (in shares) | 704 | 479 |
Aggregate intrinsic value, options exercisable | $ 27,211 | $ 11,729 |
Weighted average remaining contractual life in years, options exercisable (Year) | 2 years 7 months 6 days | 3 years 2 months 12 days |
Exercise Price 1 [Member] | ||
Number of shares outstanding (in shares) | 85 | 59 |
Weighted average remaining contractual life in years, options outstanding (Year) | 2 years 1 month 6 days | 1 year 6 months |
Aggregate intrinsic value, options outstanding | $ 7,677 | $ 4,369 |
Number of shares exercisable (in shares) | 0 | 0 |
Aggregate intrinsic value, options exercisable | $ 0 | $ 0 |
Exercise Price 2 [Member] | ||
Number of shares outstanding (in shares) | 235 | 427 |
Weighted average remaining contractual life in years, options outstanding (Year) | 1 year 6 months | 2 years 6 months |
Aggregate intrinsic value, options outstanding | $ 11,129 | $ 13,517 |
Number of shares exercisable (in shares) | 235 | 230 |
Aggregate intrinsic value, options exercisable | $ 11,129 | $ 7,295 |
Exercise price (in dollars per share) | $ 42.87 | $ 42.87 |
Weighted average remaining contractual life in years, options exercisable (Year) | 1 year 6 months | 2 years 6 months |
Exercise Price 3 [Member] | ||
Number of shares outstanding (in shares) | 15 | 15 |
Weighted average remaining contractual life in years, options outstanding (Year) | 2 years 10 months 24 days | 3 years 10 months 24 days |
Aggregate intrinsic value, options outstanding | $ 642 | $ 406 |
Number of shares exercisable (in shares) | 15 | 15 |
Aggregate intrinsic value, options exercisable | $ 642 | $ 406 |
Exercise price (in dollars per share) | $ 47.46 | $ 47.46 |
Weighted average remaining contractual life in years, options exercisable (Year) | 2 years 10 months 24 days | 3 years 10 months 24 days |
Exercise Price 4 [Member] | ||
Number of shares outstanding (in shares) | 8 | 8 |
Weighted average remaining contractual life in years, options outstanding (Year) | 4 years | 5 years |
Aggregate intrinsic value, options outstanding | $ 309 | $ 182 |
Number of shares exercisable (in shares) | 0 | 0 |
Aggregate intrinsic value, options exercisable | $ 0 | $ 0 |
Exercise price (in dollars per share) | $ 51.71 | $ 51.71 |
Weighted average remaining contractual life in years, options exercisable (Year) | 4 years | 0 years |
Exercise Price 5 [Member] | ||
Number of shares outstanding (in shares) | 31 | 35 |
Weighted average remaining contractual life in years, options outstanding (Year) | 3 years 10 months 24 days | 4 years 10 months 24 days |
Aggregate intrinsic value, options outstanding | $ 1,164 | $ 756 |
Number of shares exercisable (in shares) | 21 | 15 |
Aggregate intrinsic value, options exercisable | $ 792 | $ 329 |
Exercise price (in dollars per share) | $ 53.16 | $ 53.16 |
Weighted average remaining contractual life in years, options exercisable (Year) | 3 years 10 months 24 days | 4 years 10 months 24 days |
Exercise Price 6 [Member] | ||
Number of shares outstanding (in shares) | 486 | 783 |
Weighted average remaining contractual life in years, options outstanding (Year) | 3 years 6 months | 4 years 6 months |
Aggregate intrinsic value, options outstanding | $ 17,893 | $ 16,498 |
Number of shares exercisable (in shares) | 129 | 0 |
Aggregate intrinsic value, options exercisable | $ 4,719 | $ 0 |
Exercise price (in dollars per share) | $ 53.44 | $ 53.44 |
Weighted average remaining contractual life in years, options exercisable (Year) | 3 years 6 months | 0 years |
Exercise Price 7 [Member] | ||
Number of shares outstanding (in shares) | 296 | 296 |
Weighted average remaining contractual life in years, options outstanding (Year) | 2 years 10 months 24 days | 3 years 10 months 24 days |
Aggregate intrinsic value, options outstanding | $ 10,384 | $ 5,724 |
Number of shares exercisable (in shares) | 213 | 131 |
Aggregate intrinsic value, options exercisable | $ 7,484 | $ 2,527 |
Exercise price (in dollars per share) | $ 55.16 | $ 55.16 |
Weighted average remaining contractual life in years, options exercisable (Year) | 2 years 10 months 24 days | 3 years 10 months 24 days |
Exercise Price 8 [Member] | ||
Number of shares outstanding (in shares) | 15 | 30 |
Weighted average remaining contractual life in years, options outstanding (Year) | 3 years 7 months 6 days | 4 years 7 months 6 days |
Aggregate intrinsic value, options outstanding | $ 485 | $ 497 |
Number of shares exercisable (in shares) | 15 | 30 |
Aggregate intrinsic value, options exercisable | $ 485 | $ 497 |
Exercise price (in dollars per share) | $ 57.97 | $ 57.97 |
Weighted average remaining contractual life in years, options exercisable (Year) | 3 years 7 months 6 days | 4 years 7 months 6 days |
Exercise Price 9 [Member] | ||
Number of shares outstanding (in shares) | 1 | 12 |
Weighted average remaining contractual life in years, options outstanding (Year) | 1 year 6 months | 2 years 6 months |
Aggregate intrinsic value, options outstanding | $ 33 | $ 187 |
Number of shares exercisable (in shares) | 0 | 6 |
Aggregate intrinsic value, options exercisable | $ 0 | $ 94 |
Exercise price (in dollars per share) | $ 58.79 | $ 58.79 |
Weighted average remaining contractual life in years, options exercisable (Year) | 1 year 6 months | 2 years 6 months |
Exercise Price 10 [Member] | ||
Number of shares outstanding (in shares) | 94 | 98 |
Weighted average remaining contractual life in years, options outstanding (Year) | 2 years 10 months 24 days | 3 years 10 months 24 days |
Aggregate intrinsic value, options outstanding | $ 2,525 | $ 1,094 |
Number of shares exercisable (in shares) | 68 | 52 |
Aggregate intrinsic value, options exercisable | $ 1,843 | $ 581 |
Exercise price (in dollars per share) | $ 63.35 | $ 63.35 |
Weighted average remaining contractual life in years, options exercisable (Year) | 2 years 10 months 24 days | 3 years 10 months 24 days |
Exercise Price 11 [Member] | ||
Number of shares outstanding (in shares) | 45 | 4 |
Weighted average remaining contractual life in years, options outstanding (Year) | 5 years 6 months | 5 years 7 months 6 days |
Aggregate intrinsic value, options outstanding | $ 1,219 | $ 11 |
Number of shares exercisable (in shares) | 0 | 0 |
Aggregate intrinsic value, options exercisable | $ 0 | $ 0 |
Exercise price (in dollars per share) | $ 63.40 | $ 71.71 |
Weighted average remaining contractual life in years, options exercisable (Year) | 5 years 6 months | |
Exercise Price 12 [Member] | ||
Number of shares outstanding (in shares) | 12 | 15 |
Weighted average remaining contractual life in years, options outstanding (Year) | 5 years 10 months 24 days | 5 years 8 months 12 days |
Aggregate intrinsic value, options outstanding | $ 269 | $ 36 |
Number of shares exercisable (in shares) | 0 | 0 |
Aggregate intrinsic value, options exercisable | $ 0 | $ 0 |
Exercise price (in dollars per share) | $ 67.54 | $ 72.14 |
Weighted average remaining contractual life in years, options exercisable (Year) | 5 years 10 months 24 days | |
Exercise Price 13 [Member] | ||
Number of shares outstanding (in shares) | 47 | 10 |
Weighted average remaining contractual life in years, options outstanding (Year) | 5 years 4 months 24 days | 5 years 10 months 24 days |
Aggregate intrinsic value, options outstanding | $ 1,027 | $ 0 |
Number of shares exercisable (in shares) | 0 | 0 |
Aggregate intrinsic value, options exercisable | $ 0 | $ 0 |
Exercise price (in dollars per share) | $ 68.34 | $ 76.43 |
Weighted average remaining contractual life in years, options exercisable (Year) | 5 years 4 months 24 days | |
Exercise Price 14 [Member] | ||
Number of shares outstanding (in shares) | 842 | |
Weighted average remaining contractual life in years, options outstanding (Year) | 5 years 4 months 24 days | |
Aggregate intrinsic value, options outstanding | $ 17,820 | |
Number of shares exercisable (in shares) | 0 | |
Aggregate intrinsic value, options exercisable | $ 0 | |
Exercise price (in dollars per share) | $ 69.14 | |
Weighted average remaining contractual life in years, options exercisable (Year) | 5 years 4 months 24 days | |
Exercise Price 15 [Member] | ||
Number of shares outstanding (in shares) | 4 | |
Weighted average remaining contractual life in years, options outstanding (Year) | 4 years 7 months 6 days | |
Aggregate intrinsic value, options outstanding | $ 74 | |
Number of shares exercisable (in shares) | 0 | |
Aggregate intrinsic value, options exercisable | $ 0 | |
Exercise price (in dollars per share) | $ 71.71 | |
Weighted average remaining contractual life in years, options exercisable (Year) | 4 years 7 months 6 days | |
Exercise Price 16 [Member] | ||
Number of shares outstanding (in shares) | 15 | |
Weighted average remaining contractual life in years, options outstanding (Year) | 4 years 8 months 12 days | |
Aggregate intrinsic value, options outstanding | $ 272 | |
Number of shares exercisable (in shares) | 0 | |
Aggregate intrinsic value, options exercisable | $ 0 | |
Exercise price (in dollars per share) | $ 72.14 | |
Weighted average remaining contractual life in years, options exercisable (Year) | 4 years 8 months 12 days | |
Exercise Price 17 [Member] | ||
Number of shares outstanding (in shares) | 8 | |
Weighted average remaining contractual life in years, options outstanding (Year) | 4 years 10 months 24 days | |
Aggregate intrinsic value, options outstanding | $ 117 | |
Number of shares exercisable (in shares) | 8 | |
Aggregate intrinsic value, options exercisable | $ 117 | |
Exercise price (in dollars per share) | $ 76.43 | |
Weighted average remaining contractual life in years, options exercisable (Year) | 4 years 10 months 24 days | |
Exercise Price 18 [Member] | ||
Number of shares outstanding (in shares) | 1 | |
Weighted average remaining contractual life in years, options outstanding (Year) | 2 years 9 months 18 days | |
Aggregate intrinsic value, options outstanding | $ 0 | |
Number of shares exercisable (in shares) | 0 | |
Aggregate intrinsic value, options exercisable | $ 0 | |
Exercise price (in dollars per share) | $ 90.28 | |
Weighted average remaining contractual life in years, options exercisable (Year) | 2 years 9 months 18 days |
Note 16 - Interest Expense, N_3
Note 16 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest related to sale of tax benefits | $ 9,344 | $ 11,786 | $ 11,284 | ||||||||
Interest expense | 79,018 | 71,883 | 63,368 | ||||||||
Less — amount capitalized | (10,409) | (3,285) | (3,728) | ||||||||
Interest Expense, Total | $ 19,139 | $ 21,756 | $ 19,785 | $ 17,273 | $ 17,568 | $ 20,076 | $ 21,517 | $ 21,223 | $ 77,953 | $ 80,384 | $ 70,924 |
Note 17 - Income Taxes (Details
Note 17 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Dec. 21, 2020 | Oct. 19, 2019 | Apr. 24, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2014 | Dec. 28, 2020 | |
Deferred Tax Assets, Tax Credit Carryforwards, General Business | $ 103,592 | $ 100,524 | ||||||||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 92,077 | 92,497 | ||||||||||
Deferred Tax Assets, Investments | 813 | 813 | ||||||||||
Deferred Tax Assets, Valuation Allowance, Total | 22,193 | 17,412 | $ 22,441 | |||||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 4,800 | |||||||||||
Uncertain Tax Benefit, Reudction to Deferred Tax Asset | [1] | 95 | 95 | |||||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 2,000 | 14,600 | ||||||||||
Depreciation Bonus Permitted Write Off Equipment Cost Percentage | 100.00% | |||||||||||
Placed in Service After December 31, 2022 and Before January 1, 2024 [Member] | ||||||||||||
Depreciation Bonus Permitted Write Off Equipment Cost Percentage | 80.00% | |||||||||||
Placed in Service After December 31, 2023 and Before January 1, 2025 [Member] | ||||||||||||
Depreciation Bonus Permitted Write Off Equipment Cost Percentage | 60.00% | |||||||||||
Placed in Service After December 31, 2024 and Before January 1, 2026 [Member] | ||||||||||||
Depreciation Bonus Permitted Write Off Equipment Cost Percentage | 40.00% | |||||||||||
Placed in Service After December 31, 2025 and Before January 1, 2027 [Member] | ||||||||||||
Depreciation Bonus Permitted Write Off Equipment Cost Percentage | 20.00% | |||||||||||
Accounting Standards Update 2013-11 [Member] | ||||||||||||
Uncertain Tax Benefit, Reudction to Deferred Tax Asset | $ 100 | |||||||||||
U.S. Geothermal [Member] | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||
Business Combination, Consideration Transferred, Total | $ 110,000 | |||||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets (Liabilities), Net | 1,700 | |||||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 1,700 | |||||||||||
Deferred Taxes, Business Combination, Valuation Allowance, Available to Reduce Deferred Tax Asset | 2,100 | |||||||||||
General Business Tax Credit Carryforward [Member] | ||||||||||||
Tax Credit Carryforward Expiration Period (Year) | 20 years | |||||||||||
Minimum [Member] | General Business Tax Credit Carryforward [Member] | ||||||||||||
Tax Credit Carryforward Expiration Year | 2022 | |||||||||||
Maximum [Member] | General Business Tax Credit Carryforward [Member] | ||||||||||||
Tax Credit Carryforward Expiration Year | 2039 | |||||||||||
Domestic Tax Authority [Member] | ||||||||||||
Operating Loss Carryforwards, Total | $ 72,700 | |||||||||||
Operating Loss Carryforwards Expiring Amount | 67,900 | |||||||||||
Operating Loss Carryforwards Available For Indefinite Period | 4,800 | |||||||||||
Deferred Tax Assets, Tax Credit Carryforwards, General Business | $ 103,600 | |||||||||||
Open Tax Year | 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 | |||||||||||
Domestic Tax Authority [Member] | U.S. Geothermal [Member] | ||||||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 115,200 | |||||||||||
Domestic Tax Authority [Member] | Minimum [Member] | ||||||||||||
Tax Credit Carryforward Expiration Year | 2032 | |||||||||||
Domestic Tax Authority [Member] | Maximum [Member] | ||||||||||||
Tax Credit Carryforward Expiration Year | 2037 | |||||||||||
Foreign Tax Authority [Member] | ||||||||||||
Tax Credit Carryforward Expiration Year | 2022 | |||||||||||
Tax Credit Carryforward Expiration Period (Year) | 10 years | |||||||||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 92,100 | |||||||||||
Foreign Tax Authority [Member] | Israel Tax Authority [Member] | ||||||||||||
Foreign Income Tax Expense (Benefit), Continuing Operations, Total | $ 10,500 | $ 13,900 | ||||||||||
National Corporate Tax Rate | 16.00% | 23.00% | 24.00% | |||||||||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ 4,300 | |||||||||||
Foreign Tax Authority [Member] | Israel Tax Authority [Member] | Ormat Systems Ltd [Member] | ||||||||||||
Effective Income Tax Rate, Year Four and Thereafter | 16.00% | |||||||||||
Tax Rate on Exempt Income, in Event of Distribution | 25.00% | |||||||||||
Deferred Tax Liability, Rate, Respect of Tax Exempt Income | 25.00% | |||||||||||
Foreign Tax Authority [Member] | Ministry of the Economy, Finance and Industry, France [Member] | ||||||||||||
National Corporate Tax Rate | 28.00% | 31.00% | 33.30% | |||||||||
Foreign Tax Authority [Member] | Ministry of the Economy, Finance and Industry, France [Member] | Forecast [Member] | ||||||||||||
National Corporate Tax Rate | 25.00% | 26.50% | ||||||||||
Foreign Tax Authority [Member] | Tax Authority of Guatemala in Guatemala [Member] | ||||||||||||
National Corporate Tax Rate | 25.00% | |||||||||||
Tax Exemption Period (Year) | 10 years | |||||||||||
Effective Income Tax Rate | 7.00% | |||||||||||
Foreign Tax Authority [Member] | Sistema de Administración de Rentas [Member] | ||||||||||||
Income Taxes Exempt Period (Year) | 10 years | |||||||||||
Foreign Tax Authority [Member] | Kenya Revenue Authority [Member] | ||||||||||||
National Corporate Tax Rate | 37.50% | |||||||||||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ 1,500 | |||||||||||
Income Tax Examination, Year under Examination | 2013 2014 2015 2016 2017 2018 2019 | |||||||||||
Income Tax Examination, Estimate of Possible Loss | $ 9,000 | $ 190,000 | ||||||||||
Income Tax Examination, Deferral of Tax Benefits | 28,000 | |||||||||||
Foreign Tax Authority [Member] | Kenya Revenue Authority [Member] | Tax Year 2019 [Member] | ||||||||||||
Income Tax Examination, Estimate of Possible Loss | $ 28,000 | |||||||||||
State and Local Jurisdiction [Member] | ||||||||||||
Operating Loss Carryforwards, Total | $ 289,900 | |||||||||||
Operating Loss Carryforwards Expiring Amount | 287,300 | |||||||||||
Operating Loss Carryforwards Available For Indefinite Period | 2,600 | |||||||||||
Deferred Tax Assets, Investments | $ 1,000 | |||||||||||
Open Tax Year | 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 | |||||||||||
State and Local Jurisdiction [Member] | U.S. Geothermal [Member] | ||||||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | $ 49,900 | |||||||||||
State and Local Jurisdiction [Member] | Minimum [Member] | ||||||||||||
Tax Credit Carryforward Expiration Year | 2025 | |||||||||||
State and Local Jurisdiction [Member] | Maximum [Member] | ||||||||||||
Tax Credit Carryforward Expiration Year | 2040 | |||||||||||
[1] | The non-current deferred tax asset has been reduced by the uncertain tax benefit of $0.1 million in accordance with ASU 2013-11, Income Taxes. |
Note 17 - Income Taxes - Income
Note 17 - Income Taxes - Income From Continuing Operations Before Income Taxes and Equity in Income (Losses) of Investees (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
U.S | $ 43,273 | $ 14,187 | $ 14,097 | ||||||||
Non-U.S. (foreign) | 125,444 | 123,116 | 123,084 | ||||||||
Income from operations before income tax and equity in earnings (losses) of investees | $ 44,972 | $ 39,578 | $ 35,378 | $ 48,789 | $ 41,085 | $ 23,630 | $ 31,466 | $ 41,122 | $ 168,717 | $ 137,303 | $ 137,181 |
Note 17 - Income Taxes - Compon
Note 17 - Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||||||||||
Federal | $ 0 | $ 0 | $ 0 | ||||||||
State | 363 | 172 | 381 | ||||||||
Foreign | 61,574 | 16,969 | 14,992 | ||||||||
Total current income tax expense | 61,937 | 17,141 | 15,373 | ||||||||
Deferred: | |||||||||||
Federal | 22,682 | (12,179) | (6,886) | ||||||||
State | 7,277 | 4,671 | (2,595) | ||||||||
Foreign | (24,893) | 35,980 | 28,841 | ||||||||
Total deferred tax provision (benefit) | 5,066 | 28,472 | 19,360 | ||||||||
Total Income tax provision | $ 21,728 | $ 15,361 | $ 11,766 | $ 18,148 | $ 25,477 | $ 9,626 | $ (3,529) | $ 14,039 | $ 67,003 | $ 45,613 | $ 34,733 |
Note 17 - Income Taxes - Differ
Note 17 - Income Taxes - Difference Between US Federal Statutory Tax Rate and Company's Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. federal statutory tax rate | 21.00% | 21.00% | 21.00% |
Impact of federal tax reform | 0.00% | 0.00% | 2.60% |
Transition tax inclusion | 0.00% | (5.70%) | |
Foreign tax credits | (0.30%) | (22.80%) | (4.20%) |
Withholding tax | 4.40% | 10.40% | 5.90% |
State income tax, net of federal benefit | 3.80% | 3.70% | 1.00% |
Uncertain tax positions | (7.50%) | 2.10% | 2.10% |
Effect of foreign income tax, net | 8.50% | 9.70% | 5.60% |
Production tax credits | (1.80%) | (5.00%) | (3.10%) |
Subpart F income | 0.20% | 0.50% | 0.50% |
Tax on global intangible low-tax income | 11.10% | 16.90% | 18.60% |
Intra-entity transfers of assets other than inventory | (0.40%) | 0.30% | (2.10%) |
Noncontrolling interest | (1.60%) | (0.40%) | (1.50%) |
Other, net | (0.70%) | 0.50% | 1.80% |
Effective tax rate | 39.70% | 33.20% | 25.30% |
Domestic Tax Authority [Member] | |||
Valuation allowance | 3.00% | (3.70%) | (17.20%) |
Note 17 - Income Taxes - Net De
Note 17 - Income Taxes - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets (liabilities): | |||
Net foreign deferred taxes, primarily depreciation | $ (66,452) | $ (88,508) | |
Depreciation, deferred tax liability | (23,835) | (21,958) | |
Intangible drilling costs, liability | (6,689) | ||
Intangible drilling costs, asset | (1,405) | ||
Net operating loss carryforward - U.S. | 35,346 | 45,307 | |
Tax monetization transaction | (46,449) | (30,964) | |
Right-of-use assets | (3,753) | (3,715) | |
Lease liabilities | 3,846 | 3,755 | |
State and Investment tax credits | 813 | 813 | |
Production tax credits | 103,592 | 100,524 | |
Foreign tax credits | 92,077 | 92,497 | |
Withholding tax | (12,416) | (15,539) | |
Stock options amortization | 1,510 | 1,409 | |
Basis difference in partnership interest | (41,818) | (39,622) | |
Excess business interest | 10,971 | 6,189 | |
Accrued liabilities and other | 6,777 | 1,013 | |
Total | 53,520 | 49,796 | |
Less - valuation allowance | (22,193) | (17,412) | $ (22,441) |
Total, net | $ 31,327 | $ 32,384 |
Note 17 - Income Taxes - Reconc
Note 17 - Income Taxes - Reconciliation of Beginning and Ending Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance at beginning of the year | $ 17,412 | $ 22,441 |
Additions to valuation allowance | 20,214 | 15,437 |
Release of valuation allowance | (15,433) | (20,466) |
Balance at end of the year | $ 22,193 | $ 17,412 |
Note 17 - Income Taxes - Balanc
Note 17 - Income Taxes - Balance Sheet Presentation of Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Non-current deferred tax assets | $ 119,299 | $ 129,510 | |
Non-current deferred tax liabilities | (87,972) | (97,126) | |
Non-current deferred tax assets, net | 31,327 | 32,384 | |
Uncertain tax benefit offset (1) | [1] | (95) | (95) |
Deferred Tax Assets (Liabilities), After Uncertain Tax Benefit Offset | $ 31,232 | $ 32,289 | |
[1] | The non-current deferred tax asset has been reduced by the uncertain tax benefit of $0.1 million in accordance with ASU 2013-11, Income Taxes. |
Note 17 - Income Taxes - Reco_2
Note 17 - Income Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance at beginning of year | $ 10,623 | $ 8,820 |
Additions based on tax positions taken in prior years | 283 | 104 |
Additions based on tax positions taken in the current year | 1,570 | 2,314 |
Reduction based on tax positions taken in prior years | (10,803) | (615) |
Balance at end of year | $ 1,673 | $ 10,623 |
Note 17 - Income Taxes - Foreig
Note 17 - Income Taxes - Foreign Subsidiaries Income Tax Years Open to Examination (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Earliest Tax Year [Member] | ISRAEL | |
Countries | 2019 |
Earliest Tax Year [Member] | KENYA | |
Countries | 2015 |
Earliest Tax Year [Member] | GUATEMALA | |
Countries | 2016 |
Earliest Tax Year [Member] | HONDURAS | |
Countries | 2015 |
Earliest Tax Year [Member] | GUADELOUPE | |
Countries | 2017 |
Latest Tax Year [Member] | ISRAEL | |
Countries | 2020 |
Latest Tax Year [Member] | KENYA | |
Countries | 2020 |
Latest Tax Year [Member] | GUATEMALA | |
Countries | 2020 |
Latest Tax Year [Member] | HONDURAS | |
Countries | 2020 |
Latest Tax Year [Member] | GUADELOUPE | |
Countries | 2020 |
Note 18 - Business Segments (De
Note 18 - Business Segments (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Number of Reportable Segments | 3 | |||
Revenue from Contract with Customer, Including Assessed Tax | [1] | $ 705,342 | $ 746,044 | $ 719,267 |
Goodwill, Ending Balance | 24,566 | 20,140 | 19,950 | |
Electricity Segment [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 541,393 | 540,333 | 509,879 | |
Goodwill, Ending Balance | 20,500 | 20,100 | 20,000 | |
Electricity Segment [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 68,100 | 61,300 | 26,900 | |
Energy Storage and Management Services [Member] | ||||
Goodwill, Ending Balance | 4,100 | |||
Product Segment [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 148,125 | 191,009 | 201,743 | |
Goodwill, Ending Balance | $ 0 | $ 0 | $ 0 | |
[1] | Revenues as reported in the geographic area in which they originate. |
Note 18 - Business Segments - S
Note 18 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||
Revenues | [1] | $ 705,342 | $ 746,044 | $ 719,267 | |||||||||||||
Depreciation and amortization expense | 156,612 | 148,761 | 132,233 | ||||||||||||||
Operating income (loss) | $ 53,195 | $ 51,686 | $ 48,075 | $ 61,057 | $ 54,472 | $ 38,719 | $ 46,880 | $ 53,725 | 214,013 | 193,796 | 185,110 | ||||||
Segment assets at period end | [2] | 3,888,987 | [3] | 3,250,494 | [4] | 3,888,987 | [3] | 3,250,494 | [4] | 3,121,350 | [5] | ||||||
Expenditures for long-lived assets | 320,738 | 279,986 | 258,521 | ||||||||||||||
Segment Reconciling Items [Member] | |||||||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||||||
Segment assets at period end | 98,217 | 81,140 | 98,217 | 81,140 | 71,983 | ||||||||||||
Electricity Segment [Member] | |||||||||||||||||
Revenues | 541,393 | 540,333 | 509,879 | ||||||||||||||
Depreciation and amortization expense | 144,357 | 138,426 | 126,181 | ||||||||||||||
Operating income (loss) | 205,256 | 177,192 | 155,546 | ||||||||||||||
Segment assets at period end | [2] | 3,607,384 | [3] | 3,044,909 | [4] | 3,607,384 | [3] | 3,044,909 | [4] | 2,896,938 | [5] | ||||||
Expenditures for long-lived assets | 267,843 | 259,898 | 219,803 | ||||||||||||||
Electricity Segment [Member] | Segment Reconciling Items [Member] | |||||||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||||||
Segment assets at period end | 98,217 | 81,140 | 98,217 | 81,140 | 71,983 | ||||||||||||
Product Segment [Member] | |||||||||||||||||
Revenues | 148,125 | 191,009 | 201,743 | ||||||||||||||
Depreciation and amortization expense | 6,010 | 5,308 | 4,311 | ||||||||||||||
Operating income (loss) | 13,145 | 23,180 | 38,083 | ||||||||||||||
Segment assets at period end | [2] | 145,911 | [3] | 126,018 | [4] | 145,911 | [3] | 126,018 | [4] | 156,942 | [5] | ||||||
Expenditures for long-lived assets | 18,011 | 9,156 | 9,993 | ||||||||||||||
Product Segment [Member] | Segment Reconciling Items [Member] | |||||||||||||||||
Revenues | 113,200 | 84,614 | 48,817 | ||||||||||||||
Segment assets at period end | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Other Segments [Member] | |||||||||||||||||
Revenues | 15,824 | 14,702 | 7,645 | ||||||||||||||
Depreciation and amortization expense | 6,245 | 5,027 | 1,741 | ||||||||||||||
Operating income (loss) | (4,388) | (6,576) | (8,519) | ||||||||||||||
Segment assets at period end | [2] | 135,692 | [3] | 79,567 | [4] | 135,692 | [3] | 79,567 | [4] | 67,470 | [5] | ||||||
Expenditures for long-lived assets | 34,884 | 10,932 | 28,725 | ||||||||||||||
Other Segments [Member] | Segment Reconciling Items [Member] | |||||||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||||||
Segment assets at period end | $ 0 | $ 0 | 0 | 0 | 0 | ||||||||||||
UNITED STATES | |||||||||||||||||
Revenues | [1],[6] | 363,023 | 377,956 | 328,606 | |||||||||||||
UNITED STATES | Electricity Segment [Member] | |||||||||||||||||
Revenues | [6] | 341,399 | 333,797 | 305,962 | |||||||||||||
UNITED STATES | Product Segment [Member] | |||||||||||||||||
Revenues | [6] | 5,800 | 30,562 | 14,999 | |||||||||||||
UNITED STATES | Other Segments [Member] | |||||||||||||||||
Revenues | [6] | 15,824 | 13,597 | 7,645 | |||||||||||||
Non-US [Member] | |||||||||||||||||
Revenues | [7] | 342,319 | 368,088 | 390,661 | |||||||||||||
Non-US [Member] | Electricity Segment [Member] | |||||||||||||||||
Revenues | [7] | 199,994 | 206,536 | 203,917 | |||||||||||||
Non-US [Member] | Product Segment [Member] | |||||||||||||||||
Revenues | [7] | 142,325 | 160,447 | 186,744 | |||||||||||||
Non-US [Member] | Other Segments [Member] | |||||||||||||||||
Revenues | [7] | $ 0 | $ 1,105 | $ 0 | |||||||||||||
[1] | Revenues as reported in the geographic area in which they originate. | ||||||||||||||||
[2] | Electricity segment assets include goodwill in the amount of $20.5 million, $20.1 million and $20.0 million as of December 31, 2020, 2019 and 2018, respectively. Energy Storage segment assets include goodwill in the amount of $4.1 million as of December 31, 2020. No goodwill is included in the Product segment assets as of December 31, 2020, 2019 and 2018. | ||||||||||||||||
[3] | Including unconsolidated investments 98,217 — — 98,217 | ||||||||||||||||
[4] | Including unconsolidated investments 81,140 — — 81,140 | ||||||||||||||||
[5] | Including unconsolidated investments 71,983 — — 71,983 | ||||||||||||||||
[6] | Electricity segment revenues in the United States are all accounted under lease accounting, except for $68.1 million, $61.3 million and $26.9 million for the years 2020, 2019 and 2018 which are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606, as further described under Note 1 to the consolidated financial statements. | ||||||||||||||||
[7] | Electricity segment revenues in foreign countries are all accounted under lease accounting. Product and Energy Storage segment revenues in foreign countries are accounted under ASC 606 as further described under Note 1 to the consolidated financial statements. |
Note 18 - Business Segments - R
Note 18 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenue | [1] | $ 705,342 | $ 746,044 | $ 719,267 | ||||||||
Operating income (loss) | $ 53,195 | $ 51,686 | $ 48,075 | $ 61,057 | $ 54,472 | $ 38,719 | $ 46,880 | $ 53,725 | 214,013 | 193,796 | 185,110 | |
Interest income | 248 | 626 | 441 | 402 | 320 | 482 | 420 | 293 | 1,717 | 1,515 | 974 | |
Interest expense, net | (19,139) | (21,756) | (19,785) | (17,273) | (17,568) | (20,076) | (21,517) | (21,223) | (77,953) | (80,384) | (70,924) | |
Derivatives and foreign currency transaction gains (losses) | 1,691 | 1,047 | 671 | 393 | (72) | 205 | 19 | 472 | 3,802 | 624 | (4,761) | |
Income attributable to sale of tax benefits | 8,902 | 7,014 | 5,672 | 4,132 | 4,415 | 4,056 | 4,637 | 7,764 | 25,720 | 20,872 | 19,003 | |
Other non-operating income (expense), net | 75 | 961 | 304 | 78 | (482) | 244 | 1,027 | 91 | 1,418 | 880 | 7,779 | |
Total consolidated income before income taxes and equity in earnings (losses) of investees | $ 44,972 | $ 39,578 | $ 35,378 | $ 48,789 | $ 41,085 | $ 23,630 | $ 31,466 | $ 41,122 | 168,717 | 137,303 | 137,181 | |
Intersegment Eliminations [Member] | ||||||||||||
Revenue | 113,200 | 84,614 | 48,817 | |||||||||
Consolidation, Eliminations [Member] | ||||||||||||
Revenue | $ (113,200) | $ (84,614) | $ (48,817) | |||||||||
[1] | Revenues as reported in the geographic area in which they originate. |
Note 18 - Business Segments -_2
Note 18 - Business Segments - Revenues as Reported in the Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenue | [1] | $ 705,342 | $ 746,044 | $ 719,267 |
UNITED STATES | ||||
Revenue | [1],[2] | 363,023 | 377,956 | 328,606 |
INDONESIA | ||||
Revenue | [1] | 0 | 0 | 4,379 |
KENYA | ||||
Revenue | [1] | 115,474 | 121,661 | 119,094 |
TURKEY | ||||
Revenue | [1] | 65,535 | 88,938 | 168,699 |
CHILE | ||||
Revenue | [1] | 32,418 | 25,540 | 980 |
GUATEMALA | ||||
Revenue | [1] | 27,391 | 28,624 | 27,975 |
NEW ZEALAND | ||||
Revenue | [1] | 34,985 | 31,222 | 10,451 |
HONDURAS | ||||
Revenue | [1] | 35,197 | 34,446 | 34,355 |
Other Foreign Countries [Member] | ||||
Revenue | [1] | $ 31,319 | $ 37,657 | $ 24,728 |
[1] | Revenues as reported in the geographic area in which they originate. | |||
[2] | Electricity segment revenues in the United States are all accounted under lease accounting, except for $68.1 million, $61.3 million and $26.9 million for the years 2020, 2019 and 2018 which are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606, as further described under Note 1 to the consolidated financial statements. |
Note 18 - Business Segments - L
Note 18 - Business Segments - Long Lived Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Long Lived Assets, Geographic Area | $ 2,606,240 | $ 2,379,537 | $ 2,221,267 |
UNITED STATES | |||
Long Lived Assets, Geographic Area | 2,084,021 | 1,870,335 | 1,696,439 |
KENYA | |||
Long Lived Assets, Geographic Area | 289,266 | 284,526 | 301,956 |
Other Foreign Countries [Member] | |||
Long Lived Assets, Geographic Area | $ 232,953 | $ 224,676 | $ 222,872 |
Note 18 - Business Segments -_3
Note 18 - Business Segments - Revenue From Major Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenue | [1] | $ 705,342 | $ 746,044 | $ 719,267 |
Southern California Public Power Authority [Member] | ||||
Revenue | [2] | $ 145,450 | $ 133,725 | $ 109,208 |
Percentage of revenues | [2] | 20.60% | 17.90% | 15.20% |
Sierra Pacific Power Company And Nevada Power Company [Member] | ||||
Revenue | [2],[3] | $ 123,734 | $ 125,486 | $ 116,149 |
Percentage of revenues | [2],[3] | 17.50% | 16.80% | 16.10% |
Kenya Power and Lighting Co LTD [Member] | ||||
Revenue | [2] | $ 115,474 | $ 121,661 | $ 119,094 |
Percentage of revenues | [2] | 16.40% | 16.30% | 16.60% |
[1] | Revenues as reported in the geographic area in which they originate. | |||
[2] | Revenues reported in Electricity segment. | |||
[3] | Subsidiaries of NV Energy, Inc. |
Note 20 - Employee Benefit Pl_3
Note 20 - Employee Benefit Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 60.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | 4.00% | 4.00% |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,600 | $ 1,600 | $ 1,600 |
Deposits And Other Assets Noncurrent | 66,989 | 38,284 | |
Severance Costs | 3,000 | 3,500 | 3,000 |
Gain (Loss) Of Severance Fund | 900 | 1,000 | $ (1,100) |
Israeli Severance Funds [Member] | |||
Deposits And Other Assets Noncurrent | $ 10,700 | $ 10,800 |
Note 20 - Employee Benefit Pl_4
Note 20 - Employee Benefit Plan - Expected Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 4,968 |
2022 | 1,910 |
2023 | 148 |
2024 | 686 |
2025 | 1,160 |
2026-2043 | 11,582 |
Total | $ 20,454 |
Note 21 - Commitments and Con_2
Note 21 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Mar. 29, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Letters of Credit Outstanding, Amount | $ 190,300 | |||
Recorded Unconditional Purchase Obligation, Total | 159,900 | |||
Former Local Sales Representative vs. Ormat [Member] | Pending Litigation [Member] | ||||
Loss Contingency, Damages Sought, Value | $ 4,600 | |||
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 | |||
Ormat Systems Ltd [Member] | ||||
Royalty Expense | 0 | $ 0 | $ 0 | |
Royalty Cap Amount | 2,100 | |||
Royalty Cap Amount LIBOR Rate | $ 1,100 | |||
Minimum [Member] | Ormat Systems Ltd [Member] | ||||
Percentage For Royalty To Be Paid | 3.50% | |||
Maximum [Member] | Ormat Systems Ltd [Member] | ||||
Percentage For Royalty To Be Paid | 5.00% | |||
Construction In Process [Member] | ||||
Recorded Unconditional Purchase Obligation, Total | $ 77,800 | |||
Geothermal Resource Agreement [Member] | ||||
Royalty Expense | $ 20,800 | $ 21,700 | $ 21,600 |
Note 22 - Leases - Lessee's Tot
Note 22 - Leases - Lessee's Total Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lease cost | |||
Amortization of right-of-use assets | $ 3,422 | $ 3,273 | |
Interest on lease liabilities | 1,226 | 1,330 | |
Operating lease cost | 3,303 | 8,057 | |
Variable lease cost | 1,891 | 1,647 | |
Short-term lease cost | 0 | 0 | |
Total lease cost | 9,842 | 14,307 | |
Operating cash flows for finance leases | 1,226 | 1,330 | |
Operating cash flows for operating leases | 3,213 | 9,004 | |
Financing cash flows for finance leases | 2,890 | 3,164 | $ 2,551 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 1,028 | 5,262 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 2,614 | $ 6,364 | |
Weighted-average remaining lease term — finance leases (in years) (Year) | 5 years 2 months 12 days | 4 years | |
Weighted-average remaining lease term — operating leases (in years) (Year) | 10 years 8 months 12 days | 7 years 3 months 18 days | |
Weighted-average discount rate (in percentage) | 5.00% | 5.00% |
Note 22 - Leases - Lessee Futur
Note 22 - Leases - Lessee Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021, operating leases | $ 3,255 |
2021, finance leases | 4,177 |
2022, operating leases | 2,539 |
2022, finance leases | 4,116 |
2023, operating leases | 1,902 |
2023, finance leases | 3,015 |
2024, operating leases | 1,625 |
2024, finance leases | 1,156 |
2025, operating leases | 1,440 |
2025, finance leases | 565 |
Thereafter, operating leases | 9,559 |
Thereafter, finance leases | 3,694 |
Total future minimum lease payments, operating leases | 20,320 |
Total future minimum lease payments, finance leases | 16,723 |
Less imputed interest, operating leases | 4,501 |
Less imputed interest, finance leases | 4,450 |
Total, operating leases | 15,819 |
Total, finance leases | $ 12,273 |
Note 22 - Leases - Lease Income
Note 22 - Leases - Lease Income Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease income relating to lease payments of operating leases | $ 473,260 | $ 479,059 |
Note 23 - Quarterly Financial_3
Note 23 - Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenue | [1] | $ 705,342 | $ 746,044 | $ 719,267 | ||||||||
Revenues | $ 179,382 | $ 158,947 | $ 174,900 | $ 192,113 | $ 192,442 | $ 170,499 | $ 184,065 | $ 199,038 | ||||
Cost of revenues | 104,341 | 104,917 | 109,514 | 110,295 | 117,940 | 115,004 | 118,918 | 124,859 | 429,067 | 476,721 | 448,832 | |
Cost of revenues | 104,341 | 104,917 | 109,514 | 110,295 | 117,940 | 115,004 | 118,918 | 124,859 | 429,067 | 476,721 | 448,832 | |
Gross profit | 75,041 | 54,030 | 65,386 | 81,818 | 74,502 | 55,495 | 65,147 | 74,179 | 276,275 | 269,323 | 270,435 | |
Research and development expenses | 1,114 | 1,490 | 1,172 | 1,619 | 1,875 | 1,062 | 810 | 900 | 5,395 | 4,647 | 4,183 | |
Selling and marketing expenses | 3,660 | 4,076 | 4,854 | 4,794 | 4,123 | 3,783 | 3,276 | 3,865 | 17,384 | 15,047 | 19,802 | |
General and administrative expenses | 17,072 | 14,539 | 11,870 | 16,745 | 14,032 | 11,931 | 14,181 | 15,689 | 60,226 | 55,833 | 47,750 | |
Business interruption insurance income | 0 | 17,761 | 585 | 2,397 | 0 | 0 | 0 | 0 | 20,743 | 0 | 0 | |
Operating income (loss) | 53,195 | 51,686 | 48,075 | 61,057 | 54,472 | 38,719 | 46,880 | 53,725 | 214,013 | 193,796 | 185,110 | |
Interest income | 248 | 626 | 441 | 402 | 320 | 482 | 420 | 293 | 1,717 | 1,515 | 974 | |
Interest expense, net | (19,139) | (21,756) | (19,785) | (17,273) | (17,568) | (20,076) | (21,517) | (21,223) | (77,953) | (80,384) | (70,924) | |
Derivatives and foreign currency transaction gains (losses) | 1,691 | 1,047 | 671 | 393 | (72) | 205 | 19 | 472 | 3,802 | 624 | (4,761) | |
Income attributable to sale of tax benefits | 8,902 | 7,014 | 5,672 | 4,132 | 4,415 | 4,056 | 4,637 | 7,764 | 25,720 | 20,872 | 19,003 | |
Other non-operating income (expense), net | 75 | 961 | 304 | 78 | (482) | 244 | 1,027 | 91 | 1,418 | 880 | 7,779 | |
Total consolidated income before income taxes and equity in earnings (losses) of investees | 44,972 | 39,578 | 35,378 | 48,789 | 41,085 | 23,630 | 31,466 | 41,122 | 168,717 | 137,303 | 137,181 | |
Income tax (provision) benefit | (21,728) | (15,361) | (11,766) | (18,148) | (25,477) | (9,626) | 3,529 | (14,039) | (67,003) | (45,613) | (34,733) | |
Equity in earnings (losses) of investees, net | 288 | (1,119) | 1,658 | (735) | (1,481) | 1,085 | 1,202 | 1,047 | 92 | 1,853 | 7,663 | |
Net income | 23,532 | 23,098 | 25,270 | 29,906 | 14,127 | 15,089 | 36,197 | 28,130 | ||||
Net loss (income) attributable to noncontrolling interest | (2,834) | (7,419) | (2,224) | (3,873) | (1,521) | 516 | (2,259) | (2,184) | (16,350) | (5,448) | (12,145) | |
Net income (loss) attributable to the Company's stockholders | $ 20,698 | $ 15,679 | $ 23,046 | $ 26,033 | $ 12,606 | $ 15,605 | $ 33,938 | $ 25,946 | $ 85,456 | $ 88,095 | $ 97,966 | |
Basic (in dollars per share) | $ 0.39 | $ 0.31 | $ 0.45 | $ 0.51 | $ 0.25 | $ 0.31 | $ 0.67 | $ 0.51 | $ 1.66 | $ 1.73 | $ 1.93 | |
Diluted (in dollars per share) | $ 0.39 | $ 0.31 | $ 0.45 | $ 0.51 | $ 0.24 | $ 0.30 | $ 0.66 | $ 0.51 | $ 1.65 | $ 1.72 | $ 1.92 | |
Basic (in shares) | 53,106 | 51,072 | 51,043 | 51,036 | 51,017 | 50,933 | 50,800 | 50,709 | 51,567 | 50,867 | 50,643 | |
Diluted (in shares) | 53,551 | 51,282 | 51,362 | 51,526 | 51,511 | 51,334 | 51,094 | 51,012 | 51,937 | 51,227 | 50,969 | |
Electricity [Member] | ||||||||||||
Revenue | $ 146,192 | $ 123,660 | $ 128,685 | $ 142,856 | $ 144,368 | $ 123,978 | $ 129,079 | $ 142,908 | $ 541,393 | $ 540,333 | $ 509,879 | |
Cost of revenues | 80,071 | 76,670 | 71,950 | 71,368 | 81,393 | 80,124 | 73,775 | 77,543 | 300,059 | 312,835 | 298,255 | |
Cost of revenues | 80,071 | 76,670 | 71,950 | 71,368 | 81,393 | 80,124 | 73,775 | 77,543 | 300,059 | 312,835 | 298,255 | |
Product [Member] | ||||||||||||
Revenue | 27,388 | 29,625 | 43,701 | 47,411 | 43,814 | 43,037 | 52,030 | 52,128 | 148,125 | 191,009 | 201,743 | |
Cost of revenues | 19,224 | 24,037 | 34,709 | 36,978 | 31,479 | 31,073 | 41,316 | 42,106 | 114,948 | 145,974 | 140,697 | |
Cost of revenues | 19,224 | 24,037 | 34,709 | 36,978 | 31,479 | 31,073 | 41,316 | 42,106 | 114,948 | 145,974 | 140,697 | |
Energy Storage and Management Services [Member] | ||||||||||||
Revenue | 5,802 | 5,662 | 2,514 | 1,846 | 4,260 | 3,484 | 2,956 | 4,002 | 15,824 | 14,702 | 7,645 | |
Cost of revenues | 5,046 | 4,210 | 2,855 | 1,949 | 5,068 | 3,807 | 3,827 | 5,210 | 14,060 | 17,912 | 9,880 | |
Cost of revenues | $ 5,046 | $ 4,210 | $ 2,855 | $ 1,949 | $ 5,068 | $ 3,807 | $ 3,827 | $ 5,210 | $ 14,060 | $ 17,912 | $ 9,880 | |
[1] | Revenues as reported in the geographic area in which they originate. |
Note 24 - Subsequent Events (De
Note 24 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Feb. 24, 2021 | Feb. 28, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Dividends, Common Stock, Total | $ 22,471 | $ 22,386 | $ 26,834 | ||
Subsequent Event [Member] | |||||
Dividends, Common Stock, Total | $ 6,700 | ||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.12 | ||||
Loss from Catastrophes | $ 11,000 | ||||
Dividends Payable, Date of Record | Mar. 11, 2021 | ||||
Dividends Payable, Date to be Paid | Mar. 29, 2021 |