Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001296445 | |
Entity Registrant Name | ORMAT TECHNOLOGIES, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-32347 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 88-0326081 | |
Entity Address, Address Line One | 6140 Plumas Street | |
Entity Address, City or Town | Reno | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89519-6075 | |
City Area Code | 775 | |
Local Phone Number | 356-9029 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 56,001,501 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | ORA | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | ||
Current assets: | ||||
Cash and cash equivalents | $ 267,802 | $ 448,252 | ||
Marketable securities at fair value | 45,479 | 0 | ||
Restricted cash and cash equivalents (primarily related to VIEs) | 88,498 | 88,526 | ||
Receivables: | ||||
Trade less allowance for credit losses of $253 and $597, respectively (primarily related to VIEs) | 140,314 | 149,170 | ||
Other | 27,346 | 17,987 | ||
Inventories | 27,356 | 35,321 | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | [1] | 9,324 | 24,544 | |
Prepaid expenses and other | 29,320 | 15,354 | ||
Total current assets | 635,439 | 779,154 | ||
Investment in unconsolidated companies | 109,725 | 98,217 | ||
Deposits and other | 61,716 | 66,989 | ||
Deferred income taxes | 149,178 | 119,299 | ||
Property, plant and equipment, net | 2,298,903 | 2,099,046 | ||
Construction-in-process | 615,482 | 479,315 | ||
Operating leases right of use | 19,690 | 16,347 | ||
Finance leases right of use | 7,002 | 11,633 | ||
Intangible assets, net | 370,889 | 194,421 | ||
Goodwill | 91,342 | 24,566 | ||
Total assets | 4,359,366 | [2],[3] | 3,888,987 | |
Current liabilities: | ||||
Accounts payable and accrued expenses | 127,432 | 152,763 | ||
Billings in excess of costs and estimated earnings on uncompleted contracts | 15,829 | 11,179 | ||
Current portion of long-term debt: | ||||
Senior secured notes | 25,391 | 24,949 | ||
Other loans | 36,203 | 35,897 | ||
Full recourse | 312,661 | 17,768 | ||
Operating lease liabilities | 2,902 | 2,922 | ||
Finance liabilities | 13,854 | 3,169 | ||
Total current liabilities | 534,272 | 248,647 | ||
Long-term debt, net of current portion: | ||||
Senior secured notes (less deferred financing costs of $4,640 and $5,318, respectively) | 296,382 | 315,195 | ||
Operating lease liabilities | 16,650 | 12,897 | ||
Finance liabilities | 246,722 | 9,104 | ||
Liability associated with sale of tax benefits | 97,714 | 111,476 | ||
Deferred income taxes | 85,922 | 87,972 | ||
Liability for unrecognized tax benefits | 3,677 | 1,970 | ||
Liabilities for severance pay | 16,598 | 18,749 | ||
Asset retirement obligation | 71,628 | 63,457 | ||
Other long-term liabilities | 6,009 | 6,235 | ||
Total liabilities | 2,377,468 | 1,937,720 | ||
Commitments and contingencies (Note 10) | ||||
Redeemable noncontrolling interest | 9,542 | 9,830 | ||
Equity: | ||||
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 56,001,501 and 55,983,259 issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 56 | 56 | ||
Additional paid-in capital | 1,269,568 | 1,262,446 | ||
Retained earnings | 573,408 | 550,103 | ||
Accumulated other comprehensive income (loss) | (9,647) | (6,620) | ||
Total stockholders' equity attributable to Company's stockholders | 1,833,385 | 1,805,985 | ||
Noncontrolling interest | 138,971 | 135,452 | ||
Total equity | 1,972,356 | 1,941,437 | ||
Total liabilities, redeemable noncontrolling interest and equity | 4,359,366 | 3,888,987 | ||
Other Loans, Limited and Non-recourse [Member] | ||||
Long-term debt, net of current portion: | ||||
Other loans (less deferred financing costs) | 258,916 | 284,928 | ||
Senior Unsecured Bonds [Member] | ||||
Long-term debt, net of current portion: | ||||
Full recourse (less deferred financing costs of $3,659 and $3,426, respectively) | $ 742,978 | $ 777,090 | ||
[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 condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet recognized as product revenues during the nine months ended September 30, 2021 as a result of performance obligations having not been satisfied yet. | |||
[2] | Electricity segment assets include goodwill in the amount of $86.7 million and $20.1 million as of September 30, 2021 and 2020, respectively, $66.6 million of which were added in the third quarter of 2021 as a result of the geothermal asset purchase transaction as further detailed under Note 1 to the condensed consolidated financial statements. Energy Storage segment assets include goodwill in the amount of $4.6 million and $3.5 as of September 30, 2021 and 2020, respectively. No goodwill is included in the Product segment assets as of September 30, 2021 and 2020.?? | |||
[3] | Including unconsolidated investments |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Trade, allowance for credit losses | $ 253,000 | $ 597,000 |
Property, plant and equipment, net | 2,298,903,000 | 2,099,046,000 |
Construction-in-process | 615,482,000 | 479,315,000 |
Operating leases right of use | 19,690,000 | 16,347,000 |
Finance leases right of use | $ 7,002,000 | $ 11,633,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 56,001,501 | 55,983,259 |
Common stock, shares outstanding (in shares) | 56,001,501 | 55,983,259 |
Senior Secured Notes [Member] | ||
Deferred financing costs | $ 4,640,000 | $ 5,318,000 |
Other Loans, Limited and Non-recourse [Member] | ||
Deferred financing costs | 7,313,000 | 8,557,000 |
Senior Unsecured Bonds [Member] | ||
Deferred financing costs | 3,659,000 | 3,426,000 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Property, plant and equipment, net | 2,167,620 | 1,978,220 |
Construction-in-process | 301,687,000 | 198,812,000 |
Operating leases right of use | 7,973,000 | 4,712,000 |
Finance leases right of use | $ 224,000 | $ 7,001,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Revenue | $ 158,842 | $ 158,947 | $ 472,095 | $ 525,960 |
Cost of revenues: | ||||
Cost of revenues | 95,702 | 104,917 | 283,333 | 324,726 |
Gross profit | 63,140 | 54,030 | 188,762 | 201,234 |
Operating expenses: | ||||
Research and development expenses | 1,175 | 1,490 | 3,179 | 4,281 |
Selling and marketing expenses | 2,671 | 4,076 | 10,935 | 13,724 |
General and administrative expenses | 23,554 | 14,539 | 60,400 | 43,154 |
Business interruption insurance income | (248) | (17,761) | (248) | (20,743) |
Operating income | 35,988 | 51,686 | 114,496 | 160,818 |
Other income (expense): | ||||
Interest income | 519 | 626 | 1,590 | 1,469 |
Interest expense, net | (22,230) | (21,756) | (59,872) | (58,814) |
Derivatives and foreign currency transaction gains (losses) | (21) | 1,047 | (16,229) | 2,111 |
Income attributable to sale of tax benefits | 7,879 | 7,014 | 21,654 | 16,818 |
Other non-operating income (expense), net | 44 | 961 | (308) | 1,343 |
Income from operations before income tax and equity in earnings (losses) of investees | 22,179 | 39,578 | 61,331 | 123,745 |
Income tax provision | (2,048) | (15,361) | (9,323) | (45,275) |
Equity in earnings (losses) of investees, net | 649 | (1,119) | 1,796 | (196) |
Net income | 20,780 | 23,098 | 53,804 | 78,274 |
Net income attributable to noncontrolling interest | (5,878) | (7,419) | (10,617) | (13,516) |
Net income attributable to the Company's stockholders | 14,902 | 15,679 | 43,187 | 64,758 |
Comprehensive income: | ||||
Net income | 20,780 | 23,098 | 53,804 | 78,274 |
Other comprehensive income (loss), net of related taxes: | ||||
Change in foreign currency translation adjustments | (632) | 1,321 | (2,042) | 1,597 |
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge | 983 | 947 | 3,504 | (4,461) |
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | (2,694) | (3,548) | (5,294) | (3,548) |
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0) | 2 | 0 | (9) | 0 |
Other changes in comprehensive income | 15 | 30 | 48 | 47 |
Comprehensive income | 18,454 | 21,848 | 50,011 | 71,909 |
Comprehensive income attributable to noncontrolling interest | (5,553) | (7,751) | (9,851) | (14,000) |
Comprehensive income attributable to the Company's stockholders | $ 12,901 | $ 14,097 | $ 40,160 | $ 57,909 |
Earnings per share attributable to the Company's stockholders: | ||||
Basic: (in dollars per share) | $ 0.27 | $ 0.31 | $ 0.77 | $ 1.27 |
Diluted: (in dollars per share) | $ 0.26 | $ 0.31 | $ 0.77 | $ 1.26 |
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: | ||||
Basic (in shares) | 56,003 | 51,072 | 55,995 | 51,051 |
Diluted (in shares) | 56,298 | 51,282 | 56,413 | 51,386 |
Electricity [Member] | ||||
Revenues: | ||||
Revenue | $ 142,651 | $ 123,660 | $ 421,503 | $ 395,201 |
Cost of revenues: | ||||
Cost of revenues | 81,549 | 76,670 | 245,136 | 219,988 |
Product [Member] | ||||
Revenues: | ||||
Revenue | 10,527 | 29,625 | 26,580 | 120,737 |
Cost of revenues: | ||||
Cost of revenues | 9,182 | 24,037 | 23,180 | 95,724 |
Energy Storage and Management Services [Member] | ||||
Revenues: | ||||
Revenue | 5,664 | 5,662 | 24,012 | 10,022 |
Cost of revenues: | ||||
Cost of revenues | $ 4,971 | $ 4,210 | $ 15,017 | $ 9,014 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | |
Change in unrealized gains or losses on marketable securities available-for-sale, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | 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] | 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, 2019 | 51,032 | 51,032 | |||||||||||||||||||||||||||
Balance in Other comprehensive income (loss) beginning 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 | 1,989 | 0 | 0 | 1,989 | 0 | 1,989 | ||||||||||||||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | (3,007) | (3,007) | ||||||||||||||||||||||
Cash dividend declared | 0 | 0 | (5,614) | 0 | (5,614) | 0 | (5,614) | ||||||||||||||||||||||
Increase in noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 1,447 | 1,447 | ||||||||||||||||||||||
Net income | 0 | 0 | 26,033 | 0 | 26,033 | 3,543 | 29,576 | ||||||||||||||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | (258) | (258) | (387) | (645) | ||||||||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge | 0 | 0 | 0 | (4,755) | (4,755) | 0 | (4,755) | ||||||||||||||||||||||
Other comprehensive income (loss) | $ 0 | 0 | 0 | 5 | 5 | 0 | 5 | ||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2020 | 51,036 | ||||||||||||||||||||||||||||
Balance in Other comprehensive income (loss) end of period at Mar. 31, 2020 | $ 51 | 915,139 | 507,537 | (13,662) | 1,409,065 | 124,586 | 1,533,651 | ||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2019 | 51,032 | 51,032 | |||||||||||||||||||||||||||
Balance in Other comprehensive income (loss) beginning 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 | ||||||||
Foreign currency translation adjustments | 1,597 | ||||||||||||||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge | (4,461) | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | 47 | ||||||||||||||||||||||||||||
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0) | 0 | ||||||||||||||||||||||||||||
Balance (in shares) at Sep. 30, 2020 | 51,069 | ||||||||||||||||||||||||||||
Balance in Other comprehensive income (loss) end of period at Sep. 30, 2020 | $ 51 | 920,210 | 534,984 | (11,955) | 1,443,290 | 132,061 | 1,575,351 | ||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2020 | 51,036 | ||||||||||||||||||||||||||||
Balance in Other comprehensive income (loss) beginning of period at Mar. 31, 2020 | $ 51 | 915,139 | 507,537 | (13,662) | 1,409,065 | 124,586 | 1,533,651 | ||||||||||||||||||||||
Stock-based compensation | 0 | 2,264 | 0 | 0 | 2,264 | 0 | 2,264 | ||||||||||||||||||||||
Cash dividend declared | 0 | 0 | (5,719) | 0 | (5,719) | 0 | (5,719) | ||||||||||||||||||||||
Increase in noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 1,307 | 1,307 | ||||||||||||||||||||||
Net income | 0 | 0 | 23,046 | 0 | 23,046 | 1,982 | 25,028 | ||||||||||||||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | 382 | 382 | 539 | 921 | ||||||||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge | 0 | 0 | 0 | (653) | (653) | 0 | (653) | ||||||||||||||||||||||
Other comprehensive income (loss) | $ 0 | 0 | 0 | 12 | 12 | 0 | 12 | ||||||||||||||||||||||
Exercise of stock-based awards by employees and directors (*) (in shares) | [1] | 31 | |||||||||||||||||||||||||||
Exercise of stock-based awards by employees and directors (*) | [1] | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Balance (in shares) at Jun. 30, 2020 | 51,067 | ||||||||||||||||||||||||||||
Balance in Other comprehensive income (loss) end of period at Jun. 30, 2020 | $ 51 | 917,403 | 524,864 | (13,921) | 1,428,397 | 128,414 | 1,556,811 | ||||||||||||||||||||||
Stock-based compensation | 0 | 2,807 | 0 | 0 | 2,807 | 0 | 2,807 | ||||||||||||||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | (3,749) | (3,749) | ||||||||||||||||||||||
Cash dividend declared | 0 | 0 | (5,559) | 0 | (5,559) | 0 | (5,559) | ||||||||||||||||||||||
Net income | 0 | 0 | 15,679 | 0 | 15,679 | 7,064 | 22,743 | ||||||||||||||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | 989 | 989 | 332 | 1,321 | ||||||||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge | 0 | 0 | 0 | 947 | 947 | 0 | 947 | ||||||||||||||||||||||
Other comprehensive income (loss) | $ 0 | 0 | 0 | 30 | 30 | 0 | 30 | ||||||||||||||||||||||
Exercise of stock-based awards by employees and directors (*) (in shares) | 2 | ||||||||||||||||||||||||||||
Exercise of stock-based awards by employees and directors (*) | [1] | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0) | 0 | ||||||||||||||||||||||||||||
Balance (in shares) at Sep. 30, 2020 | 51,069 | ||||||||||||||||||||||||||||
Balance in Other comprehensive income (loss) end of period at Sep. 30, 2020 | $ 51 | 920,210 | 534,984 | (11,955) | 1,443,290 | 132,061 | 1,575,351 | ||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 55,983 | ||||||||||||||||||||||||||||
Balance in Other comprehensive income (loss) beginning of period at Dec. 31, 2020 | $ 56 | 1,262,446 | 550,103 | (6,620) | 1,805,985 | 135,452 | 1,941,437 | ||||||||||||||||||||||
Stock-based compensation | 0 | 2,097 | 0 | 0 | 2,097 | 0 | 2,097 | ||||||||||||||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | (3,898) | (3,898) | ||||||||||||||||||||||
Cash dividend declared | 0 | 0 | (6,718) | 0 | (6,718) | 0 | (6,718) | ||||||||||||||||||||||
Net income | 0 | 0 | 15,259 | 0 | 15,259 | 2,290 | 17,549 | ||||||||||||||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | (1,253) | (1,253) | (573) | (1,826) | ||||||||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge | 0 | 0 | 0 | 3,755 | 3,755 | 0 | 3,755 | ||||||||||||||||||||||
Other comprehensive income (loss) | $ 0 | 0 | 0 | 16 | 16 | 0 | 16 | ||||||||||||||||||||||
Exercise of stock-based awards by employees and directors (*) (in shares) | [1] | 1 | |||||||||||||||||||||||||||
Exercise of stock-based awards by employees and directors (*) | [1] | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Stock issuance costs reimbursement | 0 | 285 | 0 | 0 | 285 | 0 | 285 | ||||||||||||||||||||||
Change in respect of derivative instruments designated for cash flow hedge | $ 0 | $ 0 | $ 0 | $ (2,798) | $ (2,798) | $ 0 | $ (2,798) | ||||||||||||||||||||||
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0) | $ 0 | 0 | 0 | (20) | (20) | 0 | (20) | ||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2021 | 55,984 | ||||||||||||||||||||||||||||
Balance in Other comprehensive income (loss) end of period at Mar. 31, 2021 | $ 56 | 1,264,828 | 558,644 | (6,920) | 1,816,608 | 133,271 | 1,949,879 | ||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 55,983 | ||||||||||||||||||||||||||||
Balance in Other comprehensive income (loss) beginning of period at Dec. 31, 2020 | $ 56 | 1,262,446 | 550,103 | (6,620) | 1,805,985 | 135,452 | 1,941,437 | ||||||||||||||||||||||
Foreign currency translation adjustments | (2,042) | ||||||||||||||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge | 3,504 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | 48 | ||||||||||||||||||||||||||||
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0) | (9) | ||||||||||||||||||||||||||||
Balance (in shares) at Sep. 30, 2021 | 56,002 | ||||||||||||||||||||||||||||
Balance in Other comprehensive income (loss) end of period at Sep. 30, 2021 | $ 56 | 1,269,568 | 573,408 | (9,647) | 1,833,385 | 138,971 | 1,972,356 | ||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2021 | 55,984 | ||||||||||||||||||||||||||||
Balance in Other comprehensive income (loss) beginning of period at Mar. 31, 2021 | $ 56 | 1,264,828 | 558,644 | (6,920) | 1,816,608 | 133,271 | 1,949,879 | ||||||||||||||||||||||
Stock-based compensation | 0 | 2,623 | 0 | 0 | 2,623 | 0 | 2,623 | ||||||||||||||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | (426) | (426) | ||||||||||||||||||||||
Cash dividend declared | 0 | 0 | (6,448) | 0 | (6,448) | 0 | (6,448) | ||||||||||||||||||||||
Net income | 0 | 0 | 13,026 | 0 | 13,026 | 1,795 | 14,821 | ||||||||||||||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | 284 | 284 | 132 | 416 | ||||||||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge | 0 | 0 | 0 | (1,234) | (1,234) | 0 | (1,234) | ||||||||||||||||||||||
Other comprehensive income (loss) | $ 0 | 0 | 0 | 17 | 17 | 0 | 17 | ||||||||||||||||||||||
Exercise of stock-based awards by employees and directors (*) (in shares) | [1] | 13 | |||||||||||||||||||||||||||
Exercise of stock-based awards by employees and directors (*) | [1] | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Change in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | 198 | 198 | 0 | 198 | ||||||||||||||||||||||
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0) | $ 0 | 0 | 0 | 9 | 9 | 0 | 9 | ||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2021 | 55,997 | ||||||||||||||||||||||||||||
Balance in Other comprehensive income (loss) end of period at Jun. 30, 2021 | $ 56 | 1,267,451 | 565,222 | (7,646) | 1,825,083 | 134,772 | 1,959,855 | ||||||||||||||||||||||
Stock-based compensation | 0 | 2,120 | 0 | 0 | 2,120 | 0 | 2,120 | ||||||||||||||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | (1,487) | (1,487) | ||||||||||||||||||||||
Cash dividend declared | 0 | 0 | (6,716) | 0 | (6,716) | 0 | (6,716) | ||||||||||||||||||||||
Net income | 0 | 0 | 14,902 | 0 | 14,902 | 6,011 | 20,913 | ||||||||||||||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | (307) | (307) | (325) | (632) | ||||||||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge | 0 | 0 | 0 | 983 | 983 | 0 | 983 | ||||||||||||||||||||||
Other comprehensive income (loss) | $ 0 | 0 | 0 | 15 | 15 | 0 | 15 | ||||||||||||||||||||||
Exercise of stock-based awards by employees and directors (*) (in shares) | [1] | 5 | |||||||||||||||||||||||||||
Exercise of stock-based awards by employees and directors (*) | [1] | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Change in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | (2,694) | (2,694) | 0 | (2,694) | ||||||||||||||||||||||
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0) | 0 | 0 | 0 | 2 | 2 | 0 | 2 | ||||||||||||||||||||||
Stock issuance costs reimbursement | $ 0 | (3) | 0 | 0 | (3) | 0 | (3) | ||||||||||||||||||||||
Balance (in shares) at Sep. 30, 2021 | 56,002 | ||||||||||||||||||||||||||||
Balance in Other comprehensive income (loss) end of period at Sep. 30, 2021 | $ 56 | $ 1,269,568 | $ 573,408 | $ (9,647) | $ 1,833,385 | $ 138,971 | $ 1,972,356 | ||||||||||||||||||||||
[1] | Resulted in an amount lower than $1 thousand. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Retained Earnings [Member] | ||||
Cash dividend declared, per share (in dollars per share) | $ 0.11 | $ 0.11 | ||
Cash dividend declared, per share (in dollars per share) | $ 0.11 | $ 0.11 | ||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment, tax | $ 0 | $ 0 | $ 0 | |
Change in unrealized gains or losses on marketable securities available-for-sale, tax | $ 0 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 53,804 | $ 78,274 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 134,367 | 115,672 |
Accretion of asset retirement obligation | 2,943 | 2,319 |
Stock-based compensation | 6,840 | 7,060 |
Income attributable to sale of tax benefits, net of interest expense | (13,495) | (10,846) |
Equity in losses (earnings) of investees | (1,796) | 196 |
Mark-to-market of derivative instruments | 1,096 | (1,612) |
Loss on disposal of property, plant and equipment | 87 | 618 |
Loss (gain) on severance pay fund asset | (709) | (24) |
Deferred income tax provision | (8,994) | 25,522 |
Liability for unrecognized tax benefits | 1,707 | (2,000) |
Other | 267 | 0 |
Changes in operating assets and liabilities, net of businesses acquired: | ||
Receivables | 227 | (5,753) |
Costs and estimated earnings in excess of billings on uncompleted contracts | 15,220 | 20,242 |
Inventories | (1,814) | 565 |
Prepaid expenses and other | (13,966) | 2,971 |
Change in operating lease right of use asset | 2,322 | 2,695 |
Deposits and other | (3,468) | (1,277) |
Accounts payable and accrued expenses | (30,320) | 2,617 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 4,650 | 4,928 |
Liabilities for severance pay | (2,151) | (619) |
Change in operating lease liabilities | (1,935) | (2,436) |
Other long-term liabilities | (91) | (222) |
Net cash provided by operating activities | 144,791 | 238,890 |
Cash flows from investing activities: | ||
Purchase of marketable securities | (49,320) | 0 |
Maturities of marketable securities | 3,565 | 0 |
Capital expenditures | (288,423) | (231,784) |
Investment in unconsolidated companies | (6,208) | (14,794) |
Cash paid for business acquisition, net of cash acquired | (171,000) | (43,321) |
Decrease (increase) in severance pay fund asset, net of payments made to retired employees | 2,352 | 529 |
Other investing activities | (911) | (3,600) |
Net cash used in investing activities | (509,945) | (292,970) |
Cash flows from financing activities: | ||
Proceeds from long-term loans, net of transaction costs | 275,000 | 419,262 |
Repayments of commercial paper and prepayment of loans | 0 | (50,000) |
Proceeds from revolving credit lines with banks | 0 | 1,249,400 |
Repayment of revolving credit lines with banks | 0 | (1,289,950) |
Cash received from noncontrolling interest | 5,390 | 7,577 |
Repayments of long-term debt | (58,357) | (115,606) |
Stock issuance costs reimbursement | 282 | 0 |
Cash paid to noncontrolling interest | (7,031) | (9,234) |
Payments under finance lease obligations | (7,943) | (2,205) |
Deferred debt issuance costs | (2,447) | (2,360) |
Cash dividends paid | (19,882) | (16,892) |
Net cash provided by financing activities | 185,012 | 189,992 |
Effect of exchange rate changes | (336) | 520 |
Net change in cash and cash equivalents and restricted cash and cash equivalents | (180,478) | 136,432 |
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period | 536,778 | 153,110 |
Cash and cash equivalents and restricted cash and cash equivalents at end of period | 356,300 | 289,542 |
Supplemental non-cash investing and financing activities: | ||
Increase (decrease) in accounts payable related to purchases of property, plant and equipment | 1,095 | (995) |
Right of use assets obtained in exchange for new lease liabilities | $ 5,579 | $ 3,057 |
Note 1 - General and Basis of P
Note 1 - General and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 GENERAL AND BASIS OF PRESENTATION These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, they do not September 30, 2021, three nine September 30, 2021 2020 nine September 30, 2021 2020. The financial data and other information disclosed in the notes to the condensed consolidated financial statements related to these periods are unaudited. The results for the periods presented are not These condensed unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10 December 31, 2020. December 31, 2020 December 31, 2020 not Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000. COVID- 19 In March 2020, 19" second 2021, 19 not 19 19 19 2020 2021. In the Product segment, the Company experienced a significant decline in product backlog, which it believes resulted mainly due to the impact of COVID- 19 second 2021, In the Energy Storage segment, revenues are generated primarily from participating in the energy and ancillary services markets and therefore are directly impacted by the prevailing energy prices in those markets. While the extent and duration of the economic downturn from the COVID- 19 may 19 no Business combination - geothermal assets purchase transaction On July 13, 2021, two 67.5 one two 2038 December 2025, As a result of the acquisition, the Company expanded its overall generation capacity and expects to improve the profitability of the purchased assets through cost reduction and synergies. The Company accounted for the transaction in accordance with Accounting Standard Codification ("ASC") 805, 810, 2021, nine September 30, 2021. may one not 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 $ 10.9 Trade receivables and others (1) 8.6 Deferred income taxes 22.4 Property, plant and equipment and construction-in-process 152.0 Intangible assets (2) 191.6 Goodwill (3) 66.6 Total assets acquired $ 452.1 Accounts payable, accrued expenses and others $ 6.6 Finance liability (4) 258.4 Asset retirement obligation 5.3 Total liabilities assumed $ 270.3 Total assets acquired, and liabilities assumed, net $ 181.8 ( 1 The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million. These receivables were fully collected during the third 2021. ( 2 Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs. ( 3 Goodwill is primarily related to the expected synergies and potential cost savings in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and is deductible for tax purposes pending the exercise of the financial lease buy-out option as described below. ( 4 Finance liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 June 2038. September 2024. The acquired geothermal power plants contributed Electricity revenues of $14.4 million and earnings of $4.3 million, net of related tax and finance liability interest expense costs of $2.8 million, to the Company for the period from acquisition date to September 30, 2021 three nine September 30, 2021. The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business combination had occurred on January 1, 2020. not Pro forma for the Three Months Ended September 30, Pro forma for the Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in millions) (Dollars in millions) Electricity revenues $ 144.7 $ 140.5 $ 449.1 $ 438.4 Total revenues $ 160.8 $ 175.8 $ 499.7 $ 569.1 Net income $ 18.5 $ 18.0 $ 50.4 $ 64.3 Bank Hapoalim loan On July 12, 2021, December 12, 2021. The Hapoalim Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not not not The Hapoalim Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default. HSBC Bank loan On July 15, 2021, January 19, 2022. The HSBC Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not not not The HSBC Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default. The proceeds from the Hapoalim Loan and the HSBC Loan were used to pay for the purchase of the geothermal assets portfolio from TG Geothermal Portfolio, LLC as described above. Discount Bank loan On September 2, 2021, March 2, 2022. The Discount Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not not not The Discount Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default. Puna Power Plant On May 3, 2018, 38 three third 2021, three nine September 30, 2021 third 2020, three nine September 30, 2020 The Puna power plant resumed operations in November 2020 third 2021 26 In December 2019, 2052 46 no March 31, 2021, The Company continues to assess the accounting implications of these events on its assets and liabilities and whether any related assets may September 30, 2021, no February In February 2021, one February 15, 2021, 3 3" February 16, 2021 February 19, 2021, February 19, 2021, In addition, the Company recorded a provision for approximately $3.0 million for receivables related to imbalance charges from the grid operator in respect of its demand response operation as it estimated it is probable it may first 2021. The Company has filed billing disputes with ERCOT related to some of the imbalance charges and revenue allocated to its Demand Response services and customers, the outcome of which may Write-offs of unsuccessful exploration activities There were no write-offs of unsuccessful exploration activities for the three nine September 30, 2021 2020. Reconciliation of Cash and cash equivalents and restricted cash and cash equivalents The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as reported on the balance sheet to the total of the same amounts shown on the statement of cash flows: September 30, December 31, September 30, 2021 2020 2020 (Dollars in thousands) Cash and cash equivalents $ 267,802 $ 448,252 $ 197,309 Restricted cash and cash equivalents 88,498 88,526 92,233 Total Cash and cash equivalents and restricted cash and cash equivalents $ 356,300 $ 536,778 $ 289,542 Finance liabilities The following table provides details related to the Finance liabilities reported on the balance sheet: September 30, December 31, 2021 2020 (Dollars in thousands) Current Finance Liabilities: Finance lease liabilities $ 3,019 $ 3,169 Finance liability 10,835 — Total Current Finance Liabilities $ 13,854 $ 3,169 Long-term Finance Liabilities: Finance lease liabilities $ 4,693 $ 9,104 Finance liability 242,029 — Total Long-term Finance Liabilities $ 246,722 $ 9,104 Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of temporary cash investments, marketable securities and accounts receivable. The Company places its temporary cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At September 30, 2021 December 31, 2020, ten $250,000 September 30, 2021 December 31, 2020, At September 30, 2021 December 31, 2020, September 30, 2021 December 31, 2020, 10% The Company's revenues from its primary customers as a percentage of total revenues are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Sierra Pacific Power Company and Nevada Power Company 15.8 % 15.4 % 18.7 % 17.1 % Southern California Public Power Authority (“SCPPA”) 21.3 19.5 23.9 19.8 Kenya Power and Lighting Co. Ltd. ("KPLC") 16.1 18.2 16.3 16.5 The Company has historically been able to collect on substantially all of its receivable balances. As of September 30, 2021, October 2021, September 30, 2020. first nine 2021 In Honduras, as of September 30, 2021, $2.7 October 2021. third 2021, June 30, 2021. 19 may The Company may 19 See Note 4 Allowance for credit losses The Company performs an analysis of potential credit losses related to its financial instruments that are within the scope of ASU 2018 19, 325, may 19 19 not The following table describes the changes in the allowance for expected credit losses for the three nine September 30, 2021 2020 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 419 $ 779 $ 597 $ 755 Change in the provision for expected credit losses for the period (166 ) — (344 ) 24 Ending balance of the allowance for expected credit losses $ 253 $ 779 $ 253 $ 779 Revenues from contracts with customers Contract assets related to our Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of September 30, 2021 December 31, 2020 September 30, December 31, 2021 2020 (Dollars in thousands) Contract assets (*) $ 9,324 $ 24,544 Contract liabilities (*) $ (15,829 ) $ (11,179 ) (*) 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 condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not nine September 30, 2021 not On September 30, 2021, not Disaggregated revenues from contracts with customers for the three nine September 30, 2021 2020 9 Leases in which the Company is a lessor The table below presents lease income recognized as a lessor: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Lease income relating to lease payments from operating leases $ 123,688 $ 108,619 $ 362,548 $ 347,778 Marketable securities The Company’s investments in marketable securities consist of debt securities with maturity of up to one three 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 |
Note 2 - New Accounting Pronoun
Note 2 - New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 2 NEW ACCOUNTING PRONOUNCEMENTS New accounting pronouncements effective in the nine September 30, 2021 Accounting for Income Taxes In December 2019, 2019 12, 740 2019 12 740. December 15, 2020 2019 12 January 1, 2021. not New accounting pronouncements effective in future periods There are no |
Note 3 - Inventories
Note 3 - Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 INVENTORIES Inventories consist of the following: September 30, December 31, 2021 2020 (Dollars in thousands) Raw materials and purchased parts for assembly $ 11,626 $ 14,835 Self-manufactured assembly parts and finished products 15,730 20,486 Total inventories $ 27,356 $ 35,321 |
Note 4 - Marketable Securities
Note 4 - Marketable Securities | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 4 MARKETABLE SECURITIES Marketable securities are presented at fair value and include investments in debt securities classified as available for sale. All marketable securities have maturities of less than a year. Investment in marketable securities is comprised of the following: September 30, 2021 Amortized cost Gross unrealized gains Gross unrealized losses Fair value (Dollars in thousands) Debt security type: Corporate bonds $ 30,963 $ — $ (9 ) $ 31,157 Commercial paper 11,471 — — 11,471 Foreign issuers 2,826 — 2,851 Total debt securities available for sale $ 45,260 $ — $ (9 ) $ 45,479 As of September 30, 2021, The following table summarizes the fair value and gross unrealized losses of debt securities with unrealized losses aggregated by security type and length of time that the fair value had been below amortized cost, on an individual security basis: September 30, 2021 Less than 12 months Greater than 12 months Fair value Gross unrealized loss Fair value Gross unrealized loss (Dollars in thousands) Debt security type: Corporate bonds $ 31,157 $ (9 ) $ — $ — Commercial paper 11,471 — — — Foreign issuers 2,851 — — — Total debt securities available for sale $ 45,479 $ (9 ) $ — $ — There were no sales of investments in debt securities during the nine September 30, 2021 2020. |
Note 5 - Fair Value of Financia
Note 5 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 5 FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value measurement guidance clarifies that fair value is an exit price, representing the amount that would be received upon selling an asset or paid upon transferring a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 3 three Level 1 Level 2 not Level 3 no The following table sets forth certain fair value information at September 30, 2021 December 31, 2020 September 30, 2021 Fair Value Carrying Value at September 30, 2021 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 30,052 $ 30,052 $ 30,052 $ — $ — Marketable securities (including cash equivalents) 45,479 45,479 45,479 — — Derivatives: Currency forward contracts (2) 441 441 — 441 — Long-term Assets: Cross currency swap (3) 19,240 19,240 — 19,240 — Liabilities: Current liabilities: Derivatives: Cross currency swap (3) (235 ) (235 ) — (235 ) — Long term liabilities: Contingent payables (1) (2,493 ) (2,493 ) — — (2,493 ) $ 92,484 $ 92,484 $ 75,531 $ 19,446 $ (2,493 ) 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 receivables (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 ) 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 September 30, 2021 December 31, 2020, 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 September 30, 2021 December 31, 2020, 3. These amounts relate to cross currency swap contracts valued primarily based on the present value of the cross currency swap future settlement prices for U.S. Dollar ("USD") and New Israeli Shekel ("NIS") zero September 30, 2021 December 31, 2020, September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020. The following table presents the amounts of gain (loss) recognized in the consolidated statements of operations and comprehensive income on derivative instruments (in thousands): Amount of recognized gain (loss) Amount of recognized gain (loss) Derivatives not designated as hedging instruments Location of recognized gain (loss) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Swap transaction on RRS prices (1) Derivative and foreign currency transaction gains (losses) $ — $ — (14,540 ) — Currency forward contracts (1) Derivative and foreign currency transaction gains (losses) $ 387 $ 424 $ 118 $ 2,949 Derivatives designated as cash flow hedging instruments Cross currency swap (2) Derivative and foreign currency transaction gains (losses) $ 2,945 $ 758 $ (1,349 ) $ 758 ( 1 not third January 1, 2021 1 April 1, 2021. ( 2 1 There were no 1, 2 3 nine September 30, 2021. The following table presents the effect of derivative instruments designated as cash flow hedges on the condensed consolidated statements of operations and comprehensive income (loss) for the three nine September 30, 2021: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Cross currency swap cash flow hedge: Balance in Other comprehensive income (loss) beginning of period $ 766 $ — $ 3,366 $ — Gain or (loss) recognized in Other comprehensive income (loss) 251 (2,790 ) (6,643 ) (2,790 ) Amount reclassified from Other comprehensive income (loss) into earnings (2,945 ) (758 ) 1,349 (758 ) Balance in Other comprehensive income (loss) end of period $ (1,928 ) $ (3,548 ) $ (1,928 ) $ (3,548 ) The estimated net amount of existing gain (loss) that is reported in "Accumulated other comprehensive income (loss)" as of September 30, 2021 12 June 2031. The fair value of the Company’s long-term debt approximates its carrying amount, except for the following: Fair Value Carrying Amount September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 (Dollars in millions) (Dollars in millions) HSBC Loan $ 57.0 $ — $ 50.0 $ — Hapoalim Loan 128.6 — 125.0 — Discount Loan 101.8 — 100.0 — Finance liability - Dixie Valley 252.2 — 252.9 — Olkaria III Loan - DFC 173.9 192.5 161.2 174.7 Olkaria III plant 4 Loan - DEG 2 37.6 40.4 35.0 37.5 Olkaria III plant 1 Loan - DEG 3 33.2 35.8 30.6 32.8 Platanares Loan - DFC 102.2 112.1 90.1 96.3 Amatitlan Loan 20.8 23.5 20.1 22.8 Senior Secured Notes: OFC 2 LLC ("OFC 2") 190.8 207.9 177.4 188.2 Don A. Campbell 1 ("DAC 1") 72.4 78.5 69.3 73.1 USG Prudential - NV 29.8 31.8 26.8 27.6 USG Prudential - ID 17.1 18.3 17.5 18.4 USG DOE 40.5 45.1 35.4 38.2 Senior Unsecured Bonds 572.1 585.1 527.7 529.1 Senior Unsecured Loan 206.2 222.2 191.6 200.0 Plumstriker 16.3 18.1 16.2 18.1 Other long-term debt 14.5 17.4 14.8 17.6 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 The carrying value of revolving lines of credit and deposits approximates fair value. The following table presents the fair value of financial instruments as of September 30, 2021: Level 1 Level 2 Level 3 Total (Dollars in millions) HSBC Loan $ — $ — $ 57.0 $ 57.0 Hapoalim Loan — — 128.6 128.6 Discount Loan — — 101.8 101.8 Finance liability - Dixie Valley — — 252.2 252.2 Olkaria III Loan - DFC — — 173.9 173.9 Olkaria III plant 4 Loan - DEG 2 — — 37.6 37.6 Olkaria III plant 1 Loan - DEG 3 — — 33.2 33.2 Platanares Loan - DFC — — 102.2 102.2 Amatitlan Loan — 20.8 — 20.8 Senior Secured Notes: OFC 2 Senior Secured Notes — — 190.8 190.8 DAC 1 Senior Secured Notes — — 72.4 72.4 USG Prudential - NV — — 29.8 29.8 USG Prudential - ID — — 17.1 17.1 USG DOE — — 40.5 40.5 Senior Unsecured Bonds — — 572.1 572.1 Senior Unsecured Loan — — 206.2 206.2 Plumstriker — 16.3 — 16.3 Other long-term debt — — 14.5 14.5 Deposits 17.1 — — 17.1 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 Loan - DFC $ — $ — $ 192.5 $ 192.5 Olkaria IV - DEG 2 — — 40.4 40.4 Olkaria IV - 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 |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 6 STOCK-BASED COMPENSATION There were no nine September 30, 2021. |
Note 7 - Interest Expense, Net
Note 7 - Interest Expense, Net | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Interest Expense Disclosure [Text Block] | NOTE 7 INTEREST EXPENSE, NET The components of interest expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Interest related to sale of tax benefits $ 4,081 $ 1,991 $ 9,019 $ 6,814 Interest expense 22,259 22,000 61,579 58,801 Less — amount capitalized (4,109 ) (2,235 ) (10,726 ) (6,801 ) Total interest expense, net $ 22,230 $ 21,756 $ 59,872 $ 58,814 |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 8 EARNINGS PER SHARE Basic earnings per share attributable to the Company’s stockholders is computed by dividing net income or loss attributable to the Company’s stockholders by the weighted average number of shares of common stock outstanding for the period. The Company does not The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Weighted average number of shares used in computation of basic earnings per share: 56,003 51,072 55,995 51,051 Additional shares from the assumed exercise of employee stock awards 295 210 418 335 Weighted average number of shares used in computation of diluted earnings per share 56,298 51,282 56,413 51,386 The number of stock-based awards that could potentially dilute future earnings per share and that were not three September 30, 2021 2020, nine September 30, 2021 2020, |
Note 9 - Business Segments
Note 9 - Business Segments | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 9 BUSINESS SEGMENTS The Company has three reporting segments: the Electricity segment, the Product segment and the Energy Storage segment. 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 ("REG") 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 ("EPC") 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 renamed this reporting segment to be "Energy Storage" starting in the fourth 2020. no Transfer prices between the operating segments are determined based on current market values or cost-plus markup of the seller’s business segment. Summarized financial information concerning the Company’s reportable segments is shown in the following tables, including the Company's disaggregated revenues from contracts with customers: Electricity Product Energy Storage Consolidated (Dollars in thousands) Three Months Ended September 30, 2021: Revenues from external customers: United States (1) $ 98,550 $ 1,541 $ 5,664 $ 105,755 Foreign (2) 44,101 8,986 — 53,087 Net revenue from external customers 142,651 10,527 5,664 158,842 Intersegment revenues (4) — 14,147 — — Operating income (loss) 38,409 (1,115 ) (1,306 ) 35,988 Segment assets at period end (3) (*) 4,064,679 125,167 169,520 4,359,366 * Including unconsolidated investments 109,725 — — 109,725 Three Months Ended September 30, 2020: Revenues from external customers: United States (1) $ 73,180 $ 435 $ 5,662 $ 79,277 Foreign (2) 50,480 29,190 — 79,670 Net revenue from external customers 123,660 29,625 5,662 158,947 Intersegment revenues (4) — 36,839 — — Operating income (loss) 50,847 1,285 (446 ) 51,686 Segment assets at period end (3) (*) 3,236,631 148,106 136,210 3,520,947 * Including unconsolidated investments 91,277 — — 91,277 Nine Months Ended September 30, 2021: Revenues from external customers: United States (1) $ 285,090 $ 4,041 $ 24,012 $ 313,143 Foreign (2) 136,413 22,539 — 158,952 Net revenue from external customers 421,503 26,580 24,012 472,095 Intersegment revenues (4) — 90,519 — — Operating income (loss) 116,176 (2,753 ) 1,073 114,496 Segment assets at period end (3) (*) 4,064,679 125,167 169,520 4,359,366 * Including unconsolidated investments 109,725 — — 109,725 Nine Months Ended September 30, 2020: Revenues from external customers: United States (1) $ 245,299 $ 1,412 $ 10,022 $ 256,733 Foreign (2) 149,902 119,325 — 269,227 Net revenue from external customers 395,201 120,737 10,022 525,960 Intersegment revenues (4) — 95,948 — — Operating income (loss) 155,352 8,960 (3,494 ) 160,818 Segment assets at period end (3) (*) 3,236,631 148,106 136,210 3,520,947 * Including unconsolidated investments 91,277 — — 91,277 ( 1 Electricity segment revenues in the United States are all accounted under lease accounting except for $19.0 million and $59.0 million for the three nine September 30, 2021, three nine September 30, 2020 , 606. 606. ( 2 Electricity segment revenues in foreign countries are all accounted under lease accounting. Product segment revenues in foreign countries are accounted under ASC 606. ( 3 Electricity segment assets include goodwill in the amount of $86.7 million and $20.1 million as of September 30, 2021 2020, third 2021 1 September 30, 2021 2020, September 30, 2021 2020. ( 4 Intersegment revenue are fully eliminated in consolidation. Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Revenues: Total segment revenues $ 158,842 $ 158,947 $ 472,095 $ 525,960 Intersegment revenues 14,147 36,839 90,519 95,948 Elimination of intersegment revenues (14,147 ) (36,839 ) (90,519 ) (95,948 ) Total consolidated revenues $ 158,842 $ 158,947 $ 472,095 $ 525,960 Operating income: Operating income $ 35,988 $ 51,686 $ 114,496 $ 160,818 Interest income 519 626 1,590 1,469 Interest expense, net (22,230 ) (21,756 ) (59,872 ) (58,814 ) Derivatives and foreign currency transaction gains (losses) (21 ) 1,047 (16,229 ) 2,111 Income attributable to sale of tax benefits 7,879 7,014 21,654 16,818 Other non-operating income (expense), net 44 961 (308 ) 1,343 Total consolidated income before income taxes and equity in income of investees $ 22,179 $ 39,578 $ 61,331 $ 123,745 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 COMMITMENTS AND 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, March 3, 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, 2021, • 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. March 29, 2021, • On March 29, 2016, 27th 11th April 16, 2020, 11th not May 2020, October 19, 2020, two may • On March 3, 2021, 23 July 1, 2021, 10 20 1934, March 1, 2021. may • On September 14, 2021, 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 Other matters On March 2, 2021, |
Note 11 - Income Taxes
Note 11 - Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 11 INCOME TAXES The Company’s effective tax rate provision (benefit) for the three September 30, 2021 2020 nine September 30, 2021 2020, In response to the COVID- 19 March 27, 2020 nine September 30, 2021, no 19 |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12 SUBSEQUENT EVENTS Cash Dividend On November 3, 2021, November 17, 2021 December 3, 2021 Steamboat Hills Tax Equity Transaction On October 25, 2021, one Under the transaction documents, prior to December 31, 2029 ( not 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. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Effect of COVID-19 Pandemic, Policy [Policy Text Block] | COVID- 19 In March 2020, 19" second 2021, 19 not 19 19 19 2020 2021. In the Product segment, the Company experienced a significant decline in product backlog, which it believes resulted mainly due to the impact of COVID- 19 second 2021, In the Energy Storage segment, revenues are generated primarily from participating in the energy and ancillary services markets and therefore are directly impacted by the prevailing energy prices in those markets. While the extent and duration of the economic downturn from the COVID- 19 may 19 no |
Business Combinations Policy [Policy Text Block] | Business combination - geothermal assets purchase transaction On July 13, 2021, two 67.5 one two 2038 December 2025, As a result of the acquisition, the Company expanded its overall generation capacity and expects to improve the profitability of the purchased assets through cost reduction and synergies. The Company accounted for the transaction in accordance with Accounting Standard Codification ("ASC") 805, 810, 2021, nine September 30, 2021. may one not 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 $ 10.9 Trade receivables and others (1) 8.6 Deferred income taxes 22.4 Property, plant and equipment and construction-in-process 152.0 Intangible assets (2) 191.6 Goodwill (3) 66.6 Total assets acquired $ 452.1 Accounts payable, accrued expenses and others $ 6.6 Finance liability (4) 258.4 Asset retirement obligation 5.3 Total liabilities assumed $ 270.3 Total assets acquired, and liabilities assumed, net $ 181.8 ( 1 The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million. These receivables were fully collected during the third 2021. ( 2 Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs. ( 3 Goodwill is primarily related to the expected synergies and potential cost savings in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and is deductible for tax purposes pending the exercise of the financial lease buy-out option as described below. ( 4 Finance liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 June 2038. September 2024. The acquired geothermal power plants contributed Electricity revenues of $14.4 million and earnings of $4.3 million, net of related tax and finance liability interest expense costs of $2.8 million, to the Company for the period from acquisition date to September 30, 2021 three nine September 30, 2021. The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business combination had occurred on January 1, 2020. not Pro forma for the Three Months Ended September 30, Pro forma for the Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in millions) (Dollars in millions) Electricity revenues $ 144.7 $ 140.5 $ 449.1 $ 438.4 Total revenues $ 160.8 $ 175.8 $ 499.7 $ 569.1 Net income $ 18.5 $ 18.0 $ 50.4 $ 64.3 |
Debt, Policy [Policy Text Block] | Bank Hapoalim loan On July 12, 2021, December 12, 2021. The Hapoalim Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not not not The Hapoalim Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default. HSBC Bank loan On July 15, 2021, January 19, 2022. The HSBC Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not not not The HSBC Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default. The proceeds from the Hapoalim Loan and the HSBC Loan were used to pay for the purchase of the geothermal assets portfolio from TG Geothermal Portfolio, LLC as described above. Discount Bank loan On September 2, 2021, March 2, 2022. The Discount Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not not not The Discount Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default. |
Puna Power Plant, Policy [Policy Text Block] | Puna Power Plant On May 3, 2018, 38 three third 2021, three nine September 30, 2021 third 2020, three nine September 30, 2020 The Puna power plant resumed operations in November 2020 third 2021 26 In December 2019, 2052 46 no March 31, 2021, The Company continues to assess the accounting implications of these events on its assets and liabilities and whether any related assets may September 30, 2021, no |
Catastrophe [Policy Text Block] | February In February 2021, one February 15, 2021, 3 3" February 16, 2021 February 19, 2021, February 19, 2021, In addition, the Company recorded a provision for approximately $3.0 million for receivables related to imbalance charges from the grid operator in respect of its demand response operation as it estimated it is probable it may first 2021. The Company has filed billing disputes with ERCOT related to some of the imbalance charges and revenue allocated to its Demand Response services and customers, the outcome of which may |
Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block] | Write-offs of unsuccessful exploration activities There were no write-offs of unsuccessful exploration activities for the three nine September 30, 2021 2020. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Reconciliation of Cash and cash equivalents and restricted cash and cash equivalents The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as reported on the balance sheet to the total of the same amounts shown on the statement of cash flows: September 30, December 31, September 30, 2021 2020 2020 (Dollars in thousands) Cash and cash equivalents $ 267,802 $ 448,252 $ 197,309 Restricted cash and cash equivalents 88,498 88,526 92,233 Total Cash and cash equivalents and restricted cash and cash equivalents $ 356,300 $ 536,778 $ 289,542 |
Lessee, Leases [Policy Text Block] | Finance liabilities The following table provides details related to the Finance liabilities reported on the balance sheet: September 30, December 31, 2021 2020 (Dollars in thousands) Current Finance Liabilities: Finance lease liabilities $ 3,019 $ 3,169 Finance liability 10,835 — Total Current Finance Liabilities $ 13,854 $ 3,169 Long-term Finance Liabilities: Finance lease liabilities $ 4,693 $ 9,104 Finance liability 242,029 — Total Long-term Finance Liabilities $ 246,722 $ 9,104 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of temporary cash investments, marketable securities and accounts receivable. The Company places its temporary cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At September 30, 2021 December 31, 2020, ten $250,000 September 30, 2021 December 31, 2020, At September 30, 2021 December 31, 2020, September 30, 2021 December 31, 2020, 10% The Company's revenues from its primary customers as a percentage of total revenues are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Sierra Pacific Power Company and Nevada Power Company 15.8 % 15.4 % 18.7 % 17.1 % Southern California Public Power Authority (“SCPPA”) 21.3 19.5 23.9 19.8 Kenya Power and Lighting Co. Ltd. ("KPLC") 16.1 18.2 16.3 16.5 The Company has historically been able to collect on substantially all of its receivable balances. As of September 30, 2021, October 2021, September 30, 2020. first nine 2021 In Honduras, as of September 30, 2021, $2.7 October 2021. third 2021, June 30, 2021. 19 may The Company may 19 See Note 4 |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for credit losses The Company performs an analysis of potential credit losses related to its financial instruments that are within the scope of ASU 2018 19, 325, may 19 19 not The following table describes the changes in the allowance for expected credit losses for the three nine September 30, 2021 2020 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 419 $ 779 $ 597 $ 755 Change in the provision for expected credit losses for the period (166 ) — (344 ) 24 Ending balance of the allowance for expected credit losses $ 253 $ 779 $ 253 $ 779 |
Revenue [Policy Text Block] | Revenues from contracts with customers Contract assets related to our Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of September 30, 2021 December 31, 2020 September 30, December 31, 2021 2020 (Dollars in thousands) Contract assets (*) $ 9,324 $ 24,544 Contract liabilities (*) $ (15,829 ) $ (11,179 ) (*) 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 condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not nine September 30, 2021 not On September 30, 2021, not Disaggregated revenues from contracts with customers for the three nine September 30, 2021 2020 9 |
Lessor, Leases [Policy Text Block] | Leases in which the Company is a lessor The table below presents lease income recognized as a lessor: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Lease income relating to lease payments from operating leases $ 123,688 $ 108,619 $ 362,548 $ 347,778 |
Marketable Securities, Policy [Policy Text Block] | Marketable securities The Company’s investments in marketable securities consist of debt securities with maturity of up to one three |
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 |
Note 1 - General and Basis of_2
Note 1 - General and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash and cash equivalents and restricted cash $ 10.9 Trade receivables and others (1) 8.6 Deferred income taxes 22.4 Property, plant and equipment and construction-in-process 152.0 Intangible assets (2) 191.6 Goodwill (3) 66.6 Total assets acquired $ 452.1 Accounts payable, accrued expenses and others $ 6.6 Finance liability (4) 258.4 Asset retirement obligation 5.3 Total liabilities assumed $ 270.3 Total assets acquired, and liabilities assumed, net $ 181.8 |
Business Acquisition, Pro Forma Information [Table Text Block] | Pro forma for the Three Months Ended September 30, Pro forma for the Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in millions) (Dollars in millions) Electricity revenues $ 144.7 $ 140.5 $ 449.1 $ 438.4 Total revenues $ 160.8 $ 175.8 $ 499.7 $ 569.1 Net income $ 18.5 $ 18.0 $ 50.4 $ 64.3 |
Schedule of Cash and Cash Equivalents [Table Text Block] | September 30, December 31, September 30, 2021 2020 2020 (Dollars in thousands) Cash and cash equivalents $ 267,802 $ 448,252 $ 197,309 Restricted cash and cash equivalents 88,498 88,526 92,233 Total Cash and cash equivalents and restricted cash and cash equivalents $ 356,300 $ 536,778 $ 289,542 |
Finance Liabilities [Table Text Block] | September 30, December 31, 2021 2020 (Dollars in thousands) Current Finance Liabilities: Finance lease liabilities $ 3,019 $ 3,169 Finance liability 10,835 — Total Current Finance Liabilities $ 13,854 $ 3,169 Long-term Finance Liabilities: Finance lease liabilities $ 4,693 $ 9,104 Finance liability 242,029 — Total Long-term Finance Liabilities $ 246,722 $ 9,104 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Sierra Pacific Power Company and Nevada Power Company 15.8 % 15.4 % 18.7 % 17.1 % Southern California Public Power Authority (“SCPPA”) 21.3 19.5 23.9 19.8 Kenya Power and Lighting Co. Ltd. ("KPLC") 16.1 18.2 16.3 16.5 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 419 $ 779 $ 597 $ 755 Change in the provision for expected credit losses for the period (166 ) — (344 ) 24 Ending balance of the allowance for expected credit losses $ 253 $ 779 $ 253 $ 779 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | September 30, December 31, 2021 2020 (Dollars in thousands) Contract assets (*) $ 9,324 $ 24,544 Contract liabilities (*) $ (15,829 ) $ (11,179 ) |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Lease income relating to lease payments from operating leases $ 123,688 $ 108,619 $ 362,548 $ 347,778 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2021 2020 (Dollars in thousands) Raw materials and purchased parts for assembly $ 11,626 $ 14,835 Self-manufactured assembly parts and finished products 15,730 20,486 Total inventories $ 27,356 $ 35,321 |
Note 4 - Marketable Securities
Note 4 - Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Debt Securities, Available-for-sale [Table Text Block] | September 30, 2021 Amortized cost Gross unrealized gains Gross unrealized losses Fair value (Dollars in thousands) Debt security type: Corporate bonds $ 30,963 $ — $ (9 ) $ 31,157 Commercial paper 11,471 — — 11,471 Foreign issuers 2,826 — 2,851 Total debt securities available for sale $ 45,260 $ — $ (9 ) $ 45,479 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2021 Less than 12 months Greater than 12 months Fair value Gross unrealized loss Fair value Gross unrealized loss (Dollars in thousands) Debt security type: Corporate bonds $ 31,157 $ (9 ) $ — $ — Commercial paper 11,471 — — — Foreign issuers 2,851 — — — Total debt securities available for sale $ 45,479 $ (9 ) $ — $ — |
Note 5 - Fair Value of Financ_2
Note 5 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2021 Fair Value Carrying Value at September 30, 2021 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 30,052 $ 30,052 $ 30,052 $ — $ — Marketable securities (including cash equivalents) 45,479 45,479 45,479 — — Derivatives: Currency forward contracts (2) 441 441 — 441 — Long-term Assets: Cross currency swap (3) 19,240 19,240 — 19,240 — Liabilities: Current liabilities: Derivatives: Cross currency swap (3) (235 ) (235 ) — (235 ) — Long term liabilities: Contingent payables (1) (2,493 ) (2,493 ) — — (2,493 ) $ 92,484 $ 92,484 $ 75,531 $ 19,446 $ (2,493 ) 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 receivables (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 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | Amount of recognized gain (loss) Amount of recognized gain (loss) Derivatives not designated as hedging instruments Location of recognized gain (loss) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Swap transaction on RRS prices (1) Derivative and foreign currency transaction gains (losses) $ — $ — (14,540 ) — Currency forward contracts (1) Derivative and foreign currency transaction gains (losses) $ 387 $ 424 $ 118 $ 2,949 Derivatives designated as cash flow hedging instruments Cross currency swap (2) Derivative and foreign currency transaction gains (losses) $ 2,945 $ 758 $ (1,349 ) $ 758 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Cross currency swap cash flow hedge: Balance in Other comprehensive income (loss) beginning of period $ 766 $ — $ 3,366 $ — Gain or (loss) recognized in Other comprehensive income (loss) 251 (2,790 ) (6,643 ) (2,790 ) Amount reclassified from Other comprehensive income (loss) into earnings (2,945 ) (758 ) 1,349 (758 ) Balance in Other comprehensive income (loss) end of period $ (1,928 ) $ (3,548 ) $ (1,928 ) $ (3,548 ) |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair Value Carrying Amount September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 (Dollars in millions) (Dollars in millions) HSBC Loan $ 57.0 $ — $ 50.0 $ — Hapoalim Loan 128.6 — 125.0 — Discount Loan 101.8 — 100.0 — Finance liability - Dixie Valley 252.2 — 252.9 — Olkaria III Loan - DFC 173.9 192.5 161.2 174.7 Olkaria III plant 4 Loan - DEG 2 37.6 40.4 35.0 37.5 Olkaria III plant 1 Loan - DEG 3 33.2 35.8 30.6 32.8 Platanares Loan - DFC 102.2 112.1 90.1 96.3 Amatitlan Loan 20.8 23.5 20.1 22.8 Senior Secured Notes: OFC 2 LLC ("OFC 2") 190.8 207.9 177.4 188.2 Don A. Campbell 1 ("DAC 1") 72.4 78.5 69.3 73.1 USG Prudential - NV 29.8 31.8 26.8 27.6 USG Prudential - ID 17.1 18.3 17.5 18.4 USG DOE 40.5 45.1 35.4 38.2 Senior Unsecured Bonds 572.1 585.1 527.7 529.1 Senior Unsecured Loan 206.2 222.2 191.6 200.0 Plumstriker 16.3 18.1 16.2 18.1 Other long-term debt 14.5 17.4 14.8 17.6 |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total (Dollars in millions) HSBC Loan $ — $ — $ 57.0 $ 57.0 Hapoalim Loan — — 128.6 128.6 Discount Loan — — 101.8 101.8 Finance liability - Dixie Valley — — 252.2 252.2 Olkaria III Loan - DFC — — 173.9 173.9 Olkaria III plant 4 Loan - DEG 2 — — 37.6 37.6 Olkaria III plant 1 Loan - DEG 3 — — 33.2 33.2 Platanares Loan - DFC — — 102.2 102.2 Amatitlan Loan — 20.8 — 20.8 Senior Secured Notes: OFC 2 Senior Secured Notes — — 190.8 190.8 DAC 1 Senior Secured Notes — — 72.4 72.4 USG Prudential - NV — — 29.8 29.8 USG Prudential - ID — — 17.1 17.1 USG DOE — — 40.5 40.5 Senior Unsecured Bonds — — 572.1 572.1 Senior Unsecured Loan — — 206.2 206.2 Plumstriker — 16.3 — 16.3 Other long-term debt — — 14.5 14.5 Deposits 17.1 — — 17.1 Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III Loan - DFC $ — $ — $ 192.5 $ 192.5 Olkaria IV - DEG 2 — — 40.4 40.4 Olkaria IV - 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 |
Note 7 - Interest Expense, Net
Note 7 - Interest Expense, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Interest related to sale of tax benefits $ 4,081 $ 1,991 $ 9,019 $ 6,814 Interest expense 22,259 22,000 61,579 58,801 Less — amount capitalized (4,109 ) (2,235 ) (10,726 ) (6,801 ) Total interest expense, net $ 22,230 $ 21,756 $ 59,872 $ 58,814 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Weighted average number of shares used in computation of basic earnings per share: 56,003 51,072 55,995 51,051 Additional shares from the assumed exercise of employee stock awards 295 210 418 335 Weighted average number of shares used in computation of diluted earnings per share 56,298 51,282 56,413 51,386 |
Note 9 - Business Segments (Tab
Note 9 - Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Electricity Product Energy Storage Consolidated (Dollars in thousands) Three Months Ended September 30, 2021: Revenues from external customers: United States (1) $ 98,550 $ 1,541 $ 5,664 $ 105,755 Foreign (2) 44,101 8,986 — 53,087 Net revenue from external customers 142,651 10,527 5,664 158,842 Intersegment revenues (4) — 14,147 — — Operating income (loss) 38,409 (1,115 ) (1,306 ) 35,988 Segment assets at period end (3) (*) 4,064,679 125,167 169,520 4,359,366 * Including unconsolidated investments 109,725 — — 109,725 Three Months Ended September 30, 2020: Revenues from external customers: United States (1) $ 73,180 $ 435 $ 5,662 $ 79,277 Foreign (2) 50,480 29,190 — 79,670 Net revenue from external customers 123,660 29,625 5,662 158,947 Intersegment revenues (4) — 36,839 — — Operating income (loss) 50,847 1,285 (446 ) 51,686 Segment assets at period end (3) (*) 3,236,631 148,106 136,210 3,520,947 * Including unconsolidated investments 91,277 — — 91,277 Nine Months Ended September 30, 2021: Revenues from external customers: United States (1) $ 285,090 $ 4,041 $ 24,012 $ 313,143 Foreign (2) 136,413 22,539 — 158,952 Net revenue from external customers 421,503 26,580 24,012 472,095 Intersegment revenues (4) — 90,519 — — Operating income (loss) 116,176 (2,753 ) 1,073 114,496 Segment assets at period end (3) (*) 4,064,679 125,167 169,520 4,359,366 * Including unconsolidated investments 109,725 — — 109,725 Nine Months Ended September 30, 2020: Revenues from external customers: United States (1) $ 245,299 $ 1,412 $ 10,022 $ 256,733 Foreign (2) 149,902 119,325 — 269,227 Net revenue from external customers 395,201 120,737 10,022 525,960 Intersegment revenues (4) — 95,948 — — Operating income (loss) 155,352 8,960 (3,494 ) 160,818 Segment assets at period end (3) (*) 3,236,631 148,106 136,210 3,520,947 * Including unconsolidated investments 91,277 — — 91,277 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Revenues: Total segment revenues $ 158,842 $ 158,947 $ 472,095 $ 525,960 Intersegment revenues 14,147 36,839 90,519 95,948 Elimination of intersegment revenues (14,147 ) (36,839 ) (90,519 ) (95,948 ) Total consolidated revenues $ 158,842 $ 158,947 $ 472,095 $ 525,960 Operating income: Operating income $ 35,988 $ 51,686 $ 114,496 $ 160,818 Interest income 519 626 1,590 1,469 Interest expense, net (22,230 ) (21,756 ) (59,872 ) (58,814 ) Derivatives and foreign currency transaction gains (losses) (21 ) 1,047 (16,229 ) 2,111 Income attributable to sale of tax benefits 7,879 7,014 21,654 16,818 Other non-operating income (expense), net 44 961 (308 ) 1,343 Total consolidated income before income taxes and equity in income of investees $ 22,179 $ 39,578 $ 61,331 $ 123,745 |
Note 1 - General and Basis of_3
Note 1 - General and Basis of Presentation 1 (Details Textual) $ in Thousands | Sep. 02, 2021USD ($) | Jul. 15, 2021USD ($) | Jul. 13, 2021USD ($) | Jul. 12, 2021USD ($) | Oct. 31, 2021USD ($) | Feb. 28, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2021USD ($) | |
Loss from Catastrophes | $ 9,100 | ||||||||||||||
Exploration Abandonment and Impairment Expense | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||
Cash, FDIC Insured Amount | $ 25,800 | 25,800 | 25,800 | $ 18,900 | |||||||||||
Cash, Uninsured Amount | 73,700 | 73,700 | 73,700 | 72,400 | |||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 140,314 | 140,314 | 140,314 | $ 149,170 | |||||||||||
Product [Member] | |||||||||||||||
Revenue, Remaining Performance Obligation, Amount | 66,600 | 66,600 | 66,600 | ||||||||||||
Kenya Power and Lighting Co LTD [Member] | |||||||||||||||
Accounts Receivable, Past Due | $ 33,800 | $ 33,800 | 52,900 | $ 33,800 | 52,900 | ||||||||||
Kenya Power and Lighting Co LTD [Member] | Minimum [Member] | |||||||||||||||
Accounts Receivable, Past Due, Average Number of Days Overdue (Day) | 73 days | 73 days | 73 days | ||||||||||||
Kenya Power and Lighting Co LTD [Member] | Maximum [Member] | |||||||||||||||
Accounts Receivable, Past Due, Average Number of Days Overdue (Day) | 83 days | 83 days | 83 days | ||||||||||||
Kenya Power and Lighting Co LTD [Member] | Subsequent Event [Member] | |||||||||||||||
Proceeds from (Repayments of) Accounts Receivable Securitization, Total | $ 14,200 | ||||||||||||||
ENNE [Member] | |||||||||||||||
Accounts Receivable, Past Due | $ 13,800 | $ 13,800 | $ 13,800 | $ 7,400 | |||||||||||
ENNE [Member] | Subsequent Event [Member] | |||||||||||||||
Proceeds from (Repayments of) Accounts Receivable Securitization, Total | $ 2,700 | ||||||||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member] | |||||||||||||||
Concentration Risk, Percentage | 52.00% | 65.00% | |||||||||||||
Non-US [Member] | |||||||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 96,700 | 96,700 | $ 96,700 | $ 111,300 | |||||||||||
Hapoalim Loan Agreement [Member] | Bank Hapoalim B.M. [Member] | |||||||||||||||
Debt Instrument, Face Amount | $ 125,000 | ||||||||||||||
Debt Instrument, Number of Semi-annual Payments | 14 | ||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 8,900 | ||||||||||||||
Debt Instrument, Term (Year) | 7 years | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | ||||||||||||||
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio | 6 | ||||||||||||||
Debt Instrument, Covenant, Minimum Equity Capital, Amount | $ 750,000 | ||||||||||||||
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent | 25 | ||||||||||||||
HSBC Loan Agreement [Member] | HSBC Bank PLC [Member] | |||||||||||||||
Debt Instrument, Face Amount | $ 50,000 | ||||||||||||||
Debt Instrument, Number of Semi-annual Payments | 14 | ||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 3,600 | ||||||||||||||
Debt Instrument, Term (Year) | 7 years | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | ||||||||||||||
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio | 6 | ||||||||||||||
Debt Instrument, Covenant, Minimum Equity Capital, Amount | $ 750,000 | ||||||||||||||
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent | 25 | ||||||||||||||
Discount Loan Agreement [Member] | Israel Discount Bank Ltd. [Member] | |||||||||||||||
Debt Instrument, Face Amount | $ 100,000 | ||||||||||||||
Debt Instrument, Number of Semi-annual Payments | 16 | ||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 6,250 | ||||||||||||||
Debt Instrument, Term (Year) | 8 years | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.90% | ||||||||||||||
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio | 6 | ||||||||||||||
Debt Instrument, Covenant, Minimum Equity Capital, Amount | $ 750,000 | ||||||||||||||
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent | 25 | ||||||||||||||
Electricity Segment [Member] | Puna Geothermal Power Plant [Member] | |||||||||||||||
Business Interruption Insurance Recovery, Gross | 15,800 | 20,400 | |||||||||||||
General and Administrative Expense [Member] | |||||||||||||||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 3,000 | ||||||||||||||
Operating Expense [Member] | Electricity Segment [Member] | Puna Geothermal Power Plant [Member] | |||||||||||||||
Gain on Business Interruption Insurance Recovery | $ 15,500 | $ 17,800 | 15,500 | $ 17,800 | |||||||||||
Two Contracted Geothermal Assets in Nevada [Member] | |||||||||||||||
Payments to Acquire Businesses, Gross | $ 171,000 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Working Capital and Cash and Equivalents | $ 10,800 | ||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finance Lease Liability | [1] | $ 258,400 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | [2] | 8,600 | |||||||||||||
Two Contracted Geothermal Assets in Nevada [Member] | Electricity Segment [Member] | |||||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 14,400 | ||||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 4,300 | ||||||||||||||
Business Combination, Pro Forma Information, Tax and Finance Liability Interest Expense of Acquiree since Acquisition Date, Actual | $ 2,800 | ||||||||||||||
Two Contracted Geothermal Assets in Nevada [Member] | Power Purchase Agreement [Member] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 7,800 | ||||||||||||||
Two Contracted Geothermal Assets in Nevada [Member] | General and Administrative Expense [Member] | |||||||||||||||
Business Combination, Acquisition Related Costs | $ 4,700 | ||||||||||||||
[1] | Finance liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 under which it sold and leased back the undivided interests in the Dixie Valley power plant asset through June 2038. The lease transaction was accounted for by the Seller as a finance lease due to the Seller continued involvement and management of the power plant and the existence of an early buy-out option in September 2024. As per the accounting guidance, the Company retained the Seller's accounting of a "failed" sale and leaseback transaction and accordingly accounted for the liability as a financial liability. This financial liability, as well as the related power plant asset, were measured at their acquisition-date fair value. | ||||||||||||||
[2] | The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million. These receivables were fully collected during the third quarter of 2021. |
Note 1 - General and Basis of_4
Note 1 - General and Basis of Presentation 2 (Details Textual) - Product [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | Sep. 30, 2021 |
Revenue, Remaining Performance Obligation, Percentage | 100.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 24 months |
Note 1 - General and Basis for
Note 1 - General and Basis for Presentation - Fair Value of Amounts of Identified Assets and Liabilities Assumed in a Business Combination (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jul. 13, 2021 | Dec. 31, 2020 | |
Goodwill, Ending Balance | $ 91,342 | $ 24,566 | ||
Two Contracted Geothermal Assets in Nevada [Member] | ||||
Cash and cash equivalents and restricted cash | $ 10,900 | |||
Trade receivables and others (1) | [1] | 8,600 | ||
Deferred income taxes | 22,400 | |||
Property, plant and equipment and construction-in-process | 152,000 | |||
Intangible assets (2) | [2] | 191,600 | ||
Goodwill, Ending Balance | [3] | 66,600 | ||
Total assets acquired | 452,100 | |||
Accounts payable, accrued expenses and others | 6,600 | |||
Finance liability (4) | [4] | 258,400 | ||
Asset retirement obligation | 5,300 | |||
Total liabilities assumed | 270,300 | |||
Total assets acquired, and liabilities assumed, net | $ 181,800 | |||
[1] | The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million. These receivables were fully collected during the third quarter of 2021. | |||
[2] | Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs. | |||
[3] | Goodwill is primarily related to the expected synergies and potential cost savings in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and is deductible for tax purposes pending the exercise of the financial lease buy-out option as described below. | |||
[4] | Finance liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 under which it sold and leased back the undivided interests in the Dixie Valley power plant asset through June 2038. The lease transaction was accounted for by the Seller as a finance lease due to the Seller continued involvement and management of the power plant and the existence of an early buy-out option in September 2024. As per the accounting guidance, the Company retained the Seller's accounting of a "failed" sale and leaseback transaction and accordingly accounted for the liability as a financial liability. This financial liability, as well as the related power plant asset, were measured at their acquisition-date fair value. |
Note 1 - General and Basis of_5
Note 1 - General and Basis of Presentation - Summary of Pro Forma Information Related to a Business Combination (Details) - Two Contracted Geothermal Assets in Nevada [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Business Acquisition, Pro Forma Revenue | $ 160.8 | $ 175.8 | $ 499.7 | $ 569.1 |
Net income | 18.5 | 18 | 50.4 | 64.3 |
Electricity Segment [Member] | ||||
Business Acquisition, Pro Forma Revenue | $ 144.7 | $ 140.5 | $ 449.1 | $ 438.4 |
Note 1 - General and Basis of_6
Note 1 - General and Basis of Presentation - Cash and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 267,802 | $ 448,252 | $ 197,309 | |
Restricted cash and cash equivalents | 88,498 | 88,526 | 92,233 | |
Total Cash and cash equivalents and restricted cash and cash equivalents | $ 356,300 | $ 536,778 | $ 289,542 | $ 153,110 |
Note 1 - General and Basis of_7
Note 1 - General and Basis of Presentation - Finance Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finance lease liabilities | $ 3,019 | $ 3,169 |
Finance liability | 10,835 | 0 |
Total Current Finance Liabilities | 13,854 | 3,169 |
Finance lease liabilities | 4,693 | 9,104 |
Finance liability | 242,029 | 0 |
Total Long-term Finance Liabilities | $ 246,722 | $ 9,104 |
Note 1 - General and Basis of_8
Note 1 - General and Basis of Presentation - Customers as a Percentage of Total Revenues (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Sierra Pacific Power Company And Nevada Power Company [Member] | ||||
Percent of revenues | 15.80% | 15.40% | 18.70% | 17.10% |
Southern California Public Power Authority [Member] | ||||
Percent of revenues | 21.30% | 19.50% | 23.90% | 19.80% |
Kenya Power and Lighting Co LTD [Member] | ||||
Percent of revenues | 16.10% | 18.20% | 16.30% | 16.50% |
Note 1 - General and Basis of_9
Note 1 - General and Basis of Presentation - Changes in the Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Beginning balance of the allowance for expected credit losses | $ 597 | |||
Ending balance of the allowance for expected credit losses | $ 253 | 253 | ||
Accounting Standards Update 2016-13 [Member] | ||||
Beginning balance of the allowance for expected credit losses | 419 | $ 779 | 597 | $ 755 |
Change in the provision for expected credit losses for the period | (166) | 0 | (344) | 24 |
Ending balance of the allowance for expected credit losses | $ 253 | $ 779 | $ 253 | $ 779 |
Note 1 - General and Basis o_10
Note 1 - General and Basis of Presentation - Contract Assets (Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Contract assets (*) | [1] | $ 9,324 | $ 24,544 |
Contract liabilities (*) | [1] | $ (15,829) | $ (11,179) |
[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 condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet recognized as product revenues during the nine months ended September 30, 2021 as a result of performance obligations having not been satisfied yet. |
Note 1 - General and Basis o_11
Note 1 - General and Basis of Presentation - Lease Income as Lessor (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lease income relating to lease payments from operating leases | $ 123,688 | $ 108,619 | $ 362,548 | $ 347,778 |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories, Current (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Raw materials and purchased parts for assembly | $ 11,626 | $ 14,835 |
Self-manufactured assembly parts and finished products | 15,730 | 20,486 |
Total inventories | $ 27,356 | $ 35,321 |
Note 4 - Marketable Securitie_2
Note 4 - Marketable Securities (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale, Total | $ 45,479 | $ 0 | |
Proceeds from Sale of Debt Securities, Available-for-sale | 0 | $ 0 | |
Cash and Cash Equivalents [Member] | |||
Debt Securities, Available-for-sale, Total | $ 1,600 |
Note 4 - Marketable Securitie_3
Note 4 - Marketable Securities - Investment in Marketable Securities (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Amortized cost | $ 45,260 |
Gross unrealized gains | 0 |
Gross unrealized losses | (9) |
Fair value | 45,479 |
Corporate Debt Securities [Member] | |
Amortized cost | 30,963 |
Gross unrealized gains | 0 |
Gross unrealized losses | (9) |
Fair value | 31,157 |
Commercial Paper [Member] | |
Amortized cost | 11,471 |
Gross unrealized gains | 0 |
Gross unrealized losses | 0 |
Fair value | 11,471 |
Debt Security, Corporate, Non-US [Member] | |
Amortized cost | 2,826 |
Gross unrealized gains | 0 |
Gross unrealized losses | |
Fair value | $ 2,851 |
Note 4 - Marketable Securitie_4
Note 4 - Marketable Securities - Fair Value and Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair value | $ 45,479 | $ 0 |
Gross unrealized losses | (9) | |
Maturity, Less Than 12 Months [Member] | ||
Fair value | 45,479 | |
Gross unrealized losses | (9) | |
Maturity, Greater Than 12 Months [Member] | ||
Fair value | 0 | |
Gross unrealized losses | 0 | |
Corporate Debt Securities [Member] | ||
Gross unrealized losses | (9) | |
Corporate Debt Securities [Member] | Maturity, Less Than 12 Months [Member] | ||
Fair value | 31,157 | |
Gross unrealized losses | (9) | |
Corporate Debt Securities [Member] | Maturity, Greater Than 12 Months [Member] | ||
Fair value | 0 | |
Gross unrealized losses | 0 | |
Commercial Paper [Member] | ||
Gross unrealized losses | 0 | |
Commercial Paper [Member] | Maturity, Less Than 12 Months [Member] | ||
Fair value | 11,471 | |
Gross unrealized losses | 0 | |
Commercial Paper [Member] | Maturity, Greater Than 12 Months [Member] | ||
Fair value | 0 | |
Gross unrealized losses | 0 | |
Debt Security, Corporate, Non-US [Member] | ||
Gross unrealized losses | ||
Debt Security, Corporate, Non-US [Member] | Maturity, Less Than 12 Months [Member] | ||
Fair value | 2,851 | |
Gross unrealized losses | 0 | |
Debt Security, Corporate, Non-US [Member] | Maturity, Greater Than 12 Months [Member] | ||
Fair value | 0 | |
Gross unrealized losses | $ 0 |
Note 5 - Fair Value of Financ_3
Note 5 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Cross Currency Interest Rate Contract [Member] | Deposits and Other and Accounts Payable and Accrued Expenses [Member] | ||
Derivatives, Cash Collateral Deposits | $ 0 | $ 0 |
Note 5 - Fair Value of Financ_4
Note 5 - Fair Value of Financial Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |||
Debt Securities, Available-for-sale, Total | $ 45,479 | $ 0 | |||
Reported Value Measurement [Member] | |||||
Cash equivalents (including restricted cash accounts) | 30,052 | 28,653 | |||
Debt Securities, Available-for-sale, Total | 45,479 | ||||
Fair Value, Net Asset (Liability), Total | 92,484 | 52,685 | |||
Reported Value Measurement [Member] | Contingent Receivable [Member] | |||||
Derivative Asset, Current | [1] | 111 | |||
Reported Value Measurement [Member] | Currency Forward Contracts [Member] | |||||
Derivatives, current | [2] | 441 | |||
Derivative Asset, Current | [2] | 1,554 | |||
Reported Value Measurement [Member] | Cross Currency Interest Rate Contract [Member] | |||||
Derivatives, current | (235) | [2] | (2,283) | [3] | |
Derivative Asset, Noncurrent | [3] | 19,240 | 27,829 | ||
Reported Value Measurement [Member] | Contingent Payable [Member] | |||||
Derivatives, current | [1] | (549) | |||
Derivatives, noncurrent | [1] | (2,493) | (2,630) | ||
Estimate of Fair Value Measurement [Member] | |||||
Cash equivalents (including restricted cash accounts) | 30,052 | 28,653 | |||
Debt Securities, Available-for-sale, Total | 45,479 | ||||
Fair Value, Net Asset (Liability), Total | 92,484 | 52,685 | |||
Estimate of Fair Value Measurement [Member] | Contingent Receivable [Member] | |||||
Derivative Asset, Current | [1] | 111 | |||
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member] | |||||
Derivatives, current | [2] | 441 | |||
Derivative Asset, Current | [2] | 1,554 | |||
Estimate of Fair Value Measurement [Member] | Cross Currency Interest Rate Contract [Member] | |||||
Derivatives, current | (235) | [2] | (2,283) | [3] | |
Derivative Asset, Noncurrent | [3] | 19,240 | 27,829 | ||
Estimate of Fair Value Measurement [Member] | Contingent Payable [Member] | |||||
Derivatives, current | [1] | (549) | |||
Derivatives, noncurrent | [1] | (2,493) | (2,630) | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Cash equivalents (including restricted cash accounts) | 30,052 | 28,653 | |||
Debt Securities, Available-for-sale, Total | 45,479 | ||||
Fair Value, Net Asset (Liability), Total | 75,531 | 28,653 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Receivable [Member] | |||||
Derivative Asset, Current | [1] | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Currency Forward Contracts [Member] | |||||
Derivatives, current | [2] | 0 | |||
Derivative Asset, Current | [2] | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Cross Currency Interest Rate Contract [Member] | |||||
Derivatives, current | 0 | [2] | 0 | [3] | |
Derivative Asset, Noncurrent | [3] | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Payable [Member] | |||||
Derivatives, current | [1] | 0 | |||
Derivatives, noncurrent | [1] | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Cash equivalents (including restricted cash accounts) | 0 | 0 | |||
Debt Securities, Available-for-sale, Total | 0 | ||||
Fair Value, Net Asset (Liability), Total | 19,446 | 27,100 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Receivable [Member] | |||||
Derivative Asset, Current | [1] | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Forward Contracts [Member] | |||||
Derivatives, current | [2] | 441 | |||
Derivative Asset, Current | [2] | 1,554 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Cross Currency Interest Rate Contract [Member] | |||||
Derivatives, current | (235) | [2] | (2,283) | [3] | |
Derivative Asset, Noncurrent | [3] | 19,240 | 27,829 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Payable [Member] | |||||
Derivatives, current | [1] | 0 | |||
Derivatives, noncurrent | [1] | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Cash equivalents (including restricted cash accounts) | 0 | 0 | |||
Debt Securities, Available-for-sale, Total | 0 | ||||
Fair Value, Net Asset (Liability), Total | (2,493) | (3,068) | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Receivable [Member] | |||||
Derivative Asset, Current | [1] | 111 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Currency Forward Contracts [Member] | |||||
Derivatives, current | [2] | 0 | |||
Derivative Asset, Current | [2] | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Cross Currency Interest Rate Contract [Member] | |||||
Derivatives, current | 0 | [2] | 0 | [3] | |
Derivative Asset, Noncurrent | [3] | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Payable [Member] | |||||
Derivatives, current | [1] | (549) | |||
Derivatives, noncurrent | [1] | $ (2,493) | $ (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 September 30, 2021 and December 31, 2020, as applicable, in the condensed consolidated balance sheets with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the condensed consolidated statements of operations and comprehensive income. | ||||
[2] | These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Receivables, other” on September 30, 2021 and December 31, 2020, in the condensed consolidated balance sheets with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income. | ||||
[3] | These amounts relate to cross currency swap contracts valued primarily based on the present value of the cross currency swap future settlement prices for U.S. Dollar ("USD") and New Israeli Shekel ("NIS") zero yield curves and the applicable exchange rate as of September 30, 2021 and December 31, 2020, as applicable. These amounts are included within “Deposits and other” and "Accounts payable and accrued expenses", as applicable, on September 30, 2021 and December 31, 2020 in the condensed consolidated balance sheets. There are no cash collateral deposits on September 30, 2021 and December 31, 2020. |
Note 5 - Fair Value of Financ_5
Note 5 - Fair Value of Financial Instruments - Amounts of Gain (Loss) Recognized in Condensed Consolidated Statements on Derivative Instruments Not Designated as Hedges (Details) - Foreign Currency Gain (Loss) [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Swap Transaction on RRS Prices [Member] | |||||
Amount of gain (loss) recognized | [1] | $ 0 | $ 0 | $ (14,540) | $ 0 |
Currency Forward Contracts [Member] | |||||
Amount of gain (loss) recognized | [1] | 387 | 424 | 118 | 2,949 |
Cross Currency Interest Rate Contract [Member] | |||||
Amount of gain (loss) recognized | [2] | $ 2,945 | $ 758 | $ (1,349) | $ 758 |
[1] | The foregoing currency forward and price swap transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income. The price swap transaction was related to a hedging agreement with a third party that was effective January 1, 2021 under which the Company fixed the price per MWh on a portion of RRS provided by its Rabbit Hill storage facility, as described under Note 1 to the condensed consolidated financial statements. The price swap transaction was terminated effective April 1, 2021. | ||||
[2] | The foregoing cross currency swap transactions were designated as a cash flow hedge as further described under note 1 to the condensed consolidated financial statements. The changes in the cross currency swap 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 condensed consolidated statements of operations and comprehensive income. |
Note 5 - Fair Value of Financ_6
Note 5 - Fair Value of Financial Instruments - Effect of Cash Flow Hedge on Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Balance in Other comprehensive income (loss) beginning of period | $ 1,959,855 | $ 1,556,811 | $ 1,941,437 | $ 1,515,410 |
Balance in Other comprehensive income (loss) end of period | 1,972,356 | 1,575,351 | 1,972,356 | 1,575,351 |
Cross Currency Swap [Member] | Designated as Hedging Instrument [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||||
Balance in Other comprehensive income (loss) beginning of period | 766 | 0 | 3,366 | 0 |
Gain or (loss) recognized in Other comprehensive income (loss) | 251 | (2,790) | (6,643) | (2,790) |
Amount reclassified from Other comprehensive income (loss) into earnings | (2,945) | (758) | 1,349 | (758) |
Balance in Other comprehensive income (loss) end of period | $ (1,928) | $ (3,548) | $ (1,928) | $ (3,548) |
Note 5 - Fair Value of Financ_7
Note 5 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Finance liability - Dixie Valley | $ 252.2 | |
HSBC Loan Agreement [Member] | ||
Loans | 57 | |
Hapoalim Loan Agreement [Member] | ||
Loans | 128.6 | |
Discount Loan Agreement [Member] | ||
Loans | 101.8 | |
Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 37.6 | |
Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 33.2 | |
Platanares Loan - OPIC [Member] | ||
Loans | 102.2 | $ 112.1 |
Amatitlan Loan [Member] | ||
Loans | 20.8 | 23.5 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 72.4 | 78.5 |
USG Prudential - NV [Member] | ||
Notes | 29.8 | 31.8 |
USG Prudential - ID [Member] | ||
Notes | 17.1 | 18.3 |
USG DOE [Member] | ||
Notes | 40.5 | 45.1 |
Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 572.1 | 585.1 |
Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 206.2 | 222.2 |
Plumstriker Loan Agreement [Member] | ||
Loans | 16.3 | 18.1 |
Estimate of Fair Value Measurement [Member] | ||
Finance liability - Dixie Valley | 252.2 | 0 |
Other long-term debt | 14.5 | 17.4 |
Estimate of Fair Value Measurement [Member] | HSBC Loan Agreement [Member] | ||
Loans | 57 | 0 |
Estimate of Fair Value Measurement [Member] | Hapoalim Loan Agreement [Member] | ||
Loans | 128.6 | 0 |
Estimate of Fair Value Measurement [Member] | Discount Loan Agreement [Member] | ||
Loans | 101.8 | 0 |
Estimate of Fair Value Measurement [Member] | Olkaria III OPIC [Member] | ||
Loans | 173.9 | 192.5 |
Estimate of Fair Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 37.6 | 40.4 |
Estimate of Fair Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 33.2 | 35.8 |
Estimate of Fair Value Measurement [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 102.2 | 112.1 |
Estimate of Fair Value Measurement [Member] | Amatitlan Loan [Member] | ||
Loans | 20.8 | 23.5 |
Estimate of Fair Value Measurement [Member] | OFC Two Senior Secured Notes [Member] | ||
Notes | 190.8 | 207.9 |
Estimate of Fair Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 72.4 | 78.5 |
Estimate of Fair Value Measurement [Member] | USG Prudential - NV [Member] | ||
Notes | 29.8 | 31.8 |
Estimate of Fair Value Measurement [Member] | USG Prudential - ID [Member] | ||
Notes | 17.1 | 18.3 |
Estimate of Fair Value Measurement [Member] | USG DOE [Member] | ||
Notes | 40.5 | 45.1 |
Estimate of Fair Value Measurement [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 572.1 | 585.1 |
Estimate of Fair Value Measurement [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 206.2 | 222.2 |
Estimate of Fair Value Measurement [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | 16.3 | 18.1 |
Reported Value Measurement [Member] | ||
Finance liability - Dixie Valley | 252.9 | 0 |
Other long-term debt | 14.8 | 17.6 |
Reported Value Measurement [Member] | HSBC Loan Agreement [Member] | ||
Loans | 50 | 0 |
Reported Value Measurement [Member] | Hapoalim Loan Agreement [Member] | ||
Loans | 125 | 0 |
Reported Value Measurement [Member] | Discount Loan Agreement [Member] | ||
Loans | 100 | 0 |
Reported Value Measurement [Member] | Olkaria III OPIC [Member] | ||
Loans | 161.2 | 174.7 |
Reported Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 35 | 37.5 |
Reported Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 30.6 | 32.8 |
Reported Value Measurement [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 90.1 | 96.3 |
Reported Value Measurement [Member] | Amatitlan Loan [Member] | ||
Loans | 20.1 | 22.8 |
Reported Value Measurement [Member] | OFC Two Senior Secured Notes [Member] | ||
Notes | 177.4 | 188.2 |
Reported Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 69.3 | 73.1 |
Reported Value Measurement [Member] | USG Prudential - NV [Member] | ||
Notes | 26.8 | 27.6 |
Reported Value Measurement [Member] | USG Prudential - ID [Member] | ||
Notes | 17.5 | 18.4 |
Reported Value Measurement [Member] | USG DOE [Member] | ||
Notes | 35.4 | 38.2 |
Reported Value Measurement [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 527.7 | 529.1 |
Reported Value Measurement [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 191.6 | 200 |
Reported Value Measurement [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | $ 16.2 | $ 18.1 |
Note 5 - Fair Value of Financ_8
Note 5 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Finance liability - Dixie Valley | $ 252.2 | |
Deposits | 17.1 | $ 14.8 |
HSBC Loan Agreement [Member] | ||
Loans | 57 | |
Olkaria III Loan DFC [Member] | ||
Loans | 173.9 | 192.5 |
Hapoalim Loan Agreement [Member] | ||
Loans | 128.6 | |
Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 40.4 | |
Discount Loan Agreement [Member] | ||
Loans | 101.8 | |
Olkaria IV Loan - DEG 3 [Member] | ||
Loans | 35.8 | |
Platanares Loan - OPIC [Member] | ||
Loans | 102.2 | 112.1 |
Amatitlan Loan [Member] | ||
Loans | 20.8 | 23.5 |
Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 37.6 | |
OFC Senior Secured Notes [Member] | ||
Notes | 190.8 | 207.9 |
Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 33.2 | |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 72.4 | 78.5 |
USG Prudential - NV [Member] | ||
Notes | 29.8 | 31.8 |
USG Prudential - ID [Member] | ||
Notes | 17.1 | 18.3 |
USG DOE [Member] | ||
Notes | 40.5 | 45.1 |
Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 572.1 | 585.1 |
Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 206.2 | 222.2 |
Plumstriker Loan Agreement [Member] | ||
Loans | 16.3 | 18.1 |
Other Long-term Debt [Member] | ||
Senior Unsecured debt | 14.5 | 17.4 |
Fair Value, Inputs, Level 1 [Member] | ||
Finance liability - Dixie Valley | 0 | |
Deposits | 17.1 | 14.8 |
Fair Value, Inputs, Level 1 [Member] | HSBC Loan Agreement [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 1 [Member] | Olkaria III Loan DFC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Hapoalim Loan Agreement [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 1 [Member] | Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 1 [Member] | Discount Loan Agreement [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 1 [Member] | Olkaria IV Loan - DEG 3 [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 1 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Amatitlan Loan [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 1 [Member] | OFC Senior Secured Notes [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 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 | 0 |
Fair Value, Inputs, Level 1 [Member] | Other Long-term Debt [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Finance liability - Dixie Valley | 0 | |
Deposits | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | HSBC Loan Agreement [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | Olkaria III Loan DFC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Hapoalim Loan Agreement [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | Discount Loan Agreement [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | Olkaria IV Loan - DEG 3 [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Amatitlan Loan [Member] | ||
Loans | 20.8 | 23.5 |
Fair Value, Inputs, Level 2 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | OFC Senior Secured Notes [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 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 | 16.3 | 18.1 |
Fair Value, Inputs, Level 2 [Member] | Other Long-term Debt [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Finance liability - Dixie Valley | 252.2 | |
Deposits | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | HSBC Loan Agreement [Member] | ||
Loans | 57 | |
Fair Value, Inputs, Level 3 [Member] | Olkaria III Loan DFC [Member] | ||
Loans | 173.9 | 192.5 |
Fair Value, Inputs, Level 3 [Member] | Hapoalim Loan Agreement [Member] | ||
Loans | 128.6 | |
Fair Value, Inputs, Level 3 [Member] | Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 40.4 | |
Fair Value, Inputs, Level 3 [Member] | Discount Loan Agreement [Member] | ||
Loans | 101.8 | |
Fair Value, Inputs, Level 3 [Member] | Olkaria IV Loan - DEG 3 [Member] | ||
Loans | 35.8 | |
Fair Value, Inputs, Level 3 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 102.2 | 112.1 |
Fair Value, Inputs, Level 3 [Member] | Amatitlan Loan [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 37.6 | |
Fair Value, Inputs, Level 3 [Member] | OFC Senior Secured Notes [Member] | ||
Notes | 190.8 | 207.9 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 33.2 | |
Fair Value, Inputs, Level 3 [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 72.4 | 78.5 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - NV [Member] | ||
Notes | 29.8 | 31.8 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - ID [Member] | ||
Notes | 17.1 | 18.3 |
Fair Value, Inputs, Level 3 [Member] | USG DOE [Member] | ||
Notes | 40.5 | 45.1 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 572.1 | 585.1 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 206.2 | 222.2 |
Fair Value, Inputs, Level 3 [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Other Long-term Debt [Member] | ||
Senior Unsecured debt | $ 14.5 | $ 17.4 |
Note 7 - Interest Expense, Ne_2
Note 7 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest related to sale of tax benefits | $ 4,081 | $ 1,991 | $ 9,019 | $ 6,814 |
Interest expense | 22,259 | 22,000 | 61,579 | 58,801 |
Less — amount capitalized | (4,109) | (2,235) | (10,726) | (6,801) |
Total interest expense, net | $ 22,230 | $ 21,756 | $ 59,872 | $ 58,814 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 145,400 | 298,700 | 149,200 | 133,900 |
Note 8 - Earnings Per Share - S
Note 8 - Earnings Per Share - Shares Used to Calculate Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Weighted average number of shares used in computation of basic earnings per share: (in shares) | 56,003 | 51,072 | 55,995 | 51,051 |
Additional shares from the assumed exercise of employee stock awards (in shares) | 295 | 210 | 418 | 335 |
Weighted average number of shares used in computation of diluted earnings per share (in shares) | 56,298 | 51,282 | 56,413 | 51,386 |
Note 9 - Business Segments (Det
Note 9 - Business Segments (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jul. 13, 2021USD ($) | Dec. 31, 2020USD ($) | ||
Number of Reportable Segments | 3 | ||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 158,842 | $ 158,947 | $ 472,095 | $ 525,960 | |||
Goodwill, Ending Balance | 91,342 | 91,342 | $ 24,566 | ||||
Two Contracted Geothermal Assets in Nevada [Member] | |||||||
Goodwill, Ending Balance | [1] | $ 66,600 | |||||
Electricity Segment [Member] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | 142,651 | 123,660 | 421,503 | 395,201 | |||
Goodwill, Ending Balance | 86,700 | 20,100 | 86,700 | 20,100 | |||
Energy Storage and Management Services [Member] | |||||||
Goodwill, Ending Balance | 4,600 | 3,500 | 4,600 | 3,500 | |||
Energy Storage and Management Services [Member] | Two Contracted Geothermal Assets in Nevada [Member] | |||||||
Goodwill, Acquired During Period | 66,600 | ||||||
Product Segment [Member] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | 10,527 | 29,625 | 26,580 | 120,737 | |||
Goodwill, Ending Balance | 0 | 0 | 0 | 0 | |||
Accounting Standards Update 2014-09 [Member] | Electricity Segment [Member] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 19,000 | $ 15,000 | $ 59,000 | $ 47,400 | |||
[1] | Goodwill is primarily related to the expected synergies and potential cost savings in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and is deductible for tax purposes pending the exercise of the financial lease buy-out option as described below. |
Note 9 - Business Segments - Su
Note 9 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||||||
Revenues | $ 158,842 | $ 158,947 | $ 472,095 | $ 525,960 | ||||||
Operating income (loss) | 35,988 | 51,686 | 114,496 | 160,818 | ||||||
Segment assets at period end | 4,359,366 | [1],[2] | 3,520,947 | [1],[2] | 4,359,366 | [1],[2] | 3,520,947 | [1],[2] | $ 3,888,987 | |
Segment Reconciling Items [Member] | ||||||||||
Revenues | [3] | 0 | 0 | 0 | 0 | |||||
Segment assets at period end | 109,725 | 91,277 | 109,725 | 91,277 | ||||||
Electricity Segment [Member] | ||||||||||
Revenues | 142,651 | 123,660 | 421,503 | 395,201 | ||||||
Operating income (loss) | 38,409 | 50,847 | 116,176 | 155,352 | ||||||
Segment assets at period end | [1],[2] | 4,064,679 | 3,236,631 | 4,064,679 | 3,236,631 | |||||
Electricity Segment [Member] | Segment Reconciling Items [Member] | ||||||||||
Revenues | [3] | 0 | 0 | 0 | 0 | |||||
Segment assets at period end | 109,725 | 91,277 | 109,725 | 91,277 | ||||||
Product Segment [Member] | ||||||||||
Revenues | 10,527 | 29,625 | 26,580 | 120,737 | ||||||
Operating income (loss) | (1,115) | 1,285 | (2,753) | 8,960 | ||||||
Segment assets at period end | [1],[2] | 125,167 | 148,106 | 125,167 | 148,106 | |||||
Product Segment [Member] | Segment Reconciling Items [Member] | ||||||||||
Revenues | [3] | 14,147 | 36,839 | 90,519 | 95,948 | |||||
Segment assets at period end | 0 | 0 | 0 | 0 | ||||||
Other Segments [Member] | ||||||||||
Revenues | 5,664 | 5,662 | 24,012 | 10,022 | ||||||
Operating income (loss) | (1,306) | (446) | 1,073 | (3,494) | ||||||
Segment assets at period end | [1],[2] | 169,520 | 136,210 | 169,520 | 136,210 | |||||
Other Segments [Member] | Segment Reconciling Items [Member] | ||||||||||
Revenues | [3] | 0 | 0 | 0 | 0 | |||||
Segment assets at period end | 0 | 0 | 0 | 0 | ||||||
UNITED STATES | ||||||||||
Revenues | [4] | 105,755 | 79,277 | 313,143 | 256,733 | |||||
UNITED STATES | Electricity Segment [Member] | ||||||||||
Revenues | [4] | 98,550 | 73,180 | 285,090 | 245,299 | |||||
UNITED STATES | Product Segment [Member] | ||||||||||
Revenues | [4] | 1,541 | 435 | 4,041 | 1,412 | |||||
UNITED STATES | Other Segments [Member] | ||||||||||
Revenues | [4] | 5,664 | 5,662 | 24,012 | 10,022 | |||||
Non-US [Member] | ||||||||||
Revenues | [5] | 53,087 | 79,670 | 158,952 | 269,227 | |||||
Non-US [Member] | Electricity Segment [Member] | ||||||||||
Revenues | [5] | 44,101 | 50,480 | 136,413 | 149,902 | |||||
Non-US [Member] | Product Segment [Member] | ||||||||||
Revenues | [5] | 8,986 | 29,190 | 22,539 | 119,325 | |||||
Non-US [Member] | Other Segments [Member] | ||||||||||
Revenues | [5] | $ 0 | $ 0 | $ 0 | $ 0 | |||||
[1] | Electricity segment assets include goodwill in the amount of $86.7 million and $20.1 million as of September 30, 2021 and 2020, respectively, $66.6 million of which were added in the third quarter of 2021 as a result of the geothermal asset purchase transaction as further detailed under Note 1 to the condensed consolidated financial statements. Energy Storage segment assets include goodwill in the amount of $4.6 million and $3.5 as of September 30, 2021 and 2020, respectively. No goodwill is included in the Product segment assets as of September 30, 2021 and 2020.?? | |||||||||
[2] | Including unconsolidated investments | |||||||||
[3] | Intersegment revenue are fully eliminated in consolidation. | |||||||||
[4] | Electricity segment revenues in the United States are all accounted under lease accounting except for $19.0 million and $59.0 million for the three and nine months ended September 30, 2021, respectively, and $15.0 and $47.4 million for the three and nine months ended September 30, 2020 , respectively, that are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606. | |||||||||
[5] | Electricity segment revenues in foreign countries are all accounted under lease accounting. Product segment revenues in foreign countries are accounted under ASC 606. |
Note 9 - Business Segments - Re
Note 9 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | $ 158,842 | $ 158,947 | $ 472,095 | $ 525,960 |
Operating income (loss) | 35,988 | 51,686 | 114,496 | 160,818 |
Interest income | 519 | 626 | 1,590 | 1,469 |
Interest expense, net | (22,230) | (21,756) | (59,872) | (58,814) |
Derivatives and foreign currency transaction gains (losses) | (21) | 1,047 | (16,229) | 2,111 |
Income attributable to sale of tax benefits | 7,879 | 7,014 | 21,654 | 16,818 |
Other non-operating income (expense), net | 44 | 961 | (308) | 1,343 |
Total consolidated income before income taxes and equity in income of investees | 22,179 | 39,578 | 61,331 | 123,745 |
Intersegment Eliminations [Member] | ||||
Revenue | 14,147 | 36,839 | 90,519 | 95,948 |
Consolidation, Eliminations [Member] | ||||
Revenue | $ (14,147) | $ (36,839) | $ (90,519) | $ (95,948) |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Sep. 14, 2021 | Mar. 03, 2021 | Mar. 29, 2016 |
Former Local Sales Representative vs. Ormat [Member] | Pending Litigation [Member] | |||
Loss Contingency, Damages Sought, Value | $ 4.6 | ||
Loss Contingency, Additional Damages Sought for Ormat Geothermal Products Sales in Chile, Percent | 3.75% | ||
Loss Contingency, Damages Sought, Ormat Geothermal Products Sales in Chile, Period (Year) | 10 years | ||
Avishai Shmuel Mano vs. Ormat [Member] | |||
Loss Contingency, Damages Sought, Value | $ 100 | ||
Kipreos vs Ormat [Member] | |||
Loss Contingency, Damages Sought, Value | $ 5.1 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 9.20% | 38.80% | 15.20% | 36.60% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) $ / shares in Units, $ in Thousands | Nov. 03, 2021USD ($)$ / shares | Oct. 25, 2021USD ($)MWh | Sep. 30, 2021USD ($)$ / shares | Jun. 30, 2021USD ($)$ / shares | Mar. 31, 2021USD ($)$ / shares | Sep. 30, 2020USD ($)$ / shares | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) |
Dividends, Common Stock, Total | $ 6,716 | $ 6,448 | $ 6,718 | $ 5,559 | $ 5,719 | $ 5,614 | ||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.11 | $ 0.12 | $ 0.12 | $ 0.11 | ||||
Subsequent Event [Member] | ||||||||
Dividends, Common Stock, Total | $ 6,700 | |||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.12 | |||||||
Dividends Payable, Date of Record | Nov. 17, 2021 | |||||||
Dividends Payable, Date to be Paid | Dec. 3, 2021 | |||||||
Subsequent Event [Member] | Ormat Nevada Inc. [Member] | Steamboat Hills Repower Geothermal Power Plant [Member] | ||||||||
Power Generated Under Contract (Megawatt-Hour) | MWh | 28.4 | |||||||
Parternship Agreement, Initial Purchase Price | $ 38,900 | |||||||
Partnership Agreement, Expected Additional Installments | $ 5,300 | |||||||
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% |