Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 01, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001296445 | |
Entity Registrant Name | ORMAT TECHNOLOGIES, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 | 56,071,682 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | ORA | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | ||
Current assets: | ||||
Cash and cash equivalents | $ 130,006 | $ 239,278 | ||
Marketable securities at fair value | 42,927 | 43,343 | ||
Restricted cash and cash equivalents (primarily related to VIEs) | 111,127 | 104,166 | ||
Receivables: | ||||
Trade less allowance for credit losses of $90 and $90, respectively (primarily related to VIEs) | 116,555 | 122,944 | ||
Other | 20,756 | 18,144 | ||
Inventories | 32,888 | 28,445 | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | [1] | 11,522 | 9,692 | |
Prepaid expenses and other | 42,208 | 35,920 | ||
Total current assets | 507,989 | 601,932 | ||
Investment in unconsolidated companies | 112,522 | 105,886 | ||
Deposits and other | 70,398 | 78,915 | ||
Deferred income taxes | 138,709 | 143,450 | ||
Property, plant and equipment, net | 2,293,720 | 2,294,973 | ||
Construction-in-process | 819,560 | 721,483 | ||
Operating leases right of use | 19,753 | 19,357 | ||
Finance leases right of use | 5,762 | 6,414 | ||
Intangible assets, net | 355,185 | 363,314 | ||
Goodwill | 90,591 | 89,954 | ||
Total assets | 4,414,189 | [2],[3] | 4,425,678 | |
Current liabilities: | ||||
Accounts payable and accrued expenses | 164,752 | 143,186 | ||
Billings in excess of costs and estimated earnings on uncompleted contracts | 10,964 | 9,248 | ||
Current portion of long-term debt: | ||||
Limited and non-recourse (primarily related to VIEs) | 77,190 | 61,695 | ||
Full recourse | 313,178 | 313,846 | ||
Financing liability | 13,039 | 10,835 | ||
Operating lease liabilities | 2,490 | 2,564 | ||
Finance lease liabilities | 2,378 | 2,782 | ||
Total current liabilities | 583,991 | 544,156 | ||
Long-term debt, net of current portion: | ||||
Financing liability | 236,057 | 242,029 | ||
Operating lease liabilities | 17,082 | 16,462 | ||
Finance lease liabilities | 4,075 | 4,361 | ||
Liability associated with sale of tax benefits | 129,381 | 134,953 | ||
Deferred income taxes | 83,352 | 84,662 | ||
Liability for unrecognized tax benefits | 6,034 | 5,730 | ||
Liabilities for severance pay | 15,552 | 15,694 | ||
Asset retirement obligation | 86,109 | 84,891 | ||
Other long-term liabilities | 4,374 | 4,951 | ||
Total liabilities | 2,389,932 | 2,417,888 | ||
Commitments and contingencies (Note 10) | ||||
Redeemable noncontrolling interest | 9,408 | 9,329 | ||
Equity: | ||||
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 56,071,682 and 56,056,450 issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 56 | 56 | ||
Additional paid-in capital | 1,274,838 | 1,271,925 | ||
Retained earnings | 596,912 | 585,209 | ||
Accumulated other comprehensive income (loss) | (1,137) | (2,191) | ||
Total stockholders' equity attributable to Company's stockholders | 1,870,669 | 1,854,999 | ||
Noncontrolling interest | 144,180 | 143,462 | ||
Total equity | 2,014,849 | 1,998,461 | ||
Total liabilities, redeemable noncontrolling interest and equity | 4,414,189 | 4,425,678 | ||
Senior Secured Notes [Member] | ||||
Long-term debt, net of current portion: | ||||
Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $10,712 and $11,304, respectively) | 507,520 | 539,664 | ||
Senior Unsecured Bonds [Member] | ||||
Long-term debt, net of current portion: | ||||
Full recourse (less deferred financing costs of $3,346 and $3,659, respectively) | $ 716,405 | $ 740,335 | ||
[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 fully recognized as product revenues during the three months ended March 31, 2022 as a result of performance obligations having not been fully satisfied yet. | |||
[2] | Electricity segment assets include goodwill in the amount of $86.0 million and $20.1 million as of March 31, 2022 and 2021, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.1 as of March 31, 2022 and 2021, respectively. No goodwill is included in the Product segment assets as of March 31, 2022 and 2021. | |||
[3] | Including unconsolidated investments |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Trade, allowance for credit losses | $ 90,000 | $ 90,000 |
Property, plant and equipment, net | 2,293,720,000 | 2,294,973,000 |
Construction-in-process | 819,560,000 | 721,483,000 |
Operating leases right of use | 19,753,000 | 19,357,000 |
Finance leases right of use | $ 5,762,000 | $ 6,414,000 |
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) | 56,071,682 | 56,056,450 |
Common stock, shares outstanding (in shares) | 56,071,682 | 56,056,450 |
Senior Secured Notes [Member] | ||
Deferred financing costs | $ 10,712,000 | $ 11,304,000 |
Senior Unsecured Bonds [Member] | ||
Deferred financing costs | 3,346,000 | 3,659,000 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Property, plant and equipment, net | 2,153,106,000 | 2,159,696,000 |
Construction-in-process | 413,556 | 366,924 |
Operating leases right of use | 7,675,000 | 7,825,000 |
Finance leases right of use | $ 159,000 | $ 192,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues: | ||
Revenue | $ 183,710 | $ 166,352 |
Cost of revenues: | ||
Cost of revenues | 113,805 | 92,705 |
Gross profit | 69,905 | 73,647 |
Operating expenses: | ||
Research and development expenses | 1,064 | 876 |
Selling and marketing expenses | 4,365 | 4,276 |
General and administrative expenses | 17,572 | 18,606 |
Write-off of Energy Storage projects and assets | 1,826 | 0 |
Operating income | 45,078 | 49,889 |
Other income (expense): | ||
Interest income | 342 | 263 |
Interest expense, net | (21,081) | (19,016) |
Derivatives and foreign currency transaction gains (losses) | 260 | (16,866) |
Income attributable to sale of tax benefits | 7,705 | 6,355 |
Other non-operating income (expense), net | 75 | (331) |
Income from operations before income tax and equity in earnings (losses) of investees | 32,379 | 20,294 |
Income tax provision | (10,163) | (3,007) |
Equity in earnings (losses) of investees, net | 577 | 542 |
Net income | 22,793 | 17,829 |
Net income attributable to noncontrolling interest | (4,363) | (2,570) |
Net income attributable to the Company's stockholders | 18,430 | 15,259 |
Comprehensive income: | ||
Net income | 22,793 | 17,829 |
Other comprehensive income (loss), net of related taxes: | ||
Change in foreign currency translation adjustments | (1,156) | (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 | 3,902 | 3,755 |
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | (1,905) | (2,798) |
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax) | (101) | (20) |
Other changes in comprehensive income | 15 | 16 |
Total other comprehensive income (loss), net of related taxes: | 755 | (873) |
Comprehensive income | 23,548 | 16,956 |
Comprehensive income attributable to noncontrolling interest | (4,064) | (1,997) |
Comprehensive income attributable to the Company's stockholders | $ 19,484 | $ 14,959 |
Earnings per share attributable to the Company's stockholders: | ||
Basic: (in dollars per share) | $ 0.33 | $ 0.27 |
Diluted: (in dollars per share) | $ 0.33 | $ 0.27 |
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: | ||
Basic (in shares) | 56,063 | 55,988 |
Diluted (in shares) | 56,366 | 56,735 |
Electricity [Member] | ||
Revenues: | ||
Revenue | $ 162,525 | $ 144,988 |
Cost of revenues: | ||
Cost of revenues | 94,521 | 79,851 |
Product [Member] | ||
Revenues: | ||
Revenue | 14,628 | 8,643 |
Cost of revenues: | ||
Cost of revenues | 13,613 | 8,074 |
Energy Storage and Management Services [Member] | ||
Revenues: | ||
Revenue | 6,557 | 12,721 |
Cost of revenues: | ||
Cost of revenues | $ 5,671 | $ 4,780 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 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, 2020 | 55,983 | ||||||||||||||
Balance 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 | ||||||||
Exercise of stock-based awards by employees and directors (*) (in shares) | 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 | ||||||||
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 | ||||||||
Change in 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 derivative instruments of unconsolidated investment | 0 | 0 | 0 | 3,755 | 3,755 | 0 | 3,755 | ||||||||
Change in respect of derivative instruments designated for cash flow hedge | $ 0 | $ 0 | $ 0 | $ (2,798) | $ (2,798) | $ 0 | $ (2,798) | (2,798) | |||||||
Other | 0 | 0 | 0 | 16 | 16 | 0 | 16 | ||||||||
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax) | $ 0 | 0 | 0 | (20) | (20) | 0 | (20) | ||||||||
Balance (in shares) at Mar. 31, 2021 | 55,984 | ||||||||||||||
Balance at Mar. 31, 2021 | $ 56 | 1,264,828 | 558,644 | (6,920) | 1,816,608 | 133,271 | 1,949,879 | ||||||||
Change in 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 | ||||||||
Balance (in shares) at Dec. 31, 2021 | 56,056 | ||||||||||||||
Balance at Dec. 31, 2021 | $ 56 | 1,271,925 | 585,209 | (2,191) | 1,854,999 | 143,462 | 1,998,461 | ||||||||
Stock-based compensation | $ 0 | 2,814 | 0 | 0 | 2,814 | 0 | 2,814 | ||||||||
Exercise of stock-based awards by employees and directors (*) (in shares) | 16 | ||||||||||||||
Exercise of stock-based awards by employees and directors | $ 0 | 99 | 0 | 0 | 99 | 0 | 99 | ||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | (3,088) | (3,088) | ||||||||
Cash dividend declared | 0 | 0 | (6,727) | 0 | (6,727) | 0 | (6,727) | ||||||||
Net income | 0 | 0 | 18,430 | 0 | 18,430 | 4,105 | 22,535 | ||||||||
Change in foreign currency translation adjustments | 0 | 0 | 0 | (857) | (857) | (299) | (1,156) | ||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 0 | 0 | 0 | 3,902 | 3,902 | 0 | 3,902 | ||||||||
Change in respect of derivative instruments designated for cash flow hedge | $ 0 | $ 0 | $ 0 | $ (1,905) | $ (1,905) | $ 0 | $ (1,905) | (1,905) | |||||||
Other | 0 | 0 | 0 | 15 | 15 | 0 | 15 | ||||||||
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax) | $ 0 | 0 | 0 | (101) | (101) | 0 | (101) | ||||||||
Balance (in shares) at Mar. 31, 2022 | 56,072 | ||||||||||||||
Balance at Mar. 31, 2022 | $ 56 | 1,274,838 | 596,912 | (1,137) | 1,870,669 | 144,180 | 2,014,849 | ||||||||
Change in foreign currency translation adjustments | 0 | 0 | 0 | (857) | (857) | (299) | (1,156) | ||||||||
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 | $ 3,902 | $ 3,902 | $ 0 | $ 3,902 | ||||||||
[1] | Resulted in an amount lower than $1 thousand. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Retained Earnings [Member] | ||
Cash dividend declared, per share (in dollars per share) | $ 0.12 | $ 0.12 |
Change in unrealized gains or losses on marketable securities available-for-sale, tax | $ 0 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 22,793 | $ 17,829 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 48,108 | 42,100 |
Accretion of asset retirement obligation | 1,230 | 955 |
Stock-based compensation | 2,814 | 2,097 |
Income attributable to sale of tax benefits, net of interest expense | (4,603) | (4,245) |
Equity in earnings of investees | (577) | (542) |
Mark-to-market of derivative instruments | 277 | 2,086 |
Disposal of property, plant and equipment | (109) | 91 |
Write-off of Storage projects and assets | 1,826 | 0 |
Loss (gain) on severance pay fund asset | 161 | 358 |
Deferred income tax provision | 2,805 | (83) |
Liability for unrecognized tax benefits | 304 | 1,124 |
Other | 328 | 0 |
Changes in operating assets and liabilities, net of businesses acquired: | ||
Receivables | 5,127 | 8,856 |
Costs and estimated earnings in excess of billings on uncompleted contracts | (1,830) | 3,668 |
Inventories | (4,443) | (3,087) |
Prepaid expenses and other | (7,179) | (7,259) |
Change in operating lease right of use asset | 692 | 658 |
Deposits and other | 839 | 92 |
Accounts payable and accrued expenses | 13,082 | 3,794 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 1,716 | 1,507 |
Liabilities for severance pay | (142) | (547) |
Change in operating lease liabilities | (547) | (493) |
Other long-term liabilities | (896) | (35) |
Net cash provided by operating activities | 81,776 | 68,924 |
Cash flows from investing activities: | ||
Purchase of marketable securities | (19,192) | (27,755) |
Maturities of marketable securities | 19,290 | 0 |
Capital expenditures | (137,246) | (87,896) |
Investment in unconsolidated companies | (2,157) | (2,005) |
Decrease (increase) in severance pay fund asset, net of payments made to retired employees | (27) | 182 |
Net cash used in investing activities | (139,332) | (117,474) |
Cash flows from financing activities: | ||
Proceeds from exercise of options by employees | 99 | 0 |
Cash received from noncontrolling interest | 5,443 | 5,390 |
Repayments of long-term debt | (39,058) | (16,573) |
Stock issuance costs reimbursement | 0 | 285 |
Cash paid to noncontrolling interest | (3,374) | (4,197) |
Payments under finance lease obligations | (828) | (764) |
Deferred debt issuance costs | (276) | (230) |
Cash dividends paid | (6,727) | (6,718) |
Net cash used in financing activities | (44,721) | (22,807) |
Effect of exchange rate changes | (34) | (342) |
Net change in cash and cash equivalents and restricted cash and cash equivalents | (102,311) | (71,699) |
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period | 343,444 | 536,778 |
Cash and cash equivalents and restricted cash and cash equivalents at end of period | 241,133 | 465,079 |
Supplemental non-cash investing and financing activities: | ||
Increase (decrease) in accounts payable related to purchases of property, plant and equipment | 8,448 | (8,732) |
Right of use assets obtained in exchange for new lease liabilities | $ 1,313 | $ 467 |
Note 1 - General and Basis of P
Note 1 - General and Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022, three March 31, 2022 2021 three March 31, 2022 2021. 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, 2021. December 31, 2021 December 31, 2021 not Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000. Heber 1 The Company's 40 1 February 25, 2022 1 81 1 April, 1 20 The Company holds a business interruption insurance subject to a 45 COVID- 19 In March 2020, 19" 19 second 2021, 19 not 19 19 19 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 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. We have experienced and are experiencing supply chain difficulties, as well as an increase in the cost of raw materials and batteries, which may While the extent and duration of the economic downturn from the COVID- 19 may 19 no Write-offs of unsuccessful exploration activities There were no write-offs of unsuccessful exploration activities for the three March 31, 2022 2021. Reconciliation of cash and cash equivalents and restricted cash and cash equivalents The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as reported on the balance sheet to the total of the same amounts shown on the statement of cash flows: March 31, December 31, March 31, 2022 2021 2021 (Dollars in thousands) Cash and cash equivalents $ 130,006 $ 239,278 $ 376,630 Restricted cash and cash equivalents 111,127 104,166 88,449 Total Cash and cash equivalents and restricted cash and cash equivalents $ 241,133 $ 343,444 $ 465,079 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 March 31, 2022 December 31, 2021, ten $250,000 March 31, 2022 December 31, 2021, At March 31, 2022 December 31, 2021, March 31, 2022 December 31, 2021, 10% The Company's revenues from its primary customers as a percentage of total revenues are as follows: Three Months Ended March 31, 2022 2021 Sierra Pacific Power Company and Nevada Power Company 19.5 % 21.4 % Southern California Public Power Authority (“SCPPA”) 21.9 24.9 Kenya Power and Lighting Co. Ltd. ("KPLC") 14.1 15.6 The Company has historically been able to collect on substantially all of its receivable balances. As of March 31, 2022, April 2022. In Honduras, as of March 31, 2022, April 2022. 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 March 31, 2022 2021 Three Months Ended March 31, 2022 2021 (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 90 $ 597 Change in the provision for expected credit losses for the period — — Ending balance of the allowance for expected credit losses $ 90 $ 597 Revenues from contracts with customers Contract assets related to our Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 (Dollars in thousands) Contract assets (*) $ 11,522 $ 9,692 Contract liabilities (*) $ (10,964 ) $ (9,248 ) (*) 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 three March 31, 2022 not On March 31, 2022, not Disaggregated revenues from contracts with customers for the three March 31, 2022 2021 9 Leases in which the Company is a lessor The table below presents lease income recognized as a lessor: Three Months Ended March 31, 2022 2021 (Dollars in thousands) Lease income relating to lease payments from operating leases $ 139,681 $ 125,746 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 | 3 Months Ended |
Mar. 31, 2022 | |
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 three March 31, 2022 There are no New accounting pronouncements effective in future periods Revenue Contracts Acquired in a Business Combination In October 2021, 2021 08, 805 2021 08" 2021 08 1 2 2021 08 606 2021 08 December 15, 2022 not 2021 08 |
Note 3 - Inventories
Note 3 - Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 INVENTORIES Inventories consist of the following: March 31, December 31, 2022 2021 (Dollars in thousands) Raw materials and purchased parts for assembly $ 12,906 $ 11,539 Self-manufactured assembly parts and finished products 19,982 16,906 Total inventories $ 32,888 $ 28,445 |
Note 4 - Marketable Securities
Note 4 - Marketable Securities | 3 Months Ended |
Mar. 31, 2022 | |
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: March 31, 2022 December 31, 2021 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value (Dollars in thousands) (Dollars in thousands) Debt security type: Corporate bonds $ 31,002 $ — $ (127 ) $ 31,043 $ 32,302 $ — $ (36 ) $ 32,529 Commercial paper 9,375 — — 9,375 8,891 — — 8,891 Money market funds 4,049 — — 4,049 3,686 — — 3,686 Foreign issuers 1,010 — (11 ) 1,005 1,920 — (4 ) 1,923 Municipal bonds 1,497 — (4 ) 1,504 — — — — Total debt securities available for sale $ 46,933 $ — $ (142 ) $ 46,976 $ 46,799 $ — $ (40 ) $ 47,029 As of March 31, 2022 December 31, 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: March 31, 2022 December 31, 2021 Less than 12 months Greater than 12 months Less than 12 months Greater than 12 months Fair value Gross unrealized loss Fair value Gross unrealized loss Fair value Gross unrealized loss Fair value Gross unrealized loss (Dollars in thousands) (Dollars in thousands) Debt security type: Corporate bonds $ 31,043 $ (127 ) $ — $ — $ 32,529 $ (36 ) $ — $ — Commercial paper 9,375 — — — 8,891 — — — Money market funds 4,049 — — — 3,686 — — — Foreign issuers 1,005 (11 ) — — 1,923 (4 ) — — Municipal bonds 1,504 (4 ) — — — — — — Total debt securities available for sale $ 46,976 $ (142 ) $ — $ — $ 47,029 $ (40 ) $ — $ — There were no sales of investments in debt securities during the three March 31, 2022 December 31, 2021. |
Note 5 - Fair Value of Financia
Note 5 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 December 31, 2021 March 31, 2022 Fair Value Carrying Value at March 31, 2022 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 31,453 $ 31,453 $ 31,453 $ — $ — Marketable securities (including cash equivalents) 46,976 46,976 46,976 — — Derivatives: Cross currency swap (3) 569 569 — 569 — Currency forward contracts (2) 536 536 — 536 — Long-term Assets: Cross currency swap (3) 30,188 30,188 — 30,188 — Liabilities: Long term liabilities: Contingent payables (1) (2,385 ) (2,385 ) — — (2,385 ) $ 107,337 $ 107,337 $ 78,429 $ 31,293 $ (2,385 ) December 31, 2021 Fair Value Carrying Value at December 31, 2021 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets Current assets: Cash equivalents (including restricted cash accounts) $ 31,675 $ 31,675 $ 31,675 $ — $ — Marketable securities 47,029 47,029 47,029 — — Derivatives: Cross currency swap (3) 1,461 1,461 — 1,461 — Currency forward contracts (2) 813 813 — 813 — Long-term assets: Cross currency swap (3) 37,883 37,883 — 37,883 — Liabilities: Long-term liabilities: Contingent payables (1) (2,425 ) (2,425 ) — — (2,425 ) $ 116,436 $ 116,436 $ 78,704 $ 40,157 $ (2,425 ) 1. These amounts relate to contingent payables and warrants pertaining to the Guadeloupe power plant purchase transaction, valued primarily based on unobservable inputs and are included within “Other long-term liabilities” in the condensed consolidated balance sheets as of March 31, 2022 December 31, 2021, 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” in the condensed consolidated balance sheets as of March 31, 2022 December 31, 2021, 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 March 31, 2022 December 31, 2021, March 31, 2022 December 31, 2021. March 31, 2022 December 31, 2021. 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) Derivatives not designated as hedging instruments Location of recognized gain (loss) Three Months Ended March 31, 2022 2021 (Dollars in thousands) Swap transaction on Responsive Reserve System ("RRS") prices (1) Derivative and foreign currency transaction gains (losses) — (14,540 ) Currency forward contracts (1) Derivative and foreign currency transaction gains (losses) $ (208 ) $ (1,469 ) Derivatives designated as cash flow hedging instruments Cross currency swap (2) Derivative and foreign currency transaction gains (losses) $ (6,682 ) $ (11,102 ) ( 1 not third January 1, 2021 April 1, 2021. ( 2 1 There were no 1, 2 3 three March 31, 2022. 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 March 31, 2022: Three Months Ended March 31, 2022 2021 (Dollars in thousands) Cross currency swap cash flow hedge: Balance in Accumulated other comprehensive income (loss) beginning of period $ 5,745 $ 3,366 Gain or (loss) recognized in Other comprehensive income (loss) (8,587 ) (13,900 ) Amount reclassified from Other comprehensive income (loss) into earnings 6,682 11,102 Balance in Accumulated other comprehensive income (loss) end of period $ 3,840 $ 568 The estimated net amount of existing gain (loss) that is reported in "Accumulated other comprehensive income (loss)" as of March 31, 2022 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 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 (Dollars in millions) (Dollars in millions) HSBC Loan $ 46.8 $ 50.4 $ 46.4 $ 50.0 Hapoalim Loan 117.8 117.8 116.1 116.1 Discount Loan 94.0 100.2 93.8 100.0 Finance liability - Dixie Valley 245.2 248.4 249.1 252.9 Olkaria III Loan - DFC 161.2 166.5 152.2 156.7 Olkaria III plant 4 Loan - DEG 2 34.4 34.1 32.5 32.5 Olkaria III plant 1 Loan - DEG 3 30.3 30.1 28.4 28.4 Platanares Loan - DFC 95.6 98.2 86.0 88.1 Amatitlan Loan 18.6 19.8 18.4 19.3 Senior Secured Notes: OFC 2 LLC ("OFC 2") 178.1 183.3 168.8 173.3 Don A. Campbell 1 ("DAC 1") 68.0 69.8 66.3 67.9 USG Prudential - NV 28.6 28.9 26.1 26.3 USG Prudential - ID 16.2 17.3 16.5 17.3 USG DOE 38.3 39.9 34.1 35.5 Senior Unsecured Bonds 569.5 578.9 532.9 539.6 Senior Unsecured Loan 193.5 204.3 183.2 191.6 Plumstriker 14.5 14.8 14.4 14.7 Other long-term debt 12.1 13.3 12.6 13.6 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. As disclosed above under Note 1 19 may The carrying value of cash and cash equivalents, receivables, deposits and accounts payable (included in the condensed consolidated balance sheets) approximates its fair value. The following table presents the fair value of financial instruments as of March 31, 2022: Level 1 Level 2 Level 3 Total (Dollars in millions) HSBC Loan $ — $ — $ 46.8 $ 46.8 Hapoalim Loan — — 117.8 117.8 Discount Loan — — 94.0 94.0 Finance liability - Dixie Valley — — 245.2 245.2 Olkaria III Loan - DFC — — 161.2 161.2 Olkaria III plant 4 Loan - DEG 2 — — 34.4 34.4 Olkaria III plant 1 Loan - DEG 3 — — 30.3 30.3 Platanares Loan - DFC — — 95.6 95.6 Amatitlan Loan — 18.6 — 18.6 Senior Secured Notes: OFC 2 Senior Secured Notes — — 178.1 178.1 DAC 1 Senior Secured Notes — — 68.0 68.0 USG Prudential - NV — — 28.6 28.6 USG Prudential - ID — — 16.2 16.2 USG DOE — — 38.3 38.3 Senior Unsecured Bonds — — 569.5 569.5 Senior Unsecured Loan — — 193.5 193.5 Plumstriker — 14.5 — 14.5 Other long-term debt — — 12.1 12.1 Deposits 16.2 — — 16.2 The following table presents the fair value of financial instruments as of December 31, 2021: Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III Loan - DFC $ — $ — $ 166.5 $ 166.5 Olkaria IV - DEG 2 — — 34.1 34.1 Olkaria IV - DEG 3 — — 30.1 30.1 Platanares Loan - DFC — — 98.2 98.2 Amatitlan Loan — 19.8 — 19.8 Senior Secured Notes: OFC 2 Senior Secured Notes — — 183.3 183.3 DAC 1 Senior Secured Notes — — 69.8 69.8 USG Prudential - NV — — 28.9 28.9 USG Prudential - ID — — 17.3 17.3 USG DOE — — 39.9 39.9 Senior Unsecured Bonds — — 578.9 578.9 Senior Unsecured Loan — — 204.3 204.3 Plumstriker — 14.8 — 14.8 Other long-term debt — — 13.3 13.3 Deposits 17.1 — — 17.1 |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 6 STOCK-BASED COMPENSATION In March 2022, 2018 six 1 4 The fair value of each SAR, RSU and PSU on the grant date was $22.31, $69.9 and $75.3, respectively. The Company calculated the fair value of each SAR and RSU on the grant date using the complex lattice, tree-based option-pricing model based on the following assumptions: Risk-free interest rates 1.3% - 1.6% Expected life (in years) 2 - 5.75 Dividend yield 0.67% Expected volatility (weighted average) 32.8% - 46.1% |
Note 7 - Interest Expense, Net
Note 7 - Interest Expense, Net | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 (Dollars in thousands) Interest related to sale of tax benefits $ 3,431 $ 2,394 Interest expense 22,486 19,674 Less — amount capitalized (4,836 ) (3,052 ) Total interest expense, net $ 21,081 $ 19,016 |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 Weighted average number of shares used in computation of basic earnings per share: 56,063 55,988 Additional shares from the assumed exercise of employee stock awards 303 747 Weighted average number of shares used in computation of diluted earnings per share 56,366 56,735 The number of stock-based awards that could potentially dilute future earnings per share and that were not three March 31, 2022 2021, |
Note 9 - Business Segments
Note 9 - Business Segments | 3 Months Ended |
Mar. 31, 2022 | |
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 foreign countries, and sells the electricity generated by those power plants. • Under the Product segment, the Company designs, manufactures and sells equipment for geothermal and recovered energy-based electricity generation and remote power units and provides 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. 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 March 31, 2022: Revenues from external customers: United States (1) $ 116,109 $ 535 $ 6,557 $ 123,201 Foreign (2) 46,416 14,093 — 60,509 Net revenue from external customers 162,525 14,628 6,557 183,710 Intersegment revenues (4) — 20,903 — — Operating income (loss) 47,575 (1,575 ) (922 ) 45,078 Segment assets at period end (3) (*) 4,093,759 140,957 179,473 4,414,189 * Including unconsolidated investments 112,522 — — 112,522 Three Months Ended March 31, 2021: Revenues from external customers: United States (1) $ 98,976 $ 1,853 $ 12,721 $ 113,550 Foreign (2) 46,012 6,790 — 52,802 Net revenue from external customers 144,988 8,643 12,721 166,352 Intersegment revenues (4) — 25,334 — — Operating income (loss) 47,749 (1,211 ) 3,351 49,889 Segment assets at period end (3) (*) 3,577,745 140,039 141,429 3,859,213 * Including unconsolidated investments 104,519 — — 104,519 ( 1 Electricity segment revenues in the United States are all accounted under lease accounting except for $22.8 million and $19.2 million for the three March 31, 2022 2021, 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 $86.0 million and $20.1 million as of March 31, 2022 2021, March 31, 2022 2021, March 31, 2022 2021. ( 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 March 31, 2022 2021 (Dollars in thousands) Revenues: Total segment revenues $ 183,710 $ 166,352 Intersegment revenues 20,903 25,334 Elimination of intersegment revenues (20,903 ) (25,334 ) Total consolidated revenues $ 183,710 $ 166,352 Operating income: Operating income $ 45,078 $ 49,889 Interest income 342 263 Interest expense, net (21,081 ) (19,016 ) Derivatives and foreign currency transaction gains (losses) 260 (16,866 ) Income attributable to sale of tax benefits 7,705 6,355 Other non-operating income (expense), net 75 (331 ) Total consolidated income before income taxes and equity in income of investees $ 32,379 $ 20,294 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 COMMITMENTS AND CONTINGENCIES • On March 29, 2016, 27th 10 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. April 13, 2022, • On September 14, 2021, may • On December 15, 2021, No January 4, 2022. January 14, 2022, 90 February 2022. April 4, 2022, 1973 no may March 31, 2022, 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 | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 11 INCOME TAXES The Company’s effective tax rate provision for the three March 31, 2022 2021 In response to the COVID- 19 March 27, 2020 three March 31, 2022, no 19 |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12 SUBSEQUENT EVENTS Cash Dividend On May 2, 2022, May 16, 2022 May 31, 2022 Mizrahi Bank Loan On April 12, 2022, October 12, 2022 8 not not not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, they do not March 31, 2022, three March 31, 2022 2021 three March 31, 2022 2021. 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, 2021. December 31, 2021 December 31, 2021 not Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000. |
Property, Plant and Equipment, Impairment [Policy Text Block] | Heber 1 The Company's 40 1 February 25, 2022 1 81 1 April, 1 20 The Company holds a business interruption insurance subject to a 45 |
Effect of COVID-19 Pandemic, Policy [Policy Text Block] | COVID- 19 In March 2020, 19" 19 second 2021, 19 not 19 19 19 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 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. We have experienced and are experiencing supply chain difficulties, as well as an increase in the cost of raw materials and batteries, which may While the extent and duration of the economic downturn from the COVID- 19 may 19 no |
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 March 31, 2022 2021. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Reconciliation of cash and cash equivalents and restricted cash and cash equivalents The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as reported on the balance sheet to the total of the same amounts shown on the statement of cash flows: March 31, December 31, March 31, 2022 2021 2021 (Dollars in thousands) Cash and cash equivalents $ 130,006 $ 239,278 $ 376,630 Restricted cash and cash equivalents 111,127 104,166 88,449 Total Cash and cash equivalents and restricted cash and cash equivalents $ 241,133 $ 343,444 $ 465,079 |
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 March 31, 2022 December 31, 2021, ten $250,000 March 31, 2022 December 31, 2021, At March 31, 2022 December 31, 2021, March 31, 2022 December 31, 2021, 10% The Company's revenues from its primary customers as a percentage of total revenues are as follows: Three Months Ended March 31, 2022 2021 Sierra Pacific Power Company and Nevada Power Company 19.5 % 21.4 % Southern California Public Power Authority (“SCPPA”) 21.9 24.9 Kenya Power and Lighting Co. Ltd. ("KPLC") 14.1 15.6 The Company has historically been able to collect on substantially all of its receivable balances. As of March 31, 2022, April 2022. In Honduras, as of March 31, 2022, April 2022. 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 March 31, 2022 2021 Three Months Ended March 31, 2022 2021 (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 90 $ 597 Change in the provision for expected credit losses for the period — — Ending balance of the allowance for expected credit losses $ 90 $ 597 |
Revenue [Policy Text Block] | Revenues from contracts with customers Contract assets related to our Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 (Dollars in thousands) Contract assets (*) $ 11,522 $ 9,692 Contract liabilities (*) $ (10,964 ) $ (9,248 ) (*) 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 three March 31, 2022 not On March 31, 2022, not Disaggregated revenues from contracts with customers for the three March 31, 2022 2021 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 March 31, 2022 2021 (Dollars in thousands) Lease income relating to lease payments from operating leases $ 139,681 $ 125,746 |
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) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | March 31, December 31, March 31, 2022 2021 2021 (Dollars in thousands) Cash and cash equivalents $ 130,006 $ 239,278 $ 376,630 Restricted cash and cash equivalents 111,127 104,166 88,449 Total Cash and cash equivalents and restricted cash and cash equivalents $ 241,133 $ 343,444 $ 465,079 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended March 31, 2022 2021 Sierra Pacific Power Company and Nevada Power Company 19.5 % 21.4 % Southern California Public Power Authority (“SCPPA”) 21.9 24.9 Kenya Power and Lighting Co. Ltd. ("KPLC") 14.1 15.6 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended March 31, 2022 2021 (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 90 $ 597 Change in the provision for expected credit losses for the period — — Ending balance of the allowance for expected credit losses $ 90 $ 597 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | March 31, December 31, 2022 2021 (Dollars in thousands) Contract assets (*) $ 11,522 $ 9,692 Contract liabilities (*) $ (10,964 ) $ (9,248 ) |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended March 31, 2022 2021 (Dollars in thousands) Lease income relating to lease payments from operating leases $ 139,681 $ 125,746 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2022 2021 (Dollars in thousands) Raw materials and purchased parts for assembly $ 12,906 $ 11,539 Self-manufactured assembly parts and finished products 19,982 16,906 Total inventories $ 32,888 $ 28,445 |
Note 4 - Marketable Securities
Note 4 - Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | March 31, 2022 December 31, 2021 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value (Dollars in thousands) (Dollars in thousands) Debt security type: Corporate bonds $ 31,002 $ — $ (127 ) $ 31,043 $ 32,302 $ — $ (36 ) $ 32,529 Commercial paper 9,375 — — 9,375 8,891 — — 8,891 Money market funds 4,049 — — 4,049 3,686 — — 3,686 Foreign issuers 1,010 — (11 ) 1,005 1,920 — (4 ) 1,923 Municipal bonds 1,497 — (4 ) 1,504 — — — — Total debt securities available for sale $ 46,933 $ — $ (142 ) $ 46,976 $ 46,799 $ — $ (40 ) $ 47,029 |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 2022 December 31, 2021 Less than 12 months Greater than 12 months Less than 12 months Greater than 12 months Fair value Gross unrealized loss Fair value Gross unrealized loss Fair value Gross unrealized loss Fair value Gross unrealized loss (Dollars in thousands) (Dollars in thousands) Debt security type: Corporate bonds $ 31,043 $ (127 ) $ — $ — $ 32,529 $ (36 ) $ — $ — Commercial paper 9,375 — — — 8,891 — — — Money market funds 4,049 — — — 3,686 — — — Foreign issuers 1,005 (11 ) — — 1,923 (4 ) — — Municipal bonds 1,504 (4 ) — — — — — — Total debt securities available for sale $ 46,976 $ (142 ) $ — $ — $ 47,029 $ (40 ) $ — $ — |
Note 5 - Fair Value of Financ_2
Note 5 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2022 Fair Value Carrying Value at March 31, 2022 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 31,453 $ 31,453 $ 31,453 $ — $ — Marketable securities (including cash equivalents) 46,976 46,976 46,976 — — Derivatives: Cross currency swap (3) 569 569 — 569 — Currency forward contracts (2) 536 536 — 536 — Long-term Assets: Cross currency swap (3) 30,188 30,188 — 30,188 — Liabilities: Long term liabilities: Contingent payables (1) (2,385 ) (2,385 ) — — (2,385 ) $ 107,337 $ 107,337 $ 78,429 $ 31,293 $ (2,385 ) December 31, 2021 Fair Value Carrying Value at December 31, 2021 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets Current assets: Cash equivalents (including restricted cash accounts) $ 31,675 $ 31,675 $ 31,675 $ — $ — Marketable securities 47,029 47,029 47,029 — — Derivatives: Cross currency swap (3) 1,461 1,461 — 1,461 — Currency forward contracts (2) 813 813 — 813 — Long-term assets: Cross currency swap (3) 37,883 37,883 — 37,883 — Liabilities: Long-term liabilities: Contingent payables (1) (2,425 ) (2,425 ) — — (2,425 ) $ 116,436 $ 116,436 $ 78,704 $ 40,157 $ (2,425 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | Amount of recognized gain (loss) Derivatives not designated as hedging instruments Location of recognized gain (loss) Three Months Ended March 31, 2022 2021 (Dollars in thousands) Swap transaction on Responsive Reserve System ("RRS") prices (1) Derivative and foreign currency transaction gains (losses) — (14,540 ) Currency forward contracts (1) Derivative and foreign currency transaction gains (losses) $ (208 ) $ (1,469 ) Derivatives designated as cash flow hedging instruments Cross currency swap (2) Derivative and foreign currency transaction gains (losses) $ (6,682 ) $ (11,102 ) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended March 31, 2022 2021 (Dollars in thousands) Cross currency swap cash flow hedge: Balance in Accumulated other comprehensive income (loss) beginning of period $ 5,745 $ 3,366 Gain or (loss) recognized in Other comprehensive income (loss) (8,587 ) (13,900 ) Amount reclassified from Other comprehensive income (loss) into earnings 6,682 11,102 Balance in Accumulated other comprehensive income (loss) end of period $ 3,840 $ 568 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair Value Carrying Amount March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 (Dollars in millions) (Dollars in millions) HSBC Loan $ 46.8 $ 50.4 $ 46.4 $ 50.0 Hapoalim Loan 117.8 117.8 116.1 116.1 Discount Loan 94.0 100.2 93.8 100.0 Finance liability - Dixie Valley 245.2 248.4 249.1 252.9 Olkaria III Loan - DFC 161.2 166.5 152.2 156.7 Olkaria III plant 4 Loan - DEG 2 34.4 34.1 32.5 32.5 Olkaria III plant 1 Loan - DEG 3 30.3 30.1 28.4 28.4 Platanares Loan - DFC 95.6 98.2 86.0 88.1 Amatitlan Loan 18.6 19.8 18.4 19.3 Senior Secured Notes: OFC 2 LLC ("OFC 2") 178.1 183.3 168.8 173.3 Don A. Campbell 1 ("DAC 1") 68.0 69.8 66.3 67.9 USG Prudential - NV 28.6 28.9 26.1 26.3 USG Prudential - ID 16.2 17.3 16.5 17.3 USG DOE 38.3 39.9 34.1 35.5 Senior Unsecured Bonds 569.5 578.9 532.9 539.6 Senior Unsecured Loan 193.5 204.3 183.2 191.6 Plumstriker 14.5 14.8 14.4 14.7 Other long-term debt 12.1 13.3 12.6 13.6 |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total (Dollars in millions) HSBC Loan $ — $ — $ 46.8 $ 46.8 Hapoalim Loan — — 117.8 117.8 Discount Loan — — 94.0 94.0 Finance liability - Dixie Valley — — 245.2 245.2 Olkaria III Loan - DFC — — 161.2 161.2 Olkaria III plant 4 Loan - DEG 2 — — 34.4 34.4 Olkaria III plant 1 Loan - DEG 3 — — 30.3 30.3 Platanares Loan - DFC — — 95.6 95.6 Amatitlan Loan — 18.6 — 18.6 Senior Secured Notes: OFC 2 Senior Secured Notes — — 178.1 178.1 DAC 1 Senior Secured Notes — — 68.0 68.0 USG Prudential - NV — — 28.6 28.6 USG Prudential - ID — — 16.2 16.2 USG DOE — — 38.3 38.3 Senior Unsecured Bonds — — 569.5 569.5 Senior Unsecured Loan — — 193.5 193.5 Plumstriker — 14.5 — 14.5 Other long-term debt — — 12.1 12.1 Deposits 16.2 — — 16.2 Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III Loan - DFC $ — $ — $ 166.5 $ 166.5 Olkaria IV - DEG 2 — — 34.1 34.1 Olkaria IV - DEG 3 — — 30.1 30.1 Platanares Loan - DFC — — 98.2 98.2 Amatitlan Loan — 19.8 — 19.8 Senior Secured Notes: OFC 2 Senior Secured Notes — — 183.3 183.3 DAC 1 Senior Secured Notes — — 69.8 69.8 USG Prudential - NV — — 28.9 28.9 USG Prudential - ID — — 17.3 17.3 USG DOE — — 39.9 39.9 Senior Unsecured Bonds — — 578.9 578.9 Senior Unsecured Loan — — 204.3 204.3 Plumstriker — 14.8 — 14.8 Other long-term debt — — 13.3 13.3 Deposits 17.1 — — 17.1 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Risk-free interest rates 1.3% - 1.6% Expected life (in years) 2 - 5.75 Dividend yield 0.67% Expected volatility (weighted average) 32.8% - 46.1% |
Note 7 - Interest Expense, Net
Note 7 - Interest Expense, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | Three Months Ended March 31, 2022 2021 (Dollars in thousands) Interest related to sale of tax benefits $ 3,431 $ 2,394 Interest expense 22,486 19,674 Less — amount capitalized (4,836 ) (3,052 ) Total interest expense, net $ 21,081 $ 19,016 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended March 31, 2022 2021 Weighted average number of shares used in computation of basic earnings per share: 56,063 55,988 Additional shares from the assumed exercise of employee stock awards 303 747 Weighted average number of shares used in computation of diluted earnings per share 56,366 56,735 |
Note 9 - Business Segments (Tab
Note 9 - Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Electricity Product Energy Storage Consolidated (Dollars in thousands) Three Months Ended March 31, 2022: Revenues from external customers: United States (1) $ 116,109 $ 535 $ 6,557 $ 123,201 Foreign (2) 46,416 14,093 — 60,509 Net revenue from external customers 162,525 14,628 6,557 183,710 Intersegment revenues (4) — 20,903 — — Operating income (loss) 47,575 (1,575 ) (922 ) 45,078 Segment assets at period end (3) (*) 4,093,759 140,957 179,473 4,414,189 * Including unconsolidated investments 112,522 — — 112,522 Three Months Ended March 31, 2021: Revenues from external customers: United States (1) $ 98,976 $ 1,853 $ 12,721 $ 113,550 Foreign (2) 46,012 6,790 — 52,802 Net revenue from external customers 144,988 8,643 12,721 166,352 Intersegment revenues (4) — 25,334 — — Operating income (loss) 47,749 (1,211 ) 3,351 49,889 Segment assets at period end (3) (*) 3,577,745 140,039 141,429 3,859,213 * Including unconsolidated investments 104,519 — — 104,519 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2022 2021 (Dollars in thousands) Revenues: Total segment revenues $ 183,710 $ 166,352 Intersegment revenues 20,903 25,334 Elimination of intersegment revenues (20,903 ) (25,334 ) Total consolidated revenues $ 183,710 $ 166,352 Operating income: Operating income $ 45,078 $ 49,889 Interest income 342 263 Interest expense, net (21,081 ) (19,016 ) Derivatives and foreign currency transaction gains (losses) 260 (16,866 ) Income attributable to sale of tax benefits 7,705 6,355 Other non-operating income (expense), net 75 (331 ) Total consolidated income before income taxes and equity in income of investees $ 32,379 $ 20,294 |
Note 1 - General and Basis of_3
Note 1 - General and Basis of Presentation 1 (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Exploration Abandonment and Impairment Expense | $ 0 | $ 0 | ||
Cash, FDIC Insured Amount | 31,800 | $ 31,000 | ||
Cash, Uninsured Amount | 82,800 | 64,300 | ||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 116,555 | $ 122,944 | ||
Kenya Power and Lighting Co Limited [Member] | ||||
Accounts Receivable, Past Due | 19,800 | |||
Kenya Power and Lighting Co Limited [Member] | Subsequent Event [Member] | ||||
Proceeds, Overdue Accounts Receivable | $ 9,400 | |||
ENEE [Member] | ||||
Accounts Receivable, Past Due | $ 20,500 | |||
ENEE [Member] | Subsequent Event [Member] | ||||
Proceeds, Overdue Accounts Receivable | $ 4,800 | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member] | ||||
Concentration Risk, Percentage | 54.00% | 58.00% | ||
Non-US [Member] | ||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 76,800 | $ 77,500 |
Note 1 - General and Basis of_4
Note 1 - General and Basis of Presentation 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 - Product [Member] $ in Millions | Mar. 31, 2022USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 45.7 |
Revenue, Remaining Performance Obligation, Percentage | 100.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 24 months |
Note 1 - General and Basis of_5
Note 1 - General and Basis of Presentation - Cash and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 130,006 | $ 239,278 | $ 376,630 | |
Restricted cash and cash equivalents | 111,127 | 104,166 | 88,449 | |
Total Cash and cash equivalents and restricted cash and cash equivalents | $ 241,133 | $ 343,444 | $ 465,079 | $ 536,778 |
Note 1 - General and Basis of_6
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Sierra Pacific Power Company And Nevada Power Company [Member] | ||
Percent of revenues | 19.50% | 21.40% |
Southern California Public Power Authority [Member] | ||
Percent of revenues | 21.90% | 24.90% |
Kenya Power and Lighting Co LTD [Member] | ||
Percent of revenues | 14.10% | 15.60% |
Note 1 - General and Basis of_7
Note 1 - General and Basis of Presentation - Changes in the Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Beginning balance of the allowance for expected credit losses | $ 90 | |
Ending balance of the allowance for expected credit losses | 90 | |
Accounting Standards Update 2016-13 [Member] | ||
Beginning balance of the allowance for expected credit losses | 90 | $ 597 |
Change in the provision for expected credit losses for the period | 0 | 0 |
Ending balance of the allowance for expected credit losses | $ 90 | $ 597 |
Note 1 - General and Basis of_8
Note 1 - General and Basis of Presentation - Contract Assets (Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Contract assets (*) | [1] | $ 11,522 | $ 9,692 |
Contract liabilities (*) | [1] | $ (10,964) | $ (9,248) |
[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 fully recognized as product revenues during the three months ended March 31, 2022 as a result of performance obligations having not been fully satisfied yet. |
Note 1 - General and Basis of_9
Note 1 - General and Basis of Presentation - Lease Income as Lessor (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Lease income relating to lease payments from operating leases | $ 139,681 | $ 125,746 |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Raw materials and purchased parts for assembly | $ 12,906 | $ 11,539 |
Self-manufactured assembly parts and finished products | 19,982 | 16,906 |
Total inventories | $ 32,888 | $ 28,445 |
Note 4 - Marketable Securitie_2
Note 4 - Marketable Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-Sale, Total | $ 42,927 | $ 43,343 |
Proceeds from Sale of Debt Securities, Available-for-sale | 0 | 0 |
Cash and Cash Equivalents [Member] | ||
Debt Securities, Available-for-Sale, Total | $ 4,000 | $ 3,700 |
Note 4 - Marketable Securitie_3
Note 4 - Marketable Securities - Investment in Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized cost | $ 46,933 | $ 46,799 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (142) | (40) |
Fair value | 46,976 | 47,029 |
Corporate Debt Securities [Member] | ||
Amortized cost | 31,002 | 32,302 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (127) | (36) |
Fair value | 31,043 | 32,529 |
Commercial Paper [Member] | ||
Amortized cost | 9,375 | 8,891 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | 9,375 | 8,891 |
Money Market Funds [Member] | ||
Amortized cost | 4,049 | 3,686 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | 4,049 | 3,686 |
Debt Security, Corporate, Non-US [Member] | ||
Amortized cost | 1,010 | 1,920 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (11) | (4) |
Fair value | 1,005 | 1,923 |
Municipal Bonds [Member] | ||
Amortized cost | 1,497 | 0 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (4) | 0 |
Fair value | $ 1,504 | $ 0 |
Note 4 - Marketable Securitie_4
Note 4 - Marketable Securities - Fair Value and Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair value | $ 42,927 | $ 43,343 |
Gross unrealized losses | (142) | (40) |
Marketable securities at fair value | 42,927 | 43,343 |
Maturity, Less Than 12 Months [Member] | ||
Fair value | 46,976 | 47,029 |
Gross unrealized losses | (142) | (40) |
Marketable securities at fair value | 46,976 | 47,029 |
Maturity, Greater Than 12 Months [Member] | ||
Fair value | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Marketable securities at fair value | 0 | 0 |
Corporate Debt Securities [Member] | ||
Gross unrealized losses | (127) | (36) |
Corporate Debt Securities [Member] | Maturity, Less Than 12 Months [Member] | ||
Fair value | 31,043 | 32,529 |
Gross unrealized losses | (127) | (36) |
Marketable securities at fair value | 31,043 | 32,529 |
Corporate Debt Securities [Member] | Maturity, Greater Than 12 Months [Member] | ||
Fair value | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Marketable securities at fair value | 0 | 0 |
Commercial Paper [Member] | ||
Gross unrealized losses | 0 | 0 |
Commercial Paper [Member] | Maturity, Less Than 12 Months [Member] | ||
Fair value | 9,375 | 8,891 |
Gross unrealized losses | 0 | 0 |
Marketable securities at fair value | 9,375 | 8,891 |
Commercial Paper [Member] | Maturity, Greater Than 12 Months [Member] | ||
Fair value | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Marketable securities at fair value | 0 | 0 |
Money Market Funds [Member] | ||
Gross unrealized losses | 0 | 0 |
Money Market Funds [Member] | Maturity, Less Than 12 Months [Member] | ||
Fair value | 4,049 | 3,686 |
Gross unrealized losses | 0 | 0 |
Marketable securities at fair value | 4,049 | 3,686 |
Money Market Funds [Member] | Maturity, Greater Than 12 Months [Member] | ||
Fair value | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Marketable securities at fair value | 0 | 0 |
Debt Security, Corporate, Non-US [Member] | ||
Gross unrealized losses | (11) | (4) |
Debt Security, Corporate, Non-US [Member] | Maturity, Less Than 12 Months [Member] | ||
Fair value | 1,005 | 1,923 |
Gross unrealized losses | (11) | (4) |
Marketable securities at fair value | 1,005 | 1,923 |
Debt Security, Corporate, Non-US [Member] | Maturity, Greater Than 12 Months [Member] | ||
Fair value | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Marketable securities at fair value | 0 | 0 |
Municipal Bonds [Member] | ||
Gross unrealized losses | (4) | 0 |
Municipal Bonds [Member] | Maturity, Less Than 12 Months [Member] | ||
Fair value | 1,504 | 0 |
Gross unrealized losses | (4) | 0 |
Marketable securities at fair value | 1,504 | 0 |
Municipal Bonds [Member] | Maturity, Greater Than 12 Months [Member] | ||
Fair value | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Marketable securities at fair value | $ 0 | $ 0 |
Note 5 - Fair Value of Financ_3
Note 5 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Cross Currency Interest Rate Contract [Member] | Prepaid Expenses and Other and Deposits and Other [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 | Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-Sale, Total | $ 42,927 | $ 43,343 | |
Reported Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | 31,453 | 31,675 | |
Debt Securities, Available-for-Sale, Total | 46,976 | 47,029 | |
Fair Value, Net Asset (Liability), Total | 107,337 | 116,436 | |
Reported Value Measurement [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative Assets, current | [1] | 569 | 1,461 |
Cross currency swap (3) | [1] | 30,188 | 37,883 |
Reported Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Assets, current | [2] | 536 | 813 |
Reported Value Measurement [Member] | Contingent Payable [Member] | |||
Derivatives, noncurrent | [3] | (2,385) | (2,425) |
Estimate of Fair Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | 31,453 | 31,675 | |
Debt Securities, Available-for-Sale, Total | 46,976 | 47,029 | |
Fair Value, Net Asset (Liability), Total | 107,337 | 116,436 | |
Estimate of Fair Value Measurement [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative Assets, current | [1] | 569 | 1,461 |
Cross currency swap (3) | [1] | 30,188 | 37,883 |
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Assets, current | [2] | 536 | 813 |
Estimate of Fair Value Measurement [Member] | Contingent Payable [Member] | |||
Derivatives, noncurrent | [3] | (2,385) | (2,425) |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents (including restricted cash accounts) | 31,453 | 31,675 | |
Debt Securities, Available-for-Sale, Total | 46,976 | 47,029 | |
Fair Value, Net Asset (Liability), Total | 78,429 | 78,704 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative Assets, current | [1] | 0 | 0 |
Cross currency swap (3) | [1] | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Currency Forward Contracts [Member] | |||
Derivative Assets, current | [2] | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Payable [Member] | |||
Derivatives, noncurrent | [3] | 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 | 0 | |
Fair Value, Net Asset (Liability), Total | 31,293 | 40,157 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative Assets, current | [1] | 569 | 1,461 |
Cross currency swap (3) | [1] | 30,188 | 37,883 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Forward Contracts [Member] | |||
Derivative Assets, current | [2] | 536 | 813 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Payable [Member] | |||
Derivatives, noncurrent | [3] | 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 | 0 | |
Fair Value, Net Asset (Liability), Total | (2,385) | (2,425) | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative Assets, current | [1] | 0 | 0 |
Cross currency swap (3) | [1] | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Currency Forward Contracts [Member] | |||
Derivative Assets, current | [2] | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Payable [Member] | |||
Derivatives, noncurrent | [3] | $ (2,385) | $ (2,425) |
[1] | 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 March 31, 2022 and December 31, 2021, as applicable. These amounts are included within "Prepaid expenses and other" and “Deposits and other”, as applicable, in the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021. There are no cash collateral deposits on March 31, 2022 and December 31, 2021. | ||
[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” in the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021, 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 contingent payables and warrants pertaining to the Guadeloupe power plant purchase transaction, valued primarily based on unobservable inputs and are included within “Other long-term liabilities” in the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021, 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. |
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) - Derivatives and Foreign Currency Transaction Gains (Losses) [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Currency Forward and Price Swap Transaction on Responsive Reserve System ("RRS") Prices [Member] | |||
Amount of gain (loss) recognized | $ 0 | $ (14,540) | |
Currency Forward Contracts [Member] | |||
Amount of gain (loss) recognized | [1] | (208) | (1,469) |
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | |||
Cross currency swap (2) | [2] | $ (6,682) | $ (11,102) |
[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 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 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 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 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 | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Balance | $ 1,998,461 | $ 1,941,437 | |
Balance | 2,014,849 | 1,949,879 | |
Cross Currency Swap [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | |||
Balance | 5,745 | 3,366 | |
Gain or (loss) recognized in Other comprehensive income (loss) | [1] | (8,587) | (13,900) |
Amount reclassified from Other comprehensive income (loss) into earnings | 6,682 | 11,102 | |
Balance | $ 3,840 | $ 568 | |
[1] | The amount of gain or (loss) recognized in Other comprehensive income (loss) for the years ended December 31, 2021 and 2020 is net of tax of $0.8 million and $1.1 million, respectively. |
Note 5 - Fair Value of Financ_7
Note 5 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Finance liability - Dixie Valley | $ 245.2 | |
HSBC Loan Agreement [Member] | ||
Loans | 46.8 | |
Hapoalim Loan Agreement [Member] | ||
Loans | 117.8 | |
Discount Loan Agreement [Member] | ||
Loans | 94 | |
Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 34.4 | |
Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 30.3 | |
Platanares Loan - OPIC [Member] | ||
Loans | 95.6 | $ 98.2 |
Amatitlan Loan [Member] | ||
Loans | 18.6 | 19.8 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 68 | 69.8 |
USG Prudential - NV [Member] | ||
Notes | 28.6 | 28.9 |
USG Prudential - ID [Member] | ||
Notes | 16.2 | 17.3 |
USG DOE [Member] | ||
Notes | 38.3 | 39.9 |
Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 569.5 | 578.9 |
Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 193.5 | 204.3 |
Plumstriker Loan Agreement [Member] | ||
Loans | 14.5 | 14.8 |
Estimate of Fair Value Measurement [Member] | ||
Finance liability - Dixie Valley | 245.2 | 248.4 |
Other long-term debt | 12.1 | 13.3 |
Estimate of Fair Value Measurement [Member] | HSBC Loan Agreement [Member] | ||
Loans | 46.8 | 50.4 |
Estimate of Fair Value Measurement [Member] | Hapoalim Loan Agreement [Member] | ||
Loans | 117.8 | 117.8 |
Estimate of Fair Value Measurement [Member] | Discount Loan Agreement [Member] | ||
Loans | 94 | 100.2 |
Estimate of Fair Value Measurement [Member] | Olkaria III OPIC [Member] | ||
Loans | 161.2 | 166.5 |
Estimate of Fair Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 34.4 | 34.1 |
Estimate of Fair Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 30.3 | 30.1 |
Estimate of Fair Value Measurement [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 95.6 | 98.2 |
Estimate of Fair Value Measurement [Member] | Amatitlan Loan [Member] | ||
Loans | 18.6 | 19.8 |
Estimate of Fair Value Measurement [Member] | OFC Two Senior Secured Notes [Member] | ||
Notes | 178.1 | 183.3 |
Estimate of Fair Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 68 | 69.8 |
Estimate of Fair Value Measurement [Member] | USG Prudential - NV [Member] | ||
Notes | 28.6 | 28.9 |
Estimate of Fair Value Measurement [Member] | USG Prudential - ID [Member] | ||
Notes | 16.2 | 17.3 |
Estimate of Fair Value Measurement [Member] | USG DOE [Member] | ||
Notes | 38.3 | 39.9 |
Estimate of Fair Value Measurement [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 569.5 | 578.9 |
Estimate of Fair Value Measurement [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 193.5 | 204.3 |
Estimate of Fair Value Measurement [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | 14.5 | 14.8 |
Reported Value Measurement [Member] | ||
Finance liability - Dixie Valley | 249.1 | 252.9 |
Other long-term debt | 12.6 | 13.6 |
Reported Value Measurement [Member] | HSBC Loan Agreement [Member] | ||
Loans | 46.4 | 50 |
Reported Value Measurement [Member] | Hapoalim Loan Agreement [Member] | ||
Loans | 116.1 | 116.1 |
Reported Value Measurement [Member] | Discount Loan Agreement [Member] | ||
Loans | 93.8 | 100 |
Reported Value Measurement [Member] | Olkaria III OPIC [Member] | ||
Loans | 152.2 | 156.7 |
Reported Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 32.5 | 32.5 |
Reported Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 28.4 | 28.4 |
Reported Value Measurement [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 86 | 88.1 |
Reported Value Measurement [Member] | Amatitlan Loan [Member] | ||
Loans | 18.4 | 19.3 |
Reported Value Measurement [Member] | OFC Two Senior Secured Notes [Member] | ||
Notes | 168.8 | 173.3 |
Reported Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 66.3 | 67.9 |
Reported Value Measurement [Member] | USG Prudential - NV [Member] | ||
Notes | 26.1 | 26.3 |
Reported Value Measurement [Member] | USG Prudential - ID [Member] | ||
Notes | 16.5 | 17.3 |
Reported Value Measurement [Member] | USG DOE [Member] | ||
Notes | 34.1 | 35.5 |
Reported Value Measurement [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 532.9 | 539.6 |
Reported Value Measurement [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 183.2 | 191.6 |
Reported Value Measurement [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | $ 14.4 | $ 14.7 |
Note 5 - Fair Value of Financ_8
Note 5 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Finance liability - Dixie Valley | $ 245.2 | |
Deposits | 16.2 | $ 17.1 |
HSBC Loan Agreement [Member] | ||
Loans | 46.8 | |
Olkaria III Loan DFC [Member] | ||
Loans | 161.2 | 166.5 |
Hapoalim Loan Agreement [Member] | ||
Loans | 117.8 | |
Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 34.1 | |
Discount Loan Agreement [Member] | ||
Loans | 94 | |
Olkaria IV Loan - DEG 3 [Member] | ||
Loans | 30.1 | |
Platanares Loan - OPIC [Member] | ||
Loans | 95.6 | 98.2 |
Amatitlan Loan [Member] | ||
Loans | 18.6 | 19.8 |
Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 34.4 | |
OFC Senior Secured Notes [Member] | ||
Notes | 178.1 | 183.3 |
Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 30.3 | |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 68 | 69.8 |
USG Prudential - NV [Member] | ||
Notes | 28.6 | 28.9 |
USG Prudential - ID [Member] | ||
Notes | 16.2 | 17.3 |
USG DOE [Member] | ||
Notes | 38.3 | 39.9 |
Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 569.5 | 578.9 |
Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 193.5 | 204.3 |
Plumstriker Loan Agreement [Member] | ||
Loans | 14.5 | 14.8 |
Other Long-term Debt [Member] | ||
Senior Unsecured debt | 12.1 | 13.3 |
Fair Value, Inputs, Level 1 [Member] | ||
Finance liability - Dixie Valley | 0 | |
Deposits | 16.2 | 17.1 |
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 | 18.6 | 19.8 |
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 | 14.5 | 14.8 |
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 | 245.2 | |
Deposits | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | HSBC Loan Agreement [Member] | ||
Loans | 46.8 | |
Fair Value, Inputs, Level 3 [Member] | Olkaria III Loan DFC [Member] | ||
Loans | 161.2 | 166.5 |
Fair Value, Inputs, Level 3 [Member] | Hapoalim Loan Agreement [Member] | ||
Loans | 117.8 | |
Fair Value, Inputs, Level 3 [Member] | Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 34.1 | |
Fair Value, Inputs, Level 3 [Member] | Discount Loan Agreement [Member] | ||
Loans | 94 | |
Fair Value, Inputs, Level 3 [Member] | Olkaria IV Loan - DEG 3 [Member] | ||
Loans | 30.1 | |
Fair Value, Inputs, Level 3 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 95.6 | 98.2 |
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 | 34.4 | |
Fair Value, Inputs, Level 3 [Member] | OFC Senior Secured Notes [Member] | ||
Notes | 178.1 | 183.3 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 30.3 | |
Fair Value, Inputs, Level 3 [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 68 | 69.8 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - NV [Member] | ||
Notes | 28.6 | 28.9 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - ID [Member] | ||
Notes | 16.2 | 17.3 |
Fair Value, Inputs, Level 3 [Member] | USG DOE [Member] | ||
Notes | 38.3 | 39.9 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 569.5 | 578.9 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 193.5 | 204.3 |
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 | $ 12.1 | $ 13.3 |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) - The 2018 Incentive Compensation Plan [Member] | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Stock Appreciation Rights (SARs) [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 513,385 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercise Price (in dollars per share) | $ 71.15 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 22.31 |
Stock Appreciation Rights (SARs) [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 6 years |
Restricted Stock Units (RSUs) [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 72,303 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 69.9 |
Performance Stock Units (PSU) [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 19,581 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 75.3 |
Stock Appreciation Rights (SARs), Restricted Stock Units (RSUs), and Performance Stock Units (PSU) [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year |
Stock Appreciation Rights (SARs), Restricted Stock Units (RSUs), and Performance Stock Units (PSU) [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Fair Value of Stock-based Award on the Date of Grant (Details) - Stock Appreciation Rights (SARs), Restricted Stock Units (RSUs), and Performance Stock Units (PSU) [Member] | 3 Months Ended |
Mar. 31, 2022 | |
Dividend yield | 0.67% |
Minimum [Member] | |
Risk-free interest rates | 1.30% |
Expected life (in years) (Year) | 2 years |
Expected volatility (weighted average) | 32.80% |
Maximum [Member] | |
Risk-free interest rates | 1.60% |
Expected life (in years) (Year) | 5 years 9 months |
Expected volatility (weighted average) | 46.10% |
Note 7 - Interest Expense, Ne_2
Note 7 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest related to sale of tax benefits | $ 3,431 | $ 2,394 |
Interest expense | 22,486 | 19,674 |
Less — amount capitalized | (4,836) | (3,052) |
Total interest expense, net | $ 21,081 | $ 19,016 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 207,400 | 298,700 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Weighted average number of shares used in computation of basic earnings per share: (in shares) | 56,063 | 55,988 |
Additional shares from the assumed exercise of employee stock awards (in shares) | 303 | 747 |
Weighted average number of shares used in computation of diluted earnings per share (in shares) | 56,366 | 56,735 |
Note 9 - Business Segments (Det
Note 9 - Business Segments (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Number of Reportable Segments | 3 | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 183,710 | $ 166,352 | |
Goodwill, Ending Balance | 90,591 | $ 89,954 | |
Electricity Segment [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 162,525 | 144,988 | |
Goodwill, Ending Balance | 86,000 | 20,100 | |
Electricity Segment [Member] | Accounting Standards Update 2014-09 [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 22,800 | 19,200 | |
Energy Storage and Management Services [Member] | |||
Goodwill, Ending Balance | 4,600 | 4,100 | |
Product Segment [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 14,628 | $ 8,643 | |
Goodwill, Ending Balance | $ 0 | $ 0 |
Note 9 - Business Segments - Su
Note 9 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||||
Revenue | $ 183,710 | $ 166,352 | ||||
Operating income (loss) | 45,078 | 49,889 | ||||
Segment assets at period end | 4,414,189 | [1],[2] | 3,859,213 | [1],[2] | $ 4,425,678 | |
Segment Reconciling Items [Member] | ||||||
Revenue | [3] | 0 | 0 | |||
Segment assets at period end | 112,522 | 104,519 | ||||
Electricity Segment [Member] | ||||||
Revenue | 162,525 | 144,988 | ||||
Operating income (loss) | 47,575 | 47,749 | ||||
Segment assets at period end | [1],[2] | 4,093,759 | 3,577,745 | |||
Electricity Segment [Member] | Segment Reconciling Items [Member] | ||||||
Revenue | [3] | 0 | 0 | |||
Segment assets at period end | 112,522 | 104,519 | ||||
Product Segment [Member] | ||||||
Revenue | 14,628 | 8,643 | ||||
Operating income (loss) | (1,575) | (1,211) | ||||
Segment assets at period end | [1],[2] | 140,957 | 140,039 | |||
Product Segment [Member] | Segment Reconciling Items [Member] | ||||||
Revenue | [3] | 20,903 | 25,334 | |||
Segment assets at period end | 0 | 0 | ||||
Other Segments [Member] | ||||||
Revenue | 6,557 | 12,721 | ||||
Operating income (loss) | (922) | 3,351 | ||||
Segment assets at period end | [1],[2] | 179,473 | 141,429 | |||
Other Segments [Member] | Segment Reconciling Items [Member] | ||||||
Revenue | [3] | 0 | 0 | |||
Segment assets at period end | 0 | 0 | ||||
UNITED STATES | ||||||
Revenue | [4] | 123,201 | 113,550 | |||
UNITED STATES | Electricity Segment [Member] | ||||||
Revenue | [4] | 116,109 | 98,976 | |||
UNITED STATES | Product Segment [Member] | ||||||
Revenue | [4] | 535 | 1,853 | |||
UNITED STATES | Other Segments [Member] | ||||||
Revenue | [4] | 6,557 | 12,721 | |||
Non-US [Member] | ||||||
Revenue | [5] | 60,509 | 52,802 | |||
Non-US [Member] | Electricity Segment [Member] | ||||||
Revenue | [5] | 46,416 | 46,012 | |||
Non-US [Member] | Product Segment [Member] | ||||||
Revenue | [5] | 14,093 | 6,790 | |||
Non-US [Member] | Other Segments [Member] | ||||||
Revenue | [5] | $ 0 | $ 0 | |||
[1] | Electricity segment assets include goodwill in the amount of $86.0 million and $20.1 million as of March 31, 2022 and 2021, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.1 as of March 31, 2022 and 2021, respectively. No goodwill is included in the Product segment assets as of March 31, 2022 and 2021. | |||||
[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 $22.8 million and $19.2 million for the three months ended March 31, 2022 and 2021, respectively, that are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606. | |||||
[5] | Electricity segment revenues in foreign countries are all accounted under lease accounting. Product segment revenues in foreign countries are accounted under ASC 606. |
Note 9 - Business Segments - Re
Note 9 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | $ 183,710 | $ 166,352 |
Operating income (loss) | 45,078 | 49,889 |
Interest income | 342 | 263 |
Interest expense, net | (21,081) | (19,016) |
Derivatives and foreign currency transaction gains (losses) | 260 | (16,866) |
Income attributable to sale of tax benefits | 7,705 | 6,355 |
Other non-operating income (expense), net | 75 | (331) |
Total consolidated income before income taxes and equity in income of investees | 32,379 | 20,294 |
Intersegment Eliminations [Member] | ||
Revenue | 20,903 | 25,334 |
Consolidation, Eliminations [Member] | ||
Revenue | $ (20,903) | $ (25,334) |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Apr. 13, 2022 | Sep. 14, 2021 | Mar. 03, 2021 | Mar. 29, 2016 | Mar. 31, 2022 | Dec. 31, 2021 |
Construction in Progress, Gross | $ 819,560 | $ 721,483 | ||||
Dixie Meadows PPA [Member] | ||||||
Construction in Progress, Gross | $ 68,300 | |||||
Former Local Sales Representative vs. Ormat [Member] | Pending Litigation [Member] | ||||||
Loss Contingency, Damages Sought, Value | $ 4,600 | |||||
Loss Contingency, Additional Damages Sought for Ormat Geothermal Products Sales in Chile, Percent | 3.75% | |||||
Loss Contingency, Damages Sought, Ormat Geothermal Products Sales in Chile, Period (Year) | 10 years | |||||
Avishai Shmuel Mano vs. Ormat [Member] | ||||||
Loss Contingency, Damages Sought, Value | $ 100,000 | |||||
Avishai Shmuel Mano vs. Ormat [Member] | Subsequent Event [Member] | ||||||
Loss Contingency, Damages Paid, Value | $ 10 | |||||
Kipreos vs Ormat [Member] | ||||||
Loss Contingency, Damages Sought, Value | $ 5,100 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 31.40% | 14.80% |
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 | May 02, 2022USD ($)$ / shares | Apr. 12, 2022USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) |
Dividends, Common Stock, Total | $ 6,727 | $ 6,718 | ||
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 | May 16, 2022 | |||
Dividends Payable, Date to be Paid | May 31, 2022 | |||
Subsequent Event [Member] | Mizrahi Loan Agreement [Member] | ||||
Debt Instrument, Face Amount | $ 75,000 | |||
Debt Instrument, Number of Payments | 16 | |||
Debt Instrument, Periodic Payment, Total | $ 4,700 | |||
Debt Instrument, Term (Year) | 8 years | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | |||
Debt Instrument, Covenant, Minimum Equity Capital | $ 750,000 | |||
Debt Instrument, Date of First Required Payment | Oct. 12, 2022 | |||
Subsequent Event [Member] | Mizrahi Loan Agreement [Member] | Maximum [Member] | ||||
Debt Instrument, Covenant, Debt to Adjusted EBITDA Ratio | 6.00% | |||
Subsequent Event [Member] | Mizrahi Loan Agreement [Member] | Minimum [Member] | ||||
Debt Instrument, Covenant, Equity Capital to Total Assets Ratio | 25.00% |