Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 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 | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 | 56,048,185 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | ORA | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | ||
Current assets: | ||||
Cash and cash equivalents | $ 154,633 | $ 239,278 | ||
Marketable securities at fair value | 0 | 43,343 | ||
Restricted cash and cash equivalents (primarily related to VIEs) | 98,402 | 104,166 | ||
Receivables: | ||||
Trade less allowance for credit losses of $90 and $90, respectively (primarily related to VIEs) | 117,277 | 122,944 | ||
Other | 20,646 | 18,144 | ||
Inventories | 29,805 | 28,445 | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | [1] | 17,354 | 9,692 | |
Prepaid expenses and other | 36,858 | 35,920 | ||
Total current assets | 474,975 | 601,932 | ||
Investment in unconsolidated companies | 117,182 | 105,886 | ||
Deposits and other | 38,250 | 78,915 | ||
Deferred income taxes | 134,585 | 143,450 | ||
Property, plant and equipment, net | 2,509,932 | 2,294,973 | ||
Construction-in-process | 795,891 | 721,483 | ||
Operating leases right of use | 20,958 | 19,357 | ||
Finance leases right of use | 3,974 | 6,414 | ||
Intangible assets, net | 339,042 | 363,314 | ||
Goodwill | 89,742 | 89,954 | ||
Total assets | 4,524,531 | [2],[3],[4] | 4,425,678 | |
Current liabilities: | ||||
Accounts payable and accrued expenses | 159,637 | 143,186 | ||
Billings in excess of costs and estimated earnings on uncompleted contracts | 14,034 | 9,248 | ||
Current portion of long-term debt: | ||||
Limited and non-recourse (primarily related to VIEs) | 76,668 | 61,695 | ||
Full recourse | 101,268 | 313,846 | ||
Financing liability | 16,270 | 10,835 | ||
Operating lease liabilities | 2,291 | 2,564 | ||
Finance lease liabilities | 1,860 | 2,782 | ||
Total current liabilities | 372,028 | 544,156 | ||
Long-term debt, net of current portion: | ||||
Financing liability | 225,759 | 242,029 | ||
Operating lease liabilities | 18,302 | 16,462 | ||
Finance lease liabilities | 2,202 | 4,361 | ||
Liability associated with sale of tax benefits | 117,113 | 134,953 | ||
Deferred income taxes | 77,787 | 84,662 | ||
Liability for unrecognized tax benefits | 6,572 | 5,730 | ||
Liabilities for severance pay | 13,601 | 15,694 | ||
Asset retirement obligation | 92,426 | 84,891 | ||
Other long-term liabilities | 5,682 | 4,951 | ||
Total liabilities | 2,523,822 | 2,417,888 | ||
Commitments and contingencies (Note 10) | ||||
Redeemable noncontrolling interest | 8,433 | 9,329 | ||
Equity: | ||||
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 56,048,185 and 56,056,450 issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 56 | 56 | ||
Additional paid-in capital | 1,256,058 | 1,271,925 | ||
Treasury stock, at cost (258,667 and 0 shares held as of September 30, 2022 and December 31, 2021, respectively) | (17,964) | 0 | ||
Retained earnings | 612,832 | 585,209 | ||
Accumulated other comprehensive income (loss) | (4,477) | (2,191) | ||
Total stockholders' equity attributable to Company's stockholders | 1,846,505 | 1,854,999 | ||
Noncontrolling interest | 145,771 | 143,462 | ||
Total equity | 1,992,276 | 1,998,461 | ||
Total liabilities, redeemable noncontrolling interest and equity | 4,524,531 | 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 $9,565 and $11,304, respectively) | 478,941 | 539,664 | ||
Senior Unsecured Bonds [Member] | ||||
Long-term debt, net of current portion: | ||||
Full recourse (less deferred financing costs of $3,108 and $3,659, respectively) | 693,159 | 740,335 | ||
Convertible Senior Notes [Member] | ||||
Long-term debt, net of current portion: | ||||
Convertible senior notes (less deferred financing costs of $11,000 and $0, respectively) | $ 420,250 | $ 0 | ||
[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 nine months ended September 30, 2022 as a result of performance obligations having not been fully satisfied yet.[2]Electricity segment assets include goodwill in the amount of $85.1 million and $86.7 million as of September 30, 2022 and 2021, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 as of September 30, 2022 and 2021, respectively. No goodwill is included in the Product segment assets as of September 30, 2022 and 2021.[3]Including unconsolidated investments[4]Intersegment revenues are fully eliminated in consolidation. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Trade, allowance for credit losses | $ 90 | $ 90 |
Property, plant and equipment, net | 2,509,932 | 2,294,973 |
Construction-in-process | 795,891 | 721,483 |
Operating leases right of use | 20,958 | 19,357 |
Finance leases right of use | $ 3,974 | $ 6,414 |
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) | 56,048,185 | 56,056,450 |
Common stock, shares outstanding (in shares) | 56,048,185 | 56,056,450 |
Treasury stock, shares (in shares) | 258,667 | 0 |
Senior Secured Notes [Member] | ||
Deferred financing costs | $ 9,565 | $ 11,304 |
Senior Unsecured Bonds [Member] | ||
Deferred financing costs | 3,108 | 3,659 |
Convertible Senior Notes [Member] | ||
Deferred financing costs | 11,000 | 0 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Property, plant and equipment, net | 2,347,641 | 2,159,696 |
Construction-in-process | 339,206 | 366,924 |
Operating leases right of use | 9,899 | 7,825 |
Finance leases right of use | $ 97 | $ 192 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues: | ||||
Revenue | $ 175,885 | $ 158,842 | $ 528,673 | $ 472,095 |
Cost of revenues: | ||||
Cost of revenues | 114,777 | 95,702 | 340,059 | 283,333 |
Gross profit | 61,108 | 63,140 | 188,614 | 188,762 |
Operating expenses: | ||||
Research and development expenses | 1,238 | 1,175 | 3,690 | 3,179 |
Selling and marketing expenses | 4,093 | 2,671 | 12,410 | 10,935 |
General and administrative expenses | 16,057 | 23,554 | 47,155 | 60,400 |
Business interruption insurance income | 0 | (248) | 0 | (248) |
Write-off of Energy Storage projects and assets | 0 | 0 | 1,954 | 0 |
Write-off of unsuccessful exploration activities | 827 | 0 | 827 | 0 |
Operating income | 38,893 | 35,988 | 122,578 | 114,496 |
Other income (expense): | ||||
Interest income | 1,659 | 519 | 2,180 | 1,590 |
Interest expense, net | (22,403) | (22,230) | (63,902) | (59,872) |
Derivatives and foreign currency transaction gains (losses) | (293) | (21) | (4,031) | (16,229) |
Income attributable to sale of tax benefits | 9,113 | 7,879 | 26,345 | 21,654 |
Other non-operating income (expense), net | 673 | 44 | (512) | (308) |
Income from operations before income tax and equity in earnings (losses) of investees | 27,642 | 22,179 | 82,658 | 61,331 |
Income tax provision | (7,227) | (2,048) | (23,520) | (9,323) |
Equity in earnings (losses) of investees, net | (589) | 649 | (1,574) | 1,796 |
Net income | 19,826 | 20,780 | 57,564 | 53,804 |
Net income attributable to noncontrolling interest | (1,716) | (5,878) | (9,764) | (10,617) |
Net income attributable to the Company's stockholders | 18,110 | 14,902 | 47,800 | 43,187 |
Comprehensive income: | ||||
Net income | 19,826 | 20,780 | 57,564 | 53,804 |
Other comprehensive income (loss), net of related taxes: | ||||
Change in foreign currency translation adjustments | (3,824) | (632) | (8,439) | (2,042) |
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge | 2,916 | 983 | 8,361 | 3,504 |
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | (217) | (2,694) | (4,217) | (5,294) |
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax) | (1) | 2 | 40 | (9) |
Other changes in comprehensive income | 15 | 15 | 45 | 48 |
Total other comprehensive income (loss), net of related taxes: | (1,111) | (2,326) | (4,210) | (3,793) |
Comprehensive income | 18,715 | 18,454 | 53,354 | 50,011 |
Comprehensive income attributable to noncontrolling interest | (934) | (5,553) | (7,840) | (9,851) |
Comprehensive income attributable to the Company's stockholders | $ 17,781 | $ 12,901 | $ 45,514 | $ 40,160 |
Earnings per share attributable to the Company's stockholders: | ||||
Basic: (in dollars per share) | $ 0.32 | $ 0.27 | $ 0.85 | $ 0.77 |
Diluted: (in dollars per share) | $ 0.32 | $ 0.26 | $ 0.85 | $ 0.77 |
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: | ||||
Basic (in shares) | 55,999 | 56,003 | 56,058 | 55,995 |
Diluted (in shares) | 56,457 | 56,298 | 56,479 | 56,413 |
Electricity [Member] | ||||
Revenues: | ||||
Revenue | $ 152,820 | $ 142,651 | $ 466,540 | $ 421,503 |
Cost of revenues: | ||||
Cost of revenues | 97,053 | 81,549 | 287,091 | 245,136 |
Product [Member] | ||||
Revenues: | ||||
Revenue | 14,217 | 10,527 | 39,237 | 26,580 |
Cost of revenues: | ||||
Cost of revenues | 11,664 | 9,182 | 35,644 | 23,180 |
Energy Storage and Management Services [Member] | ||||
Revenues: | ||||
Revenue | 8,848 | 5,664 | 22,896 | 24,012 |
Cost of revenues: | ||||
Cost of revenues | $ 6,060 | $ 4,971 | $ 17,324 | $ 15,017 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ 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] Treasury Stock [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 Outstanding [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balance (in shares) at Dec. 31, 2020 | 55,983,000 | |||||||||||||||||
Balance at Dec. 31, 2020 | $ 56 | $ 1,262,446 | $ 0 | $ 550,103 | $ (6,620) | $ 1,805,985 | $ 135,452 | $ 1,941,437 | ||||||||||
Stock-based compensation | 0 | 2,097 | 0 | 0 | 0 | 2,097 | 0 | 2,097 | ||||||||||
Exercise of stock-based awards by employees and directors (in shares) | [1] | 1,000 | ||||||||||||||||
Exercise of stock-based awards by employees and directors | [1] | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Stock issuance costs reimbursement | 0 | 285 | 0 | 0 | 0 | 285 | 0 | 285 | ||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (3,898) | (3,898) | ||||||||||
Cash dividend declared | 0 | 0 | 0 | (6,718) | 0 | (6,718) | 0 | (6,718) | ||||||||||
Net income | 0 | 0 | 0 | 15,259 | 0 | 15,259 | 2,290 | 17,549 | ||||||||||
Change in foreign currency translation adjustments | 0 | 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 | 0 | 3,755 | 3,755 | 0 | 3,755 | ||||||||||
Change in respect of derivative instruments designated for cash flow hedge | $ 0 | $ 0 | $ 0 | $ 0 | $ (2,798) | $ (2,798) | $ 0 | $ (2,798) | ||||||||||
Other | 0 | 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 | 0 | (20) | (20) | 0 | (20) | ||||||||||
Balance (in shares) at Mar. 31, 2021 | 55,984,000 | |||||||||||||||||
Balance at Mar. 31, 2021 | 56 | 1,264,828 | 0 | 558,644 | (6,920) | 1,816,608 | 133,271 | 1,949,879 | ||||||||||
Balance (in shares) at Dec. 31, 2020 | 55,983,000 | |||||||||||||||||
Balance at Dec. 31, 2020 | 56 | 1,262,446 | 0 | 550,103 | (6,620) | 1,805,985 | 135,452 | 1,941,437 | ||||||||||
Change in foreign currency translation adjustments | (2,042) | |||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 3,504 | |||||||||||||||||
Change in respect of derivative instruments designated for cash flow hedge | (5,294) | |||||||||||||||||
Other | 48 | |||||||||||||||||
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax) | (9) | |||||||||||||||||
Balance (in shares) at Sep. 30, 2021 | 56,002,000 | |||||||||||||||||
Balance at Sep. 30, 2021 | 56 | 1,269,568 | 0 | 573,408 | (9,647) | 1,833,385 | 138,971 | 1,972,356 | ||||||||||
Balance (in shares) at Mar. 31, 2021 | 55,984,000 | |||||||||||||||||
Balance at Mar. 31, 2021 | 56 | 1,264,828 | 0 | 558,644 | (6,920) | 1,816,608 | 133,271 | 1,949,879 | ||||||||||
Stock-based compensation | 0 | 2,623 | 0 | 0 | 0 | 2,623 | 0 | 2,623 | ||||||||||
Exercise of stock-based awards by employees and directors (in shares) | [1] | 13,000 | ||||||||||||||||
Exercise of stock-based awards by employees and directors | [1] | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (426) | (426) | ||||||||||
Cash dividend declared | 0 | 0 | 0 | (6,448) | 0 | (6,448) | 0 | (6,448) | ||||||||||
Net income | 0 | 0 | 0 | 13,026 | 0 | 13,026 | 1,795 | 14,821 | ||||||||||
Change in foreign currency translation adjustments | 0 | 0 | 0 | 0 | 284 | 284 | 132 | 416 | ||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 0 | 0 | 0 | 0 | (1,234) | (1,234) | 0 | (1,234) | ||||||||||
Change in respect of derivative instruments designated for cash flow hedge | $ 0 | $ 0 | $ 0 | $ 0 | $ 198 | $ 198 | $ 0 | $ 198 | ||||||||||
Other | 0 | 0 | 0 | 0 | 17 | 17 | 0 | 17 | ||||||||||
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax) | 0 | 0 | 0 | 0 | 9 | 9 | 0 | 9 | ||||||||||
Balance (in shares) at Jun. 30, 2021 | 55,997,000 | |||||||||||||||||
Balance at Jun. 30, 2021 | 56 | 1,267,451 | 0 | 565,222 | (7,646) | 1,825,083 | 134,772 | 1,959,855 | ||||||||||
Stock-based compensation | 0 | 2,120 | 0 | 0 | 0 | 2,120 | 0 | 2,120 | ||||||||||
Exercise of stock-based awards by employees and directors (in shares) | [1] | 5,000 | ||||||||||||||||
Exercise of stock-based awards by employees and directors | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
Stock issuance costs reimbursement | 0 | (3) | 0 | 0 | 0 | (3) | 0 | (3) | ||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (1,487) | (1,487) | ||||||||||
Cash dividend declared | 0 | 0 | 0 | (6,716) | 0 | (6,716) | 0 | (6,716) | ||||||||||
Net income | 0 | 0 | 0 | 14,902 | 0 | 14,902 | 6,011 | 20,913 | ||||||||||
Change in foreign currency translation adjustments | 0 | 0 | 0 | 0 | (307) | (307) | (325) | (632) | ||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 0 | 0 | 0 | 0 | 983 | 983 | 0 | 983 | ||||||||||
Change in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | 0 | (2,694) | (2,694) | 0 | (2,694) | ||||||||||
Other | 0 | 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 | 0 | 2 | 2 | 0 | 2 | ||||||||||
Balance (in shares) at Sep. 30, 2021 | 56,002,000 | |||||||||||||||||
Balance at Sep. 30, 2021 | 56 | 1,269,568 | 0 | 573,408 | (9,647) | 1,833,385 | 138,971 | 1,972,356 | ||||||||||
Balance (in shares) at Dec. 31, 2021 | 56,056,000 | |||||||||||||||||
Balance at Dec. 31, 2021 | 56 | 1,271,925 | 0 | 585,209 | (2,191) | 1,854,999 | 143,462 | 1,998,461 | ||||||||||
Stock-based compensation | 0 | 2,814 | 0 | 0 | 0 | 2,814 | 0 | 2,814 | ||||||||||
Exercise of stock-based awards by employees and directors (in shares) | 16,000 | |||||||||||||||||
Exercise of stock-based awards by employees and directors | 0 | 99 | 0 | 0 | 0 | 99 | 0 | 99 | ||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (3,088) | (3,088) | ||||||||||
Cash dividend declared | 0 | 0 | 0 | (6,727) | 0 | (6,727) | 0 | (6,727) | ||||||||||
Net income | 0 | 0 | 0 | 18,430 | 0 | 18,430 | 4,105 | 22,535 | ||||||||||
Change in foreign currency translation adjustments | 0 | 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 | 0 | 3,902 | 3,902 | 0 | 3,902 | ||||||||||
Change in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | 0 | (1,905) | (1,905) | 0 | (1,905) | ||||||||||
Other | 0 | 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 | 0 | (101) | (101) | 0 | (101) | ||||||||||
Balance (in shares) at Mar. 31, 2022 | 56,072,000 | |||||||||||||||||
Balance at Mar. 31, 2022 | 56 | 1,274,838 | 0 | 596,912 | (1,137) | 1,870,669 | 144,180 | 2,014,849 | ||||||||||
Balance (in shares) at Dec. 31, 2021 | 56,056,000 | |||||||||||||||||
Balance at Dec. 31, 2021 | 56 | 1,271,925 | 0 | 585,209 | (2,191) | 1,854,999 | 143,462 | 1,998,461 | ||||||||||
Change in foreign currency translation adjustments | (8,439) | |||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 8,361 | |||||||||||||||||
Change in respect of derivative instruments designated for cash flow hedge | (4,217) | |||||||||||||||||
Other | 45 | |||||||||||||||||
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax) | 40 | |||||||||||||||||
Balance (in shares) at Sep. 30, 2022 | 56,048,000 | |||||||||||||||||
Balance at Sep. 30, 2022 | 56 | 1,256,058 | (17,964) | 612,832 | (4,477) | 1,846,505 | 145,771 | 1,992,276 | ||||||||||
Balance (in shares) at Mar. 31, 2022 | 56,072,000 | |||||||||||||||||
Balance at Mar. 31, 2022 | 56 | 1,274,838 | 0 | 596,912 | (1,137) | 1,870,669 | 144,180 | 2,014,849 | ||||||||||
Stock-based compensation | 0 | 2,999 | 0 | 0 | 0 | 2,999 | 0 | 2,999 | ||||||||||
Exercise of stock-based awards by employees and directors (in shares) | [1] | 121,000 | ||||||||||||||||
Exercise of stock-based awards by employees and directors | 0 | (57) | 0 | 0 | 0 | (57) | 0 | (57) | ||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (140) | (140) | ||||||||||
Cash dividend declared | 0 | 0 | 0 | (6,731) | 0 | (6,731) | 0 | (6,731) | ||||||||||
Net income | 0 | 0 | 0 | 11,260 | 0 | 11,260 | 3,470 | 14,730 | ||||||||||
Change in foreign currency translation adjustments | 0 | 0 | 0 | 0 | (2,616) | (2,616) | (843) | (3,459) | ||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 0 | 0 | 0 | 0 | 1,543 | 1,543 | 0 | 1,543 | ||||||||||
Change in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | 0 | (2,095) | (2,095) | 0 | (2,095) | ||||||||||
Other | 0 | 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 | 0 | 142 | 142 | 0 | $ 142 | ||||||||||
Purchase of treasury stock (in shares) | (259,000) | (258,667) | ||||||||||||||||
Purchase of treasury stock | 0 | 0 | (17,964) | 0 | 0 | (17,964) | 0 | $ (17,964) | ||||||||||
Purchase of capped call instruments | 0 | (24,538) | 0 | 0 | 0 | (24,538) | 0 | (24,538) | ||||||||||
Balance (in shares) at Jun. 30, 2022 | 55,934,000 | |||||||||||||||||
Balance at Jun. 30, 2022 | 56 | 1,253,242 | (17,964) | 601,441 | (4,148) | 1,832,627 | 146,667 | 1,979,294 | ||||||||||
Stock-based compensation | 0 | 2,816 | 0 | 0 | 0 | 2,816 | 0 | 2,816 | ||||||||||
Exercise of stock-based awards by employees and directors (in shares) | [1] | 114,000 | ||||||||||||||||
Exercise of stock-based awards by employees and directors | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (1,645) | (1,645) | ||||||||||
Cash dividend declared | 0 | 0 | 0 | (6,719) | 0 | (6,719) | 0 | (6,719) | ||||||||||
Net income | 0 | 0 | 0 | 18,110 | 0 | 18,110 | 1,531 | 19,641 | ||||||||||
Change in foreign currency translation adjustments | 0 | 0 | 0 | 0 | (3,042) | (3,042) | (782) | (3,824) | ||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 0 | 0 | 0 | 0 | 2,916 | 2,916 | 0 | 2,916 | ||||||||||
Change in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | 0 | (217) | (217) | 0 | (217) | ||||||||||
Other | 0 | 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 | 0 | (1) | (1) | 0 | (1) | ||||||||||
Balance (in shares) at Sep. 30, 2022 | 56,048,000 | |||||||||||||||||
Balance at Sep. 30, 2022 | $ 56 | $ 1,256,058 | $ (17,964) | $ 612,832 | $ (4,477) | $ 1,846,505 | $ 145,771 | $ 1,992,276 | ||||||||||
[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 | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Retained Earnings [Member] | ||||||
Cash dividend declared, per share (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.11 | $ 0.12 | $ 0.12 |
Cross Currency Interest Rate Contract [Member] | ||||||
Change in respect of derivative instruments designated for cash flow hedge, tax | $ 0 | $ 0 | ||||
Change in unrealized gains or losses on marketable securities available-for-sale, tax | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Change in respect of derivative instruments designated for cash flow hedge, tax | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 57,564 | $ 53,804 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 147,458 | 134,367 |
Accretion of asset retirement obligation | 3,920 | 2,943 |
Stock-based compensation | 8,629 | 6,840 |
Income attributable to sale of tax benefits, net of interest expense | (16,679) | (13,495) |
Equity in losses (earnings) of investees | 1,574 | (1,796) |
Mark-to-market of derivative instruments | 2,677 | 1,096 |
Disposal of property, plant and equipment | (84) | 87 |
Exploration Abandonment and Impairment Expense | 827 | 0 |
Write-off of Energy Storage projects and assets | 1,954 | 0 |
Loss (gain) on severance pay fund asset | 951 | (709) |
Loss from prepayment of a long-term loan | 1,102 | 0 |
Deferred income tax provision | 2,269 | (8,994) |
Liability for unrecognized tax benefits | 842 | 1,707 |
Other | 575 | 267 |
Changes in operating assets and liabilities, net of businesses acquired: | ||
Receivables | 3,617 | 227 |
Costs and estimated earnings in excess of billings on uncompleted contracts | (7,662) | 15,220 |
Inventories | (1,360) | (1,814) |
Prepaid expenses and other | (2,399) | (13,966) |
Change in operating lease right of use asset | 2,119 | 2,322 |
Deposits and other | 1,362 | (3,468) |
Accounts payable and accrued expenses | (1,089) | (30,320) |
Billings in excess of costs and estimated earnings on uncompleted contracts | 4,786 | 4,650 |
Liabilities for severance pay | (2,093) | (2,151) |
Change in operating lease liabilities | (2,072) | (1,935) |
Other long-term liabilities | (2,541) | (91) |
Net cash provided by operating activities | 206,247 | 144,791 |
Cash flows from investing activities: | ||
Purchase of marketable securities | (19,192) | (49,320) |
Maturities of marketable securities | 32,645 | 3,565 |
Sale of marketable securities | 29,355 | 0 |
Capital expenditures | (408,378) | (288,423) |
Investment in unconsolidated companies | (4,509) | (6,208) |
Cash paid for business acquisition, net of cash acquired | 0 | (171,000) |
Decrease (increase) in severance pay fund asset, net of payments made to retired employees | 502 | 2,352 |
Other investing activities | 0 | (911) |
Net cash used in investing activities | (369,577) | (509,945) |
Cash flows from financing activities: | ||
Proceeds from long-term loans, net of transaction costs | 75,000 | 275,000 |
Proceeds from exercise of options by employees | 42 | 0 |
Proceeds from issuance of convertible notes, net of transaction costs | 419,698 | 0 |
Purchase of capped call instruments | (24,538) | 0 |
Purchase of treasury stock | (17,964) | 0 |
Prepayments of a long-term loan | (219,126) | 0 |
Cash received from noncontrolling interest | 5,443 | 5,390 |
Repayments of long-term debt | (135,656) | (58,357) |
Stock issuance costs reimbursement | 0 | 282 |
Cash paid to noncontrolling interest | (5,942) | (7,031) |
Payments under finance lease obligations | (2,347) | (7,943) |
Deferred debt issuance costs | (833) | (2,447) |
Cash dividends paid | (20,177) | (19,882) |
Net cash provided by financing activities | 73,600 | 185,012 |
Effect of exchange rate changes | (679) | (336) |
Net change in cash and cash equivalents and restricted cash and cash equivalents | (90,409) | (180,478) |
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 | 253,035 | 356,300 |
Supplemental non-cash investing and financing activities: | ||
Increase (decrease) in accounts payable related to purchases of property, plant and equipment | 13,972 | 1,095 |
Right of use assets obtained in exchange for new lease liabilities | $ 5,249 | $ 5,579 |
Note 1 - General and Basis of P
Note 1 - General and Basis of Presentation | 9 Months Ended |
Sep. 30, 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 September 30, 2022, three nine September 30, 2022 2021 nine September 30, 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. Convertible Senior Notes On June 22, 2022, 2027 144A 1933, June 27, 2022, January 15 July 15 January 15, 2023. July 15, 2027, Holders of the Notes may January 15, 2027 1 September 30, 2022 ( not 2 five five $1,000 3 may not July 21, 2025), second 4 January 15, 2027 second may may The initial conversion rate was 11.0776 shares of common stock per $1,000 may may not July 21, 2025. may July 21, 2025 41st not may The Company incurred approximately $11.6 million of issuance costs in respect of the issuance of the Notes, which were deferred and are presented as a reduction to the Notes principal amounts on the condensed consolidated balance sheets. The deferred issuance costs are amortized over the term of the Notes into interest expenses, net in the condensed consolidated statements of operations and comprehensive income. During the three nine September 30, 2022, Based on the closing market price of the Company's common stock on September 30, 2022, Capped Call Transactions In connection with the issuance of the convertible notes described above, the Company entered into capped call transactions (the "Capped Calls") with certain counterparties. The capped call transactions will cover, subject to customary adjustments, the number of shares of our common stock initially underlying the Notes of approximately 4.8 million shares of common stock and at an initial strike price of $90.27 per share. The Capped Calls are generally intended to reduce the potential dilution to the Company's Common Stock upon any conversion of the Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, in the event that at the time of conversion, the Common Stock price exceeds the conversion price. If, however, the market price per share of Common Stock exceeds the cap price of the Capped Calls, there would nevertheless be dilution or there would not The Capped Calls exercise price is equal to the $90.27 initial conversion price of each of the Notes and the cap price of the Capped Calls is initially $107.63 per share, which represents a premium of approximately 55% above the closing price of the Company's common stock on the date of the Notes offering and is subject to customary anti-dilution adjustments. The Capped Calls transactions are separate transactions entered into by the Company with the option counterparties, are not not The Company paid approximately $24.5 million for the Capped Calls which was recorded as a reduction to Additional Paid-in Capital in the condensed consolidated statements of equity in the second 2022, no 815, not Purchase of Treasury Stock In connection with the issuance of the Notes as described above, the Company used approximately $18.0 million of the net proceeds from the issuance of these Notes to repurchase 258,667 shares of its common stock in privately negotiated transactions at a price of $69.45 per share. The Company recorded this purchase of treasury stocks as a reduction to its equity on the condensed consolidated statements of equity in the second 2022. Prepayment of Series 3 Additionally, in connection with the issuance of the Notes as described above, on June 27, 2022, 3 September 2022 second 2022 Mizrahi Bank Loan On April 12, 2022, October 12, 2022. not not not Heber 1 The Company's 40 1 February 25, 2022 1 81 April, 1 20 second 2023. The Company holds business interruption insurance subject to a 45 second third 2022, second 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 Business combination - geothermal assets purchase transaction On July 13, 2021, two 67.5 one two 2038 December 2025, As a result of the acquisition, the Company expanded its overall generation capacity and expects to improve the profitability of the purchased assets through cost reduction and synergies. The Company accounted for the transaction in accordance with Accounting Standard Codification ("ASC") 805, 810, 2021, three nine September 30, 2021. The following table summarizes the purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions): Cash and cash equivalents and restricted cash $ 10.9 Trade receivables and others (1) 8.6 Deferred income taxes 22.8 Property, plant and equipment and construction-in-process 152.0 Intangible assets (2) 191.6 Goodwill (3) 66.2 Total assets acquired $ 452.1 Accounts payable, accrued expenses and others $ 6.6 Finance liability (4) 258.4 Asset retirement obligation 5.3 Total liabilities assumed $ 270.3 Total assets acquired, and liabilities assumed, net $ 181.8 ( 1 The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million. These receivables were fully collected during the third 2021. ( 2 Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs ( 3 Goodwill is primarily related to the expected synergies and potential cost savings in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and is deductible for tax purposes pending the exercise of the financial lease buy-out option as described below. ( 4 Finance liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 June 2038. September 2024. During the three nine September 30, 2022, three nine September 30, 2021, September 30, 2021. The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business combination had occurred on January 1, 2020. not Pro forma for the Three Months Ended Nine Months Ended September 30, 2021 (Dollars in millions) Electricity revenues $ 144.7 $ 449.1 Total revenues $ 160.8 $ 499.7 Net income $ 18.5 $ 50.4 Write-offs of unsuccessful exploration activities During the three nine September 30, 2022, no three nine September 30, 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: September December September 30, 31, 30, 2022 2021 2021 (Dollars in thousands) Cash and cash equivalents $ 154,633 $ 239,278 $ 267,802 Restricted cash and cash equivalents 98,402 104,166 88,498 Total Cash and cash equivalents and restricted cash and cash equivalents $ 253,035 $ 343,444 $ 356,300 Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash investments, marketable securities and accounts receivable. The Company places its cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At September 30, 2022 December 31, 2021, ten $250,000 September 30, 2022 December 31, 2021, At September 30, 2022 December 31, 2021, September 30, 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 S eptember 30, Nine Months Ended September 30, 2022 2021 2022 2021 Southern California Public Power Authority (“SCPPA”) 18.7 % 21.3 % 21.4 % 23.9 % Sierra Pacific Power Company and Nevada Power Company 14.0 15.8 17.1 18.7 Kenya Power and Lighting Co. Ltd. ("KPLC") 15.2 16.1 14.9 16.3 The Company has historically been able to collect on substantially all of its receivable balances. As of September 30, 2022, October 2022. In Honduras, as of September 30, 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 nine September 30, 2022 2021 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (Dollars in thousands) (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 90 $ 419 $ 90 $ 597 Change in the provision for expected credit losses for the period — (166 ) — (344 ) Ending balance of the allowance for expected credit losses $ 90 $ 253 $ 90 $ 253 Revenues from contracts with customers Contract assets related to our Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of September 30, 2022 December 31, 2021 September 30, December 31, 2022 2021 (Dollars in thousands) Contract assets (*) $ 17,354 $ 9,692 Contract liabilities (*) $ (14,034 ) $ (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 nine September 30, 2022 not On September 30, 2022, not Disaggregated revenues from contracts with customers for the three nine September 30, 2022 2021 9 Leases in which the Company is a lessor The table below presents lease income recognized as a lessor: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (Dollars in thousands) (Dollars in thousands) Lease income relating to lease payments from operating leases $ 127,748 $ 123,688 $ 394,901 $ 362,548 Marketable securities The Company’s investments in marketable securities consisted of debt securities with maturity of up to one three Derivative instruments Derivative instruments (including certain derivative instruments embedded in other contracts) are measured at their fair value and recorded as either assets or liabilities unless exempted from derivative treatment as a normal purchase and sale. Changes in the fair value of derivatives not The Company maintains a risk management strategy that may |
Note 2 - New Accounting Pronoun
Note 2 - New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 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 nine September 30, 2022 In August 2020, 2020 06 470 20 815 40 2020 06" 2020 06 December 15, 2021, June 2022, 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 | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 INVENTORIES Inventories consist of the following: September 30, December 31, 2022 2021 (Dollars in thousands) Raw materials and purchased parts for assembly $ 13,161 $ 11,539 Self-manufactured assembly parts and finished products 16,644 16,906 Total inventories $ 29,805 $ 28,445 |
Note 4 - Marketable Securities
Note 4 - Marketable Securities | 9 Months Ended |
Sep. 30, 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: September 30, 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 $ — $ — $ — $ — $ 32,302 $ — $ (36 ) $ 32,529 Commercial paper — — — — 8,891 — — 8,891 Money market funds 134 — — 134 3,686 — — 3,686 Foreign issuers — — — — 1,920 — (4 ) 1,923 Total debt securities available for sale $ 134 $ — $ — $ 134 $ 46,799 $ — $ (40 ) $ 47,029 As of September 30, 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: September 30, 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 $ — $ — $ — $ — $ 32,529 $ (36 ) $ — $ — Commercial paper — — — — 8,891 — — — Money market funds 134 — — — 3,686 — — — Foreign issuers — — — — 1,923 (4 ) — — Total debt securities available for sale $ 134 $ — $ — $ — $ 47,029 $ (40 ) $ — $ — The Company sold all of its investments in debt securities during the second 2022 December 31, 2021. |
Note 5 - Fair Value of Financia
Note 5 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 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 September 30, 2022 December 31, 2021 September 30, 2022 Fair Value Carrying Value at September 30, 2022 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 24,226 $ 24,226 $ 24,226 $ — $ — Marketable securities (including cash equivalents) 134 134 134 — — Long-term Assets: Cross currency swap (3) — — — — — Liabilities: Current liabilities: Derivatives: Cross currency swap (3) (3,059 ) (3,059 ) — (3,059 ) — Currency forward contracts (2) (1,864 ) (1,864 ) — (1,864 ) — Long term liabilities: Contingent payables (1) (2,084 ) (2,084 ) — — (2,084 ) $ 17,353 $ 17,353 $ 24,360 $ (4,923 ) $ (2,084 ) 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 on September 30, 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” and "Accounts payable and accrued expenses", as applicable, in the condensed consolidated balance sheets on September 30, 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 September 30, 2022 December 31, 2021, September 30, 2022 December 31, 2021. September 30, 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 Amount of recognized gain (loss) gain (loss) Derivatives not designated as Location of recognized gain Three Months Ended Nine Months Ended hedging instruments (loss) September 30, September 30, 2022 2021 2022 2021 (Dollars in thousands) (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) $ (678 ) $ 387 $ (5,384 ) $ 118 Derivatives designated as cash flow hedging instruments Cross currency swap (2) Derivative and foreign currency transaction gains (losses) $ (3,121 ) $ 2,945 $ (38,536 ) $ (1,349 ) ( 1 not third January 1, 2021 April 1, 2021. ( 2 1 There were no 1, 2 3 three nine September 30, 2022 2021. The following table presents the effect of derivative instruments designated as cash flow hedges on the condensed consolidated statements of operations and comprehensive income (loss) for the three nine September 30, 2022 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Dollars in thousands) (Dollars in thousands) Cross currency swap cash flow hedge: Balance in Accumulated other comprehensive income (loss) beginning of period $ 1,745 $ 766 $ 5,745 $ 3,366 Gain or (loss) recognized in Other comprehensive income (loss) (3,338 ) 251 (42,753 ) (6,643 ) Amount reclassified from Other comprehensive income (loss) into earnings 3,121 (2,945 ) 38,536 1,349 Balance in Accumulated other comprehensive income (loss) end of period $ 1,528 $ (1,928 ) $ 1,528 $ (1,928 ) The estimated net amount of existing gain (loss) that is reported in "Accumulated other comprehensive income (loss)" as of September 30, 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 (*) September 30, December 31, September 30, December 31, 2022 2021 2022 2021 (Dollars in millions) (Dollars in millions) Mizrahi Loan $ 78.0 $ — $ 75.0 $ — Convertible Senior Notes 497.3 — 431.3 — HSBC Loan 39.9 50.4 42.9 50.0 Hapoalim Loan 100.9 117.8 107.1 116.1 Discount Loan 80.3 100.2 87.5 100.0 Finance liability - Dixie Valley 217.5 248.4 242.0 252.9 Olkaria III Loan - DFC 139.1 166.5 143.2 156.7 Olkaria III plant 4 Loan - DEG 2 29.5 34.1 30.0 32.5 Olkaria III plant 1 Loan - DEG 3 26.0 30.1 26.2 28.4 Platanares Loan - DFC 82.5 98.2 81.9 88.1 Amatitlan Loan 15.8 19.8 16.6 19.3 OFC 2 LLC ("OFC 2") 154.2 183.3 162.3 173.3 Don A. Campbell 1 ("DAC 1") 58.8 69.8 64.1 67.9 USG Prudential - NV 24.3 28.9 25.5 26.3 USG Prudential - ID 15.9 17.3 16.2 17.3 USG DOE 32.6 39.9 32.8 35.5 Senior Unsecured Bonds 269.8 578.9 254.0 539.6 Senior Unsecured Loan 165.1 204.3 174.8 191.6 Plumstriker 12.9 14.8 12.9 14.7 Other long-term debt 9.1 13.3 9.7 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, except for the fair value of the Convertible Senior Notes for which the fair value was estimated based on a quoted bid price of the Notes in an over-the-counter market on the last trading day of the reporting period. A hypothetical change in the quoted bid price will result in a corresponding change in the estimated fair value of the Notes. 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 their fair value. The following table presents the fair value of financial instruments as of September 30, 2022: Level 1 Level 2 Level 3 Total (Dollars in millions) Mizrahi Loan $ — $ — $ 78.0 $ 78.0 Convertible Senior Notes — 497.3 — 497.3 HSBC Loan — — 39.9 39.9 Hapoalim Loan — — 100.9 100.9 Discount Loan — — 80.3 80.3 Finance liability - Dixie Valley — — 217.5 217.5 Olkaria III Loan - DFC — — 139.1 139.1 Olkaria III plant 4 Loan - DEG 2 — — 29.5 29.5 Olkaria III plant 1 Loan - DEG 3 — — 26.0 26.0 Platanares Loan - DFC — — 82.5 82.5 Amatitlan Loan — 15.8 — 15.8 OFC 2 Senior Secured Notes — — 154.2 154.2 DAC 1 Senior Secured Notes — — 58.8 58.8 USG Prudential - NV — — 24.3 24.3 USG Prudential - ID — — 15.9 15.9 USG DOE — — 32.6 32.6 Senior Unsecured Bonds — — 269.8 269.8 Senior Unsecured Loan — — 165.1 165.1 Plumstriker — 12.9 — 12.9 Other long-term debt — — 9.1 9.1 Deposits 14.6 — — 14.6 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) HSBC Loan $ — $ — $ 50.4 $ 50.4 Hapoalim Loan — — 117.8 117.8 Discount Loan — — 100.2 100.2 Financing Liability - Dixie Valley — — 248.4 248.4 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 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 | 9 Months Ended |
Sep. 30, 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% There were no nine September 30, 2022. |
Note 7 - Interest Expense, Net
Note 7 - Interest Expense, Net | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (Dollars in thousands) (Dollars in thousands) Interest related to sale of tax benefits $ 3,734 $ 4,080 $ 10,628 $ 9,019 Interest expense 23,023 22,259 68,001 61,579 Less — amount capitalized (4,354 ) (4,109 ) (14,727 ) (10,726 ) Total interest expense, net $ 22,403 $ 22,230 $ 63,902 $ 59,872 |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Weighted average number of shares used in computation of basic earnings per share: 55,999 56,003 56,058 55,995 Additional shares from the assumed exercise of employee stock awards 458 295 421 418 Weighted average number of shares used in computation of diluted earnings per share 56,457 56,298 56,479 56,413 The number of stock-based awards that could potentially dilute future earnings per share and that were not three September 30, 2022 2021, nine September 30, 2022 2021, As per ASU 2020 06, three nine September 30, 2022, not not no |
Note 9 - Business Segments
Note 9 - Business Segments | 9 Months Ended |
Sep. 30, 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 September 30, 2022: Revenues from external customers: United States (1) $ 106,490 $ 1,267 $ 8,848 $ 116,605 Foreign (2) 46,330 12,950 — 59,280 Net revenue from external customers 152,820 14,217 8,848 175,885 Intersegment revenues (4) — 14,959 — — Operating income (loss) 38,054 (158 ) 997 38,893 Segment assets at period end (3) (*) 4,153,330 128,790 242,411 4,524,531 * Including unconsolidated investments 117,182 — — 117,182 Three Months Ended September 30, 2021: Revenues from external customers: United States (1) $ 98,550 $ 1,541 $ 5,664 $ 105,755 Foreign (2) 44,101 8,986 — 53,087 Net revenue from external customers 142,651 10,527 5,664 158,842 Intersegment revenues (4) — 14,147 — — Operating income (loss) 38,409 (1,115 ) (1,306 ) 35,988 Segment assets at period end (3) (*) 4,064,679 125,167 169,520 4,359,366 * Including unconsolidated investments 109,725 — — 109,725 Nine Months Ended September 30, 2022: Revenues from external customers: United States (1) $ 327,792 $ 2,936 $ 22,896 $ 353,624 Foreign (2) 138,748 36,301 — 175,049 Net revenue from external customers 466,540 39,237 22,896 528,673 Intersegment revenues (4) — 57,959 — — Operating income (loss) 128,049 (4,009 ) (1,462 ) 122,578 Segment assets at period end (3) 4,153,330 128,790 242,411 4,524,531 * Including unconsolidated investments 117,182 — — 117,182 Nine Months Ended September 30, 2021: Revenues from external customers: United States (1) $ 285,090 $ 4,041 $ 24,012 $ 313,143 Foreign (2) 136,413 22,539 — 158,952 Net revenue from external customers 421,503 26,580 24,012 472,095 Intersegment revenues (4) — 90,519 — — Operating income (loss) 116,176 (2,753 ) 1,073 114,496 Segment assets at period end (3) 4,064,679 125,167 169,520 4,359,366 * Including unconsolidated investments 109,725 — — 109,725 ( 1 Electricity segment revenues in the United States are all accounted under lease accounting except for $25.6 million and $71.6 million for the three nine September 30, 2022, three nine September 30, 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 $85.1 million and $86.7 million as of September 30, 2022 2021, September 30, 2022 2021, September 30, 2022 2021. ( 4 Intersegment revenues are fully eliminated in consolidation. Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Dollars in thousands) (Dollars in thousands) Revenues: Total segment revenues $ 175,885 $ 158,842 $ 528,673 $ 472,095 Intersegment revenues 14,959 14,147 57,959 90,519 Elimination of intersegment revenues (14,959 ) (14,147 ) (57,959 ) (90,519 ) Total consolidated revenues $ 175,885 $ 158,842 $ 528,673 $ 472,095 Operating income: Operating income $ 38,893 $ 35,988 $ 122,578 $ 114,496 Interest income 1,659 519 2,180 1,590 Interest expense, net (22,403 ) (22,230 ) (63,902 ) (59,872 ) Derivatives and foreign currency transaction gains (losses) (293 ) (21 ) (4,031 ) (16,229 ) Income attributable to sale of tax benefits 9,113 7,879 26,345 21,654 Other non-operating income (expense), net 673 44 (512 ) (308 ) Total consolidated income before income taxes and equity in income of investees $ 27,642 $ 22,179 $ 82,658 $ 61,331 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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 July 29, 2021, may • On December 15, 2021, No January 4, 2022. January 14, 2022, 90 June 15, 2022, February 2022. August 1, 2022 90 not April 4, 2022, 1973 July 6, 2022 7 1 2 February 28, 2023, first 12 no may September 30, 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 | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 11 INCOME TAXES The Company’s effective tax rate provision for the three September 30, 2022 2021 nine September 30, 2022 2021, In response to the COVID- 19 March 27, 2020 nine September 30, 2022, no 19 On August 16, 2022, three $1 The Company views the enactment of the IRA as favorable for the overall business climate for our sector. However, the Company is continuing to evaluate the overall impact and applicability of the IRA to the Company’s current and planned products and the markets in which the Company seeks to sell its products. |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12 SUBSEQUENT EVENTS Cash Dividend On November 2, 2022, November 16, 2022 November 30, 2022 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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 September 30, 2022, three nine September 30, 2022 2021 nine September 30, 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. |
Convertible Senior Notes [Policy Text Block] | Convertible Senior Notes On June 22, 2022, 2027 144A 1933, June 27, 2022, January 15 July 15 January 15, 2023. July 15, 2027, Holders of the Notes may January 15, 2027 1 September 30, 2022 ( not 2 five five $1,000 3 may not July 21, 2025), second 4 January 15, 2027 second may may The initial conversion rate was 11.0776 shares of common stock per $1,000 may may not July 21, 2025. may July 21, 2025 41st not may The Company incurred approximately $11.6 million of issuance costs in respect of the issuance of the Notes, which were deferred and are presented as a reduction to the Notes principal amounts on the condensed consolidated balance sheets. The deferred issuance costs are amortized over the term of the Notes into interest expenses, net in the condensed consolidated statements of operations and comprehensive income. During the three nine September 30, 2022, Based on the closing market price of the Company's common stock on September 30, 2022, |
Contract Indexed to Issuer's Equity [Policy Text Block] | Capped Call Transactions In connection with the issuance of the convertible notes described above, the Company entered into capped call transactions (the "Capped Calls") with certain counterparties. The capped call transactions will cover, subject to customary adjustments, the number of shares of our common stock initially underlying the Notes of approximately 4.8 million shares of common stock and at an initial strike price of $90.27 per share. The Capped Calls are generally intended to reduce the potential dilution to the Company's Common Stock upon any conversion of the Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, in the event that at the time of conversion, the Common Stock price exceeds the conversion price. If, however, the market price per share of Common Stock exceeds the cap price of the Capped Calls, there would nevertheless be dilution or there would not The Capped Calls exercise price is equal to the $90.27 initial conversion price of each of the Notes and the cap price of the Capped Calls is initially $107.63 per share, which represents a premium of approximately 55% above the closing price of the Company's common stock on the date of the Notes offering and is subject to customary anti-dilution adjustments. The Capped Calls transactions are separate transactions entered into by the Company with the option counterparties, are not not The Company paid approximately $24.5 million for the Capped Calls which was recorded as a reduction to Additional Paid-in Capital in the condensed consolidated statements of equity in the second 2022, no 815, not |
Stockholders' Equity, Policy [Policy Text Block] | Purchase of Treasury Stock In connection with the issuance of the Notes as described above, the Company used approximately $18.0 million of the net proceeds from the issuance of these Notes to repurchase 258,667 shares of its common stock in privately negotiated transactions at a price of $69.45 per share. The Company recorded this purchase of treasury stocks as a reduction to its equity on the condensed consolidated statements of equity in the second 2022. |
Unsecured Bonds [Policy Text Block] | Prepayment of Series 3 Additionally, in connection with the issuance of the Notes as described above, on June 27, 2022, 3 September 2022 second 2022 |
Bank Loan [Policy Text Block] | Mizrahi Bank Loan On April 12, 2022, October 12, 2022. not not not |
Property, Plant and Equipment, Impairment [Policy Text Block] | Heber 1 The Company's 40 1 February 25, 2022 1 81 April, 1 20 second 2023. The Company holds business interruption insurance subject to a 45 second third 2022, second |
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 |
Business Combinations Policy [Policy Text Block] | Business combination - geothermal assets purchase transaction On July 13, 2021, two 67.5 one two 2038 December 2025, As a result of the acquisition, the Company expanded its overall generation capacity and expects to improve the profitability of the purchased assets through cost reduction and synergies. The Company accounted for the transaction in accordance with Accounting Standard Codification ("ASC") 805, 810, 2021, three nine September 30, 2021. The following table summarizes the purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions): Cash and cash equivalents and restricted cash $ 10.9 Trade receivables and others (1) 8.6 Deferred income taxes 22.8 Property, plant and equipment and construction-in-process 152.0 Intangible assets (2) 191.6 Goodwill (3) 66.2 Total assets acquired $ 452.1 Accounts payable, accrued expenses and others $ 6.6 Finance liability (4) 258.4 Asset retirement obligation 5.3 Total liabilities assumed $ 270.3 Total assets acquired, and liabilities assumed, net $ 181.8 ( 1 The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million. These receivables were fully collected during the third 2021. ( 2 Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs ( 3 Goodwill is primarily related to the expected synergies and potential cost savings in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and is deductible for tax purposes pending the exercise of the financial lease buy-out option as described below. ( 4 Finance liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 June 2038. September 2024. During the three nine September 30, 2022, three nine September 30, 2021, September 30, 2021. The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business combination had occurred on January 1, 2020. not Pro forma for the Three Months Ended Nine Months Ended September 30, 2021 (Dollars in millions) Electricity revenues $ 144.7 $ 449.1 Total revenues $ 160.8 $ 499.7 Net income $ 18.5 $ 50.4 |
Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block] | Write-offs of unsuccessful exploration activities During the three nine September 30, 2022, no three nine September 30, 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: September December September 30, 31, 30, 2022 2021 2021 (Dollars in thousands) Cash and cash equivalents $ 154,633 $ 239,278 $ 267,802 Restricted cash and cash equivalents 98,402 104,166 88,498 Total Cash and cash equivalents and restricted cash and cash equivalents $ 253,035 $ 343,444 $ 356,300 |
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 cash investments, marketable securities and accounts receivable. The Company places its cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At September 30, 2022 December 31, 2021, ten $250,000 September 30, 2022 December 31, 2021, At September 30, 2022 December 31, 2021, September 30, 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 S eptember 30, Nine Months Ended September 30, 2022 2021 2022 2021 Southern California Public Power Authority (“SCPPA”) 18.7 % 21.3 % 21.4 % 23.9 % Sierra Pacific Power Company and Nevada Power Company 14.0 15.8 17.1 18.7 Kenya Power and Lighting Co. Ltd. ("KPLC") 15.2 16.1 14.9 16.3 The Company has historically been able to collect on substantially all of its receivable balances. As of September 30, 2022, October 2022. In Honduras, as of September 30, 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 nine September 30, 2022 2021 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (Dollars in thousands) (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 90 $ 419 $ 90 $ 597 Change in the provision for expected credit losses for the period — (166 ) — (344 ) Ending balance of the allowance for expected credit losses $ 90 $ 253 $ 90 $ 253 |
Revenue [Policy Text Block] | Revenues from contracts with customers Contract assets related to our Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of September 30, 2022 December 31, 2021 September 30, December 31, 2022 2021 (Dollars in thousands) Contract assets (*) $ 17,354 $ 9,692 Contract liabilities (*) $ (14,034 ) $ (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 nine September 30, 2022 not On September 30, 2022, not Disaggregated revenues from contracts with customers for the three nine September 30, 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 Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (Dollars in thousands) (Dollars in thousands) Lease income relating to lease payments from operating leases $ 127,748 $ 123,688 $ 394,901 $ 362,548 |
Marketable Securities, Policy [Policy Text Block] | Marketable securities The Company’s investments in marketable securities consisted of debt securities with maturity of up to one three |
Derivatives, Policy [Policy Text Block] | Derivative instruments Derivative instruments (including certain derivative instruments embedded in other contracts) are measured at their fair value and recorded as either assets or liabilities unless exempted from derivative treatment as a normal purchase and sale. Changes in the fair value of derivatives not The Company maintains a risk management strategy that may |
Note 1 - General and Basis of_2
Note 1 - General and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash and cash equivalents and restricted cash $ 10.9 Trade receivables and others (1) 8.6 Deferred income taxes 22.8 Property, plant and equipment and construction-in-process 152.0 Intangible assets (2) 191.6 Goodwill (3) 66.2 Total assets acquired $ 452.1 Accounts payable, accrued expenses and others $ 6.6 Finance liability (4) 258.4 Asset retirement obligation 5.3 Total liabilities assumed $ 270.3 Total assets acquired, and liabilities assumed, net $ 181.8 |
Business Acquisition, Pro Forma Information [Table Text Block] | Pro forma for the Three Months Ended Nine Months Ended September 30, 2021 (Dollars in millions) Electricity revenues $ 144.7 $ 449.1 Total revenues $ 160.8 $ 499.7 Net income $ 18.5 $ 50.4 |
Schedule of Cash and Cash Equivalents [Table Text Block] | September December September 30, 31, 30, 2022 2021 2021 (Dollars in thousands) Cash and cash equivalents $ 154,633 $ 239,278 $ 267,802 Restricted cash and cash equivalents 98,402 104,166 88,498 Total Cash and cash equivalents and restricted cash and cash equivalents $ 253,035 $ 343,444 $ 356,300 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended S eptember 30, Nine Months Ended September 30, 2022 2021 2022 2021 Southern California Public Power Authority (“SCPPA”) 18.7 % 21.3 % 21.4 % 23.9 % Sierra Pacific Power Company and Nevada Power Company 14.0 15.8 17.1 18.7 Kenya Power and Lighting Co. Ltd. ("KPLC") 15.2 16.1 14.9 16.3 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (Dollars in thousands) (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 90 $ 419 $ 90 $ 597 Change in the provision for expected credit losses for the period — (166 ) — (344 ) Ending balance of the allowance for expected credit losses $ 90 $ 253 $ 90 $ 253 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | September 30, December 31, 2022 2021 (Dollars in thousands) Contract assets (*) $ 17,354 $ 9,692 Contract liabilities (*) $ (14,034 ) $ (9,248 ) |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (Dollars in thousands) (Dollars in thousands) Lease income relating to lease payments from operating leases $ 127,748 $ 123,688 $ 394,901 $ 362,548 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2022 2021 (Dollars in thousands) Raw materials and purchased parts for assembly $ 13,161 $ 11,539 Self-manufactured assembly parts and finished products 16,644 16,906 Total inventories $ 29,805 $ 28,445 |
Note 4 - Marketable Securities
Note 4 - Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | September 30, 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 $ — $ — $ — $ — $ 32,302 $ — $ (36 ) $ 32,529 Commercial paper — — — — 8,891 — — 8,891 Money market funds 134 — — 134 3,686 — — 3,686 Foreign issuers — — — — 1,920 — (4 ) 1,923 Total debt securities available for sale $ 134 $ — $ — $ 134 $ 46,799 $ — $ (40 ) $ 47,029 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 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 $ — $ — $ — $ — $ 32,529 $ (36 ) $ — $ — Commercial paper — — — — 8,891 — — — Money market funds 134 — — — 3,686 — — — Foreign issuers — — — — 1,923 (4 ) — — Total debt securities available for sale $ 134 $ — $ — $ — $ 47,029 $ (40 ) $ — $ — |
Note 5 - Fair Value of Financ_2
Note 5 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2022 Fair Value Carrying Value at September 30, 2022 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 24,226 $ 24,226 $ 24,226 $ — $ — Marketable securities (including cash equivalents) 134 134 134 — — Long-term Assets: Cross currency swap (3) — — — — — Liabilities: Current liabilities: Derivatives: Cross currency swap (3) (3,059 ) (3,059 ) — (3,059 ) — Currency forward contracts (2) (1,864 ) (1,864 ) — (1,864 ) — Long term liabilities: Contingent payables (1) (2,084 ) (2,084 ) — — (2,084 ) $ 17,353 $ 17,353 $ 24,360 $ (4,923 ) $ (2,084 ) 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 Amount of recognized gain (loss) gain (loss) Derivatives not designated as Location of recognized gain Three Months Ended Nine Months Ended hedging instruments (loss) September 30, September 30, 2022 2021 2022 2021 (Dollars in thousands) (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) $ (678 ) $ 387 $ (5,384 ) $ 118 Derivatives designated as cash flow hedging instruments Cross currency swap (2) Derivative and foreign currency transaction gains (losses) $ (3,121 ) $ 2,945 $ (38,536 ) $ (1,349 ) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Dollars in thousands) (Dollars in thousands) Cross currency swap cash flow hedge: Balance in Accumulated other comprehensive income (loss) beginning of period $ 1,745 $ 766 $ 5,745 $ 3,366 Gain or (loss) recognized in Other comprehensive income (loss) (3,338 ) 251 (42,753 ) (6,643 ) Amount reclassified from Other comprehensive income (loss) into earnings 3,121 (2,945 ) 38,536 1,349 Balance in Accumulated other comprehensive income (loss) end of period $ 1,528 $ (1,928 ) $ 1,528 $ (1,928 ) |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair Value Carrying Amount (*) September 30, December 31, September 30, December 31, 2022 2021 2022 2021 (Dollars in millions) (Dollars in millions) Mizrahi Loan $ 78.0 $ — $ 75.0 $ — Convertible Senior Notes 497.3 — 431.3 — HSBC Loan 39.9 50.4 42.9 50.0 Hapoalim Loan 100.9 117.8 107.1 116.1 Discount Loan 80.3 100.2 87.5 100.0 Finance liability - Dixie Valley 217.5 248.4 242.0 252.9 Olkaria III Loan - DFC 139.1 166.5 143.2 156.7 Olkaria III plant 4 Loan - DEG 2 29.5 34.1 30.0 32.5 Olkaria III plant 1 Loan - DEG 3 26.0 30.1 26.2 28.4 Platanares Loan - DFC 82.5 98.2 81.9 88.1 Amatitlan Loan 15.8 19.8 16.6 19.3 OFC 2 LLC ("OFC 2") 154.2 183.3 162.3 173.3 Don A. Campbell 1 ("DAC 1") 58.8 69.8 64.1 67.9 USG Prudential - NV 24.3 28.9 25.5 26.3 USG Prudential - ID 15.9 17.3 16.2 17.3 USG DOE 32.6 39.9 32.8 35.5 Senior Unsecured Bonds 269.8 578.9 254.0 539.6 Senior Unsecured Loan 165.1 204.3 174.8 191.6 Plumstriker 12.9 14.8 12.9 14.7 Other long-term debt 9.1 13.3 9.7 13.6 |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total (Dollars in millions) Mizrahi Loan $ — $ — $ 78.0 $ 78.0 Convertible Senior Notes — 497.3 — 497.3 HSBC Loan — — 39.9 39.9 Hapoalim Loan — — 100.9 100.9 Discount Loan — — 80.3 80.3 Finance liability - Dixie Valley — — 217.5 217.5 Olkaria III Loan - DFC — — 139.1 139.1 Olkaria III plant 4 Loan - DEG 2 — — 29.5 29.5 Olkaria III plant 1 Loan - DEG 3 — — 26.0 26.0 Platanares Loan - DFC — — 82.5 82.5 Amatitlan Loan — 15.8 — 15.8 OFC 2 Senior Secured Notes — — 154.2 154.2 DAC 1 Senior Secured Notes — — 58.8 58.8 USG Prudential - NV — — 24.3 24.3 USG Prudential - ID — — 15.9 15.9 USG DOE — — 32.6 32.6 Senior Unsecured Bonds — — 269.8 269.8 Senior Unsecured Loan — — 165.1 165.1 Plumstriker — 12.9 — 12.9 Other long-term debt — — 9.1 9.1 Deposits 14.6 — — 14.6 Level 1 Level 2 Level 3 Total (Dollars in millions) HSBC Loan $ — $ — $ 50.4 $ 50.4 Hapoalim Loan — — 117.8 117.8 Discount Loan — — 100.2 100.2 Financing Liability - Dixie Valley — — 248.4 248.4 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 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) | 9 Months Ended |
Sep. 30, 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) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (Dollars in thousands) (Dollars in thousands) Interest related to sale of tax benefits $ 3,734 $ 4,080 $ 10,628 $ 9,019 Interest expense 23,023 22,259 68,001 61,579 Less — amount capitalized (4,354 ) (4,109 ) (14,727 ) (10,726 ) Total interest expense, net $ 22,403 $ 22,230 $ 63,902 $ 59,872 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Weighted average number of shares used in computation of basic earnings per share: 55,999 56,003 56,058 55,995 Additional shares from the assumed exercise of employee stock awards 458 295 421 418 Weighted average number of shares used in computation of diluted earnings per share 56,457 56,298 56,479 56,413 |
Note 9 - Business Segments (Tab
Note 9 - Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Electricity Product Energy Storage Consolidated (Dollars in thousands) Three Months Ended September 30, 2022: Revenues from external customers: United States (1) $ 106,490 $ 1,267 $ 8,848 $ 116,605 Foreign (2) 46,330 12,950 — 59,280 Net revenue from external customers 152,820 14,217 8,848 175,885 Intersegment revenues (4) — 14,959 — — Operating income (loss) 38,054 (158 ) 997 38,893 Segment assets at period end (3) (*) 4,153,330 128,790 242,411 4,524,531 * Including unconsolidated investments 117,182 — — 117,182 Three Months Ended September 30, 2021: Revenues from external customers: United States (1) $ 98,550 $ 1,541 $ 5,664 $ 105,755 Foreign (2) 44,101 8,986 — 53,087 Net revenue from external customers 142,651 10,527 5,664 158,842 Intersegment revenues (4) — 14,147 — — Operating income (loss) 38,409 (1,115 ) (1,306 ) 35,988 Segment assets at period end (3) (*) 4,064,679 125,167 169,520 4,359,366 * Including unconsolidated investments 109,725 — — 109,725 Nine Months Ended September 30, 2022: Revenues from external customers: United States (1) $ 327,792 $ 2,936 $ 22,896 $ 353,624 Foreign (2) 138,748 36,301 — 175,049 Net revenue from external customers 466,540 39,237 22,896 528,673 Intersegment revenues (4) — 57,959 — — Operating income (loss) 128,049 (4,009 ) (1,462 ) 122,578 Segment assets at period end (3) 4,153,330 128,790 242,411 4,524,531 * Including unconsolidated investments 117,182 — — 117,182 Nine Months Ended September 30, 2021: Revenues from external customers: United States (1) $ 285,090 $ 4,041 $ 24,012 $ 313,143 Foreign (2) 136,413 22,539 — 158,952 Net revenue from external customers 421,503 26,580 24,012 472,095 Intersegment revenues (4) — 90,519 — — Operating income (loss) 116,176 (2,753 ) 1,073 114,496 Segment assets at period end (3) 4,064,679 125,167 169,520 4,359,366 * Including unconsolidated investments 109,725 — — 109,725 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Dollars in thousands) (Dollars in thousands) Revenues: Total segment revenues $ 175,885 $ 158,842 $ 528,673 $ 472,095 Intersegment revenues 14,959 14,147 57,959 90,519 Elimination of intersegment revenues (14,959 ) (14,147 ) (57,959 ) (90,519 ) Total consolidated revenues $ 175,885 $ 158,842 $ 528,673 $ 472,095 Operating income: Operating income $ 38,893 $ 35,988 $ 122,578 $ 114,496 Interest income 1,659 519 2,180 1,590 Interest expense, net (22,403 ) (22,230 ) (63,902 ) (59,872 ) Derivatives and foreign currency transaction gains (losses) (293 ) (21 ) (4,031 ) (16,229 ) Income attributable to sale of tax benefits 9,113 7,879 26,345 21,654 Other non-operating income (expense), net 673 44 (512 ) (308 ) Total consolidated income before income taxes and equity in income of investees $ 27,642 $ 22,179 $ 82,658 $ 61,331 |
Note 1 - General and Basis of_3
Note 1 - General and Basis of Presentation 1 (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Jun. 27, 2022 USD ($) | Jun. 22, 2022 USD ($) $ / shares shares | Apr. 12, 2022 USD ($) | Jul. 13, 2021 USD ($) | Oct. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) $ / shares | Sep. 30, 2022 USD ($) $ / shares | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) $ / shares | ||
Proceeds from Notes Payable, Total | $ 419,698 | $ 0 | |||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Purchase of Capped Call Instruments | $ 24,538 | 0 | |||||||||||
Payments for Repurchase of Common Stock | $ 18,000 | 17,964 | 0 | ||||||||||
Treasury Stock, Shares, Acquired (in shares) | shares | 258,667 | ||||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 69.45 | ||||||||||||
Repayments of Long-Term Debt, Total | 135,656 | 58,357 | |||||||||||
Insurance Recoveries | $ 0 | $ 248 | 0 | 248 | |||||||||
Exploration Abandonment and Impairment Expense | 827 | 0 | 827 | 0 | |||||||||
Cash, FDIC Insured Amount | 31,600 | $ 31,600 | 31,600 | $ 31,000 | |||||||||
Cash, Uninsured Amount | 86,100 | 86,100 | 86,100 | 64,300 | |||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 117,277 | 117,277 | 117,277 | $ 122,944 | |||||||||
Kenya Power and Lighting Co Limited [Member] | |||||||||||||
Accounts Receivable, Past Due | 20,600 | 20,600 | 20,600 | ||||||||||
Kenya Power and Lighting Co Limited [Member] | Subsequent Event [Member] | |||||||||||||
Proceeds, Overdue Accounts Receivable | $ 2,700 | ||||||||||||
ENEE [Member] | |||||||||||||
Accounts Receivable, Past Due | 15,600 | 15,600 | $ 15,600 | ||||||||||
ENEE [Member] | Subsequent Event [Member] | |||||||||||||
Proceeds, Overdue Accounts Receivable | $ 0 | ||||||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member] | |||||||||||||
Concentration Risk, Percentage | 55% | 58% | |||||||||||
Non-US [Member] | |||||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 76,700 | 76,700 | $ 76,700 | $ 77,500 | |||||||||
Two Contracted Geothermal Assets in Nevada [Member] | |||||||||||||
Payments to Acquire Businesses, Gross | $ 171,000 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Working Capital and Cash and Equivalents | $ 10,800 | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finance Lease Liability | [1] | $ 258,400 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | [2] | 8,600 | |||||||||||
Two Contracted Geothermal Assets in Nevada [Member] | Electricity Segment [Member] | |||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 16,300 | 14,400 | 37,200 | 14,400 | |||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 3,400 | 4,300 | 3,400 | 4,300 | |||||||||
Business Combination, Pro Forma Information, Tax and Finance Liability Interest Expense of Acquiree since Acquisition Date, Actual | 1,600 | $ 2,800 | 4,800 | $ 2,800 | |||||||||
Two Contracted Geothermal Assets in Nevada [Member] | Power Purchase Agreement [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 7,800 | ||||||||||||
Two Contracted Geothermal Assets in Nevada [Member] | General and Administrative Expense [Member] | |||||||||||||
Business Combination, Acquisition Related Costs | $ 4,700 | ||||||||||||
Fire [Member] | |||||||||||||
Insurance Recoveries | 4,000 | $ 4,000 | |||||||||||
Increase (Decrease) in Insurance Settlements Receivable | (600) | ||||||||||||
Gain on Business Interruption Insurance Recovery | 7,400 | ||||||||||||
Senior Unsecured Bonds, Series 3 [Member] | |||||||||||||
Repayments of Long-Term Debt, Total | $ 221,900 | ||||||||||||
Extinguishment of Debt, Amount | 218,000 | ||||||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | 2,800 | ||||||||||||
Debt Instrument, Unamortized Premium, Total | 1,100 | ||||||||||||
Mizrahi Loan Agreement [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 75,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | ||||||||||||
Debt Instrument, Number of Payments | 16 | ||||||||||||
Debt Instrument, Periodic Payment, Total | $ 4,700 | ||||||||||||
Debt Instrument, Term (Year) | 8 years | ||||||||||||
Debt Instrument, Covenant, Debt to Adjusted EBITDA Ratio | 6% | ||||||||||||
Debt Instrument, Covenant, Minimum Equity Capital | $ 750,000 | ||||||||||||
Debt Instrument, Covenant, Equity Capital to Total Assets Ratio | 25% | ||||||||||||
Debt Instrument, Date of First Required Payment | Oct. 12, 2022 | ||||||||||||
Call Option [Member] | |||||||||||||
Option Indexed to Issuer's Equity, Shares (in shares) | shares | 4,800,000 | ||||||||||||
Option Indexed to Issuer's Equity, Strike Price (in dollars per share) | $ / shares | $ 90.27 | ||||||||||||
Option Indexed to Issuer's Equity, Cap Price | 107.63% | ||||||||||||
Option Indexed to Issuer's Equity, Premium Percentage | 55% | ||||||||||||
Purchase of Capped Call Instruments | $ 24,500 | ||||||||||||
Convertible Senior Notes [Member] | |||||||||||||
Debt Instrument, Face Amount | 431,250 | $ 375,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | ||||||||||||
Proceeds from Notes Payable, Total | $ 56,250 | ||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 20 | ||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | ||||||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130% | ||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 90.27 | ||||||||||||
Debt Instrument, Convertible, Threshold Trading Days, Measurement Period Request (Year) | 5 years | ||||||||||||
Debt Instrument, Convertible, Maximum Percentage of Stock Price Trigger Per $1000 | 98% | ||||||||||||
Debt Instrument, Convertible, Conversion Shares Per $1000 | 11.0776 | ||||||||||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||||||||||
Debt Instrument, Cumulative Sinking Fund Payments | $ 0 | ||||||||||||
Debt Issuance Costs, Gross | 11,600 | $ 11,600 | 11,600 | ||||||||||
Amortization of Debt Issuance Costs | $ 600 | $ 600 | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.10% | 3.10% | 3.10% | ||||||||||
[1]Finance liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 under which it sold and leased back the undivided interests in the Dixie Valley power plant asset through June 2038. The lease transaction was accounted for by the Seller as a finance lease due to the Seller continued involvement and management of the power plant and the existence of an early buy-out option in September 2024. As per the accounting guidance, the Company retained the Seller's accounting of a "failed" sale and leaseback transaction and accordingly accounted for the liability as a financial liability. This financial liability, as well as the related power plant asset, were measured at their acquisition-date fair value.[2]The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million. These receivables were fully collected during the third quarter of 2021. |
Note 1 - General and Basis of_4
Note 1 - General and Basis of Presentation 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 - Product [Member] $ in Millions | Sep. 30, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 136.2 |
Revenue, Remaining Performance Obligation, Percentage | 100% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 24 months |
Note 1 - General and Basis for
Note 1 - General and Basis for Presentation - Fair Value of Amounts of Identified Assets and Liabilities Assumed in a Business Combination (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Jul. 13, 2021 | |
Goodwill, Ending Balance | $ 89,742 | $ 89,954 | ||
Two Contracted Geothermal Assets in Nevada [Member] | ||||
Cash and cash equivalents and restricted cash | $ 10,900 | |||
Trade receivables and others (1) | [1] | 8,600 | ||
Deferred income taxes | 22,800 | |||
Property, plant and equipment and construction-in-process | 152,000 | |||
Intangible assets (2) | [2] | 191,600 | ||
Goodwill, Ending Balance | [3] | 66,200 | ||
Total assets acquired | 452,100 | |||
Accounts payable, accrued expenses and others | 6,600 | |||
Finance liability (4) | [4] | 258,400 | ||
Asset retirement obligation | 5,300 | |||
Total liabilities assumed | 270,300 | |||
Total assets acquired, and liabilities assumed, net | $ 181,800 | |||
[1]The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million. These receivables were fully collected during the third quarter of 2021.[2]Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs.[3]Goodwill is primarily related to the expected synergies and potential cost savings in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and is deductible for tax purposes pending the exercise of the financial lease buy-out option as described below.[4]Finance liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 under which it sold and leased back the undivided interests in the Dixie Valley power plant asset through June 2038. The lease transaction was accounted for by the Seller as a finance lease due to the Seller continued involvement and management of the power plant and the existence of an early buy-out option in September 2024. As per the accounting guidance, the Company retained the Seller's accounting of a "failed" sale and leaseback transaction and accordingly accounted for the liability as a financial liability. This financial liability, as well as the related power plant asset, were measured at their acquisition-date fair value. |
Note 1 - General and Basis of_5
Note 1 - General and Basis of Presentation - Summary of Pro Forma Information Related to a Business Combination (Details) - Two Contracted Geothermal Assets in Nevada [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Business Acquisition, Pro Forma Revenue | $ 160.8 | $ 499.7 |
Net income | 18.5 | 50.4 |
Electricity Segment [Member] | ||
Business Acquisition, Pro Forma Revenue | $ 144.7 | $ 449.1 |
Note 1 - General and Basis of_6
Note 1 - General and Basis of Presentation - Cash and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 154,633 | $ 239,278 | $ 267,802 | |
Restricted cash and cash equivalents | 98,402 | 104,166 | 88,498 | |
Total Cash and cash equivalents and restricted cash and cash equivalents | $ 253,035 | $ 343,444 | $ 356,300 | $ 536,778 |
Note 1 - General and Basis of_7
Note 1 - General and Basis of Presentation - Customers as a Percentage of Total Revenues (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Southern California Public Power Authority [Member] | ||||
Percent of revenues | 18.70% | 21.30% | 21.40% | 23.90% |
Sierra Pacific Power Company And Nevada Power Company [Member] | ||||
Percent of revenues | 14% | 15.80% | 17.10% | 18.70% |
Kenya Power and Lighting Co LTD [Member] | ||||
Percent of revenues | 15.20% | 16.10% | 14.90% | 16.30% |
Note 1 - General and Basis of_8
Note 1 - General and Basis of Presentation - Changes in the Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Beginning balance of the allowance for expected credit losses | $ 90 | |||
Ending balance of the allowance for expected credit losses | $ 90 | 90 | ||
Accounting Standards Update 2016-13 [Member] | ||||
Beginning balance of the allowance for expected credit losses | 90 | $ 419 | 90 | $ 597 |
Change in the provision for expected credit losses for the period | 0 | (166) | 0 | (344) |
Ending balance of the allowance for expected credit losses | $ 90 | $ 253 | $ 90 | $ 253 |
Note 1 - General and Basis of_9
Note 1 - General and Basis of Presentation - Contract Assets (Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Contract assets (*) | [1] | $ 17,354 | $ 9,692 |
Contract liabilities (*) | [1] | $ (14,034) | $ (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 nine months ended September 30, 2022 as a result of performance obligations having not been fully satisfied yet. |
Note 1 - General and Basis o_10
Note 1 - General and Basis of Presentation - Lease Income as Lessor (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Lease income relating to lease payments from operating leases | $ 127,748 | $ 123,688 | $ 394,901 | $ 362,548 |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Raw materials and purchased parts for assembly | $ 13,161 | $ 11,539 |
Self-manufactured assembly parts and finished products | 16,644 | 16,906 |
Total inventories | $ 29,805 | $ 28,445 |
Note 4 - Marketable Securitie_2
Note 4 - Marketable Securities (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Debt Securities, Available-for-Sale, Total | $ 0 | $ 43,343 | |
Proceeds from Sale of Debt Securities, Available-for-Sale | 29,355 | $ 0 | 0 |
Cash and Cash Equivalents [Member] | |||
Debt Securities, Available-for-Sale, Total | $ 100 | $ 3,700 |
Note 4 - Marketable Securitie_3
Note 4 - Marketable Securities - Investment in Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Amortized cost | $ 134 | $ 46,799 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | (40) |
Fair value | 134 | 47,029 |
Corporate Debt Securities [Member] | ||
Amortized cost | 0 | 32,302 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | (36) |
Fair value | 0 | 32,529 |
Commercial Paper [Member] | ||
Amortized cost | 0 | 8,891 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | 0 | 8,891 |
Money Market Funds [Member] | ||
Amortized cost | 134 | 3,686 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | 134 | 3,686 |
Debt Security, Corporate, Non-US [Member] | ||
Amortized cost | 0 | 1,920 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | (4) |
Fair value | $ 0 | $ 1,923 |
Note 4 - Marketable Securitie_4
Note 4 - Marketable Securities - Fair Value and Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair value, less than 12 months | $ 134 | $ 47,029 |
Gross unrealized loss, less than 12 months | 0 | (40) |
Fair value, greater than 12 months | 0 | 0 |
Gross unrealized loss, greater than 12 months | 0 | 0 |
Corporate Debt Securities [Member] | ||
Fair value, less than 12 months | 0 | 32,529 |
Gross unrealized loss, less than 12 months | 0 | (36) |
Fair value, greater than 12 months | 0 | 0 |
Gross unrealized loss, greater than 12 months | 0 | 0 |
Commercial Paper [Member] | ||
Fair value, less than 12 months | 0 | 8,891 |
Gross unrealized loss, less than 12 months | 0 | 0 |
Fair value, greater than 12 months | 0 | 0 |
Gross unrealized loss, greater than 12 months | 0 | 0 |
Money Market Funds [Member] | ||
Fair value, less than 12 months | 134 | 3,686 |
Gross unrealized loss, less than 12 months | 0 | 0 |
Fair value, greater than 12 months | 0 | 0 |
Gross unrealized loss, greater than 12 months | 0 | 0 |
Debt Security, Corporate, Non-US [Member] | ||
Fair value, less than 12 months | 0 | 1,923 |
Gross unrealized loss, less than 12 months | 0 | (4) |
Fair value, greater than 12 months | 0 | 0 |
Gross unrealized loss, greater than 12 months | $ 0 | $ 0 |
Note 5 - Fair Value of Financ_3
Note 5 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | Sep. 30, 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 | Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-Sale, Total | $ 0 | $ 43,343 | |
Reported Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | 24,226 | 31,675 | |
Debt Securities, Available-for-Sale, Total | 134 | 47,029 | |
Fair Value, Net Asset (Liability), Total | 17,353 | 116,436 | |
Reported Value Measurement [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative Assets, current | [1] | 0 | 1,461 |
Cross currency swap (3) | [1] | (3,059) | 37,883 |
Reported Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Assets, current | [2] | (1,864) | 813 |
Reported Value Measurement [Member] | Contingent Payable [Member] | |||
Derivatives, noncurrent | [3] | (2,084) | (2,425) |
Estimate of Fair Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | 24,226 | 31,675 | |
Debt Securities, Available-for-Sale, Total | 134 | 47,029 | |
Fair Value, Net Asset (Liability), Total | 17,353 | 116,436 | |
Estimate of Fair Value Measurement [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative Assets, current | [1] | 0 | 1,461 |
Cross currency swap (3) | [1] | (3,059) | 37,883 |
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Assets, current | [2] | (1,864) | 813 |
Estimate of Fair Value Measurement [Member] | Contingent Payable [Member] | |||
Derivatives, noncurrent | [3] | (2,084) | (2,425) |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents (including restricted cash accounts) | 24,226 | 31,675 | |
Debt Securities, Available-for-Sale, Total | 134 | 47,029 | |
Fair Value, Net Asset (Liability), Total | 24,360 | 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 | (4,923) | 40,157 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative Assets, current | [1] | 0 | 1,461 |
Cross currency swap (3) | [1] | (3,059) | 37,883 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Forward Contracts [Member] | |||
Derivative Assets, current | [2] | (1,864) | 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 | (2,084) | (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] | $ (2,084) | $ (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 September 30, 2022 and December 31, 2021, as applicable. These amounts are included within "Prepaid expenses and other", “Deposits and other” and "Accounts payable and accrued expenses", as applicable, in the condensed consolidated balance sheets on September 30, 2022 and December 31, 2021. There are no cash collateral deposits on September 30, 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” and "Accounts payable and accrued expenses", as applicable, in the condensed consolidated balance sheets on September 30, 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 on September 30, 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 | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Currency Forward and Price Swap Transaction on Responsive Reserve System ("RRS") Prices [Member] | |||||
Amount of gain (loss) recognized | $ 0 | $ 0 | $ 0 | $ (14,540) | |
Currency Forward Contracts [Member] | |||||
Amount of gain (loss) recognized | [1] | (678) | 387 | (5,384) | 118 |
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | |||||
Cross currency swap (2) | [2] | $ (3,121) | $ 2,945 | $ (38,536) | $ (1,349) |
[1]The foregoing currency forward and price swap transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income. The price swap transaction was related to a hedging agreement with a third party that was effective January 1, 2021 under which the Company fixed the price per MWh on a portion of RRS provided by its Rabbit Hill storage facility. The price swap transaction was terminated effective April 1, 2021.[2]The foregoing cross currency swap transactions were designated as a cash flow hedge as further described under Note 1 to the condensed consolidated financial statements. The changes in the cross currency swap fair value are initially recorded in "Other comprehensive income (loss)" and a corresponding amount is reclassified out of "Accumulated other comprehensive income (loss)" to "Derivatives and foreign currency transaction gains (losses)" to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income. |
Note 5 - Fair Value of Financ_6
Note 5 - Fair Value of Financial Instruments - Effect of Cash Flow Hedge on Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Balance | $ 1,979,294 | $ 1,959,855 | $ 1,998,461 | $ 1,941,437 |
Balance | 1,992,276 | 1,972,356 | 1,992,276 | 1,972,356 |
Cross Currency Swap [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | ||||
Balance | 1,745 | 766 | 5,745 | 3,366 |
Gain or (loss) recognized in Other comprehensive income (loss) | (3,338) | 251 | (42,753) | (6,643) |
Amount reclassified from Other comprehensive income (loss) into earnings | 3,121 | (2,945) | 38,536 | 1,349 |
Balance | $ 1,528 | $ (1,928) | $ 1,528 | $ (1,928) |
Note 5 - Fair Value of Financ_7
Note 5 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Finance liability - Dixie Valley | $ 217.5 | $ 248.4 | |
Mizrahi Loan Agreement [Member] | |||
Loans | 78 | ||
Convertible Senior Notes [Member] | |||
Notes | 497.3 | ||
HSBC Loan Agreement [Member] | |||
Loans | 39.9 | 50.4 | |
Hapoalim Loan Agreement [Member] | |||
Loans | 100.9 | 117.8 | |
Discount Loan Agreement [Member] | |||
Loans | 80.3 | 100.2 | |
Olkaria III Plant 4 Loan - DEG 2 [Member] | |||
Loans | 29.5 | ||
Olkaria III plant 1 Loan - DEG 3 [Member] | |||
Loans | 26 | ||
Platanares Loan - OPIC [Member] | |||
Loans | 82.5 | 98.2 | |
Amatitlan Loan [Member] | |||
Loans | 15.8 | 19.8 | |
Don A. Campbell 1 ("DAC1") [Member] | |||
Notes | 58.8 | 69.8 | |
USG Prudential - NV [Member] | |||
Notes | 24.3 | 28.9 | |
USG Prudential - ID [Member] | |||
Notes | 15.9 | 17.3 | |
USG DOE [Member] | |||
Notes | 32.6 | 39.9 | |
Senior Unsecured Bonds [Member] | |||
Senior Unsecured debt | 269.8 | 578.9 | |
Senior Unsecured Loan [Member] | |||
Senior Unsecured debt | 165.1 | 204.3 | |
Plumstriker Loan Agreement [Member] | |||
Loans | 12.9 | 14.8 | |
Estimate of Fair Value Measurement [Member] | |||
Finance liability - Dixie Valley | 217.5 | 248.4 | |
Other long-term debt | 9.1 | 13.3 | |
Estimate of Fair Value Measurement [Member] | Mizrahi Loan Agreement [Member] | |||
Loans | 78 | 0 | |
Estimate of Fair Value Measurement [Member] | Convertible Senior Notes [Member] | |||
Notes | 497.3 | 0 | |
Estimate of Fair Value Measurement [Member] | HSBC Loan Agreement [Member] | |||
Loans | 39.9 | 50.4 | |
Estimate of Fair Value Measurement [Member] | Hapoalim Loan Agreement [Member] | |||
Loans | 100.9 | 117.8 | |
Estimate of Fair Value Measurement [Member] | Discount Loan Agreement [Member] | |||
Loans | 80.3 | 100.2 | |
Estimate of Fair Value Measurement [Member] | Olkaria III OPIC [Member] | |||
Loans | 139.1 | 166.5 | |
Estimate of Fair Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | |||
Loans | 29.5 | 34.1 | |
Estimate of Fair Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | |||
Loans | 26 | 30.1 | |
Estimate of Fair Value Measurement [Member] | Platanares Loan - OPIC [Member] | |||
Loans | 82.5 | 98.2 | |
Estimate of Fair Value Measurement [Member] | Amatitlan Loan [Member] | |||
Loans | 15.8 | 19.8 | |
Estimate of Fair Value Measurement [Member] | OFC Two Senior Secured Notes [Member] | |||
Notes | 154.2 | 183.3 | |
Estimate of Fair Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member] | |||
Notes | 58.8 | 69.8 | |
Estimate of Fair Value Measurement [Member] | USG Prudential - NV [Member] | |||
Notes | 24.3 | 28.9 | |
Estimate of Fair Value Measurement [Member] | USG Prudential - ID [Member] | |||
Notes | 15.9 | 17.3 | |
Estimate of Fair Value Measurement [Member] | USG DOE [Member] | |||
Notes | 32.6 | 39.9 | |
Estimate of Fair Value Measurement [Member] | Senior Unsecured Bonds [Member] | |||
Senior Unsecured debt | 269.8 | 578.9 | |
Estimate of Fair Value Measurement [Member] | Senior Unsecured Loan [Member] | |||
Senior Unsecured debt | 165.1 | 204.3 | |
Estimate of Fair Value Measurement [Member] | Plumstriker Loan Agreement [Member] | |||
Loans | 12.9 | 14.8 | |
Reported Value Measurement [Member] | |||
Finance liability - Dixie Valley | [1] | 242 | 252.9 |
Other long-term debt | [1] | 9.7 | 13.6 |
Reported Value Measurement [Member] | Mizrahi Loan Agreement [Member] | |||
Loans | [1] | 75 | 0 |
Reported Value Measurement [Member] | Convertible Senior Notes [Member] | |||
Notes | [1] | 431.3 | 0 |
Reported Value Measurement [Member] | HSBC Loan Agreement [Member] | |||
Loans | [1] | 42.9 | 50 |
Reported Value Measurement [Member] | Hapoalim Loan Agreement [Member] | |||
Loans | [1] | 107.1 | 116.1 |
Reported Value Measurement [Member] | Discount Loan Agreement [Member] | |||
Loans | [1] | 87.5 | 100 |
Reported Value Measurement [Member] | Olkaria III OPIC [Member] | |||
Loans | [1] | 143.2 | 156.7 |
Reported Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | |||
Loans | [1] | 30 | 32.5 |
Reported Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | |||
Loans | [1] | 26.2 | 28.4 |
Reported Value Measurement [Member] | Platanares Loan - OPIC [Member] | |||
Loans | [1] | 81.9 | 88.1 |
Reported Value Measurement [Member] | Amatitlan Loan [Member] | |||
Loans | [1] | 16.6 | 19.3 |
Reported Value Measurement [Member] | OFC Two Senior Secured Notes [Member] | |||
Notes | [1] | 162.3 | 173.3 |
Reported Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member] | |||
Notes | [1] | 64.1 | 67.9 |
Reported Value Measurement [Member] | USG Prudential - NV [Member] | |||
Notes | [1] | 25.5 | 26.3 |
Reported Value Measurement [Member] | USG Prudential - ID [Member] | |||
Notes | [1] | 16.2 | 17.3 |
Reported Value Measurement [Member] | USG DOE [Member] | |||
Notes | [1] | 32.8 | 35.5 |
Reported Value Measurement [Member] | Senior Unsecured Bonds [Member] | |||
Senior Unsecured debt | [1] | 254 | 539.6 |
Reported Value Measurement [Member] | Senior Unsecured Loan [Member] | |||
Senior Unsecured debt | [1] | 174.8 | 191.6 |
Reported Value Measurement [Member] | Plumstriker Loan Agreement [Member] | |||
Loans | [1] | $ 12.9 | $ 14.7 |
[1]Carrying amount value excludes the related deferred financing costs. |
Note 5 - Fair Value of Financ_8
Note 5 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Finance liability - Dixie Valley | $ 217.5 | $ 248.4 |
Deposits | 14.6 | 17.1 |
Mizrahi Loan Agreement [Member] | ||
Loans | 78 | |
HSBC Loan Agreement [Member] | ||
Loans | 39.9 | 50.4 |
Convertible Senior Notes [Member] | ||
Notes | 497.3 | |
Hapoalim Loan Agreement [Member] | ||
Loans | 100.9 | 117.8 |
Discount Loan Agreement [Member] | ||
Loans | 80.3 | 100.2 |
Olkaria III Loan DFC [Member] | ||
Loans | 139.1 | 166.5 |
Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 34.1 | |
Olkaria IV Loan - DEG 3 [Member] | ||
Loans | 30.1 | |
Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 29.5 | |
Platanares Loan - OPIC [Member] | ||
Loans | 82.5 | 98.2 |
Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 26 | |
Amatitlan Loan [Member] | ||
Loans | 15.8 | 19.8 |
OFC Senior Secured Notes [Member] | ||
Notes | 154.2 | 183.3 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 58.8 | 69.8 |
USG Prudential - NV [Member] | ||
Notes | 24.3 | 28.9 |
USG Prudential - ID [Member] | ||
Notes | 15.9 | 17.3 |
USG DOE [Member] | ||
Notes | 32.6 | 39.9 |
Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 269.8 | 578.9 |
Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 165.1 | 204.3 |
Plumstriker Loan Agreement [Member] | ||
Loans | 12.9 | 14.8 |
Other Long-term Debt [Member] | ||
Senior Unsecured debt | 9.1 | 13.3 |
Fair Value, Inputs, Level 1 [Member] | ||
Finance liability - Dixie Valley | 0 | 0 |
Deposits | 14.6 | 17.1 |
Fair Value, Inputs, Level 1 [Member] | Mizrahi Loan Agreement [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 1 [Member] | HSBC Loan Agreement [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Convertible Senior Notes [Member] | ||
Notes | 0 | |
Fair Value, Inputs, Level 1 [Member] | Hapoalim Loan Agreement [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Discount Loan Agreement [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Olkaria III Loan DFC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 1 [Member] | Olkaria IV Loan - DEG 3 [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 1 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 1 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 1 [Member] | Amatitlan Loan [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | OFC Senior Secured Notes [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | USG Prudential - NV [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | USG Prudential - ID [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | USG DOE [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | 0 | 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 | 0 |
Deposits | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Mizrahi Loan Agreement [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | HSBC Loan Agreement [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Convertible Senior Notes [Member] | ||
Notes | 497.3 | |
Fair Value, Inputs, Level 2 [Member] | Hapoalim Loan Agreement [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Discount Loan Agreement [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Olkaria III Loan DFC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | Olkaria IV Loan - DEG 3 [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | Amatitlan Loan [Member] | ||
Loans | 15.8 | 19.8 |
Fair Value, Inputs, Level 2 [Member] | OFC Senior Secured Notes [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | USG Prudential - NV [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | USG Prudential - ID [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | USG DOE [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | 12.9 | 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 | 217.5 | 248.4 |
Deposits | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mizrahi Loan Agreement [Member] | ||
Loans | 78 | |
Fair Value, Inputs, Level 3 [Member] | HSBC Loan Agreement [Member] | ||
Loans | 39.9 | 50.4 |
Fair Value, Inputs, Level 3 [Member] | Convertible Senior Notes [Member] | ||
Notes | 0 | |
Fair Value, Inputs, Level 3 [Member] | Hapoalim Loan Agreement [Member] | ||
Loans | 100.9 | 117.8 |
Fair Value, Inputs, Level 3 [Member] | Discount Loan Agreement [Member] | ||
Loans | 80.3 | 100.2 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III Loan DFC [Member] | ||
Loans | 139.1 | 166.5 |
Fair Value, Inputs, Level 3 [Member] | Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 34.1 | |
Fair Value, Inputs, Level 3 [Member] | Olkaria IV Loan - DEG 3 [Member] | ||
Loans | 30.1 | |
Fair Value, Inputs, Level 3 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 29.5 | |
Fair Value, Inputs, Level 3 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 82.5 | 98.2 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 26 | |
Fair Value, Inputs, Level 3 [Member] | Amatitlan Loan [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | OFC Senior Secured Notes [Member] | ||
Notes | 154.2 | 183.3 |
Fair Value, Inputs, Level 3 [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 58.8 | 69.8 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - NV [Member] | ||
Notes | 24.3 | 28.9 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - ID [Member] | ||
Notes | 15.9 | 17.3 |
Fair Value, Inputs, Level 3 [Member] | USG DOE [Member] | ||
Notes | 32.6 | 39.9 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 269.8 | 578.9 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 165.1 | 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 | $ 9.1 | $ 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 $ / shares shares | |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest related to sale of tax benefits | $ 3,734 | $ 4,080 | $ 10,628 | $ 9,019 |
Interest expense | 23,023 | 22,259 | 68,001 | 61,579 |
Less — amount capitalized | (4,354) | (4,109) | (14,727) | (10,726) |
Total interest expense, net | $ 22,403 | $ 22,230 | $ 63,902 | $ 59,872 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 27,400 | 145,400 | 58,000 | 149,200 |
Convertible Senior Notes [Member] | ||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 90.27 | $ 90.27 |
Note 8 - Earnings Per Share - S
Note 8 - Earnings Per Share - Shares Used to Calculate Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Weighted average number of shares used in computation of basic earnings per share: (in shares) | 55,999 | 56,003 | 56,058 | 55,995 |
Additional shares from the assumed exercise of employee stock awards (in shares) | 458 | 295 | 421 | 418 |
Weighted average number of shares used in computation of diluted earnings per share (in shares) | 56,457 | 56,298 | 56,479 | 56,413 |
Note 9 - Business Segments (Det
Note 9 - Business Segments (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Number of Reportable Segments | 3 | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 175,885 | $ 158,842 | $ 528,673 | $ 472,095 | |
Goodwill, Ending Balance | 89,742 | 89,742 | $ 89,954 | ||
Electricity Segment [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 152,820 | 142,651 | 466,540 | 421,503 | |
Goodwill, Ending Balance | 85,100 | 86,700 | 85,100 | 86,700 | |
Electricity Segment [Member] | Accounted for Under ASC 606 [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 25,600 | 19,000 | 71,600 | 59,000 | |
Energy Storage and Management Services [Member] | |||||
Goodwill, Ending Balance | 4,600 | 4,600 | 4,600 | 4,600 | |
Product Segment [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 14,217 | 10,527 | 39,237 | 26,580 | |
Goodwill, Ending Balance | $ 0 | $ 0 | $ 0 | $ 0 |
Note 9 - Business Segments - Su
Note 9 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | ||||||
Revenue | $ 175,885 | $ 158,842 | $ 528,673 | $ 472,095 | ||||||
Operating income (loss) | 38,893 | 35,988 | 122,578 | 114,496 | ||||||
Segment assets at period end | 4,524,531 | [1],[2],[3] | 4,359,366 | [1],[2],[3] | 4,524,531 | [1],[2],[3] | 4,359,366 | [1],[2],[3] | $ 4,425,678 | |
Operating income (loss) | 122,578 | |||||||||
Segment Reconciling Items [Member] | ||||||||||
Revenue | 0 | [3] | 0 | [3] | 0 | 0 | ||||
Segment assets at period end | 117,182 | 109,725 | 117,182 | 109,725 | ||||||
Electricity Segment [Member] | ||||||||||
Revenue | 152,820 | 142,651 | 466,540 | 421,503 | ||||||
Operating income (loss) | 38,054 | 38,409 | 116,176 | |||||||
Segment assets at period end | [1],[2],[3] | 4,153,330 | 4,064,679 | 4,153,330 | 4,064,679 | |||||
Operating income (loss) | 128,049 | |||||||||
Electricity Segment [Member] | Segment Reconciling Items [Member] | ||||||||||
Revenue | 0 | [3] | 0 | [3] | 0 | 0 | ||||
Segment assets at period end | 117,182 | 109,725 | 117,182 | 109,725 | ||||||
Product Segment [Member] | ||||||||||
Revenue | 14,217 | 10,527 | 39,237 | 26,580 | ||||||
Operating income (loss) | (158) | (1,115) | (2,753) | |||||||
Segment assets at period end | [1],[2],[3] | 128,790 | 125,167 | 128,790 | 125,167 | |||||
Operating income (loss) | (4,009) | |||||||||
Product Segment [Member] | Segment Reconciling Items [Member] | ||||||||||
Revenue | 14,959 | [3] | 14,147 | [3] | 57,959 | 90,519 | ||||
Segment assets at period end | 0 | 0 | 0 | 0 | ||||||
Other Segments [Member] | ||||||||||
Revenue | 8,848 | 5,664 | 22,896 | 24,012 | ||||||
Operating income (loss) | 997 | (1,306) | 1,073 | |||||||
Segment assets at period end | [1],[2],[3] | 242,411 | 169,520 | 242,411 | 169,520 | |||||
Operating income (loss) | (1,462) | |||||||||
Other Segments [Member] | Segment Reconciling Items [Member] | ||||||||||
Revenue | 0 | [3] | 0 | [3] | 0 | 0 | ||||
Segment assets at period end | 0 | 0 | 0 | 0 | ||||||
UNITED STATES | ||||||||||
Revenue | [4] | 116,605 | 105,755 | 353,624 | 313,143 | |||||
UNITED STATES | Electricity Segment [Member] | ||||||||||
Revenue | [4] | 106,490 | 98,550 | 327,792 | 285,090 | |||||
UNITED STATES | Product Segment [Member] | ||||||||||
Revenue | [4] | 1,267 | 1,541 | 2,936 | 4,041 | |||||
UNITED STATES | Other Segments [Member] | ||||||||||
Revenue | [4] | 8,848 | 5,664 | 22,896 | 24,012 | |||||
Non-US [Member] | ||||||||||
Revenue | [5] | 59,280 | 53,087 | 175,049 | 158,952 | |||||
Non-US [Member] | Electricity Segment [Member] | ||||||||||
Revenue | [5] | 46,330 | 44,101 | 138,748 | 136,413 | |||||
Non-US [Member] | Product Segment [Member] | ||||||||||
Revenue | [5] | 12,950 | 8,986 | 36,301 | 22,539 | |||||
Non-US [Member] | Other Segments [Member] | ||||||||||
Revenue | [5] | $ 0 | $ 0 | $ 0 | $ 0 | |||||
[1]Electricity segment assets include goodwill in the amount of $85.1 million and $86.7 million as of September 30, 2022 and 2021, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 as of September 30, 2022 and 2021, respectively. No goodwill is included in the Product segment assets as of September 30, 2022 and 2021.[2]Including unconsolidated investments[3]Intersegment revenues are fully eliminated in consolidation.[4]Electricity segment revenues in the United States are all accounted under lease accounting except for $25.6 million and $71.6 million for the three and nine months ended September 30, 2022, and $19.0 and $59.0 million for the three and nine months ended September 30, 2021, respectively, that are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606.[5]Electricity segment revenues in foreign countries are all accounted under lease accounting. Product segment revenues in foreign countries are accounted under ASC 606. |
Note 9 - Business Segments - Re
Note 9 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | $ 175,885 | $ 158,842 | $ 528,673 | $ 472,095 |
Operating income (loss) | 38,893 | 35,988 | 122,578 | 114,496 |
Interest income | 1,659 | 519 | 2,180 | 1,590 |
Interest expense, net | (22,403) | (22,230) | (63,902) | (59,872) |
Derivatives and foreign currency transaction gains (losses) | (293) | (21) | (4,031) | (16,229) |
Income attributable to sale of tax benefits | 9,113 | 7,879 | 26,345 | 21,654 |
Other non-operating income (expense), net | 673 | 44 | (512) | (308) |
Total consolidated income before income taxes and equity in income of investees | 27,642 | 22,179 | 82,658 | 61,331 |
Intersegment Eliminations [Member] | ||||
Revenue | 14,959 | 14,147 | 57,959 | 90,519 |
Consolidation, Eliminations [Member] | ||||
Revenue | $ (14,959) | $ (14,147) | $ (57,959) | $ (90,519) |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Construction in Progress, Gross | $ 795,891 | $ 721,483 | ||||
Dixie Meadows PPA [Member] | ||||||
Construction in Progress, Gross | $ 83,000 | |||||
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 | |||||
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 26.10% | 9.20% | 28.50% | 15.20% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||||
Nov. 02, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Dividends, Common Stock, Total | $ 6,719 | $ 6,731 | $ 6,727 | $ 6,716 | $ 6,448 | $ 6,718 | |
Subsequent Event [Member] | |||||||
Dividends, Common Stock, Total | $ 6,700 | ||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.12 | ||||||
Dividends Payable, Date of Record | Nov. 16, 2022 | ||||||
Dividends Payable, Date to be Paid | Nov. 30, 2022 |