Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 01, 2023 | |
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 | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 | 60,354,082 | |
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, 2023 | Dec. 31, 2022 | ||
Current assets: | ||||
Cash and cash equivalents | $ 78,079 | $ 95,872 | ||
Restricted cash and cash equivalents (primarily related to VIEs) | 108,188 | 130,804 | ||
Receivables: | ||||
Trade less allowance for credit losses of $90 and $90, respectively (primarily related to VIEs) | 164,746 | 128,818 | ||
Other | 37,961 | 32,415 | ||
Inventories | 44,844 | 22,832 | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | [1] | 25,766 | 16,405 | |
Prepaid expenses and other | 56,073 | 29,571 | ||
Total current assets | 515,657 | 456,717 | ||
Investment in unconsolidated companies | 128,218 | 115,693 | ||
Deposits and other | 44,327 | 39,762 | ||
Deferred income taxes | 166,212 | 161,365 | ||
Property, plant and equipment, net | 2,883,130 | 2,493,457 | ||
Construction-in-process | 841,536 | 893,198 | ||
Operating leases right of use | 23,895 | 23,411 | ||
Finance leases right of use | 3,901 | 3,806 | ||
Intangible assets, net | 313,667 | 333,845 | ||
Goodwill | 90,269 | 90,325 | ||
Total assets | 5,010,812 | [2],[3] | 4,611,579 | |
Current liabilities: | ||||
Accounts payable and accrued expenses | 227,510 | 149,423 | ||
Short term revolving credit lines with banks (full recourse) | 35,000 | 0 | ||
Billings in excess of costs and estimated earnings on uncompleted contracts | 10,619 | 8,785 | ||
Current portion of long-term debt: | ||||
Limited and non-recourse (primarily related to VIEs) | 56,752 | 64,044 | ||
Full recourse | 109,194 | 101,460 | ||
Financing liability | 96,365 | 16,270 | ||
Operating lease liabilities | 3,229 | 2,347 | ||
Finance lease liabilities | 1,365 | 1,581 | ||
Total current liabilities | 540,034 | 343,910 | ||
Long-term debt, net of current portion: | ||||
Financing liability | 129,395 | 225,759 | ||
Operating lease liabilities | 19,779 | 19,788 | ||
Finance lease liabilities | 2,559 | 2,262 | ||
Liability associated with sale of tax benefits | 142,562 | 166,259 | ||
Deferred income taxes | 60,768 | 83,465 | ||
Liability for unrecognized tax benefits | 6,638 | 6,559 | ||
Liabilities for severance pay | 11,091 | 12,833 | ||
Asset retirement obligation | 103,751 | 97,660 | ||
Other long-term liabilities | 33,721 | 3,317 | ||
Total liabilities | 2,595,832 | 2,581,014 | ||
Commitments and contingencies (Note 9) | ||||
Redeemable noncontrolling interest | 9,952 | 9,590 | ||
Equity: | ||||
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,354,082 and 56,095,918 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 60 | 56 | ||
Additional paid-in capital | 1,610,577 | 1,259,072 | ||
Treasury stock, at cost (258,667 shares held as of September 30, 2023 and December 31, 2022, respectively) | (17,964) | (17,964) | ||
Retained earnings | 691,391 | 623,907 | ||
Accumulated other comprehensive income (loss) | (5,230) | 2,500 | ||
Total stockholders' equity attributable to Company's stockholders | 2,278,834 | 1,867,571 | ||
Noncontrolling interest | 126,194 | 153,404 | ||
Total equity | 2,405,028 | 2,020,975 | ||
Total liabilities, redeemable noncontrolling interest and equity | 5,010,812 | 4,611,579 | ||
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 $8,045 and $10,272, respectively) | 460,325 | 521,885 | ||
Senior Unsecured Bonds [Member] | ||||
Long-term debt, net of current portion: | ||||
Full recourse (less deferred financing costs of $3,177 and $2,995, respectively) | 662,687 | 676,512 | ||
Convertible Senior Notes [Member] | ||||
Long-term debt, net of current portion: | ||||
Convertible senior notes (less deferred financing costs of $8,728 and $10,445, respectively) | $ 422,522 | $ 420,805 | ||
[1]Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet fully recognized as product revenues during the three months ended March 31, 2023 as a result of performance obligations having not been fully satisfied yet.[2]Electricity segment assets include goodwill in the amount of $85.8 million and $86.0 million as of March 31, 2023 and 2022, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 as of March 31, 2023 and 2022, respectively. No goodwill is included in the Product segment assets as of March 31, 2023 and 2022.[3]Including unconsolidated investments |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Trade, allowance for credit losses | $ 90 | $ 90 |
Property, plant and equipment, net | 2,883,130 | 2,493,457 |
Construction-in-process | 841,536 | 893,198 |
Operating leases right of use | 23,895 | 23,411 |
Finance leases right of use | $ 3,901 | $ 3,806 |
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) | 60,354,082 | 56,095,918 |
Common stock, shares outstanding (in shares) | 60,354,082 | 56,095,918 |
Treasury stock, shares (in shares) | 258,667 | 258,667 |
Senior Secured Notes [Member] | ||
Deferred financing costs | $ 8,045 | $ 10,272 |
Senior Unsecured Bonds [Member] | ||
Deferred financing costs | 3,177 | 2,995 |
Convertible Senior Notes [Member] | ||
Deferred financing costs | 8,728 | 10,445 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Property, plant and equipment, net | 2,688,443 | 2,326,491 |
Construction-in-process | 407,600 | 360,508 |
Operating leases right of use | 9,512 | 9,662 |
Finance leases right of use | $ 10 | $ 75 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues: | ||||
Revenue | $ 208,056 | $ 175,885 | $ 588,084 | $ 528,673 |
Cost of revenues: | ||||
Cost of revenues | 148,053 | 114,777 | 402,522 | 340,059 |
Gross profit | 60,003 | 61,108 | 185,562 | 188,614 |
Operating expenses: | ||||
Research and development expenses | 1,392 | 1,238 | 4,763 | 3,690 |
Selling and marketing expenses | 4,682 | 4,093 | 13,999 | 12,410 |
General and administrative expenses | 14,044 | 16,057 | 49,525 | 47,155 |
Write-off of Energy Storage project assets and unsuccessful exploration activities | 2,318 | 827 | 2,318 | 2,781 |
Operating income | 37,567 | 38,893 | 114,957 | 122,578 |
Other income (expense): | ||||
Interest income | 2,827 | 1,659 | 9,620 | 2,180 |
Interest expense, net | (25,054) | (22,403) | (73,078) | (63,902) |
Derivatives and foreign currency transaction gains (losses) | (781) | (293) | (3,990) | (4,031) |
Income attributable to sale of tax benefits | 14,936 | 9,113 | 42,481 | 26,345 |
Other non-operating income (expense), net | 108 | 673 | 247 | (512) |
Income from operations before income tax and equity in earnings of investees | 29,603 | 27,642 | 90,237 | 82,658 |
Income tax (provision) benefit | 7,134 | (7,227) | 2,205 | (23,520) |
Equity in losses (earnings) of investees | (405) | (589) | 1,862 | (1,574) |
Net income | 36,332 | 19,826 | 94,304 | 57,564 |
Net income attributable to noncontrolling interest | (879) | (1,716) | (5,631) | (9,764) |
Net income attributable to the Company's stockholders | 35,453 | 18,110 | 88,673 | 47,800 |
Comprehensive income: | ||||
Net income | 36,332 | 19,826 | 94,304 | 57,564 |
Other comprehensive income (loss), net of related taxes: | ||||
Change in foreign currency translation adjustments | (1,220) | (3,824) | (1,523) | (8,439) |
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 | 673 | 2,916 | 1,063 | 8,361 |
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | (4,749) | (217) | (7,675) | (4,217) |
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax) | 0 | (1) | 0 | 40 |
Other changes in comprehensive income | 12 | 15 | 40 | 45 |
Total other comprehensive income (loss), net of related taxes: | (5,284) | (1,111) | (8,095) | (4,210) |
Comprehensive income | 31,048 | 18,715 | 86,209 | 53,354 |
Comprehensive income attributable to noncontrolling interest | (655) | (934) | (5,266) | (7,840) |
Comprehensive income attributable to the Company's stockholders | $ 30,393 | $ 17,781 | $ 80,943 | $ 45,514 |
Earnings per share attributable to the Company's stockholders: | ||||
Basic: (in dollars per share) | $ 0.59 | $ 0.32 | $ 1.5 | $ 0.85 |
Diluted: (in dollars per share) | $ 0.59 | $ 0.32 | $ 1.49 | $ 0.85 |
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: | ||||
Basic (in shares) | 60,299 | 55,999 | 59,105 | 56,058 |
Diluted (in shares) | 60,570 | 56,457 | 59,494 | 56,479 |
Electricity [Member] | ||||
Revenues: | ||||
Revenue | $ 157,212 | $ 152,820 | $ 482,846 | $ 466,540 |
Cost of revenues: | ||||
Cost of revenues | 107,166 | 97,053 | 311,348 | 287,091 |
Product [Member] | ||||
Revenues: | ||||
Revenue | 39,831 | 14,217 | 83,331 | 39,237 |
Cost of revenues: | ||||
Cost of revenues | 32,393 | 11,664 | 71,729 | 35,644 |
Energy Storage and Management Services [Member] | ||||
Revenues: | ||||
Revenue | 11,013 | 8,848 | 21,907 | 22,896 |
Cost of revenues: | ||||
Cost of revenues | $ 8,494 | $ 6,060 | $ 19,445 | $ 17,324 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Cross Currency Interest Rate Contract [Member] Common Stock [Member] | Cross Currency Interest Rate Contract [Member] Additional Paid-in Capital [Member] | Cross Currency Interest Rate Contract [Member] Treasury Stock, Common [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, Common [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balance (in shares) at Dec. 31, 2021 | 56,056 | |||||||||||||||||
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) | [1] | 16 | ||||||||||||||||
Exercise of stock-based awards by employees and directors (*) | [1] | 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 that qualifies as a cash flow hedge | 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) | ||||||||||
Net income | 0 | 0 | 0 | 18,430 | 0 | 18,430 | 4,105 | 22,535 | ||||||||||
Currency translation adjustment | 0 | 0 | 0 | 0 | (857) | (857) | (299) | (1,156) | ||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge | 0 | 0 | 0 | 0 | 3,902 | 3,902 | 0 | 3,902 | ||||||||||
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | 0 | 0 | 0 | 0 | (1,905) | (1,905) | 0 | (1,905) | ||||||||||
Balance (in shares) at Mar. 31, 2022 | 56,072 | |||||||||||||||||
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 | |||||||||||||||||
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 that qualifies as a cash flow hedge | 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 | |||||||||||||||||
Currency translation adjustment | (8,439) | |||||||||||||||||
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 | 8,361 | |||||||||||||||||
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | (4,217) | |||||||||||||||||
Balance (in shares) at Sep. 30, 2022 | 56,048 | |||||||||||||||||
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 | |||||||||||||||||
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) | 121 | |||||||||||||||||
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 that qualifies as a cash flow hedge | 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) | |||||||||||||||||
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) | ||||||||||
Net income | 0 | 0 | 0 | 11,260 | 0 | 11,260 | 3,470 | 14,730 | ||||||||||
Currency translation adjustment | 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 derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge | 0 | 0 | 0 | 0 | 1,543 | 1,543 | 0 | 1,543 | ||||||||||
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | $ 0 | $ 0 | $ 0 | $ 0 | $ (2,095) | $ (2,095) | $ 0 | $ (2,095) | ||||||||||
Balance (in shares) at Jun. 30, 2022 | 55,934 | |||||||||||||||||
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) | 114 | |||||||||||||||||
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 that qualifies as a cash flow hedge | 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 | (1) | (1) | 0 | (1) | |||||||||||
Net income | 0 | 0 | 0 | 18,110 | 0 | 18,110 | 1,531 | 19,641 | ||||||||||
Currency translation adjustment | 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 derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge | 0 | 0 | 0 | 0 | 2,916 | 2,916 | 0 | 2,916 | ||||||||||
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | 0 | 0 | 0 | 0 | (217) | (217) | 0 | (217) | ||||||||||
Balance (in shares) at Sep. 30, 2022 | 56,048 | |||||||||||||||||
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 Dec. 31, 2022 | 56,096 | |||||||||||||||||
Balance at Dec. 31, 2022 | 56 | 1,259,072 | (17,964) | 623,907 | 2,500 | 1,867,571 | 153,404 | 2,020,975 | ||||||||||
Stock-based compensation | 0 | 2,990 | 0 | 0 | 0 | 2,990 | 0 | 2,990 | ||||||||||
Exercise of stock-based awards by employees and directors (*) | 0 | 27 | 0 | 0 | 0 | 27 | 0 | 27 | ||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (2,360) | (2,360) | ||||||||||
Cash dividend declared | 0 | 0 | 0 | (6,732) | 0 | (6,732) | 0 | (6,732) | ||||||||||
Net income | 0 | 0 | 0 | 29,029 | 0 | 29,029 | 4,235 | 33,264 | ||||||||||
Change in foreign currency translation adjustments | 0 | 0 | 0 | 0 | (306) | (306) | (390) | (696) | ||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge | 0 | 0 | 0 | 0 | (1,014) | (1,014) | 0 | (1,014) | ||||||||||
Change in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | 0 | (5,403) | (5,403) | 0 | (5,403) | ||||||||||
Other | 0 | 0 | 0 | 0 | 14 | 14 | 0 | 14 | ||||||||||
Net income | 0 | 0 | 0 | 29,029 | 0 | 29,029 | 4,235 | 33,264 | ||||||||||
Currency translation adjustment | 0 | 0 | 0 | 0 | (306) | (306) | (390) | (696) | ||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge | 0 | 0 | 0 | 0 | (1,014) | (1,014) | 0 | (1,014) | ||||||||||
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | 0 | 0 | 0 | 0 | (5,403) | (5,403) | 0 | (5,403) | ||||||||||
Issuance of common stock (in shares) | 3,600 | |||||||||||||||||
Issuance of common stock | 4 | 297,117 | 0 | 0 | 0 | 297,121 | 0 | 297,121 | ||||||||||
Change in noncontrolling interest rights | 0 | 1,239 | 0 | 0 | 0 | 1,239 | (2,396) | (1,157) | ||||||||||
Stock issuance costs reimbursement | 4 | 297,117 | 0 | 0 | 0 | 297,121 | 0 | 297,121 | ||||||||||
Balance (in shares) at Mar. 31, 2023 | 59,696 | |||||||||||||||||
Balance at Mar. 31, 2023 | 60 | 1,560,445 | (17,964) | 646,204 | (4,209) | 2,184,536 | 152,493 | 2,337,029 | ||||||||||
Balance (in shares) at Dec. 31, 2022 | 56,096 | |||||||||||||||||
Balance at Dec. 31, 2022 | 56 | 1,259,072 | (17,964) | 623,907 | 2,500 | 1,867,571 | 153,404 | 2,020,975 | ||||||||||
Change in foreign currency translation adjustments | (1,523) | |||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge | 1,063 | |||||||||||||||||
Change in respect of derivative instruments designated for cash flow hedge | (7,675) | |||||||||||||||||
Other | 40 | |||||||||||||||||
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax) | 0 | |||||||||||||||||
Currency translation adjustment | (1,523) | |||||||||||||||||
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 | 1,063 | |||||||||||||||||
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | (7,675) | |||||||||||||||||
Balance (in shares) at Sep. 30, 2023 | 60,354 | |||||||||||||||||
Balance at Sep. 30, 2023 | 60 | 1,610,577 | (17,964) | 691,391 | (5,230) | 2,278,834 | 126,194 | 2,405,028 | ||||||||||
Balance (in shares) at Mar. 31, 2023 | 59,696 | |||||||||||||||||
Balance at Mar. 31, 2023 | 60 | 1,560,445 | (17,964) | 646,204 | (4,209) | 2,184,536 | 152,493 | 2,337,029 | ||||||||||
Stock-based compensation | 0 | 4,311 | 0 | 0 | 0 | 4,311 | 0 | 4,311 | ||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (135) | (135) | ||||||||||
Cash dividend declared | 0 | 0 | 0 | (7,229) | 0 | (7,229) | 0 | (7,229) | ||||||||||
Net income | 0 | 0 | 0 | 24,191 | 0 | 24,191 | 45 | 24,236 | ||||||||||
Change in foreign currency translation adjustments | 0 | 0 | 0 | 0 | 144 | 144 | 249 | 393 | ||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge | 0 | 0 | 0 | 0 | 1,404 | 1,404 | 0 | 1,404 | ||||||||||
Change in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | 0 | 2,477 | 2,477 | 0 | 2,477 | ||||||||||
Other | 0 | 0 | 0 | 0 | 14 | 14 | 0 | 14 | ||||||||||
Net income | 0 | 0 | 0 | 24,191 | 0 | 24,191 | 45 | 24,236 | ||||||||||
Currency translation adjustment | 0 | 0 | 0 | 0 | 144 | 144 | 249 | 393 | ||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge | 0 | 0 | 0 | 0 | 1,404 | 1,404 | 0 | 1,404 | ||||||||||
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | 0 | 0 | 0 | 0 | 2,477 | 2,477 | 0 | 2,477 | ||||||||||
Issuance of common stock (in shares) | 540 | |||||||||||||||||
Issuance of common stock | 0 | 44,542 | 0 | 0 | 0 | 44,542 | 0 | 44,542 | ||||||||||
Stock issuance costs reimbursement | 0 | 44,542 | 0 | 0 | 0 | 44,542 | 0 | 44,542 | ||||||||||
Balance (in shares) at Jun. 30, 2023 | 60,236 | |||||||||||||||||
Balance at Jun. 30, 2023 | 60 | 1,609,298 | (17,964) | 663,166 | (170) | 2,254,390 | 152,652 | 2,407,042 | ||||||||||
Stock-based compensation | 0 | 3,934 | 0 | 0 | 0 | 3,934 | 0 | 3,934 | ||||||||||
Exercise of stock-based awards by employees and directors (*) (in shares) | 118 | |||||||||||||||||
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 | (348) | (348) | ||||||||||
Cash dividend declared | 0 | 0 | 0 | (7,228) | 0 | (7,228) | 0 | (7,228) | ||||||||||
Net income | 0 | 0 | 0 | 35,453 | 0 | 35,453 | 506 | 35,959 | ||||||||||
Change in foreign currency translation adjustments | 0 | 0 | 0 | 0 | (996) | (996) | (224) | (1,220) | ||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge | 0 | 0 | 0 | 0 | 673 | 673 | 0 | 673 | ||||||||||
Change in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | 0 | (4,749) | (4,749) | 0 | (4,749) | ||||||||||
Other | 0 | 0 | 0 | 0 | 12 | 12 | 0 | 12 | ||||||||||
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax) | 0 | |||||||||||||||||
Net income | 0 | 0 | 0 | 35,453 | 0 | 35,453 | 506 | 35,959 | ||||||||||
Currency translation adjustment | 0 | 0 | 0 | 0 | (996) | (996) | (224) | (1,220) | ||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge | 0 | 0 | 0 | 0 | 673 | 673 | 0 | 673 | ||||||||||
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | 0 | 0 | 0 | 0 | (4,749) | (4,749) | 0 | (4,749) | ||||||||||
Issuance of common stock | 0 | 8 | 0 | 0 | 0 | 8 | 0 | 8 | ||||||||||
Stock issuance costs reimbursement | 0 | 8 | 0 | 0 | 0 | 8 | 0 | 8 | ||||||||||
Transaction with noncontrolling interest | 0 | (2,663) | 0 | 0 | (2,663) | (26,392) | (29,055) | |||||||||||
Balance (in shares) at Sep. 30, 2023 | 60,354 | |||||||||||||||||
Balance at Sep. 30, 2023 | $ 60 | $ 1,610,577 | $ (17,964) | $ 691,391 | $ (5,230) | $ 2,278,834 | $ 126,194 | $ 2,405,028 | ||||||||||
[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, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | |
Retained Earnings [Member] | |||
Cash dividend declared, per share (in dollars per share) | $ 0.12 | $ 0.12 | |
Cash dividend declared, per share (in dollars per share) | $ 0.12 | ||
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, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 94,304 | $ 57,564 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 164,905 | 147,458 |
Accretion of asset retirement obligation | 4,644 | 3,920 |
Stock-based compensation | 11,235 | 8,629 |
Income attributable to sale of tax benefits, net of interest expense | (23,896) | (16,679) |
Equity in losses (earnings) of investees | (1,862) | 1,574 |
Mark-to-market of derivative instruments | 284 | 2,677 |
Disposal of property, plant and equipment | 35 | (84) |
Write-off of Energy Storage project assets and unsuccessful exploration activities | 2,318 | 2,781 |
Loss on severance pay fund asset | 525 | 951 |
Loss from prepayment of a long-term loan | 0 | 1,102 |
Deferred income tax provision | (26,426) | 2,269 |
Liability for unrecognized tax benefits | 79 | 842 |
Other | 0 | 575 |
Changes in operating assets and liabilities, net of businesses acquired: | ||
Receivables | (48,805) | 3,617 |
Costs and estimated earnings in excess of billings on uncompleted contracts | (9,361) | (7,662) |
Inventories | (22,012) | (1,360) |
Prepaid expenses and other | (11,702) | (2,399) |
Change in operating lease right of use asset | 2,874 | 2,119 |
Deposits and other | (8,028) | 1,362 |
Accounts payable and accrued expenses | 32,774 | (1,089) |
Billings in excess of costs and estimated earnings on uncompleted contracts | 1,834 | 4,786 |
Liabilities for severance pay | (1,742) | (2,093) |
Change in operating lease liabilities | (2,497) | (2,072) |
Other long-term liabilities | 10,776 | (2,541) |
Net cash provided by operating activities | 170,256 | 206,247 |
Cash flows from investing activities: | ||
Purchase of marketable securities | 0 | (19,192) |
Maturities of marketable securities | 0 | 32,645 |
Sale of marketable securities | 0 | 29,355 |
Capital expenditures | (448,791) | (408,378) |
Investment in unconsolidated companies | (9,600) | (4,509) |
Decrease (increase) in severance pay fund asset, net of payments made to retired employees | 225 | 502 |
Net cash used in investing activities | (458,166) | (369,577) |
Cash flows from financing activities: | ||
Proceeds from long-term loans, net of transaction costs | 99,850 | 75,000 |
Proceeds from exercise of options by employees | 27 | 42 |
Proceeds from issuance of convertible notes, net of transaction costs | 0 | 419,698 |
Purchase of capped call instruments | 0 | (24,538) |
Purchase of treasury stock | 0 | (17,964) |
Prepayments of a long-term loan | 0 | (219,126) |
Proceeds from revolving credit lines with banks | 35,000 | 0 |
Cash received from noncontrolling interest | 7,341 | 5,443 |
Repayments of long-term debt | (175,860) | (135,656) |
Proceeds from issuance of common stock, net of related costs | 341,671 | 0 |
Cash paid to noncontrolling interest | (34,523) | (5,942) |
Payments under finance lease obligations | (1,590) | (2,347) |
Deferred debt issuance costs | (3,159) | (833) |
Cash dividends paid | (21,189) | (20,177) |
Net cash provided by financing activities | 247,568 | 73,600 |
Effect of exchange rate changes | (67) | (679) |
Net change in cash and cash equivalents and restricted cash and cash equivalents | (40,409) | (90,409) |
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period | 226,676 | 343,444 |
Cash and cash equivalents and restricted cash and cash equivalents at end of period | 186,267 | 253,035 |
Supplemental non-cash investing and financing activities: | ||
Change in accounts payable related to purchases of property, plant and equipment | 27,581 | 13,972 |
Right of use assets obtained in exchange for new lease liabilities | $ 5,319 | $ 5,249 |
Note 1 - General and Basis of P
Note 1 - General and Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023, three nine September 30, 2023 2022 nine September 30, 2023 2022. 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, 2022. December 31, 2022 December 31, 2022 not Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000. Hapoalim Bank Loan On February 27, 2023, 2023” August 27, 2023. not not not September 30, 2023, Equity Offering On March 14, 2023, 30 April 3, 2023. Loans Repayments On April 4, 2023, September 29, 2023, ORPD Transaction On July 11, 2023, 1, 2, 3 Kenya Finance Act 2023 As described under Note 10 June 26, 2023, 2023 June 30, 2023, July 28, 2023, third Write-offs of Energy Storage project assets and unsuccessful exploration activities During the three nine September 30, 2023, $2.3 $2.3 three nine September 30, 2022, $0.8 $2.8 no Reconciliation of cash and cash equivalents and restricted cash and cash equivalents The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as reported on the balance sheet to the total of the same amounts shown on the statement of cash flows: September 30, December 31, 2023 2022 (Dollars in thousands) Cash and cash equivalents $ 78,079 $ 95,872 Restricted cash and cash equivalents 108,188 130,804 Total Cash and cash equivalents and restricted cash and cash equivalents $ 186,267 $ 226,676 Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash investments 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, 2023 December 31, 2022, ten $250,000 September 30, 2023 December 31, 2022, At September 30, 2023 December 31, 2022, September 30, 2023 December 31, 2022, 10% 10% September 30, 2023 December 31, 2022 The Company's revenues from its primary customers as a percentage of total revenues are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Southern California Public Power Authority (“SCPPA”) 18.7 % 18.7 % 22.0 % 21.4 % Sierra Pacific Power Company and Nevada Power Company 14.0 14.0 16.5 17.1 Kenya Power and Lighting Co. Ltd. ("KPLC") 13.1 15.2 14.0 14.9 The Company has historically been able to collect on substantially all of its receivable balances. As of September 30, 2023, October 2023. In Honduras, as of September 30, 2023, October 2023. may 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 The following table describes the changes in the allowance for expected credit losses for the three nine September 30, 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Dollars in thousands) (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 90 $ 90 $ 90 $ 90 Change in the provision for expected credit losses for the period — — — — Ending balance of the allowance for expected credit losses $ 90 $ 90 $ 90 $ 90 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, 2023 December 31, 2022 September 30, December 31, 2023 2022 (Dollars in thousands) Contract assets (*) $ 25,766 $ 16,405 Contract liabilities (*) $ (10,619 ) $ (8,785 ) (*) 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, 2023 not On September 30, 2023, not Disaggregated revenues from contracts with customers for the three nine September 30, 2023 2022 8 Leases in which the Company is a lessor The table below presents lease income recognized as a lessor: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Dollars in thousands) (Dollars in thousands) Lease income relating to lease payments from operating leases $ 129,903 $ 127,748 $ 392,665 $ 394,901 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 Transferable production and investment tax credits The Inflation Reduction Act (“IRA”) was signed into law in August 2022 third December 31, 2022. not third 740 three nine September 30, 2023 three nine September 30, 2023 |
Note 2 - New Accounting Pronoun
Note 2 - New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 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 New accounting pronouncements effective in future periods Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method In March 2023, 2023 02 323 2023 02 December 15, 2023, 2023 02 not Accounting Standards Codification Amendments In October 2023, 2023 06 X not 2023 06 not |
Note 3 - Inventories
Note 3 - Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 INVENTORIES Inventories consist of the following: September 30, December 31, 2023 2022 (Dollars in thousands) Raw materials and purchased parts for assembly $ 21,784 $ 10,629 Self-manufactured assembly parts and finished products 23,060 12,203 Total inventories $ 44,844 $ 22,832 |
Note 4 - Fair Value of Financia
Note 4 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 4 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, 2023 December 31, 2022 September 30, 2023 Fair Value Carrying Value at September 30, 2023 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 30,483 $ 30,483 $ 30,483 $ — $ — Marketable securities (1) 141 141 141 — — Liabilities: Current liabilities: Derivatives: Cross currency swap (2) (5,463 ) (5,463 ) — (5,463 ) — Currency forward contracts (3) (1,084 ) (1,084 ) — (1,084 ) — Long term liabilities: Cross currency swap (2) (19,628 ) (19,628 ) — (19,628 ) — $ 4,449 $ 4,449 $ 30,624 $ (26,175 ) $ — December 31, 2022 Fair Value Carrying Value at December 31, 2022 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets Current assets: Cash equivalents (including restricted cash accounts) $ 34,832 $ 34,832 $ 34,832 $ — $ — Marketable securities (1) 136 136 136 — — Derivatives: Long-term assets: Cross currency swap (2) 3,029 3,029 — 3,029 — Liabilities: Current liabilities: Derivatives: Currency forward contracts (3) (800 ) (800 ) — (800 ) — Cross currency swap (2) (2,777 ) (2,777 ) — (2,777 ) — $ 34,420 $ 34,420 $ 34,968 $ (548 ) $ — 1. Presented under “Cash and cash equivalents” in the condensed consolidated balance sheets. 2. 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, 2023 December 31, 2022, September 30, 2023 December 31, 2022. September 30, 2023 December 31, 2022. 3. 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” or “Accounts payable and accrued expenses”, as applicable, in the condensed consolidated balance sheets on September 30, 2023 December 31, 2022, The following table presents the amounts of gain (loss) recognized in the consolidated statements of operations and comprehensive income on derivative instruments (in thousands): Amount of recognized gain (loss) Amount of recognized gain (loss) Derivatives not designated as hedging instruments Location of recognized gain (loss) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Dollars in thousands) (Dollars in thousands) Currency forward contracts (1) Derivative and foreign currency transaction gains (losses) $ (1,090 ) $ (678 ) $ (3,817 ) $ (5,384 ) Derivatives designated as cash flow hedging instruments Cross currency swap (2) Derivative and foreign currency transaction gains (losses) $ (7,011 ) $ (3,121 ) $ (17,564 ) $ (38,536 ) ( 1 not ( 2 1 There were no 1, 2 3 nine September 30, 2023 2022. The following table presents the effect of derivative instruments designated as cash flow hedges on the condensed consolidated statements of operations and comprehensive income (loss) for the three nine September 30, 2023 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Dollars in thousands) (Dollars in thousands) Cross currency swap cash flow hedge: Balance in Accumulated other comprehensive income (loss) beginning of period $ 993 $ 1,745 $ 3,920 $ 5,745 Gain or (loss) recognized in Other comprehensive income (loss) 2,262 (3,338 ) 9,888 (42,753 ) Amount reclassified from Other comprehensive income (loss) into earnings (7,011 ) 3,121 (17,564 ) 38,536 Balance in Accumulated other comprehensive income (loss) end of period $ (3,756 ) $ 1,528 $ (3,756 ) $ 1,528 The estimated net amount of existing gain (loss) that is reported in "Accumulated other comprehensive income (loss)" as of September 30, 2023 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, 2023 December 31, 2022 September 30, 2023 December 31, 2022 (Dollars in millions) (Dollars in millions) Mizrahi Loan $ 65.2 $ 71.4 $ 65.6 $ 70.3 Convertible Senior Notes 419.8 505.3 431.3 431.3 HSBC Loan 35.9 40.3 35.7 42.9 Hapoalim Loan 83.2 91.1 89.3 98.2 Hapoalim Loan 2023 97.1 — 95.0 — Discount Loan 67.9 81.1 75.0 87.5 Finance liability - Dixie Valley 201.4 219.8 225.8 242.0 Olkaria III Loan - DFC 118.9 134.2 125.2 138.7 Olkaria III plant 4 Loan - DEG 2 24.2 26.5 25.0 27.5 Olkaria III plant 1 Loan - DEG 3 21.3 23.3 21.8 24.0 Platanares Loan - DFC 72.1 80.2 73.7 79.9 Amatitlan Loan — 14.7 — 15.8 OFC 2 LLC ("OFC 2") 135.6 149.8 146.7 158.0 Don A. Campbell 1 ("DAC 1") 52.5 57.4 58.8 62.7 USG Prudential - NV 22.2 23.7 24.3 25.0 USG Prudential - ID 52.0 56.8 58.9 61.6 USG DOE 29.0 32.8 30.1 32.8 Senior Unsecured Bonds 190.4 235.1 209.2 255.8 Senior Unsecured Loan 145.3 166.4 158.0 174.8 Plumstriker — 11.2 — 11.4 Other long-term debt 7.5 9.2 8.1 10.4 (*) The fair value of the long-term debt is determined by a valuation model, which is based on a conventional discounted cash flow methodology and utilizes assumptions of current borrowing rates, 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. 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, 2023: Level 1 Level 2 Level 3 Total (Dollars in millions) Mizrahi Loan $ — $ — $ 65.2 $ 65.2 Convertible Senior Notes — 419.8 — 419.8 HSBC Loan — — 35.9 35.9 Hapoalim Loan — — 83.2 83.2 Hapoalim Loan 2023 — — 97.1 97.1 Discount Loan — — 67.9 67.9 Finance liability - Dixie Valley — — 201.4 201.4 Olkaria III Loan - DFC — — 118.9 118.9 Olkaria III plant 4 Loan - DEG 2 — — 24.2 24.2 Olkaria III plant 1 Loan - DEG 3 — — 21.3 21.3 Platanares Loan - DFC — — 72.1 72.1 OFC 2 Senior Secured Notes — — 135.6 135.6 DAC 1 Senior Secured Notes — — 52.5 52.5 USG Prudential - NV — — 22.2 22.2 USG Prudential - ID — — 52.0 52.0 USG DOE — — 29.0 29.0 Senior Unsecured Bonds — — 190.4 190.4 Senior Unsecured Loan — — 145.3 145.3 Other long-term debt — — 7.5 7.5 Deposits 21.2 — — 21.2 The following table presents the fair value of financial instruments as of December 31, 2022: Level 1 Level 2 Level 3 Total (Dollars in millions) Mizrahi Loan $ — $ — $ 71.4 $ 71.4 Convertible Senior Notes — 505.3 — 505.3 HSBC Loan — — 40.3 40.3 Hapoalim Loan — — 91.1 91.1 Discount Loan — — 81.1 81.1 Financing Liability - Dixie Valley — — 219.8 219.8 Olkaria III Loan - DFC — — 134.2 134.2 Olkaria IV - DEG 2 — — 26.5 26.5 Olkaria IV - DEG 3 — — 23.3 23.3 Platanares Loan - DFC — — 80.2 80.2 Amatitlan Loan — 14.7 — 14.7 OFC 2 Senior Secured Notes — — 149.8 149.8 DAC 1 Senior Secured Notes — — 57.4 57.4 USG Prudential - NV — — 23.7 23.7 USG Prudential - ID — — 56.8 56.8 USG DOE — — 32.8 32.8 Senior Unsecured Bonds — — 235.1 235.1 Senior Unsecured Loan — — 166.4 166.4 Plumstriker — 11.2 — 11.2 Other long-term debt — — 9.2 9.2 Deposits 13.9 — — 13.9 |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 5 STOCK-BASED COMPENSATION In March 2023, 2018 The fair value of each RSU and PSU on the grant date was $79.9 and $79.6, respectively. The Company calculated the fair value of each RSU and PSU on the grant date using the complex lattice, tree-based option-pricing model based on the following assumptions: Risk-free interest rates 3.86% - 4.68% Expected life (in years) 2 - 5.75 Dividend yield 0.59% Expected volatility (weighted average) 36.0% - 42.2% In May 2023, 2018 1 The fair value of each RSU on the grant date was $82.9. The Company calculated the fair value of each RSU and PSU on the grant date using the complex lattice, tree-based option-pricing model based on the following assumptions: Risk-free interest rates 4.70 % Expected life (in years) 1 Dividend yield 0.56 % Expected volatility (weighted average) 34.8 % There were no nine September 30, 2023. |
Note 6 - Interest Expense, Net
Note 6 - Interest Expense, Net | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Interest Expense Disclosure [Text Block] | NOTE 6 INTEREST EXPENSE, NET The components of interest expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Dollars in thousands) (Dollars in thousands) Interest related to sale of tax benefits $ 5,304 $ 3,734 $ 12,255 $ 10,628 Interest expense 24,362 23,023 74,144 68,001 Less — amount capitalized (4,612 ) (4,354 ) (13,321 ) (14,727 ) Total interest expense, net $ 25,054 $ 22,403 $ 73,078 $ 63,902 |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 7 EARNINGS PER SHARE Basic earnings per share attributable to the Company’s stockholders is computed by dividing net income or loss attributable to the Company’s stockholders by the weighted average number of shares of common stock outstanding for the period. The Company does not The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Weighted average number of shares used in computation of basic earnings per share: 60,299 55,999 59,105 56,058 Additional shares from the assumed exercise of employee stock awards 271 458 389 421 Weighted average number of shares used in computation of diluted earnings per share 60,570 56,457 59,494 56,479 The number of stock-based awards that could potentially dilute future earnings per share and that were not three September 30, 2023 2022, nine September 30, 2023 2022, As per ASU 2020 06, three nine September 30, 2023, not not no |
Note 8 - Business Segments
Note 8 - Business Segments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 8 BUSINESS SEGMENTS The Company has three • Under the Electricity segment, the Company builds, owns and operates geothermal, solar PV and recovered energy-based power plants ("REG") in the United States and geothermal power plants in foreign countries, and sell 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 provide services relating to the engineering, procurement and construction ("EPC") of geothermal and recovered energy-based power plants. • Under the Energy Storage segment, the Company provides energy storage and related services. 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, 2023: Revenues from external customers: United States (1) $ 108,762 $ 2,099 $ 11,013 $ 121,874 Foreign (2) 48,450 37,732 — 86,182 Net revenue from external customers 157,212 39,831 11,013 208,056 Intersegment revenues (4) — 6,747 — — Operating income (loss) 34,787 2,374 406 37,567 Segment assets at period end (3) (*) 4,481,600 190,157 339,055 5,010,812 * Including unconsolidated investments 128,218 — — 128,218 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 Nine Months Ended September 30, 2023: Revenues from external customers: United States (1) $ 337,382 $ 5,793 $ 21,907 $ 365,082 Foreign (2) 145,464 77,538 — 223,002 Net revenue from external customers 482,846 83,331 21,907 588,084 Intersegment revenues (4) — 27,437 — — Operating income (loss) 120,457 (1,429 ) (4,071 ) 114,957 Segment assets at period end (3) 4,481,600 190,157 339,055 5,010,812 * Including unconsolidated investments 128,218 — — 128,218 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 ( 1 Electricity segment revenues in the United States are all accounted under lease accounting except for $27.3 million and $90.2 million for the three nine September 30, 2023, three nine September 30, 2022, 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 $85.6 million and $85.1 million as of September 30, 2023 2022, September 30, 2023 2022, September 30, 2023 2022. ( 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, 2023 2022 2023 2022 (Dollars in thousands) (Dollars in thousands) Revenues: Total segment revenues $ 208,056 $ 175,885 $ 588,084 $ 528,673 Intersegment revenues 6,747 14,959 27,437 57,959 Elimination of intersegment revenues (6,747 ) (14,959 ) (27,437 ) (57,959 ) Total consolidated revenues $ 208,056 $ 175,885 $ 588,084 $ 528,673 Operating income: Operating income $ 37,567 $ 38,893 $ 114,957 $ 122,578 Interest income 2,827 1,659 9,620 2,180 Interest expense, net (25,054 ) (22,403 ) (73,078 ) (63,902 ) Derivatives and foreign currency transaction gains (losses) (781 ) (293 ) (3,990 ) (4,031 ) Income attributable to sale of tax benefits 14,936 9,113 42,481 26,345 Other non-operating income (expense), net 108 673 247 (512 ) Total consolidated income before income taxes and equity in income of investees $ 29,603 $ 27,642 $ 90,237 $ 82,658 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9 COMMITMENTS AND CONTINGENCIES • 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 first 12 7 February 14, 2023. July 2023, 7 September 18, 2023, no may September 30, 2023, 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, In Kenya, since 2021, |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 INCOME TAXES The Company’s effective tax rate provision for the three September 30, 2023 2022 nine September 30, 2023 2022 On August 16, 2022, 2.75 3.30 30.0%, 50.0%. December 31, 2022. third On June 26, 2023, 2023 June 30, 2023, 30% July 28, 2023, September 30, 2023, |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 11 SUBSEQUENT EVENTS Cash Dividend On November 8, 2023, November 22, 2023 December 6, 2023 North Valley Tax Equity Transaction On October 27, 2023, one Under the transaction documents, prior to December 31, 2032 ( not On the Target Flip Date, Ormat Nevada has the option to purchase the private investor’s interests at the then-current fair market value, plus an amount that causes the private investor to reach its target return, if needed. If Ormat Nevada exercises this purchase option, it will become the sole owner of the project again. Geothermal and Solar Assets Purchase Transaction On October 23, 2023, two one two two first 2024, The geothermal power plants include the Cove Fort power plant located in Beaver County, Utah, which sells electricity under a long-term power purchase agreement with Salt River Project and the Salt Wells power plant located in Churchill County, Nevada, which sells electricity under a long-term power purchase agreement with NV Energy. The Stillwater triple hybrid geothermal, solar PV and solar thermal power plant is located in Churchill County, Nevada, and sells electricity to NV Energy under a power purchase agreement. The Solar assets of Stillwater Solar PV II in Churchill County, Nevada, and Woods Hill in Windham County, Connecticut, sell their electricity under power purchase agreements, respectively. The Company will account for the transaction under ASC 805, Short-term Commercial Paper On October 19, 2023, October 23, 2023, 90 90 five three 90 War in Israel On October 7, 2023, 26 As of the approval date of these condensed consolidated financial statements, none Mizrahi 2023 On November 1, 2023, 2023 2023 2023 2023 April 12, 2024. 2023 2023 2023 not not not 2023 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 5. OTHER INFORMATION (a) None. (b) None (c) During the fiscal quarter ended September 30, 2023, none 10b5 1 10b5 1 408 | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023, three nine September 30, 2023 2022 nine September 30, 2023 2022. 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, 2022. December 31, 2022 December 31, 2022 not Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000. |
Bank Loan [Policy Text Block] | Hapoalim Bank Loan On February 27, 2023, 2023” August 27, 2023. not not not September 30, 2023, |
Stockholders' Equity, Policy [Policy Text Block] | Equity Offering On March 14, 2023, 30 April 3, 2023. |
Debt, Policy [Policy Text Block] | Loans Repayments On April 4, 2023, September 29, 2023, |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | ORPD Transaction On July 11, 2023, 1, 2, 3 |
Kenya Finance Act [Policy Text Block] | Kenya Finance Act 2023 As described under Note 10 June 26, 2023, 2023 June 30, 2023, July 28, 2023, third |
Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block] | Write-offs of Energy Storage project assets and unsuccessful exploration activities During the three nine September 30, 2023, $2.3 $2.3 three nine September 30, 2022, $0.8 $2.8 no |
Cash and Cash Equivalents, Policy [Policy Text Block] | Reconciliation of cash and cash equivalents and restricted cash and cash equivalents The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as reported on the balance sheet to the total of the same amounts shown on the statement of cash flows: September 30, December 31, 2023 2022 (Dollars in thousands) Cash and cash equivalents $ 78,079 $ 95,872 Restricted cash and cash equivalents 108,188 130,804 Total Cash and cash equivalents and restricted cash and cash equivalents $ 186,267 $ 226,676 |
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 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, 2023 December 31, 2022, ten $250,000 September 30, 2023 December 31, 2022, At September 30, 2023 December 31, 2022, September 30, 2023 December 31, 2022, 10% 10% September 30, 2023 December 31, 2022 The Company's revenues from its primary customers as a percentage of total revenues are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Southern California Public Power Authority (“SCPPA”) 18.7 % 18.7 % 22.0 % 21.4 % Sierra Pacific Power Company and Nevada Power Company 14.0 14.0 16.5 17.1 Kenya Power and Lighting Co. Ltd. ("KPLC") 13.1 15.2 14.0 14.9 The Company has historically been able to collect on substantially all of its receivable balances. As of September 30, 2023, October 2023. In Honduras, as of September 30, 2023, October 2023. may |
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 The following table describes the changes in the allowance for expected credit losses for the three nine September 30, 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Dollars in thousands) (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 90 $ 90 $ 90 $ 90 Change in the provision for expected credit losses for the period — — — — Ending balance of the allowance for expected credit losses $ 90 $ 90 $ 90 $ 90 |
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, 2023 December 31, 2022 September 30, December 31, 2023 2022 (Dollars in thousands) Contract assets (*) $ 25,766 $ 16,405 Contract liabilities (*) $ (10,619 ) $ (8,785 ) (*) 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, 2023 not On September 30, 2023, not Disaggregated revenues from contracts with customers for the three nine September 30, 2023 2022 8 |
Lessor, Leases [Policy Text Block] | Leases in which the Company is a lessor The table below presents lease income recognized as a lessor: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Dollars in thousands) (Dollars in thousands) Lease income relating to lease payments from operating leases $ 129,903 $ 127,748 $ 392,665 $ 394,901 |
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 |
Transferable Production and Investment Tax Credits [Policy Text Block] | Transferable production and investment tax credits The Inflation Reduction Act (“IRA”) was signed into law in August 2022 third December 31, 2022. not third 740 three nine September 30, 2023 three nine September 30, 2023 |
Note 1 - General and Basis of_2
Note 1 - General and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | September 30, December 31, 2023 2022 (Dollars in thousands) Cash and cash equivalents $ 78,079 $ 95,872 Restricted cash and cash equivalents 108,188 130,804 Total Cash and cash equivalents and restricted cash and cash equivalents $ 186,267 $ 226,676 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Southern California Public Power Authority (“SCPPA”) 18.7 % 18.7 % 22.0 % 21.4 % Sierra Pacific Power Company and Nevada Power Company 14.0 14.0 16.5 17.1 Kenya Power and Lighting Co. Ltd. ("KPLC") 13.1 15.2 14.0 14.9 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Dollars in thousands) (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 90 $ 90 $ 90 $ 90 Change in the provision for expected credit losses for the period — — — — Ending balance of the allowance for expected credit losses $ 90 $ 90 $ 90 $ 90 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | September 30, December 31, 2023 2022 (Dollars in thousands) Contract assets (*) $ 25,766 $ 16,405 Contract liabilities (*) $ (10,619 ) $ (8,785 ) |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Dollars in thousands) (Dollars in thousands) Lease income relating to lease payments from operating leases $ 129,903 $ 127,748 $ 392,665 $ 394,901 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2023 2022 (Dollars in thousands) Raw materials and purchased parts for assembly $ 21,784 $ 10,629 Self-manufactured assembly parts and finished products 23,060 12,203 Total inventories $ 44,844 $ 22,832 |
Note 4 - Fair Value of Financ_2
Note 4 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2023 Fair Value Carrying Value at September 30, 2023 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 30,483 $ 30,483 $ 30,483 $ — $ — Marketable securities (1) 141 141 141 — — Liabilities: Current liabilities: Derivatives: Cross currency swap (2) (5,463 ) (5,463 ) — (5,463 ) — Currency forward contracts (3) (1,084 ) (1,084 ) — (1,084 ) — Long term liabilities: Cross currency swap (2) (19,628 ) (19,628 ) — (19,628 ) — $ 4,449 $ 4,449 $ 30,624 $ (26,175 ) $ — December 31, 2022 Fair Value Carrying Value at December 31, 2022 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets Current assets: Cash equivalents (including restricted cash accounts) $ 34,832 $ 34,832 $ 34,832 $ — $ — Marketable securities (1) 136 136 136 — — Derivatives: Long-term assets: Cross currency swap (2) 3,029 3,029 — 3,029 — Liabilities: Current liabilities: Derivatives: Currency forward contracts (3) (800 ) (800 ) — (800 ) — Cross currency swap (2) (2,777 ) (2,777 ) — (2,777 ) — $ 34,420 $ 34,420 $ 34,968 $ (548 ) $ — |
Derivative Instruments, Gain (Loss) [Table Text Block] | Amount of recognized gain (loss) Amount of recognized gain (loss) Derivatives not designated as hedging instruments Location of recognized gain (loss) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Dollars in thousands) (Dollars in thousands) Currency forward contracts (1) Derivative and foreign currency transaction gains (losses) $ (1,090 ) $ (678 ) $ (3,817 ) $ (5,384 ) Derivatives designated as cash flow hedging instruments Cross currency swap (2) Derivative and foreign currency transaction gains (losses) $ (7,011 ) $ (3,121 ) $ (17,564 ) $ (38,536 ) |
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, 2023 2022 2023 2022 (Dollars in thousands) (Dollars in thousands) Cross currency swap cash flow hedge: Balance in Accumulated other comprehensive income (loss) beginning of period $ 993 $ 1,745 $ 3,920 $ 5,745 Gain or (loss) recognized in Other comprehensive income (loss) 2,262 (3,338 ) 9,888 (42,753 ) Amount reclassified from Other comprehensive income (loss) into earnings (7,011 ) 3,121 (17,564 ) 38,536 Balance in Accumulated other comprehensive income (loss) end of period $ (3,756 ) $ 1,528 $ (3,756 ) $ 1,528 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair Value Carrying Amount (*) September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 (Dollars in millions) (Dollars in millions) Mizrahi Loan $ 65.2 $ 71.4 $ 65.6 $ 70.3 Convertible Senior Notes 419.8 505.3 431.3 431.3 HSBC Loan 35.9 40.3 35.7 42.9 Hapoalim Loan 83.2 91.1 89.3 98.2 Hapoalim Loan 2023 97.1 — 95.0 — Discount Loan 67.9 81.1 75.0 87.5 Finance liability - Dixie Valley 201.4 219.8 225.8 242.0 Olkaria III Loan - DFC 118.9 134.2 125.2 138.7 Olkaria III plant 4 Loan - DEG 2 24.2 26.5 25.0 27.5 Olkaria III plant 1 Loan - DEG 3 21.3 23.3 21.8 24.0 Platanares Loan - DFC 72.1 80.2 73.7 79.9 Amatitlan Loan — 14.7 — 15.8 OFC 2 LLC ("OFC 2") 135.6 149.8 146.7 158.0 Don A. Campbell 1 ("DAC 1") 52.5 57.4 58.8 62.7 USG Prudential - NV 22.2 23.7 24.3 25.0 USG Prudential - ID 52.0 56.8 58.9 61.6 USG DOE 29.0 32.8 30.1 32.8 Senior Unsecured Bonds 190.4 235.1 209.2 255.8 Senior Unsecured Loan 145.3 166.4 158.0 174.8 Plumstriker — 11.2 — 11.4 Other long-term debt 7.5 9.2 8.1 10.4 |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total (Dollars in millions) Mizrahi Loan $ — $ — $ 65.2 $ 65.2 Convertible Senior Notes — 419.8 — 419.8 HSBC Loan — — 35.9 35.9 Hapoalim Loan — — 83.2 83.2 Hapoalim Loan 2023 — — 97.1 97.1 Discount Loan — — 67.9 67.9 Finance liability - Dixie Valley — — 201.4 201.4 Olkaria III Loan - DFC — — 118.9 118.9 Olkaria III plant 4 Loan - DEG 2 — — 24.2 24.2 Olkaria III plant 1 Loan - DEG 3 — — 21.3 21.3 Platanares Loan - DFC — — 72.1 72.1 OFC 2 Senior Secured Notes — — 135.6 135.6 DAC 1 Senior Secured Notes — — 52.5 52.5 USG Prudential - NV — — 22.2 22.2 USG Prudential - ID — — 52.0 52.0 USG DOE — — 29.0 29.0 Senior Unsecured Bonds — — 190.4 190.4 Senior Unsecured Loan — — 145.3 145.3 Other long-term debt — — 7.5 7.5 Deposits 21.2 — — 21.2 Level 1 Level 2 Level 3 Total (Dollars in millions) Mizrahi Loan $ — $ — $ 71.4 $ 71.4 Convertible Senior Notes — 505.3 — 505.3 HSBC Loan — — 40.3 40.3 Hapoalim Loan — — 91.1 91.1 Discount Loan — — 81.1 81.1 Financing Liability - Dixie Valley — — 219.8 219.8 Olkaria III Loan - DFC — — 134.2 134.2 Olkaria IV - DEG 2 — — 26.5 26.5 Olkaria IV - DEG 3 — — 23.3 23.3 Platanares Loan - DFC — — 80.2 80.2 Amatitlan Loan — 14.7 — 14.7 OFC 2 Senior Secured Notes — — 149.8 149.8 DAC 1 Senior Secured Notes — — 57.4 57.4 USG Prudential - NV — — 23.7 23.7 USG Prudential - ID — — 56.8 56.8 USG DOE — — 32.8 32.8 Senior Unsecured Bonds — — 235.1 235.1 Senior Unsecured Loan — — 166.4 166.4 Plumstriker — 11.2 — 11.2 Other long-term debt — — 9.2 9.2 Deposits 13.9 — — 13.9 |
Note 5 - Stock-based Compensa_2
Note 5 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Risk-free interest rates 3.86% - 4.68% Expected life (in years) 2 - 5.75 Dividend yield 0.59% Expected volatility (weighted average) 36.0% - 42.2% Risk-free interest rates 4.70 % Expected life (in years) 1 Dividend yield 0.56 % Expected volatility (weighted average) 34.8 % |
Note 6 - Interest Expense, Net
Note 6 - Interest Expense, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Dollars in thousands) (Dollars in thousands) Interest related to sale of tax benefits $ 5,304 $ 3,734 $ 12,255 $ 10,628 Interest expense 24,362 23,023 74,144 68,001 Less — amount capitalized (4,612 ) (4,354 ) (13,321 ) (14,727 ) Total interest expense, net $ 25,054 $ 22,403 $ 73,078 $ 63,902 |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Weighted average number of shares used in computation of basic earnings per share: 60,299 55,999 59,105 56,058 Additional shares from the assumed exercise of employee stock awards 271 458 389 421 Weighted average number of shares used in computation of diluted earnings per share 60,570 56,457 59,494 56,479 |
Note 8 - Business Segments (Tab
Note 8 - Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023: Revenues from external customers: United States (1) $ 108,762 $ 2,099 $ 11,013 $ 121,874 Foreign (2) 48,450 37,732 — 86,182 Net revenue from external customers 157,212 39,831 11,013 208,056 Intersegment revenues (4) — 6,747 — — Operating income (loss) 34,787 2,374 406 37,567 Segment assets at period end (3) (*) 4,481,600 190,157 339,055 5,010,812 * Including unconsolidated investments 128,218 — — 128,218 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 Nine Months Ended September 30, 2023: Revenues from external customers: United States (1) $ 337,382 $ 5,793 $ 21,907 $ 365,082 Foreign (2) 145,464 77,538 — 223,002 Net revenue from external customers 482,846 83,331 21,907 588,084 Intersegment revenues (4) — 27,437 — — Operating income (loss) 120,457 (1,429 ) (4,071 ) 114,957 Segment assets at period end (3) 4,481,600 190,157 339,055 5,010,812 * Including unconsolidated investments 128,218 — — 128,218 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 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Dollars in thousands) (Dollars in thousands) Revenues: Total segment revenues $ 208,056 $ 175,885 $ 588,084 $ 528,673 Intersegment revenues 6,747 14,959 27,437 57,959 Elimination of intersegment revenues (6,747 ) (14,959 ) (27,437 ) (57,959 ) Total consolidated revenues $ 208,056 $ 175,885 $ 588,084 $ 528,673 Operating income: Operating income $ 37,567 $ 38,893 $ 114,957 $ 122,578 Interest income 2,827 1,659 9,620 2,180 Interest expense, net (25,054 ) (22,403 ) (73,078 ) (63,902 ) Derivatives and foreign currency transaction gains (losses) (781 ) (293 ) (3,990 ) (4,031 ) Income attributable to sale of tax benefits 14,936 9,113 42,481 26,345 Other non-operating income (expense), net 108 673 247 (512 ) Total consolidated income before income taxes and equity in income of investees $ 29,603 $ 27,642 $ 90,237 $ 82,658 |
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 | 9 Months Ended | 12 Months Ended | |||||||||||
Sep. 29, 2023 USD ($) | Jul. 28, 2023 | Jul. 11, 2023 USD ($) | Jun. 27, 2023 | Jun. 26, 2023 | Apr. 23, 2023 USD ($) | Mar. 14, 2023 USD ($) $ / shares shares | Feb. 27, 2023 USD ($) | Oct. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) $ / shares | Mar. 31, 2023 | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) $ / shares | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) $ / shares | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Proceeds from Issuance of Common Stock | $ 341,671 | $ 0 | |||||||||||||
Repayments of Long-Term Debt | 175,860 | 135,656 | |||||||||||||
Payments to Noncontrolling Interests | 34,523 | 5,942 | |||||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | ||||||||||||||
Income Tax Expense (Benefit) | $ (7,134) | $ 7,227 | (2,205) | 23,520 | |||||||||||
Energy Storage Projects and Assets, Write-off, Including Unsuccessful Exploration Activities and Storage Assets | 2,300 | $ 800 | 2,300 | $ 2,800 | |||||||||||
Cash, FDIC Insured Amount | 20,400 | 20,400 | $ 10,000 | ||||||||||||
Cash, Uninsured Amount | 82,500 | 82,500 | 64,300 | ||||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current | 164,746 | 164,746 | $ 128,818 | ||||||||||||
Income Related to Transferable Production Tax Credits | 2,400 | 6,900 | |||||||||||||
Income Related to Transferable Investment Tax Credits | 6,600 | 17,200 | |||||||||||||
Kenya Power and Lighting Co LTD [Member] | |||||||||||||||
Accounts Receivable, Past Due | 50,600 | 50,600 | |||||||||||||
Kenya Power and Lighting Co LTD [Member] | Subsequent Event [Member] | |||||||||||||||
Proceeds, Overdue Accounts Receivable | $ 500 | ||||||||||||||
ENEE [Member] | |||||||||||||||
Accounts Receivable, Past Due | 10,000 | $ 10,000 | |||||||||||||
ENEE [Member] | Subsequent Event [Member] | |||||||||||||||
Proceeds, Overdue Accounts Receivable | $ 700 | ||||||||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member] | |||||||||||||||
Concentration Risk, Percentage | 60% | 60% | |||||||||||||
Total Receivables [Member] | Customer Concentration Risk [Member] | |||||||||||||||
Financing Receivable, after Allowance for Credit Loss | 106,500 | $ 106,500 | $ 89,800 | ||||||||||||
Non-US [Member] | |||||||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 118,000 | $ 118,000 | $ 78,900 | ||||||||||||
Kenya [Member] | |||||||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 30% | 30% | 37.50% | 30% | |||||||||||
Income Tax Expense (Benefit) | $ (9,400) | ||||||||||||||
ORPD LLC [Member] | |||||||||||||||
Subsidiary, Ownership Percentage, Parent | 63.25% | ||||||||||||||
ORPD LLC [Member] | Northleaf Geothermal Holdings, Northleaf [Member] | |||||||||||||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 36.75% | ||||||||||||||
Goldman Sachs & Co. LLC [Member] | |||||||||||||||
Proceeds from Issuance of Common Stock | $ 341,700 | ||||||||||||||
Northleaf Geothermal Holdings, Northleaf [Member] | ORPD LLC [Member] | |||||||||||||||
Payments to Noncontrolling Interests | $ 30,000 | ||||||||||||||
Public Offering [Member] | Goldman Sachs & Co. LLC [Member] | |||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 3,600,000 | ||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 82.6 | ||||||||||||||
Over-Allotment Option [Member] | Goldman Sachs & Co. LLC [Member] | |||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 540,000 | ||||||||||||||
BHI Loan Agreement [Member] | |||||||||||||||
Debt Instrument, Face Amount | $ 100,000 | ||||||||||||||
Debt Instrument, Number of Repayment Installment | 20 | ||||||||||||||
Debt Instrument, Periodic Payment | $ 5,000 | ||||||||||||||
Debt Instrument, Term (Year) | 10 years | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.45% | ||||||||||||||
Debt Instrument, Covenant, Minimum Equity Capital | $ 750,000 | ||||||||||||||
BHI Loan Agreement [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument, Covenant, Debt to Adjusted EBITDA Ratio | 6% | ||||||||||||||
BHI Loan Agreement [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument, Covenant, Equity Capital to Total Assets Ratio | 25% | ||||||||||||||
Plumstriker Loan Agreement [Member] | |||||||||||||||
Repayments of Long-Term Debt | $ 11,100 | ||||||||||||||
Amatitlan Loan [Member] | |||||||||||||||
Repayments of Long-Term Debt | $ 14,000 |
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]: 2023-10-01 $ in Millions | Sep. 30, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 192.1 |
Product [Member] | |
Revenue, Remaining Performance Obligation, Percentage | 100% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 24 months |
Note 1 - General and Basis of_5
Note 1 - General and Basis of Presentation - Cash and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 78,079 | $ 95,872 | ||
Restricted cash and cash equivalents | 108,188 | 130,804 | ||
Total Cash and cash equivalents and restricted cash and cash equivalents | $ 186,267 | $ 226,676 | $ 253,035 | $ 343,444 |
Note 1 - General and Basis of_6
Note 1 - General and Basis of Presentation - Customers as a Percentage of Total Revenues (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Southern California Public Power Authority [Member] | ||||
Percent of revenues | 18.70% | 18.70% | 22% | 21.40% |
Sierra Pacific Power Company And Nevada Power Company [Member] | ||||
Percent of revenues | 14% | 14% | 16.50% | 17.10% |
Kenya Power and Lighting Co LTD [Member] | ||||
Percent of revenues | 13.10% | 15.20% | 14% | 14.90% |
Note 1 - General and Basis of_7
Note 1 - General and Basis of Presentation - Changes in the Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
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 | $ 90 | 90 | $ 90 |
Change in the provision for expected credit losses for the period | 0 | 0 | 0 | 0 |
Ending balance of the allowance for expected credit losses | $ 90 | $ 90 | $ 90 | $ 90 |
Note 1 - General and Basis of_8
Note 1 - General and Basis of Presentation - Contract Assets (Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Contract assets (*) | [1] | $ 25,766 | $ 16,405 |
Contract liabilities (*) | [1] | $ (10,619) | $ (8,785) |
[1]Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet fully recognized as product revenues during the three months ended March 31, 2023 as a result of performance obligations having not been fully satisfied yet. |
Note 1 - General and Basis of_9
Note 1 - General and Basis of Presentation - Lease Income as Lessor (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Lease income relating to lease payments from operating leases | $ 129,903 | $ 127,748 | $ 392,665 | $ 394,901 |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Raw materials and purchased parts for assembly | $ 21,784 | $ 10,629 |
Self-manufactured assembly parts and finished products | 23,060 | 12,203 |
Total inventories | $ 44,844 | $ 22,832 |
Note 4 - Fair Value of Financ_3
Note 4 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Cross Currency Interest Rate Contract [Member] | Prepaid Expenses and Other and Deposits and Other [Member] | ||
Derivatives, Cash Collateral Deposits | $ 0 | $ 0 |
Note 4 - Fair Value of Financ_4
Note 4 - Fair Value of Financial Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |||
Reported Value Measurement [Member] | |||||
Cash equivalents (including restricted cash accounts) | $ 30,483 | $ 34,832 | |||
Marketable securities (1) | 141 | [1] | 136 | ||
Fair Value, Net Asset (Liability) | 4,449 | 34,420 | |||
Reported Value Measurement [Member] | Cross Currency Interest Rate Contract [Member] | |||||
Derivative Asset, noncurrent | (5,463) | [2] | (2,777) | [1] | |
Derivative Liability, Current | [2] | (19,628) | |||
Derivative Assets, current | [1] | 3,029 | |||
Reported Value Measurement [Member] | Currency Forward Contracts [Member] | |||||
Derivative Liability, Current | [3] | (1,084) | |||
Derivative Assets, current | [2] | (800) | |||
Estimate of Fair Value Measurement [Member] | |||||
Cash equivalents (including restricted cash accounts) | 30,483 | 34,832 | |||
Marketable securities (1) | 141 | [1] | 136 | ||
Fair Value, Net Asset (Liability) | 4,449 | 34,420 | |||
Estimate of Fair Value Measurement [Member] | Cross Currency Interest Rate Contract [Member] | |||||
Derivative Asset, noncurrent | (5,463) | [2] | (2,777) | [1] | |
Derivative Liability, Current | [2] | (19,628) | |||
Derivative Assets, current | [1] | 3,029 | |||
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member] | |||||
Derivative Liability, Current | [3] | (1,084) | |||
Derivative Assets, current | [2] | (800) | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Cash equivalents (including restricted cash accounts) | 30,483 | 34,832 | |||
Marketable securities (1) | 141 | [1] | 136 | ||
Fair Value, Net Asset (Liability) | 30,624 | 34,968 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Cross Currency Interest Rate Contract [Member] | |||||
Derivative Asset, noncurrent | 0 | [2] | 0 | [1] | |
Derivative Liability, Current | [2] | 0 | |||
Derivative Assets, current | [1] | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Currency Forward Contracts [Member] | |||||
Derivative Liability, Current | [3] | 0 | |||
Derivative Assets, current | [2] | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Cash equivalents (including restricted cash accounts) | 0 | 0 | |||
Marketable securities (1) | 0 | [1] | 0 | ||
Fair Value, Net Asset (Liability) | (26,175) | (548) | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Cross Currency Interest Rate Contract [Member] | |||||
Derivative Asset, noncurrent | (5,463) | [2] | (2,777) | [1] | |
Derivative Liability, Current | [2] | (19,628) | |||
Derivative Assets, current | [1] | 3,029 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Forward Contracts [Member] | |||||
Derivative Liability, Current | [3] | (1,084) | |||
Derivative Assets, current | [2] | (800) | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Cash equivalents (including restricted cash accounts) | 0 | 0 | |||
Marketable securities (1) | 0 | [1] | 0 | ||
Fair Value, Net Asset (Liability) | 0 | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Cross Currency Interest Rate Contract [Member] | |||||
Derivative Asset, noncurrent | 0 | [2] | 0 | [1] | |
Derivative Liability, Current | [2] | 0 | |||
Derivative Assets, current | [1] | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Currency Forward Contracts [Member] | |||||
Derivative Liability, Current | [3] | $ 0 | |||
Derivative Assets, current | [2] | $ 0 | |||
[1]Presented under “Cash and cash equivalents” in the condensed consolidated balance sheets.[2]These amounts relate to cross currency swap contracts valued primarily based on the present value of the cross currency swap future settlement prices for U.S. Dollar (“USD”) and New Israeli Shekel (“NIS”) zero yield curves and the applicable exchange rate as of March 31, 2023 and December 31, 2022, as applicable. These amounts are included within “Prepaid expenses and other”, “Deposits and other”, "Accounts payable and accrued expenses", or “Other longterm liabilities”, as applicable, in the condensed consolidated balance sheets on March 31, 2023 and December 31, 2022. There are no cash collateral deposits on March 31, 2023 and December 31, 2022.[3]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” or “Accounts payable and accrued expenses”, as applicable, in the condensed consolidated balance sheets on March 31, 2023 and December 31, 2022, 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 4 - Fair Value of Financ_5
Note 4 - 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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Currency Forward Contracts [Member] | |||||
Amount of gain (loss) recognized | [1] | $ (1,090) | $ (678) | $ (3,817) | $ (5,384) |
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | |||||
Amount of gain (loss) recognized | [2] | $ (7,011) | $ (3,121) | $ (17,564) | $ (38,536) |
[1]The foregoing currency forward and price swap transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income. The price swap transaction was related to a hedging agreement with a third party that was effective January 1, 2021 under which the Company fixed the price per MWh on a portion of RRS provided by its Rabbit Hill storage facility, as described under Note 1 to the consolidated financial statements. The price swap transaction was terminated effective April 1, 2021.[2]The foregoing cross currency swap transactions were designated as a cash flow hedge as further described under Note 1 to the consolidated financial statements. The changes in the cross currency swap fair value are initially recorded in "Other comprehensive income (loss)" and a corresponding amount is reclassified out of "Accumulated other comprehensive income (loss)" to "Derivatives and foreign currency transaction gains (losses)" to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the consolidated statements of operations and comprehensive income. |
Note 4 - Fair Value of Financ_6
Note 4 - 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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Balance | $ 2,407,042 | $ 1,979,294 | $ 2,020,975 | $ 1,998,461 | |
Balance | 2,405,028 | 1,992,276 | 2,405,028 | 1,992,276 | |
Cross Currency Swap [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | |||||
Balance | 993 | 1,745 | 3,920 | 5,745 | |
Gain or (loss) recognized in Other comprehensive income (loss) | [1] | 2,262 | (3,338) | 9,888 | (42,753) |
Amount reclassified from Other comprehensive income (loss) into earnings | (7,011) | 3,121 | (17,564) | 38,536 | |
Balance | $ (3,756) | $ 1,528 | $ (3,756) | $ 1,528 | |
[1]The amount of gain or (loss) recognized in Other comprehensive income (loss) for the years ended December 31, 2022, 2021 and 2020 is net of tax of $0.5 million, $0.8 million and $1.1 million, respectively. |
Note 4 - Fair Value of Financ_7
Note 4 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | |
Finance liability - Dixie Valley | $ 201.4 | $ 219.8 | |
Mizrahi Loan Agreement [Member] | |||
Loans | 65.2 | 71.4 | |
Convertible Senior Notes [Member] | |||
Notes | 419.8 | 505.3 | |
HSBC Loan Agreement [Member] | |||
Loans | 35.9 | 40.3 | |
Hapoalim Loan Agreement [Member] | |||
Loans | 83.2 | 91.1 | |
Hapoalim Loan Agreement 2023 [Member] | |||
Loans | 97.1 | ||
Discount Loan Agreement [Member] | |||
Loans | 67.9 | 81.1 | |
Olkaria III Plant 4 Loan - DEG 2 [Member] | |||
Loans | 24.2 | 26.5 | |
Olkaria III plant 1 Loan - DEG 3 [Member] | |||
Loans | 21.3 | 23.3 | |
Platanares Loan - OPIC [Member] | |||
Loans | 72.1 | 80.2 | |
Amatitlan Loan [Member] | |||
Loans | 14.7 | ||
Don A. Campbell 1 ("DAC1") [Member] | |||
Notes | 52.5 | 57.4 | |
USG Prudential - NV [Member] | |||
Notes | 22.2 | 23.7 | |
USG Prudential - ID [Member] | |||
Notes | 52 | 56.8 | |
USG DOE [Member] | |||
Notes | 29 | 32.8 | |
Senior Unsecured Bonds [Member] | |||
Senior Unsecured debt | 190.4 | 235.1 | |
Senior Unsecured Loan [Member] | |||
Senior Unsecured debt | 145.3 | 166.4 | |
Plumstriker Loan Agreement [Member] | |||
Loans | 11.2 | ||
Estimate of Fair Value Measurement [Member] | |||
Finance liability - Dixie Valley | 201.4 | 219.8 | |
Other long-term debt | 7.5 | 9.2 | |
Estimate of Fair Value Measurement [Member] | Mizrahi Loan Agreement [Member] | |||
Loans | 65.2 | 71.4 | |
Estimate of Fair Value Measurement [Member] | Convertible Senior Notes [Member] | |||
Notes | 419.8 | 505.3 | |
Estimate of Fair Value Measurement [Member] | HSBC Loan Agreement [Member] | |||
Loans | 35.9 | 40.3 | |
Estimate of Fair Value Measurement [Member] | Hapoalim Loan Agreement [Member] | |||
Loans | 83.2 | 91.1 | |
Estimate of Fair Value Measurement [Member] | Hapoalim Loan Agreement 2023 [Member] | |||
Loans | 97.1 | 0 | |
Estimate of Fair Value Measurement [Member] | Discount Loan Agreement [Member] | |||
Loans | 67.9 | 81.1 | |
Estimate of Fair Value Measurement [Member] | Olkaria III OPIC [Member] | |||
Loans | 118.9 | 134.2 | |
Estimate of Fair Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | |||
Loans | 24.2 | 26.5 | |
Estimate of Fair Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | |||
Loans | 21.3 | 23.3 | |
Estimate of Fair Value Measurement [Member] | Platanares Loan - OPIC [Member] | |||
Loans | 72.1 | 80.2 | |
Estimate of Fair Value Measurement [Member] | Amatitlan Loan [Member] | |||
Loans | 0 | 14.7 | |
Estimate of Fair Value Measurement [Member] | OFC Two Senior Secured Notes [Member] | |||
Notes | 135.6 | 149.8 | |
Estimate of Fair Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member] | |||
Notes | 52.5 | 57.4 | |
Estimate of Fair Value Measurement [Member] | USG Prudential - NV [Member] | |||
Notes | 22.2 | 23.7 | |
Estimate of Fair Value Measurement [Member] | USG Prudential - ID [Member] | |||
Notes | 52 | 56.8 | |
Estimate of Fair Value Measurement [Member] | USG DOE [Member] | |||
Notes | 29 | 32.8 | |
Estimate of Fair Value Measurement [Member] | Senior Unsecured Bonds [Member] | |||
Senior Unsecured debt | 190.4 | 235.1 | |
Estimate of Fair Value Measurement [Member] | Senior Unsecured Loan [Member] | |||
Senior Unsecured debt | 145.3 | 166.4 | |
Estimate of Fair Value Measurement [Member] | Plumstriker Loan Agreement [Member] | |||
Loans | 0 | 11.2 | |
Reported Value Measurement [Member] | |||
Finance liability - Dixie Valley | [1] | 225.8 | 242 |
Other long-term debt | [1] | 8.1 | 10.4 |
Reported Value Measurement [Member] | Mizrahi Loan Agreement [Member] | |||
Loans | [1] | 65.6 | 70.3 |
Reported Value Measurement [Member] | Convertible Senior Notes [Member] | |||
Notes | [1] | 431.3 | 431.3 |
Reported Value Measurement [Member] | HSBC Loan Agreement [Member] | |||
Loans | [1] | 35.7 | 42.9 |
Reported Value Measurement [Member] | Hapoalim Loan Agreement [Member] | |||
Loans | [1] | 89.3 | 98.2 |
Reported Value Measurement [Member] | Hapoalim Loan Agreement 2023 [Member] | |||
Loans | 95 | 0 | |
Reported Value Measurement [Member] | Discount Loan Agreement [Member] | |||
Loans | [1] | 75 | 87.5 |
Reported Value Measurement [Member] | Olkaria III OPIC [Member] | |||
Loans | [1] | 125.2 | 138.7 |
Reported Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | |||
Loans | [1] | 25 | 27.5 |
Reported Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | |||
Loans | [1] | 21.8 | 24 |
Reported Value Measurement [Member] | Platanares Loan - OPIC [Member] | |||
Loans | [1] | 73.7 | 79.9 |
Reported Value Measurement [Member] | Amatitlan Loan [Member] | |||
Loans | [1] | 0 | 15.8 |
Reported Value Measurement [Member] | OFC Two Senior Secured Notes [Member] | |||
Notes | [1] | 146.7 | 158 |
Reported Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member] | |||
Notes | [1] | 58.8 | 62.7 |
Reported Value Measurement [Member] | USG Prudential - NV [Member] | |||
Notes | [1] | 24.3 | 25 |
Reported Value Measurement [Member] | USG Prudential - ID [Member] | |||
Notes | [1] | 58.9 | 61.6 |
Reported Value Measurement [Member] | USG DOE [Member] | |||
Notes | [1] | 30.1 | 32.8 |
Reported Value Measurement [Member] | Senior Unsecured Bonds [Member] | |||
Senior Unsecured debt | [1] | 209.2 | 255.8 |
Reported Value Measurement [Member] | Senior Unsecured Loan [Member] | |||
Senior Unsecured debt | [1] | 158 | 174.8 |
Reported Value Measurement [Member] | Plumstriker Loan Agreement [Member] | |||
Loans | [1] | $ 0 | $ 11.4 |
[1]Carrying amount value excludes the related deferred financing costs. |
Note 4 - Fair Value of Financ_8
Note 4 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Finance liability - Dixie Valley | $ 201.4 | $ 219.8 |
Deposits | 21.2 | 13.9 |
Mizrahi Loan Agreement [Member] | ||
Loans | 65.2 | 71.4 |
Convertible Senior Notes [Member] | ||
Notes | 419.8 | 505.3 |
HSBC Loan Agreement [Member] | ||
Loans | 35.9 | 40.3 |
Hapoalim Loan Agreement [Member] | ||
Loans | 83.2 | 91.1 |
Hapoalim Loan Agreement 2023 [Member] | ||
Loans | 97.1 | |
Discount Loan Agreement [Member] | ||
Loans | 67.9 | 81.1 |
Olkaria III Loan DFC [Member] | ||
Loans | 118.9 | 134.2 |
Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 24.2 | 26.5 |
Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 21.3 | 23.3 |
Platanares Loan - OPIC [Member] | ||
Loans | 72.1 | 80.2 |
Amatitlan Loan [Member] | ||
Loans | 14.7 | |
OFC Senior Secured Notes [Member] | ||
Notes | 135.6 | 149.8 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 52.5 | 57.4 |
USG Prudential - NV [Member] | ||
Notes | 22.2 | 23.7 |
USG Prudential - ID [Member] | ||
Notes | 52 | 56.8 |
USG DOE [Member] | ||
Notes | 29 | 32.8 |
Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 190.4 | 235.1 |
Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 145.3 | 166.4 |
Other Long-term Debt [Member] | ||
Senior Unsecured debt | 7.5 | 9.2 |
Plumstriker Loan Agreement [Member] | ||
Loans | 11.2 | |
Fair Value, Inputs, Level 1 [Member] | ||
Finance liability - Dixie Valley | 0 | 0 |
Deposits | 21.2 | 13.9 |
Fair Value, Inputs, Level 1 [Member] | Mizrahi Loan Agreement [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Convertible Senior Notes [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | HSBC Loan Agreement [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Hapoalim Loan Agreement [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Hapoalim Loan Agreement 2023 [Member] | ||
Loans | 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 III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Amatitlan Loan [Member] | ||
Loans | 0 | |
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] | Other Long-term Debt [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | 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 | 0 |
Fair Value, Inputs, Level 2 [Member] | Convertible Senior Notes [Member] | ||
Notes | 419.8 | 505.3 |
Fair Value, Inputs, Level 2 [Member] | HSBC Loan Agreement [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Hapoalim Loan Agreement [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Hapoalim Loan Agreement 2023 [Member] | ||
Loans | 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 III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Amatitlan Loan [Member] | ||
Loans | 14.7 | |
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] | Other Long-term Debt [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | 11.2 | |
Fair Value, Inputs, Level 3 [Member] | ||
Finance liability - Dixie Valley | 201.4 | 219.8 |
Deposits | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mizrahi Loan Agreement [Member] | ||
Loans | 65.2 | 71.4 |
Fair Value, Inputs, Level 3 [Member] | Convertible Senior Notes [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | HSBC Loan Agreement [Member] | ||
Loans | 35.9 | 40.3 |
Fair Value, Inputs, Level 3 [Member] | Hapoalim Loan Agreement [Member] | ||
Loans | 83.2 | 91.1 |
Fair Value, Inputs, Level 3 [Member] | Hapoalim Loan Agreement 2023 [Member] | ||
Loans | 97.1 | |
Fair Value, Inputs, Level 3 [Member] | Discount Loan Agreement [Member] | ||
Loans | 67.9 | 81.1 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III Loan DFC [Member] | ||
Loans | 118.9 | 134.2 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 24.2 | 26.5 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 21.3 | 23.3 |
Fair Value, Inputs, Level 3 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 72.1 | 80.2 |
Fair Value, Inputs, Level 3 [Member] | Amatitlan Loan [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 3 [Member] | OFC Senior Secured Notes [Member] | ||
Notes | 135.6 | 149.8 |
Fair Value, Inputs, Level 3 [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 52.5 | 57.4 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - NV [Member] | ||
Notes | 22.2 | 23.7 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - ID [Member] | ||
Notes | 52 | 56.8 |
Fair Value, Inputs, Level 3 [Member] | USG DOE [Member] | ||
Notes | 29 | 32.8 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 190.4 | 235.1 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 145.3 | 166.4 |
Fair Value, Inputs, Level 3 [Member] | Other Long-term Debt [Member] | ||
Senior Unsecured debt | $ 7.5 | 9.2 |
Fair Value, Inputs, Level 3 [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | $ 0 |
Note 5 - Stock-based Compensa_3
Note 5 - Stock-based Compensation (Details Textual) - The 2018 Incentive Compensation Plan [Member] - $ / shares | 1 Months Ended | 9 Months Ended | |
May 01, 2023 | Mar. 31, 2023 | Sep. 30, 2023 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 11,852 | 174,422 | |
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) | $ 79.9 | $ 82.9 | |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | ||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years | ||
Performance Stock Units (PSU) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 35,081 | ||
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) | $ 79.6 | ||
Performance Stock Units (PSU) [Member] | Minimum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year |
Note 5 - Stock-based Compensa_4
Note 5 - Stock-based Compensation - Fair Value of Stock-based Award on the Date of Grant (Details) | 1 Months Ended | 9 Months Ended |
May 31, 2023 | Sep. 30, 2023 | |
Restricted Stock Units (RSUs), and Performance Stock Units (PSU) [Member] | ||
Dividend yield | 0.59% | |
Restricted Stock Units (RSUs), and Performance Stock Units (PSU) [Member] | Minimum [Member] | ||
Risk-free interest rates | 3.86% | |
Expected life (in years) (Year) | 2 years | |
Expected volatility (weighted average) | 36% | |
Restricted Stock Units (RSUs), and Performance Stock Units (PSU) [Member] | Maximum [Member] | ||
Risk-free interest rates | 4.68% | |
Expected life (in years) (Year) | 5 years 9 months | |
Expected volatility (weighted average) | 42.20% | |
Restricted Stock Units (RSUs) [Member] | ||
Risk-free interest rates | 4.70% | |
Expected life (in years) (Year) | 1 year | |
Dividend yield | 0.56% | |
Expected volatility (weighted average) | 34.80% |
Note 6 - Interest Expense, Ne_2
Note 6 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest related to sale of tax benefits | $ 5,304 | $ 3,734 | $ 12,255 | $ 10,628 |
Interest expense | 24,362 | 23,023 | 74,144 | 68,001 |
Less — amount capitalized | (4,612) | (4,354) | (13,321) | (14,727) |
Total interest expense, net | $ 25,054 | $ 22,403 | $ 73,078 | $ 63,902 |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 85,400 | 27,400 | 21,400 | 58,000 | |
Convertible Senior Notes [Member] | |||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 90.27 |
Note 7 - Earnings Per Share - S
Note 7 - Earnings Per Share - Shares Used to Calculate Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Weighted average number of shares used in computation of basic earnings per share: (in shares) | 60,299 | 55,999 | 59,105 | 56,058 |
Additional shares from the assumed exercise of employee stock awards (in shares) | 271 | 458 | 389 | 421 |
Weighted average number of shares used in computation of diluted earnings per share (in shares) | 60,570 | 56,457 | 59,494 | 56,479 |
Note 8 - Business Segments (Det
Note 8 - Business Segments (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Number of Reportable Segments | 3 | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 208,056 | $ 175,885 | $ 588,084 | $ 528,673 | |
Goodwill | 90,269 | 90,269 | $ 90,325 | ||
Electricity Segment [Member] | |||||
Goodwill | 85,600 | 85,100 | 85,600 | 85,100 | |
Electricity Segment [Member] | Accounted for Under ASC 606 [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 27,300 | 25,600 | 90,200 | 71,600 | |
Energy Storage and Management Services [Member] | |||||
Goodwill | 4,600 | 4,600 | 4,600 | 4,600 | |
Product Segment [Member] | |||||
Goodwill | $ 0 | $ 0 | $ 0 | $ 0 |
Note 8 - Business Segments - Su
Note 8 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||||||
Revenue | $ 208,056 | $ 175,885 | $ 588,084 | $ 528,673 | ||||||
Operating income (loss) | 37,567 | 38,893 | 114,957 | 122,578 | ||||||
Segment assets at period end | 5,010,812 | [1],[2] | 4,524,531 | [1],[2] | 5,010,812 | [1],[2] | 4,524,531 | [1],[2] | $ 4,611,579 | |
UNITED STATES | ||||||||||
Revenue | 121,874 | [3] | 116,605 | [3] | 365,082 | 353,624 | ||||
Non-US [Member] | ||||||||||
Revenue | 86,182 | [4] | 59,280 | [4] | 223,002 | 175,049 | ||||
Segment Reconciling Items [Member] | ||||||||||
Revenue | 0 | [5] | 0 | [5] | 0 | 0 | ||||
Segment assets at period end | 128,218 | 117,182 | 128,218 | 117,182 | ||||||
Electricity Segment [Member] | Operating Segments [Member] | ||||||||||
Revenue | 157,212 | 152,820 | 482,846 | 466,540 | ||||||
Operating income (loss) | 34,787 | 38,054 | 120,457 | 128,049 | ||||||
Segment assets at period end | [1],[2] | 4,481,600 | 4,153,330 | 4,481,600 | 4,153,330 | |||||
Electricity Segment [Member] | Operating Segments [Member] | UNITED STATES | ||||||||||
Revenue | 108,762 | [3] | 106,490 | [3] | 337,382 | 327,792 | ||||
Electricity Segment [Member] | Operating Segments [Member] | Non-US [Member] | ||||||||||
Revenue | 48,450 | [4] | 46,330 | [4] | 145,464 | 138,748 | ||||
Electricity Segment [Member] | Segment Reconciling Items [Member] | ||||||||||
Revenue | 0 | [5] | 0 | [5] | 0 | 0 | ||||
Segment assets at period end | 128,218 | 117,182 | 128,218 | 117,182 | ||||||
Product Segment [Member] | Operating Segments [Member] | ||||||||||
Revenue | 39,831 | 14,217 | 83,331 | 39,237 | ||||||
Operating income (loss) | (158) | (1,429) | (4,009) | |||||||
Segment assets at period end | [1],[2] | 190,157 | 128,790 | 190,157 | 128,790 | |||||
Product Segment [Member] | Operating Segments [Member] | UNITED STATES | ||||||||||
Revenue | 2,099 | [3] | 1,267 | [3] | 5,793 | 2,936 | ||||
Operating income (loss) | 2,374 | |||||||||
Product Segment [Member] | Operating Segments [Member] | Non-US [Member] | ||||||||||
Revenue | 37,732 | [4] | 12,950 | [4] | 77,538 | 36,301 | ||||
Product Segment [Member] | Segment Reconciling Items [Member] | ||||||||||
Revenue | 6,747 | [5] | 14,959 | [5] | 27,437 | 57,959 | ||||
Segment assets at period end | 0 | 0 | 0 | 0 | ||||||
Other Segments [Member] | Operating Segments [Member] | ||||||||||
Revenue | 11,013 | 8,848 | 21,907 | 22,896 | ||||||
Operating income (loss) | 406 | 997 | (4,071) | (1,462) | ||||||
Segment assets at period end | [1],[2] | 339,055 | 242,411 | 339,055 | 242,411 | |||||
Other Segments [Member] | Operating Segments [Member] | UNITED STATES | ||||||||||
Revenue | 11,013 | [3] | 8,848 | [3] | 21,907 | 22,896 | ||||
Other Segments [Member] | Operating Segments [Member] | Non-US [Member] | ||||||||||
Revenue | 0 | [4] | 0 | [4] | 0 | 0 | ||||
Other Segments [Member] | Segment Reconciling Items [Member] | ||||||||||
Revenue | 0 | [5] | 0 | [5] | 0 | 0 | ||||
Segment assets at period end | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
[1]Electricity segment assets include goodwill in the amount of $85.8 million and $86.0 million as of March 31, 2023 and 2022, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 as of March 31, 2023 and 2022, respectively. No goodwill is included in the Product segment assets as of March 31, 2023 and 2022.[2]Including unconsolidated investments[3]Electricity segment revenues in the United States are all accounted under lease accounting except for $32.7 million for the three months ended March 31, 2023, and $22.8 million for the three months ended March 31, 2022, respectively, that are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606.[4]Electricity segment revenues in foreign countries are all accounted under lease accounting. Product segment revenues in foreign countries are accounted under ASC 606.[5]Intersegment revenues are fully eliminated in consolidation. |
Note 8 - Business Segments - Re
Note 8 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue | $ 208,056 | $ 175,885 | $ 588,084 | $ 528,673 |
Operating income (loss) | 37,567 | 38,893 | 114,957 | 122,578 |
Interest income | 2,827 | 1,659 | 9,620 | 2,180 |
Interest expense, net | (25,054) | (22,403) | (73,078) | (63,902) |
Derivatives and foreign currency transaction gains (losses) | (781) | (293) | (3,990) | (4,031) |
Income attributable to sale of tax benefits | 14,936 | 9,113 | 42,481 | 26,345 |
Other non-operating income (expense), net | 108 | 673 | 247 | (512) |
Total consolidated income before income taxes and equity in income of investees | 29,603 | 27,642 | 90,237 | 82,658 |
Intersegment Eliminations [Member] | ||||
Revenue | 6,747 | 14,959 | 27,437 | 57,959 |
Consolidation, Eliminations [Member] | ||||
Revenue | $ (6,747) | $ (14,959) | $ (27,437) | $ (57,959) |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Construction in Progress, Gross | $ 841,536 | $ 893,198 |
Dixie Meadows PPA [Member] | ||
Construction in Progress, Gross | $ 84,900 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Jul. 28, 2023 | Jun. 27, 2023 | Jun. 26, 2023 | Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 24.10% | 26.10% | 2.40% | 28.50% | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |||||||
Income Tax Expense (Benefit) | $ (7,134) | $ 7,227 | $ (2,205) | $ 23,520 | ||||
Kenya [Member] | ||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 30% | 30% | 37.50% | 30% | ||||
Income Tax Expense (Benefit) | $ (9,400) |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||||||||
Nov. 08, 2023 USD ($) $ / shares | Nov. 01, 2023 USD ($) | Oct. 27, 2023 USD ($) | Oct. 23, 2023 USD ($) | Oct. 19, 2023 USD ($) | Sep. 30, 2023 USD ($) $ / shares | Jun. 30, 2023 USD ($) $ / shares | Mar. 31, 2023 USD ($) $ / shares | Sep. 30, 2022 USD ($) $ / shares | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Oct. 07, 2023 | |
Dividends, Common Stock | $ 7,228 | $ 7,229 | $ 6,732 | $ 6,719 | $ 6,731 | $ 6,727 | ||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | ||||||||
Agreement With Barak Capital Underwriting [Member] | ||||||||||||
Proceeds from Issuance of Commercial Paper | $ 73,500 | |||||||||||
Agreement With Barak Capital Underwriting [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | |||||||||||
Subsequent Event [Member] | ||||||||||||
Dividends, Common Stock | $ 7,200 | |||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.12 | |||||||||||
Percentage of Workforce | 4% | |||||||||||
Dividends Payable, Date of Record | Nov. 22, 2023 | |||||||||||
Dividends Payable, Date to be Paid | Dec. 06, 2023 | |||||||||||
Subsequent Event [Member] | ISRAEL | ||||||||||||
Percentage of Workforce | 10% | |||||||||||
Subsequent Event [Member] | Mizrahi 2023 Loan Agreement [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 50,000 | |||||||||||
Debt Instrument, Number of Semi-annual Installment | 16 | |||||||||||
Debt Instrument, Periodic Payment | $ 3,100 | |||||||||||
Debt Instrument, Term (Year) | 8 years | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.15% | |||||||||||
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio | 6 | |||||||||||
Subsequent Event [Member] | Mizrahi 2023 Loan Agreement [Member] | Maximum [Member] | ||||||||||||
Debt Instrument, Covenant, Minimum Equity Capital, Amount | $ 750,000 | |||||||||||
Subsequent Event [Member] | Mizrahi 2023 Loan Agreement [Member] | Minimum [Member] | ||||||||||||
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent | 25% | |||||||||||
Subsequent Event [Member] | Geothermal and Solar Assets [Member] | ||||||||||||
Payments to Acquire Productive Assets | $ 271,000 | |||||||||||
Subsequent Event [Member] | North Valley Geothermal Power Plant Project [Member] | ||||||||||||
Proceeds from Partnership Contribution | $ 43,100 | |||||||||||
Equity Transaction, Additional Capital Installment Expected | $ 6,100 | |||||||||||
Equity Transaction, Percentage of Distributable Cash, Investor Not Reaches Target Return | 100% | |||||||||||
Equity Transaction, Percentage of Taxes, Investor Not Reaches Target Return | 99% | |||||||||||
Equity Transaction, Percentage of Taxes, Afterwards | 5% | |||||||||||
Subsequent Event [Member] | North Valley Geothermal Power Plant Project [Member] | Ormat Nevada Inc. [Member] | ||||||||||||
Equity Transaction, Percentage of Distributable Cash and Taxable Income, Investor Reaches Target Return | 97.50% |