Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 20, 2024 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 | ||
Title of 12(b) Security | Common Stock $0.001 Par Value | ||
Trading Symbol | ORA | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,311,389,318 | ||
Entity Common Stock, Shares Outstanding | 60,358,887 | ||
Auditor Firm ID | 1309 | ||
Auditor Location | Tel-Aviv, Israel | ||
Auditor Name | Kesselman & Kesselman |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Current assets: | |||
Cash and cash equivalents | $ 195,808 | $ 95,872 | |
Restricted cash and cash equivalents (primarily related to VIEs) | 91,962 | 130,804 | |
Receivables: | |||
Trade less allowance for credit losses of $90 and $90, respectively (primarily related to VIEs) | 208,704 | 128,818 | |
Other | 44,530 | 32,415 | |
Inventories | 45,037 | 22,832 | |
Costs and estimated earnings in excess of billings on uncompleted contracts | [1] | 18,367 | 16,405 |
Prepaid expenses and other | 41,595 | 29,571 | |
Total current assets | 646,003 | 456,717 | |
Investment in unconsolidated companies | 125,439 | 115,693 | |
Deposits and other | 44,631 | 39,762 | |
Deferred income taxes | 152,570 | 161,365 | |
Property, plant and equipment, net | 2,998,949 | 2,493,457 | |
Construction-in-process | 814,967 | 893,198 | |
Operating leases right of use | 24,057 | 23,411 | |
Finance leases right of use | 3,510 | 3,806 | |
Intangible assets, net | 307,609 | 333,845 | |
Goodwill | 90,544 | 90,325 | |
Total assets | [2],[3] | 5,208,279 | 4,611,579 |
Current liabilities: | |||
Accounts payable and accrued expenses | 214,518 | 149,423 | |
Commercial paper (less deferred financing costs of $29) | 99,971 | 0 | |
Billings in excess of costs and estimated earnings on uncompleted contracts | 18,669 | 8,785 | |
Current portion of long-term debt: | |||
Limited and non-recourse (primarily related to VIEs): | 57,207 | 64,044 | |
Full recourse | 116,864 | 101,460 | |
Financing liability | [4] | 5,141 | 16,270 |
Operating lease liabilities | 3,329 | 2,347 | |
Finance lease liabilities | 1,313 | 1,581 | |
Total current liabilities | 537,012 | 343,910 | |
Long-term debt, net of current portion: | |||
Financing liability | [4] | 220,619 | 225,759 |
Operating lease liabilities | 19,790 | 19,788 | |
Finance lease liabilities | 2,238 | 2,262 | |
Liability associated with sale of tax benefits | 184,612 | 166,259 | |
Deferred income taxes | 66,748 | 83,465 | |
Liability for unrecognized tax benefits | 8,673 | 6,559 | |
Liabilities for severance pay | 11,844 | 12,833 | |
Asset retirement obligation | 114,370 | 97,660 | |
Other long-term liabilities | 22,107 | 3,317 | |
Total liabilities | 2,756,693 | 2,581,014 | |
Commitments and contingencies (Note 20) | |||
Redeemable noncontrolling interest | 10,599 | 9,590 | |
Equity: | |||
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,358,887 and 56,095,918 issued and outstanding as of December 31, 2023 and December 31, 2022, respectively | 60 | 56 | |
Additional paid-in capital | 1,614,769 | 1,259,072 | |
Treasury stock, at cost (258,667 shares held as of December 31, 2023 and 2022, respectively) | (17,964) | (17,964) | |
Retained earnings | 719,894 | 623,907 | |
Accumulated other comprehensive gain (loss) | (1,332) | 2,500 | |
Total stockholders' equity attributable to Company's stockholders | 2,315,427 | 1,867,571 | |
Noncontrolling interest | 125,560 | 153,404 | |
Total equity | 2,440,987 | 2,020,975 | |
Total liabilities, redeemable noncontrolling interest and equity | 5,208,279 | 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 $7,889 and $10,272, respectively) | 447,389 | 521,885 | |
Senior Unsecured Bonds [Member] | |||
Long-term debt, net of current portion: | |||
Full recourse (less deferred financing costs of $3,056 and $2,995, respectively) | 698,187 | 676,512 | |
Convertible Senior Notes [Member] | |||
Long-term debt, net of current portion: | |||
Convertible senior notes (less deferred financing costs of $8,146 and $10,445, respectively) | 423,104 | 420,805 | |
Revolving Credit Facility [Member] | |||
Current liabilities: | |||
Short term revolving credit lines with banks (full recourse) | $ 20,000 | $ 0 | |
[1]Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheets. The contract liabilities balance at the beginning of the year was partially recognized as product revenues during the year ended December 31, 2022 as a result of performance obligations that were partially satisfied.[2]Electricity segment assets include goodwill in the amount of $85.9 million , $85.7 million and $85.3 million as of December 31, 2023, 2022 and 2021, respectively, $66.2 million of which was added in the third quarter of 2021 as a result of the Terra-Gen Transaction as further described under Note 2 to the consolidated financial statements. Energy Storage segment assets include goodwill in the amount of $4.6 million , $4.6 million and $4.6 million as of December 31, 2023, 2022 and 2021, respectively. No goodwill is included in the Product segment assets as of December 31, 2023, 2022 and 2021.[3]Including unconsolidated investments[4]the amounts presented exclude deferred financing costs, if any |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade, allowance for credit losses | $ 90 | $ 90 |
Property, plant and equipment, net | 2,998,949 | 2,493,457 |
Construction-in-process | 814,967 | 893,198 |
Operating leases right of use | 24,057 | 23,411 |
Finance leases right of use | 3,510 | $ 3,806 |
Deferred financing costs, current | $ 29 | |
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) | 60,358,887 | 56,095,918 |
Common stock, shares outstanding (in shares) | 60,358,887 | 56,095,918 |
Treasury stock, shares (in shares) | 258,667 | 258,667 |
Senior Secured Notes [Member] | ||
Deferred financing costs | $ 7,889 | $ 10,272 |
Senior Unsecured Bonds [Member] | ||
Deferred financing costs | 3,056 | 2,995 |
Convertible Senior Notes [Member] | ||
Deferred financing costs | 8,146 | 10,445 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Property, plant and equipment, net | 2,802,920 | 2,326,491 |
Construction-in-process | 376,602 | 360,508 |
Operating leases right of use | 9,326 | 9,662 |
Finance leases right of use | $ 0 | $ 75 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues: | ||||
Revenue | [1] | $ 829,424 | $ 734,159 | $ 663,084 |
Cost of revenues: | ||||
Cost of revenues | 565,406 | 465,335 | 398,746 | |
Gross profit | 264,018 | 268,824 | 264,338 | |
Operating expenses: | ||||
Research and development expenses | 7,215 | 5,078 | 4,129 | |
Selling and marketing expenses | 18,306 | 16,193 | 15,199 | |
General and administrative expenses | 68,179 | 61,274 | 75,901 | |
Impairment of long-lived assets | 0 | 32,648 | 0 | |
Write-off of unsuccessful exploration activities | 3,733 | 828 | 0 | |
Business interruption insurance income | 0 | 0 | (248) | |
Operating income | 166,585 | 152,803 | 169,357 | |
Other income (expense): | ||||
Interest income | 11,983 | 3,417 | 2,124 | |
Interest expense, net | (98,881) | (87,743) | (82,658) | |
Derivatives and foreign currency transaction gains (losses) | (3,278) | (6,044) | (14,720) | |
Income attributable to sale of tax benefits | 61,157 | 33,885 | 29,582 | |
Other non-operating income (expense), net | 1,519 | (709) | (134) | |
Income from operations before income tax and equity in earnings (losses) of investees | 139,085 | 95,609 | 103,551 | |
Income tax (provision) benefit | (5,983) | (14,742) | (24,850) | |
Equity in earnings (losses) of investees | 35 | (3,072) | (2,624) | |
Net income | 133,137 | 77,795 | 76,077 | |
Net income attributable to noncontrolling interest | (8,738) | (11,954) | (13,985) | |
Net income attributable to the Company's stockholders | 124,399 | 65,841 | 62,092 | |
Comprehensive income: | ||||
Net income | 133,137 | 77,795 | 76,077 | |
Other comprehensive income (loss), net of related taxes: | ||||
Change in foreign currency translation adjustments | 1,257 | (2,486) | (3,236) | |
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 | (470) | 8,370 | 3,892 | |
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge (net of related tax of $1,511 and $464, respectively) | (4,237) | (1,825) | 2,379 | |
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax) | 0 | 40 | (40) | |
Other changes in comprehensive income | 53 | 59 | 228 | |
Comprehensive income | 129,740 | 81,953 | 79,300 | |
Comprehensive income attributable to noncontrolling interest | (9,173) | (11,421) | (12,779) | |
Comprehensive income attributable to the Company's stockholders | $ 120,567 | $ 70,532 | $ 66,521 | |
Earnings per share attributable to the Company's stockholders: | ||||
Basic: (in dollars per share) | $ 2.09 | $ 1.17 | $ 1.11 | |
Diluted: (in dollars per share) | $ 2.08 | $ 1.17 | $ 1.1 | |
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: | ||||
Basic (in shares) | 59,424 | 56,063 | 56,004 | |
Diluted (in shares) | 59,762 | 56,503 | 56,402 | |
Electricity [Member] | ||||
Revenues: | ||||
Revenue | $ 666,767 | $ 631,727 | $ 585,771 | |
Cost of revenues: | ||||
Cost of revenues | 422,549 | 380,361 | 337,019 | |
Product [Member] | ||||
Revenues: | ||||
Revenue | 133,763 | 71,414 | 46,920 | |
Cost of revenues: | ||||
Cost of revenues | 115,802 | 60,479 | 41,374 | |
Energy Storage and Management Services [Member] | ||||
Revenues: | ||||
Revenue | 28,894 | 31,018 | 30,393 | |
Cost of revenues: | ||||
Cost of revenues | $ 27,055 | $ 24,495 | $ 20,353 | |
[1]Revenues as reported in the geographic area in which they originate. |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge, tax | $ 1,511 | $ 464 | |
Change in unrealized gains or losses on marketable securities available-for-sale , tax | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Equi
Consolidated Statements of Equity - 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, 2020 | 55,983 | |||||||||||||||||
Balance in Other comprehensive income (loss) beginning of period at Dec. 31, 2020 | $ 56 | $ 1,262,446 | $ 0 | $ 550,103 | $ (6,620) | $ 1,805,985 | $ 135,452 | $ 1,941,437 | ||||||||||
Stock-based compensation | 0 | 9,168 | 0 | 0 | 0 | 9,168 | 0 | 9,168 | ||||||||||
Exercise of options by employees and directors (*) (in shares) | 73 | |||||||||||||||||
Exercise of options by employees and directors (*) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (5,507) | (5,507) | ||||||||||
Cash dividend declared | 0 | 0 | 0 | (26,986) | 0 | (26,986) | 0 | (26,986) | ||||||||||
Stock issuance costs reimbursement | 0 | 311 | 0 | 0 | 0 | 311 | 0 | 311 | ||||||||||
Increase in noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | 1,357 | 1,357 | ||||||||||
Net income | 0 | 0 | 0 | 62,092 | 0 | 62,092 | 13,366 | 75,458 | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | 0 | 0 | 0 | (2,030) | (2,030) | (1,206) | (3,236) | ||||||||||
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 | 3,892 | 3,892 | 0 | 3,892 | ||||||||||
Change in respect of derivative instruments designated for cash flow hedge | $ 0 | $ 0 | $ 0 | $ 0 | $ 2,379 | $ 2,379 | $ 0 | $ 2,379 | 2,379 | |||||||||
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax) | 0 | 0 | 0 | 0 | (40) | (40) | 0 | (40) | ||||||||||
Other | 0 | 0 | 0 | 0 | 228 | 228 | 0 | 228 | ||||||||||
Issuance of common stock | 0 | 311 | 0 | 0 | 0 | 311 | 0 | 311 | ||||||||||
Net income | 0 | 0 | 0 | 62,092 | 0 | 62,092 | 13,366 | 75,458 | ||||||||||
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge (net of related tax of $1,511 and $464, respectively) | 0 | 0 | 0 | 0 | 2,379 | 2,379 | 0 | 2,379 | 2,379 | |||||||||
Balance (in shares) at Dec. 31, 2021 | 56,056 | |||||||||||||||||
Balance in Other comprehensive income (loss) end of period 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 | 11,646 | 0 | 0 | 0 | 11,646 | 0 | 11,646 | ||||||||||
Exercise of options by employees and directors (*) (in shares) | 299 | |||||||||||||||||
Exercise of options by employees and directors (*) | 0 | 39 | 0 | 0 | 0 | 39 | 0 | 39 | ||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (4,811) | (4,811) | ||||||||||
Cash dividend declared | 0 | 0 | 0 | (27,143) | 0 | (27,143) | 0 | (27,143) | ||||||||||
Increase in noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | 3,970 | 3,970 | ||||||||||
Net income | 0 | 0 | 0 | 65,841 | 0 | 65,841 | 11,316 | 77,157 | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | 0 | 0 | 0 | (1,953) | (1,953) | (533) | (2,486) | ||||||||||
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 | 8,370 | 8,370 | 0 | 8,370 | ||||||||||
Change in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | 0 | (1,825) | (1,825) | 0 | (1,825) | (1,825) | |||||||||
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax) | 0 | 0 | 0 | 0 | 40 | 40 | 0 | 40 | ||||||||||
Other | 0 | 0 | 0 | 0 | 59 | 59 | 0 | 59 | ||||||||||
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 transactions | 0 | (24,538) | 0 | 0 | 0 | (24,538) | 0 | (24,538) | ||||||||||
Net income | 0 | 0 | 0 | 65,841 | 0 | 65,841 | 11,316 | 77,157 | ||||||||||
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge (net of related tax of $1,511 and $464, respectively) | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,825) | $ (1,825) | $ 0 | $ (1,825) | (1,825) | |||||||||
Balance (in shares) at Dec. 31, 2022 | 56,096 | |||||||||||||||||
Balance in Other comprehensive income (loss) end of period 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 | 15,478 | 0 | 0 | 0 | 15,478 | 0 | 15,478 | ||||||||||
Exercise of options by employees and directors (*) (in shares) | [1] | 123 | ||||||||||||||||
Exercise of options by employees and directors (*) | [1] | 0 | 314 | 0 | 0 | 0 | 314 | 0 | 314 | |||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (7,648) | (7,648) | ||||||||||
Cash dividend declared | 0 | 0 | 0 | (28,412) | 0 | (28,412) | 0 | (28,412) | ||||||||||
Stock issuance costs reimbursement | 4 | 341,667 | 0 | 0 | 0 | 341,671 | 0 | 341,671 | ||||||||||
Net income | 0 | 0 | 0 | 124,399 | 0 | 124,399 | 7,799 | 132,198 | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | 0 | 0 | 0 | 822 | 822 | 435 | 1,257 | ||||||||||
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 | (470) | (470) | 0 | (470) | ||||||||||
Change in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | 0 | (4,237) | (4,237) | 0 | (4,237) | ||||||||||
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax) | 0 | |||||||||||||||||
Other | 0 | 0 | 0 | 0 | 53 | 53 | 0 | 53 | ||||||||||
Issuance of common stock (in shares) | 4,140 | |||||||||||||||||
Issuance of common stock | 4 | 341,667 | 0 | 0 | 0 | 341,671 | 0 | 341,671 | ||||||||||
Change in noncontrolling interest rights (net if related tax of $338) | 0 | 901 | 0 | 0 | 0 | 901 | (2,038) | (1,137) | ||||||||||
Transaction with noncontrolling interest | 0 | (2,663) | 0 | 0 | 0 | (2,663) | (26,392) | (29,055) | ||||||||||
Net income | 0 | 0 | 0 | 124,399 | 0 | 124,399 | 7,799 | 132,198 | ||||||||||
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge (net of related tax of $1,511 and $464, respectively) | 0 | 0 | 0 | 0 | (4,237) | (4,237) | 0 | (4,237) | ||||||||||
Balance (in shares) at Dec. 31, 2023 | 60,359 | |||||||||||||||||
Balance in Other comprehensive income (loss) end of period at Dec. 31, 2023 | $ 60 | $ 1,614,769 | $ (17,964) | $ 719,894 | $ (1,332) | $ 2,315,427 | $ 125,560 | $ 2,440,987 | ||||||||||
[1]Resulted in an amount lower than $1 thousand. |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares | |
Cross Currency Interest Rate Contract [Member] | |
Change in respect of derivative instruments designated for cash flow hedge, tax | $ 1,500 |
Cash dividend declared, per share (in dollars per share) | $ / shares | $ 0.48 |
Change in respect of derivative instruments designated for cash flow hedge, tax | $ 1,511 |
Change in noncontrolling interest rights, tax | $ 338 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 133,137 | $ 77,795 | $ 76,077 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 224,797 | 198,792 | 182,972 |
Accretion of asset retirement obligation | 6,164 | 5,257 | 3,977 |
Stock-based compensation | 15,478 | 11,646 | 9,168 |
Income attributable to sale of tax benefits, net of interest expense | (23,462) | (13,153) | (12,201) |
Equity in losses (earnings) of investees, net | (35) | 3,072 | 2,624 |
Mark-to-market of derivative instruments | (2,206) | 1,613 | 741 |
Loss (gain) on disposal of property, plant and equipment | 35 | (89) | 0 |
Write-off of unsuccessful exploration activities | 3,733 | 828 | 0 |
Impairment of long-lived assets | 0 | 32,648 | 0 |
Loss from prepayment of a long-term loan | 0 | 1,102 | 0 |
Loss (gain) on severance pay fund asset | 154 | 1,019 | (1,335) |
Deferred income tax provision | (6,017) | (18,979) | (3,115) |
Liability for unrecognized tax benefits | 2,114 | 829 | 3,760 |
Other | 0 | 575 | 526 |
Changes in operating assets and liabilities, net of businesses acquired: | |||
Receivables | (97,640) | (19,929) | 26,738 |
Costs and estimated earnings in excess of billings on uncompleted contracts | (1,962) | (6,713) | 14,852 |
Inventories | (22,205) | 5,613 | 4,127 |
Prepaid expenses and other | (3,248) | 4,888 | (19,105) |
Change in operating lease right of use asset | 3,761 | 2,717 | 3,010 |
Deposits and other | (7,900) | 2,571 | (4,154) |
Accounts payable and accrued expenses | 68,590 | (2,045) | (21,936) |
Billings in excess of costs and estimated earnings on uncompleted contracts | 9,884 | (463) | (1,931) |
Liabilities for severance pay | (989) | (2,861) | (3,055) |
Change in operating lease liabilities | (3,435) | (3,581) | (2,816) |
Other liabilities, net | 10,653 | (2,178) | (102) |
Net cash provided by operating activities | 309,401 | 280,974 | 258,822 |
Cash flows from investing activities: | |||
Purchase of marketable securities | 0 | (19,192) | (60,070) |
Maturities of marketable securities | 0 | 32,645 | 16,272 |
Sale of marketable securities | 0 | 29,355 | 0 |
Capital expenditures | (618,383) | (563,476) | (419,272) |
Cash received from insurance recoveries | 0 | 600 | 0 |
Investment in unconsolidated companies | (10,181) | (4,509) | (6,401) |
Cash paid for acquisition of a business, net of cash acquired | 0 | 0 | (171,000) |
Decrease (increase) in severance pay fund asset, net of payments made to retired employees | 221 | 1,171 | 3,189 |
Other investing activities | 0 | 0 | (911) |
Net cash used in investing activities | (628,343) | (523,406) | (638,193) |
Cash flows from financing activities: | |||
Proceeds from long-term loans, net of transaction costs | 149,837 | 135,259 | 275,000 |
Proceeds from exercise of options by employees | 314 | 39 | 0 |
Proceeds from issuance of common stock, net of stock issuance costs | 341,671 | 0 | 311 |
Proceeds from issuance of convertible notes, net of transaction costs | 0 | 419,698 | 0 |
Purchase of capped call instruments | 0 | (24,538) | 0 |
Purchase of treasury stock | 0 | (17,964) | 0 |
Proceeds from the sale of limited liability company interest, net of transaction costs | 42,329 | 50,330 | 37,141 |
Repayments of commercial paper and prepayments of long-term debt | 0 | (219,126) | 0 |
Proceeds from issuance of commercial paper, net of transaction costs | 99,971 | 0 | 0 |
Proceeds from revolving credit lines with banks | 55,000 | 0 | 0 |
Repayment of revolving credit lines with banks | (35,000) | 0 | 0 |
Cash received from noncontrolling interest | 7,341 | 5,443 | 5,390 |
Transaction with noncontrolling interest | (30,000) | 0 | 0 |
Repayments of long-term debt and financing liability | (207,039) | (185,163) | (93,046) |
Cash paid to noncontrolling interest | (9,856) | (5,880) | (6,903) |
Payments under finance lease obligations | (1,963) | (2,983) | (3,181) |
Deferred debt issuance costs | (4,229) | (1,699) | (1,341) |
Cash dividends paid | (28,412) | (27,143) | (26,986) |
Net cash provided by (used in) financing activities | 379,964 | 126,273 | 186,385 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | 72 | (609) | (348) |
Net change in cash and cash equivalents and restricted cash and cash equivalents | 61,094 | (116,768) | (193,334) |
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period | 226,676 | 343,444 | 536,778 |
Cash and cash equivalents and restricted cash and cash equivalents at end of period | 287,770 | 226,676 | 343,444 |
Supplemental disclosure of cash flow information: | |||
Interest, net of interest capitalized | 72,236 | 69,132 | 66,627 |
Income taxes, net | 26,250 | 29,004 | 34,357 |
Supplemental non-cash investing and financing activities: | |||
Increase (decrease) in accounts payable related to purchases of property, plant and equipment | (12,417) | 4,764 | 7,976 |
Right of use assets obtained in exchange for new lease liabilities | 6,402 | 8,759 | 6,175 |
Increase in asset retirement cost and asset retirement obligation | $ 10,546 | $ 7,512 | $ 12,153 |
Note 1 - Business and Significa
Note 1 - Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Business The Company is primarily engaged in the geothermal and recovered energy business and primarily designs, develops, builds, sells, owns and operates clean, environmentally friendly geothermal and recovered energy-based power plants, usually using equipment that it designs and manufactures. The Company owns and operates geothermal and recovered energy-based power plants in various countries, including the United States, Kenya, Guatemala, Guadeloupe and Honduras. The Company’s equipment manufacturing operations are primarily located in Israel. Additionally, the Company owns and operates independent storage facilities in the United States providing energy storage and related services. Most of the Company’s domestic power plant facilities are Qualifying Facilities under the PURPA. The Power Purchase Agreements for certain of such facilities are dependent upon their maintaining Qualifying Facility status. Rounding Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000, Basis of presentation The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and of all majority-owned subsidiaries in which the Company exercises control over operating and financial policies, and variable interest entities in which the Company has an interest and is the primary beneficiary. Intercompany accounts and transactions have been eliminated in consolidation. Investments in less-than-majority-owned entities or other entities in which the Company exercises significant influence over operating and financial policies are accounted for using the equity method of accounting or consolidated if they are a variable interest entity in which the Company has an interest and is the primary beneficiary. Under the equity method, original investments are recorded at cost and adjusted by the Company’s share of undistributed earnings or losses of such companies. The Company’s earnings or losses in investments accounted for under the equity method have been reflected as “equity in earnings (losses) of investees, net” on the Company’s consolidated statements of operations and comprehensive income (loss). Use of estimates in preparation of financial statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of such financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant estimates with regard to the Company’s consolidated financial statements relate to the useful lives of property, plant and equipment, impairment of goodwill and long-lived assets, including intangible assets, revenue recognition of product sales using the percentage of completion method, asset retirement obligations, and the provision for income taxes. Cash and cash equivalents The Company considers all highly liquid instruments, with an original maturity of three Restricted cash, cash equivalents, and marketable securities Under the terms of certain long-term debt agreements, the Company is required to maintain certain debt service reserves, including principal and interest, cash collateral and operating fund accounts, including for future wells drilling, that have been classified as restricted cash and cash equivalents. Funds that will be used to satisfy obligations due during the next 12 Reconciliation of cash and cash equivalents and restricted cash and cash equivalents The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported on the balance sheets that sum to the total of the same amounts shown on the statement of cash flows: December 31, 2023 2022 2021 (Dollars in thousands) Cash and cash equivalents $ 195,808 $ 95,872 $ 239,278 Restricted cash and cash equivalents 91,962 130,804 104,166 Total cash and cash equivalents and restricted cash and cash equivalents $ 287,770 $ 226,676 $ 343,444 Marketable securities The Company’s investments in marketable securities consisted of debt securities with maturity of up to one three second 2022. Concentration of credit risk Financial instruments which potentially subject the Company to concentration of credit risk consist principally of temporary cash investments, accounts receivable and the cross-currency swap transaction. The Company places its temporary cash investments with high credit quality financial institutions located in the U.S. and in foreign countries. At December 31, 2023 2022, ten $250,000 December 31, 2023 2022, not At December 31, 2023 2022, December 31, 2023 2022, 17 10% December 31, 2023 2022 The Company has historically been able to collect substantially all of its receivable balances. As of December 31, 2023, January February 2024. In Honduras, as of December 31, 2023, January February 2024. may Additionally, the Company considers the counterparty credit risk related to the cross-currency swap, as further described in note 11 December 31, 2023. Inventories Inventories consist primarily of raw material parts and sub-assemblies for power units and are stated at the lower of cost or net realizable value, using the weighted-average cost method. Inventories are reduced by a provision for slow-moving and obsolete inventories. This provision was not December 31, 2023 2022. Deposits and other Deposits and other consist primarily of performance bonds for construction and storage projects, long-term insurance contract funds and receivables, certain deferred costs and derivative instrument receivables, as applicable. Property, plant and equipment, net Property, plant and equipment are stated at cost. All costs associated with the acquisition, development and construction of power plants operated by the Company are capitalized. Major improvements are capitalized and repairs and maintenance (including major maintenance) costs are expensed. Power plants operated by the Company, which include geothermal wells and exploration and resource development costs, are depreciated using the straight-line method over their estimated useful lives, which range from 15 to 30 years. The other assets are depreciated using the straight-line method over the following estimated useful lives of the assets: Years Buildings 25 Leasehold improvements 15 30 Machinery and equipment — manufacturing and drilling 10 Machinery and equipment — computers 3 5 Energy storage equipment 15 Solar facility equipment 30 Office equipment — furniture and fixtures 5 15 Office equipment — other 5 10 Vehicles 5 7 The cost and accumulated depreciation of items sold or retired are removed from the accounts. Any resulting gain or loss is recognized currently and recorded in the accompanying statements of operations. The Company capitalizes interest costs as part of constructing power plant facilities. Such capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Capitalized interest costs amounted to $17.3 million, $18.7 million, and $14.6 million for the years ended December 31, 2023, 2022 2021, During the fourth 2022, Exploration and development costs The Company capitalizes costs incurred in connection with the exploration and development of geothermal resources once it acquires land rights to the potential geothermal resource. Prior to acquiring land rights, the Company makes an initial assessment that an economically feasible geothermal reservoir is probable on that land. The Company determines the economic feasibility of potential geothermal resources internally, with all available data and external assessments vetted through the exploration department and occasionally using outside service providers. Costs associated with the initial assessment are expensed and included in cost of electricity revenues in the consolidated statements of operations and comprehensive income (loss). Such costs were immaterial during the years ended December 31, 2023, 2022 2021. two three may In most cases, the Company obtains the right to conduct the geothermal development and operations on land owned by the Bureau of Land Management ("BLM"), various states or with private parties. The land lease payments made during the exploration, development and construction phase are accounted under lease accounting as further described under the caption Leases below and reflected as expenses under “Electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss). Upon commencement of power generation on the leased land, the Company begins to pay the lessor’s long-term royalty payments based on the utilization of the geothermal resources as defined in the respective agreements. Such payments are expensed when the related revenues are earned and included in “Electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss). Following the acquisition of land rights to the potential geothermal resource, the Company conducts further studies and surveys, including water and soil analyses, among others, and augments its database with the results of these studies. The Company then initiates a suite of geophysical surveys to assess the resource and determine drilling locations. If the results of these activities support the initial assessment of the feasibility of the geothermal resource, the Company then proceeds to exploratory drilling and other related activities which may may not When deciding whether to continue holding lease rights and/or to pursue exploration activity, the Company diligently prioritizes prospective investments, taking into account resource and probability assessments in order to make informed decisions about whether a particular project will support commercial operation. During the years ended December 31, 2023 2022, no no 2021. All exploration and development costs that are being capitalized will be depreciated over their estimated useful lives when the related geothermal power plant is substantially complete and ready for use. A geothermal power plant is substantially complete and ready for use when electricity generation commences. Asset retirement obligation The Company records the fair value of a legal liability for an asset retirement obligation in the period in which it is incurred. The Company’s legal liabilities include plugging wells and post-closure costs of power producing and storage sites. When a new liability for asset retirement obligations is recorded, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. The Company periodically reassesses the assumptions used to estimate the expected cash flows required to settle the asset retirement obligation, including changes in estimated probabilities, amounts, and timing of the settlement of the asset retirement obligation, as well as changes in the legal requirements of an obligation and revises the previously recorded asset retirement obligation accordingly. At retirement, the obligation is settled for its recorded amount at a gain or loss. Deferred financing costs Deferred financing costs are presented as a direct deduction from the carrying value of the associated debt liability or under "Deposits and other" if associated with lines of credit. Such deferred costs are amortized over the term of the related obligation using the effective interest method or ratably, as applicable. Amortization of deferred financing costs is presented as interest expense in the consolidated statements of operations and comprehensive income (loss). Amortization expense for the years ended December 31, 2023, 2022 2021 December 31, 2023, 2022 2021, Goodwill Goodwill represents the excess of the fair value of consideration transferred in the business combination transactions over the fair value of tangible and intangible assets acquired, net of the fair value of liabilities assumed and the fair value of any noncontrolling interest in the acquisitions. Goodwill is not December 31 not first not no not 2017 04, 350 not 9 Intangible assets Intangible assets consist of allocated acquisition costs of PPAs, which are amortized using the straight-line method over the 6 to 19-year terms of the agreements (see Note 9 may not no no not Impairment of long-lived assets and long-lived assets to be disposed of The Company evaluates long-lived assets, such as property, plant and equipment and construction-in-process for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not not not The Company tests its operating plants that are operated together as a complex for impairment at the complex level because the cash flows of such plants result from significant shared operating activities. For example, the operating power plants in a complex are managed under a combined operation management generally with one one not not not Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset. The significant assumptions that the Company uses in estimating its undiscounted future cash flows include: (i) projected generating capacity of the complex or power plant and rates to be received under the respective PPAs and expected market rates thereafter and (ii) projected operating expenses of the relevant complex or power plant. Estimates of future cash flows used to test recoverability of a long-lived asset under development also include cash flows associated with all future expenditures necessary to develop the asset. If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Management believes that as of December 31, 2023, may may During the fourth 2022, 8 Derivative instruments Derivative instruments (including certain derivative instruments embedded in other contracts) are measured at their fair value and recorded as either assets or liabilities unless exempted from derivative treatment as a normal purchase and sale. Changes in the fair value of derivatives not The Company maintains a risk management strategy that may Foreign currency translation The U.S. dollar is the functional currency for all of the Company’s consolidated operations and those of its equity affiliates except the Guadeloupe power plant and the Company's operations under the Product segment in New Zealand. For those entities, all gains and losses from currency translations are included under “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income (loss). The Euro and New Zealand Dollar are the functional currencies of the Company's operations in Guadeloupe and New Zealand, respectively, and thus the impact from currency translation adjustments in those locations is included as currency translation adjustments in "Accumulated other comprehensive income" in the consolidated statements of equity and in comprehensive income. The accumulated currency translation adjustments amounted to a debit of $2.3 million and a debit of $3.1 million as of December 31, 2023 2022, Comprehensive income Comprehensive income includes net income plus other comprehensive income (loss), which for the Company consists primarily of changes in foreign currency translation adjustments, changes in unrealized gains or losses in respect of the Company’s share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge, changes in respect of derivative instruments designated as a cash flow hedge and changes in unrealized gains or losses on marketable securities available-for-sale. The changes in foreign currency translation adjustments included under other comprehensive income (loss) during the years ended December 31, 2023, 2022 2021 5 7 Power purchase agreements Substantially all of the Company’s Electricity revenues are recognized pursuant to PPAs in the United States and in various foreign countries, including Kenya, Guatemala, Guadeloupe and Honduras. These PPAs generally provide for the payment of energy payments or both energy and capacity payments through their respective terms which expire in varying periods from 2025 2047. not first first Pursuant to the terms of certain of the PPAs, the Company may not not may Revenues and cost of revenues Revenues from contracts with customers are recognized in connection with the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, the Company is required to apply each of the following steps: ( 1 2 3 4 5 Revenues are primarily related to: (i) sale of electricity from geothermal and recovered energy-based power plants owned and operated by the Company; (ii) geothermal and recovered energy-based power plant equipment engineering, sale, construction and installation, and operating services and (iii) Energy storage and related services. Electricity segment revenues eight 8 606, 30 60 Product segment revenues third not not no one two In contracts for which the Company determines that control is not Accounting for product contracts that are satisfied over time includes use of several estimates such as variable consideration related to bonuses and penalties and total estimated cost for completing the contract. The estimated amount of variable consideration will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not The nature of the Company's product contracts give rise to several modifications or change requests by its customers. Substantially all of the modifications are treated as cumulative catch-ups to revenues since the additional goods are not one Energy Storage segment revenues 606 may Contract assets related to the Company's Product segment reflect revenues recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect customer billing in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of December 31, 2023 2022 December 31, December 31, 2023 2022 (Dollars in thousands) Contract assets (*) $ 18,367 $ 16,405 Contract liabilities (*) $ (18,669 ) $ (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 consolidated balance sheets. The contract liabilities balance at the beginning of the year was recognized as product revenues during the year ended December 31, 2023 The following table presents the significant changes in the contract assets and contract liabilities for the years ended December 31, 2023 2022: Years Ended December 31, 2023 2022 Contract assets Contract liabilities Contract assets Contract liabilities (Dollars in thousands) Recognition of contract liabilities as revenue as a result of performance obligations satisfied $ — $ 6,883 $ — $ — Cash received in advance for which revenues have not yet recognized, net of expenditures made — (16,766 ) — (2,604 ) Reduction of contract assets as a result of rights to consideration becoming unconditional (4,094 ) — (23,000 ) — Contract assets recognized, net of recognized receivables 6,056 — 32,780 — Net change in contract assets and contract liabilities $ 1,962 $ (9,883 ) $ 9,780 $ (2,604 ) The timing of revenue recognition, billings and cash collections result in accounts receivable, contract assets and contract liabilities on the consolidated balance sheet. In the Company's Products segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, or upon achievement of contractual milestones. Generally, billing occurs subsequent to the recognition of revenue, resulting in contract assets. However, the Company sometimes receives advances or deposits from its customers before revenue can be recognized, resulting in contract liabilities. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. The timing of billing its customers and receiving advance payments vary from contract to contract. The majority of payments are received no On December 31, 2023, not The following schedule reconciles revenues accounted under lease accounting and under ASC 606, three December 31, 2023, 2022 2021: Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Electricity revenues accounted under lease accounting $ 542,065 $ 529,264 $ 502,355 Electricity, Product and Energy Storage revenues accounted under ASC 606 287,359 204,895 160,729 Total consolidated revenues $ 829,424 $ 734,159 $ 663,084 Disaggregated revenues from contracts with customers for the years ended December 31, 2023, 2022 2021 17 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 not The following table describes the changes in the allowance for expected credit losses for the years ended December 31, 2023 2022 Years Ended December 31, 2023 2022 (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 90 $ 90 Change in the provision for expected credit losses for the period — — Ending balance of the allowance for expected credit losses $ 90 $ 90 Leases ASU 2016 02, 842 The Company is a lessee in operating lease transactions primarily consisting of land leases for its exploration and development activities. Additionally, the Company is a lessee in finance lease transactions related to fleet vehicles. As further described under Note 2 one 842, In accordance with the lease standard, for agreements in which the Company is the lessee, the Company applies a unified accounting model by which it recognizes a right-of-use asset ("ROU") and a lease liability at the commencement date of the lease contract for all the leases in which the Company has a right to control identified assets for a specified period of time. The classification of the lease as a finance lease or an operating lease determines the subsequent accounting for the lease arrangement. The Company, both as a lessee and as a lessor, applies the following permitted practical expedients: 1. Not 2. Applying the practical expedient for a lessee to not 3. Applying the practical expedient (for a lessee) regarding the recognition and measurement of short-term leases, for leases for a period of up to 12 The Company applies the following significant accounting policies regarding leases it enters into following the adoption of the lease guidance on January 1, 2019: : 1. Determining whether an arrangement contains a lease: 2. The Company as a lessee: a. Lease classification: one • The lease transfers ownership of the underlying asset to the lessee by the end of the lease term; • The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise; • The lease term is for the major part of the remaining economic life of the underlying asset; • The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not • The underlying asset is of such a specialized nature that it is expected to have no b. Leased assets and lease liabilities - initial recognition: not c. The lease term: d. Subsequent measurement of operating leases: not e. Subsequent measurement of finance leases: f. Variable lease payments: • Variable lease payments that depend on an index or a rate: may not • Other variable lease payments: not 3. The Company as a lessor At lease commencement, the Company as a lessor classifies leases as either finance or operating leases. Finance leases are further classified as a sales-type lease or as a direct financing lease, however, the Company has no Termination fee Fees to terminate PPAs are recognized in the period incurred as selling and marketing expenses. No termination fees were incurred during 2023, 2022 2021. Warranty on products sold The Company generally provides a one two December 31, 2023, 2022 2021. Research and development Research and development costs incurred by the Company for the development of technologies related to its existing and new geothermal and recovered energy power plants as well as storage facilities are expensed as incurred. Stock-based compensation The Company accounts for stock-based compensation using the fair value method whereby compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite employee service period (generally the vesting period of the grant). The Company uses the Complex Lattice, Three-based Option Pricing model to calculate the fair value of the stock-based compensation awards. Tax monetization Transactions The Company has six 3, CD4 12 470. 810. 835 7. Income taxes Income taxes are accounted for using the asset and liability approach, which requires the recognition of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. The measurement of current and deferred tax assets and liabilities are based on provisions of the enacted tax law. The Company accounts for investment tax credits and production tax credits as a reduction to income taxes in the year in which the credit arises. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are more likely than not not Earnings per share Basic earnings per share attributable to the Company’s stockholders (“earnings per share”) is computed by dividing net income attributable to the Company’s stockholders by the weighted average number of shares of common stock outstanding for the period, net of treasury shares. The Company does not The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share: Year Ended December 31, 2023 2022 2021 (In thousands) Weighted average number of shares used in computation of basic earnings per share 59,424 56,063 56,004 Add: Additional shares from the assumed exercise of employee stock-based awards 338 440 398 Weighted average number of shares used in computation of diluted earnings per share 59,762 56,503 56,402 The number of stock-based awards that could potentially dilute future earnings per share which were not December 31, 2023, 2022 2021. As per ASU 2020 06, December 31, 2023 2022, not not no 11 Redeemable noncontrolling interest Redeemable noncontrolling interest is currently redeemable and relates to a certain noncontrolling shareholder in a subsidiary having an option to sell its equity interest to the Company. The carrying value of the redeemable noncontrolling interest balance as of December 31, 2023 2022 2023 2022 (Dollars in thousands) Redeemable noncontrolling interest as of January 1, $ 9,590 $ 9,329 Redeemable noncontrolling interest in results of operation of a consolidated subsidiary 939 638 Cash paid to noncontrolling interest (246 ) — Currency translation adjustments 316 (377 ) Redeemable noncontrolling interest as of December 31, $ 10,599 $ 9,590 Cash dividends During the years ended December 31, 2023, 2022 2021, Equity Offerin g On March 14, 2023, 30 April 3, 2023. ORPD Transaction On July 11, 2023, 1, 2, 3 Short-term Commercial Paper On October 19, 2023, October 23, 2023, December 11, 2023, 90 90 five three 90 5.3% War in Israel On October 7, 2023, 26 may As of the approval date of these consolidated financial statements, none Heber 1 The Company's Heber 1 February 25, 2022 1 81 April, 2022 May 2023 1 2022, 1 1 February 2021 In February 2021, one February 15, 2021, 3 3" February 16, 2021 February 19, 2021, February 19, 2021, In addition, the Company recorded a provision for approximately $3.0 million for receivables related to imbalance charges from the grid operator in respect of its demand response operation as it estimated it is probable it may December 31, 2021. The Company has filed billing disputes with ERCOT related to some of the imbalance charges and revenue allocated to its Demand Response services and customers, the outcome of which may New Accounting Pronouncements New accounting pronouncements effective in the year ended December 31, 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 Improvements to Reportable Segments Disclosures In November 2023, 2023 07 280 1 2 3 280 4 one may one 5 December 15, 2023, December 15, 2024, Improvements to Income Tax Disclosures In December 2023, 2023 09 740 1 2 five 3 4 December 15, 2024, not |
Note 2 - Business Acquisitions
Note 2 - Business Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 2 BUSINESS ACQUISITIONS Business combination - geothermal assets purchase transaction On July 13, 2021, two 67.5 one two 2038 December 2025, As a result of the acquisition, the Company expanded its overall generation capacity and expects to improve the profitability of the purchased assets through cost reduction and synergies. The Company accounted for the transaction in accordance with ASC 805, 810, 2021, December 30, 2021. The following table summarizes the purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions): Cash and cash equivalents and restricted cash $ 10.9 Trade receivables and others (1) 8.6 Deferred income taxes 22.8 Property, plant and equipment and construction-in-process 152.0 Intangible assets (2) 191.6 Goodwill (3) 66.2 Total assets acquired $ 452.1 Accounts payable, accrued expenses and others $ 6.6 Financing liability (4) 258.4 Asset retirement obligation 5.3 Total liabilities assumed $ 270.3 Total assets acquired, and liabilities assumed, net $ 181.8 ( 1 The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million . These receivables were fully collected during the third 2021. ( 2 Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs. ( 3 Goodwill is primarily related to the synergies and cost savings in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and is deductible for tax purposes pending the exercise of the financial lease buy-out option as described below. ( 4 Financing liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 June 2038. During the year ended December 31, 2023, December 31, 2022, 31, 2021, The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business combination had occurred on January 1, 2020. not Pro forma for the Year Ended December 31, 2021 (Dollars in millions) Electricity revenues $ 613.3 Total revenues $ 690.6 Net income attributable to the Company's stockholders $ 69.6 Business combination - Geothermal and solar assets purchase transaction On January 4, 2024, two one two two 22 |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 INVENTORIES Inventories consist of the following: December 31, 2023 2022 (Dollars in thousands) Raw materials and purchased parts for assembly $ 20,588 $ 10,629 Self-manufactured assembly parts and finished products 24,449 12,203 Total $ 45,037 $ 22,832 |
Note 4 - Cost and Estimated Ear
Note 4 - Cost and Estimated Earnings on Uncompleted Contracts | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Contracts or Programs Disclosure [Text Block] | NOTE 4 COST AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS Cost and estimated earnings on uncompleted contracts consist of the following: December 31, 2023 2022 (Dollars in thousands) Costs and estimated earnings incurred on uncompleted contracts $ 267,111 $ 155,407 Less billings to date (267,413 ) (147,787 ) Total $ (302 ) $ 7,620 These amounts are included in the consolidated balance sheets under the following captions: December 31, 2023 2022 (Dollars in thousands) Costs and estimated earnings in excess of billings on uncompleted contracts $ 18,367 $ 16,405 Billings in excess of costs and estimated earnings on uncompleted contracts (18,669 ) (8,785 ) Total $ (302 ) $ 7,620 The completion costs of the Company’s construction contracts are subject to estimation. Due to uncertainties inherent in the estimation process, it is reasonably possible that estimated contract earnings will be further revised in the near term. |
Note 5 - Investment in Unconsol
Note 5 - Investment in Unconsolidated Companies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 5 INVESTMENT IN UNCONSOLIDATED COMPANIES Investment in unconsolidated companies consists of the following: December 31, 2023 2022 (Dollars in thousands) Investment in Sarulla $ 71,744 $ 74,881 Investment in Ijen 51,695 40,812 Other investment, at cost 2,000 — Total investment in unconsolidated companies $ 125,439 $ 115,693 The Sarulla Complex The Company holds a 12.75% equity interest in a consortium that developed the 330 MW Sarulla geothermal power plant project in Tapanuli Utara, North Sumatra, Indonesia. The Sarulla project is comprised of three separately constructed 110 MW units, the most recent of which, NIL 2, April 2018. April 4, 2013. 323 During the years ended December 31, 2023, 2022 2021, December 31, 2023, The Sarulla consortium entered into interest rate swap agreements with various international banks, effective as of June 4, 2014, Year Ended December 31, 2023 2022 2021 (Dollars in thousands) 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 $ (470 ) $ 8,370 $ 3,892 The related accumulated gain recorded by the Company under accumulated other comprehensive income as of December 31, 2023, 2022 2021 The Sarulla power plant complex has been experiencing a reduction in generation primarily due to wellfield issues at one second 2022, first second no The Ijen Project On July 2, 2019, 2023, 2022 2021, 323 |
Note 6 - Variable Interest Enti
Note 6 - Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Disclosure Of Variable Interest Entities [Text Block] | NOTE 6 VARIABLE INTEREST ENTITIES The Company’s overall methodology for evaluating transactions and relationships under the variable interest entity (“VIE”) accounting and disclosure requirements includes the following two In performing the first may not If the Company identifies a VIE based on the above considerations, it then performs the second The Company’s VIEs include certain of its wholly owned subsidiaries that own one not The tables below detail the assets and liabilities (excluding intercompany balances which are eliminated in consolidation) for the Company’s VIEs, combined by VIE classifications, that were included in the consolidated balance sheets as of December 31, 2023 2022: December 31, 2023 Project Debt PPAs (Dollars in thousands) Assets: Restricted cash and cash equivalents $ 91,586 $ — Other current assets 154,781 46,501 Property, plant and equipment, net 1,646,973 1,155,947 Construction-in-process 112,469 264,133 Other long-term assets 306,183 43,478 Total assets $ 2,311,992 $ 1,510,059 Liabilities: Accounts payable and accrued expenses $ 33,357 $ 14,619 Long-term debt 545,954 — Other long-term liabilities 440,621 61,285 Total liabilities $ 1,019,932 $ 75,904 December 31, 2022 Project Debt PPAs (Dollars in thousands) Assets: Restricted cash and cash equivalents $ 127,972 $ — Other current assets 128,414 29,377 Property, plant and equipment, net 1,516,107 810,384 Construction-in-process 104,956 255,552 Other long-term assets 304,766 51,037 Total assets $ 2,182,215 $ 1,146,350 Liabilities: Accounts payable and accrued expenses $ 42,577 $ 8,552 Long-term debt 637,080 — Other long-term liabilities 400,271 50,348 Total liabilities $ 1,079,928 $ 58,900 |
Note 7 - Fair Value of Financia
Note 7 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 7 FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value measurement guidance clarifies that fair value represents the amount that would be received upon selling an asset or paid upon transferring a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 3 three Level 1 Level 2 1 Level 3 The following table sets forth certain fair value information at December 31, 2023 2022 December 31, 2023 Fair Value Carrying Value at December 31, 2023 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 53,877 $ 53,877 $ 53,877 $ — $ — Derivatives: Currency forward contracts (1) 1,406 1,406 — 1,406 — Liabilities: Current liabilities: Derivatives: Cross currency swap (2) (3,686 ) (3,686 ) — (3,686 ) — Long-term liabilities: Cross currency swap (2) (8,137 ) (8,137 ) — (8,137 ) — $ 43,461 $ 43,461 $ 53,877 $ (10,416 ) $ — 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 136 136 136 — — Derivatives: Long-term assets: Cross currency swap (2) 3,029 3,029 — 3,029 — Liabilities: Current liabilities: Derivatives: Cross currency swap (2) (2,777 ) (2,777 ) — (2,777 ) — Currency forward contracts (1) (800 ) (800 ) — (800 ) — $ 34,420 $ 34,420 $ 34,968 $ (548 ) $ — ( 1 December 31, 2023 December 31, 2022, ( 2 zero December 31, 2023. December 31, 2023 December 31, 2022 December 31, 2023, December 31, 2022. The following table presents the amounts of gain (loss) recognized in the consolidated statements of operations and comprehensive income (loss): Derivatives not designated as hedging instruments Location of recognized gain (loss) Amount of recognized gain (loss) 2023 2022 2021 (Dollars in thousands) Swap transaction on RRS prices (1) Derivative and foreign currency transaction gains (losses) $ — $ — $ (14,540 ) Currency forward contracts (1) Derivative and foreign currency transaction gains (losses) (2,190 ) (5,466 ) 1,368 $ (2,190 ) $ (5,466 ) $ (13,172 ) Derivatives designated as cash flow hedging instruments Cross currency swap (2) Derivative and foreign currency transaction gains (losses) $ (6,201 ) $ (36,803 ) $ 10,501 ( 1 not third January 1, 2021 April 1, 2021. ( 2 1 There were no 1, 2 3 December 31, 2023. The following table presents the effect of derivative instruments designated as cash flow hedges on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2023, 2022 2021 Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Cross currency swap cash flow hedge: Balance in Other comprehensive income (loss) beginning of period $ 3,920 $ 5,745 $ 3,366 Gain or (loss) recognized in Other comprehensive income (loss) (1) 1,963 (38,628 ) 12,880 Amount reclassified from Other comprehensive income (loss) into earnings (6,201 ) 36,803 (10,501 ) Balance in Other comprehensive income (loss) end of period $ (318 ) $ 3,920 $ 5,745 ( 1 December 31, 2023, 2022 2021 The estimated net amount of existing gain (loss) that is reported in "Accumulated other comprehensive income (loss)" as of December 31, 2023 12 June 2031. The fair value of the Company’s long-term debt approximates its fair value, except for the following: Fair Value Carrying Amount (*) 2023 2022 2023 2022 (Dollars in millions) (Dollars in millions) Mizrahi Loan $ 61.4 $ 71.4 $ 60.9 $ 70.3 Mizrahi Loan 2023 52.0 — 50.0 — Convertible Senior Notes 444.6 505.3 431.3 431.3 HSBC Loan 33.8 40.3 35.7 42.9 Hapoalim Loan 75.0 91.1 80.4 98.2 Hapoalim Loan 2023 99.7 — 95.0 — Discount Loan 69.9 81.1 75.0 87.5 Financing Liability - Dixie Valley 207.2 219.8 225.8 242.0 Olkaria III Loan - DFC 116.4 134.2 120.7 138.7 Olkaria III plant 4 Loan - DEG 2 21.6 26.5 22.5 27.5 Olkaria III plant 1 Loan - DEG 3 19.0 23.3 19.7 24.0 Platanares Loan - DFC 71.3 80.2 71.7 79.9 Amatitlan Loan — 14.7 — 15.8 OFC 2 LLC Senior Secured Notes ("OFC 2") 134.2 149.8 142.5 158.0 Don A. Campbell 1 Senior Secured Notes ("DAC 1") 52.3 57.4 57.4 62.7 USG Prudential - NV 22.3 23.7 23.9 25.0 USG Prudential - ID Refinancing (prior year: USG Prudential - ID) 54.1 56.8 58.9 61.6 USG DOE 30.0 32.8 30.2 32.8 Senior Unsecured Bonds 202.8 235.1 220.6 255.8 Senior Unsecured Loan 150.4 166.4 158.0 174.8 Plumstriker — 11.2 — 11.4 Other long-term debt 6.8 9.2 7.7 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 the deposits, the short term revolving credit lines with banks and the commercial paper approximate their fair value. Recently, interest rate for both short-term and long-term debt have increased sharply which may The following table presents the fair value of financial instruments as of December 31, 2023: Level 1 Level 2 Level 3 Total (Dollars in millions) Mizrahi Loan $ — $ — $ 61.4 $ 61.4 Mizrahi Loan 2023 — — 52.0 52.0 Convertible Senior Notes — 444.6 — 444.6 HSBC Loan — — 33.8 33.8 Hapoalim Loan — — 75.0 75.0 Hapoalim Loan 2023 — — 99.7 99.7 Discount Loan — — 69.9 69.9 Financing Liability - Dixie Valley — — 207.2 207.2 Olkaria III - DFC — — 116.4 116.4 Olkaria III plant 4 - DEG 2 — — 21.6 21.6 Olkaria III plant 1 - DEG 3 — — 19.0 19.0 Platanares Loan - DFC — — 71.3 71.3 OFC 2 Senior Secured Notes — — 134.2 134.2 DAC 1 Senior Secured Notes — — 52.3 52.3 USG Prudential - NV — — 22.3 22.3 USG Prudential - ID - Refinancing — — 54.1 54.1 USG DOE — — 30.0 30.0 Senior Unsecured Bonds — — 202.8 202.8 Senior Unsecured Loan — — 150.4 150.4 Other long-term debt — — 6.8 6.8 Deposits 20.9 — — 20.9 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 III plant 4 - DEG 2 — — 26.5 26.5 Olkaria III plant 1 - 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 8 - Property, Plant and Eq
Note 8 - Property, Plant and Equipment and Construction-in-process | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 8 PROPERTY, PLANT AND EQUIPMENT AND CONSTRUCTION-IN-PROCESS Property, plant and equipment Property, plant and equipment, net, consist of the following: December 31, 2023 2022 (Dollars in thousands) Land owned by the Company where the geothermal resource is located $ 47,612 $ 42,335 Leasehold improvements 12,588 13,230 Machinery and equipment 341,931 350,584 Land, buildings and office equipment 127,970 52,222 Vehicles 17,097 14,115 Energy storage equipment 158,604 91,025 Solar facility equipment 59,214 32,003 Geothermal and recovered energy generation power plants, including geothermal wells and exploration and resource development costs: United States of America, net of cash grants 3,191,505 2,641,280 Foreign countries 868,289 897,657 Asset retirement cost 59,123 48,578 4,883,933 4,183,029 Less accumulated depreciation (1,884,984 ) (1,689,572 ) Property, plant and equipment, net $ 2,998,949 $ 2,493,457 Depreciation expense for the years ended December 31, 2023, 2022 2021 December 31, 2023, 2022, 2021 U.S. Operations The net book value of the property, plant and equipment, including construction-in-process, located in the United States was approximately $3,059.7 million and $2,830.3 million as of December 31, 2023 2022, December 31, 2023 2022 Foreign Operations The net book value of property, plant and equipment, including construction-in-process, located outside of the United States was approximately $754.2 million and $556.4 million as of December 31, 2023 2022, The Company, through its wholly owned subsidiary, OrPower 4, 4” December 31, 2023 2022, 2033 2036. The Company, through its wholly owned subsidiary, Orzunil I de Electricidad, Limitada (Orzunil), owns a 97% interest in a geothermal power plant in Guatemala. The net book value of the assets related to the power plant was $31.9 million and $27.1 million at December 31, 2023 2022, 2034. The Company, through its wholly owned subsidiary, Ortitlan, Limitada (“Ortitlan”), owns a power plant in Guatemala. The net book value of the assets related to the power plant was $42.8 million and $42.3 million at December 31, 2023 2022, The Company, through its wholly owned subsidiary, GeoPlatanares, signed a BOT contract for the Platanares geothermal project in Honduras with ELCOSA, a privately owned Honduran energy company, for 15 years from the commercial operation date. Platanares sells the electricity produced by the power plants to ENEE, the national utility of Honduras under a 30 2047. December 31, 2023 2022, The Company, through its subsidiary, Guadeloupe Bouillante ("GB"), owns a power plant in Guadeloupe. The net book value of the assets related to the power plant was $101.7 million and $43.5 million at December 31, 2023 2022, 2030. Construction-in-process Construction-in-process consists of the following: December 31, 2023 2022 (Dollars in thousands) Projects under exploration and development: Up-front bonus costs $ 5,335 $ 5,335 Exploration and development costs 156,438 89,230 Interest capitalized 703 703 162,476 95,268 Projects under construction: Up-front bonus costs 11,156 11,156 Drilling and construction costs 618,416 761,129 Interest capitalized 22,919 25,645 652,491 797,930 Total $ 814,967 $ 893,198 Projects under exploration and development Up-front Bonus Costs Exploration and Development Costs Interest Capitalized Total (Dollars in thousands) Balance at December 31, 2020 $ 5,347 $ 45,478 $ 703 $ 51,528 Cost incurred during the year — 2,680 — 2,680 Transfer of projects under exploration and development to projects under construction (12 ) (3,494 ) — (3,506 ) Balance at December 31, 2021 5,335 44,664 703 50,702 Cost incurred during the year — 44,566 — 44,566 Balance at December 31, 2022 5,335 89,230 703 95,268 Cost incurred during the year — 70,667 — 70,667 Write off of unsuccessful exploration costs — (3,459 ) — (3,459 ) Balance at December 31, 2023 $ 5,335 $ 156,438 $ 703 $ 162,476 Projects under construction Up-front Bonus Costs Drilling and Construction Costs Interest Capitalized Total (Dollars in thousands) Balance at December 31, 2020 $ 39,144 $ 379,117 $ 9,526 $ 427,787 Cost incurred during the year — 403,296 10,546 413,842 Transfer of projects under exploration and development to projects under construction 12 3,494 — 3,506 Transfer of completed projects to property, plant and equipment — (174,354 ) — (174,354 ) Balance at December 31, 2021 39,156 611,553 20,072 670,781 Cost incurred during the year — 489,953 5,573 495,526 Transfer of completed projects to property, plant and equipment (28,000 ) (340,377 ) — (368,377 ) Balance at December 31, 2022 11,156 761,129 25,645 797,930 Cost incurred during the year — 473,422 15,181 488,603 Cost write off — (993 ) — (993 ) Transfer of completed projects to property, plant and equipment — (615,142 ) (17,907 ) (633,049 ) Balance at December 31, 2023 $ 11,156 $ 618,416 $ 22,919 $ 652,491 Impairment of long-lived assets The Brawley power plant has been generating electricity below its generating capacity of 13MW fourth 2022, no 7MW Based on the above circumstances and indicators, the Brawley power plant was tested for recoverability during the fourth 2022 3 820, December 31, 2022. In estimating the fair value for the power plant, the Company utilized the discounted cash flow approach ("DCF") which is a form of the Income Approach. The DCF approach is based on the present value of the estimated cash flow expected to be generated by the Brawley power plant which is the asset group. The expected cash flow was discounted using a rate of return that reflects the relative risk of the asset, as well as the time value of money. The determination of the Company and asset specific risk-adjusted discount rate is based on the weighted-average cost of capital ("WACC") taking into consideration the value of equity and interest-bearing debt. The Company applied a WACC rate of 9% in the estimation of the Brawley power plant. The Company noted that a 1% not 3 December 31, 2022. Significant unobservable inputs: Average generation capacity (MW) 7 Electricity price escalation (%) 2.2 % Cost long-term growth rate 2.2 Average realized electricity price ($/MW) 92.2 |
Note 9 - Intangible Assets and
Note 9 - Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 9 INTANGIBLE ASSETS AND GOODWILL As of December 31, 2023 2022, The following table summarizes the information related to the Company's intangible assets as of December 31, 2023 2022: December 31, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (Dollars in thousands) (Dollars in thousands) Amortized intangible assets Electricity segment $ 403,511 $ (127,324 ) $ 402,340 $ (104,601 ) Storage segment 54,310 (22,888 ) 54,310 (18,204 ) Total $ 457,821 $ (150,212 ) $ 456,650 $ (122,805 ) Amortization expense for the years ended December 31, 2023, 2022 2021 There were no additions to intangible assets during 2023 2022. During 2022, December 2023, 2022 2021 may not 2023, 2022 2021, Estimated future amortization expense for the intangible assets as of December 31, 2023 (Dollars in thousands) Year ending December 31: 2024 $ 26,277 2025 25,911 2026 24,056 2027 22,176 2028 21,903 Thereafter 187,286 Total $ 307,609 Goodwill Goodwill amounting to $90.5 million and $90.3 million as of December 31, 2023 2022, 2023, 2022 2021, Changes in the carrying amount of the Company’s goodwill for the years ended December 31, 2023 2022 2023 2022 (Dollars in thousands) Goodwill as of January 1, $ 90,325 $ 89,954 Translation differences 219 371 Goodwill as of December 31, $ 90,544 $ 90,325 There was no goodwill acquired during 2023 2022. |
Note 10 - Accounts Payable and
Note 10 - Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 10 ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following: December 31, 2023 2022 (Dollars in thousands) Trade payable $ 140,694 $ 77,551 Salaries and other payroll costs 28,302 24,205 Customer advances 769 1,060 Accrued interest 17,826 14,063 Income tax payable 6,995 8,393 Property tax payable 2,606 3,271 Scheduling and transmission 1,892 1,000 Royalty accrual 5,445 9,825 Warranty accrual 1,812 1,705 Other 8,177 8,350 Total $ 214,518 $ 149,423 |
Note 11 - Long-term Debt, Credi
Note 11 - Long-term Debt, Credit Agreements and Finance Liability | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | NOTE 11 LONG-TERM DEBT, CREDIT AGREEMENTS AND FINANCE LIABILITY Long-term debt consists of the following loan agreements: December 31, 2023 2022 (Dollars in thousands) Limited and non-recourse agreements (1) : Limited recourse: Loan agreement with DFC (the Olkaria III power plant) $ 120,668 $ 138,663 Loan agreement with DFC (the Platanares power plant) 71,687 79,880 Loan agreement with Banco Industrial S.A. and Westrust Bank (International) Limited — 15,750 Loan agreement with a global industrial company (the Plumstriker battery energy storage projects) — 11,392 Idaho Refinancing, U.S. Department of Energy and Prudential Capital Group Nevada 112,959 119,392 OFC 2 Senior Secured Notes 142,464 158,036 Other loans 3,460 4,585 Non-recourse: DAC 1 Senior Secured Notes 57,397 62,698 Other loans 4,216 5,805 Total limited and non-recourse agreements 512,852 596,201 Less current portion (57,207 ) (64,044 ) Noncurrent portion $ 455,645 $ 532,157 Full recourse agreements (1) : Senior Unsecured Bonds - Series 4 $ 220,568 $ 255,754 Senior Unsecured Loan (Migdal) 158,000 174,800 Hapoalim, Hapoalim 2023, Mizrahi, Mizrahi 2023, HSBC and Discount loans 397,009 298,884 Loan agreements with DEG (the Olkaria III and power plants 4 and 1 upgrade) 42,160 51,528 Total full recourse agreements $ 817,737 $ 780,966 Less current portion (116,864 ) (101,460 ) Noncurrent portion $ 700,873 $ 679,506 Convertible senior notes (all noncurrent) (1) $ 431,250 $ 431,250 Financing liability $ 225,760 $ 242,029 Less current portion (5,141 ) (16,270 ) Noncurrent portion $ 220,619 $ 225,759 ( 1 Full-Recourse Third-Party Debt Mizrahi 2023 On November 1, 2023, 2023 2023 2023 2023 April 12, 2024. 2023 2023 not not not 2023 December 31, 2023, Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) Mizrahi Loan 2023 $ 50.0 $ 50.0 7.15 % October 2031 ( 1 Hapoalim 2023 On February 27, 2023, 2023 August 27, 2023. not not not December 31, 2023, Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) Hapoalim 2023 Loan $ 100.0 $ 95.0 6.45 % February 2033 ( 1 Mizrahi Bank Loan On April 12, 2022, October 12, 2022. not not not December 31, 2023, Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) Mizrahi Loan $ 75.0 $ 60.9 4.10 % April 2030 ( 1 Bank Hapoalim Loan On July 12, 2021, December 12, 2021. not not not December 31, 2023, Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) Hapoalim Loan $ 125.0 $ 80.4 3.45 % June 2028 ( 1 HSBC Bank Loan On July 15, 2021, January 19, 2022. not not not December 31, 2023, Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) HSBC Loan $ 50.0 $ 35.7 3.45 % July 2028 ( 1 Discount Bank Loan On September 2, 2021, March 2, 2022. not not not December 31, 2023, Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) Discount Loan $ 100.0 $ 75.0 2.9 % September 2029 ( 1 Senior Unsecured Bonds - Series 4 On July 1, 2020, 4” 4 4 December 2020 June 2022 4. December 31, 2023, 4 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) Senior Unsecured Bonds - Series 4 $ 289.8 $ 220.6 3.35 % June 2031 ( 1 Cross Currency Swap Concurrently with the issuance of the Senior Unsecured Bonds - Series 4, 4 4, 815, 4 Senior Unsecured Loan On March 22, 2018 15 September 15, 2021, March 15, 2029. The Loan is subject to early redemption by the Company prior to maturity from time to time (but not no no 4.5, The Migdal Loan Agreement includes various affirmative and negative covenants, including a covenant that the Company maintain (i) a debt to adjusted EBITDA ratio below 6, not not 25%. On March 25, 2019, first March 22, 2018. September 15, 2021, March 15, 2029. In April 2020, second March 22, 2018. September 15, 2021 September 15, 2028. one March 15, 2029. December 31, 2023, Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) Migdal Loan $ 100.0 $ 79.0 4.80 % March 2029 Additional Migdal Loan 50.0 39.5 4.60 % March 2029 Second Addendum Migdal Loan 50.0 39.5 5.44 % March 2029 Total Senior Unsecured Loan $ 200.0 $ 158.0 ( 1 Loan Agreements with DEG (the Olkaria III Complex) On October 20, 2016, 4 2 December 21, 2016, 4 2 2 20 December 21, 2018, June 21, 2028. 2 4 4 2 1 3 2 On January 4, 2019, 4 3 February 28, 2019, 4 3 3 June 21, 2019, June 21, 2028. 3 4 1 3 1 3 3 December 31, 2023, Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) DEG 2 Loan $ 50.0 $ 22.5 6.28 % June 2028 DEG 3 Loan 41.5 19.7 6.04 % June 2028 $ 91.5 $ 42.2 ( 1 Non-Recourse and Limited-Recourse Third-Party Debt Finance Agreement with DFC (formerly OPIC) (the Olkaria III Complex) On August 23, 2012, 4, The OPIC Loan is comprised of up to three Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) OPIC Loan - Tranche I $ 85.0 $ 33.0 6.34 % December 2030 OPIC Loan - Tranche II 180.0 68.8 6.29 % June 2030 OPIC Loan - Tranche III 45.0 18.8 6.12 % December 2030 Total OPIC Loan $ 310.0 $ 120.6 ( 1 The OPIC Loan is collateralized by substantially all of OrPower 4’s 4. 12 December 31, 2023, Finance Agreement with DFC (the Platanares power plant) On April 30, 2018, October 2018. Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) DFC - Platanares Loan $ 114.7 $ 71.7 7.02 % September 2032 ( 1 The Platanares Loan is secured by a first December 31, 2023, Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited On July 31, 2015, June 2027 per annum September 29, 2023, Plumstriker Loan On May 4, 2019, two two 20 May 30, 2019, three May 2026. April 4, 2023, Don A. Campbell Senior Secured Notes Non-Recourse On November 29, 2016, 47 47” 47 47 1 1933, 47 first 1” The net proceeds from the sale of the DAC 1 1 The DAC 1 47 47. 47 47 47 47 December 31, 2023, not 47. Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) DAC 1 Senior Secured Notes $ 92.5 $ 57.4 4.03 % September 2033 ( 1 OFC 2 In September 2011, 2, 2’s 2 2 2 2 December 31, 2034. 2 1705 2005, 2 2 On October 31, 2011, 2 2032 On August 29, 2014, 2 2 second 1705 2005. The OFC 2 2 2. 2 2 2. 2 December 31, 2023, Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) OFC 2 Senior Secured Notes - Series A $ 151.7 $ 63.9 4.69 % December 2032 OFC 2 Senior Secured Notes - Series C 140.0 78.6 4.61 % December 2032 Total OFC 2 Senior Secured Notes $ 291.7 $ 142.5 ( 1 The Company provided a guaranty in connection with the issuance of the Series A Notes and Series C Notes. The guaranty may 2 2 may 2 2 2 2 2 not Idaho Refinancing Note On November 28, 2022, March 2023 ( The Idaho Refinancing note purchase agreement also includes an approximately $4.3 million revolving note tranche to be issued in the event of a shortfall in debt service with respect to the Idaho Refinancing Note. The Issuer shall pay a commitment fee on the revolving note tranche at a rate of 0.5% per annum. If drawn, the revolving notes shall bear interest at a rate of Term SOFR + 140bps. The Idaho Refinancing is secured by the Issuer’s 100% ownership interests in Raft River Energy I LLC, which owns the Raft River geothermal project, and by the Issuer’s 60% ownership interests in Oregon USG Holdings, LLC, the owner of USG Oregon LLC, which owns the Neal Hot Springs geothermal project. The Idaho Refinancing Note will be repaid in 31 semi-annual payments, commencing on March 31st, 2023. March 31, 2038. There are various restrictive covenants under the Idaho Refinancing, including limitations on additional indebtedness of the Issuer and its subsidiaries. Failure to comply with these and other covenants will, subject to customary cure rights, constitute an event of default by the Issuer. In addition, there are restrictions on the ability of the Issuer to make distributions to its shareholders. Among other things, the distribution restrictions include both a historical and projected minimum debt service coverage ratio requirement. As of December 31, 2023, As part of the security package, the note purchase agreement states the Issuer shall establish and maintain customary reserve accounts which include a debt service reserve account, a make-up well reserve account, a maintenance reserve account and a construction reserve account. U.S. Department of Energy Loan On August 31, 2011, first December 31, 2023, Prudential Capital Group Nevada On September 26, 2013, December 31, 2023, Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) Idaho Refinancing Note $ 61.6 $ 58.9 6.26 % March 2038 U.S. Department of Energy 96.8 30.2 2.60 % February 2035 Prudential Capital Group – Nevada 30.7 23.9 6.75 % December 2037 Total $ 189.1 $ 113.0 ( 1 Bpifrance Loan - Non Recourse On April 4, 2019, April 29, 2019, 1.93%. 20 June 30, 2021. March 31, 2026. not December 31, 2023, Soci t G n rale Loan - Limited Recourse On April 9, 2019, April 29, 2019, July 29, 2019. April 29, 2026. one December 31, 2023, Convertible Senior Notes On June 22, 2022, 2027. 144A 1933, June 27, 2022, January 15 July 15 January 15, 2023. July 15, 2027, Holders of the Notes may January 15, 2027 1 September 30, 2022 ( 20 not 30 2 five five $1,000 3 may not July 21, 2025), second 4 January 15, 2027 second may may The initial conversion rate was 11.0776 shares of common stock per $1,000 may may not July 21, 2025. may July 21, 2025 41st 20 not 30 No may The Company incurred approximately $11.6 million of issuance costs in respect of the issuance of the Notes, which were deferred and are presented as a reduction to the Notes principal amounts on the consolidated balance sheets. The deferred issuance costs are amortized over the term of the Notes into interest expenses, net in the consolidated statements of operations and comprehensive income. During the year ended December 31, 2023, Based on the closing market price of the Company's common stock on December 31, 2023, Capped Call Transactions In connection with the issuance of the convertible notes described above, the Company entered into capped call transactions (the "Capped Calls") with certain counterparties. The capped call transactions will cover, subject to customary adjustments, the number of shares of our common stock initially underlying the Notes of approximately 4.8 million shares of common stock and at an initial strike price of $90.27 per share. The Capped Calls are generally intended to reduce the potential dilution to the Company's Common Stock upon any conversion of the Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, in the event that at the time of conversion, the Common Stock price exceeds the conversion price. If, however, the market price per share of Common Stock exceeds the cap price of the Capped Calls, there would nevertheless be dilution or there would not The Capped Calls exercise price is equal to the $90.27 initial conversion price of each of the Notes and the cap price of the Capped Calls is initially $107.63 per share, which represents a premium of approximately 55% above the closing price of the Company's common stock on the date of the Notes offering and is subject to customary anti-dilution adjustments. The Capped Calls transactions are separate transactions entered into by the Company with the option counterparties, are not not The Company paid approximately $24.5 million for the Capped Calls which was recorded as a reduction to Additional Paid-in Capital in the consolidated statements of equity in the second 2022, no 815, not Purchase of Treasury Stock In connection with the issuance of the Notes as described above, the Company used approximately $18.0 million of the net proceeds from the issuance of these Notes to repurchase 258,667 shares of its common stock in privately negotiated transactions at a price of $69.45 per share. The Company recorded this purchase of treasury stock as a reduction to its equity on the consolidated statements of equity in the second 2022. Prepayment of Series 3 Additionally, in connection with the issuance of the Notes as described above, on June 27, 2022, 3 September 2022 second 2022 Financing Liability On July 13, 2021, September 2015 June 2038. September 2024. fourth 2023, June 2038, 2 December 31, 2023, Amount Outstanding as of Annual Maturity Loan December 31, 2023 Interest Rate (1) Date (2) (Dollar in millions) Financing Liability - Dixie Valley $ 225.8 6.12 % June 2038 ( 1 ( 2 June 2038. Revolving Credit Lines with Commercial Banks As of December 31, 2023, one one March 2024 August 2025. December 31, 2023, Credit Agreements Credit Agreement with MUFG Union Bank Ormat Nevada has a credit agreement with MUFG Union Bank under which it has an aggregate available credit of up to $60.0 million as of December 31, 2023. June 30, 2024. The facility is limited to the issuance, extension, modification or amendment of letters of credit. Union Bank is currently the sole lender and issuing bank under the credit agreement, but is also designated as an administrative agent on behalf of banks that may, There are various restrictive covenants under the credit agreement, which include a requirement to comply with the following financial ratios, which are measured quarterly: (i) a 12 not 4.5; 12 not 1.35; not 2.0. December 31, 2023: ( 12 1.24; 12 5.75; December 31, 2023, As of December 31, 2023, Credit Agreement with HSBC Bank USA N.A. Ormat Nevada has a credit agreement with HSBC Bank USA, N.A for one October 31, 2024. December 31, 2023, There are various restrictive covenants under the credit agreement, including a requirement to comply with the following financial ratios, which are measured quarterly: (i) a 12 not 4.5; 12 not 1.35; not 2.0. December 31, 2023: ( 12 1.24; 12 5.75; December 31, 2023, As of December 31, 2023, Surety Bonds The Company entered into surety bond agreements (the “Surety Agreements”) with Chubb Limited, Travelers, Allianz and certain other third may may no may twenty thirty not December 31, 2023, Restrictive Covenants The Company’s obligations under the credit agreements, the loan agreements, and the trust instrument governing the bonds, described above, are unsecured, but are subject to a negative pledge in favor of the banks and the other lenders and certain other restrictive covenants. These include, among other things, a prohibition on: (i) creating any floating charge or any permanent pledge, charge or lien over the Company's assets without obtaining the prior written approval of the lender; (ii) guaranteeing the liabilities of any third third no 12 not 6. December 31, 2023: ( 12 December 31, 2023. December 31, 2023, Future minimum payments Future minimum payments under long-term obligations, including long-term debt and financing liability, as of December 31, 2023 (Dollars in thousands) Year ending December 31: 2024 $ 178,954 2025 178,982 2026 182,654 2027 612,045 2028 167,848 Thereafter 669,074 Total $ 1,989,557 |
Note 12 - Tax Monetization Tran
Note 12 - Tax Monetization Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Disclosure Of Investments In And Advances To Affiliates [Text Block] | NOTE 12 TAX MONETIZATION TRANSACTIONS 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. Transferable production and investment tax credits The Inflation Reduction Act was signed into law in August 2022 third December 31, 2022. not third 740 2023 2023 In December 2023, third third Casa Diablo IV ( "CD4" On December 23, 2022, one CD4 CD4 Under the transaction documents, prior to December 31, 2031 ( 4 CD4 not CD4 CD4 On the Target Flip Date, the Company has the option to purchase the private investor’s interests at the then-current fair market value, plus an amount that causes JPM to reach its target return, if needed. If the Company exercises this purchase option, it will become the sole owner of the project again. JPM’s capital contribution of $50.3 Steamboat Hills tax monetization transaction On October 25, 2021, one Under the transaction documents, prior to December 31, 2029 ( not On the Steamboat Hills 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. McGinness Hills 3 On August 14, 2019, one 3 3 Pursuant to the transaction documents, prior to December 31, 2027 ( “MGH3 one 3 MGH3 not MGH3 MGH3 On the MGH3 one Tungsten Mountain tax monetization transaction On May 17, 2018, one Under the transaction documents, prior to December 31, 2026 ( not On the Tungsten Mountain Target Flip Date, Ormat Nevada has the option to purchase the private investor’s interests at the then-current fair market value, plus an amount that causes the private investor to reach its target return, if needed. If Ormat Nevada exercises this purchase option, it will become the sole owner of the project again. Opal Geo tax monetization transaction On December 16, 2016, December 16, 2016, five December 31, 2022. December 22, 2022, one In connection with the transactions contemplated by the Equity Contribution Agreement and the LLC Agreement, Ormat Nevada transferred its indirect ownership interest in the McGinness Hills (Phase I and Phase II), Tuscarora, Jersey Valley and second 2” 2 Pursuant to the Equity Contribution Agreement, in December 2016, 2 December 31, 2022. not 2023, one Under the original LLC Agreement, until December 31, 2022, December 31, 2022, Under the LLC Agreement, all items of Opal Geo income and loss, gain, deduction and credit (including the federal production tax credits relating to the operation of the two two no two Under the LLC Agreement, OrLeaf, which owns 100% of the Class A Membership Interests in Opal Geo, serves as the managing member of Opal Geo and control the day-to-day management of Opal Geo and its portfolio of five may five 2 five The LLC Agreement contains certain customary restrictions on transfer applicable to both OrLeaf and JPM with respect to their respective Membership Interests in Opal Geo, and also provides OrLeaf with a right of first may December 22, 2022, December 31, 2023, not December 31, 2023. first 2024. Pursuant to the Equity Contribution Agreement, the Company has provided a guaranty for the benefit of JPM of certain of OrLeaf’s indemnification obligations to JPM under the LLC Agreement. In addition, Ormat Nevada also provided a guaranty for the benefit of JPM of all present and future payment and performance obligations of OrLeaf under the LLC Agreement and each ancillary document to which OrLeaf is a party. |
Note 13 - Asset Retirement Obli
Note 13 - Asset Retirement Obligation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | NOTE 13 ASSET RETIREMENT OBLIGATION The following table presents a reconciliation of the beginning and ending aggregate carrying amount of asset retirement obligation for the years presented below: Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Balance at beginning of year $ 97,660 $ 84,891 $ 63,457 Revision in estimated cash flows 2,056 (1,802 ) 10,504 Liabilities incurred and acquired 8,490 9,314 6,953 Accretion expense 6,164 5,257 3,977 Balance at end of year $ 114,370 $ 97,660 $ 84,891 |
Note 14 - Stock-based Compensat
Note 14 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 14 STOCK-BASED COMPENSATION The Company makes an estimate of expected forfeitures and recognizes compensation costs only for those stock-based awards expected to vest. As of December 31, 2023, During the years ended December 31, 2023, 2022 2021, Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Cost of revenues $ 6,899 $ 6,382 $ 4,656 Selling and marketing expenses 866 1,230 766 Research and development expenses 94 — — General and administrative expenses 7,620 4,034 3,746 Total stock-based compensation expense 15,479 11,646 9,168 Tax effect on stock-based compensation expense 1,598 1,270 872 Net effect of stock-based compensation expense $ 13,881 $ 10,376 $ 8,296 During the fourth 2023, 2022 2021, Valuation assumptions The Company estimates the fair value of the stock-based awards using the Complex Lattice, Tree-based option-pricing model. The dividend yield forecast is expected to be at least 20% of the Company’s yearly net profit, which is equivalent to a 0.6% yearly weighted average dividend rate in the year ended December 31, 2023. The Company calculated the fair value of each stock-based award on the date of grant based on the following assumptions: Year Ended December 31, 2023 2022 2021 For stock based awards issued by the Company: Risk-free interest rates 4.2 % 1.7 % 0.7 % Expected lives (in weighted average years) 2.5 5.3 3.8 Dividend yield 0.6 % 0.7 % 0.6 % Expected volatility (weighted average) 38.2 % 34.6 % 36.7 % The Company estimated the forfeiture rate (on a weighted average basis) as follows: Year Ended December 31, 2023 2022 2021 Weighted average forfeiture rate 8.0 % 10.2 % 6.1 % Stock-based awards The 2012 In May 2012, 2012 2012 2012 two three four 2012 one one third fourth six ten 2012 2012 May 2018 2018 “2018 2012 The 2018 In May 2018, 2018 2018 2018 2018 2018 second third fourth 2018 first six ten 2018 June 2022, 2018 one As of December 31, 2023, 2018 In March 2023, 2018 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 Risk-free interest rates 4.70% Expected life (in years) 1% Dividend yield 0.56% Expected volatility (weighted average) 34.80% On November 30, 2022, 2018 2 3 Risk-free interest rates 4.13% — (4.38)% Expected life (in years) 2 — 3 Dividend yield 0.56% Expected volatility (weighted average) 43.17% — 40.57% On March 1, 2022, 2018 six 2 4 Risk-free interest rates 1.31% — 1.62% Expected life (in years) 2 — 6 Dividend yield 0.67% Expected volatility (weighted average) 32.85% — 46.07% On November 2021, 2018 one Risk-free interest rates 0.14% — (0.16)% Expected life (in years) 1 Dividend yield 0.65% Expected volatility (weighted average) 43.26% Information on the awards outstanding and the related weighted average exercise price as of and for the years ended December 31, 2023, 2022 2021 Year Ended December 31, 2023 2022 2021 Awards (In thousands) Weighted Average Exercise Price Awards (In thousands) Weighted Average Exercise Price Awards (In thousands) Weighted Average Exercise Price Outstanding at beginning of year 1,810 $ 60.08 2,025 $ 58.70 2,240 $ 57.68 Granted: SARs (1) — — 513 71.15 15 77.22 RSUs (2) 189 — 109 — 12 — PSUs (3) 35 — 20 — — — Exercised (492 ) 56.00 (728 ) 52.73 (159 ) 40.47 Forfeited (59 ) 54.09 (129 ) 62.27 (83 ) 64.34 Expired — — — — — — Outstanding at end of year 1,483 52.57 1,810 60.08 2,025 58.70 Options and SARs exercisable at end of year 606 66.81 749 58.30 881 53.20 Weighted-average fair value of awards granted during the year $ 79.98 $ 33.02 $ 46.23 ( 1 Upon exercise, SARs entitle the recipient to receive shares of common stock equal to the increase in value of the award between the grant date and the exercise date. ( 2 An RSU represents the right to receive one ( 3 The Performance shares units shall be paid out based on achievement of three 500 three The following table summarizes information about stock-based awards outstanding at December 31, 2023 ( Awards Outstanding Awards Exercisable Exercise Price Number of Stock-based Awards Outstanding Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Number of Stock-based Awards Exercisable Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value $ — 345 1.6 $ 26,127 $ — 51.71 8 1.0 193 8 1.0 193 53.16 3 0.9 73 3 0.9 73 53.44 78 0.5 1,736 78 0.5 1,736 57.97 8 0.6 134 8 0.6 134 63.40 45 2.5 562 34 2.5 422 67.54 7 2.9 54 7 2.9 54 68.34 47 2.4 349 35 2.4 261 69.14 470 2.4 3,128 316 2.4 2,101 71.15 448 4.2 2,077 101 4.2 468 71.71 4 1.6 16 4 1.6 16 76.43 5 1.9 — 5 1.9 — 76.54 9 3.9 — 4 3.9 — 78.53 6 3.3 — 3 3.3 — 90.28 1 3.0 — — 3.0 — 1,483 2.6 $ 34,449 606 2.4 $ 5,458 The following table summarizes information about stock-based awards outstanding at December 31, 2022 ( Awards Outstanding Awards Exercisable Exercise Price Number of Stock-based Awards Outstanding Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Number of Stock-based Awards Exercisable Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value $ — 157 2.1 $ 13,536 — — $ — 51.71 8 2.0 278 6 2.0 209 53.16 3 1.9 108 3 1.9 108 53.44 103 1.5 3,405 103 1.5 3,405 55.16 295 0.9 9,236 295 0.9 9,236 57.97 8 1.6 214 8 1.6 214 63.35 74 0.9 1,719 74 0.9 1,719 63.40 45 3.5 1,047 23 3.5 524 67.54 7 3.9 125 7 3.9 125 68.34 47 3.4 849 23 3.4 424 69.14 539 3.4 9,357 199 3.4 3,456 71.15 499 5.2 7,644 — 5.2 — 71.71 4 2.6 59 3 2.6 44 76.43 5 2.9 49 5 2.9 49 76.54 9 4.9 85 — 4.9 — 78.53 6 4.3 51 — 4.3 — 90.28 1 4.0 — — 4 — 1,810 3.1 $ 47,762 749 1.8 $ 19,513 The aggregate intrinsic value in the above tables represents the total pretax intrinsic value, based on the Company’s stock price of $75.79 and $86.48 as of December 31, 2023 2022, December 31, 2023 2022 The total pretax intrinsic value of options exercised during the year ended December 31, 2023 2022 December 31, 2023 2022, |
Note 15 - Interest Expense, Net
Note 15 - Interest Expense, Net | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Interest Expense Disclosure [Text Block] | NOTE 15 INTEREST EXPENSE, NET The components of interest expense are as follows: Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Interest related to sale of tax benefits $ 15,289 $ 14,853 $ 12,246 Interest expense 100,853 91,617 $ 84,994 Less — amount capitalized (17,261 ) (18,727 ) $ (14,582 ) $ 98,881 $ 87,743 $ 82,658 |
Note 16 - Income Taxes
Note 16 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 16 INCOME TAXES U.S. and foreign components of income from continuing operations, before income taxes and equity in income (losses) of investees consisted of: Year Ended December 31, 2023 2022 2021 (Dollars in thousands) U.S $ 53,984 $ 23,709 $ 37,032 Non-U.S. (foreign) 85,101 71,900 66,519 Total income from continuing operations, before income taxes and equity in losses $ 139,085 $ 95,609 $ 103,551 The components of the provision (benefit) for income taxes, net are as follows: Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Current: Federal $ 672 $ 641 $ — State (1,806 ) 2,227 400 Foreign 35,379 29,370 25,096 Total current income tax expense $ 34,245 $ 32,238 $ 25,496 Deferred: Federal (12,780 ) (17,179 ) (3,267 ) State 6,041 2,649 9,301 Foreign (21,523 ) (2,966 ) (6,680 ) Total deferred tax provision (benefit) (28,262 ) (17,496 ) (646 ) Total Income tax provision $ 5,983 $ 14,742 $ 24,850 Reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2023 2022 2021 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Foreign tax credits (3.8 ) (3.8 ) (0.4 ) Withholding tax 1.0 0.2 6 Valuation allowance - U.S. — (9.3 ) (10.4 ) State income tax, net of federal benefit 2.4 5.3 8.8 Uncertain tax positions 1.5 0.9 3.6 Foreign tax rate change (5.7 ) — — Effect of foreign income tax, net 0.4 6.2 (5.2 ) Production tax credits — (4.0 ) (4.2 ) Investment tax credits (14.0 ) — — Tax on global intangible low-tax income 4.1 4.8 9.3 Noncontrolling interest (1.0 ) (2.2 ) (2.5 ) Other, net (1.6 ) (3.7 ) (1.9 ) Effective tax rate 4.3 % 15.4 % 24.0 % The net deferred tax assets and liabilities consist of the following: December 31, 2023 2022 (Dollars in thousands) Deferred tax assets (liabilities): Net foreign deferred taxes, primarily depreciation $ (27,623 ) $ (49,295 ) Depreciation 40,993 50,214 Intangible drilling costs (17,543 ) (13,855 ) Net operating loss carryforward - U.S. 24,822 26,824 Tax monetization transaction (125,462 ) (84,585 ) Right-of-use assets (5,218 ) (5,824 ) Lease liabilities 5,105 5,527 Production tax credits 109,556 109,109 Foreign tax credits 33,412 32,333 Withholding tax (20,437 ) (21,007 ) Basis difference in partnership interest (12,448 ) (51,392 ) Excess business interest 6,162 522 Sale and leaseback transaction 58,608 62,939 Other assets 12,404 13,655 Accrued liabilities and other 6,361 5,208 Total 88,692 80,373 Less - valuation allowance (2,870 ) (2,473 ) Total, net $ 85,822 $ 77,900 The following table presents a reconciliation of the beginning and ending valuation allowance: 2023 2022 (Dollars in thousands) Balance at beginning of the year $ 2,473 $ 11,298 Additions to valuation allowance 479 35 Release of valuation allowance (82 ) (8,860 ) Balance at end of the year $ 2,870 $ 2,473 At December 31, 2023, 2018 2038. At December 31, 2023, 2026. December 31, 2023, 2027. At December 31, 2023, 2025 2034 December 31, 2023, The Company has recorded deferred tax assets for net operating losses, foreign tax credits, and production tax credits. Realization of the deferred tax assets and tax credits is dependent on generating sufficient taxable income in appropriate jurisdictions prior to expiration of the NOL carryforwards and tax credits. Based upon available evidence of the Company’s ability to generate additional taxable income in the future and historical losses in prior years, a valuation allowance in the amount of $2.9 million and $2.5 million is recorded against the U.S. deferred tax assets as of December 31, 2023 2022, not not On April 24, 2018, 382, not not The FASB released guidance Staff Q&A, Topic 740, No. 5, The Company uses the flow-through method to account for investment tax credit earned on eligible battery storage projects. Under this method, the investment tax credits are recognized as a reduction to income tax expense in the year they are earned rather than a reduction in the asset basis. The following table presents the deferred taxes on the balance sheet as of the dates indicated: Year Ended December 31, 2023 2022 (Dollars in thousands) Non-current deferred tax assets $ 152,570 $ 161,365 Non-current deferred tax liabilities (66,748 ) (83,465 ) Non-current deferred tax assets, net 85,822 77,900 Uncertain tax benefit offset (1) (95 ) (95 ) $ 85,727 $ 77,805 ( 1 2013 11, At December 31, 2023, no December 31, 2023, Uncertain tax positions The Company is subject to income taxes in the United States (federal and state) and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company's tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which additional taxes will be due. These reserves are established when the Company believes that certain positions might be challenged despite evidence supporting the position. The Company adjusts these reserves in light of changing facts and circumstances, such as the outcome of tax audits. The provision for income taxes includes the impact of reserve positions and changes to reserves that are considered probable. At December 31, 2023 2022, A reconciliation of the Company's unrecognized tax benefits is as follows: Year Ended December 31, 2023 2022 (Dollars in thousands) Balance at beginning of year $ 5,300 $ 5,076 Additions based on tax positions taken in prior years 395 — Additions based on tax positions taken in the current year 1,376 364 Reduction based on tax positions taken in prior years (141 ) (47 ) Reduction based on tax positions taken in the current year — (93 ) Balance at end of year $ 6,930 $ 5,300 The Company and its U.S. subsidiaries file consolidated income tax returns for federal and state (where applicable) purposes. As of December 31, 2023, not The Company remains open to examination by the Internal Revenue Service for the years 2006 2022 2008 2022. may The Company’s foreign subsidiaries remain open to examination by the local income tax authorities in the following countries for the years indicated: Israel 2019 – 2023 Kenya 2018 – 2023 Guatemala 2019 – 2023 Honduras 2018 – 2023 Guadeloupe 2020 – 2023 Management believes that the liability for unrecognized tax benefits is adequate for all open tax years based on its assessment of many factors, including among others, past experience and interpretations of local income tax regulations. This assessment relies on estimates and assumptions and may not twelve Tax benefits in the United States On August 16, 2022, 2.75 3.30 30.0%, 50.0%. December 31, 2022. third Income taxes related to foreign operations Guadeloupe 2020, 2021, 2022 2023. Guatemala Honduras - first ten September 2017. Israel 2017 2018 1959 two January 2011, 2014 2011. On December 29, 2016, “73 two January 20, 2021, 12% 2021, 2022 2023. The Investment Law also included a specific order that allowed companies to distribute earnings that were previously untaxed after paying a reduced corporate tax rate of 10% 25% 10% 2021 Kenya June 26, 2023, 2023 June 30, 2023, 30% July 28, 2023, 2023, |
Note 17 - Business Segments
Note 17 - Business Segments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 17 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 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 of geothermal and recovered energy-based power plants. • Under the Energy Storage segment, the Company provides battery energy storage systems as a service as well as related services. Transfer prices between the operating segments were determined on current market values or cost plus markup of the seller’s business segment. Summarized financial information concerning the Company’s reportable segments is shown in the following tables, including, as further described under Note 1 606: Electricity Product Energy Storage Consolidated (Dollars in thousands) Year Ended December 31, 2023: Revenues from external customers: United States (1) $ 473,323 $ 7,610 $ 28,894 $ 509,827 Foreign (2) 193,444 126,153 — 319,597 Net revenues from external customers 666,767 133,763 28,894 829,424 Intersegment revenues — 48,494 — — Depreciation and amortization expense 199,344 10,908 14,545 224,797 Operating income (loss) 168,834 3,536 (5,785 ) 166,585 Segment assets at period end (3) (*) 4,652,392 199,897 355,990 5,208,279 Expenditures for long-lived assets 474,592 20,599 123,192 618,383 * Including unconsolidated investments 125,439 — — 125,439 Year Ended December 31, 2022: Revenues from external customers: United States (1) 446,000 7,037 31,018 484,055 Foreign (2) 185,727 64,377 — 250,104 Net revenues from external customers $ 631,727 $ 71,414 $ 31,018 $ 734,159 Intersegment revenues — 83,394 — — Depreciation and amortization expense 179,966 7,302 11,524 198,792 Operating income (loss) 156,178 (1,084 ) (2,291 ) 152,803 Segment assets at period end (3) (*) 4,253,910 118,018 239,651 4,611,579 Expenditures for long-lived assets 462,269 16,352 84,855 563,476 * Including unconsolidated investments 115,693 — — 115,693 Year Ended December 31, 2021: Revenues from external customers: United States (1) 404,303 5,414 30,393 440,110 Foreign (2) 181,468 41,506 — 222,974 Net revenues from external customers 585,771 46,920 30,393 663,084 Intersegment revenues — 129,589 — — Depreciation and amortization expense 164,490 7,719 10,763 182,972 Operating income (loss) 171,550 (3,641 ) 1,448 169,357 Segment assets at period end (3) (*) 4,142,341 113,817 169,520 4,425,678 Expenditures for long-lived assets 383,307 10,687 25,278 419,272 * Including unconsolidated investments 105,886 — — 105,886 ( 1 Electricity segment revenues in the United States are all accounted under lease accounting, except for $124.7 million, $102.5 million and $83.4 million for the years 2023, 2022 2021, 606. 606, 1 ( 2 Electricity segment revenues in foreign countries are all accounted under lease accounting. Product and Energy Storage segment revenues in foreign countries are accounted under ASC 606 1 ( 3 Electricity segment assets include goodwill in the amount of $85.9 million , $85.7 million and $85.3 million as of December 31, 2023, 2022 2021, third 2021 2 December 31, 2023, 2022 2021, December 31, 2023, 2022 2021. Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table: Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Revenues: Total segment revenues $ 829,424 $ 734,159 $ 663,084 Intersegment revenues 48,494 83,394 129,589 Elimination of intersegment revenues (48,494 ) (83,394 ) (129,589 ) Total consolidated revenues $ 829,424 $ 734,159 $ 663,084 Operating income (expense): Operating income $ 166,585 $ 152,803 $ 169,357 Interest income 11,983 3,417 2,124 Interest expense, net (98,881 ) (87,743 ) (82,658 ) Derivatives and foreign currency transaction gains (losses) (3,278 ) (6,044 ) (14,720 ) Income attributable to sale of tax benefits 61,157 33,885 29,582 Other non-operating income (expense), net 1,519 (709 ) (134 ) Total consolidated income before income taxes and equity in earnings (losses) of investees $ 139,085 $ 95,609 $ 103,551 The Company sells electricity, products and energy storage services mainly to the geographical areas set forth below based on the location of the customer. The following tables present certain data by geographic: Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Revenues from external customers attributable to: United States $ 509,827 $ 484,055 $ 440,110 Indonesia 26,732 15,631 8,056 Kenya 109,217 105,837 102,844 Turkey 2,469 1,961 2,723 Chile — 579 7,035 Guatemala 30,174 28,831 26,868 New Zealand 66,526 17,130 6,770 Honduras 31,589 33,837 35,233 Other foreign countries 52,889 46,298 33,445 Consolidated total $ 829,424 $ 734,159 $ 663,084 Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Long-lived assets (primarily power plants and related assets) located in: United States $ 3,085,892 $ 2,857,503 $ 2,527,429 Kenya 377,563 301,491 297,427 Other foreign countries 378,028 254,878 217,371 Consolidated total $ 3,841,483 $ 3,413,872 $ 3,042,227 The following table presents revenues from major customers: Year Ended December 31, 2023 2022 2021 Revenues % Revenues % Revenues % (Dollars in thousands) (Dollars in thousands) (Dollars in thousands) Southern California Public Power (1) $ 181,656 21.2 $ 157,663 21.5 $ 157,318 23.7 Sierra Pacific Power Company and Nevada Power Company (1)(2) 116,797 14.1 124,116 16.9 123,333 18.6 KPLC (1) 109,217 13.2 105,837 14.4 102,844 15.5 ( 1 ( 2 |
Note 18 - Transactions With Rel
Note 18 - Transactions With Related Entities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 18 TRANSACTIONS WITH RELATED ENTITIES There were no |
Note 19 - Employee Benefit Plan
Note 19 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE 19 EMPLOYEE BENEFIT PLAN 401 The Company has a 401 60 2023, 2022 2021, one December 31, 2023, 2022 2021, Severance plan The Company, through Ormat Systems, provides limited non-pension benefits to all current employees in Israel who are entitled to benefits in the event of termination or retirement in accordance with the Israeli Government sponsored programs. These plans generally obligate the Company to pay one no December 31, 2023 2022, not may not December 31, 2023, 2022 2021 The Company expects to pay the following future benefits to its employees upon their reaching normal retirement age: (Dollars in thousands) Year ending December 31: 2024 $ 2,396 2025 291 2026 525 2027 1,461 2028 723 2029-2046 4,816 Total $ 10,212 The above amounts were determined based on the employees’ current salary rates and the number of years’ service that will have been accumulated at their retirement date. These amounts do not |
Note 20 - Commitments and Conti
Note 20 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 20 COMMITMENTS AND CONTINGENCIES Geothermal resources The Company, through its project subsidiaries in the United States and other foreign locations, controls certain rights to geothermal fluids through certain leases with the BLM or through private leases. Royalties on the utilization of the geothermal resources are computed and paid to the lessors as defined in the respective agreements. Royalty expense under the geothermal resource agreements were $30.9 million, $30.1 million and $25.2 million for the years ended December 31, 2023, 2022 2021, Letters of credit In the ordinary course of business with customers, vendors, and lenders, the Company is contingently liable for performance under letters of credit totaling $302.8 million at December 31, 2023. not not Purchase commitments The Company purchases raw materials for inventories, construction-in-process and services from a variety of vendors. During the normal course of business, in order to manage manufacturing lead times and help assure adequate supply, the Company enters into agreements with contract manufacturers and suppliers that either allow them to procure goods and services based upon specifications defined by the Company, or that establish parameters defining the Company’s requirements. At December 31, 2023, 2024. Grants and royalties The Company, through Ormat Systems, had historically, through December 31, 2003, December 31, 2023, 2022 2021. not not December 31, 2023 2022, 2023 2022, Lease commitments The Company's lease commitments are detailed under Note 21, 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, Additionally, from time to time, the Company is named as a party to other various 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 On March 2, 2021, In Kenya, since 2021, |
Note 21 - Leases
Note 21 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Leases of Lessee and Lessor Disclosure [Text Block] | NOTE 21 LEASES The Company is a lessee in operating and finance lease transactions primarily consisting of land leases for its exploration and development activities and fleet vehicles, respectively. The Company is a lessor in PPAs that are accounted under lease accounting, as further described under Note 1 Leases in which the Company is a lessee The table below presents the effects on the amounts relating to total lease cost: Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Lease cost Finance lease cost: Amortization of right-of-use assets $ 1,922 $ 2,861 $ 3,265 Interest on lease liabilities 168 441 770 Operating lease cost 4,771 3,695 3,707 Short-term and variable lease cost 6,741 7,436 5,228 Total lease cost $ 13,602 $ 14,433 $ 12,970 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 168 $ 441 $ 770 Operating cash flows for operating leases 4,448 4,507 3,589 Financing cash flows for finance leases 1,963 2,983 3,181 Right-of-use assets obtained in exchange for new finance lease liabilities 1,671 2,473 948 Right-of-use assets obtained in exchange for new operating lease liabilities 4,731 6,286 5,227 December 31, December 31, Additional information as of the end of the year: 2023 2022 Weighted-average remaining lease term — finance leases (in years) (*) 14.3 1.8 Weighted-average remaining lease term — operating leases (in years) 16.2 17.9 Weighted-average discount rate — finance leases (in percentage) (*) 6 % 3 % Weighted-average discount rate — operating leases (in percentage) 5 % 5 % (*) June 2038, 11 Future minimum lease payments under non-cancellable leases as of December 31, 2023 Operating Leases Finance Leases Financing Liability (1) (Dollars in thousands) Year ending December 31, 2024 $ 3,908 $ 1,456 $ 17,578 2025 3,246 1,291 17,535 2026 2,471 913 22,675 2027 2,224 136 20,815 2028 1,900 0 20,578 Thereafter 20,756 0 277,827 Total future minimum lease payments 34,505 3,796 377,008 Less imputed interest 11,386 245 151,248 Total $ 23,119 $ 3,551 $ 225,760 ( 1 2 Leases in which the Company is a lessor The table below presents lease income recognized as a lessor: Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Lease income relating to lease payments of operating leases $ 542,065 $ 529,264 $ 502,355 |
Note 22 - Subsequent Events
Note 22 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 22 SUBSEQUENT EVENTS Cash dividend On February 21, 2024, March 6, 2024 , March 20, 2024 . Business combination - Geothermal and solar assets purchase transaction On January 4, 2024, two one two two 100% 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. As a result of the acquisition, the Company expanded its overall generation capacity and expects to improve the profitability of the purchased assets through cost reduction and synergies. The Company will account for the transaction under ASC 805, not Hapoalim 2024 Concurrently with the purchase transaction with EGPNA, on January 2, 2024, 2024" 2024 2024 2024 April 1, 2024. 2024 three 2024 not not not HSBC Bank 2024 Concurrently with the purchase transaction with EGPNA, on January 2, 2024, 2024" 2024 2024 2024 July 1, 2024, January 1, 2028 2024 3 2024 not not not 2024 Interest Rate Swap Concurrently with the issuance of the HSBC Bank 2024 2024 3 2024 815, |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. OTHER INFORMATION Item 5.02 Adoption of Change in Control Severance Plan On February 21, 2023, may Pursuant to the Severance Plan, in the event that an Eligible Participant’s employment is terminated by the Company without Cause within three 24 200% 150% 1 2, 18 may 12 18 1 2, The foregoing description of the Severance Plan does not 10.43 |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Description Of Business [Policy Text Block] | Business The Company is primarily engaged in the geothermal and recovered energy business and primarily designs, develops, builds, sells, owns and operates clean, environmentally friendly geothermal and recovered energy-based power plants, usually using equipment that it designs and manufactures. The Company owns and operates geothermal and recovered energy-based power plants in various countries, including the United States, Kenya, Guatemala, Guadeloupe and Honduras. The Company’s equipment manufacturing operations are primarily located in Israel. Additionally, the Company owns and operates independent storage facilities in the United States providing energy storage and related services. Most of the Company’s domestic power plant facilities are Qualifying Facilities under the PURPA. The Power Purchase Agreements for certain of such facilities are dependent upon their maintaining Qualifying Facility status. |
Rounding [Policy Text Block] | Rounding Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000, |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and of all majority-owned subsidiaries in which the Company exercises control over operating and financial policies, and variable interest entities in which the Company has an interest and is the primary beneficiary. Intercompany accounts and transactions have been eliminated in consolidation. Investments in less-than-majority-owned entities or other entities in which the Company exercises significant influence over operating and financial policies are accounted for using the equity method of accounting or consolidated if they are a variable interest entity in which the Company has an interest and is the primary beneficiary. Under the equity method, original investments are recorded at cost and adjusted by the Company’s share of undistributed earnings or losses of such companies. The Company’s earnings or losses in investments accounted for under the equity method have been reflected as “equity in earnings (losses) of investees, net” on the Company’s consolidated statements of operations and comprehensive income (loss). |
Use of Estimates, Policy [Policy Text Block] | Use of estimates in preparation of financial statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of such financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant estimates with regard to the Company’s consolidated financial statements relate to the useful lives of property, plant and equipment, impairment of goodwill and long-lived assets, including intangible assets, revenue recognition of product sales using the percentage of completion method, asset retirement obligations, and the provision for income taxes. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents The Company considers all highly liquid instruments, with an original maturity of three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash, cash equivalents, and marketable securities Under the terms of certain long-term debt agreements, the Company is required to maintain certain debt service reserves, including principal and interest, cash collateral and operating fund accounts, including for future wells drilling, that have been classified as restricted cash and cash equivalents. Funds that will be used to satisfy obligations due during the next 12 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash [Policy Text Block] | Reconciliation of cash and cash equivalents and restricted cash and cash equivalents The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported on the balance sheets that sum to the total of the same amounts shown on the statement of cash flows: December 31, 2023 2022 2021 (Dollars in thousands) Cash and cash equivalents $ 195,808 $ 95,872 $ 239,278 Restricted cash and cash equivalents 91,962 130,804 104,166 Total cash and cash equivalents and restricted cash and cash equivalents $ 287,770 $ 226,676 $ 343,444 |
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 second 2022. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk Financial instruments which potentially subject the Company to concentration of credit risk consist principally of temporary cash investments, accounts receivable and the cross-currency swap transaction. The Company places its temporary cash investments with high credit quality financial institutions located in the U.S. and in foreign countries. At December 31, 2023 2022, ten $250,000 December 31, 2023 2022, not At December 31, 2023 2022, December 31, 2023 2022, 17 10% December 31, 2023 2022 The Company has historically been able to collect substantially all of its receivable balances. As of December 31, 2023, January February 2024. In Honduras, as of December 31, 2023, January February 2024. may Additionally, the Company considers the counterparty credit risk related to the cross-currency swap, as further described in note 11 December 31, 2023. |
Inventory, Policy [Policy Text Block] | Inventories Inventories consist primarily of raw material parts and sub-assemblies for power units and are stated at the lower of cost or net realizable value, using the weighted-average cost method. Inventories are reduced by a provision for slow-moving and obsolete inventories. This provision was not December 31, 2023 2022. |
Deposit Contracts, Policy [Policy Text Block] | Deposits and other Deposits and other consist primarily of performance bonds for construction and storage projects, long-term insurance contract funds and receivables, certain deferred costs and derivative instrument receivables, as applicable. |
Property, Plant and Equipment, Impairment [Policy Text Block] | Property, plant and equipment, net Property, plant and equipment are stated at cost. All costs associated with the acquisition, development and construction of power plants operated by the Company are capitalized. Major improvements are capitalized and repairs and maintenance (including major maintenance) costs are expensed. Power plants operated by the Company, which include geothermal wells and exploration and resource development costs, are depreciated using the straight-line method over their estimated useful lives, which range from 15 to 30 years. The other assets are depreciated using the straight-line method over the following estimated useful lives of the assets: Years Buildings 25 Leasehold improvements 15 30 Machinery and equipment — manufacturing and drilling 10 Machinery and equipment — computers 3 5 Energy storage equipment 15 Solar facility equipment 30 Office equipment — furniture and fixtures 5 15 Office equipment — other 5 10 Vehicles 5 7 The cost and accumulated depreciation of items sold or retired are removed from the accounts. Any resulting gain or loss is recognized currently and recorded in the accompanying statements of operations. The Company capitalizes interest costs as part of constructing power plant facilities. Such capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Capitalized interest costs amounted to $17.3 million, $18.7 million, and $14.6 million for the years ended December 31, 2023, 2022 2021, During the fourth 2022, |
Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block] | Exploration and development costs The Company capitalizes costs incurred in connection with the exploration and development of geothermal resources once it acquires land rights to the potential geothermal resource. Prior to acquiring land rights, the Company makes an initial assessment that an economically feasible geothermal reservoir is probable on that land. The Company determines the economic feasibility of potential geothermal resources internally, with all available data and external assessments vetted through the exploration department and occasionally using outside service providers. Costs associated with the initial assessment are expensed and included in cost of electricity revenues in the consolidated statements of operations and comprehensive income (loss). Such costs were immaterial during the years ended December 31, 2023, 2022 2021. two three may In most cases, the Company obtains the right to conduct the geothermal development and operations on land owned by the Bureau of Land Management ("BLM"), various states or with private parties. The land lease payments made during the exploration, development and construction phase are accounted under lease accounting as further described under the caption Leases below and reflected as expenses under “Electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss). Upon commencement of power generation on the leased land, the Company begins to pay the lessor’s long-term royalty payments based on the utilization of the geothermal resources as defined in the respective agreements. Such payments are expensed when the related revenues are earned and included in “Electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss). Following the acquisition of land rights to the potential geothermal resource, the Company conducts further studies and surveys, including water and soil analyses, among others, and augments its database with the results of these studies. The Company then initiates a suite of geophysical surveys to assess the resource and determine drilling locations. If the results of these activities support the initial assessment of the feasibility of the geothermal resource, the Company then proceeds to exploratory drilling and other related activities which may may not When deciding whether to continue holding lease rights and/or to pursue exploration activity, the Company diligently prioritizes prospective investments, taking into account resource and probability assessments in order to make informed decisions about whether a particular project will support commercial operation. During the years ended December 31, 2023 2022, no no 2021. All exploration and development costs that are being capitalized will be depreciated over their estimated useful lives when the related geothermal power plant is substantially complete and ready for use. A geothermal power plant is substantially complete and ready for use when electricity generation commences. |
Asset Retirement Obligation [Policy Text Block] | Asset retirement obligation The Company records the fair value of a legal liability for an asset retirement obligation in the period in which it is incurred. The Company’s legal liabilities include plugging wells and post-closure costs of power producing and storage sites. When a new liability for asset retirement obligations is recorded, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. The Company periodically reassesses the assumptions used to estimate the expected cash flows required to settle the asset retirement obligation, including changes in estimated probabilities, amounts, and timing of the settlement of the asset retirement obligation, as well as changes in the legal requirements of an obligation and revises the previously recorded asset retirement obligation accordingly. At retirement, the obligation is settled for its recorded amount at a gain or loss. |
Deferred Financing And Lease Transaction Costs [Policy Text Block] | Deferred financing costs Deferred financing costs are presented as a direct deduction from the carrying value of the associated debt liability or under "Deposits and other" if associated with lines of credit. Such deferred costs are amortized over the term of the related obligation using the effective interest method or ratably, as applicable. Amortization of deferred financing costs is presented as interest expense in the consolidated statements of operations and comprehensive income (loss). Amortization expense for the years ended December 31, 2023, 2022 2021 December 31, 2023, 2022 2021, |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of the fair value of consideration transferred in the business combination transactions over the fair value of tangible and intangible assets acquired, net of the fair value of liabilities assumed and the fair value of any noncontrolling interest in the acquisitions. Goodwill is not December 31 not first not no not 2017 04, 350 not 9 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible assets Intangible assets consist of allocated acquisition costs of PPAs, which are amortized using the straight-line method over the 6 to 19-year terms of the agreements (see Note 9 may not no no not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets and long-lived assets to be disposed of The Company evaluates long-lived assets, such as property, plant and equipment and construction-in-process for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not not not The Company tests its operating plants that are operated together as a complex for impairment at the complex level because the cash flows of such plants result from significant shared operating activities. For example, the operating power plants in a complex are managed under a combined operation management generally with one one not not not Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset. The significant assumptions that the Company uses in estimating its undiscounted future cash flows include: (i) projected generating capacity of the complex or power plant and rates to be received under the respective PPAs and expected market rates thereafter and (ii) projected operating expenses of the relevant complex or power plant. Estimates of future cash flows used to test recoverability of a long-lived asset under development also include cash flows associated with all future expenditures necessary to develop the asset. If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Management believes that as of December 31, 2023, may may During the fourth 2022, 8 |
Derivatives, Policy [Policy Text Block] | Derivative instruments Derivative instruments (including certain derivative instruments embedded in other contracts) are measured at their fair value and recorded as either assets or liabilities unless exempted from derivative treatment as a normal purchase and sale. Changes in the fair value of derivatives not The Company maintains a risk management strategy that may |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation The U.S. dollar is the functional currency for all of the Company’s consolidated operations and those of its equity affiliates except the Guadeloupe power plant and the Company's operations under the Product segment in New Zealand. For those entities, all gains and losses from currency translations are included under “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income (loss). The Euro and New Zealand Dollar are the functional currencies of the Company's operations in Guadeloupe and New Zealand, respectively, and thus the impact from currency translation adjustments in those locations is included as currency translation adjustments in "Accumulated other comprehensive income" in the consolidated statements of equity and in comprehensive income. The accumulated currency translation adjustments amounted to a debit of $2.3 million and a debit of $3.1 million as of December 31, 2023 2022, |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income Comprehensive income includes net income plus other comprehensive income (loss), which for the Company consists primarily of changes in foreign currency translation adjustments, changes in unrealized gains or losses in respect of the Company’s share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge, changes in respect of derivative instruments designated as a cash flow hedge and changes in unrealized gains or losses on marketable securities available-for-sale. The changes in foreign currency translation adjustments included under other comprehensive income (loss) during the years ended December 31, 2023, 2022 2021 5 7 |
SCPPA Power Purchase Agreement, Policy [Policy Text Block] | Power purchase agreements Substantially all of the Company’s Electricity revenues are recognized pursuant to PPAs in the United States and in various foreign countries, including Kenya, Guatemala, Guadeloupe and Honduras. These PPAs generally provide for the payment of energy payments or both energy and capacity payments through their respective terms which expire in varying periods from 2025 2047. not first first Pursuant to the terms of certain of the PPAs, the Company may not not may |
Revenue [Policy Text Block] | Revenues and cost of revenues Revenues from contracts with customers are recognized in connection with the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, the Company is required to apply each of the following steps: ( 1 2 3 4 5 Revenues are primarily related to: (i) sale of electricity from geothermal and recovered energy-based power plants owned and operated by the Company; (ii) geothermal and recovered energy-based power plant equipment engineering, sale, construction and installation, and operating services and (iii) Energy storage and related services. Electricity segment revenues eight 8 606, 30 60 Product segment revenues third not not no one two In contracts for which the Company determines that control is not Accounting for product contracts that are satisfied over time includes use of several estimates such as variable consideration related to bonuses and penalties and total estimated cost for completing the contract. The estimated amount of variable consideration will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not The nature of the Company's product contracts give rise to several modifications or change requests by its customers. Substantially all of the modifications are treated as cumulative catch-ups to revenues since the additional goods are not one Energy Storage segment revenues 606 may Contract assets related to the Company's Product segment reflect revenues recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect customer billing in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of December 31, 2023 2022 December 31, December 31, 2023 2022 (Dollars in thousands) Contract assets (*) $ 18,367 $ 16,405 Contract liabilities (*) $ (18,669 ) $ (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 consolidated balance sheets. The contract liabilities balance at the beginning of the year was recognized as product revenues during the year ended December 31, 2023 The following table presents the significant changes in the contract assets and contract liabilities for the years ended December 31, 2023 2022: Years Ended December 31, 2023 2022 Contract assets Contract liabilities Contract assets Contract liabilities (Dollars in thousands) Recognition of contract liabilities as revenue as a result of performance obligations satisfied $ — $ 6,883 $ — $ — Cash received in advance for which revenues have not yet recognized, net of expenditures made — (16,766 ) — (2,604 ) Reduction of contract assets as a result of rights to consideration becoming unconditional (4,094 ) — (23,000 ) — Contract assets recognized, net of recognized receivables 6,056 — 32,780 — Net change in contract assets and contract liabilities $ 1,962 $ (9,883 ) $ 9,780 $ (2,604 ) The timing of revenue recognition, billings and cash collections result in accounts receivable, contract assets and contract liabilities on the consolidated balance sheet. In the Company's Products segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, or upon achievement of contractual milestones. Generally, billing occurs subsequent to the recognition of revenue, resulting in contract assets. However, the Company sometimes receives advances or deposits from its customers before revenue can be recognized, resulting in contract liabilities. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. The timing of billing its customers and receiving advance payments vary from contract to contract. The majority of payments are received no On December 31, 2023, not The following schedule reconciles revenues accounted under lease accounting and under ASC 606, three December 31, 2023, 2022 2021: Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Electricity revenues accounted under lease accounting $ 542,065 $ 529,264 $ 502,355 Electricity, Product and Energy Storage revenues accounted under ASC 606 287,359 204,895 160,729 Total consolidated revenues $ 829,424 $ 734,159 $ 663,084 Disaggregated revenues from contracts with customers for the years ended December 31, 2023, 2022 2021 17 |
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 not The following table describes the changes in the allowance for expected credit losses for the years ended December 31, 2023 2022 Years Ended December 31, 2023 2022 (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 90 $ 90 Change in the provision for expected credit losses for the period — — Ending balance of the allowance for expected credit losses $ 90 $ 90 |
Lessor, Leases [Policy Text Block] | Leases ASU 2016 02, 842 The Company is a lessee in operating lease transactions primarily consisting of land leases for its exploration and development activities. Additionally, the Company is a lessee in finance lease transactions related to fleet vehicles. As further described under Note 2 one 842, In accordance with the lease standard, for agreements in which the Company is the lessee, the Company applies a unified accounting model by which it recognizes a right-of-use asset ("ROU") and a lease liability at the commencement date of the lease contract for all the leases in which the Company has a right to control identified assets for a specified period of time. The classification of the lease as a finance lease or an operating lease determines the subsequent accounting for the lease arrangement. The Company, both as a lessee and as a lessor, applies the following permitted practical expedients: 1. Not 2. Applying the practical expedient for a lessee to not 3. Applying the practical expedient (for a lessee) regarding the recognition and measurement of short-term leases, for leases for a period of up to 12 The Company applies the following significant accounting policies regarding leases it enters into following the adoption of the lease guidance on January 1, 2019: : 1. Determining whether an arrangement contains a lease: 2. The Company as a lessee: a. Lease classification: one • The lease transfers ownership of the underlying asset to the lessee by the end of the lease term; • The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise; • The lease term is for the major part of the remaining economic life of the underlying asset; • The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not • The underlying asset is of such a specialized nature that it is expected to have no b. Leased assets and lease liabilities - initial recognition: not c. The lease term: d. Subsequent measurement of operating leases: not e. Subsequent measurement of finance leases: f. Variable lease payments: • Variable lease payments that depend on an index or a rate: may not • Other variable lease payments: not 3. The Company as a lessor At lease commencement, the Company as a lessor classifies leases as either finance or operating leases. Finance leases are further classified as a sales-type lease or as a direct financing lease, however, the Company has no |
Termination fee [Policy Text Block] | Termination fee Fees to terminate PPAs are recognized in the period incurred as selling and marketing expenses. No termination fees were incurred during 2023, 2022 2021. |
Standard Product Warranty, Policy [Policy Text Block] | Warranty on products sold The Company generally provides a one two December 31, 2023, 2022 2021. |
Research and Development Expense, Policy [Policy Text Block] | Research and development Research and development costs incurred by the Company for the development of technologies related to its existing and new geothermal and recovered energy power plants as well as storage facilities are expensed as incurred. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-based compensation The Company accounts for stock-based compensation using the fair value method whereby compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite employee service period (generally the vesting period of the grant). The Company uses the Complex Lattice, Three-based Option Pricing model to calculate the fair value of the stock-based compensation awards. |
Tax Monetization Transactions Policy [Policy Text Block] | Tax monetization Transactions The Company has six 3, CD4 12 470. 810. 835 7. |
Income Tax, Policy [Policy Text Block] | Income taxes Income taxes are accounted for using the asset and liability approach, which requires the recognition of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. The measurement of current and deferred tax assets and liabilities are based on provisions of the enacted tax law. The Company accounts for investment tax credits and production tax credits as a reduction to income taxes in the year in which the credit arises. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are more likely than not not |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share Basic earnings per share attributable to the Company’s stockholders (“earnings per share”) is computed by dividing net income attributable to the Company’s stockholders by the weighted average number of shares of common stock outstanding for the period, net of treasury shares. The Company does not The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share: Year Ended December 31, 2023 2022 2021 (In thousands) Weighted average number of shares used in computation of basic earnings per share 59,424 56,063 56,004 Add: Additional shares from the assumed exercise of employee stock-based awards 338 440 398 Weighted average number of shares used in computation of diluted earnings per share 59,762 56,503 56,402 The number of stock-based awards that could potentially dilute future earnings per share which were not December 31, 2023, 2022 2021. As per ASU 2020 06, December 31, 2023 2022, not not no 11 |
Redeemable Noncontrolling Interest, Policy [Policy Text Block] | Redeemable noncontrolling interest Redeemable noncontrolling interest is currently redeemable and relates to a certain noncontrolling shareholder in a subsidiary having an option to sell its equity interest to the Company. The carrying value of the redeemable noncontrolling interest balance as of December 31, 2023 2022 2023 2022 (Dollars in thousands) Redeemable noncontrolling interest as of January 1, $ 9,590 $ 9,329 Redeemable noncontrolling interest in results of operation of a consolidated subsidiary 939 638 Cash paid to noncontrolling interest (246 ) — Currency translation adjustments 316 (377 ) Redeemable noncontrolling interest as of December 31, $ 10,599 $ 9,590 |
Dividend Declared [Policy Text Block] | Cash dividends During the years ended December 31, 2023, 2022 2021, |
Stockholders' Equity, Policy [Policy Text Block] | Equity Offerin g On March 14, 2023, 30 April 3, 2023. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | ORPD Transaction On July 11, 2023, 1, 2, 3 |
Debt, Policy [Policy Text Block] | Short-term Commercial Paper On October 19, 2023, October 23, 2023, December 11, 2023, 90 90 five three 90 5.3% |
Catastrophe [Policy Text Block] | War in Israel On October 7, 2023, 26 may As of the approval date of these consolidated financial statements, none Heber 1 The Company's Heber 1 February 25, 2022 1 81 April, 2022 May 2023 1 2022, 1 1 February 2021 In February 2021, one February 15, 2021, 3 3" February 16, 2021 February 19, 2021, February 19, 2021, In addition, the Company recorded a provision for approximately $3.0 million for receivables related to imbalance charges from the grid operator in respect of its demand response operation as it estimated it is probable it may December 31, 2021. The Company has filed billing disputes with ERCOT related to some of the imbalance charges and revenue allocated to its Demand Response services and customers, the outcome of which may |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements New accounting pronouncements effective in the year ended December 31, 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 Improvements to Reportable Segments Disclosures In November 2023, 2023 07 280 1 2 3 280 4 one may one 5 December 15, 2023, December 15, 2024, Improvements to Income Tax Disclosures In December 2023, 2023 09 740 1 2 five 3 4 December 15, 2024, not |
Note 1 - Business and Signifi_2
Note 1 - Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | December 31, 2023 2022 2021 (Dollars in thousands) Cash and cash equivalents $ 195,808 $ 95,872 $ 239,278 Restricted cash and cash equivalents 91,962 130,804 104,166 Total cash and cash equivalents and restricted cash and cash equivalents $ 287,770 $ 226,676 $ 343,444 |
Schedule Of Estimated Useful Lives [Table Text Block] | Years Buildings 25 Leasehold improvements 15 30 Machinery and equipment — manufacturing and drilling 10 Machinery and equipment — computers 3 5 Energy storage equipment 15 Solar facility equipment 30 Office equipment — furniture and fixtures 5 15 Office equipment — other 5 10 Vehicles 5 7 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | December 31, December 31, 2023 2022 (Dollars in thousands) Contract assets (*) $ 18,367 $ 16,405 Contract liabilities (*) $ (18,669 ) $ (8,785 ) Years Ended December 31, 2023 2022 Contract assets Contract liabilities Contract assets Contract liabilities (Dollars in thousands) Recognition of contract liabilities as revenue as a result of performance obligations satisfied $ — $ 6,883 $ — $ — Cash received in advance for which revenues have not yet recognized, net of expenditures made — (16,766 ) — (2,604 ) Reduction of contract assets as a result of rights to consideration becoming unconditional (4,094 ) — (23,000 ) — Contract assets recognized, net of recognized receivables 6,056 — 32,780 — Net change in contract assets and contract liabilities $ 1,962 $ (9,883 ) $ 9,780 $ (2,604 ) |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Electricity revenues accounted under lease accounting $ 542,065 $ 529,264 $ 502,355 Electricity, Product and Energy Storage revenues accounted under ASC 606 287,359 204,895 160,729 Total consolidated revenues $ 829,424 $ 734,159 $ 663,084 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Years Ended December 31, 2023 2022 (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 90 $ 90 Change in the provision for expected credit losses for the period — — Ending balance of the allowance for expected credit losses $ 90 $ 90 |
Schedule of Weighted Average Number of Shares [Table Text Block] | Year Ended December 31, 2023 2022 2021 (In thousands) Weighted average number of shares used in computation of basic earnings per share 59,424 56,063 56,004 Add: Additional shares from the assumed exercise of employee stock-based awards 338 440 398 Weighted average number of shares used in computation of diluted earnings per share 59,762 56,503 56,402 |
Redeemable Noncontrolling Interest [Table Text Block] | 2023 2022 (Dollars in thousands) Redeemable noncontrolling interest as of January 1, $ 9,590 $ 9,329 Redeemable noncontrolling interest in results of operation of a consolidated subsidiary 939 638 Cash paid to noncontrolling interest (246 ) — Currency translation adjustments 316 (377 ) Redeemable noncontrolling interest as of December 31, $ 10,599 $ 9,590 |
Note 2 - Business Acquisitions
Note 2 - Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash and cash equivalents and restricted cash $ 10.9 Trade receivables and others (1) 8.6 Deferred income taxes 22.8 Property, plant and equipment and construction-in-process 152.0 Intangible assets (2) 191.6 Goodwill (3) 66.2 Total assets acquired $ 452.1 Accounts payable, accrued expenses and others $ 6.6 Financing liability (4) 258.4 Asset retirement obligation 5.3 Total liabilities assumed $ 270.3 Total assets acquired, and liabilities assumed, net $ 181.8 |
Business Acquisition, Pro Forma Information [Table Text Block] | Pro forma for the Year Ended December 31, 2021 (Dollars in millions) Electricity revenues $ 613.3 Total revenues $ 690.6 Net income attributable to the Company's stockholders $ 69.6 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2023 2022 (Dollars in thousands) Raw materials and purchased parts for assembly $ 20,588 $ 10,629 Self-manufactured assembly parts and finished products 24,449 12,203 Total $ 45,037 $ 22,832 |
Note 4 - Cost and Estimated E_2
Note 4 - Cost and Estimated Earnings on Uncompleted Contracts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Cost And Estimated Earnings On Uncompleted Contracts [Table Text Block] | December 31, 2023 2022 (Dollars in thousands) Costs and estimated earnings incurred on uncompleted contracts $ 267,111 $ 155,407 Less billings to date (267,413 ) (147,787 ) Total $ (302 ) $ 7,620 |
Cost and Estimated Earnings on Uncompleted Contracts Included in Consolidated Balance Sheets [Table Text Block] | December 31, 2023 2022 (Dollars in thousands) Costs and estimated earnings in excess of billings on uncompleted contracts $ 18,367 $ 16,405 Billings in excess of costs and estimated earnings on uncompleted contracts (18,669 ) (8,785 ) Total $ (302 ) $ 7,620 |
Note 5 - Investment in Uncons_2
Note 5 - Investment in Unconsolidated Companies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, 2023 2022 (Dollars in thousands) Investment in Sarulla $ 71,744 $ 74,881 Investment in Ijen 51,695 40,812 Other investment, at cost 2,000 — Total investment in unconsolidated companies $ 125,439 $ 115,693 |
Other Comprehensive Income (Loss) from Equity Method Investments[Table Text Block] | Year Ended December 31, 2023 2022 2021 (Dollars in thousands) 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 $ (470 ) $ 8,370 $ 3,892 |
Note 6 - Variable Interest En_2
Note 6 - Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | December 31, 2023 Project Debt PPAs (Dollars in thousands) Assets: Restricted cash and cash equivalents $ 91,586 $ — Other current assets 154,781 46,501 Property, plant and equipment, net 1,646,973 1,155,947 Construction-in-process 112,469 264,133 Other long-term assets 306,183 43,478 Total assets $ 2,311,992 $ 1,510,059 Liabilities: Accounts payable and accrued expenses $ 33,357 $ 14,619 Long-term debt 545,954 — Other long-term liabilities 440,621 61,285 Total liabilities $ 1,019,932 $ 75,904 December 31, 2022 Project Debt PPAs (Dollars in thousands) Assets: Restricted cash and cash equivalents $ 127,972 $ — Other current assets 128,414 29,377 Property, plant and equipment, net 1,516,107 810,384 Construction-in-process 104,956 255,552 Other long-term assets 304,766 51,037 Total assets $ 2,182,215 $ 1,146,350 Liabilities: Accounts payable and accrued expenses $ 42,577 $ 8,552 Long-term debt 637,080 — Other long-term liabilities 400,271 50,348 Total liabilities $ 1,079,928 $ 58,900 |
Note 7 - Fair Value of Financ_2
Note 7 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2023 Fair Value Carrying Value at December 31, 2023 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 53,877 $ 53,877 $ 53,877 $ — $ — Derivatives: Currency forward contracts (1) 1,406 1,406 — 1,406 — Liabilities: Current liabilities: Derivatives: Cross currency swap (2) (3,686 ) (3,686 ) — (3,686 ) — Long-term liabilities: Cross currency swap (2) (8,137 ) (8,137 ) — (8,137 ) — $ 43,461 $ 43,461 $ 53,877 $ (10,416 ) $ — 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 136 136 136 — — Derivatives: Long-term assets: Cross currency swap (2) 3,029 3,029 — 3,029 — Liabilities: Current liabilities: Derivatives: Cross currency swap (2) (2,777 ) (2,777 ) — (2,777 ) — Currency forward contracts (1) (800 ) (800 ) — (800 ) — $ 34,420 $ 34,420 $ 34,968 $ (548 ) $ — |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivatives not designated as hedging instruments Location of recognized gain (loss) Amount of recognized gain (loss) 2023 2022 2021 (Dollars in thousands) Swap transaction on RRS prices (1) Derivative and foreign currency transaction gains (losses) $ — $ — $ (14,540 ) Currency forward contracts (1) Derivative and foreign currency transaction gains (losses) (2,190 ) (5,466 ) 1,368 $ (2,190 ) $ (5,466 ) $ (13,172 ) Derivatives designated as cash flow hedging instruments Cross currency swap (2) Derivative and foreign currency transaction gains (losses) $ (6,201 ) $ (36,803 ) $ 10,501 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Cross currency swap cash flow hedge: Balance in Other comprehensive income (loss) beginning of period $ 3,920 $ 5,745 $ 3,366 Gain or (loss) recognized in Other comprehensive income (loss) (1) 1,963 (38,628 ) 12,880 Amount reclassified from Other comprehensive income (loss) into earnings (6,201 ) 36,803 (10,501 ) Balance in Other comprehensive income (loss) end of period $ (318 ) $ 3,920 $ 5,745 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair Value Carrying Amount (*) 2023 2022 2023 2022 (Dollars in millions) (Dollars in millions) Mizrahi Loan $ 61.4 $ 71.4 $ 60.9 $ 70.3 Mizrahi Loan 2023 52.0 — 50.0 — Convertible Senior Notes 444.6 505.3 431.3 431.3 HSBC Loan 33.8 40.3 35.7 42.9 Hapoalim Loan 75.0 91.1 80.4 98.2 Hapoalim Loan 2023 99.7 — 95.0 — Discount Loan 69.9 81.1 75.0 87.5 Financing Liability - Dixie Valley 207.2 219.8 225.8 242.0 Olkaria III Loan - DFC 116.4 134.2 120.7 138.7 Olkaria III plant 4 Loan - DEG 2 21.6 26.5 22.5 27.5 Olkaria III plant 1 Loan - DEG 3 19.0 23.3 19.7 24.0 Platanares Loan - DFC 71.3 80.2 71.7 79.9 Amatitlan Loan — 14.7 — 15.8 OFC 2 LLC Senior Secured Notes ("OFC 2") 134.2 149.8 142.5 158.0 Don A. Campbell 1 Senior Secured Notes ("DAC 1") 52.3 57.4 57.4 62.7 USG Prudential - NV 22.3 23.7 23.9 25.0 USG Prudential - ID Refinancing (prior year: USG Prudential - ID) 54.1 56.8 58.9 61.6 USG DOE 30.0 32.8 30.2 32.8 Senior Unsecured Bonds 202.8 235.1 220.6 255.8 Senior Unsecured Loan 150.4 166.4 158.0 174.8 Plumstriker — 11.2 — 11.4 Other long-term debt 6.8 9.2 7.7 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 $ — $ — $ 61.4 $ 61.4 Mizrahi Loan 2023 — — 52.0 52.0 Convertible Senior Notes — 444.6 — 444.6 HSBC Loan — — 33.8 33.8 Hapoalim Loan — — 75.0 75.0 Hapoalim Loan 2023 — — 99.7 99.7 Discount Loan — — 69.9 69.9 Financing Liability - Dixie Valley — — 207.2 207.2 Olkaria III - DFC — — 116.4 116.4 Olkaria III plant 4 - DEG 2 — — 21.6 21.6 Olkaria III plant 1 - DEG 3 — — 19.0 19.0 Platanares Loan - DFC — — 71.3 71.3 OFC 2 Senior Secured Notes — — 134.2 134.2 DAC 1 Senior Secured Notes — — 52.3 52.3 USG Prudential - NV — — 22.3 22.3 USG Prudential - ID - Refinancing — — 54.1 54.1 USG DOE — — 30.0 30.0 Senior Unsecured Bonds — — 202.8 202.8 Senior Unsecured Loan — — 150.4 150.4 Other long-term debt — — 6.8 6.8 Deposits 20.9 — — 20.9 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 III plant 4 - DEG 2 — — 26.5 26.5 Olkaria III plant 1 - 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 8 - Property, Plant and _2
Note 8 - Property, Plant and Equipment and Construction-in-process (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2023 2022 (Dollars in thousands) Land owned by the Company where the geothermal resource is located $ 47,612 $ 42,335 Leasehold improvements 12,588 13,230 Machinery and equipment 341,931 350,584 Land, buildings and office equipment 127,970 52,222 Vehicles 17,097 14,115 Energy storage equipment 158,604 91,025 Solar facility equipment 59,214 32,003 Geothermal and recovered energy generation power plants, including geothermal wells and exploration and resource development costs: United States of America, net of cash grants 3,191,505 2,641,280 Foreign countries 868,289 897,657 Asset retirement cost 59,123 48,578 4,883,933 4,183,029 Less accumulated depreciation (1,884,984 ) (1,689,572 ) Property, plant and equipment, net $ 2,998,949 $ 2,493,457 |
Construction In Progress [Table Text Block] | December 31, 2023 2022 (Dollars in thousands) Projects under exploration and development: Up-front bonus costs $ 5,335 $ 5,335 Exploration and development costs 156,438 89,230 Interest capitalized 703 703 162,476 95,268 Projects under construction: Up-front bonus costs 11,156 11,156 Drilling and construction costs 618,416 761,129 Interest capitalized 22,919 25,645 652,491 797,930 Total $ 814,967 $ 893,198 |
Rollforward Of Construction In Process [Table Text Block] | Projects under exploration and development Up-front Bonus Costs Exploration and Development Costs Interest Capitalized Total (Dollars in thousands) Balance at December 31, 2020 $ 5,347 $ 45,478 $ 703 $ 51,528 Cost incurred during the year — 2,680 — 2,680 Transfer of projects under exploration and development to projects under construction (12 ) (3,494 ) — (3,506 ) Balance at December 31, 2021 5,335 44,664 703 50,702 Cost incurred during the year — 44,566 — 44,566 Balance at December 31, 2022 5,335 89,230 703 95,268 Cost incurred during the year — 70,667 — 70,667 Write off of unsuccessful exploration costs — (3,459 ) — (3,459 ) Balance at December 31, 2023 $ 5,335 $ 156,438 $ 703 $ 162,476 Projects under construction Up-front Bonus Costs Drilling and Construction Costs Interest Capitalized Total (Dollars in thousands) Balance at December 31, 2020 $ 39,144 $ 379,117 $ 9,526 $ 427,787 Cost incurred during the year — 403,296 10,546 413,842 Transfer of projects under exploration and development to projects under construction 12 3,494 — 3,506 Transfer of completed projects to property, plant and equipment — (174,354 ) — (174,354 ) Balance at December 31, 2021 39,156 611,553 20,072 670,781 Cost incurred during the year — 489,953 5,573 495,526 Transfer of completed projects to property, plant and equipment (28,000 ) (340,377 ) — (368,377 ) Balance at December 31, 2022 11,156 761,129 25,645 797,930 Cost incurred during the year — 473,422 15,181 488,603 Cost write off — (993 ) — (993 ) Transfer of completed projects to property, plant and equipment — (615,142 ) (17,907 ) (633,049 ) Balance at December 31, 2023 $ 11,156 $ 618,416 $ 22,919 $ 652,491 |
North Brawley Geothermal Power Plant [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Significant unobservable inputs: Average generation capacity (MW) 7 Electricity price escalation (%) 2.2 % Cost long-term growth rate 2.2 Average realized electricity price ($/MW) 92.2 |
Note 9 - Intangible Assets an_2
Note 9 - Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (Dollars in thousands) (Dollars in thousands) Amortized intangible assets Electricity segment $ 403,511 $ (127,324 ) $ 402,340 $ (104,601 ) Storage segment 54,310 (22,888 ) 54,310 (18,204 ) Total $ 457,821 $ (150,212 ) $ 456,650 $ (122,805 ) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (Dollars in thousands) Year ending December 31: 2024 $ 26,277 2025 25,911 2026 24,056 2027 22,176 2028 21,903 Thereafter 187,286 Total $ 307,609 |
Schedule of Goodwill [Table Text Block] | 2023 2022 (Dollars in thousands) Goodwill as of January 1, $ 90,325 $ 89,954 Translation differences 219 371 Goodwill as of December 31, $ 90,544 $ 90,325 |
Note 10 - Accounts Payable an_2
Note 10 - Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2023 2022 (Dollars in thousands) Trade payable $ 140,694 $ 77,551 Salaries and other payroll costs 28,302 24,205 Customer advances 769 1,060 Accrued interest 17,826 14,063 Income tax payable 6,995 8,393 Property tax payable 2,606 3,271 Scheduling and transmission 1,892 1,000 Royalty accrual 5,445 9,825 Warranty accrual 1,812 1,705 Other 8,177 8,350 Total $ 214,518 $ 149,423 |
Note 11 - Long-term Debt, Cre_2
Note 11 - Long-term Debt, Credit Agreements and Finance Liability (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | December 31, 2023 2022 (Dollars in thousands) Limited and non-recourse agreements (1) : Limited recourse: Loan agreement with DFC (the Olkaria III power plant) $ 120,668 $ 138,663 Loan agreement with DFC (the Platanares power plant) 71,687 79,880 Loan agreement with Banco Industrial S.A. and Westrust Bank (International) Limited — 15,750 Loan agreement with a global industrial company (the Plumstriker battery energy storage projects) — 11,392 Idaho Refinancing, U.S. Department of Energy and Prudential Capital Group Nevada 112,959 119,392 OFC 2 Senior Secured Notes 142,464 158,036 Other loans 3,460 4,585 Non-recourse: DAC 1 Senior Secured Notes 57,397 62,698 Other loans 4,216 5,805 Total limited and non-recourse agreements 512,852 596,201 Less current portion (57,207 ) (64,044 ) Noncurrent portion $ 455,645 $ 532,157 Full recourse agreements (1) : Senior Unsecured Bonds - Series 4 $ 220,568 $ 255,754 Senior Unsecured Loan (Migdal) 158,000 174,800 Hapoalim, Hapoalim 2023, Mizrahi, Mizrahi 2023, HSBC and Discount loans 397,009 298,884 Loan agreements with DEG (the Olkaria III and power plants 4 and 1 upgrade) 42,160 51,528 Total full recourse agreements $ 817,737 $ 780,966 Less current portion (116,864 ) (101,460 ) Noncurrent portion $ 700,873 $ 679,506 Convertible senior notes (all noncurrent) (1) $ 431,250 $ 431,250 Financing liability $ 225,760 $ 242,029 Less current portion (5,141 ) (16,270 ) Noncurrent portion $ 220,619 $ 225,759 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) Mizrahi Loan 2023 $ 50.0 $ 50.0 7.15 % October 2031 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) Hapoalim 2023 Loan $ 100.0 $ 95.0 6.45 % February 2033 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) Mizrahi Loan $ 75.0 $ 60.9 4.10 % April 2030 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) Hapoalim Loan $ 125.0 $ 80.4 3.45 % June 2028 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) HSBC Loan $ 50.0 $ 35.7 3.45 % July 2028 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) Discount Loan $ 100.0 $ 75.0 2.9 % September 2029 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) Senior Unsecured Bonds - Series 4 $ 289.8 $ 220.6 3.35 % June 2031 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) Migdal Loan $ 100.0 $ 79.0 4.80 % March 2029 Additional Migdal Loan 50.0 39.5 4.60 % March 2029 Second Addendum Migdal Loan 50.0 39.5 5.44 % March 2029 Total Senior Unsecured Loan $ 200.0 $ 158.0 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) DEG 2 Loan $ 50.0 $ 22.5 6.28 % June 2028 DEG 3 Loan 41.5 19.7 6.04 % June 2028 $ 91.5 $ 42.2 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) OPIC Loan - Tranche I $ 85.0 $ 33.0 6.34 % December 2030 OPIC Loan - Tranche II 180.0 68.8 6.29 % June 2030 OPIC Loan - Tranche III 45.0 18.8 6.12 % December 2030 Total OPIC Loan $ 310.0 $ 120.6 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) DFC - Platanares Loan $ 114.7 $ 71.7 7.02 % September 2032 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) DAC 1 Senior Secured Notes $ 92.5 $ 57.4 4.03 % September 2033 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) OFC 2 Senior Secured Notes - Series A $ 151.7 $ 63.9 4.69 % December 2032 OFC 2 Senior Secured Notes - Series C 140.0 78.6 4.61 % December 2032 Total OFC 2 Senior Secured Notes $ 291.7 $ 142.5 Amount Amount Outstanding as of Annual Maturity Loan Issued December 31, 2023 Interest Rate (1) Date (Dollars in millions) Idaho Refinancing Note $ 61.6 $ 58.9 6.26 % March 2038 U.S. Department of Energy 96.8 30.2 2.60 % February 2035 Prudential Capital Group – Nevada 30.7 23.9 6.75 % December 2037 Total $ 189.1 $ 113.0 Amount Outstanding as of Annual Maturity Loan December 31, 2023 Interest Rate (1) Date (2) (Dollar in millions) Financing Liability - Dixie Valley $ 225.8 6.12 % June 2038 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | (Dollars in thousands) Year ending December 31: 2024 $ 178,954 2025 178,982 2026 182,654 2027 612,045 2028 167,848 Thereafter 669,074 Total $ 1,989,557 |
Note 13 - Asset Retirement Ob_2
Note 13 - Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Asset Retirement Obligations [Table Text Block] | Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Balance at beginning of year $ 97,660 $ 84,891 $ 63,457 Revision in estimated cash flows 2,056 (1,802 ) 10,504 Liabilities incurred and acquired 8,490 9,314 6,953 Accretion expense 6,164 5,257 3,977 Balance at end of year $ 114,370 $ 97,660 $ 84,891 |
Note 14 - Stock-based Compens_2
Note 14 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Cost of revenues $ 6,899 $ 6,382 $ 4,656 Selling and marketing expenses 866 1,230 766 Research and development expenses 94 — — General and administrative expenses 7,620 4,034 3,746 Total stock-based compensation expense 15,479 11,646 9,168 Tax effect on stock-based compensation expense 1,598 1,270 872 Net effect of stock-based compensation expense $ 13,881 $ 10,376 $ 8,296 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2023 2022 2021 For stock based awards issued by the Company: Risk-free interest rates 4.2 % 1.7 % 0.7 % Expected lives (in weighted average years) 2.5 5.3 3.8 Dividend yield 0.6 % 0.7 % 0.6 % Expected volatility (weighted average) 38.2 % 34.6 % 36.7 % Year Ended December 31, 2023 2022 2021 Weighted average forfeiture rate 8.0 % 10.2 % 6.1 % 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) 34.80% Risk-free interest rates 4.13% — (4.38)% Expected life (in years) 2 — 3 Dividend yield 0.56% Expected volatility (weighted average) 43.17% — 40.57% Risk-free interest rates 1.31% — 1.62% Expected life (in years) 2 — 6 Dividend yield 0.67% Expected volatility (weighted average) 32.85% — 46.07% Risk-free interest rates 0.14% — (0.16)% Expected life (in years) 1 Dividend yield 0.65% Expected volatility (weighted average) 43.26% |
Share-Based Payment Arrangement, Option and Stock Appreciation Rights, Activity [Table Text Block] | Year Ended December 31, 2023 2022 2021 Awards (In thousands) Weighted Average Exercise Price Awards (In thousands) Weighted Average Exercise Price Awards (In thousands) Weighted Average Exercise Price Outstanding at beginning of year 1,810 $ 60.08 2,025 $ 58.70 2,240 $ 57.68 Granted: SARs (1) — — 513 71.15 15 77.22 RSUs (2) 189 — 109 — 12 — PSUs (3) 35 — 20 — — — Exercised (492 ) 56.00 (728 ) 52.73 (159 ) 40.47 Forfeited (59 ) 54.09 (129 ) 62.27 (83 ) 64.34 Expired — — — — — — Outstanding at end of year 1,483 52.57 1,810 60.08 2,025 58.70 Options and SARs exercisable at end of year 606 66.81 749 58.30 881 53.20 Weighted-average fair value of awards granted during the year $ 79.98 $ 33.02 $ 46.23 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Awards Outstanding Awards Exercisable Exercise Price Number of Stock-based Awards Outstanding Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Number of Stock-based Awards Exercisable Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value $ — 345 1.6 $ 26,127 $ — 51.71 8 1.0 193 8 1.0 193 53.16 3 0.9 73 3 0.9 73 53.44 78 0.5 1,736 78 0.5 1,736 57.97 8 0.6 134 8 0.6 134 63.40 45 2.5 562 34 2.5 422 67.54 7 2.9 54 7 2.9 54 68.34 47 2.4 349 35 2.4 261 69.14 470 2.4 3,128 316 2.4 2,101 71.15 448 4.2 2,077 101 4.2 468 71.71 4 1.6 16 4 1.6 16 76.43 5 1.9 — 5 1.9 — 76.54 9 3.9 — 4 3.9 — 78.53 6 3.3 — 3 3.3 — 90.28 1 3.0 — — 3.0 — 1,483 2.6 $ 34,449 606 2.4 $ 5,458 Awards Outstanding Awards Exercisable Exercise Price Number of Stock-based Awards Outstanding Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Number of Stock-based Awards Exercisable Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value $ — 157 2.1 $ 13,536 — — $ — 51.71 8 2.0 278 6 2.0 209 53.16 3 1.9 108 3 1.9 108 53.44 103 1.5 3,405 103 1.5 3,405 55.16 295 0.9 9,236 295 0.9 9,236 57.97 8 1.6 214 8 1.6 214 63.35 74 0.9 1,719 74 0.9 1,719 63.40 45 3.5 1,047 23 3.5 524 67.54 7 3.9 125 7 3.9 125 68.34 47 3.4 849 23 3.4 424 69.14 539 3.4 9,357 199 3.4 3,456 71.15 499 5.2 7,644 — 5.2 — 71.71 4 2.6 59 3 2.6 44 76.43 5 2.9 49 5 2.9 49 76.54 9 4.9 85 — 4.9 — 78.53 6 4.3 51 — 4.3 — 90.28 1 4.0 — — 4 — 1,810 3.1 $ 47,762 749 1.8 $ 19,513 |
Note 15 - Interest Expense, N_2
Note 15 - Interest Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Interest related to sale of tax benefits $ 15,289 $ 14,853 $ 12,246 Interest expense 100,853 91,617 $ 84,994 Less — amount capitalized (17,261 ) (18,727 ) $ (14,582 ) $ 98,881 $ 87,743 $ 82,658 |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 2023 2022 2021 (Dollars in thousands) U.S $ 53,984 $ 23,709 $ 37,032 Non-U.S. (foreign) 85,101 71,900 66,519 Total income from continuing operations, before income taxes and equity in losses $ 139,085 $ 95,609 $ 103,551 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Current: Federal $ 672 $ 641 $ — State (1,806 ) 2,227 400 Foreign 35,379 29,370 25,096 Total current income tax expense $ 34,245 $ 32,238 $ 25,496 Deferred: Federal (12,780 ) (17,179 ) (3,267 ) State 6,041 2,649 9,301 Foreign (21,523 ) (2,966 ) (6,680 ) Total deferred tax provision (benefit) (28,262 ) (17,496 ) (646 ) Total Income tax provision $ 5,983 $ 14,742 $ 24,850 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2023 2022 2021 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Foreign tax credits (3.8 ) (3.8 ) (0.4 ) Withholding tax 1.0 0.2 6 Valuation allowance - U.S. — (9.3 ) (10.4 ) State income tax, net of federal benefit 2.4 5.3 8.8 Uncertain tax positions 1.5 0.9 3.6 Foreign tax rate change (5.7 ) — — Effect of foreign income tax, net 0.4 6.2 (5.2 ) Production tax credits — (4.0 ) (4.2 ) Investment tax credits (14.0 ) — — Tax on global intangible low-tax income 4.1 4.8 9.3 Noncontrolling interest (1.0 ) (2.2 ) (2.5 ) Other, net (1.6 ) (3.7 ) (1.9 ) Effective tax rate 4.3 % 15.4 % 24.0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2023 2022 (Dollars in thousands) Deferred tax assets (liabilities): Net foreign deferred taxes, primarily depreciation $ (27,623 ) $ (49,295 ) Depreciation 40,993 50,214 Intangible drilling costs (17,543 ) (13,855 ) Net operating loss carryforward - U.S. 24,822 26,824 Tax monetization transaction (125,462 ) (84,585 ) Right-of-use assets (5,218 ) (5,824 ) Lease liabilities 5,105 5,527 Production tax credits 109,556 109,109 Foreign tax credits 33,412 32,333 Withholding tax (20,437 ) (21,007 ) Basis difference in partnership interest (12,448 ) (51,392 ) Excess business interest 6,162 522 Sale and leaseback transaction 58,608 62,939 Other assets 12,404 13,655 Accrued liabilities and other 6,361 5,208 Total 88,692 80,373 Less - valuation allowance (2,870 ) (2,473 ) Total, net $ 85,822 $ 77,900 |
Summary of Valuation Allowance [Table Text Block] | 2023 2022 (Dollars in thousands) Balance at beginning of the year $ 2,473 $ 11,298 Additions to valuation allowance 479 35 Release of valuation allowance (82 ) (8,860 ) Balance at end of the year $ 2,870 $ 2,473 |
Schedule of Deferred Taxes Classified in Balance Sheet [Table Text Block] | Year Ended December 31, 2023 2022 (Dollars in thousands) Non-current deferred tax assets $ 152,570 $ 161,365 Non-current deferred tax liabilities (66,748 ) (83,465 ) Non-current deferred tax assets, net 85,822 77,900 Uncertain tax benefit offset (1) (95 ) (95 ) $ 85,727 $ 77,805 |
Summary of Income Tax Contingencies [Table Text Block] | Year Ended December 31, 2023 2022 (Dollars in thousands) Balance at beginning of year $ 5,300 $ 5,076 Additions based on tax positions taken in prior years 395 — Additions based on tax positions taken in the current year 1,376 364 Reduction based on tax positions taken in prior years (141 ) (47 ) Reduction based on tax positions taken in the current year — (93 ) Balance at end of year $ 6,930 $ 5,300 |
Summary of Income Tax Examinations [Table Text Block] | Israel 2019 – 2023 Kenya 2018 – 2023 Guatemala 2019 – 2023 Honduras 2018 – 2023 Guadeloupe 2020 – 2023 |
Note 17 - Business Segments (Ta
Note 17 - Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Electricity Product Energy Storage Consolidated (Dollars in thousands) Year Ended December 31, 2023: Revenues from external customers: United States (1) $ 473,323 $ 7,610 $ 28,894 $ 509,827 Foreign (2) 193,444 126,153 — 319,597 Net revenues from external customers 666,767 133,763 28,894 829,424 Intersegment revenues — 48,494 — — Depreciation and amortization expense 199,344 10,908 14,545 224,797 Operating income (loss) 168,834 3,536 (5,785 ) 166,585 Segment assets at period end (3) (*) 4,652,392 199,897 355,990 5,208,279 Expenditures for long-lived assets 474,592 20,599 123,192 618,383 * Including unconsolidated investments 125,439 — — 125,439 Year Ended December 31, 2022: Revenues from external customers: United States (1) 446,000 7,037 31,018 484,055 Foreign (2) 185,727 64,377 — 250,104 Net revenues from external customers $ 631,727 $ 71,414 $ 31,018 $ 734,159 Intersegment revenues — 83,394 — — Depreciation and amortization expense 179,966 7,302 11,524 198,792 Operating income (loss) 156,178 (1,084 ) (2,291 ) 152,803 Segment assets at period end (3) (*) 4,253,910 118,018 239,651 4,611,579 Expenditures for long-lived assets 462,269 16,352 84,855 563,476 * Including unconsolidated investments 115,693 — — 115,693 Year Ended December 31, 2021: Revenues from external customers: United States (1) 404,303 5,414 30,393 440,110 Foreign (2) 181,468 41,506 — 222,974 Net revenues from external customers 585,771 46,920 30,393 663,084 Intersegment revenues — 129,589 — — Depreciation and amortization expense 164,490 7,719 10,763 182,972 Operating income (loss) 171,550 (3,641 ) 1,448 169,357 Segment assets at period end (3) (*) 4,142,341 113,817 169,520 4,425,678 Expenditures for long-lived assets 383,307 10,687 25,278 419,272 * Including unconsolidated investments 105,886 — — 105,886 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Revenues: Total segment revenues $ 829,424 $ 734,159 $ 663,084 Intersegment revenues 48,494 83,394 129,589 Elimination of intersegment revenues (48,494 ) (83,394 ) (129,589 ) Total consolidated revenues $ 829,424 $ 734,159 $ 663,084 Operating income (expense): Operating income $ 166,585 $ 152,803 $ 169,357 Interest income 11,983 3,417 2,124 Interest expense, net (98,881 ) (87,743 ) (82,658 ) Derivatives and foreign currency transaction gains (losses) (3,278 ) (6,044 ) (14,720 ) Income attributable to sale of tax benefits 61,157 33,885 29,582 Other non-operating income (expense), net 1,519 (709 ) (134 ) Total consolidated income before income taxes and equity in earnings (losses) of investees $ 139,085 $ 95,609 $ 103,551 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Revenues from external customers attributable to: United States $ 509,827 $ 484,055 $ 440,110 Indonesia 26,732 15,631 8,056 Kenya 109,217 105,837 102,844 Turkey 2,469 1,961 2,723 Chile — 579 7,035 Guatemala 30,174 28,831 26,868 New Zealand 66,526 17,130 6,770 Honduras 31,589 33,837 35,233 Other foreign countries 52,889 46,298 33,445 Consolidated total $ 829,424 $ 734,159 $ 663,084 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Long-lived assets (primarily power plants and related assets) located in: United States $ 3,085,892 $ 2,857,503 $ 2,527,429 Kenya 377,563 301,491 297,427 Other foreign countries 378,028 254,878 217,371 Consolidated total $ 3,841,483 $ 3,413,872 $ 3,042,227 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Year Ended December 31, 2023 2022 2021 Revenues % Revenues % Revenues % (Dollars in thousands) (Dollars in thousands) (Dollars in thousands) Southern California Public Power (1) $ 181,656 21.2 $ 157,663 21.5 $ 157,318 23.7 Sierra Pacific Power Company and Nevada Power Company (1)(2) 116,797 14.1 124,116 16.9 123,333 18.6 KPLC (1) 109,217 13.2 105,837 14.4 102,844 15.5 |
Note 19 - Employee Benefit Pl_2
Note 19 - Employee Benefit Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Expected Benefit Payments [Table Text Block] | (Dollars in thousands) Year ending December 31: 2024 $ 2,396 2025 291 2026 525 2027 1,461 2028 723 2029-2046 4,816 Total $ 10,212 |
Note 21 - Leases (Tables)
Note 21 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Lease cost Finance lease cost: Amortization of right-of-use assets $ 1,922 $ 2,861 $ 3,265 Interest on lease liabilities 168 441 770 Operating lease cost 4,771 3,695 3,707 Short-term and variable lease cost 6,741 7,436 5,228 Total lease cost $ 13,602 $ 14,433 $ 12,970 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 168 $ 441 $ 770 Operating cash flows for operating leases 4,448 4,507 3,589 Financing cash flows for finance leases 1,963 2,983 3,181 Right-of-use assets obtained in exchange for new finance lease liabilities 1,671 2,473 948 Right-of-use assets obtained in exchange for new operating lease liabilities 4,731 6,286 5,227 December 31, December 31, Additional information as of the end of the year: 2023 2022 Weighted-average remaining lease term — finance leases (in years) (*) 14.3 1.8 Weighted-average remaining lease term — operating leases (in years) 16.2 17.9 Weighted-average discount rate — finance leases (in percentage) (*) 6 % 3 % Weighted-average discount rate — operating leases (in percentage) 5 % 5 % |
Lessee, Lease Liability, Maturity [Table Text Block] | Operating Leases Finance Leases Financing Liability (1) (Dollars in thousands) Year ending December 31, 2024 $ 3,908 $ 1,456 $ 17,578 2025 3,246 1,291 17,535 2026 2,471 913 22,675 2027 2,224 136 20,815 2028 1,900 0 20,578 Thereafter 20,756 0 277,827 Total future minimum lease payments 34,505 3,796 377,008 Less imputed interest 11,386 245 151,248 Total $ 23,119 $ 3,551 $ 225,760 |
Operating Lease, Lease Income [Table Text Block] | Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Lease income relating to lease payments of operating leases $ 542,065 $ 529,264 $ 502,355 |
Note 1 - Business and Signifi_3
Note 1 - Business and Significant Accounting Policies 1 (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 11, 2023 | Mar. 14, 2023 | Feb. 19, 2021 | Jan. 31, 2024 | Feb. 29, 2024 | Dec. 11, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 23, 2023 | Jun. 27, 2022 | Jun. 22, 2022 | |
Cash, FDIC Insured Amount | $ 10,000 | $ 43,200 | $ 10,000 | ||||||||||
Cash, Uninsured Amount | 64,300 | 57,500 | 64,300 | ||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current | 128,818 | 208,704 | 128,818 | ||||||||||
Interest Costs Capitalized | 17,261 | 18,727 | $ 14,582 | ||||||||||
Exploration Abandonment and Impairment Expense | 3,733 | 828 | 0 | ||||||||||
Amortization of Debt Issuance Costs | 5,900 | 4,200 | 3,200 | ||||||||||
Deferred Debt Issuance Cost, Writeoff | 0 | 0 | 0 | ||||||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ 3,100 | 2,300 | 3,100 | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 1,257 | $ (2,486) | $ (3,236) | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 82,500 | 29,200 | 142,400 | ||||||||||
Payments of Dividends | $ 28,400 | $ 27,100 | $ 27,000 | ||||||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.48 | $ 0.48 | $ 0.48 | ||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Proceeds from Issuance of Common Stock | $ 341,671 | $ 0 | $ 311 | ||||||||||
Payments to Noncontrolling Interests | 9,856 | 5,880 | 6,903 | ||||||||||
Insurance Recoveries | 0 | 0 | 248 | ||||||||||
Loss from Catastrophes | $ 9,100 | ||||||||||||
General and Administrative Expense [Member] | |||||||||||||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 3,000 | ||||||||||||
Fire [Member] | |||||||||||||
Insurance Recoveries | 21,800 | ||||||||||||
Increase (Decrease) in Insurance Settlements Receivable | (8,000) | ||||||||||||
Gain on Business Interruption Insurance Recovery | $ 13,800 | ||||||||||||
Commercial Paper [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 26,800 | $ 73,200 | |||||||||||
Debt Instrument, Base Rate | 5.30% | ||||||||||||
Commercial Paper [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||||||||||||
ORPD LLC [Member] | |||||||||||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 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) | 3,600,000 | ||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 82.6 | ||||||||||||
Over-Allotment Option [Member] | Goldman Sachs & Co. LLC [Member] | |||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 540,000 | ||||||||||||
Convertible Senior Notes [Member] | |||||||||||||
Amortization of Debt Issuance Costs | $ 2,300 | ||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 90.27 | $ 90.27 | $ 90.27 | $ 90.27 | |||||||||
Debt Instrument, Face Amount | $ 431,250 | $ 375,000 | |||||||||||
Galena 2 Power Purchase Agreement [Member] | |||||||||||||
Termination Fees | $ 0 | ||||||||||||
Minimum [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 6 years | ||||||||||||
Standard Product Warranty, Term (Year) | 1 year | ||||||||||||
Minimum [Member] | Fleet Vehicles [Member] | |||||||||||||
Lessee, Finance Lease, Term of Contract (Year) | 3 years | ||||||||||||
Minimum [Member] | Viridity Energy, Inc. [Member] | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 6 years | ||||||||||||
Maximum [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 19 years | ||||||||||||
Standard Product Warranty, Term (Year) | 2 years | ||||||||||||
Maximum [Member] | Fleet Vehicles [Member] | |||||||||||||
Lessee, Finance Lease, Term of Contract (Year) | 4 years | ||||||||||||
Maximum [Member] | Viridity Energy, Inc. [Member] | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 19 years | ||||||||||||
Power Plants [Member] | Minimum [Member] | |||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 15 years | ||||||||||||
Power Plants [Member] | Maximum [Member] | |||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 30 years | ||||||||||||
North Brawley Geothermal Power Plant [Member] | |||||||||||||
Asset Impairment Charges, Total | $ 30,500 | ||||||||||||
Kenya Power and Lighting Co Limited [Member] | |||||||||||||
Accounts Receivable, Past Due | $ 62,800 | ||||||||||||
Kenya Power and Lighting Co Limited [Member] | Subsequent Event [Member] | |||||||||||||
Proceeds, Overdue Accounts Receivable | $ 32,200 | ||||||||||||
ENEE [Member] | |||||||||||||
Accounts Receivable, Past Due | $ 15,700 | ||||||||||||
ENEE [Member] | Subsequent Event [Member] | |||||||||||||
Proceeds, Overdue Accounts Receivable | $ 2,500 | ||||||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member] | |||||||||||||
Concentration Risk, Percentage | 57% | 60% | |||||||||||
Total Receivables [Member] | Customer Concentration Risk [Member] | |||||||||||||
Financing Receivable, after Allowance for Credit Loss | 89,800 | $ 161,000 | $ 89,800 | ||||||||||
Non-US [Member] | |||||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 78,900 | $ 152,200 | $ 78,900 |
Note 1 - Business and Signifi_4
Note 1 - Business and Significant Accounting Policies 2 (Details Textual) - Product [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 $ in Millions | Dec. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 150.8 |
Revenue, Remaining Performance Obligation, Percentage | 100% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 24 months |
Note 1 - Business and Signifi_5
Note 1 - Business and Significant Accounting Policies - Cash and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 195,808 | $ 95,872 | $ 239,278 | |
Restricted cash and cash equivalents | 91,962 | 130,804 | 104,166 | |
Total cash and cash equivalents and restricted cash and cash equivalents | $ 287,770 | $ 226,676 | $ 343,444 | $ 536,778 |
Note 1 - Business and Signifi_6
Note 1 - Business and Significant Accounting Policies - Property, Plant, and Equipment Estimated Useful Life (Details) | Dec. 31, 2023 |
Building [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 25 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 15 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 30 years |
Machinery And Equipment - Manufacturing And Drilling [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 10 years |
Machinery and Equipment - Computers [Member] | Minimum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 3 years |
Machinery and Equipment - Computers [Member] | Maximum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 5 years |
Energy Equipment [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 15 years |
Solar Facility Equipment [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 30 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 15 years |
Office Equipment - Other [Member] | Minimum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 5 years |
Office Equipment - Other [Member] | Maximum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 10 years |
Vehicles [Member] | Minimum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 5 years |
Vehicles [Member] | Maximum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 7 years |
Note 1 - Business and Signifi_7
Note 1 - Business and Significant Accounting Policies - Contract Assets (Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Contract assets (*) | [1] | $ 18,367 | $ 16,405 |
Contract liabilities (*) | [1] | (18,669) | (8,785) |
Recognition of contract liabilities as revenue as a result of performance obligations satisfied | 6,883 | 0 | |
Cash received in advance for which revenues have not yet recognized, net of expenditures made | (16,766) | (2,604) | |
Reduction of contract assets as a result of rights to consideration becoming unconditional | (4,094) | (23,000) | |
Contract assets recognized, net of recognized receivables | 6,056 | 32,780 | |
Net change in contract assets and contract liabilities | 1,962 | 9,780 | |
Net change in contract assets and contract liabilities | $ (9,883) | $ (2,604) | |
[1]Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheets. The contract liabilities balance at the beginning of the year was partially recognized as product revenues during the year ended December 31, 2022 as a result of performance obligations that were partially satisfied. |
Note 1 - Business and Signifi_8
Note 1 - Business and Significant Accounting Policies - Impact of Adoption (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenue | [1] | $ 829,424 | $ 734,159 | $ 663,084 |
Electricity [Member] | ||||
Revenue | 666,767 | 631,727 | 585,771 | |
Electricity [Member] | Accounting Standards Update 2016-02 [Member] | ||||
Revenue | 542,065 | 529,264 | 502,355 | |
Electricity and Product Revenue [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Revenue | $ 287,359 | $ 204,895 | $ 160,729 | |
[1]Revenues as reported in the geographic area in which they originate. |
Note 1 - Business and Signifi_9
Note 1 - Business and Significant Accounting Policies - Changes in the Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 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 |
Change in the provision for expected credit losses for the period | 0 | 0 |
Ending balance of the allowance for expected credit losses | $ 90 | $ 90 |
Note 1 - Business and Signif_10
Note 1 - Business and Significant Accounting Policies - Shares Used to Calculate Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted average number of shares used in computation of basic earnings per share (in shares) | 59,424 | 56,063 | 56,004 |
Additional shares from the assumed exercise of employee stock-based awards (in shares) | 338 | 440 | 398 |
Diluted (in shares) | 59,762 | 56,503 | 56,402 |
Note 1 - Business and Signif_11
Note 1 - Business and Significant Accounting Policies - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Redeemable noncontrolling interest as of January 1, | $ 9,590 | $ 9,329 |
Redeemable noncontrolling interest in results of operation of a consolidated subsidiary | 939 | 638 |
Cash paid to noncontrolling interest | (246) | 0 |
Currency translation adjustments | 316 | (377) |
Redeemable noncontrolling interest as of December 31, | $ 10,599 | $ 9,590 |
Note 2 - Business Acquisition_2
Note 2 - Business Acquisitions (Details Textual) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |||||
Jan. 04, 2024 | Jul. 13, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Two Contracted Geothermal Assets in Nevada [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 171 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Working Capital and Cash and Equivalents | $ 10.8 | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finance Lease Liability | [1] | $ 258.4 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | [2] | 8.6 | |||||
Two Contracted Geothermal Assets in Nevada [Member] | Electricity Segment [Member] | |||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 26.2 | $ 51.7 | $ 48 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 5.5 | 3.8 | 3.3 | ||||
Business Combination, Pro Forma Information, Tax and Finance Liability Interest Expense of Acquiree since Acquisition Date, Actual | $ 4.9 | $ 8.3 | $ 7.4 | ||||
Two Contracted Geothermal Assets in Nevada [Member] | Power Purchase Agreement [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 7.8 | ||||||
Two Contracted Geothermal Assets in Nevada [Member] | General and Administrative Expense [Member] | |||||||
Business Combination, Acquisition Related Costs | $ 4.7 | ||||||
Purchase Agreement With Enel Green Power North America [Member] | Subsequent Event [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 272 | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||||
[1]Financing liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 under which it sold and leased back the undivided interests in the Dixie Valley power plant asset through June 2038. The lease transaction was accounted for by the Seller as a finance lease due to the Seller's continued involvement and management of the power plant and the existence of an early buy-out option in September 2024, which continues to be applicable to the Company. As per the accounting guidance, the Company retained the Seller's accounting of a "failed" sale and leaseback transaction and accordingly accounted for the liability as a financing liability. This financing liability, as well as the related power plant asset, were measured at their acquisition-date fair value.[2]The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million. These receivables were fully collected during the third quarter of 2021. |
Note 2 - Business Acquisition_3
Note 2 - Business Acquisitions - Fair Value of Amounts of Identified Assets and Liabilities Assumed in a Business Combination (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 13, 2021 | |
Goodwill | $ 90,544 | $ 90,325 | $ 89,954 | ||
Two Contracted Geothermal Assets in Nevada [Member] | |||||
Cash and cash equivalents and restricted cash | $ 10,900 | ||||
Trade receivables and others (1) | [1] | 8,600 | |||
Deferred income taxes | 22,800 | ||||
Property, plant and equipment and construction-in-process | 152,000 | ||||
Intangible assets (2) | [2] | 191,600 | |||
Goodwill | [3] | 66,200 | |||
Total assets acquired | 452,100 | ||||
Accounts payable, accrued expenses and others | 6,600 | ||||
Financing liability (4) | [4] | 258,400 | |||
Asset retirement obligation | 5,300 | ||||
Total liabilities assumed | 270,300 | ||||
Total assets acquired, and liabilities assumed, net | $ 181,800 | ||||
[1]The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million. These receivables were fully collected during the third quarter of 2021.[2]Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs.[3]Goodwill is primarily related to the expected synergies and potential cost savings in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and is deductible for tax purposes pending the exercise of the financial lease buy-out option as described below.[4]Financing liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 under which it sold and leased back the undivided interests in the Dixie Valley power plant asset through June 2038. The lease transaction was accounted for by the Seller as a finance lease due to the Seller's continued involvement and management of the power plant and the existence of an early buy-out option in September 2024, which continues to be applicable to the Company. As per the accounting guidance, the Company retained the Seller's accounting of a "failed" sale and leaseback transaction and accordingly accounted for the liability as a financing liability. This financing liability, as well as the related power plant asset, were measured at their acquisition-date fair value. |
Note 2 - Business Acquisition_4
Note 2 - Business Acquisitions - Summary of Pro Forma Information Related to a Business Combination (Details) - Two Contracted Geothermal Assets in Nevada [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Business Acquisition, Pro Forma Revenue | $ 690.6 |
Net income attributable to the Company's stockholders | 69.6 |
Electricity Segment [Member] | |
Business Acquisition, Pro Forma Revenue | $ 613.3 |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Raw materials and purchased parts for assembly | $ 20,588 | $ 10,629 |
Self-manufactured assembly parts and finished products | 24,449 | 12,203 |
Total | $ 45,037 | $ 22,832 |
Note 4 - Cost and Estimated E_3
Note 4 - Cost and Estimated Earnings on Uncompleted Contracts - Cost and Estimated Earnings on Uncompleted Contracts (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Costs and estimated earnings incurred on uncompleted contracts | $ 267,111 | $ 155,407 |
Less billings to date | (267,413) | (147,787) |
Total | $ (302) | $ 7,620 |
Note 4 - Cost and Estimated E_4
Note 4 - Cost and Estimated Earnings on Uncompleted Contracts - Cost and Estimated Earnings on Uncompleted Contracts Included in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Costs and estimated earnings in excess of billings on uncompleted contracts | $ 18,367 | $ 16,405 |
Billings in excess of costs and estimated earnings on uncompleted contracts | (18,669) | (8,785) |
Total | $ (302) | $ 7,620 |
Note 5 - Investment in Uncons_3
Note 5 - Investment in Unconsolidated Companies (Details Textual) $ in Thousands | 12 Months Ended | 18 Months Ended | |||
Jul. 02, 2019 USD ($) | Dec. 31, 2023 USD ($) MWh | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Payments to Acquire Equity Method Investments | $ 10,181 | $ 4,509 | $ 6,401 | ||
Subsidiary of Medco Power [Member] | Ijen Geothermal Project Company [Member] | |||||
Ownership Percentage Of Common Shares Outstanding | 51% | ||||
Ijen Geothermal Project Company [Member] | |||||
Equity Method Investment, Ownership Percentage | 49% | ||||
Payments to Acquire Equity Method Investments | $ 2,700 | $ 6,100 | 4,500 | 6,400 | $ 48,700 |
Sarulla [Member] | |||||
Jointly Owned Utility Plant, Proportionate Ownership Share | 12.75% | ||||
Expected Power Generating Capacity (Megawatt-Hour) | MWh | 330 | ||||
Number of Phases of Construction | 3 | ||||
Power Utilization (Megawatt-Hour) | MWh | 110 | ||||
Power Plant Usage Agreement Term (Year) | 30 years | ||||
Payments to Acquire Projects | $ 0 | 0 | 0 | ||
Accumulated Cash Contributions to Acquire Projects | 62,000 | ||||
Sarulla [Member] | Interest Rate Swap [Member] | |||||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $ 1,500 | $ 2,000 | $ 6,400 |
Note 5 - Investment in Uncons_4
Note 5 - Investment in Unconsolidated Companies - Unconsolidated Investments Mainly in Power Plants (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Total investment in unconsolidated companies | $ 125,439 | $ 115,693 |
Sarulla [Member] | ||
Total investment in unconsolidated companies | 71,744 | 74,881 |
Ijen Geothermal Project Company [Member] | ||
Total investment in unconsolidated companies | 51,695 | 40,812 |
Other Investment [Member] | ||
Other investment, at cost | $ 2,000 | $ 0 |
Note 5 - Investment in Uncons_5
Note 5 - Investment in Unconsolidated Companies - Unrealized Gain (Loss) on Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Rate Swap [Member] | Sarulla [Member] | |||
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 | $ (470) | $ 8,370 | $ 3,892 |
Note 6 - Variable Interest En_3
Note 6 - Variable Interest Entities - Assets and Liabilities for the Company's 2015 Variable Interest Entity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted cash and cash equivalents (primarily related to VIEs) | $ 91,962 | $ 130,804 | ||
Property, plant and equipment, net | 2,998,949 | 2,493,457 | ||
Construction-in-process | 814,967 | 893,198 | ||
Total assets | [1],[2] | 5,208,279 | 4,611,579 | $ 4,425,678 |
Accounts payable and accrued expenses | 214,518 | 149,423 | ||
Long-term debt | 1,989,557 | |||
Other long-term liabilities | 22,107 | 3,317 | ||
Total liabilities | 2,756,693 | 2,581,014 | ||
Assets: | ||||
Restricted cash and cash equivalents | 91,962 | 130,804 | 104,166 | |
Property, plant and equipment, net | 2,998,949 | 2,493,457 | ||
Construction-in-process | 814,967 | 893,198 | ||
Total assets | [1],[2] | 5,208,279 | 4,611,579 | $ 4,425,678 |
Liabilities: | ||||
Accounts payable and accrued expenses | 214,518 | 149,423 | ||
Long-term debt | 1,989,557 | |||
Other long-term liabilities | 22,107 | 3,317 | ||
Total liabilities | 2,756,693 | 2,581,014 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Construction-in-process | 376,602 | 360,508 | ||
Assets: | ||||
Construction-in-process | 376,602 | 360,508 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Project Debt [Member] | ||||
Total assets | 2,311,992 | 2,182,215 | ||
Total liabilities | 1,019,932 | 1,079,928 | ||
Assets: | ||||
Total assets | 2,311,992 | 2,182,215 | ||
Liabilities: | ||||
Total liabilities | 1,019,932 | 1,079,928 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Power Purchase Agreement [Member] | ||||
Total assets | 1,510,059 | 1,146,350 | ||
Total liabilities | 75,904 | 58,900 | ||
Assets: | ||||
Total assets | 1,510,059 | 1,146,350 | ||
Liabilities: | ||||
Total liabilities | 75,904 | 58,900 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Project Debt [Member] | ||||
Restricted cash and cash equivalents (primarily related to VIEs) | 91,586 | |||
Other current assets | 154,781 | 128,414 | ||
Property, plant and equipment, net | 1,646,973 | 1,516,107 | ||
Construction-in-process | 112,469 | 104,956 | ||
Other long-term assets | 306,183 | 304,766 | ||
Accounts payable and accrued expenses | 33,357 | 42,577 | ||
Long-term debt | 545,954 | 637,080 | ||
Other long-term liabilities | 440,621 | 400,271 | ||
Assets: | ||||
Restricted cash and cash equivalents | 127,972 | |||
Other current assets | 154,781 | 128,414 | ||
Property, plant and equipment, net | 1,646,973 | 1,516,107 | ||
Construction-in-process | 112,469 | 104,956 | ||
Other long-term assets | 306,183 | 304,766 | ||
Liabilities: | ||||
Accounts payable and accrued expenses | 33,357 | 42,577 | ||
Long-term debt | 545,954 | 637,080 | ||
Other long-term liabilities | 440,621 | 400,271 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Power Purchase Agreement [Member] | ||||
Restricted cash and cash equivalents (primarily related to VIEs) | 0 | |||
Other current assets | 46,501 | 29,377 | ||
Property, plant and equipment, net | 1,155,947 | 810,384 | ||
Construction-in-process | 264,133 | 255,552 | ||
Other long-term assets | 43,478 | 51,037 | ||
Accounts payable and accrued expenses | 14,619 | 8,552 | ||
Long-term debt | 0 | 0 | ||
Other long-term liabilities | 61,285 | 50,348 | ||
Assets: | ||||
Restricted cash and cash equivalents | 0 | |||
Other current assets | 46,501 | 29,377 | ||
Property, plant and equipment, net | 1,155,947 | 810,384 | ||
Construction-in-process | 264,133 | 255,552 | ||
Other long-term assets | 43,478 | 51,037 | ||
Liabilities: | ||||
Accounts payable and accrued expenses | 14,619 | 8,552 | ||
Long-term debt | 0 | 0 | ||
Other long-term liabilities | $ 61,285 | $ 50,348 | ||
[1]Electricity segment assets include goodwill in the amount of $85.9 million , $85.7 million and $85.3 million as of December 31, 2023, 2022 and 2021, respectively, $66.2 million of which was added in the third quarter of 2021 as a result of the Terra-Gen Transaction as further described under Note 2 to the consolidated financial statements. Energy Storage segment assets include goodwill in the amount of $4.6 million , $4.6 million and $4.6 million as of December 31, 2023, 2022 and 2021, respectively. No goodwill is included in the Product segment assets as of December 31, 2023, 2022 and 2021.[2]Including unconsolidated investments |
Note 7 - Fair Value of Financ_3
Note 7 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | $ 1,511 | ||
Cross Currency Interest Rate Contract [Member] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 1,500 | $ 464 | $ 817 |
Cross Currency Interest Rate Contract [Member] | Prepaid Expenses and Other and Deposits and Other [Member] | |||
Derivatives, Cash Collateral Deposits | $ 10,600 | $ 0 |
Note 7 - Fair Value of Financ_4
Note 7 - Fair Value of Financial Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Reported Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | $ 53,877 | $ 34,832 | |
Fair Value, Net Asset (Liability) | 43,461 | 34,420 | |
Marketable securities | 136 | ||
Reported Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Liability, Current | [1] | 1,406 | |
Derivative Assets, current | [2] | (800) | |
Reported Value Measurement [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative Liability, Current | [3] | (8,137) | |
Derivative Asset, noncurrent | [3] | (3,686) | (2,777) |
Derivative Assets, current | [3] | 3,029 | |
Estimate of Fair Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | 53,877 | 34,832 | |
Fair Value, Net Asset (Liability) | 43,461 | 34,420 | |
Marketable securities | 136 | ||
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Liability, Current | [1] | 1,406 | |
Derivative Assets, current | [2] | (800) | |
Estimate of Fair Value Measurement [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative Liability, Current | [3] | (8,137) | |
Derivative Asset, noncurrent | [3] | (3,686) | (2,777) |
Derivative Assets, current | [3] | 3,029 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents (including restricted cash accounts) | 53,877 | 34,832 | |
Fair Value, Net Asset (Liability) | 53,877 | 34,968 | |
Marketable securities | 136 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Currency Forward Contracts [Member] | |||
Derivative Liability, Current | [1] | 0 | |
Derivative Assets, current | [2] | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative Liability, Current | [3] | 0 | |
Derivative Asset, noncurrent | [3] | 0 | 0 |
Derivative Assets, current | [3] | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash equivalents (including restricted cash accounts) | 0 | 0 | |
Fair Value, Net Asset (Liability) | (10,416) | (548) | |
Marketable securities | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Forward Contracts [Member] | |||
Derivative Liability, Current | [1] | 1,406 | |
Derivative Assets, current | [2] | (800) | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative Liability, Current | [3] | (8,137) | |
Derivative Asset, noncurrent | [3] | (3,686) | (2,777) |
Derivative Assets, current | [3] | 3,029 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash equivalents (including restricted cash accounts) | 0 | 0 | |
Fair Value, Net Asset (Liability) | 0 | 0 | |
Marketable securities | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Currency Forward Contracts [Member] | |||
Derivative Liability, Current | [1] | 0 | |
Derivative Assets, current | [2] | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative Liability, Current | [3] | 0 | |
Derivative Asset, noncurrent | [3] | $ 0 | 0 |
Derivative Assets, current | [3] | $ 0 | |
[1]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.[2]These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within "Receivables, other" and "Accounts payable and accrued expenses" on December 31, 2023 and December 31, 2022, as applicable, in the consolidated balance sheet with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the consolidated statement of operations and comprehensive income.[3]These amounts relate to cross currency swap contracts valued primarily based on the present value of the Cross Currency Swap future settlement prices for USD and NIS zero yield curves and the applicable exchange rate as of December 31, 2023. These amounts are included within “Accounts payable and accrued expenses” and “Other long-term liabilities” on December 31, 2023 and within "Prepaid expenses and other" and “Accounts payable and accrued expenses” on December 31, 2022 in the consolidated balance sheets. Cash collateral deposits in respect of the cross currency swap are presented under “Receivables, others” in the consolidated balance sheet, and amounted to $10.6 million as of December 31, 2023, and none as of December 31, 2022. |
Note 7 - Fair Value of Financ_5
Note 7 - Fair Value of Financial Instruments - Amounts of Gain (Loss) Recognized in Condensed Consolidated Statements on Derivative Instruments Not Designated as Hedges (Details) - Derivatives and Foreign Currency Transaction Gains (Losses) [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Amount of gain (loss) recognized | $ (2,190) | $ (5,466) | $ (13,172) | |
Swap Transaction on RRS Prices [Member] | ||||
Amount of gain (loss) recognized | 0 | 0 | (14,540) | |
Currency Forward Contracts [Member] | ||||
Amount of gain (loss) recognized | [1] | (2,190) | (5,466) | 1,368 |
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||||
Amount of gain (loss) recognized | [2] | $ (6,201) | $ (36,803) | $ 10,501 |
[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 7 - Fair Value of Financ_6
Note 7 - Fair Value of Financial Instruments - Effect of Cash Flow Hedge on Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Balance in Other comprehensive income (loss) beginning of period | $ 2,020,975 | $ 1,998,461 | $ 1,941,437 | |
Balance in Other comprehensive income (loss) end of period | 2,440,987 | 2,020,975 | 1,998,461 | |
Cross Currency Swap [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | ||||
Balance in Other comprehensive income (loss) beginning of period | 3,920 | 5,745 | 3,366 | |
Gain or (loss) recognized in Other comprehensive income (loss) (1) | [1] | 1,963 | (38,628) | 12,880 |
Amount reclassified from Other comprehensive income (loss) into earnings | (6,201) | 36,803 | (10,501) | |
Balance in Other comprehensive income (loss) end of period | $ (318) | $ 3,920 | $ 5,745 | |
[1]The amount of gain or (loss) recognized in Other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 is net of tax of $1.5 million, $0.5 million and $0.8 million, respectively. |
Note 7 - Fair Value of Financ_7
Note 7 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Liability - Dixie Valley | $ 207.2 | $ 219.8 | |
Mizrahi Loan Agreement [Member] | |||
Loans | 61.4 | 71.4 | |
Mizrahi Loan Agreement 2023 [Member] | |||
Loans | 52 | ||
Convertible Senior Notes [Member] | |||
Notes | 444.6 | 505.3 | |
HSBC Loan Agreement [Member] | |||
Loans | 33.8 | 40.3 | |
Hapoalim Loan Agreement [Member] | |||
Loans | 75 | 91.1 | |
Hapoalim Loan Agreement 2023 [Member] | |||
Loans | 99.7 | ||
Discount Loan Agreement [Member] | |||
Loans | 69.9 | 81.1 | |
Olkaria III Plant 4 Loan - DEG 2 [Member] | |||
Loans | 21.6 | 26.5 | |
Olkaria III plant 1 Loan - DEG 3 [Member] | |||
Loans | 19 | 23.3 | |
Platanares Loan - OPIC [Member] | |||
Loans | 71.3 | 80.2 | |
Amatitlan Loan [Member] | |||
Loans | 14.7 | ||
OFC Senior Secured Notes [Member] | |||
Notes | 134.2 | 149.8 | |
Don A. Campbell 1 ("DAC1") [Member] | |||
Notes | 52.3 | 57.4 | |
USG Prudential - NV [Member] | |||
Notes | 22.3 | 23.7 | |
USG Prudential - ID [Member] | |||
Notes | 54.1 | 56.8 | |
USG DOE [Member] | |||
Notes | 30 | 32.8 | |
Senior Unsecured Bonds [Member] | |||
Senior Unsecured debt | 202.8 | 235.1 | |
Senior Unsecured Loan [Member] | |||
Senior Unsecured debt | 150.4 | 166.4 | |
Plumstriker Loan Agreement [Member] | |||
Loans | 11.2 | ||
Estimate of Fair Value Measurement [Member] | |||
Financing Liability - Dixie Valley | 207.2 | 219.8 | |
Other long-term debt | 6.8 | 9.2 | |
Estimate of Fair Value Measurement [Member] | Mizrahi Loan Agreement [Member] | |||
Loans | 61.4 | 71.4 | |
Estimate of Fair Value Measurement [Member] | Mizrahi Loan Agreement 2023 [Member] | |||
Loans | 52 | 0 | |
Estimate of Fair Value Measurement [Member] | Convertible Senior Notes [Member] | |||
Notes | 444.6 | 505.3 | |
Estimate of Fair Value Measurement [Member] | HSBC Loan Agreement [Member] | |||
Loans | 33.8 | 40.3 | |
Estimate of Fair Value Measurement [Member] | Hapoalim Loan Agreement [Member] | |||
Loans | 75 | 91.1 | |
Estimate of Fair Value Measurement [Member] | Hapoalim Loan Agreement 2023 [Member] | |||
Loans | 99.7 | 0 | |
Estimate of Fair Value Measurement [Member] | Discount Loan Agreement [Member] | |||
Loans | 69.9 | 81.1 | |
Estimate of Fair Value Measurement [Member] | Olkaria III OPIC [Member] | |||
Loans | 116.4 | 134.2 | |
Estimate of Fair Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | |||
Loans | 21.6 | 26.5 | |
Estimate of Fair Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | |||
Loans | 19 | 23.3 | |
Estimate of Fair Value Measurement [Member] | Platanares Loan - OPIC [Member] | |||
Loans | 71.3 | 80.2 | |
Estimate of Fair Value Measurement [Member] | Amatitlan Loan [Member] | |||
Loans | 0 | 14.7 | |
Estimate of Fair Value Measurement [Member] | OFC Senior Secured Notes [Member] | |||
Loans | 134.2 | 149.8 | |
Estimate of Fair Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member] | |||
Loans | 52.3 | 57.4 | |
Estimate of Fair Value Measurement [Member] | USG Prudential - NV [Member] | |||
Notes | 22.3 | 23.7 | |
Estimate of Fair Value Measurement [Member] | USG Prudential - ID [Member] | |||
Notes | 54.1 | 56.8 | |
Estimate of Fair Value Measurement [Member] | USG DOE [Member] | |||
Notes | 30 | 32.8 | |
Estimate of Fair Value Measurement [Member] | Senior Unsecured Bonds [Member] | |||
Senior Unsecured debt | 202.8 | 235.1 | |
Estimate of Fair Value Measurement [Member] | Senior Unsecured Loan [Member] | |||
Senior Unsecured debt | 150.4 | 166.4 | |
Estimate of Fair Value Measurement [Member] | Plumstriker Loan Agreement [Member] | |||
Loans | 0 | 11.2 | |
Reported Value Measurement [Member] | |||
Financing Liability - Dixie Valley | 225.8 | 242 | |
Other long-term debt | [1] | 7.7 | 10.4 |
Reported Value Measurement [Member] | Mizrahi Loan Agreement [Member] | |||
Loans | [1] | 60.9 | 70.3 |
Reported Value Measurement [Member] | Mizrahi Loan Agreement 2023 [Member] | |||
Loans | 50 | 0 | |
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] | 80.4 | 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] | 120.7 | 138.7 |
Reported Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | |||
Loans | [1] | 22.5 | 27.5 |
Reported Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | |||
Loans | [1] | 19.7 | 24 |
Reported Value Measurement [Member] | Platanares Loan - OPIC [Member] | |||
Loans | [1] | 71.7 | 79.9 |
Reported Value Measurement [Member] | Amatitlan Loan [Member] | |||
Loans | [1] | 0 | 15.8 |
Reported Value Measurement [Member] | OFC Senior Secured Notes [Member] | |||
Loans | 142.5 | 158 | |
Reported Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member] | |||
Loans | 57.4 | 62.7 | |
Reported Value Measurement [Member] | USG Prudential - NV [Member] | |||
Notes | [1] | 23.9 | 25 |
Reported Value Measurement [Member] | USG Prudential - ID [Member] | |||
Notes | 58.9 | 61.6 | |
Reported Value Measurement [Member] | USG DOE [Member] | |||
Notes | [1] | 30.2 | 32.8 |
Reported Value Measurement [Member] | Senior Unsecured Bonds [Member] | |||
Senior Unsecured debt | [1] | 220.6 | 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 7 - Fair Value of Financ_8
Note 7 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Liability - Dixie Valley | $ 207.2 | $ 219.8 |
Deposits | 20.9 | 13.9 |
Mizrahi Loan Agreement [Member] | ||
Loans | 61.4 | 71.4 |
Mizrahi Loan Agreement 2023 [Member] | ||
Loans | 52 | |
Convertible Senior Notes [Member] | ||
Notes | 444.6 | 505.3 |
HSBC Loan Agreement [Member] | ||
Loans | 33.8 | 40.3 |
Hapoalim Loan Agreement [Member] | ||
Loans | 75 | 91.1 |
Discount Loan Agreement [Member] | ||
Loans | 69.9 | 81.1 |
Hapoalim Loan Agreement 2023 [Member] | ||
Loans | 99.7 | |
Olkaria III Loan DFC [Member] | ||
Loans | 116.4 | 134.2 |
Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 21.6 | 26.5 |
Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 19 | 23.3 |
Platanares Loan - OPIC [Member] | ||
Loans | 71.3 | 80.2 |
Amatitlan Loan [Member] | ||
Loans | 14.7 | |
OFC Senior Secured Notes [Member] | ||
Notes | 134.2 | 149.8 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 52.3 | 57.4 |
USG Prudential - NV [Member] | ||
Notes | 22.3 | 23.7 |
USG Prudential - ID [Member] | ||
Notes | 54.1 | 56.8 |
USG DOE [Member] | ||
Notes | 30 | 32.8 |
Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 202.8 | 235.1 |
Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 150.4 | 166.4 |
Plumstriker Loan Agreement [Member] | ||
Loans | 11.2 | |
Other Long-term Debt [Member] | ||
Senior Unsecured debt | 6.8 | 9.2 |
Fair Value, Inputs, Level 1 [Member] | ||
Financing Liability - Dixie Valley | 0 | 0 |
Deposits | 20.9 | 13.9 |
Fair Value, Inputs, Level 1 [Member] | Mizrahi Loan Agreement [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mizrahi Loan Agreement 2023 [Member] | ||
Loans | 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] | Discount 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] | 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] | Plumstriker Loan Agreement [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 1 [Member] | Other Long-term Debt [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Financing 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] | Mizrahi Loan Agreement 2023 [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | Convertible Senior Notes [Member] | ||
Notes | 444.6 | 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] | Discount 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] | 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] | Plumstriker Loan Agreement [Member] | ||
Loans | 11.2 | |
Fair Value, Inputs, Level 2 [Member] | Other Long-term Debt [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Financing Liability - Dixie Valley | 207.2 | 219.8 |
Deposits | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mizrahi Loan Agreement [Member] | ||
Loans | 61.4 | 71.4 |
Fair Value, Inputs, Level 3 [Member] | Mizrahi Loan Agreement 2023 [Member] | ||
Loans | 52 | |
Fair Value, Inputs, Level 3 [Member] | Convertible Senior Notes [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | HSBC Loan Agreement [Member] | ||
Loans | 33.8 | 40.3 |
Fair Value, Inputs, Level 3 [Member] | Hapoalim Loan Agreement [Member] | ||
Loans | 75 | 91.1 |
Fair Value, Inputs, Level 3 [Member] | Discount Loan Agreement [Member] | ||
Loans | 69.9 | 81.1 |
Fair Value, Inputs, Level 3 [Member] | Hapoalim Loan Agreement 2023 [Member] | ||
Loans | 99.7 | |
Fair Value, Inputs, Level 3 [Member] | Olkaria III Loan DFC [Member] | ||
Loans | 116.4 | 134.2 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 21.6 | 26.5 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 19 | 23.3 |
Fair Value, Inputs, Level 3 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 71.3 | 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 | 134.2 | 149.8 |
Fair Value, Inputs, Level 3 [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 52.3 | 57.4 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - NV [Member] | ||
Notes | 22.3 | 23.7 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - ID [Member] | ||
Notes | 54.1 | 56.8 |
Fair Value, Inputs, Level 3 [Member] | USG DOE [Member] | ||
Notes | 30 | 32.8 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 202.8 | 235.1 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 150.4 | 166.4 |
Fair Value, Inputs, Level 3 [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 3 [Member] | Other Long-term Debt [Member] | ||
Senior Unsecured debt | $ 6.8 | $ 9.2 |
Note 8 - Property, Plant and _3
Note 8 - Property, Plant and Equipment and Construction-in-process (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation | $ 186,500 | $ 163,200 | $ 153,000 |
Depreciation Net Of Amortization Of Cash Grant | 6,900 | 7,500 | 7,400 |
Property, Plant and Equipment Including Construction In Progress, Net | 3,059,700 | 2,830,300 | |
Property, Plant and Equipment, Cash Grant, Net | 128,000 | 144,400 | |
Impairment, Long-Lived Asset, Held-for-Use, Total | 0 | 32,648 | $ 0 |
Geotermica Platanares [Member] | |||
Property, Plant and Equipment Including Construction In Progress, Net | $ 81,900 | 79,500 | |
Power Plant Usage Agreement Term (Year) | 15 years | ||
Geothermie Bouillante SA (“GB”) [Member] | |||
Property, Plant and Equipment Including Construction In Progress, Net | $ 101,700 | 43,500 | |
North Brawley Geothermal Power Plant [Member] | |||
Property, Plant, and Equipment, Fair Value Disclosure | 13,600 | ||
Impairment, Long-Lived Asset, Held-for-Use, Total | $ 30,500 | ||
Weighted Average Cost Of Capital | 9% | ||
Orzunil I de Electricidad, Limitada [Member] | |||
Property, Plant and Equipment Including Construction In Progress, Net | 31,900 | $ 27,100 | |
Ortitlan Limitada [Member] | |||
Property, Plant and Equipment Including Construction In Progress, Net | $ 42,800 | 42,300 | |
Orzunil I de Electricidad, Limitada [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 97% | ||
Kenya Power and Lighting Co Limited [Member] | |||
Power Purchase Agreements Term (Year) | 20 years | ||
EDF [Member] | Geothermie Bouillante SA (“GB”) [Member] | |||
Power Purchase Agreements Term (Year) | 15 years | ||
Foreign Countries [Member] | |||
Property, Plant and Equipment Including Construction In Progress, Net | $ 754,200 | 556,400 | |
KENYA | Power Plants [Member] | |||
Property, Plant and Equipment Including Construction In Progress, Net | $ 377,600 | $ 301,500 |
Note 8 - Property, Plant and _4
Note 8 - Property, Plant and Equipment and Construction-in-process - Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, plant and equipment | $ 4,883,933 | $ 4,183,029 |
Asset retirement cost | 59,123 | 48,578 |
Less accumulated depreciation | (1,884,984) | (1,689,572) |
Property, plant and equipment, net | 2,998,949 | 2,493,457 |
Land [Member] | ||
Property, plant and equipment | 47,612 | 42,335 |
Leasehold Improvements [Member] | ||
Property, plant and equipment | 12,588 | 13,230 |
Machinery and Equipment [Member] | ||
Property, plant and equipment | 341,931 | 350,584 |
Office Equipment [Member] | ||
Property, plant and equipment | 127,970 | 52,222 |
Vehicles [Member] | ||
Property, plant and equipment | 17,097 | 14,115 |
Energy Equipment [Member] | ||
Property, plant and equipment | 158,604 | 91,025 |
Solar Facility Equipment [Member] | ||
Property, plant and equipment | 59,214 | 32,003 |
Geothermal And Recovered Energy Generation Power Plants [Member] | UNITED STATES | ||
Property, plant and equipment | 3,191,505 | 2,641,280 |
Geothermal And Recovered Energy Generation Power Plants [Member] | Foreign Countries [Member] | ||
Property, plant and equipment | $ 868,289 | $ 897,657 |
Note 8 - Property, Plant and _5
Note 8 - Property, Plant and Equipment and Construction-in-process - Construction-in-process (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Construction-in-process | $ 814,967 | $ 893,198 | ||
Projects Under Exploration and Development [Member] | ||||
Construction-in-process | 162,476 | 95,268 | $ 50,702 | $ 51,528 |
Projects Under Exploration and Development [Member] | Up-front Bonus Lease Costs [Member] | ||||
Construction-in-process | 5,335 | 5,335 | 5,335 | 5,347 |
Projects Under Exploration and Development [Member] | Exploration and Development Costs [Member] | ||||
Construction-in-process | 156,438 | 89,230 | 44,664 | 45,478 |
Projects Under Exploration and Development [Member] | Interest Capitalized [Member] | ||||
Construction-in-process | 703 | 703 | $ 703 | $ 703 |
Projects Under Construction [Member] | ||||
Construction-in-process | 652,491 | 797,930 | ||
Projects Under Construction [Member] | Up-front Bonus Lease Costs [Member] | ||||
Construction-in-process | 11,156 | 11,156 | ||
Projects Under Construction [Member] | Interest Capitalized [Member] | ||||
Construction-in-process | 22,919 | 25,645 | ||
Projects Under Construction [Member] | Drilling And Construction Costs [Member] | ||||
Construction-in-process | $ 618,416 | $ 761,129 |
Note 8 - Property, Plant and _6
Note 8 - Property, Plant and Equipment and Construction-in-process - Activity in Construction and Development (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance | $ 893,198 | ||
Write off of unsuccessful exploration costs | (3,733) | $ (828) | $ 0 |
Balance | 814,967 | 893,198 | |
Projects Under Exploration and Development [Member] | |||
Balance | 95,268 | 50,702 | 51,528 |
Cost incurred during the year | 70,667 | 44,566 | 2,680 |
Transfer of projects under exploration and development to projects under construction | (3,506) | ||
Write off of unsuccessful exploration costs | (3,459) | ||
Balance | 162,476 | 95,268 | 50,702 |
Projects Under Exploration and Development [Member] | Up-front Bonus Lease Costs [Member] | |||
Balance | 5,335 | 5,335 | 5,347 |
Cost incurred during the year | 0 | 0 | 0 |
Transfer of projects under exploration and development to projects under construction | (12) | ||
Write off of unsuccessful exploration costs | 0 | ||
Balance | 5,335 | 5,335 | 5,335 |
Projects Under Exploration and Development [Member] | Exploration and Development Costs [Member] | |||
Balance | 89,230 | 44,664 | 45,478 |
Cost incurred during the year | 70,667 | 44,566 | 2,680 |
Transfer of projects under exploration and development to projects under construction | (3,494) | ||
Write off of unsuccessful exploration costs | (3,459) | ||
Balance | 156,438 | 89,230 | 44,664 |
Projects Under Exploration and Development [Member] | Interest Capitalized [Member] | |||
Balance | 703 | 703 | 703 |
Cost incurred during the year | 0 | 0 | 0 |
Transfer of projects under exploration and development to projects under construction | 0 | ||
Write off of unsuccessful exploration costs | 0 | ||
Balance | 703 | 703 | 703 |
Construction in Progress [Member] | |||
Balance | 797,930 | 670,781 | 427,787 |
Cost incurred during the year | 488,603 | 495,526 | 413,842 |
Transfer of projects under exploration and development to projects under construction | 3,506 | ||
Write off of unsuccessful exploration costs | (993) | ||
Balance | 652,491 | 797,930 | 670,781 |
Transfer of completed projects to property, plant and equipment | (633,049) | (368,377) | (174,354) |
Construction in Progress [Member] | Up-front Bonus Lease Costs [Member] | |||
Balance | 11,156 | 39,156 | 39,144 |
Cost incurred during the year | 0 | 0 | 0 |
Transfer of projects under exploration and development to projects under construction | 12 | ||
Write off of unsuccessful exploration costs | 0 | ||
Balance | 11,156 | 11,156 | 39,156 |
Transfer of completed projects to property, plant and equipment | 0 | (28,000) | 0 |
Construction in Progress [Member] | Drilling And Construction Costs [Member] | |||
Balance | 761,129 | 611,553 | 379,117 |
Cost incurred during the year | 473,422 | 489,953 | 403,296 |
Transfer of projects under exploration and development to projects under construction | 3,494 | ||
Write off of unsuccessful exploration costs | (993) | ||
Balance | 618,416 | 761,129 | 611,553 |
Transfer of completed projects to property, plant and equipment | (615,142) | (340,377) | (174,354) |
Construction in Progress [Member] | Interest Capitalized [Member] | |||
Balance | 25,645 | 20,072 | 9,526 |
Cost incurred during the year | 15,181 | 5,573 | 10,546 |
Transfer of projects under exploration and development to projects under construction | 0 | ||
Write off of unsuccessful exploration costs | 0 | ||
Balance | 22,919 | 25,645 | 20,072 |
Transfer of completed projects to property, plant and equipment | $ (17,907) | $ 0 | $ 0 |
Note 8 - Property, Plant and _7
Note 8 - Property, Plant and Equipment and Construction-in-process - Significant Unobservable Inputs (Details) - North Brawley Geothermal Power Plant [Member] | Dec. 31, 2023 USD ($) |
Average generation capacity (MW) | 7 |
Electricity price escalation (%) | 2.20% |
Cost long-term growth rate | 2.2 |
Average realized electricity price ($/MW) | $ 92.2 |
Note 9 - Intangible Assets an_3
Note 9 - Intangible Assets and Goodwill (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets, Net | $ 307,609 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 150,212 | $ 122,805 | |
Amortization of Intangible Assets | 26,800 | 27,200 | $ 21,700 |
Increase (Decrease) in Intangible Assets, Current | 0 | 0 | |
Finite Lived Intangible Assets, Write off | 0 | 900 | 0 |
Goodwill | 90,544 | 90,325 | 89,954 |
Goodwill, Impairment Loss | 0 | 0 | $ 0 |
Goodwill, Acquired During Period | 0 | 0 | |
Power Purchase Agreements and Intangible Assets Related to Storage Activities [Member] | |||
Finite-Lived Intangible Assets, Net | 307,600 | 333,800 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 150,200 | $ 122,800 |
Note 9 - Intangible Assets an_4
Note 9 - Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-lived intangible asset, gross | $ 457,821 | $ 456,650 |
Finite-lived intangible asset, accumulated amortization | (150,212) | (122,805) |
Intangible Assets in Electricity Segment [Member] | ||
Finite-lived intangible asset, gross | 403,511 | 402,340 |
Finite-lived intangible asset, accumulated amortization | (127,324) | (104,601) |
Intangible Assets in Storage Segment [Member] | ||
Finite-lived intangible asset, gross | 54,310 | 54,310 |
Finite-lived intangible asset, accumulated amortization | $ (22,888) | $ (18,204) |
Note 9 - Intangible Assets an_5
Note 9 - Intangible Assets and Goodwill - Estimated Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 26,277 |
2025 | 25,911 |
2026 | 24,056 |
2027 | 22,176 |
2028 | 21,903 |
Thereafter | 187,286 |
Total | $ 307,609 |
Note 9 - Intangible Assets an_6
Note 9 - Intangible Assets and Goodwill - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill | $ 90,325 | $ 89,954 |
Translation differences | 219 | 371 |
Goodwill | $ 90,544 | $ 90,325 |
Note 10 - Accounts Payable an_3
Note 10 - Accounts Payable and Accrued Expenses - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade payable | $ 140,694 | $ 77,551 |
Salaries and other payroll costs | 28,302 | 24,205 |
Customer advances | 769 | 1,060 |
Accrued interest | 17,826 | 14,063 |
Income tax payable | 6,995 | 8,393 |
Property tax payable | 2,606 | 3,271 |
Scheduling and transmission | 1,892 | 1,000 |
Royalty accrual | 5,445 | 9,825 |
Warranty accrual | 1,812 | 1,705 |
Other | 8,177 | 8,350 |
Total | $ 214,518 | $ 149,423 |
Note 11 - Long-term Debt, Cre_3
Note 11 - Long-term Debt, Credit Agreements and Finance Liability (Details Textual) $ / shares in Units, $ in Thousands, ₪ in Billions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Nov. 01, 2023 USD ($) | Sep. 29, 2023 USD ($) | Apr. 04, 2023 USD ($) | Feb. 27, 2023 USD ($) | Nov. 28, 2022 USD ($) | Jun. 27, 2022 USD ($) | Jun. 22, 2022 USD ($) $ / shares shares | Apr. 12, 2022 USD ($) | Sep. 02, 2021 USD ($) | Jul. 15, 2021 USD ($) | Jul. 12, 2021 USD ($) | May 30, 2019 | Apr. 09, 2019 USD ($) | Mar. 25, 2019 USD ($) | Mar. 22, 2018 USD ($) | Dec. 21, 2016 USD ($) | Jul. 31, 2015 USD ($) MWh | Feb. 29, 2012 | Oct. 31, 2018 MWh | May 31, 2013 | Sep. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | Sep. 30, 2023 | Mar. 14, 2023 $ / shares | Jan. 28, 2022 | Dec. 31, 2020 USD ($) | Jul. 01, 2020 USD ($) | Jul. 01, 2020 ILS (₪) | Apr. 30, 2020 USD ($) | May 04, 2019 USD ($) | Apr. 29, 2019 | Apr. 04, 2019 USD ($) | Jan. 04, 2019 USD ($) | Apr. 30, 2018 USD ($) | May 31, 2017 USD ($) | Nov. 29, 2016 USD ($) | Oct. 20, 2016 USD ($) | Aug. 29, 2014 USD ($) | Aug. 23, 2012 USD ($) | Oct. 31, 2011 USD ($) | Sep. 30, 2011 USD ($) | Aug. 31, 2011 USD ($) | |||
Proceeds from Lines of Credit, Total | $ 55,000 | $ 0 | $ 0 | |||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Total | 1,989,557 | |||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Notes Payable | $ 0 | $ 419,698 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of Debt Issuance Costs | $ 5,900 | $ 4,200 | 3,200 | |||||||||||||||||||||||||||||||||||||||||||
Purchase of Capped Call Instruments | 0 | 24,538 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Payments for Repurchase of Common Stock | $ 18,000 | 0 | 17,964 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Treasury Stock, Shares, Acquired (in shares) | shares | 258,667 | |||||||||||||||||||||||||||||||||||||||||||||
Shares Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 69.45 | |||||||||||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | $ 302,800 | |||||||||||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 3.74 | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 2,315,427 | 1,867,571 | ||||||||||||||||||||||||||||||||||||||||||||
Percentage Of Company Assets | 46.90% | |||||||||||||||||||||||||||||||||||||||||||||
Equity, Including Portion Attributable to Noncontrolling Interest | $ 2,440,987 | 2,020,975 | 1,998,461 | $ 1,941,437 | ||||||||||||||||||||||||||||||||||||||||||
Payments of Dividends | 28,400 | $ 27,100 | $ 27,000 | |||||||||||||||||||||||||||||||||||||||||||
Covenant Requirement Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 750,000 | |||||||||||||||||||||||||||||||||||||||||||||
Percentage Of Company Assets | 25% | |||||||||||||||||||||||||||||||||||||||||||||
Call Option [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Option Indexed to Issuer's Equity, Shares (in shares) | shares | 4,800,000 | |||||||||||||||||||||||||||||||||||||||||||||
Option Indexed to Issuer's Equity, Strike Price (in dollars per share) | $ / shares | $ 90.27 | |||||||||||||||||||||||||||||||||||||||||||||
Option Indexed to Issuer's Equity, Cap Price | 107.63% | |||||||||||||||||||||||||||||||||||||||||||||
Option Indexed to Issuer's Equity, Premium Percentage | 55% | |||||||||||||||||||||||||||||||||||||||||||||
Purchase of Capped Call Instruments | $ 24,500 | |||||||||||||||||||||||||||||||||||||||||||||
Convertible Senior Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 431,250 | $ 375,000 | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | 2.50% | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Notes Payable | $ 56,250 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130% | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 90.27 | $ 90.27 | $ 90.27 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Maximum Percentage of Stock Price Trigger Per $1000 | 98% | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Shares Per $1000 | 11.0776 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100% | |||||||||||||||||||||||||||||||||||||||||||||
Debt Issuance Costs, Gross | $ 11,600 | |||||||||||||||||||||||||||||||||||||||||||||
Amortization of Debt Issuance Costs | $ 2,300 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.10% | |||||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | Covenant Requirement Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 6 | |||||||||||||||||||||||||||||||||||||||||||||
Mizrahi Loan Agreement 2023 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 50,000 | $ 50,000 | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Semi-annual Payments | 16 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 3,100 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Term (Year) | 8 years | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio | 6 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant, Minimum Equity Capital, Amount | $ 750,000 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent | 25% | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 7.15% | ||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | $ 50,000 | |||||||||||||||||||||||||||||||||||||||||||||
Hapoalim Loan Agreement 2023 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 100,000 | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Semi-annual Payments | 20 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 5,000 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Term (Year) | 10 years | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio | 6 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant, Minimum Equity Capital, Amount | $ 750,000 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent | 25% | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.45% | |||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | $ 95,000 | |||||||||||||||||||||||||||||||||||||||||||||
Mizrahi Loan Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 75,000 | $ 75,000 | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Semi-annual Payments | 16 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 4,700 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Term (Year) | 8 years | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio | 6 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant, Minimum Equity Capital, Amount | $ 750,000 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent | 25% | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.10% | ||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | $ 60,900 | |||||||||||||||||||||||||||||||||||||||||||||
Hapoalim Loan Agreement [Member] | Bank Hapoalim B.M. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 125,000 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Semi-annual Payments | 14 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 8,900 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Term (Year) | 7 years | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio | 6 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant, Minimum Equity Capital, Amount | $ 750,000 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent | 25% | |||||||||||||||||||||||||||||||||||||||||||||
HSBC Loan Agreement [Member] | HSBC Bank PLC [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 50,000 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Semi-annual Payments | 14 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 3,600 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Term (Year) | 7 years | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio | 6 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant, Minimum Equity Capital, Amount | $ 750,000 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent | 25% | |||||||||||||||||||||||||||||||||||||||||||||
Discount Loan Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 2.90% | ||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | $ 75,000 | |||||||||||||||||||||||||||||||||||||||||||||
Discount Loan Agreement [Member] | Israel Discount Bank Ltd. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Semi-annual Payments | 16 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 6,250 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Term (Year) | 8 years | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio | 6 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant, Minimum Equity Capital, Amount | $ 750,000 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent | 25% | |||||||||||||||||||||||||||||||||||||||||||||
Senior Unsecured Bonds, Series 4 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 289,800 | $ 289,800 | ₪ 1 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Annual Payments | 10 | 10 | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.35% | ||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | $ 220,600 | |||||||||||||||||||||||||||||||||||||||||||||
Senior Unsecured Bonds, Series 4 [Member] | Cross Currency Interest Rate Contract [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative, Fixed Interest Rate | 4.34% | 4.34% | ||||||||||||||||||||||||||||||||||||||||||||
Senior Unsecured Loan (Migdal) [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 100,000 | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment | 4,200 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 37,000 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Increase in Stated Interest Rate if Rating is Downgraded to ILA Negative | 0.50% | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Increase in Stated Interest Rate Each Additional Downgrade | 0.25% | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Decrease in Stated Interest Rate for Each Rating Upgrade | 0.25% | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.80% | ||||||||||||||||||||||||||||||||||||||||||||
Debt to EBITDA Ratio Threshold for Rate Increase | 4.5 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Increase in Stated Interest Rate if Debt to EBITDA Ratio Exceeds Threshold | 0.50% | |||||||||||||||||||||||||||||||||||||||||||||
Debt to EBITDA Ratio Requirement | 6 | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity, Debt Covenant, Minimum Threshold | $ 750,000 | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity to Total Assets, Ratio | 25% | |||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | $ 79,000 | |||||||||||||||||||||||||||||||||||||||||||||
Senior Unsecured Loan (Migdal) [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Increase in Stated Interest Rate | 1% | |||||||||||||||||||||||||||||||||||||||||||||
Senior Unsecured Loan (Migdal) [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | |||||||||||||||||||||||||||||||||||||||||||||
Additional Migdal Loan [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 50,000 | $ 50,000 | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Semi-annual Payments | 15 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 2,100 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 18,500 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.60% | ||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | $ 39,500 | |||||||||||||||||||||||||||||||||||||||||||||
Second Addendum Migdal Loan [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 50,000 | $ 50,000 | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Semi-annual Payments | 15 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 18,500 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 5.44% | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Principal to Be Repaid in Installments | $ 31,500 | |||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | $ 39,500 | |||||||||||||||||||||||||||||||||||||||||||||
DEG 2 Facility Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.28% | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | |||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Lines of Credit, Total | $ 50,000 | |||||||||||||||||||||||||||||||||||||||||||||
DEG 3 Loan Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Semi-annual Payments | 19 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.04% | |||||||||||||||||||||||||||||||||||||||||||||
DEG 3 Loan Agreement [Member] | OrPower 4, Inc [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 41,500 | |||||||||||||||||||||||||||||||||||||||||||||
Loan Agreement With OPIC the Olkaria III Power Plant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 310,000 | $ 310,000 | ||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 120,600 | |||||||||||||||||||||||||||||||||||||||||||||
Platanares Finance Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 114,700 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 7.02% | ||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | $ 71,700 | |||||||||||||||||||||||||||||||||||||||||||||
Platanares Finance Agreement [Member] | OPIC [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 114,700 | |||||||||||||||||||||||||||||||||||||||||||||
Current Power Generation (Megawatt-Hour) | MWh | 35 | |||||||||||||||||||||||||||||||||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 42,000 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Term (Year) | 12 years | |||||||||||||||||||||||||||||||||||||||||||||
Power Utilization (Megawatt-Hour) | MWh | 20 | |||||||||||||||||||||||||||||||||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | Not Guaranteed [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Debt | $ 14,000 | |||||||||||||||||||||||||||||||||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | London Interbank Offered Rate [Member] | Guaranteed [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.35% | |||||||||||||||||||||||||||||||||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | London Interbank Offered Rate [Member] | Not Guaranteed [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.75% | |||||||||||||||||||||||||||||||||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | Minimum [Member] | London Interbank Offered Rate [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||||||||||||||||||||||||||||||||||||||||
Plumstriker Loan Agreement [Member] | Plumstriker and its Two Subsidiaries [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 23,500 | |||||||||||||||||||||||||||||||||||||||||||||
Repayments of Debt | $ 11,100 | |||||||||||||||||||||||||||||||||||||||||||||
Plumstriker Loan Agreement [Member] | Plumstriker and its Two Subsidiaries [Member] | London Interbank Offered Rate [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||||||||||||||||||||||||||||||||||
Don A. Cambell Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 92,500 | |||||||||||||||||||||||||||||||||||||||||||||
OFC Two Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 151,700 | $ 350,000 | ||||||||||||||||||||||||||||||||||||||||||||
Government Guarantee Percent | 80% | |||||||||||||||||||||||||||||||||||||||||||||
OFC Two Senior Secured Notes [Member] | Wholly Owned Subsidiaries With Project Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 140,000 | |||||||||||||||||||||||||||||||||||||||||||||
Idaho Refinancing Note [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 61,600 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Semi-annual Payments | 31 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.26% | |||||||||||||||||||||||||||||||||||||||||||||
Idaho Refinancing Note [Member] | Raft River Energy I LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Secured, Percentage of Ownership Interests | 100% | |||||||||||||||||||||||||||||||||||||||||||||
Idaho Refinancing Note [Member] | Oregon USG Holdings, LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Secured, Percentage of Ownership Interests | 60% | |||||||||||||||||||||||||||||||||||||||||||||
Idaho Refinancing Note [Member] | Revolving Note Tranche [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,300 | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | |||||||||||||||||||||||||||||||||||||||||||||
Idaho Refinancing Note [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Note Tranche [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.40% | |||||||||||||||||||||||||||||||||||||||||||||
USG Prudential - ID [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Total | $ 16,000 | |||||||||||||||||||||||||||||||||||||||||||||
DOE Loan Guarantee [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 96,800 | |||||||||||||||||||||||||||||||||||||||||||||
Loan Agreement with Bpifrance [Member] | Guadeloupe 1 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 8,900 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.93% | |||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 4,200 | |||||||||||||||||||||||||||||||||||||||||||||
Loan Agreement with Société Général [Member] | Guadeloupe 1 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 8,900 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.52% | |||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | $ 3,500 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Number of Quarterly Payments | 28 | |||||||||||||||||||||||||||||||||||||||||||||
Senior Unsecured Bonds, Series 3 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | 221,900 | |||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of Debt, Amount | 218,000 | |||||||||||||||||||||||||||||||||||||||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 2,800 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Unamortized Premium | $ 1,100 | |||||||||||||||||||||||||||||||||||||||||||||
Finance Liability [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.12% | [1] | 2.55% | |||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | $ 225,800 | |||||||||||||||||||||||||||||||||||||||||||||
Credit Agreements With Eight Commercial Banks [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 608,000 | |||||||||||||||||||||||||||||||||||||||||||||
Long-Term Line of Credit | 20,000 | |||||||||||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 302,800 | |||||||||||||||||||||||||||||||||||||||||||||
Credit Agreements With Eight Commercial Banks [Member] | Extensions of Credit in The Form of Loans and/or Letters of Credit [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 453,000 | |||||||||||||||||||||||||||||||||||||||||||||
Credit Agreements With Eight Commercial Banks [Member] | Letter of Credit [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 155,000 | |||||||||||||||||||||||||||||||||||||||||||||
Credit Agreements With Eight Commercial Banks [Member] | Union Bank, N.A. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 60,000 | |||||||||||||||||||||||||||||||||||||||||||||
Credit Agreements With Eight Commercial Banks [Member] | HSBC Bank USA, N.A. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 35,000 | |||||||||||||||||||||||||||||||||||||||||||||
Union Bank, N.A. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 60,000 | |||||||||||||||||||||||||||||||||||||||||||||
Long-Term Line of Credit | $ 59,300 | |||||||||||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 1.24 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Services, Coverage Ratio | 5.75 | |||||||||||||||||||||||||||||||||||||||||||||
Amount Available For Dividend Distribution Percent Of Cumulative Net Income | 2 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||||
Union Bank, N.A. [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 4.5 | |||||||||||||||||||||||||||||||||||||||||||||
Union Bank, N.A. [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Services, Coverage Ratio | 1.35 | |||||||||||||||||||||||||||||||||||||||||||||
HSBC Bank USA, N.A. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | |||||||||||||||||||||||||||||||||||||||||||||
Long-Term Line of Credit | $ 34,300 | |||||||||||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 1.24 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Services, Coverage Ratio | 5.75 | |||||||||||||||||||||||||||||||||||||||||||||
Amount Available For Dividend Distribution Percent Of Cumulative Net Income | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||
Uncommitted Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | |||||||||||||||||||||||||||||||||||||||||||||
Uncommitted Long-term Line of Credit | 36,300 | |||||||||||||||||||||||||||||||||||||||||||||
HSBC Bank USA, N.A. [Member] | Letter of Credit [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 65,000 | |||||||||||||||||||||||||||||||||||||||||||||
HSBC Bank USA, N.A. [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 4.5 | |||||||||||||||||||||||||||||||||||||||||||||
Amount Available For Dividend Distribution Percent Of Cumulative Net Income | 2 | |||||||||||||||||||||||||||||||||||||||||||||
HSBC Bank USA, N.A. [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 1.35 | |||||||||||||||||||||||||||||||||||||||||||||
Surety Agreement [Member] | Chubb [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Surety Bonds Available | $ 635,000 | |||||||||||||||||||||||||||||||||||||||||||||
Surety Bonds Outstanding | $ 237,700 | |||||||||||||||||||||||||||||||||||||||||||||
[1]payable semi-annually[2]payable semi-annually in arrears.[3]payable quarterly |
Note 11 - Long-term Debt, Cre_4
Note 11 - Long-term Debt, Credit Agreements and Finance Liability - Long-term Debt (Details) $ in Thousands, ₪ in Billions | 12 Months Ended | |||||||||||||||
Dec. 31, 2023 USD ($) | Dec. 31, 2021 USD ($) | Nov. 01, 2023 USD ($) | Sep. 30, 2023 | Feb. 27, 2023 USD ($) | Dec. 31, 2022 USD ($) | Nov. 28, 2022 USD ($) | Apr. 12, 2022 USD ($) | Jul. 01, 2020 USD ($) | Jul. 01, 2020 ILS (₪) | Apr. 30, 2020 USD ($) | Mar. 25, 2019 USD ($) | Mar. 22, 2018 USD ($) | Aug. 23, 2012 USD ($) | |||
Financing liability | [1] | $ 225,760 | $ 242,029 | |||||||||||||
Less current portion | [1] | (5,141) | (16,270) | |||||||||||||
Noncurrent portion | [1] | 220,619 | 225,759 | |||||||||||||
Nonrecourse Debt [Member] | ||||||||||||||||
Long-Term Debt, Gross | $ 113,000 | |||||||||||||||
Amount Issued | 189,100 | |||||||||||||||
Amount Outstanding | 113,000 | |||||||||||||||
Nonrecourse [Member] | ||||||||||||||||
Long-Term Debt, Gross | [1] | 512,852 | 596,201 | |||||||||||||
Less current portion | [1] | (57,207) | (64,044) | |||||||||||||
Noncurrent portion | [1] | 455,645 | 532,157 | |||||||||||||
Amount Outstanding | [1] | 512,852 | 596,201 | |||||||||||||
Recourse [Member] | ||||||||||||||||
Long-Term Debt, Gross | [1] | 817,737 | 780,966 | |||||||||||||
Less current portion | [1] | (116,864) | (101,460) | |||||||||||||
Noncurrent portion | [1] | 700,873 | 679,506 | |||||||||||||
Amount Outstanding | [1] | 817,737 | 780,966 | |||||||||||||
Loan Agreement With OPIC the Olkaria III Power Plant [Member] | ||||||||||||||||
Long-Term Debt, Gross | 120,600 | |||||||||||||||
Amount Issued | 310,000 | $ 310,000 | ||||||||||||||
Amount Outstanding | 120,600 | |||||||||||||||
Loan Agreement With OPIC the Olkaria III Power Plant [Member] | Tranche One [Member] | ||||||||||||||||
Long-Term Debt, Gross | 33,000 | |||||||||||||||
Amount Issued | 85,000 | |||||||||||||||
Amount Outstanding | $ 33,000 | |||||||||||||||
Annual Interest Rate | [2] | 6.34% | ||||||||||||||
Loan Agreement With OPIC the Olkaria III Power Plant [Member] | Tranche Two [Member] | ||||||||||||||||
Long-Term Debt, Gross | $ 68,800 | |||||||||||||||
Amount Issued | 180,000 | |||||||||||||||
Amount Outstanding | $ 68,800 | |||||||||||||||
Annual Interest Rate | [2] | 6.29% | ||||||||||||||
Loan Agreement With OPIC the Olkaria III Power Plant [Member] | Tranche Three [Member] | ||||||||||||||||
Long-Term Debt, Gross | $ 18,800 | |||||||||||||||
Amount Issued | 45,000 | |||||||||||||||
Amount Outstanding | $ 18,800 | |||||||||||||||
Annual Interest Rate | [2] | 6.12% | ||||||||||||||
Loan Agreement With OPIC the Olkaria III Power Plant [Member] | Limited Recourse [Member] | ||||||||||||||||
Long-Term Debt, Gross | [1] | $ 120,668 | 138,663 | |||||||||||||
Amount Outstanding | [1] | 120,668 | 138,663 | |||||||||||||
Mizrahi Loan Agreement 2023 [Member] | ||||||||||||||||
Long-Term Debt, Gross | 50,000 | |||||||||||||||
Amount Issued | 50,000 | $ 50,000 | ||||||||||||||
Amount Outstanding | $ 50,000 | |||||||||||||||
Annual Interest Rate | [3] | 7.15% | ||||||||||||||
Hapoalim Loan Agreement 2023 [Member] | ||||||||||||||||
Long-Term Debt, Gross | $ 95,000 | |||||||||||||||
Amount Issued | 100,000 | $ 100,000 | ||||||||||||||
Amount Outstanding | $ 95,000 | |||||||||||||||
Annual Interest Rate | 6.45% | |||||||||||||||
Mizrahi Loan Agreement [Member] | ||||||||||||||||
Long-Term Debt, Gross | $ 60,900 | |||||||||||||||
Amount Issued | 75,000 | $ 75,000 | ||||||||||||||
Amount Outstanding | $ 60,900 | |||||||||||||||
Annual Interest Rate | [3] | 4.10% | ||||||||||||||
Hapoalim Loan [Member] | ||||||||||||||||
Long-Term Debt, Gross | $ 80,400 | |||||||||||||||
Amount Issued | 125,000 | |||||||||||||||
Amount Outstanding | $ 80,400 | |||||||||||||||
Annual Interest Rate | [3] | 3.45% | ||||||||||||||
HSBC Loan [Member] | ||||||||||||||||
Long-Term Debt, Gross | $ 35,700 | |||||||||||||||
Amount Issued | 50,000 | |||||||||||||||
Amount Outstanding | $ 35,700 | |||||||||||||||
Annual Interest Rate | [3] | 3.45% | ||||||||||||||
Discount Loan Agreement [Member] | ||||||||||||||||
Long-Term Debt, Gross | $ 75,000 | |||||||||||||||
Amount Issued | 100,000 | |||||||||||||||
Amount Outstanding | $ 75,000 | |||||||||||||||
Annual Interest Rate | [3] | 2.90% | ||||||||||||||
Senior Unsecured Bonds, Series 4 [Member] | ||||||||||||||||
Long-Term Debt, Gross | $ 220,600 | |||||||||||||||
Amount Issued | 289,800 | $ 289,800 | ₪ 1 | |||||||||||||
Amount Outstanding | $ 220,600 | |||||||||||||||
Annual Interest Rate | [3] | 3.35% | ||||||||||||||
Senior Unsecured Loan (Migdal) [Member] | ||||||||||||||||
Long-Term Debt, Gross | $ 79,000 | |||||||||||||||
Amount Issued | 100,000 | $ 100,000 | ||||||||||||||
Amount Outstanding | $ 79,000 | |||||||||||||||
Annual Interest Rate | [4] | 4.80% | ||||||||||||||
Maturity Date | Mar. 31, 2029 | |||||||||||||||
Senior Unsecured Loan (Migdal) [Member] | Recourse [Member] | ||||||||||||||||
Long-Term Debt, Gross | [1] | $ 158,000 | 174,800 | |||||||||||||
Amount Outstanding | [1] | 158,000 | 174,800 | |||||||||||||
Olkaria IV Loan - DEG 2 [Member] | ||||||||||||||||
Long-Term Debt, Gross | 22,500 | |||||||||||||||
Amount Issued | 50,000 | |||||||||||||||
Amount Outstanding | $ 22,500 | |||||||||||||||
Annual Interest Rate | [3] | 6.28% | ||||||||||||||
Maturity Date | Jun. 30, 2028 | |||||||||||||||
Platanares Finance Agreement [Member] | ||||||||||||||||
Long-Term Debt, Gross | $ 71,700 | |||||||||||||||
Amount Issued | 114,700 | |||||||||||||||
Amount Outstanding | $ 71,700 | |||||||||||||||
Annual Interest Rate | [2] | 7.02% | ||||||||||||||
Maturity Date | Sep. 30, 2032 | |||||||||||||||
Platanares Finance Agreement [Member] | Limited Recourse [Member] | ||||||||||||||||
Long-Term Debt, Gross | [1] | $ 71,687 | 79,880 | |||||||||||||
Amount Outstanding | [1] | 71,687 | 79,880 | |||||||||||||
Don A. Campbell 1 ("DAC1") [Member] | ||||||||||||||||
Long-Term Debt, Gross | 57,400 | |||||||||||||||
Amount Issued | 92,500 | |||||||||||||||
Amount Outstanding | $ 57,400 | |||||||||||||||
Annual Interest Rate | [2] | 4.03% | ||||||||||||||
Maturity Date | Sep. 30, 2033 | |||||||||||||||
Don A. Campbell 1 ("DAC1") [Member] | Nonrecourse [Member] | ||||||||||||||||
Long-Term Debt, Gross | [1] | $ 57,397 | 62,698 | |||||||||||||
Amount Outstanding | [1] | 57,397 | 62,698 | |||||||||||||
Ormat Funding Corp [Member] | ||||||||||||||||
Long-Term Debt, Gross | 142,500 | |||||||||||||||
Amount Issued | 291,700 | |||||||||||||||
Amount Outstanding | 142,500 | |||||||||||||||
Ormat Funding Corp [Member] | Series A Senior Notes [Member] | ||||||||||||||||
Long-Term Debt, Gross | 63,900 | |||||||||||||||
Amount Issued | 151,700 | |||||||||||||||
Amount Outstanding | $ 63,900 | |||||||||||||||
Annual Interest Rate | [5] | 4.69% | ||||||||||||||
Maturity Date | Dec. 31, 2032 | |||||||||||||||
Ormat Funding Corp [Member] | Series C Senior Notes [Member] | ||||||||||||||||
Long-Term Debt, Gross | $ 78,600 | |||||||||||||||
Amount Issued | 140,000 | |||||||||||||||
Amount Outstanding | $ 78,600 | |||||||||||||||
Annual Interest Rate | [5] | 4.61% | ||||||||||||||
Maturity Date | Dec. 31, 2032 | |||||||||||||||
Ormat Funding Corp [Member] | Limited Recourse [Member] | ||||||||||||||||
Long-Term Debt, Gross | [1] | $ 142,464 | 158,036 | |||||||||||||
Amount Outstanding | [1] | 142,464 | 158,036 | |||||||||||||
Idaho Refinancing Note [Member] | ||||||||||||||||
Amount Issued | $ 61,600 | |||||||||||||||
Annual Interest Rate | 6.26% | |||||||||||||||
Idaho Refinancing Note [Member] | Nonrecourse Debt [Member] | ||||||||||||||||
Long-Term Debt, Gross | 58,900 | |||||||||||||||
Amount Issued | 61,600 | |||||||||||||||
Amount Outstanding | $ 58,900 | |||||||||||||||
Annual Interest Rate | [6] | 6.26% | ||||||||||||||
Maturity Date | Mar. 31, 2038 | |||||||||||||||
Finance Liability [Member] | ||||||||||||||||
Long-Term Debt, Gross | 225,800 | |||||||||||||||
Amount Outstanding | $ 225,800 | |||||||||||||||
Annual Interest Rate | 6.12% | [3] | 2.55% | |||||||||||||
Additional Migdal Loan [Member] | ||||||||||||||||
Long-Term Debt, Gross | $ 39,500 | |||||||||||||||
Amount Issued | 50,000 | $ 50,000 | ||||||||||||||
Amount Outstanding | $ 39,500 | |||||||||||||||
Annual Interest Rate | [4] | 4.60% | ||||||||||||||
Maturity Date | Mar. 31, 2029 | |||||||||||||||
Olkaria IV Loan - DEG 3 [Member] | ||||||||||||||||
Long-Term Debt, Gross | $ 19,700 | |||||||||||||||
Amount Issued | 41,500 | |||||||||||||||
Amount Outstanding | $ 19,700 | |||||||||||||||
Annual Interest Rate | [3] | 6.04% | ||||||||||||||
Maturity Date | Jun. 30, 2028 | |||||||||||||||
DOE Loan Guarantee [Member] | Nonrecourse Debt [Member] | ||||||||||||||||
Long-Term Debt, Gross | $ 30,200 | |||||||||||||||
Amount Issued | 96,800 | |||||||||||||||
Amount Outstanding | $ 30,200 | |||||||||||||||
Annual Interest Rate | [6] | 2.60% | ||||||||||||||
Maturity Date | Feb. 28, 2035 | |||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited [Member] | Limited Recourse [Member] | ||||||||||||||||
Long-Term Debt, Gross | [1] | $ 0 | 15,750 | |||||||||||||
Amount Outstanding | [1] | 0 | 15,750 | |||||||||||||
Second Addendum Migdal Loan [Member] | ||||||||||||||||
Long-Term Debt, Gross | 39,500 | |||||||||||||||
Amount Issued | 50,000 | $ 50,000 | ||||||||||||||
Amount Outstanding | $ 39,500 | |||||||||||||||
Annual Interest Rate | [4] | 5.44% | ||||||||||||||
Maturity Date | Mar. 31, 2029 | |||||||||||||||
Olkaria IV Loan - DEG 2 and DEG 3 [Member] | ||||||||||||||||
Long-Term Debt, Gross | $ 42,200 | |||||||||||||||
Amount Issued | 91,500 | |||||||||||||||
Amount Outstanding | 42,200 | |||||||||||||||
USG Prudential - NV [Member] | Nonrecourse Debt [Member] | ||||||||||||||||
Long-Term Debt, Gross | $ 23,900 | |||||||||||||||
Amount Issued | 30,700 | |||||||||||||||
Amount Outstanding | $ 23,900 | |||||||||||||||
Annual Interest Rate | [6] | 6.75% | ||||||||||||||
Maturity Date | Dec. 31, 2037 | |||||||||||||||
Plumstriker Loan Agreement [Member] | Limited Recourse [Member] | ||||||||||||||||
Long-Term Debt, Gross | [1] | 0 | 11,392 | |||||||||||||
Amount Outstanding | [1] | 0 | 11,392 | |||||||||||||
Migdal Senior Unsecured Loan [Member] | ||||||||||||||||
Long-Term Debt, Gross | 158,000 | |||||||||||||||
Amount Issued | 200,000 | |||||||||||||||
Amount Outstanding | 158,000 | |||||||||||||||
Loans Assumed in Purchase of USG [Member] | Limited Recourse [Member] | ||||||||||||||||
Long-Term Debt, Gross | 112,959 | 119,392 | ||||||||||||||
Amount Outstanding | 112,959 | 119,392 | ||||||||||||||
Other Loans, Limited and Non-recourse [Member] | Limited Recourse [Member] | ||||||||||||||||
Long-Term Debt, Gross | [1] | 3,460 | 4,585 | |||||||||||||
Amount Outstanding | [1] | 3,460 | 4,585 | |||||||||||||
Other Loans, Limited Resource [Member] | Nonrecourse [Member] | ||||||||||||||||
Long-Term Debt, Gross | [1] | 4,216 | 5,805 | |||||||||||||
Amount Outstanding | [1] | 4,216 | 5,805 | |||||||||||||
Senior Unsecured Bonds [Member] | Recourse [Member] | ||||||||||||||||
Long-Term Debt, Gross | 220,568 | 255,754 | ||||||||||||||
Amount Outstanding | 220,568 | 255,754 | ||||||||||||||
Hapoalim, Hapoalim 2023, Mizrahi, Mizrahi 2023, HSBC and Discount Loans [Member] | Recourse [Member] | ||||||||||||||||
Long-Term Debt, Gross | 397,009 | 298,884 | ||||||||||||||
Amount Outstanding | 397,009 | 298,884 | ||||||||||||||
Olkaria III DEG [Member] | Recourse [Member] | ||||||||||||||||
Long-Term Debt, Gross | [1] | 42,160 | 51,528 | |||||||||||||
Amount Outstanding | [1] | 42,160 | 51,528 | |||||||||||||
Convertible Senior Notes [Member] | ||||||||||||||||
Noncurrent portion | [1] | $ 431,250 | $ 431,250 | |||||||||||||
[1]the amounts presented exclude deferred financing costs, if any[2]payable quarterly[3]payable semi-annually[4]payable semi-annually in arrears.[5]payable quarterly in arrears[6]payable semi-annually, except for Nevada non-recourse which is payable quarterly |
Note 11 - Long-term Debt, Cre_5
Note 11 - Long-term Debt, Credit Agreements and Finance Liability - Future Minimum Payments Under Long-term Obligations (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 178,954 |
2025 | 178,982 |
2026 | 182,654 |
2027 | 612,045 |
2028 | 167,848 |
Thereafter | 669,074 |
Total | $ 1,989,557 |
Note 12 - Tax Monetization Tr_2
Note 12 - Tax Monetization Transactions (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 72 Months Ended | ||||||||||
Dec. 31, 2023 | Oct. 27, 2023 | Dec. 31, 2022 | Dec. 23, 2022 | Oct. 25, 2021 | Aug. 14, 2019 | May 17, 2018 | Dec. 16, 2016 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | |
Income Generated From Expected Sale of Transferable Production Tax Credits | $ 10,800 | ||||||||||||
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Amount | 18,700 | ||||||||||||
Proceeds from Sale of Production Tax Credit | $ 3,300 | ||||||||||||
Proceeds from Sale of Investment Tax Credits | $ 21,800 | ||||||||||||
Proceeds from Noncontrolling Interests | $ 7,341 | $ 5,443 | $ 5,390 | ||||||||||
JPM Capital Corporation [Member] | |||||||||||||
Proceeds from Noncontrolling Interests | $ 2,000 | $ 15,300 | |||||||||||
DAC 2 [Member] | |||||||||||||
Percentage Of Ownership Interests | 63.25% | ||||||||||||
Other Geothermal Power Plants [Member] | |||||||||||||
Percentage Of Ownership Interests | 100% | ||||||||||||
OPC LLC [Member] | JPM Capital Corporation [Member] | Capital Unit, Class B [Member] | |||||||||||||
Fair Value of Equity Interest Sold | $ 3,000 | ||||||||||||
Tungsten Mountain [Member] | |||||||||||||
Partnership Agreement, Initial Purchase Price | $ 33,400 | ||||||||||||
Partnership Agreement, Expected Additional Installments | $ 13,000 | ||||||||||||
Partnership Agreement, Percentage of Distributable Cash Flow Generated to Private Investor if Target Return Not Reached | 100% | ||||||||||||
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached | 99% | ||||||||||||
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached, No Longer Generating PTCs | 5% | ||||||||||||
Partnership Agreement, Percentage of Distributable Cash Flow Generated | 97.50% | ||||||||||||
Partnership Agreement, Percentage of Taxable Income | 95% | ||||||||||||
McGinness Plant [Member] | |||||||||||||
Partnership Agreement, Initial Purchase Price | $ 59,300 | ||||||||||||
Partnership Agreement, Expected Additional Installments | $ 9,000 | ||||||||||||
Partnership Agreement, Percentage of Distributable Cash Flow Generated to Private Investor if Target Return Not Reached | 100% | ||||||||||||
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached | 99% | ||||||||||||
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached, No Longer Generating PTCs | 5% | ||||||||||||
Partnership Agreement, Percentage of Distributable Cash Flow Generated | 97.50% | ||||||||||||
Partnership Agreement, Percentage of Taxable Income | 95% | ||||||||||||
McGinness Plant [Member] | Maximum [Member] | |||||||||||||
Partnership Agreement, Expected Additional Installments | $ 22,000 | ||||||||||||
Ormat Nevada [Member] | North Valley Geothermal Power Plant [Member] | |||||||||||||
Partnership Agreement, Initial Purchase Price | $ 43,100 | ||||||||||||
Partnership Agreement, Expected Additional Installments | $ 6,100 | ||||||||||||
Partnership Agreement, Percentage of Distributable Cash and Taxable Income Generated | 97.50% | ||||||||||||
Partnership Agreement, Percentage of Distributable Cash Flow Generated to Private Investor if Target Return Not Reached | 100% | ||||||||||||
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached | 99% | ||||||||||||
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached, No Longer Generating PTCs | 5% | ||||||||||||
Mammoth Complex [Member] | CD4 Geothermal Power Plant [Member] | |||||||||||||
Partnership Agreement, Initial Purchase Price | $ 50,300 | ||||||||||||
Partnership Agreement, Expected Additional Installments | $ 7,300 | ||||||||||||
Partnership Agreement, Percentage of Distributable Cash Flow Generated to Private Investor if Target Return Not Reached | 75% | ||||||||||||
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached | 99% | ||||||||||||
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached, No Longer Generating PTCs | 5% | ||||||||||||
Partnership Agreement, Percentage of Tax Attributes Attributable to Investor | 99% | ||||||||||||
Partnership Agreement, Percentage of Distributable Cash Flow Generated | 97.50% | ||||||||||||
Partnership Agreement, Percentage of Taxable Income | 95% | ||||||||||||
Partnership Agreement, Initial Purchase Price, Allocated to Noncontrolling Interest | $ 3,900 | ||||||||||||
Partnership Agreement, Initial Purchase Price, Allocated to Tax Benefits | $ 46,400 | ||||||||||||
Ormat Nevada Inc. [Member] | Steamboat Hills Repower Geothermal Power Plant [Member] | |||||||||||||
Partnership Agreement, Initial Purchase Price | $ 38,900 | ||||||||||||
Partnership Agreement, Expected Additional Installments | $ 5,300 | ||||||||||||
Partnership Agreement, Percentage of Distributable Cash Flow Generated to Private Investor if Target Return Not Reached | 100% | ||||||||||||
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached | 99% | ||||||||||||
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached, No Longer Generating PTCs | 5% | ||||||||||||
Partnership Agreement, Percentage of Distributable Cash Flow Generated | 97.50% | ||||||||||||
Partnership Agreement, Percentage of Taxable Income | 95% | ||||||||||||
Opal Geo LLC [Member] | |||||||||||||
Percentage Of Distributable Cash to Controlling Interest | 97.50% | ||||||||||||
Percentage of Income (Loss), Gain, Deduction and Credit Allocated to Controlling Interests | 95% | 1% | |||||||||||
Percentage of Income (Loss), Gain, Deduction and Credit Allocated to Controlling Interests, PTCs Not Available | 95% | ||||||||||||
Opal Geo LLC [Member] | Capital Unit, Class A [Member] | |||||||||||||
Percentage Of Ownership Interests | 100% | ||||||||||||
Opal Geo LLC [Member] | JPM Capital Corporation [Member] | |||||||||||||
Proceeds from Noncontrolling Interests | $ 62,100 | ||||||||||||
Percentage Of Distributable Cash to Nontrolling Interests | 100% | 2.50% | |||||||||||
Percentage of Income (Loss), Gain, Deduction and Credit Allocated to Noncontrolling Interests | 5% | 99% | |||||||||||
Percentage of Income (Loss), Gain, Deduction and Credit Allocated to Noncontrolling Interests, PTCs Not Available | 5% | ||||||||||||
Opal Geo LLC [Member] | JPM Capital Corporation [Member] | Capital Unit, Class B [Member] | |||||||||||||
Percentage of Equity Interest Sold | 100% |
Note 13 - Asset Retirement Ob_3
Note 13 - Asset Retirement Obligations - Reconciliation of the Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance at beginning of year | $ 97,660 | $ 84,891 | $ 63,457 |
Revision in estimated cash flows | 2,056 | (1,802) | 10,504 |
Liabilities incurred and acquired | 8,490 | 9,314 | 6,953 |
Accretion expense | 6,164 | 5,257 | 3,977 |
Balance at end of year | $ 114,370 | $ 97,660 | $ 84,891 |
Note 14 - Stock-based Compens_3
Note 14 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
May 07, 2018 | May 31, 2023 | Mar. 31, 2023 | Nov. 30, 2022 | Jun. 30, 2022 | Nov. 30, 2021 | May 31, 2012 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 15.8 | ||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 3 months | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Annual Forfeiture Rate | 11.60% | 11.50% | 11.10% | ||||||||||||
Increase (Decrease) In Stock Based Compensation Expense Due To Forfeitures, Percent | 0.90% | 3.60% | 2.80% | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Dividends Growth Rate | 20% | ||||||||||||||
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Weighted Average Expected Dividend Rate | 0.60% | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 3,313,670 | ||||||||||||||
Share Price (in dollars per share) | $ 75.79 | $ 86.48 | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number (in shares) | 605,753 | 749,101 | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 11.5 | $ 21.9 | |||||||||||||
Weighted Average [Member] | |||||||||||||||
Share Price (in dollars per share) | $ 79.4 | $ 82.8 | |||||||||||||
2012 Stock Incentive Plan [Member] | Minimum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 6 years | ||||||||||||||
2012 Stock Incentive Plan [Member] | Maximum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||||||||||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,000,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||||||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | ||||||||||||||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Director [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100% | ||||||||||||||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||||||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||||||||||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche Four [Member] | Senior Management [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||||||||||
2012 Stock Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Non Employee Director [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||||||
The 2018 Incentive Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 5,000,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 1,700,000 | ||||||||||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Minimum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 6 years | ||||||||||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Maximum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||||||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Director [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100% | ||||||||||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Employees [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | ||||||||||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | Employees [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||||||||||
The 2018 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | [1] | 189,000 | 109,000 | 12,000 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 76.2 | $ 0 | [1] | $ 0 | [1] | $ 0 | [1] | ||||||||
The 2018 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Director [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 89 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 19,750 | 11,804 | |||||||||||||
The 2018 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Director [Member] | Minimum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | ||||||||||||||
The 2018 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Director [Member] | Maximum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||||||
The 2018 Incentive Plan [Member] | Performance Stock Units (PSU) [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | [2] | 35,000 | 20,000 | 0 | |||||||||||
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) | [2] | $ 0 | $ 0 | $ 0 | |||||||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | [3] | 0 | 513,000 | 15,000 | |||||||||||
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) | [3] | $ 0 | $ 71.15 | $ 77.22 | |||||||||||
The 2018 Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 10,852 | 174,422 | 72,303 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 82.9 | $ 79.9 | 69.6 | ||||||||||||
The 2018 Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||||||
The 2018 Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||||||||||
The 2018 Incentive Compensation Plan [Member] | Performance Stock Units (PSU) [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 35,081 | 19,581 | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 79.6 | 75.3 | |||||||||||||
The 2018 Incentive Compensation Plan [Member] | Stock Appreciation Rights (SARs) [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 513,385 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 22.3 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercise Price (in dollars per share) | $ 71.15 | ||||||||||||||
The 2018 Incentive Compensation Plan [Member] | Stock Appreciation Rights (SARs) [Member] | Minimum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 6 years | ||||||||||||||
The 2018 Incentive Compensation Plan [Member] | Stock Appreciation Rights (SARs), Restricted Stock Units (RSUs), and Performance Stock Units (PSU) [Member] | Minimum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | ||||||||||||||
The 2018 Incentive Compensation Plan [Member] | Stock Appreciation Rights (SARs), Restricted Stock Units (RSUs), and Performance Stock Units (PSU) [Member] | Maximum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||||||||||
[1]An RSU represents the right to receive one share of common stock once certain vesting conditions are met. The value of an RSU is identical to the value of the underlying stock.[2]The Performance shares units shall be paid out based on achievement of three-year relative total stockholder return compared to other companies in S&P 500 index.[3]Upon exercise, SARs entitle the recipient to receive shares of common stock equal to the increase in value of the award between the grant date and the exercise date. |
Note 14 - Stock-based Compens_4
Note 14 - Stock-based Compensation - Compensation Related to Stock-based Awards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Total stock-based compensation expense | $ 15,479 | $ 11,646 | $ 9,168 |
Tax effect on stock-based compensation expense | 1,598 | 1,270 | 872 |
Net effect of stock-based compensation expense | 13,881 | 10,376 | 8,296 |
Cost of Sales [Member] | |||
Total stock-based compensation expense | 6,899 | 6,382 | 4,656 |
Selling and Marketing Expense [Member] | |||
Total stock-based compensation expense | 866 | 1,230 | 766 |
Research and Development Expense [Member] | |||
Total stock-based compensation expense | 94 | 0 | 0 |
General and Administrative Expense [Member] | |||
Total stock-based compensation expense | $ 7,620 | $ 4,034 | $ 3,746 |
Note 14 - Stock-based Compens_5
Note 14 - Stock-based Compensation - Fair Value of Stock-based Award on the Date of Grant (Details) | 1 Months Ended | 12 Months Ended | ||||||
Mar. 01, 2022 | May 31, 2023 | Mar. 31, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Risk-free interest rates | 4.20% | 1.70% | 0.70% | |||||
Expected lives (in weighted average years) (Year) | 2 years 6 months | 5 years 3 months 18 days | 3 years 9 months 18 days | |||||
Dividend yield | 0.60% | 0.70% | 0.60% | |||||
Expected volatility (weighted average) | 38.20% | 34.60% | 36.70% | |||||
Weighted average forfeiture rate | 8% | 10.20% | 6.10% | |||||
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 lives (in weighted average 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 lives (in weighted average years) (Year) | 5 years 9 months | |||||||
Expected volatility (weighted average) | 42.20% | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Risk-free interest rates | 4.70% | |||||||
Expected lives (in weighted average years) (Year) | 1 year | |||||||
Dividend yield | 0.56% | |||||||
Expected volatility (weighted average) | 34.80% | |||||||
November 2022 RSUs [Member] | ||||||||
Dividend yield | 0.56% | |||||||
November 2022 RSUs [Member] | Minimum [Member] | ||||||||
Risk-free interest rates | 4.13% | |||||||
Expected lives (in weighted average years) (Year) | 2 years | |||||||
Expected volatility (weighted average) | 43.17% | |||||||
November 2022 RSUs [Member] | Maximum [Member] | ||||||||
Risk-free interest rates | 4.38% | |||||||
Expected lives (in weighted average years) (Year) | 3 years | |||||||
Expected volatility (weighted average) | 40.57% | |||||||
March 2022 SARs, RSUs, PSUs [Member] | ||||||||
Dividend yield | 0.67% | |||||||
March 2022 SARs, RSUs, PSUs [Member] | Minimum [Member] | ||||||||
Risk-free interest rates | 1.31% | |||||||
Expected lives (in weighted average years) (Year) | 2 years | |||||||
Expected volatility (weighted average) | 32.85% | |||||||
March 2022 SARs, RSUs, PSUs [Member] | Maximum [Member] | ||||||||
Risk-free interest rates | 1.62% | |||||||
Expected lives (in weighted average years) (Year) | 6 years | |||||||
Expected volatility (weighted average) | 46.07% | |||||||
November 2021 RSUs [Member] | ||||||||
Expected lives (in weighted average years) (Year) | 1 year | |||||||
Dividend yield | 0.65% | |||||||
Expected volatility (weighted average) | 43.26% | |||||||
November 2021 RSUs [Member] | Minimum [Member] | ||||||||
Risk-free interest rates | 0.14% | |||||||
November 2021 RSUs [Member] | Maximum [Member] | ||||||||
Risk-free interest rates | 0.16% |
Note 14 - Stock-based Compens_6
Note 14 - Stock-based Compensation - Summary of the Status of the Incentive Plan (Details) - $ / shares shares in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||||
Outstanding at beginning of year (in shares) | 1,810 | |||||||
Outstanding at end of year (in shares) | 1,483 | 1,810 | ||||||
The 2018 Incentive Plan [Member] | ||||||||
Outstanding at beginning of year (in shares) | 1,810 | 2,025 | 2,240 | |||||
Outstanding, weighted average exercise price (in dollars per share) | $ 60.08 | $ 58.7 | $ 57.68 | |||||
Exercised (in shares) | (492) | (728) | (159) | |||||
Exercised, weighted average exercise price (in dollars per share) | $ 56 | $ 52.73 | $ 40.47 | |||||
Forfeited (in shares) | (59) | (129) | (83) | |||||
Forfeited, weighted average exercise price (in dollars per share) | $ 54.09 | $ 62.27 | $ 64.34 | |||||
Expired (in shares) | 0 | 0 | 0 | |||||
Expired, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | $ 0 | |||||
Outstanding at end of year (in shares) | 1,483 | 1,810 | 2,025 | |||||
Outstanding, weighted average exercise price (in dollars per share) | $ 52.57 | $ 60.08 | $ 58.7 | |||||
Options and SARs exercisable at end of year (in shares) | 606 | 749 | 881 | |||||
Options and SARs exercisable at end of year, weighted average exercise price (in dollars per share) | $ 66.81 | $ 58.3 | $ 53.2 | |||||
Weighted-average fair value of awards granted during the year, weighted average exercise price (in dollars per share) | $ 79.98 | $ 33.02 | $ 46.23 | |||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | ||||||||
Other than Options (in shares) | [1] | 0 | 513 | 15 | ||||
Other than Options, weighted average exercise price (in dollars per share) | [1] | $ 0 | $ 71.15 | $ 77.22 | ||||
The 2018 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Other than Options (in shares) | [2] | 189 | 109 | 12 | ||||
Other than Options, weighted average exercise price (in dollars per share) | $ 76.2 | $ 0 | [2] | $ 0 | [2] | $ 0 | [2] | |
The 2018 Incentive Plan [Member] | Performance Stock Units (PSU) [Member] | ||||||||
Other than Options (in shares) | [3] | 35 | 20 | 0 | ||||
Other than Options, weighted average exercise price (in dollars per share) | [3] | $ 0 | $ 0 | $ 0 | ||||
[1]Upon exercise, SARs entitle the recipient to receive shares of common stock equal to the increase in value of the award between the grant date and the exercise date.[2]An RSU represents the right to receive one share of common stock once certain vesting conditions are met. The value of an RSU is identical to the value of the underlying stock.[3]The Performance shares units shall be paid out based on achievement of three-year relative total stockholder return compared to other companies in S&P 500 index. |
Note 14 - Stock-based Compens_7
Note 14 - Stock-based Compensation - Summary of Information About Stock-based Awards Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of shares outstanding (in shares) | 1,483 | 1,810 |
Weighted average remaining contractual life in years, options outstanding (Year) | 2 years 7 months 6 days | 3 years 1 month 6 days |
Aggregate intrinsic value, options outstanding | $ 34,449 | $ 47,762 |
Number of shares exercisable (in shares) | 606 | 749 |
Aggregate intrinsic value, options exercisable | $ 5,458 | $ 19,513 |
Weighted average remaining contractual life in years, options exercisable (Year) | 2 years 4 months 24 days | 1 year 9 months 18 days |
Exercise Price 1 [Member] | ||
Number of shares outstanding (in shares) | 345 | 157 |
Weighted average remaining contractual life in years, options outstanding (Year) | 1 year 7 months 6 days | 2 years 1 month 6 days |
Aggregate intrinsic value, options outstanding | $ 26,127 | $ 13,536 |
Number of shares exercisable (in shares) | 0 | |
Aggregate intrinsic value, options exercisable | $ 0 | $ 0 |
Exercise Price 4 [Member] | ||
Number of shares outstanding (in shares) | 78 | 8 |
Weighted average remaining contractual life in years, options outstanding (Year) | 6 months | 2 years |
Aggregate intrinsic value, options outstanding | $ 1,736 | $ 278 |
Number of shares exercisable (in shares) | 78 | 6 |
Aggregate intrinsic value, options exercisable | $ 1,736 | $ 209 |
Exercise price (in dollars per share) | $ 53.44 | $ 51.71 |
Weighted average remaining contractual life in years, options exercisable (Year) | 6 months | 2 years |
Exercise Price 2 [Member] | ||
Number of shares outstanding (in shares) | 8 | |
Weighted average remaining contractual life in years, options outstanding (Year) | 1 year | |
Aggregate intrinsic value, options outstanding | $ 193 | |
Number of shares exercisable (in shares) | 8 | |
Aggregate intrinsic value, options exercisable | $ 193 | |
Exercise price (in dollars per share) | $ 51.71 | |
Weighted average remaining contractual life in years, options exercisable (Year) | 1 year | |
Exercise Price 5 [Member] | ||
Number of shares outstanding (in shares) | 8 | 3 |
Weighted average remaining contractual life in years, options outstanding (Year) | 7 months 6 days | 1 year 10 months 24 days |
Aggregate intrinsic value, options outstanding | $ 134 | $ 108 |
Number of shares exercisable (in shares) | 8 | 3 |
Aggregate intrinsic value, options exercisable | $ 134 | $ 108 |
Exercise price (in dollars per share) | $ 57.97 | $ 53.16 |
Weighted average remaining contractual life in years, options exercisable (Year) | 7 months 6 days | 1 year 10 months 24 days |
Exercise Price 3 [Member] | ||
Number of shares outstanding (in shares) | 3 | |
Weighted average remaining contractual life in years, options outstanding (Year) | 10 months 24 days | |
Aggregate intrinsic value, options outstanding | $ 73 | |
Number of shares exercisable (in shares) | 3 | |
Aggregate intrinsic value, options exercisable | $ 73 | |
Exercise price (in dollars per share) | $ 53.16 | |
Weighted average remaining contractual life in years, options exercisable (Year) | 10 months 24 days | |
Exercise Price 6 [Member] | ||
Number of shares outstanding (in shares) | 45 | 103 |
Weighted average remaining contractual life in years, options outstanding (Year) | 2 years 6 months | 1 year 6 months |
Aggregate intrinsic value, options outstanding | $ 562 | $ 3,405 |
Number of shares exercisable (in shares) | 34 | 103 |
Aggregate intrinsic value, options exercisable | $ 422 | $ 3,405 |
Exercise price (in dollars per share) | $ 63.4 | $ 53.44 |
Weighted average remaining contractual life in years, options exercisable (Year) | 2 years 6 months | 1 year 6 months |
Exercise Price 7 [Member] | ||
Number of shares outstanding (in shares) | 7 | 295 |
Weighted average remaining contractual life in years, options outstanding (Year) | 2 years 10 months 24 days | 10 months 24 days |
Aggregate intrinsic value, options outstanding | $ 54 | $ 9,236 |
Number of shares exercisable (in shares) | 7 | 295 |
Aggregate intrinsic value, options exercisable | $ 54 | $ 9,236 |
Exercise price (in dollars per share) | $ 67.54 | $ 55.16 |
Weighted average remaining contractual life in years, options exercisable (Year) | 2 years 10 months 24 days | 10 months 24 days |
Exercise Price 8 [Member] | ||
Number of shares outstanding (in shares) | 47 | 8 |
Weighted average remaining contractual life in years, options outstanding (Year) | 2 years 4 months 24 days | 1 year 7 months 6 days |
Aggregate intrinsic value, options outstanding | $ 349 | $ 214 |
Number of shares exercisable (in shares) | 35 | 8 |
Aggregate intrinsic value, options exercisable | $ 261 | $ 214 |
Exercise price (in dollars per share) | $ 68.34 | $ 57.97 |
Weighted average remaining contractual life in years, options exercisable (Year) | 2 years 4 months 24 days | 1 year 7 months 6 days |
Exercise Price 10 [Member] | ||
Number of shares outstanding (in shares) | 448 | 74 |
Weighted average remaining contractual life in years, options outstanding (Year) | 4 years 2 months 12 days | 10 months 24 days |
Aggregate intrinsic value, options outstanding | $ 2,077 | $ 1,719 |
Number of shares exercisable (in shares) | 101 | 74 |
Aggregate intrinsic value, options exercisable | $ 468 | $ 1,719 |
Exercise price (in dollars per share) | $ 71.15 | $ 63.35 |
Weighted average remaining contractual life in years, options exercisable (Year) | 4 years 2 months 12 days | 10 months 24 days |
Exercise Price 11 [Member] | ||
Number of shares outstanding (in shares) | 4 | 45 |
Weighted average remaining contractual life in years, options outstanding (Year) | 1 year 7 months 6 days | 3 years 6 months |
Aggregate intrinsic value, options outstanding | $ 16 | $ 1,047 |
Number of shares exercisable (in shares) | 4 | 23 |
Aggregate intrinsic value, options exercisable | $ 16 | $ 524 |
Exercise price (in dollars per share) | $ 71.71 | $ 63.4 |
Weighted average remaining contractual life in years, options exercisable (Year) | 1 year 7 months 6 days | 3 years 6 months |
Exercise Price 12 [Member] | ||
Number of shares outstanding (in shares) | 5 | 7 |
Weighted average remaining contractual life in years, options outstanding (Year) | 1 year 10 months 24 days | 3 years 10 months 24 days |
Aggregate intrinsic value, options outstanding | $ 0 | $ 125 |
Number of shares exercisable (in shares) | 5 | 7 |
Aggregate intrinsic value, options exercisable | $ 0 | $ 125 |
Exercise price (in dollars per share) | $ 76.43 | $ 67.54 |
Weighted average remaining contractual life in years, options exercisable (Year) | 1 year 10 months 24 days | 3 years 10 months 24 days |
Exercise Price 9 [Member] | ||
Number of shares outstanding (in shares) | 470 | |
Weighted average remaining contractual life in years, options outstanding (Year) | 2 years 4 months 24 days | |
Aggregate intrinsic value, options outstanding | $ 3,128 | |
Number of shares exercisable (in shares) | 316 | |
Aggregate intrinsic value, options exercisable | $ 2,101 | |
Exercise price (in dollars per share) | $ 69.14 | |
Weighted average remaining contractual life in years, options exercisable (Year) | 2 years 4 months 24 days | |
Exercise Price 13 [Member] | ||
Number of shares outstanding (in shares) | 9 | 47 |
Weighted average remaining contractual life in years, options outstanding (Year) | 3 years 10 months 24 days | 3 years 4 months 24 days |
Aggregate intrinsic value, options outstanding | $ 0 | $ 849 |
Number of shares exercisable (in shares) | 4 | 23 |
Aggregate intrinsic value, options exercisable | $ 0 | $ 424 |
Exercise price (in dollars per share) | $ 76.54 | $ 68.34 |
Weighted average remaining contractual life in years, options exercisable (Year) | 3 years 10 months 24 days | 3 years 4 months 24 days |
Exercise Price 14 [Member] | ||
Number of shares outstanding (in shares) | 6 | 539 |
Weighted average remaining contractual life in years, options outstanding (Year) | 3 years 3 months 18 days | 3 years 4 months 24 days |
Aggregate intrinsic value, options outstanding | $ 0 | $ 9,357 |
Number of shares exercisable (in shares) | 3 | 199 |
Aggregate intrinsic value, options exercisable | $ 0 | $ 3,456 |
Exercise price (in dollars per share) | $ 78.53 | $ 69.14 |
Weighted average remaining contractual life in years, options exercisable (Year) | 3 years 3 months 18 days | 3 years 4 months 24 days |
Exercise Price 15 [Member] | ||
Number of shares outstanding (in shares) | 1 | 499 |
Weighted average remaining contractual life in years, options outstanding (Year) | 3 years | 5 years 2 months 12 days |
Aggregate intrinsic value, options outstanding | $ 0 | $ 7,644 |
Number of shares exercisable (in shares) | 0 | 0 |
Aggregate intrinsic value, options exercisable | $ 0 | $ 0 |
Exercise price (in dollars per share) | $ 90.28 | $ 71.15 |
Weighted average remaining contractual life in years, options exercisable (Year) | 3 years | 5 years 2 months 12 days |
Exercise Price 16 [Member] | ||
Number of shares outstanding (in shares) | 4 | |
Weighted average remaining contractual life in years, options outstanding (Year) | 2 years 7 months 6 days | |
Aggregate intrinsic value, options outstanding | $ 59 | |
Number of shares exercisable (in shares) | 3 | |
Aggregate intrinsic value, options exercisable | $ 44 | |
Exercise price (in dollars per share) | $ 71.71 | |
Weighted average remaining contractual life in years, options exercisable (Year) | 2 years 7 months 6 days | |
Exercise Price 17 [Member] | ||
Number of shares outstanding (in shares) | 5 | |
Weighted average remaining contractual life in years, options outstanding (Year) | 2 years 10 months 24 days | |
Aggregate intrinsic value, options outstanding | $ 49 | |
Number of shares exercisable (in shares) | 5 | |
Aggregate intrinsic value, options exercisable | $ 49 | |
Exercise price (in dollars per share) | $ 76.43 | |
Weighted average remaining contractual life in years, options exercisable (Year) | 2 years 10 months 24 days | |
Exercise Price 18 [Member] | ||
Number of shares outstanding (in shares) | 9 | |
Weighted average remaining contractual life in years, options outstanding (Year) | 4 years 10 months 24 days | |
Aggregate intrinsic value, options outstanding | $ 85 | |
Number of shares exercisable (in shares) | 0 | |
Aggregate intrinsic value, options exercisable | $ 0 | |
Exercise price (in dollars per share) | $ 76.54 | |
Weighted average remaining contractual life in years, options exercisable (Year) | 4 years 10 months 24 days | |
Exercise Price 19 [Member] | ||
Number of shares outstanding (in shares) | 6 | |
Weighted average remaining contractual life in years, options outstanding (Year) | 4 years 3 months 18 days | |
Aggregate intrinsic value, options outstanding | $ 51 | |
Number of shares exercisable (in shares) | 0 | |
Aggregate intrinsic value, options exercisable | $ 0 | |
Exercise price (in dollars per share) | $ 78.53 | |
Weighted average remaining contractual life in years, options exercisable (Year) | 4 years 3 months 18 days | |
Exercise Price 20 [Member] | ||
Number of shares outstanding (in shares) | 1 | |
Weighted average remaining contractual life in years, options outstanding (Year) | 4 years | |
Aggregate intrinsic value, options outstanding | $ 0 | |
Number of shares exercisable (in shares) | 0 | |
Aggregate intrinsic value, options exercisable | $ 0 | |
Exercise price (in dollars per share) | $ 90.28 | |
Weighted average remaining contractual life in years, options exercisable (Year) | 4 years |
Note 15 - Interest Expense, N_3
Note 15 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest related to sale of tax benefits | $ 15,289 | $ 14,853 | $ 12,246 |
Interest expense | 100,853 | 91,617 | 84,994 |
Less — amount capitalized | (17,261) | (18,727) | (14,582) |
Interest Expense | $ 98,881 | $ 87,743 | $ 82,658 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||
Jun. 27, 2023 | Jun. 26, 2023 | Apr. 24, 2018 | Sep. 30, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2014 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 33,412 | $ 32,333 | |||||||||||
Deferred Tax Assets, Valuation Allowance | 2,870 | 2,473 | $ 11,298 | ||||||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 400 | ||||||||||||
Uncertain Tax Benefit, Reudction to Deferred Tax Asset | [1] | $ 95 | $ 95 | ||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | ||||||||||
Israel Tax Authority [Member] | |||||||||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 8,700 | $ 6,600 | |||||||||||
Kenya [Member] | |||||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 30% | 37.50% | 30% | ||||||||||
Effective Income Tax Rate Reconciliation, Change in Foreign Enacted Tax Rate, Amount | $ (7,400) | ||||||||||||
Accounting Standards Update 2013-11 [Member] | |||||||||||||
Uncertain Tax Benefit, Reudction to Deferred Tax Asset | $ 100 | ||||||||||||
U.S. Geothermal [Member] | |||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||||||||||
Business Combination, Consideration Transferred, Total | $ 110,000 | ||||||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets (Liabilities), Net | 1,700 | ||||||||||||
Deferred Taxes, Business Combination, Valuation Allowance, Available to Reduce Deferred Tax Asset | 1,800 | ||||||||||||
General Business Tax Credit Carryforward [Member] | |||||||||||||
Tax Credit Carryforward Expiration Period (Year) | 20 years | ||||||||||||
General Business Tax Credit Carryforward [Member] | Minimum [Member] | |||||||||||||
Tax Credit Carryforward Expiration Year | 2026 | ||||||||||||
Domestic Tax Authority [Member] | |||||||||||||
Operating Loss Carryforwards | $ 35,400 | ||||||||||||
Operating Loss Carryforwards Expiring Amount | $ 109,600 | ||||||||||||
Open Tax Year | 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 | ||||||||||||
Domestic Tax Authority [Member] | U.S. Geothermal [Member] | |||||||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 113,900 | ||||||||||||
Foreign Tax Authority [Member] | |||||||||||||
Tax Credit Carryforward Expiration Period (Year) | 10 years | ||||||||||||
Tax Credit Carryforward Expiration Year | 2027 | ||||||||||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 33,400 | ||||||||||||
Foreign Tax Authority [Member] | Israel Tax Authority [Member] | |||||||||||||
Foreign Income Tax Expense (Benefit), Continuing Operations | $ 15,500 | ||||||||||||
National Corporate Tax Rate | 16% | 23% | 16% | ||||||||||
Foreign Tax Authority [Member] | Israel Tax Authority [Member] | Ormat Systems Ltd [Member] | |||||||||||||
Effective Income Tax Rate, Year Four and Thereafter | 16% | ||||||||||||
Foreign Tax Authority [Member] | Ministry of the Economy, Finance and Industry, France [Member] | |||||||||||||
National Corporate Tax Rate | 25% | 25% | 28% | ||||||||||
Foreign Tax Authority [Member] | Guadeloupe Tax Authority [Member] | |||||||||||||
National Corporate Tax Rate | 26.50% | ||||||||||||
Foreign Tax Authority [Member] | Tax Authority of Guatemala in Guatemala [Member] | |||||||||||||
National Corporate Tax Rate | 25% | ||||||||||||
Effective Income Tax Rate | 7% | ||||||||||||
Foreign Tax Authority [Member] | Sistema de Administración de Rentas [Member] | |||||||||||||
Income Taxes Exempt Period (Year) | 10 years | ||||||||||||
Foreign Tax Authority [Member] | Kenya Revenue Authority [Member] | |||||||||||||
National Corporate Tax Rate | 37.50% | ||||||||||||
State and Local Jurisdiction [Member] | |||||||||||||
Operating Loss Carryforwards | $ 268,000 | ||||||||||||
Operating Loss Carryforwards Expiring Amount | 268,300 | ||||||||||||
Operating Loss Carryforwards Available For Indefinite Period | 4,700 | ||||||||||||
Deferred Tax Assets, Investments | $ 800 | ||||||||||||
Open Tax Year | 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 | ||||||||||||
State and Local Jurisdiction [Member] | U.S. Geothermal [Member] | |||||||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | $ 49,900 | ||||||||||||
State and Local Jurisdiction [Member] | Minimum [Member] | |||||||||||||
Tax Credit Carryforward Expiration Year | 2025 | ||||||||||||
State and Local Jurisdiction [Member] | Maximum [Member] | |||||||||||||
Tax Credit Carryforward Expiration Year | 2034 | ||||||||||||
[1]The non-current deferred tax asset has been reduced by the uncertain tax benefit of $0.1 million in accordance with ASU 2013-11, Income Taxes. |
Note 16 - Income Taxes - Income
Note 16 - Income Taxes - Income From Continuing Operations Before Income Taxes and Equity in Income (Losses) of Investees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S | $ 53,984 | $ 23,709 | $ 37,032 |
Non-U.S. (foreign) | 85,101 | 71,900 | 66,519 |
Income from operations before income tax and equity in earnings (losses) of investees | $ 139,085 | $ 95,609 | $ 103,551 |
Note 16 - Income Taxes - Compon
Note 16 - Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 672 | $ 641 | $ 0 |
State | (1,806) | 2,227 | 400 |
Foreign | 35,379 | 29,370 | 25,096 |
Total current income tax expense | 34,245 | 32,238 | 25,496 |
Deferred: | |||
Federal | (12,780) | (17,179) | (3,267) |
State | 6,041 | 2,649 | 9,301 |
Foreign | (21,523) | (2,966) | (6,680) |
Total deferred tax provision (benefit) | (28,262) | (17,496) | (646) |
Total Income tax provision | $ 5,983 | $ 14,742 | $ 24,850 |
Note 16 - Income Taxes - Differ
Note 16 - Income Taxes - Difference Between US Federal Statutory Tax Rate and Company's Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. federal statutory tax rate | 21% | 21% | 21% |
Foreign tax credits | (3.80%) | (3.80%) | (0.40%) |
Withholding tax | 1% | 0.20% | 6% |
State income tax, net of federal benefit | 2.40% | 5.30% | 8.80% |
Uncertain tax positions | 1.50% | 0.90% | 3.60% |
Foreign tax rate change | (5.70%) | 0% | 0% |
Effect of foreign income tax, net | 0.40% | 6.20% | (5.20%) |
Production tax credits | 0% | (4.00%) | (4.20%) |
Investment tax credits | (14.00%) | 0% | 0% |
Tax on global intangible low-tax income | 4.10% | 4.80% | 9.30% |
Noncontrolling interest | (1.00%) | (2.20%) | (2.50%) |
Other, net | (1.60%) | (3.70%) | (1.90%) |
Effective tax rate | 4.30% | 15.40% | 24% |
Domestic Tax Authority [Member] | |||
Valuation allowance | 0% | (9.30%) | (10.40%) |
Note 16 - Income Taxes - Net De
Note 16 - Income Taxes - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets (liabilities): | |||
Net foreign deferred taxes, primarily depreciation | $ (27,623) | $ (49,295) | |
Depreciation | 40,993 | 50,214 | |
Intangible drilling costs, liability | (17,543) | (13,855) | |
Net operating loss carryforward - U.S. | 24,822 | 26,824 | |
Tax monetization transaction | (125,462) | (84,585) | |
Right-of-use assets | (5,218) | (5,824) | |
Lease liabilities | 5,105 | 5,527 | |
Production tax credits | 109,556 | 109,109 | |
Foreign tax credits | 33,412 | 32,333 | |
Withholding tax | (20,437) | (21,007) | |
Basis difference in partnership interest | (12,448) | (51,392) | |
Excess business interest | 6,162 | 522 | |
Sale and leaseback transaction | 58,608 | 62,939 | |
Other assets | 12,404 | 13,655 | |
Accrued liabilities and other | 6,361 | 5,208 | |
Total | 88,692 | 80,373 | |
Less - valuation allowance | (2,870) | (2,473) | $ (11,298) |
Total, net | $ 85,822 | $ 77,900 |
Note 16 - Income Taxes - Reconc
Note 16 - Income Taxes - Reconciliation of Beginning and Ending Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance at beginning of the year | $ 2,473 | $ 11,298 |
Additions to valuation allowance | 479 | 35 |
Release of valuation allowance | (82) | (8,860) |
Balance at end of the year | $ 2,870 | $ 2,473 |
Note 16 - Income Taxes - Balanc
Note 16 - Income Taxes - Balance Sheet Presentation of Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Non-current deferred tax assets | $ 152,570 | $ 161,365 | |
Non-current deferred tax liabilities | (66,748) | (83,465) | |
Non-current deferred tax assets, net | 85,822 | 77,900 | |
Uncertain tax benefit offset (1) | [1] | (95) | (95) |
Deferred Tax Assets (Liabilities), After Uncertain Tax Benefit Offset | $ 85,727 | $ 77,805 | |
[1]The non-current deferred tax asset has been reduced by the uncertain tax benefit of $0.1 million in accordance with ASU 2013-11, Income Taxes. |
Note 16 - Income Taxes - Reco_2
Note 16 - Income Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance at beginning of year | $ 5,300 | $ 5,076 |
Additions based on tax positions taken in prior years | 395 | 0 |
Additions based on tax positions taken in the current year | 1,376 | 364 |
Reduction based on tax positions taken in prior years | (141) | (47) |
Reduction based on tax positions taken in the current year | 0 | (93) |
Balance at end of year | $ 6,930 | $ 5,300 |
Note 16 - Income Taxes - Foreig
Note 16 - Income Taxes - Foreign Subsidiaries Income Tax Years Open to Examination (Details) - Earliest Tax Year [Member] | 12 Months Ended |
Dec. 31, 2023 | |
ISRAEL | |
Countries | 2019 |
KENYA | |
Countries | 2018 |
GUATEMALA | |
Countries | 2019 |
HONDURAS | |
Countries | 2018 |
GUADELOUPE | |
Countries | 2020 |
Note 17 - Business Segments (De
Note 17 - Business Segments (Details Textual) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | ||
Number of Reportable Segments | 3 | ||||
Revenue from Contract with Customer, Including Assessed Tax | [1] | $ 829,424 | $ 734,159 | $ 663,084 | |
Goodwill | 90,544 | 90,325 | 89,954 | ||
Electricity Segment [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 666,767 | 631,727 | 585,771 | ||
Goodwill | 85,900 | 85,700 | 85,300 | ||
Electricity Segment [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 124,700 | 102,500 | 83,400 | ||
Energy Storage and Management Services [Member] | |||||
Goodwill | 4,600 | 4,600 | 4,600 | $ 66,200 | |
Product Segment [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 133,763 | 71,414 | 46,920 | ||
Goodwill | $ 0 | $ 0 | $ 0 | ||
[1]Revenues as reported in the geographic area in which they originate. |
Note 17 - Business Segments - S
Note 17 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenue | [1] | $ 829,424 | $ 734,159 | $ 663,084 |
Depreciation and amortization expense | 224,797 | 198,792 | 182,972 | |
Operating income (loss) | 166,585 | 152,803 | 169,357 | |
Segment assets at period end | [2],[3] | 5,208,279 | 4,611,579 | 4,425,678 |
Expenditures for long-lived assets | 618,383 | 563,476 | 419,272 | |
Segment Reconciling Items [Member] | ||||
Revenue | 0 | 0 | 0 | |
Segment assets at period end | 125,439 | 115,693 | 105,886 | |
Electricity Segment [Member] | ||||
Revenue | 666,767 | 631,727 | 585,771 | |
Depreciation and amortization expense | 199,344 | 179,966 | 164,490 | |
Operating income (loss) | 168,834 | 156,178 | 171,550 | |
Segment assets at period end | [2],[3] | 4,652,392 | 4,253,910 | 4,142,341 |
Expenditures for long-lived assets | 474,592 | 462,269 | 383,307 | |
Electricity Segment [Member] | Segment Reconciling Items [Member] | ||||
Revenue | 0 | 0 | 0 | |
Segment assets at period end | 125,439 | 115,693 | 105,886 | |
Product Segment [Member] | ||||
Revenue | 133,763 | 71,414 | 46,920 | |
Depreciation and amortization expense | 10,908 | 7,302 | 7,719 | |
Operating income (loss) | 3,536 | (1,084) | (3,641) | |
Segment assets at period end | [2],[3] | 199,897 | 118,018 | 113,817 |
Expenditures for long-lived assets | 20,599 | 16,352 | 10,687 | |
Product Segment [Member] | Segment Reconciling Items [Member] | ||||
Revenue | 48,494 | 83,394 | 129,589 | |
Segment assets at period end | 0 | 0 | 0 | |
Other Segments [Member] | ||||
Revenue | 28,894 | 31,018 | 30,393 | |
Depreciation and amortization expense | 14,545 | 11,524 | 10,763 | |
Operating income (loss) | (5,785) | (2,291) | 1,448 | |
Segment assets at period end | [2],[3] | 355,990 | 239,651 | 169,520 |
Expenditures for long-lived assets | 123,192 | 84,855 | 25,278 | |
Other Segments [Member] | Segment Reconciling Items [Member] | ||||
Revenue | 0 | 0 | 0 | |
Segment assets at period end | 0 | 0 | 0 | |
UNITED STATES | ||||
Revenue | [1],[4] | 509,827 | 484,055 | 440,110 |
UNITED STATES | Electricity Segment [Member] | ||||
Revenue | [4] | 473,323 | 446,000 | 404,303 |
UNITED STATES | Product Segment [Member] | ||||
Revenue | [4] | 7,610 | 7,037 | 5,414 |
UNITED STATES | Other Segments [Member] | ||||
Revenue | [4] | 28,894 | 31,018 | 30,393 |
Non-US [Member] | ||||
Revenue | [5] | 319,597 | 250,104 | 222,974 |
Non-US [Member] | Electricity Segment [Member] | ||||
Revenue | [5] | 193,444 | 185,727 | 181,468 |
Non-US [Member] | Product Segment [Member] | ||||
Revenue | [5] | 126,153 | 64,377 | 41,506 |
Non-US [Member] | Other Segments [Member] | ||||
Revenue | [5] | $ 0 | $ 0 | $ 0 |
[1]Revenues as reported in the geographic area in which they originate.[2]Electricity segment assets include goodwill in the amount of $85.9 million , $85.7 million and $85.3 million as of December 31, 2023, 2022 and 2021, respectively, $66.2 million of which was added in the third quarter of 2021 as a result of the Terra-Gen Transaction as further described under Note 2 to the consolidated financial statements. Energy Storage segment assets include goodwill in the amount of $4.6 million , $4.6 million and $4.6 million as of December 31, 2023, 2022 and 2021, respectively. No goodwill is included in the Product segment assets as of December 31, 2023, 2022 and 2021.[3]Including unconsolidated investments[4]Electricity segment revenues in the United States are all accounted under lease accounting, except for $124.7 million, $102.5 million and $83.4 million for the years 2023, 2022 and 2021, which are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606, as further described under Note 1 to the consolidated financial statements.[5]Electricity segment revenues in foreign countries are all accounted under lease accounting. Product and Energy Storage segment revenues in foreign countries are accounted under ASC 606 as further described under Note 1 to the consolidated financial statements. |
Note 17 - Business Segments - R
Note 17 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenue | [1] | $ 829,424 | $ 734,159 | $ 663,084 |
Operating income (loss) | 166,585 | 152,803 | 169,357 | |
Interest income | 11,983 | 3,417 | 2,124 | |
Interest expense, net | (98,881) | (87,743) | (82,658) | |
Derivatives and foreign currency transaction gains (losses) | (3,278) | (6,044) | (14,720) | |
Income attributable to sale of tax benefits | 61,157 | 33,885 | 29,582 | |
Other non-operating income (expense), net | 1,519 | (709) | (134) | |
Total consolidated income before income taxes and equity in earnings (losses) of investees | 139,085 | 95,609 | 103,551 | |
Intersegment Eliminations [Member] | ||||
Revenue | 48,494 | 83,394 | 129,589 | |
Consolidation, Eliminations [Member] | ||||
Revenue | $ (48,494) | $ (83,394) | $ (129,589) | |
[1]Revenues as reported in the geographic area in which they originate. |
Note 17 - Business Segments -_2
Note 17 - Business Segments - Revenues as Reported in the Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenue | [1] | $ 829,424 | $ 734,159 | $ 663,084 |
UNITED STATES | ||||
Revenue | [1],[2] | 509,827 | 484,055 | 440,110 |
INDONESIA | ||||
Revenue | [1] | 26,732 | 15,631 | 8,056 |
KENYA | ||||
Revenue | [1] | 109,217 | 105,837 | 102,844 |
TÜRKIYE | ||||
Revenue | [1] | 2,469 | 1,961 | 2,723 |
CHILE | ||||
Revenue | [1] | 0 | 579 | 7,035 |
GUATEMALA | ||||
Revenue | [1] | 30,174 | 28,831 | 26,868 |
NEW ZEALAND | ||||
Revenue | [1] | 66,526 | 17,130 | 6,770 |
HONDURAS | ||||
Revenue | [1] | 31,589 | 33,837 | 35,233 |
Other Foreign Countries [Member] | ||||
Revenue | [1] | $ 52,889 | $ 46,298 | $ 33,445 |
[1]Revenues as reported in the geographic area in which they originate.[2]Electricity segment revenues in the United States are all accounted under lease accounting, except for $124.7 million, $102.5 million and $83.4 million for the years 2023, 2022 and 2021, which are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606, as further described under Note 1 to the consolidated financial statements. |
Note 17 - Business Segments - L
Note 17 - Business Segments - Long Lived Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Long Lived Assets, Geographic Area | $ 3,841,483 | $ 3,413,872 | $ 3,042,227 |
UNITED STATES | |||
Long Lived Assets, Geographic Area | 3,085,892 | 2,857,503 | 2,527,429 |
KENYA | |||
Long Lived Assets, Geographic Area | 377,563 | 301,491 | 297,427 |
Other Foreign Countries [Member] | |||
Long Lived Assets, Geographic Area | $ 378,028 | $ 254,878 | $ 217,371 |
Note 17 - Business Segments -_3
Note 17 - Business Segments - Revenue From Major Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenue | [1] | $ 829,424 | $ 734,159 | $ 663,084 |
Southern California Public Power Authority [Member] | ||||
Revenue | [2] | $ 181,656 | $ 157,663 | $ 157,318 |
Percentage of revenues | [2] | 21.20% | 21.50% | 23.70% |
Sierra Pacific Power Company And Nevada Power Company [Member] | ||||
Revenue | [2],[3] | $ 116,797 | $ 124,116 | $ 123,333 |
Percentage of revenues | [2],[3] | 14.10% | 16.90% | 18.60% |
Kenya Power and Lighting Co LTD [Member] | ||||
Revenue | [2] | $ 109,217 | $ 105,837 | $ 102,844 |
Percentage of revenues | [2] | 13.20% | 14.40% | 15.50% |
[1]Revenues as reported in the geographic area in which they originate.[2]Revenues reported in Electricity segment.[3]Subsidiaries of NV Energy, Inc. |
Note 19 - Employee Benefit Pl_3
Note 19 - Employee Benefit Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 60% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6% | 5% | 4% |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 3,900 | $ 2,600 | $ 1,800 |
Deposits And Other Assets Noncurrent | 44,631 | 39,762 | |
Severance Costs | 2,200 | 2,200 | 2,000 |
Gain (Loss) Of Severance Fund | (200) | (1,000) | $ 1,300 |
Israeli Severance Funds [Member] | |||
Deposits And Other Assets Noncurrent | $ 6,500 | $ 6,900 |
Note 19- Employee Benefit Plan
Note 19- Employee Benefit Plan - Expected Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 2,396 |
2025 | 291 |
2026 | 525 |
2027 | 1,461 |
2028 | 723 |
2029-2046 | 4,816 |
Total | $ 10,212 |
Note 20 - Commitments and Con_2
Note 20 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Letters of Credit Outstanding, Amount | $ 302,800 | ||
Recorded Unconditional Purchase Obligation | $ 419,800 | ||
Royalties Cap, Interest Basis Spread on Granrt Amount | 5.90% | ||
Ormat Systems Ltd [Member] | |||
Royalty Expense | $ 0 | $ 0 | $ 0 |
Royalty Cap Amount | 2,500 | 2,300 | |
Royalty Cap Amount LIBOR Rate | $ 1,500 | 1,200 | |
Ormat Systems Ltd [Member] | Minimum [Member] | |||
Percentage For Royalty To Be Paid | 3.50% | ||
Ormat Systems Ltd [Member] | Maximum [Member] | |||
Percentage For Royalty To Be Paid | 5% | ||
Construction In Process [Member] | |||
Recorded Unconditional Purchase Obligation | $ 251,300 | ||
Geothermal Resource Agreement [Member] | |||
Royalty Expense | $ 30,900 | $ 30,100 | $ 25,200 |
Note 21 - Leases - Lessee's Tot
Note 21 - Leases - Lessee's Total Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease cost | |||
Amortization of right-of-use assets | $ 1,922 | $ 2,861 | $ 3,265 |
Interest on lease liabilities | 168 | 441 | 770 |
Operating lease cost | 4,771 | 3,695 | 3,707 |
Short-term and variable lease cost | 6,741 | 7,436 | 5,228 |
Total lease cost | 13,602 | 14,433 | 12,970 |
Operating cash flows for finance leases | 168 | 441 | 770 |
Operating cash flows for operating leases | 4,448 | 4,507 | 3,589 |
Financing cash flows for finance leases | 1,963 | 2,983 | 3,181 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 1,671 | 2,473 | 948 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 4,731 | $ 6,286 | $ 5,227 |
Weighted-average remaining lease term — finance leases (in years) (*) (Year) | 14 years 3 months 18 days | 1 year 9 months 18 days | |
Weighted-average remaining lease term — operating leases (in years) (Year) | 16 years 2 months 12 days | 17 years 10 months 24 days | |
Weighted-average discount rate — finance leases (in percentage) (*) | 6% | 3% | |
Weighted-average discount rate — operating leases (in percentage) | 5% | 5% |
Note 21 - Leases - Lessee Futur
Note 21 - Leases - Lessee Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) | |
2024, operating lease | $ 3,908 | |
2024, finance lease | 1,456 | |
2025, operating lease | 3,246 | |
2025, finance lease | 1,291 | |
2026, operating lease | 2,471 | |
2026, finance lease | 913 | |
2027, operating lease | 2,224 | |
2027, finance lease | 136 | |
2028, operating lease | 1,900 | |
2028, finance lease | 0 | |
2028, financing liability | 20,578 | |
Thereafter, operating leases | 20,756 | |
Thereafter, finance leases | 0 | |
Total future minimum lease payments, operating leases | 34,505 | |
Total future minimum lease payments, finance leases | 3,796 | |
Less imputed interest, operating leases | 11,386 | |
Less imputed interest, finance leases | 245 | |
Total, operating leases | 23,119 | |
Total, finance leases | 3,551 | |
Two Contracted Geothermal Assets in Nevada [Member] | ||
2024, financing liability | 17,578 | [1] |
2025, financing liability | 17,535 | [1] |
2026, financing liability | 22,675 | [1] |
2027, financing liability | 20,815 | |
Thereafter, financing liability | 277,827 | [1] |
Total future minimum lease payments | 377,008 | [1] |
Less imputed interest, financing liability | 151,248 | [1] |
Total, financing liability | $ 225,760 | [1] |
[1]Financing liability was assumed as part of the Terra-Gen business combination transaction as further described under Note 2 to the consolidated financial statements and is related to the sale and lease-back transaction of the Dixie Valley geothermal assets. |
Note 21 - Leases - Lease Income
Note 21 - Leases - Lease Income Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease income relating to lease payments of operating leases | $ 542,065 | $ 529,264 | $ 502,355 |
Note 22 - Subsequent Events (De
Note 22 - Subsequent Events (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Feb. 21, 2024 USD ($) $ / shares | Jan. 04, 2024 USD ($) | Jan. 02, 2024 USD ($) | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Dividends, Common Stock, Total | $ 28,412 | $ 27,143 | $ 26,986 | |||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.48 | |||||
Subsequent Event [Member] | ||||||
Dividends, Common Stock, Total | $ 6,700 | |||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.12 | |||||
Debt Instrument, Date of First Required Payment | Mar. 06, 2024 | |||||
Dividends Payable, Date to be Paid | Mar. 20, 2024 | |||||
Subsequent Event [Member] | Hapoalim 2024 Loan Agreement [Member] | ||||||
Debt Instrument, Face Amount | $ 75,000 | |||||
Debt Instrument Number of Quarterly Payments | 32 | |||||
Debt Instrument, Periodic Payment, Principal | $ 2,300 | |||||
Debt Instrument, Term (Year) | 8 years | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.60% | |||||
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio | 6 | |||||
Subsequent Event [Member] | Hapoalim 2024 Loan Agreement [Member] | Maximum [Member] | ||||||
Debt Instrument, Covenant, Minimum Equity Capital, Amount | $ 750,000 | |||||
Subsequent Event [Member] | Hapoalim 2024 Loan Agreement [Member] | Minimum [Member] | ||||||
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent | 25% | |||||
Subsequent Event [Member] | HSBC 2024 Loan Agreement [Member] | ||||||
Debt Instrument, Face Amount | $ 125,000 | |||||
Debt Instrument, Periodic Payment, Principal | $ 12,500 | |||||
Debt Instrument, Term (Year) | 4 years | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | |||||
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio | 6 | |||||
Debt Instrument, Covenant, Minimum Equity Capital, Amount | $ 750,000 | |||||
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent | 25% | |||||
Debt Instrument, Number of Semi-annual Payments | 7 | |||||
Debt Instrument, Periodic Payment Terms, Final Princiapl Payment to be Paid | $ 37,500 | |||||
Subsequent Event [Member] | HSBC 2024 Loan Agreement [Member] | Interest Rate Swap [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||
Derivative, Basis Spread on Variable Rate | 3.90% | |||||
Subsequent Event [Member] | Geothermal and Solar Assets [Member] | ||||||
Payments to Acquire Productive Assets | $ 272,000 |