Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 01, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001296445 | |
Entity Registrant Name | ORMAT TECHNOLOGIES, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-32347 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 88-0326081 | |
Entity Address, Address Line One | 6140 Plumas Street | |
Entity Address, City or Town | Reno | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89519-6075 | |
City Area Code | 775 | |
Local Phone Number | 356-9029 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 60,421,682 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | ORA | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | ||
Current assets: | ||||
Cash and cash equivalents | $ 201,506 | $ 195,808 | ||
Restricted cash and cash equivalents (primarily related to VIEs) | 97,455 | 91,962 | ||
Receivables: | ||||
Trade less allowance for credit losses of $163 and $90 respectively (primarily related to VIEs) | 154,557 | 208,704 | ||
Other | 33,916 | 44,530 | ||
Inventories | 53,874 | 45,037 | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | [1] | 23,616 | 18,367 | |
Prepaid expenses and other | 44,311 | 41,595 | ||
Total current assets | 609,235 | 646,003 | ||
Investment in unconsolidated companies | 127,386 | 125,439 | ||
Deposits and other | 43,832 | 44,631 | ||
Deferred income taxes | 173,627 | 152,570 | ||
Property, plant and equipment, net ($3,010,086 and $2,802,920 related to VIEs, respectively) | 3,220,246 | 2,998,949 | ||
Construction-in-process | 837,205 | 814,967 | ||
Operating leases right of use | 27,318 | 24,057 | ||
Finance leases right of use | 3,216 | 3,510 | ||
Intangible assets, net | 323,657 | 307,609 | ||
Goodwill | 151,122 | 90,544 | ||
Total assets | 5,516,844 | [2],[3] | 5,208,279 | |
Current liabilities: | ||||
Accounts payable and accrued expenses | 197,035 | 214,518 | ||
Commercial paper (less deferred financing costs of $28 and $29, respectively) | 99,972 | 99,971 | ||
Billings in excess of costs and estimated earnings on uncompleted contracts | 21,376 | 18,669 | ||
Current portion of long-term debt: | ||||
Limited and non-recourse (primarily related to VIEs) | 68,211 | 57,207 | ||
Full recourse | 150,835 | 116,864 | ||
Financing liability | 3,620 | 5,141 | ||
Operating lease liabilities | 3,914 | 3,329 | ||
Finance lease liabilities | 1,291 | 1,313 | ||
Total current liabilities | 546,254 | 537,012 | ||
Long-term debt, net of current portion: | ||||
Financing liability | 219,682 | 220,619 | ||
Operating lease liabilities | 22,273 | 19,790 | ||
Finance lease liabilities | 1,979 | 2,238 | ||
Liability associated with sale of tax benefits | 175,586 | 184,612 | ||
Deferred income taxes | 74,967 | 66,748 | ||
Liability for unrecognized tax benefits | 9,255 | 8,673 | ||
Liabilities for severance pay | 10,703 | 11,844 | ||
Asset retirement obligation | 123,087 | 114,370 | ||
Other long-term liabilities | 28,954 | 22,107 | ||
Total liabilities | 3,030,213 | 2,756,693 | ||
Commitments and contingencies (Note 9) | ||||
Redeemable noncontrolling interest | 10,112 | 10,599 | ||
Equity: | ||||
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,421,682 and 60,358,887 issued and outstanding as of March 31, 2024 and December 31, 2022, respectively | 60 | 60 | ||
Additional paid-in capital | 1,619,593 | 1,614,769 | ||
Treasury stock, at cost (258,667 shares held as of March 31, 2024 and December 31, 2023, respectively) | (17,964) | (17,964) | ||
Retained earnings | 751,238 | 719,894 | ||
Accumulated other comprehensive income (loss) | (843) | (1,332) | ||
Total stockholders' equity attributable to Company's stockholders | 2,352,084 | 2,315,427 | ||
Noncontrolling interest | 124,435 | 125,560 | ||
Total equity | 2,476,519 | 2,440,987 | ||
Total liabilities, redeemable noncontrolling interest and equity | 5,516,844 | 5,208,279 | ||
Senior Secured Notes [Member] | ||||
Long-term debt, net of current portion: | ||||
Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $9,128 and $7,889, respectively) | 557,946 | 447,389 | ||
Senior Unsecured Bonds [Member] | ||||
Long-term debt, net of current portion: | ||||
Full recourse (less deferred financing costs of $4,877 and $3,056, respectively) | 835,841 | 698,187 | ||
Convertible Senior Notes [Member] | ||||
Long-term debt, net of current portion: | ||||
Convertible senior notes (less deferred financing costs of $7,564 and $8,146, respectively) | 423,686 | 423,104 | ||
Revolving Credit Facility [Member] | ||||
Current liabilities: | ||||
Short term revolving credit lines with banks (full recourse) | $ 0 | $ 20,000 | ||
[1]Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet fully recognized as product revenues during the three months ended March 31, 2023 as a result of performance obligations having not been fully satisfied yet.[2]Electricity segment assets include goodwill in the amount of $146.5 million and $85.8 million as of March 31, 2024 and 2023, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 million as of March 31, 2024 and 2023, respectively. No goodwill is included in the Product segment assets as of March 31, 2024 and 2023.[3]Intersegment revenues are fully eliminated in consolidation. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Trade, allowance for credit losses | $ 163 | $ 90 |
Property, plant and equipment, net | 3,220,246 | 2,998,949 |
Construction-in-process | 837,205 | 814,967 |
Operating leases right of use | 27,318 | 24,057 |
Finance leases right of use | 3,216 | 3,510 |
Deferred financing costs, current | $ 28 | $ 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) | 60,421,682 | 60,358,887 |
Common stock, shares outstanding (in shares) | 60,421,682 | 60,358,887 |
Treasury stock, shares (in shares) | 258,667 | 258,667 |
Senior Secured Notes [Member] | ||
Deferred financing costs | $ 9,128 | $ 7,889 |
Senior Unsecured Bonds [Member] | ||
Deferred financing costs | 4,877 | 3,056 |
Convertible Senior Notes [Member] | ||
Deferred financing costs | 7,564 | 8,146 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Property, plant and equipment, net | 3,010,086 | 2,802,920 |
Construction-in-process | 349,731 | 376,602 |
Operating leases right of use | 10,334 | 9,326 |
Finance leases right of use | $ 0 | $ 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Revenue | $ 224,166 | $ 185,232 |
Cost of revenues: | ||
Cost of revenues | 145,356 | 109,163 |
Gross profit | 78,810 | 76,069 |
Operating expenses: | ||
Research and development expenses | 1,564 | 1,288 |
Selling and marketing expenses | 5,126 | 3,948 |
General and administrative expenses | 19,537 | 17,667 |
Operating income | 52,583 | 53,166 |
Other income (expense): | ||
Interest income | 1,839 | 1,851 |
Interest expense, net | (30,968) | (23,631) |
Derivatives and foreign currency transaction gains (losses) | (1,582) | (1,937) |
Income attributable to sale of tax benefits | 17,476 | 12,566 |
Other non-operating income, net | 26 | 60 |
Income from operations before income tax and equity in earnings of investees | 39,374 | 42,075 |
Income tax (provision) benefit | 147 | (8,885) |
Equity in earnings of investees | 829 | 271 |
Net income | 40,350 | 33,461 |
Net income attributable to noncontrolling interest | (1,763) | (4,432) |
Net income attributable to the Company's stockholders | 38,587 | 29,029 |
Comprehensive income: | ||
Net income | 40,350 | 33,461 |
Other comprehensive income (loss), net of related taxes: | ||
Change in foreign currency translation adjustments | (2,163) | (696) |
Change 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 | 510 | (1,014) |
Other changes in comprehensive income | 53 | 14 |
Total other comprehensive income (loss), net of related taxes: | 27 | (7,099) |
Comprehensive income | 40,377 | 26,362 |
Comprehensive income attributable to noncontrolling interest | (1,301) | (4,042) |
Comprehensive income attributable to the Company's stockholders | $ 39,076 | $ 22,320 |
Earnings per share attributable to the Company's stockholders: | ||
Basic: (in dollars per share) | $ 0.64 | $ 0.51 |
Diluted: (in dollars per share) | $ 0.64 | $ 0.51 |
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: | ||
Basic (in shares) | 60,386 | 56,710 |
Diluted (in shares) | 60,536 | 57,104 |
Cross Currency Swap [Member] | ||
Other comprehensive income (loss), net of related taxes: | ||
Change in unrealized gains or lossesderivative instrument that qualifies as a cash flow hedge | $ 561 | $ (5,403) |
Interest Rate Swap [Member] | ||
Other comprehensive income (loss), net of related taxes: | ||
Change in unrealized gains or lossesderivative instrument that qualifies as a cash flow hedge | 1,066 | 0 |
Electricity [Member] | ||
Revenues: | ||
Revenue | 191,253 | 170,310 |
Cost of revenues: | ||
Cost of revenues | 116,730 | 94,758 |
Product [Member] | ||
Revenues: | ||
Revenue | 24,832 | 10,042 |
Cost of revenues: | ||
Cost of revenues | 21,154 | 9,351 |
Energy Storage and Management Services [Member] | ||
Revenues: | ||
Revenue | 8,081 | 4,880 |
Cost of revenues: | ||
Cost of revenues | $ 7,472 | $ 5,054 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Cross Currency Swap [Member] Common Stock [Member] | Cross Currency Swap [Member] Additional Paid-in Capital [Member] | Cross Currency Swap [Member] Treasury Stock, Common [Member] | Cross Currency Swap [Member] Retained Earnings [Member] | Cross Currency Swap [Member] AOCI Attributable to Parent [Member] | Cross Currency Swap [Member] Parent [Member] | Cross Currency Swap [Member] Noncontrolling Interest [Member] | Cross Currency Swap [Member] | Interest Rate Swap [Member] Common Stock [Member] | Interest Rate Swap [Member] Additional Paid-in Capital [Member] | Interest Rate Swap [Member] Treasury Stock, Common [Member] | Interest Rate Swap [Member] Retained Earnings [Member] | Interest Rate Swap [Member] AOCI Attributable to Parent [Member] | Interest Rate Swap [Member] Parent [Member] | Interest Rate Swap [Member] Noncontrolling Interest [Member] | Interest Rate Swap [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, 2022 | 56,096 | |||||||||||||||||||||||||
Balance in Accumulated other comprehensive income (loss) beginning 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 | 2,990 | 0 | 0 | 0 | 2,990 | 0 | 2,990 | ||||||||||||||||||
Exercise of stock-based awards by employees and directors (*) (in shares) | [1] | 0 | ||||||||||||||||||||||||
Exercise of stock-based awards by employees and directors (*) | [1] | 0 | 27 | 0 | 0 | 0 | 27 | 0 | 27 | |||||||||||||||||
Issuance of common stock (in shares) | 3,600 | |||||||||||||||||||||||||
Issuance of common stock | 4 | 297,117 | 0 | 0 | 0 | 297,121 | 0 | 297,121 | ||||||||||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (2,360) | (2,360) | ||||||||||||||||||
Cash dividend declared | 0 | 0 | 0 | (6,732) | 0 | (6,732) | 0 | (6,732) | ||||||||||||||||||
Change in noncontrolling interest | 0 | 1,239 | 0 | 0 | 1,239 | (2,396) | (1,157) | |||||||||||||||||||
Net income | 0 | 0 | 0 | 29,029 | 0 | 29,029 | 4,235 | 33,264 | ||||||||||||||||||
Change in foreign currency translation adjustments | 0 | 0 | 0 | 0 | (306) | (306) | (390) | (696) | ||||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of an unconsolidated investment that qualifies as a cash flow hedge | 0 | 0 | 0 | 0 | (1,014) | (1,014) | 0 | (1,014) | ||||||||||||||||||
Change in respect of derivative instruments designated for cash flow hedge | $ 0 | $ 0 | $ 0 | $ 0 | $ (5,403) | $ (5,403) | $ 0 | $ (5,403) | $ 0 | |||||||||||||||||
Other | 0 | 0 | 0 | 0 | 14 | 14 | 0 | 14 | ||||||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 59,696 | |||||||||||||||||||||||||
Balance in Accumulated other comprehensive income (loss) end of period at Mar. 31, 2023 | 60 | 1,560,445 | (17,964) | 646,204 | (4,209) | 2,184,536 | 152,493 | 2,337,029 | ||||||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 60,359 | |||||||||||||||||||||||||
Balance in Accumulated other comprehensive income (loss) beginning of period at Dec. 31, 2023 | 60 | 1,614,769 | (17,964) | 719,894 | (1,332) | 2,315,427 | 125,560 | 2,440,987 | ||||||||||||||||||
Stock-based compensation | 0 | 4,769 | 0 | 0 | 0 | 4,769 | 0 | 4,769 | ||||||||||||||||||
Exercise of stock-based awards by employees and directors (*) (in shares) | 63 | |||||||||||||||||||||||||
Exercise of stock-based awards by employees and directors (*) | 0 | 55 | 0 | 0 | 0 | 55 | 0 | 55 | ||||||||||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (2,587) | (2,587) | ||||||||||||||||||
Cash dividend declared | 0 | 0 | 0 | (7,243) | 0 | (7,243) | 0 | (7,243) | ||||||||||||||||||
Net income | 0 | 0 | 0 | 38,587 | 0 | 38,587 | 1,924 | 40,511 | ||||||||||||||||||
Change in foreign currency translation adjustments | 0 | 0 | 0 | 0 | (1,701) | (1,701) | (462) | (2,163) | ||||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of an unconsolidated investment that qualifies as a cash flow hedge | 0 | 0 | 0 | 0 | 510 | 510 | 0 | 510 | ||||||||||||||||||
Change in respect of derivative instruments designated for cash flow hedge | $ 0 | $ 0 | $ 0 | $ 0 | $ 561 | $ 561 | $ 0 | $ 561 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,066 | $ 1,066 | $ 0 | $ 1,066 | ||||||||||
Other | 0 | 0 | 0 | 0 | 53 | 53 | 0 | 53 | ||||||||||||||||||
Balance (in shares) at Mar. 31, 2024 | 60,422 | |||||||||||||||||||||||||
Balance in Accumulated other comprehensive income (loss) end of period at Mar. 31, 2024 | $ 60 | $ 1,619,594 | $ (17,964) | $ 751,118 | $ (723) | $ 2,352,084 | $ 124,435 | $ 2,476,519 | ||||||||||||||||||
[1]Resulted in an amount lower than $1 thousand. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) | 3 Months Ended |
Mar. 31, 2023 $ / shares | |
Retained Earnings [Member] | |
Cash dividend declared, per share (in dollars per share) | $ 0.12 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 40,350 | $ 33,461 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 62,351 | 53,161 |
Accretion of asset retirement obligation | 1,910 | 1,532 |
Stock-based compensation | 4,769 | 2,990 |
Income attributable to sale of tax benefits, net of interest expense | (8,627) | (7,645) |
Equity in earnings of investees | (829) | (271) |
Mark-to-market of derivative instruments | 813 | 993 |
Disposal of property, plant and equipment | (312) | (123) |
Gain on severance pay fund asset | (97) | (116) |
Loss on foreign currency exchange rates | 741 | 0 |
Deferred income tax provision | (9,683) | 501 |
Liability for unrecognized tax benefits | 582 | 22 |
Changes in operating assets and liabilities, net of businesses acquired: | ||
Receivables | 57,193 | (26,626) |
Costs and estimated earnings in excess of billings on uncompleted contracts | (5,249) | (731) |
Inventories | (8,837) | (22,615) |
Prepaid expenses and other | (3,710) | (15,903) |
Change in operating lease right of use asset | 935 | 720 |
Deposits and other | 262 | (22) |
Accounts payable and accrued expenses | (16,333) | 22,226 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 2,707 | 15,866 |
Liabilities for severance pay | (1,141) | (439) |
Change in operating lease liabilities | (816) | (289) |
Other long-term liabilities | (1,770) | (236) |
Net cash provided by operating activities | 115,209 | 56,456 |
Cash flows from investing activities: | ||
Capital expenditures | (103,386) | (106,877) |
Investment in unconsolidated companies | (608) | (4,235) |
Cash paid for business acquisition, net of cash acquired | (274,631) | 0 |
Decrease (increase) in severance pay fund asset, net of payments made to retired employees | 791 | (65) |
Net cash used in investing activities | (377,834) | (111,177) |
Cash flows from financing activities: | ||
Proceeds from long-term loans, net of transaction costs | 331,345 | 99,850 |
Proceeds from exercise of options by employees | 55 | 27 |
Proceeds from revolving credit lines with banks | 40,000 | 0 |
Repayment of revolving credit lines with banks | (60,000) | 0 |
Cash received from noncontrolling interest | 12,251 | 7,341 |
Repayments of long-term debt | (37,826) | (42,814) |
Proceeds from issuance of common stock, net of related costs | 0 | 297,121 |
Cash paid to noncontrolling interest | (3,168) | (2,985) |
Payments under finance lease obligations | (352) | (570) |
Deferred debt issuance costs | (1,118) | (857) |
Cash dividends paid | (7,243) | (6,732) |
Net cash provided by financing activities | 273,944 | 350,381 |
Effect of exchange rate changes | (128) | (14) |
Net change in cash and cash equivalents and restricted cash and cash equivalents | 11,191 | 295,646 |
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period | 287,770 | 226,676 |
Cash and cash equivalents and restricted cash and cash equivalents at end of period | 298,961 | 522,322 |
Supplemental non-cash investing and financing activities: | ||
Change in accounts payable related to purchases of property, plant and equipment | (3,158) | (1,221) |
Right of use assets obtained in exchange for new lease liabilities | $ 1,897 | $ 1,028 |
Note 1 - General and Basis of P
Note 1 - General and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 GENERAL AND BASIS OF PRESENTATION These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, they do not March 31, 2024, three March 31, 2024 2023 three March 31, 2024 2023. The financial data and other information disclosed in the notes to the condensed consolidated financial statements related to these periods are unaudited. The results for the periods presented are not These condensed unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10 December 31, 2023. December 31, 2023 December 31, 2023 not Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000. Business combination - Enel purchase transaction On January 4, 2024, two one two two 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 ("PPA") 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, synergies and development of the greenfield assets. The Company accounted for the transaction in accordance with Accounting Standard Codification ("ASC") 805, 810, In the first 2024, 2023, may one not The following table summarizes the purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions): Trade receivables and others (1) $ 4.4 Deferred income taxes 3.1 Property, plant and equipment and construction-in-process (2) 197.7 Operating lease right of use 1.2 Other long-term assets 0.2 Intangible assets (3) 23.6 Goodwill (4) 60.7 Total assets acquired $ 290.9 Accounts payable, accrued expenses and others $ 1.5 Other current liabilities 1.8 Operating lease liabilities 1.2 Other long-term liabilities 5.0 Asset retirement obligation 6.8 Total liabilities assumed $ 16.3 Total assets acquired, and liabilities assumed, net $ 274.6 ( 1 ( 2 ( 3 ( 4 For the period from acquisition date to March 31, 2024, three March 31, 2024. The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business combination had occurred on January 1, 2023. not Pro forma for the Three Months Ended March 31, 2024 2023 (Dollars in millions) Electricity revenues $ 191.3 $ 179.8 Total revenues $ 224.2 $ 194.7 Net income attributable to the Company's stockholders $ 39.9 $ 27.7 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 SOFR 2024 not not not 2024 Interest Rate Swap Concurrently with the issuance of the HSBC Bank 2024 2024 3 2024 815, Mammoth Senior Secured Notes On March 28, 2024, four G1, G2, G3 CD4 CD4 third not November 30, 2024. July 14, 2047. CD4. There are various restrictive covenants under the Mammoth Senior Secured Notes, 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 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 and a maintenance reserve account. War in Israel On October 7, 2023, 26 may As of the date of these condensed consolidated financial statements, none Equity Offering On March 14, 2023, 30 April 3, 2023. Write-offs of unsuccessful exploration activities There were no three March 31, 2024 2023. Reconciliation of cash and cash equivalents and restricted cash and cash equivalents The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as reported on the balance sheet to the total of the same amounts shown on the statement of cash flows: March 31, December 31, 2024 2023 (Dollars in thousands) Cash and cash equivalents $ 201,506 $ 195,808 Restricted cash and cash equivalents 97,455 91,962 Total Cash and cash equivalents and restricted cash and cash equivalents $ 298,961 $ 287,770 Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash investments and accounts receivable. The Company places its cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At March 31, 2024 December 31, 2023, ten $250,000 March 31, 2024 December 31, 2023, At March 31, 2024 December 31, 2023, March 31, 2024 December 31, 2023, 10% 10% March 31, 2024 December 31, 2023 The Company's revenues from its primary customers as a percentage of total revenues are as follows: Three Months Ended March 31, 2024 2023 Southern California Public Power Authority (“SCPPA”) 24.7 % 26.7 % Sierra Pacific Power Company and Nevada Power Company 16.8 18.9 Kenya Power and Lighting Co. Ltd. ("KPLC") 12.2 14.5 The Company has historically been able to collect on substantially all of its receivable balances. As of March 31, 2024, $12.4 April 2024. In Honduras, as of March 31, 2024, none may Allowance for credit losses The Company performs an analysis of potential credit losses related to its financial instruments that are within the scope of ASU 2018 19, 325, may The following table describes the changes in the allowance for expected credit losses for the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 (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 73 — Ending balance of the allowance for expected credit losses $ 163 $ 90 Revenues from contracts with customers Contract assets related to our Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 (Dollars in thousands) Contract assets (*) $ 23,616 $ 18,367 Contract liabilities (*) $ (21,376 ) $ (18,669 ) (*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not three March 31, 2024 not On March 31, 2024, not Disaggregated revenues from contracts with customers for the three March 31, 2024 2023 8 Leases in which the Company is a lessor The table below presents lease income recognized as a lessor: Three Months Ended March 31, 2024 2023 (Dollars in thousands) Lease income relating to lease payments from operating leases $ 147,101 $ 137,621 Derivative instruments Derivative instruments (including certain derivative instruments embedded in other contracts) are measured at their fair value and recorded as either assets or liabilities unless exempted from derivative treatment as a normal purchase and sale. Changes in the fair value of derivatives not The Company maintains a risk management strategy that may Transferable production and investment tax credits The Inflation Reduction Act (“IRA”) was signed into law in August 2022 third December 31, 2022. not third 740 three March 31, 2024, 2023 three March 31, 2024, 2023 |
Note 2 - New Accounting Pronoun
Note 2 - New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 2 NEW ACCOUNTING PRONOUNCEMENTS New accounting pronouncements effective in the three March 31, 2024 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 New accounting pronouncements effective in future periods 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 3 - Inventories
Note 3 - Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 INVENTORIES Inventories consist of the following: March 31, December 31, 2024 2023 (Dollars in thousands) Raw materials and purchased parts for assembly $ 18,945 $ 20,588 Self-manufactured assembly parts and finished products 34,929 24,449 Total inventories $ 53,874 $ 45,037 |
Note 4 - Fair Value of Financia
Note 4 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 4 FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value measurement guidance clarifies that fair value is an exit price, representing the amount that would be received upon selling an asset or paid upon transferring a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 3 three Level 1 Level 2 1 Level 3 The following table sets forth certain fair value information at March 31, 2024 December 31, 2023 March 31, 2024 Fair Value Carrying Value at March 31, 2024 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 55,316 $ 55,316 $ 55,316 $ — $ — Derivatives: Interest rate swap (3) 1,502 1,502 — 1,502 — Currency forward contracts (2) 593 593 — 593 — Liabilities: Current liabilities: Derivatives: Cross currency swap ( 1 ) (4,323 ) (4,323 ) — (4,323 ) — Long term liabilities: Cross currency swap ( 1 ) (10,174 ) (10,174 ) — (10,174 ) — $ 42,914 $ 42,914 $ 55,316 $ (12,402 ) $ — 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 (2) 1,406 1,406 — 1,406 — Liabilities: Current liabilities: Derivatives: Cross currency swap (1) (3,686 ) (3,686 ) — (3,686 ) — Long-term liabilities: Cross currency swap (1) (8,137 ) (8,137 ) — (8,137 ) — $ 43,461 $ 43,461 $ 53,877 $ (10,416 ) $ — 1. These amounts relate to cross currency swap contracts valued primarily based on the present value of the cross currency swap future settlement prices for U.S. Dollar (“USD”) and New Israeli Shekel (“NIS”) zero March 31, 2024 December 31, 2023, March 31, 2024 December 31, 2023. March 31, 2024, December 31, 2023, 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” or “Accounts payable and accrued expenses”, as applicable, in the condensed consolidated balance sheets on March 31, 2024 December 31, 2023, 3. This amount relates to interest rate swap contracts valued primarily based on the present value of the interest rate swap future settlement prices based on USD zero March 31, 2024. March 31, 2024. March 31, 2024. The following table presents the amounts of gain (loss) recognized in the consolidated statements of operations and comprehensive income on derivative instruments (in thousands): Amount of recognized gain (loss) Derivative instruments Location of recognized gain (loss) Three Months Ended March 31, 2024 2023 (Dollars in thousands) Derivatives not designated as hedging instruments Currency forward contracts (1) Derivative and foreign currency transaction gains (losses) $ 1,078 $ (1,656 ) Derivatives designated as cash flow hedging instruments Cross currency swap (2) Derivative and foreign currency transaction gains (losses) $ (3,236 ) $ (6,792 ) Interest rate swap (2) Interest expense, net $ 457 $ — 1. The foregoing currency forward transactions were not 2. The foregoing cross currency and interest rate swap transactions were designated as a cash flow hedge as further described above and under Note 1 There were no 1, 2 3 three March 31, 2024 2023. The following table presents the effect of derivative instruments designated as cash flow hedges on the condensed consolidated statements of operations and comprehensive income (loss) for the three March 31, 2024 2023: Three Months Ended March 31, 2024 2023 (Dollars in thousands) Cash flow hedges: Balance in Accumulated other comprehensive income (loss) beginning of period $ (318 ) $ 3,920 Gain or (loss) recognized in Other comprehensive income (loss): Cross currency swap (2,675 ) 1,389 Interest rate swap 1,523 — Amount reclassified from Other comprehensive income (loss) into earnings Cross currency swap 3,236 (6,792 ) Interest rate swap (457 ) — Balance in Accumulated other comprehensive income (loss) end of period $ 1,309 $ (1,483 ) The estimated net amount of existing gain (loss) that is reported in "Accumulated other comprehensive income (loss)" as of March 31, 2024 12 June 2031. The fair value of the Company’s long-term debt approximates its carrying amount, except for the following: Fair Value Carrying Amount (*) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (Dollars in millions) (Dollars in millions) Hapoalim 2024 Loan $ 75.9 $ — $ 75.0 $ — HSBC Bank 2024 Loan 126.5 — 125.0 — Mammoth Senior Secured Notes 137.4 — 135.1 — Mizrahi Loan 61.2 61.4 60.9 60.9 Mizrahi Loan 2023 51.8 52.0 50.0 50.0 Convertible Senior Notes 417.4 444.6 431.3 431.3 HSBC Loan 30.1 33.8 32.1 35.7 Hapoalim Loan 76.0 75.0 80.4 80.4 Hapoalim Loan 2023 93.5 99.7 90.0 95.0 Discount Loan 63.2 69.9 68.8 75.0 Finance liability - Dixie Valley 224.2 207.2 223.3 225.8 Olkaria III Loan - DFC 111.6 116.4 116.2 120.7 Olkaria III plant 4 Loan - DEG 2 22.0 21.6 22.5 22.5 Olkaria III plant 1 Loan - DEG 3 19.3 19.0 19.7 19.7 Platanares Loan - DFC 68.8 71.3 69.6 71.7 OFC 2 LLC ("OFC 2") 128.9 134.2 142.5 142.5 Don A. Campbell 1 ("DAC 1") 50.5 52.3 55.8 57.4 USG Prudential - NV 22.0 22.3 23.8 23.9 USG Prudential - ID Refinancing 51.2 54.1 57.2 58.9 USG DOE 28.2 30.0 28.7 30.2 Senior Unsecured Bonds 198.5 202.8 217.3 220.6 Senior Unsecured Loan 139.7 150.4 149.6 158.0 Other long-term debt 6.7 6.8 6.8 7.7 (*) 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 rates 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 March 31, 2024: Level 1 Level 2 Level 3 Total (Dollars in millions) Hapoalim 2024 Loan $ — $ — $ 75.9 $ 75.9 HSBC Bank 2024 Loan — — 126.5 126.5 Mammoth Senior Secured Notes — — 137.4 137.4 Mizrahi Loan — — 61.2 61.2 Mizrahi Loan 2023 — — 51.8 51.8 Convertible Senior Notes — 417.4 — 417.4 HSBC Loan — — 30.1 30.1 Hapoalim Loan — — 76.0 76.0 Hapoalim Loan 2023 — — 93.5 93.5 Discount Loan — — 63.2 63.2 Finance liability - Dixie Valley — — 224.2 224.2 Olkaria III Loan - DFC — — 111.6 111.6 Olkaria III plant 4 Loan - DEG 2 — — 22.0 22.0 Olkaria III plant 1 Loan - DEG 3 — — 19.3 19.3 Platanares Loan - DFC — — 68.8 68.8 OFC 2 Senior Secured Note — — 128.9 128.9 DAC 1 Senior Secured Note — — 50.5 50.5 USG Prudential - N — — 22.0 22.0 USG Prudential - I — — 51.2 51.2 USG DO — — 28.2 28.2 Senior Unsecured Bond — — 198.5 198.5 Senior Unsecured Loa — — 139.7 139.7 Other long-term deb — — 6.7 6.7 Deposit 20.0 — — 20.0 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 Loan - DFC — — 116.4 116.4 Olkaria IV - DEG 2 — — 21.6 21.6 Olkaria IV - 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 — — 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 |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 5 STOCK-BASED COMPENSATION In March 2024, 2018 The fair value of each RSU and PSU on the grant date was $64.9 and $64.0, respectively. The Company calculated the fair value of each RSU and PSU on the grant date using the complex lattice, tree-based option-pricing model, and the Monte Carlo simulation, based on the following assumptions: Risk-free interest rates 4.27% — 4.94% Expected life (in years) 1 — 3 Dividend yield 0.73% Expected volatility (weighted average) 28.0% — 34.0% In March 2023, 2018 The fair value of each RSU and PSU on the grant date was $79.9 and $79.6, respectively. The Company calculated the fair value of each RSU and PSU on the grant date using the complex lattice, tree-based option-pricing model based on the following assumptions: Risk-free interest rates 3.86% — 4.68% Expected life (in years) 2 — 5.75 Dividend yield 0.59% Expected volatility (weighted average) 36% — 42.20% There were no three March 31, 2024 2023. |
Note 6 - Interest Expense, Net
Note 6 - Interest Expense, Net | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Interest Expense Disclosure [Text Block] | NOTE 6 INTEREST EXPENSE, NET The components of interest expense are as follows: Three Months Ended March 31, 2024 2023 (Dollars in thousands) Interest related to sale of tax benefits $ 4,896 $ 3,342 Interest expense 29,124 24,620 Less — amount capitalized (3,052 ) (4,330 ) Total interest expense, net $ 30,968 $ 23,631 |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 7 EARNINGS PER SHARE Basic earnings per share attributable to the Company’s stockholders is computed by dividing net income or loss attributable to the Company’s stockholders by the weighted average number of shares of common stock outstanding for the period. The Company does not The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share (in thousands): Three Months Ended March 31, 2024 2023 Weighted average number of shares used in computation of basic earnings per share: 60,386 56,710 Additional shares from the assumed exercise of employee stock awards 150 394 Weighted average number of shares used in computation of diluted earnings per share 60,536 57,104 The number of stock-based awards that could potentially dilute future earnings per share and that were not three March 31, 2024 2023, As per ASU 2020 06, three March 31, 2024, not not no |
Note 8 - Business Segments
Note 8 - Business Segments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 8 BUSINESS SEGMENTS The Company has three • Under the Electricity segment, the Company builds, owns and operates geothermal, solar PV and recovered energy-based power plants ("REG") in the United States and geothermal power plants in foreign countries, and sells the electricity generated by those power plants. • Under the Product segment, the Company designs, manufactures and sells equipment for geothermal and recovered energy-based electricity generation and provide services relating to the engineering, procurement and construction ("EPC") of geothermal and recovered energy-based power plants. • Under the Energy Storage segment, the Company provides battery energy storage systems ("BESS") as a service as well as related services. Transfer prices between the operating segments are determined based on current market values or cost-plus markup of the seller’s business segment. Summarized financial information concerning the Company’s reportable segments is shown in the following tables, including the Company's disaggregated revenues from contracts with customers: Electricity Product Energy Storage Consolidated (Dollars in thousands) Three Months Ended March 31, 2024: Revenues from external customers: United States (1) $ 143,816 $ 876 $ 8,081 $ 152,773 Foreign (2) 47,437 23,956 — 71,393 Net revenue from external customers 191,253 24,832 8,081 224,166 Intersegment revenues (4) — 20,597 — — Operating income (loss) 52,681 842 (940 ) 52,583 Segment assets at period end (3) (*) 4,961,483 190,210 365,151 5,516,844 * Including unconsolidated investments 127,386 — — 127,386 Three Months Ended March 31, 2023: Revenues from external customers: United States (1) $ 122,411 $ 1,441 $ 4,880 $ 128,732 Foreign (2) 47,899 8,601 — 56,500 Net revenue from external customers 170,310 10,042 4,880 185,232 Intersegment revenues (4) — 7,772 — — Operating income (loss) 57,008 (1,505 ) (2,337 ) 53,166 Segment assets at period end (3) (*) 4,648,303 161,428 205,539 5,015,270 * Including unconsolidated investments 119,185 — — 119,185 ( 1 Electricity segment revenues in the United States are all accounted for under lease accounting except for $44.8 million in three March 31, 2024, three March 31, 2023, 606. 606, 606" three March 31, 2024, three March 31, 2023, ( 2 Electricity segment revenues in foreign countries are all accounted for under lease accounting. Product segment revenues in foreign countries are all accounted for under ASC 606. ( 3 Electricity segment assets include goodwill in the amount of $146.5 million and $85.8 million as of March 31, 2024 2023, March 31, 2024 2023, March 31, 2024 2023. ( 4 Intersegment revenues are fully eliminated in consolidation. Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table: Three Months Ended March 31, 2024 2023 (Dollars in thousands) Revenues: Total segment revenues $ 224,166 $ 185,232 Intersegment revenues 20,597 7,772 Elimination of intersegment revenues (20,597 ) (7,772 ) Total consolidated revenues $ 224,166 $ 185,232 Operating income: Operating income $ 52,583 $ 53,166 Interest income 1,839 1,851 Interest expense, net (30,968 ) (23,631 ) Derivatives and foreign currency transaction gains (losses) (1,582 ) (1,937 ) Income attributable to sale of tax benefits 17,476 12,566 Other non-operating income, net 26 60 Total consolidated income before income taxes and equity in income of investees $ 39,374 $ 42,075 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9 COMMITMENTS AND CONTINGENCIES From time to time, the Company is named as a party to 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 Other matters On March 2, 2021, Additionally, see Note 11 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 INCOME TAXES The Company’s effective tax rate provision for the three March 31, 2024 2023 On August 16, 2022, 2.75 3.30 30.0%, 50.0%. December 31, 2022. third The Organization for Economic Co-operation and Development (OECD) has a framework to implement a global minimum corporate tax of 15% 2 2 January 1, 2024, January 1, 2025. not 2 Additionally, see Note 11 |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 11 SUBSEQUENT EVENTS Cash Dividend On May 8, 2024, May 22, 2024, June 5, 2024 DEG 4 On April 4, 2024, one April 18, 2024, 4 4 December 21, 2028, June 21, 2031. Tax Investigation in Kenya On April 23, 2024, 2017 2022. no |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. OTHER INFORMATION (a) None (b) None (c) During the fiscal quarter ended September 30, 2023, none 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, they do not March 31, 2024, three March 31, 2024 2023 three March 31, 2024 2023. The financial data and other information disclosed in the notes to the condensed consolidated financial statements related to these periods are unaudited. The results for the periods presented are not These condensed unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10 December 31, 2023. December 31, 2023 December 31, 2023 not Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000. |
Business Combinations Policy [Policy Text Block] | Business combination - Enel purchase transaction On January 4, 2024, two one two two 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 ("PPA") 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, synergies and development of the greenfield assets. The Company accounted for the transaction in accordance with Accounting Standard Codification ("ASC") 805, 810, In the first 2024, 2023, may one not The following table summarizes the purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions): Trade receivables and others (1) $ 4.4 Deferred income taxes 3.1 Property, plant and equipment and construction-in-process (2) 197.7 Operating lease right of use 1.2 Other long-term assets 0.2 Intangible assets (3) 23.6 Goodwill (4) 60.7 Total assets acquired $ 290.9 Accounts payable, accrued expenses and others $ 1.5 Other current liabilities 1.8 Operating lease liabilities 1.2 Other long-term liabilities 5.0 Asset retirement obligation 6.8 Total liabilities assumed $ 16.3 Total assets acquired, and liabilities assumed, net $ 274.6 ( 1 ( 2 ( 3 ( 4 For the period from acquisition date to March 31, 2024, three March 31, 2024. The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business combination had occurred on January 1, 2023. not Pro forma for the Three Months Ended March 31, 2024 2023 (Dollars in millions) Electricity revenues $ 191.3 $ 179.8 Total revenues $ 224.2 $ 194.7 Net income attributable to the Company's stockholders $ 39.9 $ 27.7 |
Debt, Policy [Policy Text Block] | 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 SOFR 2024 not not not 2024 Interest Rate Swap Concurrently with the issuance of the HSBC Bank 2024 2024 3 2024 815, Mammoth Senior Secured Notes On March 28, 2024, four G1, G2, G3 CD4 CD4 third not November 30, 2024. July 14, 2047. CD4. There are various restrictive covenants under the Mammoth Senior Secured Notes, 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 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 and a maintenance reserve account. |
Catastrophe [Policy Text Block] | War in Israel On October 7, 2023, 26 may As of the date of these condensed consolidated financial statements, none |
Stockholders' Equity, Policy [Policy Text Block] | Equity Offering On March 14, 2023, 30 April 3, 2023. |
Oil and Gas, Capitalized Exploratory Well Cost [Policy Text Block] | Write-offs of unsuccessful exploration activities There were no three March 31, 2024 2023. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Reconciliation of cash and cash equivalents and restricted cash and cash equivalents The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as reported on the balance sheet to the total of the same amounts shown on the statement of cash flows: March 31, December 31, 2024 2023 (Dollars in thousands) Cash and cash equivalents $ 201,506 $ 195,808 Restricted cash and cash equivalents 97,455 91,962 Total Cash and cash equivalents and restricted cash and cash equivalents $ 298,961 $ 287,770 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash investments and accounts receivable. The Company places its cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At March 31, 2024 December 31, 2023, ten $250,000 March 31, 2024 December 31, 2023, At March 31, 2024 December 31, 2023, March 31, 2024 December 31, 2023, 10% 10% March 31, 2024 December 31, 2023 The Company's revenues from its primary customers as a percentage of total revenues are as follows: Three Months Ended March 31, 2024 2023 Southern California Public Power Authority (“SCPPA”) 24.7 % 26.7 % Sierra Pacific Power Company and Nevada Power Company 16.8 18.9 Kenya Power and Lighting Co. Ltd. ("KPLC") 12.2 14.5 The Company has historically been able to collect on substantially all of its receivable balances. As of March 31, 2024, $12.4 April 2024. In Honduras, as of March 31, 2024, none may |
Credit Loss, Financial Instrument [Policy Text Block] | Allowance for credit losses The Company performs an analysis of potential credit losses related to its financial instruments that are within the scope of ASU 2018 19, 325, may The following table describes the changes in the allowance for expected credit losses for the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 (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 73 — Ending balance of the allowance for expected credit losses $ 163 $ 90 |
Revenue [Policy Text Block] | Revenues from contracts with customers Contract assets related to our Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 (Dollars in thousands) Contract assets (*) $ 23,616 $ 18,367 Contract liabilities (*) $ (21,376 ) $ (18,669 ) (*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not three March 31, 2024 not On March 31, 2024, not Disaggregated revenues from contracts with customers for the three March 31, 2024 2023 8 |
Lessor, Leases [Policy Text Block] | Leases in which the Company is a lessor The table below presents lease income recognized as a lessor: Three Months Ended March 31, 2024 2023 (Dollars in thousands) Lease income relating to lease payments from operating leases $ 147,101 $ 137,621 |
Derivatives, Policy [Policy Text Block] | Derivative instruments Derivative instruments (including certain derivative instruments embedded in other contracts) are measured at their fair value and recorded as either assets or liabilities unless exempted from derivative treatment as a normal purchase and sale. Changes in the fair value of derivatives not The Company maintains a risk management strategy that may |
Transferable Production and Investment Tax Credits [Policy Text Block] | Transferable production and investment tax credits The Inflation Reduction Act (“IRA”) was signed into law in August 2022 third December 31, 2022. not third 740 three March 31, 2024, 2023 three March 31, 2024, 2023 |
Note 1 - General and Basis of_2
Note 1 - General and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Trade receivables and others (1) $ 4.4 Deferred income taxes 3.1 Property, plant and equipment and construction-in-process (2) 197.7 Operating lease right of use 1.2 Other long-term assets 0.2 Intangible assets (3) 23.6 Goodwill (4) 60.7 Total assets acquired $ 290.9 Accounts payable, accrued expenses and others $ 1.5 Other current liabilities 1.8 Operating lease liabilities 1.2 Other long-term liabilities 5.0 Asset retirement obligation 6.8 Total liabilities assumed $ 16.3 Total assets acquired, and liabilities assumed, net $ 274.6 |
Business Acquisition, Pro Forma Information [Table Text Block] | Pro forma for the Three Months Ended March 31, 2024 2023 (Dollars in millions) Electricity revenues $ 191.3 $ 179.8 Total revenues $ 224.2 $ 194.7 Net income attributable to the Company's stockholders $ 39.9 $ 27.7 |
Schedule of Cash and Cash Equivalents [Table Text Block] | March 31, December 31, 2024 2023 (Dollars in thousands) Cash and cash equivalents $ 201,506 $ 195,808 Restricted cash and cash equivalents 97,455 91,962 Total Cash and cash equivalents and restricted cash and cash equivalents $ 298,961 $ 287,770 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended March 31, 2024 2023 Southern California Public Power Authority (“SCPPA”) 24.7 % 26.7 % Sierra Pacific Power Company and Nevada Power Company 16.8 18.9 Kenya Power and Lighting Co. Ltd. ("KPLC") 12.2 14.5 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended March 31, 2024 2023 (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 73 — Ending balance of the allowance for expected credit losses $ 163 $ 90 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | March 31, December 31, 2024 2023 (Dollars in thousands) Contract assets (*) $ 23,616 $ 18,367 Contract liabilities (*) $ (21,376 ) $ (18,669 ) |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended March 31, 2024 2023 (Dollars in thousands) Lease income relating to lease payments from operating leases $ 147,101 $ 137,621 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2024 2023 (Dollars in thousands) Raw materials and purchased parts for assembly $ 18,945 $ 20,588 Self-manufactured assembly parts and finished products 34,929 24,449 Total inventories $ 53,874 $ 45,037 |
Note 4 - Fair Value of Financ_2
Note 4 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2024 Fair Value Carrying Value at March 31, 2024 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 55,316 $ 55,316 $ 55,316 $ — $ — Derivatives: Interest rate swap (3) 1,502 1,502 — 1,502 — Currency forward contracts (2) 593 593 — 593 — Liabilities: Current liabilities: Derivatives: Cross currency swap ( 1 ) (4,323 ) (4,323 ) — (4,323 ) — Long term liabilities: Cross currency swap ( 1 ) (10,174 ) (10,174 ) — (10,174 ) — $ 42,914 $ 42,914 $ 55,316 $ (12,402 ) $ — 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 (2) 1,406 1,406 — 1,406 — Liabilities: Current liabilities: Derivatives: Cross currency swap (1) (3,686 ) (3,686 ) — (3,686 ) — Long-term liabilities: Cross currency swap (1) (8,137 ) (8,137 ) — (8,137 ) — $ 43,461 $ 43,461 $ 53,877 $ (10,416 ) $ — |
Derivative Instruments, Gain (Loss) [Table Text Block] | Amount of recognized gain (loss) Derivative instruments Location of recognized gain (loss) Three Months Ended March 31, 2024 2023 (Dollars in thousands) Derivatives not designated as hedging instruments Currency forward contracts (1) Derivative and foreign currency transaction gains (losses) $ 1,078 $ (1,656 ) Derivatives designated as cash flow hedging instruments Cross currency swap (2) Derivative and foreign currency transaction gains (losses) $ (3,236 ) $ (6,792 ) Interest rate swap (2) Interest expense, net $ 457 $ — |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended March 31, 2024 2023 (Dollars in thousands) Cash flow hedges: Balance in Accumulated other comprehensive income (loss) beginning of period $ (318 ) $ 3,920 Gain or (loss) recognized in Other comprehensive income (loss): Cross currency swap (2,675 ) 1,389 Interest rate swap 1,523 — Amount reclassified from Other comprehensive income (loss) into earnings Cross currency swap 3,236 (6,792 ) Interest rate swap (457 ) — Balance in Accumulated other comprehensive income (loss) end of period $ 1,309 $ (1,483 ) |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair Value Carrying Amount (*) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (Dollars in millions) (Dollars in millions) Hapoalim 2024 Loan $ 75.9 $ — $ 75.0 $ — HSBC Bank 2024 Loan 126.5 — 125.0 — Mammoth Senior Secured Notes 137.4 — 135.1 — Mizrahi Loan 61.2 61.4 60.9 60.9 Mizrahi Loan 2023 51.8 52.0 50.0 50.0 Convertible Senior Notes 417.4 444.6 431.3 431.3 HSBC Loan 30.1 33.8 32.1 35.7 Hapoalim Loan 76.0 75.0 80.4 80.4 Hapoalim Loan 2023 93.5 99.7 90.0 95.0 Discount Loan 63.2 69.9 68.8 75.0 Finance liability - Dixie Valley 224.2 207.2 223.3 225.8 Olkaria III Loan - DFC 111.6 116.4 116.2 120.7 Olkaria III plant 4 Loan - DEG 2 22.0 21.6 22.5 22.5 Olkaria III plant 1 Loan - DEG 3 19.3 19.0 19.7 19.7 Platanares Loan - DFC 68.8 71.3 69.6 71.7 OFC 2 LLC ("OFC 2") 128.9 134.2 142.5 142.5 Don A. Campbell 1 ("DAC 1") 50.5 52.3 55.8 57.4 USG Prudential - NV 22.0 22.3 23.8 23.9 USG Prudential - ID Refinancing 51.2 54.1 57.2 58.9 USG DOE 28.2 30.0 28.7 30.2 Senior Unsecured Bonds 198.5 202.8 217.3 220.6 Senior Unsecured Loan 139.7 150.4 149.6 158.0 Other long-term debt 6.7 6.8 6.8 7.7 |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total (Dollars in millions) Hapoalim 2024 Loan $ — $ — $ 75.9 $ 75.9 HSBC Bank 2024 Loan — — 126.5 126.5 Mammoth Senior Secured Notes — — 137.4 137.4 Mizrahi Loan — — 61.2 61.2 Mizrahi Loan 2023 — — 51.8 51.8 Convertible Senior Notes — 417.4 — 417.4 HSBC Loan — — 30.1 30.1 Hapoalim Loan — — 76.0 76.0 Hapoalim Loan 2023 — — 93.5 93.5 Discount Loan — — 63.2 63.2 Finance liability - Dixie Valley — — 224.2 224.2 Olkaria III Loan - DFC — — 111.6 111.6 Olkaria III plant 4 Loan - DEG 2 — — 22.0 22.0 Olkaria III plant 1 Loan - DEG 3 — — 19.3 19.3 Platanares Loan - DFC — — 68.8 68.8 OFC 2 Senior Secured Note — — 128.9 128.9 DAC 1 Senior Secured Note — — 50.5 50.5 USG Prudential - N — — 22.0 22.0 USG Prudential - I — — 51.2 51.2 USG DO — — 28.2 28.2 Senior Unsecured Bond — — 198.5 198.5 Senior Unsecured Loa — — 139.7 139.7 Other long-term deb — — 6.7 6.7 Deposit 20.0 — — 20.0 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 Loan - DFC — — 116.4 116.4 Olkaria IV - DEG 2 — — 21.6 21.6 Olkaria IV - 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 — — 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 |
Note 5 - Stock-based Compensa_2
Note 5 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Risk-free interest rates 4.27% — 4.94% Expected life (in years) 1 — 3 Dividend yield 0.73% Expected volatility (weighted average) 28.0% — 34.0% Risk-free interest rates 3.86% — 4.68% Expected life (in years) 2 — 5.75 Dividend yield 0.59% Expected volatility (weighted average) 36% — 42.20% |
Note 6 - Interest Expense, Net
Note 6 - Interest Expense, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | Three Months Ended March 31, 2024 2023 (Dollars in thousands) Interest related to sale of tax benefits $ 4,896 $ 3,342 Interest expense 29,124 24,620 Less — amount capitalized (3,052 ) (4,330 ) Total interest expense, net $ 30,968 $ 23,631 |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended March 31, 2024 2023 Weighted average number of shares used in computation of basic earnings per share: 60,386 56,710 Additional shares from the assumed exercise of employee stock awards 150 394 Weighted average number of shares used in computation of diluted earnings per share 60,536 57,104 |
Note 8 - Business Segments (Tab
Note 8 - Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Electricity Product Energy Storage Consolidated (Dollars in thousands) Three Months Ended March 31, 2024: Revenues from external customers: United States (1) $ 143,816 $ 876 $ 8,081 $ 152,773 Foreign (2) 47,437 23,956 — 71,393 Net revenue from external customers 191,253 24,832 8,081 224,166 Intersegment revenues (4) — 20,597 — — Operating income (loss) 52,681 842 (940 ) 52,583 Segment assets at period end (3) (*) 4,961,483 190,210 365,151 5,516,844 * Including unconsolidated investments 127,386 — — 127,386 Three Months Ended March 31, 2023: Revenues from external customers: United States (1) $ 122,411 $ 1,441 $ 4,880 $ 128,732 Foreign (2) 47,899 8,601 — 56,500 Net revenue from external customers 170,310 10,042 4,880 185,232 Intersegment revenues (4) — 7,772 — — Operating income (loss) 57,008 (1,505 ) (2,337 ) 53,166 Segment assets at period end (3) (*) 4,648,303 161,428 205,539 5,015,270 * Including unconsolidated investments 119,185 — — 119,185 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2024 2023 (Dollars in thousands) Revenues: Total segment revenues $ 224,166 $ 185,232 Intersegment revenues 20,597 7,772 Elimination of intersegment revenues (20,597 ) (7,772 ) Total consolidated revenues $ 224,166 $ 185,232 Operating income: Operating income $ 52,583 $ 53,166 Interest income 1,839 1,851 Interest expense, net (30,968 ) (23,631 ) Derivatives and foreign currency transaction gains (losses) (1,582 ) (1,937 ) Income attributable to sale of tax benefits 17,476 12,566 Other non-operating income, net 26 60 Total consolidated income before income taxes and equity in income of investees $ 39,374 $ 42,075 |
Note 1 - General and Basis of_3
Note 1 - General and Basis of Presentation 1 (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Mar. 28, 2024 USD ($) | Jan. 04, 2024 USD ($) | Jan. 02, 2024 USD ($) | Mar. 14, 2023 USD ($) $ / shares shares | Apr. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) $ / shares | Mar. 31, 2024 USD ($) $ / shares | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / shares | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Proceeds from Issuance of Common Stock | $ 0 | $ 297,121 | |||||||
Energy Storage Projects and Assets, Write-off, Including Unsuccessful Exploration Activities and Storage Assets | 0 | 0 | |||||||
Cash, FDIC Insured Amount | 68,200 | $ 68,200 | $ 43,200 | ||||||
Cash, Uninsured Amount | 55,900 | 55,900 | 57,500 | ||||||
Accounts Receivable, after Allowance for Credit Loss, Current | 154,557 | 154,557 | $ 208,704 | ||||||
Income Related to Transferable Production Tax Credits | 4,400 | 1,800 | |||||||
Income Related to Transferable Investment Tax Credits | 11,500 | $ 1,600 | |||||||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Secured Overnight Financing Rate (SOFR) [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||
Kenya Power and Lighting Co LTD [Member] | |||||||||
Accounts Receivable, Past Due | 40,000 | 40,000 | |||||||
Kenya Power and Lighting Co LTD [Member] | Subsequent Event [Member] | |||||||||
Proceeds, Overdue Accounts Receivable | $ 12,400 | ||||||||
ENEE [Member] | |||||||||
Accounts Receivable, Past Due | $ 16,900 | 16,900 | |||||||
ENEE [Member] | Subsequent Event [Member] | |||||||||
Proceeds, Overdue Accounts Receivable | $ 0 | ||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member] | |||||||||
Concentration Risk, Percentage | 61% | 57% | |||||||
Total Receivables [Member] | Customer Concentration Risk [Member] | |||||||||
Financing Receivable, after Allowance for Credit Loss | $ 85,300 | 85,300 | $ 161,000 | ||||||
Non-US [Member] | |||||||||
Accounts Receivable, after Allowance for Credit Loss, Current | 98,100 | 98,100 | 152,200 | ||||||
Goldman Sachs & Co. LLC [Member] | |||||||||
Proceeds from Issuance of Common Stock | $ 341,700 | ||||||||
Public Offering [Member] | Goldman Sachs & Co. LLC [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 3,600,000 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 82.6 | ||||||||
Over-Allotment Option [Member] | Goldman Sachs & Co. LLC [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 540,000 | ||||||||
Mammoth Pacific [Member] | Project Subsidiaries [Member] | |||||||||
Subsidiary, Ownership Percentage, Parent | 100% | ||||||||
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% | ||||||||
Hapoalim 2024 Loan Agreement [Member] | Maximum [Member] | |||||||||
Debt Instrument, Covenant, Debt to Adjusted EBITDA Ratio | 6% | ||||||||
Debt Instrument, Covenant, Minimum Equity Capital, Amount | $ 750,000 | ||||||||
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent | 25% | ||||||||
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, Number of Semi-annual Payments | 7 | ||||||||
Debt Instrument, Periodic Payment Terms, Final Princiapl Payment to be Paid | $ 37,500 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||
HSBC 2024 Loan Agreement [Member] | Interest Rate Swap [Member] | |||||||||
Derivative, Basis Spread on Variable Rate | 3.90% | ||||||||
HSBC 2024 Loan Agreement [Member] | Maximum [Member] | |||||||||
Debt Instrument, Covenant, Debt to Adjusted EBITDA Ratio | 6% | ||||||||
Debt Instrument, Covenant, Minimum Equity Capital, Amount | $ 750,000 | ||||||||
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent | 25% | ||||||||
Mammoth Senior Secured Notes [Member] | Mammoth Pacific [Member] | |||||||||
Debt Instrument, Face Amount | $ 135,100 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.73% | ||||||||
Debt Instrument, Number of Semi-annual Payments | 46 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||
Debt Instrument, Floating Rate Notes to be Issued | $ 9,000 | ||||||||
Debt Instrument, Commitment Fee, Percentage | 0.50% | ||||||||
Purchase Agreement With Enel Green Power North America [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 274,600 | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||||||
Purchase Agreement With Enel Green Power North America [Member] | Electricity Segment [Member] | |||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 9,400 | ||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 3,300 | ||||||||
Purchase Agreement With Enel Green Power North America [Member] | General and Administrative Expense [Member] | |||||||||
Business Combination, Acquisition Related Costs | $ 1,300 | $ 1,100 |
Note 1 - General and Basis of_4
Note 1 - General and Basis of Presentation 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 $ in Millions | Mar. 31, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 128.7 |
Product [Member] | |
Revenue, Remaining Performance Obligation, Percentage | 100% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 24 months |
Note 1 - General and Basis of_5
Note 1 - General and Basis of Presentation - Fair Value of Amounts of Identified Assets and Liabilities Assumed in a Business Combination (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jan. 04, 2024 | Dec. 31, 2023 | |
Goodwill | $ 151,122 | $ 90,544 | ||
Purchase Agreement With Enel Green Power North America [Member] | ||||
Trade receivables and others (1) | [1] | $ 4,400 | ||
Deferred income taxes | 3,100 | |||
Property, plant and equipment and construction-in-process (2) | [2] | 197,700 | ||
Operating lease right of use | 1,200 | |||
Other long-term assets | 200 | |||
Intangible assets (3) | [3] | 23,600 | ||
Goodwill | [4] | 60,700 | ||
Total assets acquired | 290,900 | |||
Accounts payable, accrued expenses and others | 1,500 | |||
Other current liabilities | 1,800 | |||
Operating lease liabilities | 1,200 | |||
Other long-term liabilities | 5,000 | |||
Asset retirement obligation | 6,800 | |||
Total liabilities assumed | 16,300 | |||
Total assets acquired, and liabilities assumed, net | $ 274,600 | |||
[1]The gross amount of trade receivables was fully collected subsequent to acquisition date.[2]The fair value of Property, Plant and equipment was estimated by applying the income approach and utilizing the discounted cash flow method. This methodology assesses the value of tangible assets by computing the anticipated cash flows expected to be generated by the respective assets.[3]Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs. The fair value of the intangible assets was estimated by applying the income approach and utilizing the Comparative Method of discounted cash flow.[4]Goodwill is primarily related to the expected synergies, potential cost savings in operations as a result of the purchase transaction as well as potential future development of the greenfield assets. The goodwill is allocated to the Electricity segment and is deductible for tax purposes. |
Note 1 - General and Basis of_6
Note 1 - General and Basis of Presentation - Summary of Pro Forma Information Related to a Business Combination (Details) - Purchase Agreement With Enel Green Power North America [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Business Acquisition, Pro Forma Revenue | $ 224.2 | $ 194.7 |
Net income attributable to the Company's stockholders | 39.9 | 27.7 |
Electricity Segment [Member] | ||
Business Acquisition, Pro Forma Revenue | $ 191.3 | $ 179.8 |
Note 1 - General and Basis of_7
Note 1 - General and Basis of Presentation - Cash and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | $ 201,506 | $ 195,808 | ||
Restricted cash and cash equivalents | 97,455 | 91,962 | ||
Total Cash and cash equivalents and restricted cash and cash equivalents | $ 298,961 | $ 287,770 | $ 522,322 | $ 226,676 |
Note 1 - General and Basis of_8
Note 1 - General and Basis of Presentation - Customers as a Percentage of Total Revenues (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Southern California Public Power Authority [Member] | ||
Percent of revenues | 24.70% | 26.70% |
Sierra Pacific Power Company And Nevada Power Company [Member] | ||
Percent of revenues | 16.80% | 18.90% |
Kenya Power and Lighting Co LTD [Member] | ||
Percent of revenues | 12.20% | 14.50% |
Note 1 - General and Basis of_9
Note 1 - General and Basis of Presentation - Changes in the Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Beginning balance of the allowance for expected credit losses | $ 90 | |
Ending balance of the allowance for expected credit losses | 163 | |
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 | 73 | 0 |
Ending balance of the allowance for expected credit losses | $ 163 | $ 90 |
Note 1 - General and Basis o_10
Note 1 - General and Basis of Presentation - Contract Assets (Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Contract assets (*) | [1] | $ 23,616 | $ 18,367 |
Contract liabilities (*) | [1] | $ (21,376) | $ (18,669) |
[1]Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet fully recognized as product revenues during the three months ended March 31, 2023 as a result of performance obligations having not been fully satisfied yet. |
Note 1 - General and Basis o_11
Note 1 - General and Basis of Presentation - Lease Income as Lessor (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lease income relating to lease payments from operating leases | $ 147,101 | $ 137,621 |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Raw materials and purchased parts for assembly | $ 18,945 | $ 20,588 |
Self-manufactured assembly parts and finished products | 34,929 | 24,449 |
Total inventories | $ 53,874 | $ 45,037 |
Note 4 - Fair Value of Financ_3
Note 4 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cross Currency Interest Rate Contract [Member] | Prepaid Expenses and Other and Deposits and Other [Member] | ||
Derivatives, Cash Collateral Deposits | $ 10,400 | $ 10,600 |
Interest Rate Swap [Member] | Other long-term Liabilities [Member] | ||
Derivatives, Cash Collateral Deposits | $ 0 | $ 0 |
Note 4 - Fair Value of Financ_4
Note 4 - Fair Value of Financial Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Reported Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | $ 55,316 | $ 53,877 | |
Fair Value, Net Asset (Liability) | 42,914 | 43,461 | |
Reported Value Measurement [Member] | Interest Rate Swap [Member] | |||
Derivative asset, current | [1] | 1,502 | |
Reported Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative asset, current | [2] | 593 | 1,406 |
Reported Value Measurement [Member] | Cross Currency Swap [Member] | |||
Cross currency swap (1) | [3] | (4,323) | (3,686) |
Cross currency swap (1) | [3] | (10,174) | (8,137) |
Estimate of Fair Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | 55,316 | 53,877 | |
Fair Value, Net Asset (Liability) | 42,914 | 43,461 | |
Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | |||
Derivative asset, current | 1,502 | ||
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative asset, current | [2] | 593 | 1,406 |
Estimate of Fair Value Measurement [Member] | Cross Currency Swap [Member] | |||
Cross currency swap (1) | [3] | (4,323) | (3,686) |
Cross currency swap (1) | [3] | (10,174) | (8,137) |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents (including restricted cash accounts) | 55,316 | 53,877 | |
Fair Value, Net Asset (Liability) | 55,316 | 53,877 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | |||
Derivative asset, current | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Currency Forward Contracts [Member] | |||
Derivative asset, current | [2] | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Cross Currency Swap [Member] | |||
Cross currency swap (1) | [3] | 0 | 0 |
Cross currency swap (1) | [3] | 0 | 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) | (12,402) | (10,416) | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Derivative asset, current | 1,502 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Forward Contracts [Member] | |||
Derivative asset, current | [2] | 593 | 1,406 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Cross Currency Swap [Member] | |||
Cross currency swap (1) | [3] | (4,323) | (3,686) |
Cross currency swap (1) | [3] | (10,174) | (8,137) |
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 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | |||
Derivative asset, current | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Currency Forward Contracts [Member] | |||
Derivative asset, current | [2] | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Cross Currency Swap [Member] | |||
Cross currency swap (1) | [3] | 0 | 0 |
Cross currency swap (1) | [3] | $ 0 | $ 0 |
[1]This amount relates to interest rate swap contracts valued primarily based on the present value of the interest rate swap future settlement prices based on USD zero yield curve as of March 31, 2024. This amount is included within “Prepaid expenses and other”, “Deposits and other”, "Accounts payable and accrued expenses", or “Other long-term liabilities”, as applicable, in the condensed consolidated balance sheets on March 31, 2024. There are no cash collateral deposits on March 31, 2024 and December 31, 2023.[2]These amounts relate to cross currency swap contracts valued primarily based on the present value of the cross currency swap future settlement prices for U.S. Dollar (“USD”) and New Israeli Shekel (“NIS”) zero yield curves and the applicable exchange rate as of March 31, 2024 and December 31, 2023, as applicable. These amounts are included within “Prepaid expenses and other”, “Deposits and other”, "Accounts payable and accrued expenses", or “Other long-term liabilities”, as applicable, in the condensed consolidated balance sheets on March 31, 2024 and December 31, 2023. Cash collateral deposits in the amount of $10.4 million and $10.6 million as of March 31, 2024, and December 31, 2023, respectively, are presented under “Other receivables” in the condensed consolidated balance sheets.[3]These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Receivables, other” or “Accounts payable and accrued expenses”, as applicable, in the condensed consolidated balance sheets on March 31, 2024 and December 31, 2023, with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income. |
Note 4 - Fair Value of Financ_5
Note 4 - Fair Value of Financial Instruments - Amounts of Gain (Loss) Recognized in Condensed Consolidated Statements on Derivative Instruments Not Designated as Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Currency Forward Contracts [Member] | |||
Amount of gain (loss) recognized | [1] | $ 1,078 | $ (1,656) |
Cross Currency Swap [Member] | Designated as Hedging Instrument [Member] | |||
Amount of gain (loss) recognized | [2] | (3,236) | (6,792) |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Amount of gain (loss) recognized | $ 457 | $ 0 | |
[1]The foregoing currency forward and price swap transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income. The price swap transaction was related to a hedging agreement with a third party that was effective January 1, 2021 under which the Company fixed the price per MWh on a portion of RRS provided by its Rabbit Hill storage facility, as described under Note 1 to the consolidated financial statements. The price swap transaction was terminated effective April 1, 2021.[2]The foregoing cross currency swap transactions were designated as a cash flow hedge as further described under Note 1 to the consolidated financial statements. The changes in the cross currency swap fair value are initially recorded in "Other comprehensive income (loss)" and a corresponding amount is reclassified out of "Accumulated other comprehensive income (loss)" to "Derivatives and foreign currency transaction gains (losses)" to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the consolidated statements of operations and comprehensive income. |
Note 4 - Fair Value of Financ_6
Note 4 - Fair Value of Financial Instruments - Effect of Cash Flow Hedge on Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance in Accumulated other comprehensive income (loss) beginning of period | $ 2,440,987 | $ 2,020,975 |
Balance in Accumulated other comprehensive income (loss) end of period | 2,476,519 | 2,337,029 |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | ||
Balance in Accumulated other comprehensive income (loss) beginning of period | (318) | 3,920 |
Balance in Accumulated other comprehensive income (loss) end of period | 1,309 | (1,483) |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | Cross Currency Swap [Member] | ||
Gain or (loss) recognized in Other comprehensive income (loss) | (2,675) | 1,389 |
Amount reclassified from Other comprehensive income (loss) into earnings | 3,236 | (6,792) |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Gain or (loss) recognized in Other comprehensive income (loss) | 1,523 | 0 |
Amount reclassified from Other comprehensive income (loss) into earnings | $ (457) | $ 0 |
Note 4 - Fair Value of Financ_7
Note 4 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Finance liability - Dixie Valley | $ 224.2 | $ 207.2 | |
HSBC 2024 Loan Agreement [Member] | |||
Loans | 126.5 | ||
Mammoth Senior Secured Notes [Member] | |||
Loans | 137.4 | ||
Mizrahi Loan Agreement [Member] | |||
Loans | 61.2 | 61.4 | |
Mizrahi Loan Agreement 2023 [Member] | |||
Loans | 51.8 | 52 | |
Convertible Senior Notes [Member] | |||
Notes | 417.4 | 444.6 | |
HSBC Loan Agreement [Member] | |||
Loans | 30.1 | 33.8 | |
Hapoalim Loan Agreement [Member] | |||
Loans | 76 | 75 | |
Hapoalim Loan Agreement 2023 [Member] | |||
Loans | 93.5 | 99.7 | |
Discount Loan Agreement [Member] | |||
Loans | 63.2 | 69.9 | |
Olkaria III Plant 4 Loan - DEG 2 [Member] | |||
Loans | 22 | 21.6 | |
Olkaria III plant 1 Loan - DEG 3 [Member] | |||
Loans | 19.3 | 19 | |
Platanares Loan - OPIC [Member] | |||
Loans | 68.8 | 71.3 | |
OFC Senior Secured Notes [Member] | |||
Notes | 128.9 | 134.2 | |
Don A. Campbell 1 ("DAC1") [Member] | |||
Notes | 50.5 | 52.3 | |
USG Prudential - NV [Member] | |||
Notes | 22 | 22.3 | |
USG Prudential - ID [Member] | |||
Notes | 51.2 | 54.1 | |
USG DOE [Member] | |||
Notes | 28.2 | 30 | |
Senior Unsecured Bonds [Member] | |||
Senior Unsecured Bond | 198.5 | 202.8 | |
Senior Unsecured Loan [Member] | |||
Senior Unsecured Bond | 139.7 | 150.4 | |
Estimate of Fair Value Measurement [Member] | |||
Finance liability - Dixie Valley | 224.2 | 207.2 | |
Other long-term debt | 6.7 | 6.8 | |
Estimate of Fair Value Measurement [Member] | Hapoalim Loan Agreement 2024 [Member] | |||
Loans | 75.9 | 0 | |
Estimate of Fair Value Measurement [Member] | HSBC 2024 Loan Agreement [Member] | |||
Loans | 126.5 | 0 | |
Estimate of Fair Value Measurement [Member] | Mammoth Senior Secured Notes [Member] | |||
Loans | 137.4 | 0 | |
Estimate of Fair Value Measurement [Member] | Mizrahi Loan Agreement [Member] | |||
Loans | 61.2 | 61.4 | |
Estimate of Fair Value Measurement [Member] | Mizrahi Loan Agreement 2023 [Member] | |||
Loans | 51.8 | 52 | |
Estimate of Fair Value Measurement [Member] | Convertible Senior Notes [Member] | |||
Notes | 417.4 | 444.6 | |
Estimate of Fair Value Measurement [Member] | HSBC Loan Agreement [Member] | |||
Loans | 30.1 | 33.8 | |
Estimate of Fair Value Measurement [Member] | Hapoalim Loan Agreement [Member] | |||
Loans | 76 | 75 | |
Estimate of Fair Value Measurement [Member] | Hapoalim Loan Agreement 2023 [Member] | |||
Loans | 93.5 | 99.7 | |
Estimate of Fair Value Measurement [Member] | Discount Loan Agreement [Member] | |||
Loans | 63.2 | 69.9 | |
Estimate of Fair Value Measurement [Member] | Olkaria III OPIC [Member] | |||
Loans | 111.6 | 116.4 | |
Estimate of Fair Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | |||
Loans | 22 | 21.6 | |
Estimate of Fair Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | |||
Loans | 19.3 | 19 | |
Estimate of Fair Value Measurement [Member] | Platanares Loan - OPIC [Member] | |||
Loans | 68.8 | 71.3 | |
Estimate of Fair Value Measurement [Member] | OFC Senior Secured Notes [Member] | |||
Notes | 128.9 | 134.2 | |
Estimate of Fair Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member] | |||
Notes | 50.5 | 52.3 | |
Estimate of Fair Value Measurement [Member] | USG Prudential - NV [Member] | |||
Notes | 22 | 22.3 | |
Estimate of Fair Value Measurement [Member] | USG Prudential - ID [Member] | |||
Notes | 51.2 | 54.1 | |
Estimate of Fair Value Measurement [Member] | USG DOE [Member] | |||
Notes | 28.2 | 30 | |
Estimate of Fair Value Measurement [Member] | Senior Unsecured Bonds [Member] | |||
Senior Unsecured Bond | 198.5 | 202.8 | |
Estimate of Fair Value Measurement [Member] | Senior Unsecured Loan [Member] | |||
Senior Unsecured Bond | 139.7 | 150.4 | |
Reported Value Measurement [Member] | |||
Finance liability - Dixie Valley | 223.3 | 225.8 | |
Other long-term debt | [1] | 6.8 | 7.7 |
Reported Value Measurement [Member] | Hapoalim Loan Agreement 2024 [Member] | |||
Loans | [1] | 75 | 0 |
Reported Value Measurement [Member] | HSBC 2024 Loan Agreement [Member] | |||
Loans | 125 | 0 | |
Reported Value Measurement [Member] | Mammoth Senior Secured Notes [Member] | |||
Loans | 135.1 | 0 | |
Reported Value Measurement [Member] | Mizrahi Loan Agreement [Member] | |||
Loans | [1] | 60.9 | 60.9 |
Reported Value Measurement [Member] | Mizrahi Loan Agreement 2023 [Member] | |||
Loans | 50 | 50 | |
Reported Value Measurement [Member] | Convertible Senior Notes [Member] | |||
Notes | [1] | 431.3 | 431.3 |
Reported Value Measurement [Member] | HSBC Loan Agreement [Member] | |||
Loans | [1] | 32.1 | 35.7 |
Reported Value Measurement [Member] | Hapoalim Loan Agreement [Member] | |||
Loans | 80.4 | 80.4 | |
Reported Value Measurement [Member] | Hapoalim Loan Agreement 2023 [Member] | |||
Loans | 90 | 95 | |
Reported Value Measurement [Member] | Discount Loan Agreement [Member] | |||
Loans | [1] | 68.8 | 75 |
Reported Value Measurement [Member] | Olkaria III OPIC [Member] | |||
Loans | [1] | 116.2 | 120.7 |
Reported Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | |||
Loans | [1] | 22.5 | 22.5 |
Reported Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | |||
Loans | [1] | 19.7 | 19.7 |
Reported Value Measurement [Member] | Platanares Loan - OPIC [Member] | |||
Loans | [1] | 69.6 | 71.7 |
Reported Value Measurement [Member] | OFC Senior Secured Notes [Member] | |||
Notes | 142.5 | 142.5 | |
Reported Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member] | |||
Notes | 55.8 | 57.4 | |
Reported Value Measurement [Member] | USG Prudential - NV [Member] | |||
Notes | [1] | 23.8 | 23.9 |
Reported Value Measurement [Member] | USG Prudential - ID [Member] | |||
Notes | 57.2 | 58.9 | |
Reported Value Measurement [Member] | USG DOE [Member] | |||
Notes | [1] | 28.7 | 30.2 |
Reported Value Measurement [Member] | Senior Unsecured Bonds [Member] | |||
Senior Unsecured Bond | [1] | 217.3 | 220.6 |
Reported Value Measurement [Member] | Senior Unsecured Loan [Member] | |||
Senior Unsecured Bond | [1] | $ 149.6 | $ 158 |
[1]Carrying amount value excludes the related deferred financing costs. |
Note 4 - Fair Value of Financ_8
Note 4 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Finance liability - Dixie Valley | $ 224.2 | $ 207.2 |
Deposit | 20 | 20.9 |
Hapoalim 2024 Loan Agreement [Member] | ||
Loans | 75.9 | |
Mizrahi Loan Agreement [Member] | ||
Loans | 61.2 | 61.4 |
HSBC 2024 Loan Agreement [Member] | ||
Loans | 126.5 | |
Mizrahi Loan Agreement 2023 [Member] | ||
Loans | 51.8 | 52 |
Mammoth Senior Secured Notes [Member] | ||
Loans | 137.4 | |
Convertible Senior Notes [Member] | ||
Notes | 417.4 | 444.6 |
HSBC Loan Agreement [Member] | ||
Loans | 30.1 | 33.8 |
Hapoalim Loan Agreement [Member] | ||
Loans | 76 | 75 |
Hapoalim Loan Agreement 2023 [Member] | ||
Loans | 93.5 | 99.7 |
Discount Loan Agreement [Member] | ||
Loans | 63.2 | 69.9 |
Olkaria III Loan DFC [Member] | ||
Loans | 111.6 | 116.4 |
Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 22 | 21.6 |
Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 19.3 | 19 |
Platanares Loan - OPIC [Member] | ||
Loans | 68.8 | 71.3 |
OFC Senior Secured Notes [Member] | ||
Notes | 128.9 | 134.2 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 50.5 | 52.3 |
USG Prudential - NV [Member] | ||
Notes | 22 | 22.3 |
USG Prudential - ID [Member] | ||
Notes | 51.2 | 54.1 |
USG DOE [Member] | ||
Notes | 28.2 | 30 |
Senior Unsecured Bonds [Member] | ||
Senior Unsecured Bond | 198.5 | 202.8 |
Senior Unsecured Loan [Member] | ||
Senior Unsecured Bond | 139.7 | 150.4 |
Other Long-term Debt [Member] | ||
Senior Unsecured Bond | 6.7 | 6.8 |
Fair Value, Inputs, Level 1 [Member] | ||
Finance liability - Dixie Valley | 0 | 0 |
Deposit | 20 | 20.9 |
Fair Value, Inputs, Level 1 [Member] | Hapoalim 2024 Loan Agreement [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 1 [Member] | Mizrahi Loan Agreement [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | HSBC 2024 Loan Agreement [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 1 [Member] | Mizrahi Loan Agreement 2023 [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mammoth Senior Secured Notes [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] | Hapoalim Loan Agreement 2023 [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Discount Loan Agreement [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Olkaria III Loan DFC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Olkaria 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] | 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 Bond | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured Bond | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Other Long-term Debt [Member] | ||
Senior Unsecured Bond | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Finance liability - Dixie Valley | 0 | 0 |
Deposit | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Hapoalim 2024 Loan Agreement [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | Mizrahi Loan Agreement [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | HSBC 2024 Loan Agreement [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | Mizrahi Loan Agreement 2023 [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Mammoth Senior Secured Notes [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | Convertible Senior Notes [Member] | ||
Notes | 417.4 | 444.6 |
Fair Value, Inputs, Level 2 [Member] | HSBC Loan Agreement [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Hapoalim Loan Agreement [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Hapoalim Loan Agreement 2023 [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Discount Loan Agreement [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Olkaria III Loan DFC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | 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 Bond | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured Bond | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Other Long-term Debt [Member] | ||
Senior Unsecured Bond | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Finance liability - Dixie Valley | 224.2 | 207.2 |
Deposit | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Hapoalim 2024 Loan Agreement [Member] | ||
Loans | 75.9 | |
Fair Value, Inputs, Level 3 [Member] | Mizrahi Loan Agreement [Member] | ||
Loans | 61.2 | 61.4 |
Fair Value, Inputs, Level 3 [Member] | HSBC 2024 Loan Agreement [Member] | ||
Loans | 126.5 | |
Fair Value, Inputs, Level 3 [Member] | Mizrahi Loan Agreement 2023 [Member] | ||
Loans | 51.8 | 52 |
Fair Value, Inputs, Level 3 [Member] | Mammoth Senior Secured Notes [Member] | ||
Loans | 137.4 | |
Fair Value, Inputs, Level 3 [Member] | Convertible Senior Notes [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | HSBC Loan Agreement [Member] | ||
Loans | 30.1 | 33.8 |
Fair Value, Inputs, Level 3 [Member] | Hapoalim Loan Agreement [Member] | ||
Loans | 76 | 75 |
Fair Value, Inputs, Level 3 [Member] | Hapoalim Loan Agreement 2023 [Member] | ||
Loans | 93.5 | 99.7 |
Fair Value, Inputs, Level 3 [Member] | Discount Loan Agreement [Member] | ||
Loans | 63.2 | 69.9 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III Loan DFC [Member] | ||
Loans | 111.6 | 116.4 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 22 | 21.6 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 19.3 | 19 |
Fair Value, Inputs, Level 3 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 68.8 | 71.3 |
Fair Value, Inputs, Level 3 [Member] | OFC Senior Secured Notes [Member] | ||
Notes | 128.9 | 134.2 |
Fair Value, Inputs, Level 3 [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 50.5 | 52.3 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - NV [Member] | ||
Notes | 22 | 22.3 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - ID [Member] | ||
Notes | 51.2 | 54.1 |
Fair Value, Inputs, Level 3 [Member] | USG DOE [Member] | ||
Notes | 28.2 | 30 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured Bond | 198.5 | 202.8 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured Bond | 139.7 | 150.4 |
Fair Value, Inputs, Level 3 [Member] | Other Long-term Debt [Member] | ||
Senior Unsecured Bond | $ 6.7 | $ 6.8 |
Note 5 - Stock-based Compensa_3
Note 5 - Stock-based Compensation (Details Textual) - The 2018 Incentive Compensation Plan [Member] - $ / shares | 1 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 209,563 | 174,422 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 64.9 | $ 79.9 |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | 1 year |
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | 4 years |
Performance Stock Units (PSU) [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 61,197 | 35,081 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 64 | $ 79.6 |
Note 5 - Stock-based Compensa_4
Note 5 - Stock-based Compensation - Fair Value of Stock-based Award on the Date of Grant (Details) - Restricted Stock Units (RSUs), and Performance Stock Units (PSU) [Member] | 1 Months Ended | 3 Months Ended |
Mar. 31, 2024 | Mar. 31, 2023 | |
Dividend yield | 0.73% | 0.59% |
Minimum [Member] | ||
Risk-free interest rates | 4.27% | 3.86% |
Expected life (in years) (Year) | 1 year | 2 years |
Expected volatility (weighted average) | 28% | 36% |
Maximum [Member] | ||
Risk-free interest rates | 4.94% | 4.68% |
Expected life (in years) (Year) | 3 years | 5 years 9 months |
Expected volatility (weighted average) | 34% | 42.20% |
Note 6 - Interest Expense, Ne_2
Note 6 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest related to sale of tax benefits | $ 4,896 | $ 3,342 |
Interest expense | 29,124 | 24,620 |
Less — amount capitalized | (3,052) | (4,330) |
Total interest expense, net | $ 30,968 | $ 23,631 |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 196.7 | 106.3 |
Convertible Senior Notes [Member] | ||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 90.27 |
Note 7 - Earnings Per Share - S
Note 7 - Earnings Per Share - Shares Used to Calculate Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Weighted average number of shares used in computation of basic earnings per share: (in shares) | 60,386 | 56,710 |
Additional shares from the assumed exercise of employee stock awards (in shares) | 150 | 394 |
Weighted average number of shares used in computation of diluted earnings per share (in shares) | 60,536 | 57,104 |
Note 8 - Business Segments (Det
Note 8 - Business Segments (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Number of Reportable Segments | 3 | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 224,166 | $ 185,232 | |
Goodwill | 151,122 | $ 90,544 | |
Electricity Segment [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 191,253 | 170,310 | |
Goodwill | 146,500 | 85,800 | |
Electricity Segment [Member] | Accounted for Under ASC 606 [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 44,800 | 32,700 | |
Energy Storage and Management Services [Member] | |||
Goodwill | 4,600 | 4,600 | |
Energy Storage and Management Services [Member] | Accounted for Under Lease Accounting [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 700 | 0 | |
Product Segment [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 24,832 | 10,042 | |
Goodwill | $ 0 | $ 0 |
Note 8 - Business Segments - Su
Note 8 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | ||||
Revenue | $ 224,166 | $ 185,232 | ||||
Operating income (loss) | 52,583 | 53,166 | ||||
Segment assets at period end | 5,516,844 | [1],[2] | 5,015,270 | [1],[2] | $ 5,208,279 | |
Investment in unconsolidated companies | 127,386 | 119,185 | $ 125,439 | |||
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | ||||||
Revenue | [2] | 0 | 0 | |||
Electricity Segment [Member] | ||||||
Revenue | 191,253 | 170,310 | ||||
Operating income (loss) | 52,681 | 57,008 | ||||
Segment assets at period end | [1],[2] | 4,961,483 | 4,648,303 | |||
Investment in unconsolidated companies | 127,386 | 119,185 | ||||
Electricity Segment [Member] | Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | ||||||
Revenue | [2] | 0 | 0 | |||
Product Segment [Member] | ||||||
Revenue | 24,832 | 10,042 | ||||
Operating income (loss) | 842 | (1,505) | ||||
Segment assets at period end | [1],[2] | 190,210 | 161,428 | |||
Investment in unconsolidated companies | 0 | 0 | ||||
Product Segment [Member] | Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | ||||||
Revenue | [2] | 20,597 | 7,772 | |||
Energy Storage Segment [Member] | ||||||
Revenue | 8,081 | 4,880 | ||||
Operating income (loss) | (940) | (2,337) | ||||
Segment assets at period end | [1],[2] | 365,151 | 205,539 | |||
Investment in unconsolidated companies | 0 | 0 | ||||
Energy Storage Segment [Member] | Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | ||||||
Revenue | [2] | 0 | 0 | |||
UNITED STATES | ||||||
Revenue | [3] | 152,773 | 128,732 | |||
UNITED STATES | Electricity Segment [Member] | ||||||
Revenue | [3] | 143,816 | 122,411 | |||
UNITED STATES | Product Segment [Member] | ||||||
Revenue | [3] | 876 | 1,441 | |||
UNITED STATES | Energy Storage Segment [Member] | ||||||
Revenue | [3] | 8,081 | 4,880 | |||
Non-US [Member] | ||||||
Revenue | [4] | 71,393 | 56,500 | |||
Non-US [Member] | Electricity Segment [Member] | ||||||
Revenue | [4] | 47,437 | 47,899 | |||
Non-US [Member] | Product Segment [Member] | ||||||
Revenue | [4] | 23,956 | 8,601 | |||
Non-US [Member] | Energy Storage Segment [Member] | ||||||
Revenue | [4] | $ 0 | $ 0 | |||
[1]Electricity segment assets include goodwill in the amount of $146.5 million and $85.8 million as of March 31, 2024 and 2023, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 million as of March 31, 2024 and 2023, respectively. No goodwill is included in the Product segment assets as of March 31, 2024 and 2023.[2]Intersegment revenues are fully eliminated in consolidation.[3]Electricity segment revenues in the United States are all accounted for under lease accounting except for $44.8 million in three months ended March 31, 2024, and $32.7 million for the three months ended March 31, 2023, that are accounted for under ASC 606. Product and Energy Storage segment revenues in the United States are accounted for under ASC 606, Revenue from Contracts with Customers ("ASC 606"), except for Energy Storage revenues of $0.7 million for the three months ended March 31, 2024, and none for the three months ended March 31, 2023, that are accounted for under lease accounting.[4]Electricity segment revenues in foreign countries are all accounted for under lease accounting. Product segment revenues in foreign countries are all accounted for under ASC 606. |
Note 8 - Business Segments - Re
Note 8 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | $ 224,166 | $ 185,232 |
Operating income (loss) | 52,583 | 53,166 |
Interest income | 1,839 | 1,851 |
Interest expense, net | (30,968) | (23,631) |
Derivatives and foreign currency transaction gains (losses) | (1,582) | (1,937) |
Income attributable to sale of tax benefits | 17,476 | 12,566 |
Other non-operating income, net | 26 | 60 |
Total consolidated income before income taxes and equity in income of investees | 39,374 | 42,075 |
Intersegment Eliminations [Member] | ||
Revenue | 20,597 | 7,772 |
Consolidation, Eliminations [Member] | ||
Revenue | $ (20,597) | $ (7,772) |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Effective Income Tax Rate Reconciliation, Percent | 0.40% | 21.10% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||||
May 08, 2024 | Apr. 23, 2024 | Apr. 18, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Apr. 04, 2024 | |
Dividends, Common Stock | $ 7,243 | $ 6,732 | ||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.12 | |||||
Subsequent Event [Member] | ||||||
Dividends, Common Stock | $ 7,200 | |||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.12 | |||||
Dividends Payable, Date to be Paid | Jun. 05, 2024 | |||||
Subsequent Event [Member] | Kenya Revenue Authority [Member] | Foreign Tax Jurisdiction [Member] | ||||||
Income Tax Examination, Estimate of Possible Loss | $ 79,000 | |||||
Subsequent Event [Member] | Kenya Revenue Authority [Member] | Foreign Tax Jurisdiction [Member] | Minimum [Member] | ||||||
Income Tax Examination, Year under Examination | 2017 | |||||
Subsequent Event [Member] | Kenya Revenue Authority [Member] | Foreign Tax Jurisdiction [Member] | Maximum [Member] | ||||||
Income Tax Examination, Year under Examination | 2022 | |||||
Subsequent Event [Member] | DEG [Member] | ||||||
Debt Instrument, Face Amount | $ 30,000 | |||||
Proceeds from Issuance of Debt | $ 30,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.79% | |||||
Debt Instrument, Number of Semi-annual Payments | 6 |