Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 01, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-32347 | |
Entity Registrant Name | ORMAT TECHNOLOGIES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 88-0326081 | |
Entity Address, State or Province | NV | |
Entity Address, Address Line One | 6140 Plumas Street | |
Entity Address, City or Town | Reno | |
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 | |
Document Fiscal Year Focus | 2024 | |
Entity Common Stock, Shares Outstanding | 60,453,143 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | ORA | |
Security Exchange Name | NYSE | |
Entity Central Index Key | 0001296445 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 66,262 | $ 195,808 |
Restricted cash and cash equivalents (primarily related to VIEs) | 97,480 | 91,962 |
Receivables: | ||
Trade less allowance for credit losses of $200 and $90 respectively (primarily related to VIEs) | 147,328 | 208,704 |
Other | 44,568 | 44,530 |
Inventories | 44,647 | 45,037 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 29,719 | 18,367 |
Prepaid expenses and other | 86,991 | 41,595 |
Total current assets | 516,995 | 646,003 |
Investment in unconsolidated companies | 129,664 | 125,439 |
Deposits and other | 48,737 | 44,631 |
Deferred income taxes | 186,194 | 152,570 |
Property, plant and equipment, net ($3,115,955 and $2,802,920 related to VIEs, respectively) | 3,328,676 | 2,998,949 |
Construction-in-process ($292,650 and $376,602 related to VIEs, respectively) | 799,868 | 814,967 |
Operating leases right of use ($8,795 and $9,326 related to VIEs, respectively) | 26,192 | 24,057 |
Finance leases right of use (none related to VIEs) | 2,887 | 3,510 |
Intangible assets, net | 316,515 | 307,609 |
Goodwill | 151,074 | 90,544 |
Total assets | 5,506,802 | 5,208,279 |
Current liabilities: | ||
Accounts payable and accrued expenses | 183,386 | 214,518 |
Commercial paper (less deferred financing costs of $26 and $29, respectively) | 99,974 | 99,971 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 16,277 | 18,669 |
Current portion of long-term debt: | ||
Financing liability | 3,620 | 5,141 |
Operating lease liabilities | 4,041 | 3,329 |
Finance lease liabilities | 1,267 | 1,313 |
Total current liabilities | 530,732 | 537,012 |
Long-term debt, net of current portion: | ||
Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $8,739 and $7,889, respectively) | 540,995 | 447,389 |
Full recourse (less deferred financing costs of $5,002 and $3,056, respectively) | 839,253 | 698,187 |
Convertible senior notes (less deferred financing costs of $6,982 and $8,146, respectively) | 424,268 | 423,104 |
Financing liability | 219,682 | 220,619 |
Operating lease liabilities | 20,480 | 19,790 |
Finance lease liabilities | 1,684 | 2,238 |
Liability associated with sale of tax benefits | 167,188 | 184,612 |
Deferred income taxes | 78,850 | 66,748 |
Liability for unrecognized tax benefits | 7,520 | 8,673 |
Liabilities for severance pay | 10,009 | 11,844 |
Asset retirement obligation | 125,035 | 114,370 |
Other long-term liabilities | 33,858 | 22,107 |
Total liabilities | 2,999,554 | 2,756,693 |
Commitments and contingencies (Note 9) | ||
Redeemable noncontrolling interest | 9,985 | 10,599 |
Equity: | ||
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,453,143 and 60,358,887 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 61 | 60 |
Additional paid-in capital | 1,624,763 | 1,614,769 |
Treasury stock, at cost (258,667 shares held as of June 30, 2024 and December 31, 2023, respectively) | (17,964) | (17,964) |
Retained earnings | 766,137 | 719,894 |
Accumulated other comprehensive income (loss) | (1,754) | (1,332) |
Total stockholders' equity attributable to Company's stockholders | 2,371,243 | 2,315,427 |
Noncontrolling interest | 126,020 | 125,560 |
Total equity | 2,497,263 | 2,440,987 |
Total liabilities, redeemable noncontrolling interest and equity | 5,506,802 | 5,208,279 |
Senior Secured Notes | ||
Current portion of long-term debt: | ||
Limited and non-recourse (primarily related to VIEs) | 67,921 | 57,207 |
Senior Unsecured Bonds | ||
Current portion of long-term debt: | ||
Full recourse | 154,246 | 116,864 |
Revolving Credit Facility | ||
Current liabilities: | ||
Short term revolving credit lines with banks (full recourse) | $ 0 | $ 20,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Trade allowance for credit losses | $ 147,328 | $ 208,704 |
Property, plant and equipment, net | 3,328,676 | 2,998,949 |
Construction-in-process | 799,868 | 814,967 |
Operating leases right of use | 26,192 | 24,057 |
Commercial paper | 99,974 | 99,971 |
Limited and non-recourse | $ 540,995 | $ 447,389 |
Common stock, par or stated value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 60,453,143 | 60,358,887 |
Common stock, outstanding (in shares) | 60,453,143 | 60,358,887 |
Treasury stock, common (in shares) | 258,667 | 258,667 |
Senior Unsecured Bonds | ||
Debt issuance costs, noncurrent, net | $ 5,002 | $ 3,056 |
Convertible Senior Notes | ||
Debt issuance costs, noncurrent, net | 6,982 | 8,146 |
Commercial Paper | ||
Commercial paper | 26 | 29 |
Variable Interest Entity, Primary Beneficiary | ||
Property, plant and equipment, net | 3,115,955 | 2,802,920 |
Construction-in-process | 292,650 | 376,602 |
Operating leases right of use | 8,795 | 9,326 |
Variable Interest Entity, Primary Beneficiary | ||
Trade allowance for credit losses | 200 | 90 |
Limited and non-recourse | $ 8,739 | $ 7,889 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues: | ||||
Total revenues | $ 212,963 | $ 194,796 | $ 437,129 | $ 380,028 |
Cost of revenues: | ||||
Total cost of revenues | 151,577 | 145,306 | 296,933 | 254,469 |
Gross profit | 61,386 | 49,490 | 140,196 | 125,559 |
Operating expenses: | ||||
Research and development expenses | 1,730 | 2,083 | 3,294 | 3,371 |
Selling and marketing expenses | 4,167 | 5,369 | 9,293 | 9,317 |
General and administrative expenses | 18,026 | 17,814 | 37,563 | 35,481 |
Write-off of long-lived assets | 957 | 0 | 957 | 0 |
Write-off of unsuccessful exploration activities | 1,379 | 0 | 1,379 | 0 |
Operating income | 35,127 | 24,224 | 87,710 | 77,390 |
Other income (expense): | ||||
Interest income | 2,604 | 4,942 | 4,443 | 6,793 |
Interest expense, net | (33,716) | (24,393) | (64,684) | (48,024) |
Derivatives and foreign currency transaction gains (losses) | (332) | (1,272) | (1,914) | (3,209) |
Income attributable to sale of tax benefits | 15,798 | 14,979 | 33,274 | 27,545 |
Other non-operating income, net | 74 | 79 | 100 | 139 |
Income from operations before income tax and equity in earnings of investees | 19,555 | 18,559 | 58,929 | 60,634 |
Income tax (provision) benefit | 3,178 | 3,956 | 3,325 | (4,929) |
Equity in earnings of investees | 1,232 | 1,996 | 2,061 | 2,267 |
Net income | 23,965 | 24,511 | 64,315 | 57,972 |
Net income attributable to noncontrolling interest | (1,722) | (320) | (3,485) | (4,752) |
Net income attributable to the Company's stockholders | 22,243 | 24,191 | 60,830 | 53,220 |
Comprehensive income: | ||||
Net income | 23,965 | 24,511 | 64,315 | 57,972 |
Other comprehensive income (loss), net of related taxes: | ||||
Change in foreign currency translation adjustments | (266) | 393 | (2,429) | (303) |
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 | 429 | 1,404 | 939 | 390 |
Other changes in comprehensive income | (28) | 14 | 25 | 28 |
Total other comprehensive income (loss), net of related taxes: | (1,013) | 4,288 | (986) | (2,811) |
Comprehensive income | 22,952 | 28,799 | 63,329 | 55,161 |
Comprehensive income attributable to noncontrolling interest | (1,620) | (569) | (2,921) | (4,611) |
Comprehensive income attributable to the Company's stockholders | $ 21,332 | $ 28,230 | $ 60,408 | $ 50,550 |
Earnings per share attributable to the Company's stockholders: | ||||
Earnings per share, basic (US Dollar per share) | $ 0.37 | $ 0.40 | $ 1.01 | $ 0.91 |
Earnings per share, diluted (US Dollar per share) | $ 0.37 | $ 0.40 | $ 1 | $ 0.90 |
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: | ||||
Weighted average number of shares used in computation of basic earnings per share | 60,451,000 | 60,245,000 | 60,419,000 | 58,494,000 |
Weighted average number of shares used in computation of diluted earnings per share | 60,755,000 | 60,634,000 | 60,655,000 | 58,901,000 |
Cross Currency Swap | ||||
Other comprehensive income (loss), net of related taxes: | ||||
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | $ (1,189) | $ 2,477 | $ (628) | $ (2,926) |
Interest rate swap | ||||
Other comprehensive income (loss), net of related taxes: | ||||
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | 41 | 0 | 1,107 | 0 |
Electricity | ||||
Revenues: | ||||
Total revenues | 166,226 | 155,324 | 357,479 | 325,634 |
Cost of revenues: | ||||
Total cost of revenues | 110,515 | 109,424 | 227,245 | 204,182 |
Product | ||||
Revenues: | ||||
Total revenues | 37,829 | 33,458 | 62,661 | 43,500 |
Cost of revenues: | ||||
Total cost of revenues | 32,662 | 29,985 | 53,816 | 39,336 |
Energy Storage and Management Services | ||||
Revenues: | ||||
Total revenues | 8,908 | 6,014 | 16,989 | 10,894 |
Cost of revenues: | ||||
Total cost of revenues | $ 8,400 | $ 5,897 | $ 15,872 | $ 10,951 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Parent | Common Stock | Additional Paid-in Capital | Treasury Stock, Common | Retained Earnings | AOCI Attributable to Parent | Noncontrolling Interest | Cross Currency Interest Rate Contract | Cross Currency Interest Rate Contract Parent | Cross Currency Interest Rate Contract AOCI Attributable to Parent | Interest rate swap | Interest rate swap Parent | Interest rate swap AOCI Attributable to Parent | |
Balance (in shares) at Dec. 31, 2022 | 56,096 | ||||||||||||||
Balance at the start of the period at Dec. 31, 2022 | $ 2,020,975 | $ 1,867,571 | $ 56 | $ 1,259,072 | $ (17,964) | $ 623,907 | $ 2,500 | $ 153,404 | |||||||
Stock-based compensation | 2,990 | 2,990 | 2,990 | ||||||||||||
Exercise of stock-based awards by employees and directors | [1] | 27 | 27 | 27 | |||||||||||
Issuance of common stock (in shares) | 3,600 | ||||||||||||||
Issuance of common stock | 297,121 | 297,121 | $ 4 | 297,117 | |||||||||||
Cash paid to noncontrolling interest | (2,360) | (2,360) | |||||||||||||
Cash dividend declared, $0.12 per share | (6,732) | (6,732) | (6,732) | ||||||||||||
Change in noncontrolling interest | (1,157) | 1,239 | 1,239 | (2,396) | |||||||||||
Net income | 33,264 | 29,029 | 29,029 | 4,235 | |||||||||||
Other comprehensive income (loss), net of related taxes: | |||||||||||||||
Currency translation adjustments | (696) | (306) | (306) | (390) | |||||||||||
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 | (1,014) | (1,014) | (1,014) | ||||||||||||
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | (5,403) | (5,403) | (5,403) | ||||||||||||
Other | 14 | 14 | 14 | ||||||||||||
Balance (in shares) at Mar. 31, 2023 | 59,696 | ||||||||||||||
Balance at the end of the period at Mar. 31, 2023 | 2,337,029 | 2,184,536 | $ 60 | 1,560,445 | (17,964) | 646,204 | (4,209) | 152,493 | |||||||
Balance (in shares) at Dec. 31, 2022 | 56,096 | ||||||||||||||
Balance at the start of the period at Dec. 31, 2022 | 2,020,975 | 1,867,571 | $ 56 | 1,259,072 | (17,964) | 623,907 | 2,500 | 153,404 | |||||||
Other comprehensive income (loss), net of related taxes: | |||||||||||||||
Currency translation adjustments | (303) | ||||||||||||||
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 | 390 | ||||||||||||||
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | $ 0 | ||||||||||||||
Other | 28 | ||||||||||||||
Balance (in shares) at Jun. 30, 2023 | 60,236 | ||||||||||||||
Balance at the end of the period at Jun. 30, 2023 | 2,407,042 | 2,254,390 | $ 60 | 1,609,298 | (17,964) | 663,166 | (170) | 152,652 | |||||||
Balance (in shares) at Mar. 31, 2023 | 59,696 | ||||||||||||||
Balance at the start of the period at Mar. 31, 2023 | 2,337,029 | 2,184,536 | $ 60 | 1,560,445 | (17,964) | 646,204 | (4,209) | 152,493 | |||||||
Stock-based compensation | 4,311 | 4,311 | 4,311 | ||||||||||||
Issuance of common stock (in shares) | 540 | ||||||||||||||
Issuance of common stock | 44,542 | 44,542 | 44,542 | ||||||||||||
Cash paid to noncontrolling interest | (135) | (135) | |||||||||||||
Cash dividend declared, $0.12 per share | (7,229) | (7,229) | (7,229) | ||||||||||||
Net income | 24,236 | 24,191 | 24,191 | 45 | |||||||||||
Other comprehensive income (loss), net of related taxes: | |||||||||||||||
Currency translation adjustments | 393 | 144 | 144 | 249 | |||||||||||
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 | 1,404 | 1,404 | 1,404 | ||||||||||||
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | $ 2,477 | $ 2,477 | $ 2,477 | 0 | |||||||||||
Other | 14 | 14 | 14 | ||||||||||||
Balance (in shares) at Jun. 30, 2023 | 60,236 | ||||||||||||||
Balance at the end of the period at Jun. 30, 2023 | 2,407,042 | 2,254,390 | $ 60 | 1,609,298 | (17,964) | 663,166 | (170) | 152,652 | |||||||
Balance (in shares) at Dec. 31, 2023 | 60,359 | ||||||||||||||
Balance at the start of the period at Dec. 31, 2023 | 2,440,987 | 2,315,427 | $ 60 | 1,614,769 | (17,964) | 719,894 | (1,332) | 125,560 | |||||||
Stock-based compensation | 4,769 | 4,769 | 4,769 | ||||||||||||
Exercise of stock-based awards by employees and directors (in shares) | [1] | 63 | |||||||||||||
Exercise of stock-based awards by employees and directors | [1] | 55 | 55 | 55 | |||||||||||
Cash paid to noncontrolling interest | (2,587) | (2,587) | |||||||||||||
Cash dividend declared, $0.12 per share | (7,243) | (7,243) | (7,243) | ||||||||||||
Net income | 40,511 | 38,587 | 38,587 | 1,924 | |||||||||||
Other comprehensive income (loss), net of related taxes: | |||||||||||||||
Currency translation adjustments | (2,163) | (1,701) | (1,701) | (462) | |||||||||||
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 | 510 | 510 | ||||||||||||
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | 561 | 561 | 561 | 1,066 | $ 1,066 | $ 1,066 | |||||||||
Other | 53 | 53 | 53 | ||||||||||||
Balance (in shares) at Mar. 31, 2024 | 60,422 | ||||||||||||||
Balance at the end of the period at Mar. 31, 2024 | 2,476,519 | 2,352,084 | $ 60 | 1,619,593 | (17,964) | 751,238 | (843) | 124,435 | |||||||
Balance (in shares) at Dec. 31, 2023 | 60,359 | ||||||||||||||
Balance at the start of the period at Dec. 31, 2023 | 2,440,987 | 2,315,427 | $ 60 | 1,614,769 | (17,964) | 719,894 | (1,332) | 125,560 | |||||||
Other comprehensive income (loss), net of related taxes: | |||||||||||||||
Currency translation adjustments | (2,429) | ||||||||||||||
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 | 939 | ||||||||||||||
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | 1,107 | ||||||||||||||
Other | 25 | ||||||||||||||
Balance (in shares) at Jun. 30, 2024 | 60,453 | ||||||||||||||
Balance at the end of the period at Jun. 30, 2024 | 2,497,263 | 2,371,243 | $ 61 | 1,624,763 | (17,964) | 766,137 | (1,754) | 126,020 | |||||||
Balance (in shares) at Mar. 31, 2024 | 60,422 | ||||||||||||||
Balance at the start of the period at Mar. 31, 2024 | 2,476,519 | 2,352,084 | $ 60 | 1,619,593 | (17,964) | 751,238 | (843) | 124,435 | |||||||
Stock-based compensation | 5,077 | 5,077 | 5,077 | ||||||||||||
Exercise of stock-based awards by employees and directors (in shares) | [1] | 31 | |||||||||||||
Exercise of stock-based awards by employees and directors | [1] | 94 | 94 | $ 1 | 93 | ||||||||||
Cash paid to noncontrolling interest | (90) | (90) | |||||||||||||
Cash dividend declared, $0.12 per share | (7,344) | (7,344) | (7,344) | ||||||||||||
Net income | 24,020 | 22,243 | 22,243 | 1,777 | |||||||||||
Other comprehensive income (loss), net of related taxes: | |||||||||||||||
Currency translation adjustments | (266) | (164) | (164) | (102) | |||||||||||
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 | 429 | 429 | 429 | ||||||||||||
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | $ (1,189) | $ (1,189) | $ (1,189) | $ 41 | $ 41 | $ 41 | |||||||||
Other | (28) | (28) | (28) | ||||||||||||
Balance (in shares) at Jun. 30, 2024 | 60,453 | ||||||||||||||
Balance at the end of the period at Jun. 30, 2024 | $ 2,497,263 | $ 2,371,243 | $ 61 | $ 1,624,763 | $ (17,964) | $ 766,137 | $ (1,754) | $ 126,020 | |||||||
[1]Resulted in an amount lower than $1,000. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (Parentheticals) - $ / shares | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flow - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 64,315 | $ 57,972 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 126,152 | 107,417 |
Accretion of asset retirement obligation | 3,895 | 3,083 |
Stock-based compensation | 9,845 | 7,301 |
Income attributable to sale of tax benefits, net of interest expense | (16,519) | (16,432) |
Equity in earnings of investees | (2,061) | (2,267) |
Mark-to-market of derivative instruments | 1,279 | 591 |
Disposal of property, plant and equipment | 38 | 23 |
Write-off of unsuccessful exploration activities | 1,379 | 0 |
Write-off of long-lived assets | 957 | 0 |
Loss (gain) on severance pay fund asset | (43) | 296 |
Loss on foreign currency exchange rates | 963 | 0 |
Deferred income tax provision | (18,266) | (13,933) |
Liability for unrecognized tax benefits | (1,153) | 125 |
Changes in operating assets and liabilities, net of businesses acquired: | ||
Receivables | 53,147 | (29,603) |
Costs and estimated earnings in excess of billings on uncompleted contracts | (11,352) | (5,381) |
Long-term costs and estimated earnings in excess of billings on uncompleted contracts | (5,370) | 0 |
Inventories | 390 | (15,068) |
Prepaid expenses and other | (14,004) | (4,271) |
Change in operating lease right of use asset | 1,912 | 1,440 |
Deposits and other | 287 | (5,156) |
Accounts payable and accrued expenses | (42,765) | 25,020 |
Billings in excess of costs and estimated earnings on uncompleted contracts | (2,392) | 9,866 |
Liabilities for severance pay | (1,835) | (750) |
Change in operating lease liabilities | (2,677) | (922) |
Other long-term liabilities | (218) | 11,154 |
Net cash provided by operating activities | 145,904 | 130,505 |
Cash flows from investing activities: | ||
Capital expenditures | (250,225) | (266,713) |
Investment in unconsolidated companies | (1,225) | (8,101) |
Cash paid for business acquisition, net of cash acquired | (274,632) | 0 |
Decrease (increase) in severance pay fund asset, net of payments made to retired employees | 1,120 | (128) |
Net cash used in investing activities | (524,962) | (274,942) |
Cash flows from financing activities: | ||
Proceeds from long-term loans, net of transaction costs | 392,791 | 99,850 |
Proceeds from exercise of options by employees | 149 | 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 | (108,644) | (115,182) |
Proceeds from issuance of common stock, net of related costs | 0 | 341,663 |
Cash paid to noncontrolling interest | (4,007) | (3,584) |
Payments under finance lease obligations | (687) | (955) |
Deferred debt issuance costs | (2,073) | (2,112) |
Cash dividends paid | (14,587) | (13,961) |
Net cash provided by financing activities | 255,193 | 313,087 |
Effect of exchange rate changes | (163) | 56 |
Net change in cash and cash equivalents and restricted cash and cash equivalents | (124,028) | 168,706 |
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 | 163,742 | 395,382 |
Supplemental non-cash investing and financing activities: | ||
Change in accounts payable related to purchases of property, plant and equipment | (22,265) | (15,253) |
Right of use assets obtained in exchange for new lease liabilities | $ 3,548 | $ 3,196 |
GENERAL AND BASIS OF PRESENTATI
GENERAL AND BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL AND BASIS OF PRESENTATION | 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 contain all information and notes required by U.S. GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated financial position, the condensed consolidated statements of operations and comprehensive income, the condensed consolidated statements of cash flows and the condensed consolidated statements of equity for periods presented. 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 necessarily indicative of the results to be expected for the year. 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-K for the year ended December 31, 2023. The condensed consolidated balance sheet data as of December 31, 2023 was derived from the Company’s audited consolidated financial statements for the year ended December 31, 2023 but does not include all disclosures required by U.S. GAAP. 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, the Company closed a purchase transaction with Enel Green Power North America ("EGPNA"), a subsidiary of Enel SpA (ENEL.MI) to acquire a portfolio of assets which includes two contracted geothermal power plants, one triple hybrid power plant which consists of geothermal, solar PV, and solar thermal units, two stand-alone solar power plants, and two greenfield development assets, for a total cash consideration of $274.6 million (including customary post-closing working capital adjustment to the purchase price, based on the levels of net working capital of the acquired companies) for 100% of the equity interests in the entities holding those assets. 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 (“PPA”) with Salt River Project, and the Salt Wells power plant located in Churchill County, Nevada, which sells electricity under a long-term 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 PPA. The solar assets of Stillwater Solar PV II in Churchill County, Nevada, and Woods Hill in Windham County, Connecticut, sell their electricity under PPAs, 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, Business Combinations, and following the transaction, the Company consolidates the power plants and all other assets included in the transaction in accordance with ASC 810, Consolidation. In the first quarter of 2024, and during annual 2023, the Company incurred $1.3 million, and $1.1 million of acquisition-related costs, respectively. Such costs are included under "General and administrative expenses" in the consolidated statements of operations and comprehensive income for the respective periods. There were no such costs in the second quarter of 2024. Accounting guidance provides that the allocation of the purchase price may be adjusted for up to one year from the date of the acquisition to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. The primary area of the purchase price allocation that is not yet finalized is related to intangible assets, property, plant & equipment and certain tax matters and the related impact on goodwill. 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) 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 With and Without method. (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. For the three months ended June 30, 2024, the acquired portfolio of assets contributed $8.6 million to the Company's Electricity revenues, and $2.6 million to the Company's earnings which were included in the Company’s condensed consolidated statements of operations and comprehensive income for that period. For the period from acquisition date to June 30, 2024, the acquired portfolio of assets contributed $18.0 million to the Company's Electricity revenues, and $5.9 million to the Company's earnings which were included in the Company’s condensed consolidated statements of operations and comprehensive income for that period. The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business combination had occurred on January 1, 2023. The pro forma results below include the impact of certain adjustments related to the depreciation of property, plant and equipment, amortization of intangible assets, transaction-related costs, and the related income tax effects. This pro forma presentation does not include any impact from transaction synergies or any other material, nonrecurring adjustments directly attributable to the business combination. Pro forma for the Three Months Ended June 30, Pro forma for the Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in millions) (Dollars in millions) Electricity revenues $ 166.2 $ 163.7 $ 357.5 $ 343.6 Total revenues $ 213.0 $ 203.2 $ 437.1 $ 398.0 Net income attributable to the Company's stockholders $ 22.2 $ 22.4 $ 60.8 $ 50.1 Hapoalim 2024 Loan Concurrently with the purchase transaction with EGPNA, on January 2, 2024, the Company entered into a definitive loan agreement (the "BHI Loan Agreement 2024") with Hapoalim Bank. The BHI Loan Agreement 2024 provides for a loan by Hapoalim Bank to the Company in an aggregate principal amount of $75 million (the “Hapoalim 2024 Loan”). The outstanding principal amount of the Hapoalim 2024 Loan will be repaid in 32 quarterly payments of $2.3 million each, commencing on April 1, 2024. The duration of the Hapoalim 2024 Loan is 8 years and it bears interest of 6.6%, payable every three months. The BHI Loan Agreement 2024 includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%. The BHI Loan Agreement includes other customary affirmative and negative covenants, including nonpayment and noncompliance events of default. HSBC Bank 2024 Loan Concurrently with the purchase transaction with EGPNA, on January 2, 2024, the Company entered into a definitive loan agreement (the "HSBC Loan Agreement 2024") with HSBC Bank. The HSBC Loan Agreement 2024 provides for a loan by HSBC Bank to the Company in an aggregate principal amount of $125 million (the “HSBC Bank 2024 Loan”). The outstanding principal amount of the HSBC Bank 2024 Loan will be repaid in 7 semi-annual payments of $12.5 million each, commencing on July 1, 2024, and an additional final principal payment on January 1, 2028 of $37.5 million. The duration of the HSBC Bank 2024 Loan is 4 years and it bears interest of 3-month Secured Overnight Financing Rate ("SOFR") plus 2.25%, payable quarterly. The HSBC Loan Agreement 2024 includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%. The HSBC Loan Agreement 2024 includes other customary affirmative and negative covenants, including nonpayment and noncompliance events of default. Interest Rate Swap Concurrently with the issuance of the HSBC Bank 2024 Loan, the Company entered into a long-term interest rate swap ("IR Swap") transaction with the objective of hedging the variable interest rate fluctuations related to the HSBC Bank 2024 Loan at a fixed 3-month SOFR of 3.9%. The terms of the IR Swap match those of the HSBC Bank 2024 Loan, including the notional amount of the principal and interest payment dates. The Company designated the IR Swap as a cash flow hedge as per ASC 815, Derivatives and Hedging, and accordingly measures the IR Swap instrument at fair value. The changes in the IR Swap fair value are initially recorded in Other Comprehensive Income (Loss) and reclassified to Interest expense, net in the same period or periods during which the hedged transaction affects earnings. The hedged transaction and the IR Swap effect in earnings are presented in the same line item in the consolidated statements of operations and comprehensive income. Mammoth Senior Secured Notes On March 28, 2024, Mammoth Pacific, LLC (the “Issuer”), a wholly-owned indirect subsidiary of the Company, entered into a note purchase agreement with the Prudential Insurance Company of America, pursuant to which the Issuer issued approximately $135.1 million principal amount of senior secured notes (the “Mammoth Senior Secured Notes”). The note purchase agreement also includes an approximately $9 million tranche of floating rate notes to be issued in the event of a shortfall in debt service with respect to the Mammoth Senior Secured Notes. The Issuer shall pay a commitment fee on the revolving note tranche at a rate of 0.5% per annum. If drawn, the revolving notes shall bear interest at a rate equal to Term SOFR plus 1.25%. The Mammoth Senior Secured Notes are secured by the equity interests in the Issuer, and by the Issuer’s 100% ownership interests in its project subsidiaries including four geothermal power plants known as the Mammoth G1, G2, G3 and Casa Diablo 4 (“CD4”) projects. The remaining classes of ownership interests in CD4 are owned by an unrelated third party and are not part of the collateral security package for the Mammoth Senior Secured Notes. The Mammoth Senior Secured Notes will be repaid in 46 semi-annual payments, commencing on November 30, 2024. The Mammoth Senior Secured Notes bear interest at a fixed rate of 6.73% per annum and have a final maturity date of July 14, 2047. The Company has provided a limited guarantee with respect to certain obligations of the Issuer as a member of 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. DEG 4 Loan On April 4, 2024, the Company, through one of the its wholly owned subsidiaries, entered into a new $30 million subordinated loan agreement with Deutsche Investitions-und Entwicklungsgesellschaft mbH ("DEG") and on April 18, 2024, it completed a drawdown of the full loan amount of $30 million (the “DEG 4 Loan”). The DEG 4 Loan bears a fixed interest rate of 7.9% and will be repaid in 6 equal semi-annual principal installments commencing on December 21, 2028, with a final maturity date of June 21, 2031. Discount 2024 Loan On May 22, 2024, the Company entered into a definitive loan agreement (the "Discount 2024 Loan Agreement") with Israel Discount Bank Ltd. (“Discount Bank”). The Discount Loan Agreement provides for a loan by Discount Bank to the Company in an aggregate principal amount of $31.8 million (the “Discount 2024 Loan”). The outstanding principal amount of the Discount 2024 Loan will be repaid in 32 quarterly payments of $1 million each, commencing on August 22, 2024. The duration of the Discount 2024 Loan is 8 years and it bears an annual interest of 6.75%. The Discount 2024 Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6, (ii) a minimum equity capital amount of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%. The Discount 2024 Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default. The Dominica Project In December 2023, the Company entered into agreements with the Commonwealth of Dominica to build and operate a 10 MW binary geothermal power plant in the Caribbean country of Dominica. Under these agreements, the Company will construct the power plant, operate, and sell its generated energy to Dominica Electricity Services Limited (presently the only electricity utility in the Commonwealth of Dominica) over a period of 25 years at the end of which ownership of the power plant will be transferred to the Government of the Commonwealth of Dominica. The Company accounted for this transaction under the guidance of ASC 853, Service Concession Arrangements (“ASC 853”), which directs a reporting entity to apply ASC 606, Revenue from Contracts with Customers (“ASC 606”). Under the aforementioned accounting guidance, the Company identified the construction and the operation of the power plant as two distinct performance obligations, and accordingly allocated the total transaction price to these separate performance obligations in the arrangement, based on their estimated stand-alone selling price. The Company concluded that the performance obligations are satisfied over time. Additionally, starting the second quarter of 2024, in conjunction with the power plant start of construction, the Company started recognizing revenues relating to the construction performance obligation based on an input method using costs incurred to total costs expected in the project. War in Israel On October 7, 2023, Hamas terrorists and members of other terrorist organizations infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets, including widespread killings and kidnappings. They also launched extensive rocket attacks on the Israeli civilian population. Shortly following the attack, Israel declared war against Hamas. The majority of the Company's senior management and its main Product segment production and manufacturing facilities are located in Israel approximately 26 miles from the border with the Gaza Strip. More recently, the Houthi movement, which controls parts of Yemen, launched a number of attacks on marine vessels in the Red Sea. The Red Sea is an important maritime route for international trade. Additionally, since the beginning of the war, Hezbollah and other Iranian proxy forces have exchanged fire with Israel around Israel’s borders, and Iran and Israel have been engaged in a conflict involving direct attacks on each other’s soil for the first time in history. Iran and these other proxy forces have threatened to escalate the fighting throughout Israel, including targeting major infrastructure facilities. These disruptions have resulted, and may continue to result in, delayed deliveries of several key components used in the manufacturing of the Company's products and could impact its ability to timely deliver products to its customers under the Product Segment. In addition, they may slow the Company’s ability to execute its Electricity segment growth plans. This has also resulted in an increase in insurance premium costs for shipments into and out of the sea port. As of the date of these condensed consolidated financial statements, none of the Company's facilities or infrastructure have been damaged nor have its supply chains been significantly impacted since the war broke out. However, a prolonged war could result in further military reserve duty call-ups as well as irregularities to the Company's supply chain and to its ability to ship its products from Israel, which could disrupt the operations of the Company's Product segment and potentially delay some of its growth plans in the Electricity segment. Management continuously monitors the effect of the war on the Company's financial position and results of operations. Equity Offering On March 14, 2023, the Company entered into an underwriting agreement with Goldman Sachs & Co. LLC, as the sole underwriter (the “Underwriter”), in connection with a public offering, pursuant to which the Company agreed to issue and sell 3,600,000 shares of common stock, par value $0.001 per share, and the Underwriter agreed to purchase these shares at a price of $82.60 per share. In addition, the Company granted the Underwriter a 30-day option to purchase up to an additional 540,000 shares of common stock at the same price per share, which was fully exercised by the Underwriter on April 3, 2023. The total net proceeds from the offering, including the option, were approximately $341.7 million, after deducting offering expenses. Write-off of long-lived assets The write-off of long-lived assets for the three and six months ended June 30, 2024 of $1.0 million is related to the termination of the waste heat agreement between the Company's wholly-owned subsidiary, OREG 4, and Highline Electric Association, Inc., effective May 2024. Write-offs of unsuccessful exploration activities The write-off of unsuccessful exploration activities for the three and six months ended June 30, 2024 of $1.4 million is related to exploration activities that the Company decided to no longer pursue. 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: June 30, December 31, 2024 2023 (Dollars in thousands) Cash and cash equivalents $ 66,262 $ 195,808 Restricted cash and cash equivalents 97,480 91,962 Total Cash and cash equivalents and Restricted cash and cash equivalents $ 163,742 $ 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. Cash investments: The Company places its cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At June 30, 2024 and December 31, 2023, the Company had deposits totaling $20.3 million and $43.2 million, respectively, in ten U.S. financial institutions that were federally insured up to $250,000 per account. At June 30, 2024 and December 31, 2023, the Company’s deposits in foreign countries amounted to approximately $55.6 million and $57.5 million, respectively. Account receivables: At June 30, 2024 and December 31, 2023, accounts receivable related to operations in foreign countries amounted to approximately $99.8 million, and $152.2 million, respectively. At June 30, 2024 and December 31, 2023, accounts receivable from the Company’s primary customers, which each accounted for revenues in excess of 10% of total consolidated revenues for the related period, amounted to approximately 57% and 57% of the Company’s trade receivables, respectively. The aggregate amount of notes receivable exceeding 10% of total receivables as of June 30, 2024 and December 31, 2023 is $100.3 million, and $161.0 million, respectively. The Company's revenues from its primary customers as a percentage of total revenues are as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Southern California Public Power Authority (“SCPPA”) 19.7 % 21.0 % 22.3 % 23.8 % Sierra Pacific Power Company and Nevada Power Company 14.7 15.9 15.8 17.9 Kenya Power and Lighting Co. Ltd. ("KPLC") 13.1 14.4 12.7 14.4 The Company has historically been able to collect on substantially all of its receivable balances. As of June 30, 2024, the amount overdue from KPLC in Kenya was $36.9 million of which $16.4 million was paid in July and August 2024. The Company believes it will be able to collect all past due amounts from KPLC. This belief is supported by the fact that in addition to KPLC's obligations under its power purchase agreement, the Company holds a support letter from the Government of Kenya that covers certain cases of KPLC non-payment (such as non-payments that are caused by government actions and/or political events). In Honduras, as of June 30, 2024, the total amount overdue from Empresa Nacional de Energía Eléctrica ("ENEE") was $19.9 million of which $0.4 million was paid in July 2024. In addition, due to the financial situation in Honduras, the Company may experience further delays in collection. The Company believes it will be able to collect all past due amounts from ENEE. 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, Codification Improvements to Topic 325, Financial Instruments – Credit Losses, primarily cash and cash equivalents, restricted cash and cash equivalents, investment in marketable securities, receivables (excluding those accounted for under lease accounting) and costs and estimated earnings in excess of billings on uncompleted contracts, based on classes of financing receivables which share the same or similar risk characteristics such as customer type and geographic location, among others. The Company estimates the expected credit losses for each class of financing receivables by applying the related corporate default rate which corresponds to the credit rating of the specific customer or class of financing receivables. For trade receivables, the Company applied this methodology using aging schedules reflecting how long the receivables have been outstanding. The Company has also considered the existence of credit enhancement arrangements that may mitigate the credit risk of its financial receivables in estimating the applicable corporate default rate. The following table describes the changes in the allowance for expected credit losses for the three and six months ended June 30, 2024 and 2023 (all related to trade receivables): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 163 $ 90 $ 90 $ 90 Change in the provision for expected credit losses for the period 37 — 110 — Ending balance of the allowance for expected credit losses $ 200 $ 90 $ 200 $ 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 June 30, 2024 and December 31, 2023 are as follows: June 30, December 31, 2024 2023 (Dollars in thousands) Contract assets (*) $ 29,719 $ 18,367 Contract liabilities (*) $ (16,277) $ (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 yet fully recognized as product revenues during the six months ended June 30, 2024 as a result of performance obligations having not been fully satisfied yet as of June 30, 2024. Additionally, as of June 30, 2024, long-term costs and estimated earnings in excess of billings on uncompleted contracts related to the Dominica project in the amount of $5.4 million is included under “Deposits and other” in the condensed consolidated financial statements due its long-term nature. On June 30, 2024, the Company had approximately $164.5 million of remaining performance obligations not yet satisfied or partly satisfied related to our Product segment. The Company expects to recognize approximately 100% of this amount as Product revenues during the next 24 months. Disaggregated revenues from contracts with customers for the three and six months ended June 30, 2024, and 2023 are disclosed under Note 8 - Business Segments, to the condensed consolidated financial statements. Leases in which the Company is a lessor The table below presents lease income recognized as a lessor: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) (Dollars in thousands) Lease income relating to lease payments from operating leases $ 129,420 $ 125,140 $ 276,521 $ 262,761 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 normal purchase and sale transactions. Changes in the fair value of derivatives not designated as hedging instruments are recognized in earnings. Changes in the fair value of derivatives designated as cash flow hedging instruments are initially recorded in "Other comprehensive income (loss)", and a corresponding amount is reclassified out of "Accumulated other comprehensive income (loss)" to earnings to offset the remeasurement of the underlying hedge transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income. The Company maintains a risk management strategy that may incorporate the use of swap contracts, put options, forward exchange contracts, interest rate swaps, and cross-currency swaps to minimize significant fluctuation in cash flows and/or earnings that are caused by oil and natural gas prices, exchange rate or interest rate volatility. Transferable production and investment tax credits |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTS New accounting pronouncements effective in future periods Improvements to Reportable Segments Disclosures In November 2023, the FASB issued ASU 2023-07 “Segment Reporting–Improvements to Reportable Segments Disclosures (Topic 280)” to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU (1) require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss; (2) require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition; (3) require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods; (4) clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures; and (5) require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure or measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all periods presented. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of these amendments on its consolidated financial statements. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740)–Improvements to Income Tax Disclosures” to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. The amendments in this ASU require that public entities, on an annual basis, disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This ASU also requires that all entities disclose, on an annual basis, (1) the amount of income taxes paid disaggregated by federal, state, and foreign taxes, (2) the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid, (3) income or loss from continuing operations before income tax expense or benefit disaggregated between domestic and foreign, and (4) income tax expense or benefit from continuing operations disaggregated by federal, state, and foreign. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis with the option to apply retrospectively. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of the adoption of these amendments on its consolidated financial statements. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consist of the following: June 30, December 31, 2024 2023 (Dollars in thousands) Raw materials and purchased parts for assembly $ 23,279 $ 20,588 Self-manufactured assembly parts and finished products 21,368 24,449 Total inventories $ 44,647 $ 45,037 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 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 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under the fair value measurement guidance are described below: Level 1 — unadjusted observable inputs that reflect quoted prices for identical assets or liabilities in active markets; Level 2 — inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly; Level 3 — unobservable inputs. The following table sets forth certain fair value information at June 30, 2024 and December 31, 2023 for financial assets and liabilities measured at fair value by level within the fair value hierarchy, as well as cost or amortized cost. As required by the fair value measurement guidance, assets and liabilities are classified in their entirety based on the lowest level of inputs that is significant to the fair value measurement. June 30, 2024 Fair Value Carrying Value at June 30, 2024 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (primarily restricted cash accounts) $ 52,067 $ 52,067 $ 52,067 $ — $ — Interest rate swap (3) 1,380 1,380 — 1,380 — Currency forward contracts (2) 127 127 — 127 — Long-term Assets: Interest rate swap (3) 161 161 — 161 — Liabilities: Current liabilities: Cross currency swap (1) (4,466) (4,466) — (4,466) — Long term liabilities: Cross currency swap (1) (13,346) (13,346) — (13,346) — $ 35,923 $ 35,923 $ 52,067 $ (16,144) $ — 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 (primarily restricted cash accounts) $ 53,877 $ 53,877 $ 53,877 $ — $ — Currency forward contracts (2) 1,406 1,406 — 1,406 — Liabilities: Current liabilities: 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 yield curves and the applicable exchange rate as of June 30, 2024 and December 31, 2023, as applicable. These amounts are included within “Accounts payable and accrued expenses” or “Other long-term liabilities”, as applicable, in the condensed consolidated balance sheets on June 30, 2024 and December 31, 2023. Cash collateral deposits in the amount of $16.7 million and $10.6 million as of June 30, 2024, and December 31, 2023, respectively, are presented under “Other receivables” in the condensed consolidated balance sheets. 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 June 30, 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. 3. This amount relates to interest rate swap contracts valued primarily based on the present value of the interest rate swap settlement prices and the future 3-month SOFR prices based on USD zero yield curve as of June 30, 2024. This amount is included within “Accounts payable and accrued expenses” in the condensed consolidated balance sheets on June 30, 2024. The following table presents the amounts of gain (loss) recognized in the condensed consolidated statements of operations and comprehensive income on derivative instruments (in thousands): Amount of recognized gain (loss) Amount of recognized gain (loss) Derivative instruments Location of recognized gain (loss) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) (Dollars in thousands) Derivatives not designated as hedging instruments Currency forward contracts (1) Derivative and foreign currency transaction gains (losses) $ (185) $ (1,071) $ (513) $ (2,727) Derivatives designated as cash flow hedging instruments Cross currency swap (2) Derivative and foreign currency transaction gains (losses) $ (2,127) $ (3,761) $ (5,363) $ (10,553) Interest rate swap (2) Interest expense, net $ 433 $ — $ 890 $ — 1. The foregoing currency forward transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income. 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 to the condensed consolidated financial statements. The changes in the cross currency swap fair value are initially recorded in “Other comprehensive income (loss)” and a corresponding amount is reclassified out of “Accumulated other comprehensive income (loss)”to “Derivatives and foreign currency transaction gains (losses)” to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income. The changes in the interest rate 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 “Interest expenses, net” to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income. There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during the three and six months ended June 30, 2024 and 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 and six months ended June 30, 2024, and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) (Dollars in thousands) Cash flow hedges: Balance in Accumulated other comprehensive income (loss) beginning of period $ 1,309 $ (1,483) $ (318) $ 3,920 Gain or (loss) recognized in Other comprehensive income (loss): Cross currency swap (3,315) 6,238 (5,990) 7,627 Interest rate swap 474 — 1,997 — Amount reclassified from Other comprehensive income (loss) into earnings Cross currency swap 2,127 (3,761) 5,363 (10,553) Interest rate swap (433) — (890) — Balance in Accumulated other comprehensive income (loss) end of period $ 162 $ 994 $ 162 $ 994 The estimated net amount of existing gain (loss) that is reported in "Accumulated other comprehensive income (loss)" as of June 30, 2024 that is expected to be reclassified into earnings within the next 12 months is immaterial. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flow is from the transaction commencement date through June 2031. The fair value of the Company’s long-term debt approximates its carrying amount, except for the following: Fair Value Carrying Amount (*) June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 (Dollars in millions) (Dollars in millions) Hapoalim 2024 Loan $ 73.2 $ — $ 72.7 $ — HSBC Bank 2024 Loan 127.5 — 125.0 — Mammoth Senior Secured Notes 150.7 — 135.1 — Discount 2024 Loan 32.5 — 31.8 — Mizrahi Loan 56.2 61.4 56.3 60.9 Mizrahi Loan 2023 48.4 52.0 46.9 50.0 Convertible Senior Notes 428.2 444.6 431.3 431.3 HSBC Loan 30.5 33.8 32.1 35.7 Hapoalim Loan 66.7 75.0 71.4 80.4 Hapoalim Loan 2023 93.0 99.7 90.0 95.0 Discount Loan 63.9 69.9 68.8 75.0 Finance liability - Dixie Valley 224.8 207.2 223.3 225.8 Olkaria III Loan - DFC 107.1 116.4 111.7 120.7 Olkaria III plant 4 Loan - DEG 2 19.2 21.6 20.0 22.5 Olkaria III plant 1 Loan - DEG 3 16.9 19.0 17.5 19.7 DEG 4 Loan 30.7 — 30.0 — Platanares Loan - DFC 66.5 71.3 67.6 71.7 OFC 2 LLC ("OFC 2") 124.8 134.2 133.7 142.5 Don A. Campbell 1 ("DAC 1") 49.1 52.3 54.3 57.4 USG Prudential - NV 21.7 22.3 23.6 23.9 USG Prudential - ID Refinancing 52.0 54.1 57.2 58.9 USG DOE 28.4 30.0 28.8 30.2 Senior Unsecured Bonds 169.2 202.8 186.2 220.6 Senior Unsecured Loan 141.5 150.4 149.6 158.0 Other long-term debt 5.6 6.8 6.0 7.7 (*) Carrying amount value excludes the related deferred financing costs. 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 have a direct impact on the fair value of the Company's long-term debt presented above, should this trend continue. The following table presents the fair value of financial instruments as of June 30, 2024: Level 1 Level 2 Level 3 Total (Dollars in millions) Hapoalim 2024 Loan $ — $ — $ 73.2 $ 73.2 HSBC Bank 2024 Loan — — 127.5 127.5 Mammoth Senior Secured Notes — — 150.7 150.7 Discount 2024 Loan — — 32.5 32.5 Mizrahi Loan — — 56.2 56.2 Mizrahi Loan 2023 — — 48.4 48.4 Convertible Senior Notes — 428.2 — 428.2 HSBC Loan — — 30.5 30.5 Hapoalim Loan — — 66.7 66.7 Hapoalim Loan 2023 — — 93.0 93.0 Discount Loan — — 63.9 63.9 Finance liability - Dixie Valley — — 224.8 224.8 Olkaria III Loan - DFC — — 107.1 107.1 Olkaria III plant 4 Loan - DEG 2 — — 19.2 19.2 Olkaria III plant 1 Loan - DEG 3 — — 16.9 16.9 DEG 4 Loan — — 30.7 30.7 Platanares Loan - DFC — — 66.5 66.5 OFC 2 Senior Secured Notes — — 124.8 124.8 DAC 1 Senior Secured Notes — — 49.1 49.1 USG Prudential - NV — — 21.7 21.7 USG Prudential - ID — — 52.0 52.0 USG DOE — — 28.4 28.4 Senior Unsecured Bonds — — 169.2 169.2 Senior Unsecured Loan — — 141.5 141.5 Other long-term debt — — 5.6 5.6 Deposits 19.9 — — 19.9 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 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION In March 2024, the Company granted certain members of its management and employees an aggregate of 209,563 restricted stock units ("RSUs") and 61,197 performance stock units ("PSUs") under the Company’s 2018 Incentive Compensation Plan. The RSUs and PSUs have vesting periods of between 1 to 3 years from the grant date. 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, the Company granted certain members of its management and employees an aggregate of 174,422 RSUs and 35,081 PSUs under the Company’s 2018 Incentive Compensation Plan. The RSUs and PSUs have vesting periods of between 1 to 4 years from the grant date. 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% In May 2023, the Company granted its directors and employees an aggregate of 11,852 RSUs under the Company’s 2018 Incentive Compensation Plan. The RSUs have vesting periods 1 year from the grant date. The fair value of each RSU on the grant date was $82.9. The Company calculated the fair value of each RSU and PSU on the grant date using the complex lattice, tree-based option-pricing model based on the following assumptions: Risk-free interest rates 4.70% Expected life (in years) 1 Dividend yield 0.56% Expected volatility (weighted average) 34.8% There were no other significant grants that were made by the Company during the six months ended June 30, 2024 and 2023. |
INTEREST EXPENSE, NET
INTEREST EXPENSE, NET | 6 Months Ended |
Jun. 30, 2024 | |
Interest Expense, Operating and Nonoperating [Abstract] | |
INTEREST EXPENSE, NET | INTEREST EXPENSE, NET The components of interest expense are as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) (Dollars in thousands) Interest related to sale of tax benefits $ 4,343 $ 3,610 $ 9,239 $ 6,951 Interest expense 33,621 25,162 62,745 49,781 Less — amount capitalized (4,248) (4,378) (7,300) (8,708) Total interest expense, net $ 33,716 $ 24,393 $ 64,684 $ 48,024 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 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 have any equity instruments that are dilutive, except for employee stock-based awards and convertible senior notes ("Notes"). 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Weighted average number of shares used in computation of basic earnings per share: 60,451 60,245 60,419 58,494 Additional shares from the assumed exercise of employee stock awards 304 389 236 407 Weighted average number of shares used in computation of diluted earnings per share 60,755 60,634 60,655 58,901 The number of stock-based awards that could potentially dilute future earnings per share and that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive was 181.4 thousand, and 28.7 thousand for the three months ended June 30, 2024 and 2023, respectively, and 71.7 thousand, and 24.9 thousand for the six months ended June 30, 2024 and 2023, respectively. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | BUSINESS SEGMENTS The Company has three reporting segments: the Electricity segment, the Product segment and the Energy Storage segment. These segments are managed and reported separately as each offers different products and serves different markets. • Under the Electricity segment, the Company builds, owns and operates geothermal, solar PV and recovered energy-based 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 other 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 June 30, 2024: Revenues from external customers: United States (1) $ 119,695 $ 1,615 $ 8,908 $ 130,218 Foreign (2) 46,531 36,214 — 82,745 Net revenue from external customers 166,226 37,829 8,908 212,963 Intersegment revenues (4) — 26,907 — — Operating income (loss) 35,414 1,026 (1,313) 35,127 Segment assets at period end (3) (*) 4,955,806 192,092 358,904 5,506,802 * Including unconsolidated investments 129,664 — — 129,664 Three Months Ended June 30, 2023: Revenues from external customers: United States (1) $ 106,209 $ 2,253 $ 6,014 $ 114,476 Foreign (2) 49,115 31,205 — 80,320 Net revenue from external customers 155,324 33,458 6,014 194,796 Intersegment revenues (4) — 12,918 — — Operating income (loss) 28,661 (2,297) (2,140) 24,224 Segment assets at period end (3) (*) 4,576,437 182,437 251,770 5,010,644 * Including unconsolidated investments 126,451 — — 126,451 Six Months Ended June 30, 2024: Revenues from external customers: United States (1) $ 263,511 $ 2,491 $ 16,989 $ 282,991 Foreign (2) 93,968 60,170 — 154,138 Net revenue from external customers 357,479 62,661 16,989 437,129 Intersegment revenues (4) — 47,504 — — Operating income (loss) 88,095 1,868 (2,253) 87,710 Segment assets at period end (3) (*) 4,955,806 192,092 358,904 5,506,802 * Including unconsolidated investments 129,664 — — 129,664 Six Months Ended June 30, 2023: Revenues from external customers: United States (1) $ 228,620 $ 3,694 $ 10,894 $ 243,208 Foreign (2) 97,014 39,806 — 136,820 Net revenue from external customers 325,634 43,500 10,894 380,028 Intersegment revenues (4) — 20,690 — — Operating income (loss) 85,669 (3,802) (4,477) 77,390 Segment assets at period end (3) (*) 4,576,437 182,437 251,770 5,010,644 * Including unconsolidated investments 126,451 — — 126,451 (1) Electricity segment revenues in the United States are all accounted for under lease accounting except for $37.5 million, and $82.3 million in the three and six months ended June 30, 2024, respectively, and $30.2 million, and $62.9 million in the three and six months ended June 30, 2023, respectively, 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, and $1.4 million for the three and six months ended June 30, 2024, respectively, and none for the three and six months ended June 30, 2023, that are accounted for under lease accounting. (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 $146.4 million, and $85.8 million as of June 30, 2024 and 2023, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 million as of June 30, 2024 and 2023, respectively. No goodwill is included in the Product segment assets as of June 30, 2024 and 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) (Dollars in thousands) Revenues: Total segment revenues $ 212,963 $ 194,796 $ 437,129 $ 380,028 Intersegment revenues 26,907 12,918 47,504 20,690 Elimination of intersegment revenues (26,907) (12,918) (47,504) (20,690) Total consolidated revenues $ 212,963 $ 194,796 $ 437,129 $ 380,028 Operating income: Operating income $ 35,127 $ 24,224 $ 87,710 $ 77,390 Interest income 2,604 4,942 4,443 6,793 Interest expense, net (33,716) (24,393) (64,684) (48,024) Derivatives and foreign currency transaction gains (losses) (332) (1,272) (1,914) (3,209) Income attributable to sale of tax benefits 15,798 14,979 33,274 27,545 Other non-operating income, net 74 79 100 139 Total consolidated income before income taxes and equity in income of investees $ 19,555 $ 18,559 $ 58,929 $ 60,634 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 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 be material to the Company’s consolidated financial statements as a whole. Other matters On March 2, 2021, the Company's Board of Directors established a Special Committee of independent directors to investigate, among other things, certain claims made in a report published by a short seller regarding the Company’s compliance with anti-corruption laws. The Special Committee is working with outside legal counsel to investigate the claims made. All members of the Special Committee are “independent” in accordance with the Company's Corporate Governance Guidelines, the NYSE listing standards and SEC rules applicable to board of directors in general. The Company is also providing information as requested by the SEC and Department of Justice (”DOJ”) related to the claims. Additionally, see Note 11 – Subsequent Events, to the condensed consolidated financial statements for additional information regarding the tax investigation in Kenya which was concluded in July 2024 with no additional taxes, interest or penalties. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company’s effective tax rate provision for the three months ended June 30, 2024 and 2023 was (16.3)% and (21.3)%, respectively. The effective rate differs from the federal statutory rate of 21% primarily due to the generation of investment tax credits, and the jurisdictional mix of earnings at differing tax rates. On August 16, 2022, the IRA was signed into law in the United States. The Company believes that the construction and operation of its geothermal power plants, recovered energy-based power plants, battery energy storage systems and solar PV will benefit in the future from the IRA and enhance the economic feasibility of projects in the United States. PTCs can be generated from 2.75 cents per kWh, once the Wages & Apprenticeship rules are met, and if bonus credit requirements are met the credit could rise up to 3.30 cents per kWh. ITCs can be earned on investments from 30.0%, once the Wages & Apprenticeship rules are met, and if bonus credit requirements are met the credit could rise up to 50.0%. Battery Energy Storage Systems are eligible for ITC for projects placed-in-service after December 31, 2022. In addition, the Company can now monetize PTCs and ITCs earned by transferring the credits to a third party without having to enter into a tax equity transaction. The Company views the enactment of the IRA as favorable for the overall business climate for its sector. The Organization for Economic Co-operation and Development (“OECD”) has a framework to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar 2), with certain aspects of Pillar 2 becoming effective January 1, 2024, and other aspects becoming effective January 1, 2025. Currently, the Company does not meet the revenue threshold requirements. The Company does anticipate being subject to Pillar 2 in the near future years based on its anticipated growth projections. We will continue to evaluate the impact of proposed and enacted legislative changes to our effective tax rate and cash flows as new guidance becomes available. Additionally, see Note 11 – Subsequent Events, to the condensed consolidated financial statements for tax investigation in Kenya. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Cash Dividend On August 6, 2024, the Board of Directors of the Company declared, approved and authorized payment of a quarterly dividend of $7.2 million ($0.12 per share) to all holders of the Company’s issued and outstanding shares of common stock on August 20, 2024, payable on September 3, 2024. Tax Investigation in Kenya On April 23, 2024, the Company's branch in Kenya received a Letter of Preliminary Investigation Findings ("Letter") from the Kenya Revenue Authority (“KRA”) relating to tax years 2017 to 2022. The Letter sets forth a demand for approximately $79.0 million before any potential interest and penalties. On July 8, 2024, the KRA informed the Company that its investigation was concluded and closed and that the initial demand for $79.0 million would be reduced to zero, and as a result, no additional taxes, interest or penalties would be due. Additional 2.50% Senior Convertible Notes due 2027 On July 15, 2024, the Company issued an additional $45.2 million aggregate principal amount of its 2.50% Convertible Senior Notes due 2027 (the “Additional Notes”). The Additional Notes were issued as additional notes pursuant to the indenture, dated June 27, 2022, as supplemented by the first supplemental indenture, dated July 15, 2024, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Indenture”). The Additional Notes constitute a further issuance of, and form a single series with, the $431.3 million aggregate principal amount of the Company’s outstanding 2.5% Convertible Senior Notes due 2027 originally issued in June 2022 (the “Existing Convertible Notes” and together with the Additional Notes, the “Notes”). The Additional Notes will have substantially identical terms to the Existing Convertible Notes, except that the Additional Notes have a different issuance date and will initially trade under a different restricted CUSIP number than the Existing Convertible Notes until such time as the Additional Notes are no longer required to bear restrictive legends under the Indenture and have an unrestricted CUSIP. The aggregated proceeds received from the issuance of the Additional Notes were $44.2 million, net off discount and fees. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 22,243 | $ 24,191 | $ 60,830 | $ 53,220 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
GENERAL AND BASIS OF PRESENTA_2
GENERAL AND BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of accounting, policy | 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 contain all information and notes required by U.S. GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated financial position, the condensed consolidated statements of operations and comprehensive income, the condensed consolidated statements of cash flows and the condensed consolidated statements of equity for periods presented. 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 necessarily indicative of the results to be expected for the year. 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-K for the year ended December 31, 2023. The condensed consolidated balance sheet data as of December 31, 2023 was derived from the Company’s audited consolidated financial statements for the year ended December 31, 2023 but does not include all disclosures required by U.S. GAAP. Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000. |
War in Israel | War in Israel On October 7, 2023, Hamas terrorists and members of other terrorist organizations infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets, including widespread killings and kidnappings. They also launched extensive rocket attacks on the Israeli civilian population. Shortly following the attack, Israel declared war against Hamas. The majority of the Company's senior management and its main Product segment production and manufacturing facilities are located in Israel approximately 26 miles from the border with the Gaza Strip. More recently, the Houthi movement, which controls parts of Yemen, launched a number of attacks on marine vessels in the Red Sea. The Red Sea is an important maritime route for international trade. Additionally, since the beginning of the war, Hezbollah and other Iranian proxy forces have exchanged fire with Israel around Israel’s borders, and Iran and Israel have been engaged in a conflict involving direct attacks on each other’s soil for the first time in history. Iran and these other proxy forces have threatened to escalate the fighting throughout Israel, including targeting major infrastructure facilities. These disruptions have resulted, and may continue to result in, delayed deliveries of several key components used in the manufacturing of the Company's products and could impact its ability to timely deliver products to its customers under the Product Segment. In addition, they may slow the Company’s ability to execute its Electricity segment growth plans. This has also resulted in an increase in insurance premium costs for shipments into and out of the sea port. As of the date of these condensed consolidated financial statements, none of the Company's facilities or infrastructure have been damaged nor have its supply chains been significantly impacted since the war broke out. However, a prolonged war could result in further military reserve duty call-ups as well as irregularities to the Company's supply chain and to its ability to ship its products from Israel, which could disrupt the operations of the Company's Product segment and potentially delay some of its growth plans in the Electricity segment. Management continuously monitors the effect of the war on the Company's financial position and results of operations. |
Concentration of credit risk | 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. Cash investments: The Company places its cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At June 30, 2024 and December 31, 2023, the Company had deposits totaling $20.3 million and $43.2 million, respectively, in ten U.S. financial institutions that were federally insured up to $250,000 per account. At June 30, 2024 and December 31, 2023, the Company’s deposits in foreign countries amounted to approximately $55.6 million and $57.5 million, respectively. Account receivables: At June 30, 2024 and December 31, 2023, accounts receivable related to operations in foreign countries amounted to approximately $99.8 million, and $152.2 million, respectively. At June 30, 2024 and December 31, 2023, accounts receivable from the Company’s primary customers, which each accounted for revenues in excess of 10% of total consolidated revenues for the related period, amounted to approximately 57% and 57% of the Company’s trade receivables, respectively. The aggregate amount of notes receivable exceeding 10% of total receivables as of June 30, 2024 and December 31, 2023 is $100.3 million, and $161.0 million, respectively. The Company's revenues from its primary customers as a percentage of total revenues are as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Southern California Public Power Authority (“SCPPA”) 19.7 % 21.0 % 22.3 % 23.8 % Sierra Pacific Power Company and Nevada Power Company 14.7 15.9 15.8 17.9 Kenya Power and Lighting Co. Ltd. ("KPLC") 13.1 14.4 12.7 14.4 The Company has historically been able to collect on substantially all of its receivable balances. As of June 30, 2024, the amount overdue from KPLC in Kenya was $36.9 million of which $16.4 million was paid in July and August 2024. The Company believes it will be able to collect all past due amounts from KPLC. This belief is supported by the fact that in addition to KPLC's obligations under its power purchase agreement, the Company holds a support letter from the Government of Kenya that covers certain cases of KPLC non-payment (such as non-payments that are caused by government actions and/or political events). |
Allowance for credit losses | Allowance for credit losses |
Revenues from contracts with customers | Revenues from contracts with customers |
Derivative instruments | 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 normal purchase and sale transactions. Changes in the fair value of derivatives not designated as hedging instruments are recognized in earnings. Changes in the fair value of derivatives designated as cash flow hedging instruments are initially recorded in "Other comprehensive income (loss)", and a corresponding amount is reclassified out of "Accumulated other comprehensive income (loss)" to earnings to offset the remeasurement of the underlying hedge transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income. |
New accounting pronouncements effective in future periods | New accounting pronouncements effective in future periods Improvements to Reportable Segments Disclosures In November 2023, the FASB issued ASU 2023-07 “Segment Reporting–Improvements to Reportable Segments Disclosures (Topic 280)” to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU (1) require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss; (2) require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition; (3) require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods; (4) clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures; and (5) require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure or measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all periods presented. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of these amendments on its consolidated financial statements. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740)–Improvements to Income Tax Disclosures” to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. The amendments in this ASU require that public entities, on an annual basis, disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This ASU also requires that all entities disclose, on an annual basis, (1) the amount of income taxes paid disaggregated by federal, state, and foreign taxes, (2) the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid, (3) income or loss from continuing operations before income tax expense or benefit disaggregated between domestic and foreign, and (4) income tax expense or benefit from continuing operations disaggregated by federal, state, and foreign. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis with the option to apply retrospectively. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of the adoption of these amendments on its consolidated financial statements. |
GENERAL AND BASIS OF PRESENTA_3
GENERAL AND BASIS OF PRESENTATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | 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) 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 With and Without method. (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. The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business combination had occurred on January 1, 2023. The pro forma results below include the impact of certain adjustments related to the depreciation of property, plant and equipment, amortization of intangible assets, transaction-related costs, and the related income tax effects. This pro forma presentation does not include any impact from transaction synergies or any other material, nonrecurring adjustments directly attributable to the business combination. Pro forma for the Three Months Ended June 30, Pro forma for the Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in millions) (Dollars in millions) Electricity revenues $ 166.2 $ 163.7 $ 357.5 $ 343.6 Total revenues $ 213.0 $ 203.2 $ 437.1 $ 398.0 Net income attributable to the Company's stockholders $ 22.2 $ 22.4 $ 60.8 $ 50.1 |
Schedule of 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: June 30, December 31, 2024 2023 (Dollars in thousands) Cash and cash equivalents $ 66,262 $ 195,808 Restricted cash and cash equivalents 97,480 91,962 Total Cash and cash equivalents and Restricted cash and cash equivalents $ 163,742 $ 287,770 |
Schedules of Concentration of Risk, by Risk Factor | The Company's revenues from its primary customers as a percentage of total revenues are as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Southern California Public Power Authority (“SCPPA”) 19.7 % 21.0 % 22.3 % 23.8 % Sierra Pacific Power Company and Nevada Power Company 14.7 15.9 15.8 17.9 Kenya Power and Lighting Co. Ltd. ("KPLC") 13.1 14.4 12.7 14.4 |
Accounts Receivable, Allowance for Credit Loss | The following table describes the changes in the allowance for expected credit losses for the three and six months ended June 30, 2024 and 2023 (all related to trade receivables): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) (Dollars in thousands) Beginning balance of the allowance for expected credit losses $ 163 $ 90 $ 90 $ 90 Change in the provision for expected credit losses for the period 37 — 110 — Ending balance of the allowance for expected credit losses $ 200 $ 90 $ 200 $ 90 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable | Total contract assets and contract liabilities as of June 30, 2024 and December 31, 2023 are as follows: June 30, December 31, 2024 2023 (Dollars in thousands) Contract assets (*) $ 29,719 $ 18,367 Contract liabilities (*) $ (16,277) $ (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 yet fully recognized as product revenues during the six months ended June 30, 2024 as a result of performance obligations having not been fully satisfied yet as of June 30, 2024. Additionally, as of June 30, 2024, long-term costs and estimated earnings in excess of billings on uncompleted contracts related to the Dominica project in the amount of $5.4 million is included under “Deposits and other” in the condensed consolidated financial statements due its long-term nature. |
Operating Lease, Lease Income | The table below presents lease income recognized as a lessor: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) (Dollars in thousands) Lease income relating to lease payments from operating leases $ 129,420 $ 125,140 $ 276,521 $ 262,761 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consist of the following: June 30, December 31, 2024 2023 (Dollars in thousands) Raw materials and purchased parts for assembly $ 23,279 $ 20,588 Self-manufactured assembly parts and finished products 21,368 24,449 Total inventories $ 44,647 $ 45,037 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The following table sets forth certain fair value information at June 30, 2024 and December 31, 2023 for financial assets and liabilities measured at fair value by level within the fair value hierarchy, as well as cost or amortized cost. As required by the fair value measurement guidance, assets and liabilities are classified in their entirety based on the lowest level of inputs that is significant to the fair value measurement. June 30, 2024 Fair Value Carrying Value at June 30, 2024 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (primarily restricted cash accounts) $ 52,067 $ 52,067 $ 52,067 $ — $ — Interest rate swap (3) 1,380 1,380 — 1,380 — Currency forward contracts (2) 127 127 — 127 — Long-term Assets: Interest rate swap (3) 161 161 — 161 — Liabilities: Current liabilities: Cross currency swap (1) (4,466) (4,466) — (4,466) — Long term liabilities: Cross currency swap (1) (13,346) (13,346) — (13,346) — $ 35,923 $ 35,923 $ 52,067 $ (16,144) $ — 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 (primarily restricted cash accounts) $ 53,877 $ 53,877 $ 53,877 $ — $ — Currency forward contracts (2) 1,406 1,406 — 1,406 — Liabilities: Current liabilities: 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 yield curves and the applicable exchange rate as of June 30, 2024 and December 31, 2023, as applicable. These amounts are included within “Accounts payable and accrued expenses” or “Other long-term liabilities”, as applicable, in the condensed consolidated balance sheets on June 30, 2024 and December 31, 2023. Cash collateral deposits in the amount of $16.7 million and $10.6 million as of June 30, 2024, and December 31, 2023, respectively, are presented under “Other receivables” in the condensed consolidated balance sheets. 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 June 30, 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. 3. |
Derivative Instruments, Gain (Loss) | The following table presents the amounts of gain (loss) recognized in the condensed consolidated statements of operations and comprehensive income on derivative instruments (in thousands): Amount of recognized gain (loss) Amount of recognized gain (loss) Derivative instruments Location of recognized gain (loss) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) (Dollars in thousands) Derivatives not designated as hedging instruments Currency forward contracts (1) Derivative and foreign currency transaction gains (losses) $ (185) $ (1,071) $ (513) $ (2,727) Derivatives designated as cash flow hedging instruments Cross currency swap (2) Derivative and foreign currency transaction gains (losses) $ (2,127) $ (3,761) $ (5,363) $ (10,553) Interest rate swap (2) Interest expense, net $ 433 $ — $ 890 $ — 1. The foregoing currency forward transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income. 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 to the condensed consolidated financial statements. The changes in the cross currency swap fair value are initially recorded in “Other comprehensive income (loss)” and a corresponding amount is reclassified out of “Accumulated other comprehensive income (loss)”to “Derivatives and foreign currency transaction gains (losses)” to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income. The changes in the interest rate 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 “Interest expenses, net” to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income. |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | 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 and six months ended June 30, 2024, and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) (Dollars in thousands) Cash flow hedges: Balance in Accumulated other comprehensive income (loss) beginning of period $ 1,309 $ (1,483) $ (318) $ 3,920 Gain or (loss) recognized in Other comprehensive income (loss): Cross currency swap (3,315) 6,238 (5,990) 7,627 Interest rate swap 474 — 1,997 — Amount reclassified from Other comprehensive income (loss) into earnings Cross currency swap 2,127 (3,761) 5,363 (10,553) Interest rate swap (433) — (890) — Balance in Accumulated other comprehensive income (loss) end of period $ 162 $ 994 $ 162 $ 994 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The fair value of the Company’s long-term debt approximates its carrying amount, except for the following: Fair Value Carrying Amount (*) June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 (Dollars in millions) (Dollars in millions) Hapoalim 2024 Loan $ 73.2 $ — $ 72.7 $ — HSBC Bank 2024 Loan 127.5 — 125.0 — Mammoth Senior Secured Notes 150.7 — 135.1 — Discount 2024 Loan 32.5 — 31.8 — Mizrahi Loan 56.2 61.4 56.3 60.9 Mizrahi Loan 2023 48.4 52.0 46.9 50.0 Convertible Senior Notes 428.2 444.6 431.3 431.3 HSBC Loan 30.5 33.8 32.1 35.7 Hapoalim Loan 66.7 75.0 71.4 80.4 Hapoalim Loan 2023 93.0 99.7 90.0 95.0 Discount Loan 63.9 69.9 68.8 75.0 Finance liability - Dixie Valley 224.8 207.2 223.3 225.8 Olkaria III Loan - DFC 107.1 116.4 111.7 120.7 Olkaria III plant 4 Loan - DEG 2 19.2 21.6 20.0 22.5 Olkaria III plant 1 Loan - DEG 3 16.9 19.0 17.5 19.7 DEG 4 Loan 30.7 — 30.0 — Platanares Loan - DFC 66.5 71.3 67.6 71.7 OFC 2 LLC ("OFC 2") 124.8 134.2 133.7 142.5 Don A. Campbell 1 ("DAC 1") 49.1 52.3 54.3 57.4 USG Prudential - NV 21.7 22.3 23.6 23.9 USG Prudential - ID Refinancing 52.0 54.1 57.2 58.9 USG DOE 28.4 30.0 28.8 30.2 Senior Unsecured Bonds 169.2 202.8 186.2 220.6 Senior Unsecured Loan 141.5 150.4 149.6 158.0 Other long-term debt 5.6 6.8 6.0 7.7 (*) |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis | The following table presents the fair value of financial instruments as of June 30, 2024: Level 1 Level 2 Level 3 Total (Dollars in millions) Hapoalim 2024 Loan $ — $ — $ 73.2 $ 73.2 HSBC Bank 2024 Loan — — 127.5 127.5 Mammoth Senior Secured Notes — — 150.7 150.7 Discount 2024 Loan — — 32.5 32.5 Mizrahi Loan — — 56.2 56.2 Mizrahi Loan 2023 — — 48.4 48.4 Convertible Senior Notes — 428.2 — 428.2 HSBC Loan — — 30.5 30.5 Hapoalim Loan — — 66.7 66.7 Hapoalim Loan 2023 — — 93.0 93.0 Discount Loan — — 63.9 63.9 Finance liability - Dixie Valley — — 224.8 224.8 Olkaria III Loan - DFC — — 107.1 107.1 Olkaria III plant 4 Loan - DEG 2 — — 19.2 19.2 Olkaria III plant 1 Loan - DEG 3 — — 16.9 16.9 DEG 4 Loan — — 30.7 30.7 Platanares Loan - DFC — — 66.5 66.5 OFC 2 Senior Secured Notes — — 124.8 124.8 DAC 1 Senior Secured Notes — — 49.1 49.1 USG Prudential - NV — — 21.7 21.7 USG Prudential - ID — — 52.0 52.0 USG DOE — — 28.4 28.4 Senior Unsecured Bonds — — 169.2 169.2 Senior Unsecured Loan — — 141.5 141.5 Other long-term debt — — 5.6 5.6 Deposits 19.9 — — 19.9 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 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures [Abstract] | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | 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% 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% Risk-free interest rates 4.70% Expected life (in years) 1 Dividend yield 0.56% Expected volatility (weighted average) 34.8% |
INTEREST EXPENSE, NET (Tables)
INTEREST EXPENSE, NET (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Interest Expense, Operating and Nonoperating [Abstract] | |
Schedule of Other Nonoperating Expense, by Component | The components of interest expense are as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) (Dollars in thousands) Interest related to sale of tax benefits $ 4,343 $ 3,610 $ 9,239 $ 6,951 Interest expense 33,621 25,162 62,745 49,781 Less — amount capitalized (4,248) (4,378) (7,300) (8,708) Total interest expense, net $ 33,716 $ 24,393 $ 64,684 $ 48,024 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of weighted average number of shares | 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Weighted average number of shares used in computation of basic earnings per share: 60,451 60,245 60,419 58,494 Additional shares from the assumed exercise of employee stock awards 304 389 236 407 Weighted average number of shares used in computation of diluted earnings per share 60,755 60,634 60,655 58,901 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by 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 June 30, 2024: Revenues from external customers: United States (1) $ 119,695 $ 1,615 $ 8,908 $ 130,218 Foreign (2) 46,531 36,214 — 82,745 Net revenue from external customers 166,226 37,829 8,908 212,963 Intersegment revenues (4) — 26,907 — — Operating income (loss) 35,414 1,026 (1,313) 35,127 Segment assets at period end (3) (*) 4,955,806 192,092 358,904 5,506,802 * Including unconsolidated investments 129,664 — — 129,664 Three Months Ended June 30, 2023: Revenues from external customers: United States (1) $ 106,209 $ 2,253 $ 6,014 $ 114,476 Foreign (2) 49,115 31,205 — 80,320 Net revenue from external customers 155,324 33,458 6,014 194,796 Intersegment revenues (4) — 12,918 — — Operating income (loss) 28,661 (2,297) (2,140) 24,224 Segment assets at period end (3) (*) 4,576,437 182,437 251,770 5,010,644 * Including unconsolidated investments 126,451 — — 126,451 Six Months Ended June 30, 2024: Revenues from external customers: United States (1) $ 263,511 $ 2,491 $ 16,989 $ 282,991 Foreign (2) 93,968 60,170 — 154,138 Net revenue from external customers 357,479 62,661 16,989 437,129 Intersegment revenues (4) — 47,504 — — Operating income (loss) 88,095 1,868 (2,253) 87,710 Segment assets at period end (3) (*) 4,955,806 192,092 358,904 5,506,802 * Including unconsolidated investments 129,664 — — 129,664 Six Months Ended June 30, 2023: Revenues from external customers: United States (1) $ 228,620 $ 3,694 $ 10,894 $ 243,208 Foreign (2) 97,014 39,806 — 136,820 Net revenue from external customers 325,634 43,500 10,894 380,028 Intersegment revenues (4) — 20,690 — — Operating income (loss) 85,669 (3,802) (4,477) 77,390 Segment assets at period end (3) (*) 4,576,437 182,437 251,770 5,010,644 * Including unconsolidated investments 126,451 — — 126,451 (1) Electricity segment revenues in the United States are all accounted for under lease accounting except for $37.5 million, and $82.3 million in the three and six months ended June 30, 2024, respectively, and $30.2 million, and $62.9 million in the three and six months ended June 30, 2023, respectively, 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, and $1.4 million for the three and six months ended June 30, 2024, respectively, and none for the three and six months ended June 30, 2023, that are accounted for under lease accounting. (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 $146.4 million, and $85.8 million as of June 30, 2024 and 2023, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 million as of June 30, 2024 and 2023, respectively. No goodwill is included in the Product segment assets as of June 30, 2024 and 2023. (4) |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) (Dollars in thousands) Revenues: Total segment revenues $ 212,963 $ 194,796 $ 437,129 $ 380,028 Intersegment revenues 26,907 12,918 47,504 20,690 Elimination of intersegment revenues (26,907) (12,918) (47,504) (20,690) Total consolidated revenues $ 212,963 $ 194,796 $ 437,129 $ 380,028 Operating income: Operating income $ 35,127 $ 24,224 $ 87,710 $ 77,390 Interest income 2,604 4,942 4,443 6,793 Interest expense, net (33,716) (24,393) (64,684) (48,024) Derivatives and foreign currency transaction gains (losses) (332) (1,272) (1,914) (3,209) Income attributable to sale of tax benefits 15,798 14,979 33,274 27,545 Other non-operating income, net 74 79 100 139 Total consolidated income before income taxes and equity in income of investees $ 19,555 $ 18,559 $ 58,929 $ 60,634 |
GENERAL AND BASIS OF PRESENTA_4
GENERAL AND BASIS OF PRESENTATION - Business combination - Enel purchase transaction (Details) - Enel Green Power North America ("EGPNA") $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jan. 04, 2024 USD ($) geothermalPowerPlant tripleHybridPowerPlant solarPowerPlant greenfieldDevelopmentAsset | Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Business Acquisition [Line Items] | |||||
Number of contracted geothermal power plants, business combination | geothermalPowerPlant | 2 | ||||
Number of triple hybrid power plant, business Combination | tripleHybridPowerPlant | 1 | ||||
Number of solar power plants, business combination | solarPowerPlant | 2 | ||||
Number Of Greenfield Development Assets, Business Combination | greenfieldDevelopmentAsset | 2 | ||||
Business combination, consideration transferred | $ 274.6 | ||||
Business acquisition, percentage of voting interests acquired | 100% | ||||
Business combination, acquisition related costs | $ 0 | $ 1.3 | $ 1.1 | ||
Electricity | |||||
Business Acquisition [Line Items] | |||||
Business combination, pro forma information, revenue of acquiree since acquisition date, actual | 8.6 | $ 18 | |||
Business combination, pro forma information, earnings or loss of acquiree since acquisition date, actual | $ 2.6 | $ 5.9 |
GENERAL AND BASIS OF PRESENTA_5
GENERAL AND BASIS OF PRESENTATION - Hapoalim 2024 Loan (Details) - Hapoalim 2024 Loan Agreement $ in Millions | Jan. 02, 2024 USD ($) |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 75 |
Debt instrument number of quarterly payments | 32 |
Debt instrument, periodic payment | $ 2.3 |
Debt instrument, term (year) | 8 years |
Debt instrument, interest rate, stated percentage | 6.60% |
Debt instrument, frequency of interest payment | 3 months |
Debt instrument, covenant, minimum equity capital | $ 750 |
Maximum | |
Debt Instrument [Line Items] | |
Debt instrument, covenant, debt to adjusted EBITDA ratio | 600% |
Minimum | |
Debt Instrument [Line Items] | |
Debt instrument, covenant, equity capital to total assets ratio | 25% |
GENERAL AND BASIS OF PRESENTA_6
GENERAL AND BASIS OF PRESENTATION - HSBC Bank 2024 Loan (Details) - HSBC 2024 Loan Agreement $ in Millions | 6 Months Ended | |
Jan. 02, 2024 USD ($) | Jun. 30, 2024 | |
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 125 | |
Debt instrument, number of semi-annual installment | 7 | |
Debt instrument, periodic payment | $ 12.5 | |
Debt instrument ,final principal payment | $ 37.5 | |
Debt instrument, term (year) | 4 years | |
Debt instrument, interest rate terms | 3-month | |
Debt instrument, basis spread on variable rate | 2.25% | |
Debt instrument, covenant, minimum equity capital | $ 750 | |
Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument, covenant, debt to adjusted EBITDA ratio | 600% | |
Minimum | ||
Debt Instrument [Line Items] | ||
Debt instrument, covenant, equity capital to total assets ratio | 25% |
GENERAL AND BASIS OF PRESENTA_7
GENERAL AND BASIS OF PRESENTATION - Interest Rate Swap (Details) - HSBC 2024 Loan Agreement | 6 Months Ended |
Jun. 30, 2024 | |
Derivative [Line Items] | |
Debt instrument, basis spread on variable rate | 2.25% |
Interest rate swap | |
Derivative [Line Items] | |
Debt instrument, basis spread on variable rate | 3.90% |
GENERAL AND BASIS OF PRESENTA_8
GENERAL AND BASIS OF PRESENTATION - Mammoth Senior Secured Notes (Details) $ in Millions | Mar. 28, 2024 USD ($) geothermalPowerPlant |
Project Subsidiaries, Geothermal Power Plants | Mammoth Pacific, LLC | |
Debt Instrument [Line Items] | |
Equity ownership, excluding consolidated entity and equity method investee, percentage | 100% |
Number of contracted geothermal power plants, business combination | geothermalPowerPlant | 4 |
Mammoth Senior Secured Notes | Senior Notes | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 135.1 |
Debt instrument, basis spread on variable rate | 1.25% |
Debt instrument, number of semi-annual installment | 46 |
Debt instrument, interest rate, stated percentage | 6.73% |
Floating Rate Notes | Senior Notes | |
Debt Instrument [Line Items] | |
Debt instrument floating rate notes to be issued | $ 9 |
Debt instrument commitment fee percentage | 0.50% |
GENERAL AND BASIS OF PRESENTA_9
GENERAL AND BASIS OF PRESENTATION - Discount 2024 Loan (Details) - Discount 2024 Loan $ in Millions | May 22, 2024 USD ($) |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 31.8 |
Debt instrument, number of semi-annual installment | 32 |
Debt instrument, periodic payment | $ 1 |
Debt instrument, term (year) | 8 years |
Debt instrument, interest rate, stated percentage | 6.75% |
Debt instrument, covenant, debt to adjusted EBITDA ratio | 600% |
Debt instrument, covenant, minimum equity capital | $ 750 |
Debt instrument, covenant, equity capital to total assets ratio | 25% |
GENERAL AND BASIS OF PRESENT_10
GENERAL AND BASIS OF PRESENTATION - The Dominica Project (Details) - The Dominica Project | 1 Months Ended |
Dec. 31, 2023 performanceObligation | |
Long-Term Purchase Commitment [Line Items] | |
Long-term purchase commitment, period | 25 years |
Number of performance obligations | 2 |
GENERAL AND BASIS OF PRESENT_11
GENERAL AND BASIS OF PRESENTATION - Equity Offering (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |||
Mar. 14, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Capital Unit [Line Items] | ||||
Common stock, par or stated value per share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |
Proceeds from issuance of common stock, net of related costs | $ 0 | $ 341,663 | ||
Goldman Sachs & Co. LLC | ||||
Capital Unit [Line Items] | ||||
Proceeds from issuance of common stock, net of related costs | $ 341,700 | |||
Goldman Sachs & Co. LLC | Public Offering | ||||
Capital Unit [Line Items] | ||||
Stock issued during period, shares, new issues (in shares) | 3,600,000 | |||
Shares issued, price per share (in dollars per share) | $ 82.60 | |||
Public offering, purchase option, period | 30 days | |||
Goldman Sachs & Co. LLC | Over-Allotment Option | ||||
Capital Unit [Line Items] | ||||
Stock issued during period, shares, new issues (in shares) | 540,000 |
GENERAL AND BASIS OF PRESENT_12
GENERAL AND BASIS OF PRESENTATION - Write-off of assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Write-off of long-lived assets | $ 957 | $ 0 | $ 957 | $ 0 |
Write-off of unsuccessful exploration activities | $ 1,379 | $ 0 | $ 1,379 | $ 0 |
GENERAL AND BASIS OF PRESENT_13
GENERAL AND BASIS OF PRESENTATION - Concentration of credit risk (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Aug. 07, 2024 USD ($) | Jul. 31, 2024 USD ($) | Jun. 30, 2023 | Jun. 30, 2024 USD ($) financialInstitution | Dec. 31, 2023 USD ($) financialInstitution | |
Concentration Risk [Line Items] | |||||
Cash, FDIC insured amount | $ 20,300 | $ 43,200 | |||
Number of financial Institutions, cash investment | financialInstitution | 10 | 10 | |||
Cash, uninsured amount | $ 55,600 | $ 57,500 | |||
Trade less allowance for credit losses of $200 and $90 respectively (primarily related to VIEs) | 147,328 | 208,704 | |||
Total Receivables | Customer Concentration Risk | |||||
Concentration Risk [Line Items] | |||||
Financing receivable, after allowance for credit loss | $ 100,300 | 161,000 | |||
Primary Customers | Accounts Receivable | Customer Concentration Risk | |||||
Concentration Risk [Line Items] | |||||
Concentration risk (in percentage) | 57% | 57% | |||
Kenya Power and Lighting Co LTD | |||||
Concentration Risk [Line Items] | |||||
Accounts receivable, past due | $ 36,900 | ||||
Kenya Power and Lighting Co LTD | Subsequent Event | |||||
Concentration Risk [Line Items] | |||||
Proceeds over due accounts receivable | $ 16,400 | ||||
ENEE | |||||
Concentration Risk [Line Items] | |||||
Accounts receivable, past due | 19,900 | ||||
ENEE | Subsequent Event | |||||
Concentration Risk [Line Items] | |||||
Proceeds over due accounts receivable | $ 400 | ||||
Non-US | |||||
Concentration Risk [Line Items] | |||||
Trade less allowance for credit losses of $200 and $90 respectively (primarily related to VIEs) | $ 99,800 | $ 152,200 |
GENERAL AND BASIS OF PRESENT_14
GENERAL AND BASIS OF PRESENTATION - Revenues from contracts with customers (Details) - Product $ in Thousands | Jun. 30, 2024 USD ($) |
Disaggregation of Revenue [Line Items] | |
Revenue, remaining performance obligation, amount | $ 164,500 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue, remaining performance obligation, (in percentage) | 100% |
Revenue, remaining performance obligation, expected timing of satisfaction, period (month) | 24 months |
GENERAL AND BASIS OF PRESENT_15
GENERAL AND BASIS OF PRESENTATION - Transferable production and investment tax credits (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Income related to transferable production tax credits | $ 3.6 | $ 2.7 | $ 8 | $ 4.5 |
Income related to transferable investment tax credits | $ 6.2 | $ 9 | $ 17.7 | $ 10.6 |
GENERAL AND BASIS OF PRESENT_16
GENERAL AND BASIS OF PRESENTATION - Business Combination - Enel purchase transaction, details (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jan. 04, 2024 | Dec. 31, 2023 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ||||||
Goodwill | $ 151,074 | $ 151,074 | $ 90,544 | |||
Electricity | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ||||||
Goodwill | 146,400 | $ 85,800 | 146,400 | $ 85,800 | ||
Enel Green Power North America ("EGPNA") | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ||||||
Trade receivables and others | $ 4,400 | |||||
Deferred income taxes | 3,100 | |||||
Property, plant and equipment and construction-in-process | 197,700 | |||||
Operating lease right of use | 1,200 | |||||
Other long-term assets | 200 | |||||
Intangible assets | 23,600 | |||||
Goodwill | 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 | |||||
Business acquisition, pro forma revenue | 213,000 | 203,200 | 437,100 | 398,000 | ||
Net income attributable to the Company's stockholders | 22,200 | 22,400 | 60,800 | 50,100 | ||
Enel Green Power North America ("EGPNA") | Electricity | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ||||||
Business acquisition, pro forma revenue | $ 166,200 | $ 163,700 | $ 357,500 | $ 343,600 |
GENERAL AND BASIS OF PRESENT_17
GENERAL AND BASIS OF PRESENTATION - Cash and Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 66,262 | $ 195,808 | ||
Restricted cash and cash equivalents | 97,480 | 91,962 | ||
Total Cash and cash equivalents and Restricted cash and cash equivalents | $ 163,742 | $ 287,770 | $ 395,382 | $ 226,676 |
GENERAL AND BASIS OF PRESENT_18
GENERAL AND BASIS OF PRESENTATION - Principal customers, total revenues (Details) - Revenue Benchmark - Customer Concentration Risk | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Southern California Public Power Authority | ||||
Concentration Risk [Line Items] | ||||
Concentration risk (in percentage) | 19.70% | 21% | 22.30% | 23.80% |
Sierra Pacific Power Company And Nevada Power Company | ||||
Concentration Risk [Line Items] | ||||
Concentration risk (in percentage) | 14.70% | 15.90% | 15.80% | 17.90% |
Kenya Power and Lighting Co LTD | ||||
Concentration Risk [Line Items] | ||||
Concentration risk (in percentage) | 13.10% | 14.40% | 12.70% | 14.40% |
GENERAL AND BASIS OF PRESENT_19
GENERAL AND BASIS OF PRESENTATION - Allowance for credit losses (Details) - Accounting Standards Update 2016-13 - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance of the allowance for expected credit losses | $ 163 | $ 90 | $ 90 | $ 90 |
Change in the provision for expected credit losses for the period | 37 | 0 | 110 | 0 |
Ending balance of the allowance for expected credit losses | $ 200 | $ 90 | $ 200 | $ 90 |
GENERAL AND BASIS OF PRESENT_20
GENERAL AND BASIS OF PRESENTATION - Revenues from contracts with customers (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Contract assets | $ 29,719 | $ 18,367 |
Contract liabilities | (16,277) | (18,669) |
Costs and estimated earnings in excess of billings on uncompleted contracts | 29,719 | $ 18,367 |
Contract with customer, asset, noncurrent | $ 5,400 |
GENERAL AND BASIS OF PRESENT_21
GENERAL AND BASIS OF PRESENTATION - Leases in which the Company is a lessor (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Lease income relating to lease payments from operating leases | $ 129,420 | $ 125,140 | $ 276,521 | $ 262,761 |
NEW ACCOUNTING PRONOUNCEMENTS -
NEW ACCOUNTING PRONOUNCEMENTS - DEG 4 Loan (Details) - DEG 4 Loan $ in Millions | Apr. 18, 2024 USD ($) | Apr. 04, 2024 USD ($) |
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 30 | |
Proceeds from issuance of debt | $ 30 | |
Debt instrument, interest rate, stated percentage | 7.90% | |
Debt instrument, number of semi-annual installment | 6 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts for assembly | $ 23,279 | $ 20,588 |
Self-manufactured assembly parts and finished products | 21,368 | 24,449 |
Total inventories | $ 44,647 | $ 45,037 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Cross Currency Swap | Other Receivables | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivatives, cash collateral deposits | $ 16,700 | $ 10,600 |
Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash equivalents (including restricted cash accounts) | 52,067 | 53,877 |
Fair value, net asset (liability) | 35,923 | 43,461 |
Reported Value Measurement | Interest rate swap | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, current | 1,380 | |
Derivative asset, noncurrent | 161 | |
Reported Value Measurement | Currency Forward Contracts | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, current | 127 | 1,406 |
Reported Value Measurement | Cross Currency Swap | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liability, current | (4,466) | (3,686) |
Derivative liability, noncurrent | (13,346) | (8,137) |
Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash equivalents (including restricted cash accounts) | 52,067 | 53,877 |
Fair value, net asset (liability) | 35,923 | 43,461 |
Estimate of Fair Value Measurement | Interest rate swap | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, current | 1,380 | |
Derivative asset, noncurrent | 161 | |
Estimate of Fair Value Measurement | Currency Forward Contracts | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, current | 127 | 1,406 |
Estimate of Fair Value Measurement | Cross Currency Swap | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liability, current | (4,466) | (3,686) |
Derivative liability, noncurrent | (13,346) | (8,137) |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash equivalents (including restricted cash accounts) | 52,067 | 53,877 |
Fair value, net asset (liability) | 52,067 | 53,877 |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | Interest rate swap | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, current | 0 | |
Derivative asset, noncurrent | 0 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | Currency Forward Contracts | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, current | 0 | 0 |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | Cross Currency Swap | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liability, current | 0 | 0 |
Derivative liability, noncurrent | 0 | 0 |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash equivalents (including restricted cash accounts) | 0 | 0 |
Fair value, net asset (liability) | (16,144) | (10,416) |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | Interest rate swap | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, current | 1,380 | |
Derivative asset, noncurrent | 161 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | Currency Forward Contracts | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, current | 127 | 1,406 |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | Cross Currency Swap | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liability, current | (4,466) | (3,686) |
Derivative liability, noncurrent | (13,346) | (8,137) |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash equivalents (including restricted cash accounts) | 0 | 0 |
Fair value, net asset (liability) | 0 | 0 |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 3 | Interest rate swap | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, current | 0 | |
Derivative asset, noncurrent | 0 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 3 | Currency Forward Contracts | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, current | 0 | 0 |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 3 | Cross Currency Swap | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liability, current | 0 | 0 |
Derivative liability, noncurrent | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Currency Forward Contracts | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Amount of gain (loss) recognized | $ (185) | $ (1,071) | $ (513) | $ (2,727) |
Cross Currency Swap | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Amount of gain (loss) recognized | (2,127) | (3,761) | (5,363) | (10,553) |
Interest rate swap | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Amount of gain (loss) recognized | $ 433 | $ 0 | $ 890 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - Effect of Cash Flow Hedge on Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Equity, Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance at the start of the period | $ 2,476,519 | $ 2,337,029 | $ 2,440,987 | $ 2,020,975 |
Balance at the end of the period | 2,497,263 | 2,407,042 | 2,497,263 | 2,407,042 |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | ||||
Equity, Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance at the start of the period | 1,309 | (1,483) | (318) | 3,920 |
Balance at the end of the period | 162 | 994 | 162 | 994 |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Interest rate swap | ||||
Equity, Attributable to Noncontrolling Interest [Roll Forward] | ||||
Other comprehensive income (loss), before reclassifications, net of tax | 474 | 0 | 1,997 | 0 |
Reclassification from accumulated other comprehensive income, current period, net of tax | (433) | 0 | (890) | 0 |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Cross Currency Swap | ||||
Equity, Attributable to Noncontrolling Interest [Roll Forward] | ||||
Other comprehensive income (loss), before reclassifications, net of tax | (3,315) | 6,238 | (5,990) | 7,627 |
Reclassification from accumulated other comprehensive income, current period, net of tax | $ 2,127 | $ (3,761) | $ 5,363 | $ (10,553) |
FAIR VALUE OF FINANCIAL INSTR_6
FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Finance liability - Dixie Valley | $ 224.8 | $ 207.2 |
Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Finance liability - Dixie Valley | 224.8 | 207.2 |
Other long-term debt | 5.6 | 6.8 |
Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Finance liability - Dixie Valley | 223.3 | 225.8 |
Other long-term debt | 6 | 7.7 |
Hapoalim 2024 Loan Agreement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 73.2 | |
Hapoalim 2024 Loan Agreement | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 73.2 | 0 |
Hapoalim 2024 Loan Agreement | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 72.7 | 0 |
HSBC 2024 Loan Agreement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 127.5 | |
HSBC 2024 Loan Agreement | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 127.5 | 0 |
HSBC 2024 Loan Agreement | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 125 | 0 |
Mammoth Senior Secured Notes | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 150.7 | |
Mammoth Senior Secured Notes | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 150.7 | 0 |
Mammoth Senior Secured Notes | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 135.1 | 0 |
Discount 2024 Loan | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 32.5 | |
Discount 2024 Loan | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 32.5 | 0 |
Discount 2024 Loan | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 31.8 | 0 |
Mizrahi Loan Agreement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 56.2 | 61.4 |
Mizrahi Loan Agreement | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 56.2 | 61.4 |
Mizrahi Loan Agreement | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 56.3 | 60.9 |
Mizrahi 2023 Loan Agreement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 48.4 | 52 |
Mizrahi 2023 Loan Agreement | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 48.4 | 52 |
Mizrahi 2023 Loan Agreement | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 46.9 | 50 |
Convertible Senior Notes | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 428.2 | 444.6 |
Convertible Senior Notes | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 428.2 | 444.6 |
Convertible Senior Notes | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 431.3 | 431.3 |
HSBC Loan Agreement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 30.5 | 33.8 |
HSBC Loan Agreement | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 30.5 | 33.8 |
HSBC Loan Agreement | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 32.1 | 35.7 |
Hapoalim Loan Agreement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 66.7 | 75 |
Hapoalim Loan Agreement | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 66.7 | 75 |
Hapoalim Loan Agreement | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 71.4 | 80.4 |
Hapoalim Loan Agreement 2023 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 93 | 99.7 |
Hapoalim Loan Agreement 2023 | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 93 | 99.7 |
Hapoalim Loan Agreement 2023 | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 90 | 95 |
Discount Loan Agreement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 63.9 | 69.9 |
Discount Loan Agreement | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 63.9 | 69.9 |
Discount Loan Agreement | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 68.8 | 75 |
Olkaria III Loan DFC | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 107.1 | 116.4 |
Olkaria III Loan DFC | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 107.1 | 116.4 |
Olkaria III Loan DFC | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 111.7 | 120.7 |
Olkaria III Plant 4 Loan - DEG 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 19.2 | 21.6 |
Olkaria III Plant 4 Loan - DEG 2 | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 19.2 | 21.6 |
Olkaria III Plant 4 Loan - DEG 2 | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 20 | 22.5 |
Olkaria III plant 1 Loan - DEG 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 16.9 | 19 |
Olkaria III plant 1 Loan - DEG 3 | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 16.9 | 19 |
Olkaria III plant 1 Loan - DEG 3 | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 17.5 | 19.7 |
DEG 4 Loan | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 30.7 | |
DEG 4 Loan | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 30.7 | 0 |
DEG 4 Loan | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 30 | 0 |
Platanares Loan - OPIC | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 66.5 | 71.3 |
Platanares Loan - OPIC | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 66.5 | 71.3 |
Platanares Loan - OPIC | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 67.6 | 71.7 |
OFC Two Senior Secured Notes | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 134.2 | |
Notes payable, fair value disclosure | 124.8 | |
OFC Two Senior Secured Notes | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 124.8 | 134.2 |
OFC Two Senior Secured Notes | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 133.7 | 142.5 |
Don A. Campbell 1 ("DAC1") | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 52.3 | |
Notes payable, fair value disclosure | 49.1 | |
Don A. Campbell 1 ("DAC1") | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 49.1 | 52.3 |
Don A. Campbell 1 ("DAC1") | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 54.3 | 57.4 |
USG Prudential - NV | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 21.7 | 22.3 |
USG Prudential - NV | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 21.7 | 22.3 |
USG Prudential - NV | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 23.6 | 23.9 |
USG Prudential - ID | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 52 | 54.1 |
USG Prudential - ID | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 52 | 54.1 |
USG Prudential - ID | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 57.2 | 58.9 |
USG DOE | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 28.4 | 30 |
USG DOE | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 28.4 | 30 |
USG DOE | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 28.8 | 30.2 |
Senior Unsecured Bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, fair value | 169.2 | 202.8 |
Senior Unsecured Bonds | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, fair value | 169.2 | 202.8 |
Senior Unsecured Bonds | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, fair value | 186.2 | 220.6 |
Senior Unsecured Loan | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, fair value | 141.5 | 150.4 |
Senior Unsecured Loan | Estimate of Fair Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, fair value | 141.5 | 150.4 |
Senior Unsecured Loan | Reported Value Measurement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, fair value | $ 149.6 | $ 158 |
FAIR VALUE OF FINANCIAL INSTR_7
FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Finance liability - Dixie Valley | $ 224.8 | $ 207.2 |
Deposits | 19.9 | 20.9 |
Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Finance liability - Dixie Valley | 0 | 0 |
Deposits | 19.9 | 20.9 |
Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Finance liability - Dixie Valley | 0 | 0 |
Deposits | 0 | 0 |
Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Finance liability - Dixie Valley | 224.8 | 207.2 |
Deposits | 0 | 0 |
Hapoalim 2024 Loan Agreement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 73.2 | |
Hapoalim 2024 Loan Agreement | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | |
Hapoalim 2024 Loan Agreement | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | |
Hapoalim 2024 Loan Agreement | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 73.2 | |
HSBC 2024 Loan Agreement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 127.5 | |
HSBC 2024 Loan Agreement | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | |
HSBC 2024 Loan Agreement | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | |
HSBC 2024 Loan Agreement | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 127.5 | |
Mammoth Senior Secured Notes | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 150.7 | |
Mammoth Senior Secured Notes | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 0 | |
Mammoth Senior Secured Notes | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 0 | |
Mammoth Senior Secured Notes | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 150.7 | |
Discount 2024 Loan | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 32.5 | |
Discount 2024 Loan | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | |
Discount 2024 Loan | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | |
Discount 2024 Loan | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 32.5 | |
Mizrahi Loan Agreement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 56.2 | 61.4 |
Mizrahi Loan Agreement | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Mizrahi Loan Agreement | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Mizrahi Loan Agreement | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 56.2 | 61.4 |
Mizrahi 2023 Loan Agreement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 48.4 | 52 |
Mizrahi 2023 Loan Agreement | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Mizrahi 2023 Loan Agreement | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Mizrahi 2023 Loan Agreement | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 48.4 | 52 |
Convertible Senior Notes | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 428.2 | 444.6 |
Convertible Senior Notes | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 0 | 0 |
Convertible Senior Notes | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 428.2 | 444.6 |
Convertible Senior Notes | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 0 | 0 |
HSBC Loan Agreement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 30.5 | 33.8 |
HSBC Loan Agreement | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
HSBC Loan Agreement | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
HSBC Loan Agreement | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 30.5 | 33.8 |
Hapoalim Loan Agreement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 66.7 | 75 |
Hapoalim Loan Agreement | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Hapoalim Loan Agreement | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Hapoalim Loan Agreement | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 66.7 | 75 |
Hapoalim Loan Agreement 2023 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 93 | 99.7 |
Hapoalim Loan Agreement 2023 | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Hapoalim Loan Agreement 2023 | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Hapoalim Loan Agreement 2023 | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 93 | 99.7 |
Discount Loan Agreement | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 63.9 | 69.9 |
Discount Loan Agreement | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Discount Loan Agreement | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Discount Loan Agreement | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 63.9 | 69.9 |
Olkaria III Loan DFC | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 107.1 | 116.4 |
Olkaria III Loan DFC | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Olkaria III Loan DFC | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Olkaria III Loan DFC | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 107.1 | 116.4 |
Olkaria III Plant 4 Loan - DEG 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 19.2 | 21.6 |
Olkaria III Plant 4 Loan - DEG 2 | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Olkaria III Plant 4 Loan - DEG 2 | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Olkaria III Plant 4 Loan - DEG 2 | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 19.2 | 21.6 |
Olkaria III plant 1 Loan - DEG 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 16.9 | 19 |
Olkaria III plant 1 Loan - DEG 3 | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Olkaria III plant 1 Loan - DEG 3 | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Olkaria III plant 1 Loan - DEG 3 | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 16.9 | 19 |
DEG 4 Loan | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 30.7 | |
DEG 4 Loan | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | |
DEG 4 Loan | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | |
DEG 4 Loan | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 30.7 | |
Platanares Loan - OPIC | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 66.5 | 71.3 |
Platanares Loan - OPIC | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Platanares Loan - OPIC | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Platanares Loan - OPIC | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 66.5 | 71.3 |
OFC Two Senior Secured Notes | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 134.2 | |
Notes payable, fair value disclosure | 124.8 | |
OFC Two Senior Secured Notes | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 0 | |
OFC Two Senior Secured Notes | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 0 | |
OFC Two Senior Secured Notes | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 134.2 | |
Notes payable, fair value disclosure | 124.8 | |
Don A. Campbell 1 ("DAC1") | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 52.3 | |
Notes payable, fair value disclosure | 49.1 | |
Don A. Campbell 1 ("DAC1") | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 0 | |
Don A. Campbell 1 ("DAC1") | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 0 | |
Don A. Campbell 1 ("DAC1") | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans payable, fair value disclosure | 52.3 | |
Notes payable, fair value disclosure | 49.1 | |
USG Prudential - NV | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 21.7 | 22.3 |
USG Prudential - NV | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 0 | 0 |
USG Prudential - NV | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 0 | 0 |
USG Prudential - NV | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 21.7 | 22.3 |
USG Prudential - ID | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 52 | 54.1 |
USG Prudential - ID | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 0 | 0 |
USG Prudential - ID | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 0 | 0 |
USG Prudential - ID | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 52 | 54.1 |
USG DOE | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 28.4 | 30 |
USG DOE | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 0 | 0 |
USG DOE | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 0 | 0 |
USG DOE | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable, fair value disclosure | 28.4 | 30 |
Senior Unsecured Bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, fair value | 169.2 | 202.8 |
Senior Unsecured Bonds | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Senior Unsecured Bonds | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Senior Unsecured Bonds | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, fair value | 169.2 | 202.8 |
Senior Unsecured Loan | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, fair value | 141.5 | 150.4 |
Senior Unsecured Loan | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Senior Unsecured Loan | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Senior Unsecured Loan | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, fair value | 141.5 | 150.4 |
Other Long-term Debt | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other long-term debt | 5.6 | 6.8 |
Other Long-term Debt | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other long-term debt | 0 | 0 |
Other Long-term Debt | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other long-term debt | 0 | 0 |
Other Long-term Debt | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other long-term debt | $ 5.6 | $ 6.8 |
STOCK-BASED COMPENSATION - Narr
STOCK-BASED COMPENSATION - Narrative (Details) - The 2018 Incentive Compensation Plan - $ / shares | 1 Months Ended | ||
Mar. 31, 2024 | May 31, 2023 | Mar. 31, 2023 | |
Restricted Stock Units (RSUs) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period (in shares) | 209,563 | 11,852 | 174,422 |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) | $ 64.9 | $ 82.9 | $ 79.9 |
Restricted Stock Units (RSUs) | Minimum | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period (year) | 1 year | 1 year | 1 year |
Restricted Stock Units (RSUs) | Maximum | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period (year) | 3 years | 4 years | |
Performance Stock Units (PSU) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
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 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) | 1 Months Ended | ||
Mar. 31, 2024 | May 31, 2023 | Mar. 31, 2023 | |
Minimum | Restricted Stock Units (RSUs), and Performance Stock Units (PSU) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Dividend yield | 0.73% | 0.59% | |
Risk-free interest rates | 4.27% | 3.86% | |
Expected life (in years) | 1 year | 2 years | |
Expected volatility (weighted average) | 28% | 36% | |
Minimum | Restricted Stock Units (RSUs) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Dividend yield | 0.56% | ||
Expected life (in years) | 1 year | ||
Expected volatility (weighted average) | 34.80% | ||
Maximum | Restricted Stock Units (RSUs), and Performance Stock Units (PSU) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Risk-free interest rates | 4.94% | 4.68% | |
Expected life (in years) | 3 years | 5 years 9 months | |
Expected volatility (weighted average) | 34% | 42.20% | |
Maximum | Restricted Stock Units (RSUs) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Risk-free interest rates | 4.70% |
INTEREST EXPENSE, NET - Compone
INTEREST EXPENSE, NET - Components of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest Expense, Operating and Nonoperating [Abstract] | ||||
Interest related to sale of tax benefits | $ 4,343 | $ 3,610 | $ 9,239 | $ 6,951 |
Interest expense | 33,621 | 25,162 | 62,745 | 49,781 |
Less — amount capitalized | (4,248) | (4,378) | (7,300) | (8,708) |
Total interest expense, net | $ 33,716 | $ 24,393 | $ 64,684 | $ 48,024 |
EARNINGS PER SHARE - Shares Use
EARNINGS PER SHARE - Shares Used to Calculate Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Weighted average number of shares used in computation of basic earnings per share | 60,451,000 | 60,245,000 | 60,419,000 | 58,494,000 |
Additional shares from the assumed exercise of employee stock awards | 304,000 | 389,000 | 236,000 | 407,000 |
Weighted average number of shares used in computation of diluted earnings per share | 60,755,000 | 60,634,000 | 60,655,000 | 58,901,000 |
EARNINGS PER SHARE - Narrative
EARNINGS PER SHARE - Narrative (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 181,400 | 28,700 | 71,700 | 24,900 |
Convertible Senior Notes | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Debt instrument, convertible, conversion price (in dollars per share) | $ 90.27 | $ 90.27 |
BUSINESS SEGMENTS - Narrative (
BUSINESS SEGMENTS - Narrative (Details) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
BUSINESS SEGMENTS - Summarized
BUSINESS SEGMENTS - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||||
Revenue from contract with customer, including assessed tax | $ 212,963 | $ 194,796 | $ 437,129 | $ 380,028 | |
Operating income (loss) | 35,127 | 24,224 | 87,710 | 77,390 | |
Assets | 5,506,802 | 5,010,644 | 5,506,802 | 5,010,644 | $ 5,208,279 |
Goodwill | 151,074 | 151,074 | $ 90,544 | ||
Electricity | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | 146,400 | 85,800 | 146,400 | 85,800 | |
Electricity | Accounted for Under ASC 606 | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contract with customer, including assessed tax | 37,500 | 30,200 | 82,300 | 62,900 | |
Product | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | 0 | 0 | 0 | 0 | |
Energy Storage and Management Services | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | 4,600 | 4,600 | 4,600 | 4,600 | |
Energy Storage and Management Services | Accounted for Under ASC 606 | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contract with customer, including assessed tax | 700 | 0 | 1,400 | 0 | |
UNITED STATES | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contract with customer, including assessed tax | 130,218 | 114,476 | 282,991 | 243,208 | |
Non-US | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contract with customer, including assessed tax | 82,745 | 80,320 | 154,138 | 136,820 | |
Operating Segments | Electricity | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contract with customer, including assessed tax | 166,226 | 155,324 | 357,479 | 325,634 | |
Operating income (loss) | 35,414 | 28,661 | 88,095 | 85,669 | |
Assets | 4,955,806 | 4,576,437 | 4,955,806 | 4,576,437 | |
Operating Segments | Product | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contract with customer, including assessed tax | 37,829 | 33,458 | 62,661 | 43,500 | |
Operating income (loss) | 1,026 | (2,297) | 1,868 | (3,802) | |
Assets | 192,092 | 182,437 | 192,092 | 182,437 | |
Operating Segments | Energy Storage and Management Services | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contract with customer, including assessed tax | 8,908 | 6,014 | 16,989 | 10,894 | |
Operating income (loss) | (1,313) | (2,140) | (2,253) | (4,477) | |
Assets | 358,904 | 251,770 | 358,904 | 251,770 | |
Operating Segments | UNITED STATES | Electricity | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contract with customer, including assessed tax | 119,695 | 106,209 | 263,511 | 228,620 | |
Operating Segments | UNITED STATES | Product | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contract with customer, including assessed tax | 1,615 | 2,253 | 2,491 | 3,694 | |
Operating Segments | UNITED STATES | Energy Storage and Management Services | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contract with customer, including assessed tax | 8,908 | 6,014 | 16,989 | 10,894 | |
Operating Segments | Non-US | Electricity | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contract with customer, including assessed tax | 46,531 | 49,115 | 93,968 | 97,014 | |
Operating Segments | Non-US | Product | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contract with customer, including assessed tax | 36,214 | 31,205 | 60,170 | 39,806 | |
Operating Segments | Non-US | Energy Storage and Management Services | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contract with customer, including assessed tax | 0 | 0 | 0 | 0 | |
Segment Reconciling Items | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 129,664 | 126,451 | 129,664 | 126,451 | |
Segment Reconciling Items | Electricity | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 129,664 | 126,451 | 129,664 | 126,451 | |
Segment Reconciling Items | Product | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 0 | 0 | 0 | 0 | |
Segment Reconciling Items | Energy Storage and Management Services | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 0 | 0 | 0 | 0 | |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contract with customer, including assessed tax | 26,907 | 12,918 | 47,504 | 20,690 | |
Intersegment Eliminations | Electricity | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contract with customer, including assessed tax | 0 | 0 | 0 | 0 | |
Intersegment Eliminations | Product | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contract with customer, including assessed tax | (26,907) | (12,918) | (47,504) | (20,690) | |
Intersegment Eliminations | Energy Storage and Management Services | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contract with customer, including assessed tax | $ 0 | $ 0 | $ 0 | $ 0 |
BUSINESS SEGMENTS - Reconciling
BUSINESS SEGMENTS - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer, including assessed tax | $ 212,963 | $ 194,796 | $ 437,129 | $ 380,028 |
Operating income (loss) | 35,127 | 24,224 | 87,710 | 77,390 |
Interest income | 2,604 | 4,942 | 4,443 | 6,793 |
Interest expense, net | (33,716) | (24,393) | (64,684) | (48,024) |
Derivatives and foreign currency transaction gains (losses) | (332) | (1,272) | (1,914) | (3,209) |
Income attributable to sale of tax benefits | 15,798 | 14,979 | 33,274 | 27,545 |
Other non-operating income, net | 74 | 79 | 100 | 139 |
Income (loss) from continuing operations before equity method investments, income taxes, noncontrolling interest | 19,555 | 18,559 | 58,929 | 60,634 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer, including assessed tax | 26,907 | 12,918 | 47,504 | 20,690 |
Consolidation, Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer, including assessed tax | $ (26,907) | $ (12,918) | $ (47,504) | $ (20,690) |
INCOME TAXES (Details)
INCOME TAXES (Details) | 3 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate reconciliation, (in percent) | (16.30%) | (21.30%) |
Effective income tax rate reconciliation, at federal statutory income tax rate, (in percents) | 21% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||||
Aug. 06, 2024 | Jul. 15, 2024 | Jul. 08, 2024 | Apr. 23, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Subsequent Event [Line Items] | ||||||||
Dividends, common stock | $ 7,344 | $ 7,243 | $ 7,229 | $ 6,732 | ||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | ||||
Kenya Revenue Authority | ||||||||
Subsequent Event [Line Items] | ||||||||
Income tax possible loss | $ 79,000 | |||||||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends, common stock | $ 7,200 | |||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.12 | |||||||
Subsequent Event | Senior Convertible Notes Due 2027 | Convertible Debt | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt instrument, interest rate, stated percentage | 2.50% | |||||||
Debt instrument, face amount | $ 45,200 | |||||||
Convertible debt, noncurrent | 431,300 | |||||||
Proceeds from convertible debt | $ 44,200 | |||||||
Subsequent Event | Kenya Revenue Authority | ||||||||
Subsequent Event [Line Items] | ||||||||
Income tax possible loss | $ 0 |