ORMAT TECHNOLOGIES, INC., 10-Q filed on 11/7/2019
Quarterly Report
v3.19.3
Document And Entity Information - shares
 9 Months Ended
Sep. 30, 2019
Nov. 05, 2019
Document Information [Line Items]    
Entity Central Index Key 0001296445  
Entity Registrant Name ORMAT TECHNOLOGIES, INC.  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2019  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2019  
Document Transition Report false  
Entity File Number 001-32347  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 88-0326081  
Entity Address, Address Line One 6140 Plumas Street  
Entity Address, City or Town Reno  
Entity Address, State or Province NV  
Entity Address, Postal Zip Code 89519-6075  
City Area Code 775  
Local Phone Number 356-9029  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   50,993,861
Title of 12(b) Security Common Stock  
Trading Symbol ORA  
Security Exchange Name NYSE  
v3.19.3
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 97,602 $ 98,802
Restricted cash and cash equivalents (primarily related to VIEs) 82,435 78,693
Receivables:    
Trade 139,226 137,581
Other 18,482 19,393
Inventories 39,324 45,024
Costs and estimated earnings in excess of billings on uncompleted contracts [1] 43,125 42,130
Prepaid expenses and other 12,116 51,441
Total current assets 432,310 473,064
Investment in an unconsolidated company 73,714 71,983
Deposits and other 21,078 18,209
Deferred income taxes 131,820 113,760
Property, plant and equipment, net 1,962,637 1,959,578
Construction-in-process 352,013 261,690
Operating leases right of use 58,170 0
Finance leases right of use 18,046 0
Deferred financing and lease costs, net 957 3,242
Intangible assets, net 188,815 199,874
Goodwill 19,933 19,950
Total assets 3,259,493 [2] 3,121,350
Current liabilities:    
Accounts payable and accrued expenses 137,176 116,362
Short term revolving credit lines with banks (full recourse) 0 159,000
Commercial paper 50,000 0
Billings in excess of costs and estimated earnings on uncompleted contracts 6,003 18,402
Current portion of long-term debt:    
Senior secured notes 39,393 33,493
Other loans 34,135 29,687
Full recourse 76,572 5,000
Operating lease liabilities 6,253 0
Finance lease liabilities 3,191 0
Total current liabilities 352,723 361,944
Long-term debt, net of current portion:    
Senior secured notes (less deferred financing costs of $6,597 and $7,434, respectively) 344,924 375,337
Other loans (less deferred financing costs of $10,797 and $9,354, respectively) 326,227 320,242
Senior unsecured bonds (less deferred financing costs of $727 and $758, respectively) 286,401 303,575
Other loans (less deferred financing costs of $1,564 and $921, respectively) 73,384 41,579
Operating lease liabilities 17,698 0
Finance lease liabilities 12,224 0
Liability associated with sale of tax benefits 118,811 69,893
Deferred lease income 43,264 48,433
Deferred income taxes 86,475 61,323
Liability for unrecognized tax benefits 15,053 11,769
Liabilities for severance pay 18,570 17,994
Asset retirement obligation 44,810 39,475
Other long-term liabilities 5,400 16,087
Total liabilities 1,745,964 1,667,651
Commitments and contingencies (Note 10)
Redeemable noncontrolling interest 8,741 8,603
Equity:    
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 50,993,861 and 50,699,781 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively 51 51
Additional paid-in capital 910,651 901,363
Retained earnings 480,879 422,222
Accumulated other comprehensive income (loss) (10,848) (3,799)
Total stockholders' equity attributable to Company's stockholders 1,380,733 1,319,837
Noncontrolling interest 124,055 125,259
Total equity 1,504,788 1,445,096
Total liabilities, redeemable noncontrolling interest and equity $ 3,259,493 $ 3,121,350
[1] Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheets.
[2] Electricity segment assets include goodwill in the amount of $19.9 million and $26.7 million as of September 30, 2019 and 2018, respectively. Other segment assets include goodwill in the amount of $13.5 million as of September 30, 2018. No goodwill is included in the Other segment assets as of September 30, 2019.
v3.19.3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Property, plant and equipment, net $ 1,962,637 $ 1,959,578
Construction-in-process 352,013 261,690
Operating leases right of use 58,170 0
Finance leases right of use $ 18,046 $ 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares issued (in shares) 50,993,861 50,699,781
Common stock, shares outstanding (in shares) 50,993,861 50,699,781
Senior Secured Notes [Member]    
Deferred financing costs $ 6,597 $ 7,434
Other Loans, Limited and Non-recourse [Member]    
Deferred financing costs 10,797 9,354
Senior Unsecured Bonds [Member]    
Deferred financing costs 727 758
Other Loans, Full Recourse [Member]    
Deferred financing costs 1,564 921
Variable Interest Entity, Primary Beneficiary [Member]    
Property, plant and equipment, net 1,860,656 1,859,228
Construction-in-process 163,187 $ 104,085
Operating leases right of use 49,079  
Finance leases right of use $ 9,246  
v3.19.3
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues:        
Revenues $ 170,499,000 $ 166,480,000 $ 553,602,000 $ 528,802,000
Cost of revenues:        
Cost of revenues 115,004,000 117,688,000 358,781,000 349,176,000
Gross profit 55,495,000 48,792,000 194,821,000 179,626,000
Operating expenses:        
Research and development expenses 1,062,000 706,000 2,772,000 3,065,000
Selling and marketing expenses 3,783,000 8,578,000 10,924,000 15,989,000
General and administrative expenses 11,931,000 13,606,000 41,801,000 43,325,000
Write-off of unsuccessful exploration activities 0 0 0 119,000
Operating income 38,719,000 25,902,000 139,324,000 117,128,000
Other income (expense):        
Interest income 482,000 214,000 1,195,000 516,000
Interest expense, net (20,076,000) (18,700,000) (62,816,000) (48,890,000)
Derivatives and foreign currency transaction gains (losses) 205,000 (383,000) 696,000 (2,511,000)
Income attributable to sale of tax benefits 4,056,000 4,066,000 16,457,000 14,983,000
Other non-operating income (expense), net 244,000 309,000 1,362,000 7,662,000
Income from operations before income tax and equity in earnings (losses) of investees 23,630,000 11,408,000 96,218,000 88,888,000
Income tax (provision) benefit (9,626,000) (1,184,000) (20,136,000) (3,347,000)
Equity in earnings (losses) of investees, net 1,085,000 (117,000) 3,334,000 1,481,000
Net income 15,089,000 10,107,000 79,416,000 87,022,000
Net income attributable to noncontrolling interest 516,000 474,000 (3,927,000) (7,276,000)
Net income attributable to the Company's stockholders 15,605,000 10,581,000 75,489,000 79,746,000
Comprehensive income:        
Net income 15,089,000 10,107,000 79,416,000 87,022,000
Other comprehensive income (loss), net of related taxes:        
Change in foreign currency translation adjustments (2,191,000) (91,000) (3,057,000) (1,059,000)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment (1,467,000) 1,012,000 (4,699,000) 4,175,000
Loss in respect of derivative instruments designated for cash flow hedge 18,000 20,000 58,000 60,000
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge (7,000) (14,000) (24,000) (44,000)
Comprehensive income 11,442,000 11,034,000 71,694,000 90,154,000
Comprehensive income attributable to noncontrolling interest 1,051,000 458,000 (3,254,000) (7,088,000)
Comprehensive income attributable to the Company's stockholders $ 12,493,000 $ 11,492,000 $ 68,440,000 $ 83,066,000
Basic:        
Net income (in dollars per share) $ 0.31 $ 0.21 $ 1.49 $ 1.58
Diluted:        
Net income (in dollars per share) $ 0.30 $ 0.21 $ 1.48 $ 1.56
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:        
Basic (in shares) 50,933 50,645 50,816 50,627
Diluted (in shares) 51,334 50,963 51,124 50,985
Electricity [Member]        
Revenues:        
Revenue $ 123,978,000 $ 116,891,000 $ 395,965,000 $ 371,559,000
Cost of revenues:        
Cost of revenues 80,124,000 79,845,000 231,442,000 234,563,000
Product [Member]        
Revenues:        
Revenue 43,037,000 48,439,000 147,195,000 152,026,000
Cost of revenues:        
Cost of revenues 31,073,000 35,669,000 114,495,000 106,968,000
Other Revenue [Member]        
Revenues:        
Revenue 3,484,000 1,150,000 10,442,000 5,217,000
Cost of revenues:        
Cost of revenues $ 3,807,000 $ 2,174,000 $ 12,844,000 $ 7,645,000
v3.19.3
Condensed Consolidated Statements of Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Guadeloupe 1 [Member]
Noncontrolling Interest [Member]
Guadeloupe 1 [Member]
Tungsten [Member]
Noncontrolling Interest [Member]
Tungsten [Member]
U.S. Geothermal [Member]
Noncontrolling Interest [Member]
U.S. Geothermal [Member]
McGinness Hills Phase III [Member]
Noncontrolling Interest [Member]
McGinness Hills Phase III [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Parent [Member]
Noncontrolling Interest [Member]
Total
Balance (in shares) at Dec. 31, 2017                 50,609            
Balance at Dec. 31, 2017                 $ 51 $ 888,778 $ 327,255 $ (4,706) $ 1,211,378 $ 84,322 $ 1,295,700
Cumulative effect of changes in accounting principles at Dec. 31, 2017                     25,635   25,635   25,635
Adjusted balance as of the beginning of the year at Dec. 31, 2017                 $ 51 888,778 352,890 (4,706) 1,237,013 84,322 1,321,335
Stock-based compensation                   1,707     1,707   1,707
Exercise of options by employees and directors (in shares)                 8            
Cash paid to noncontrolling interest                           (4,674) (4,674)
Cash dividend declared                     (11,640)   (11,640)   (11,640)
Net income                     69,508   69,508 4,482 73,990
Currency translation adjustment                       1,158 1,158 370 1,528
Loss in respect of derivative instruments designated for cash flow hedge                       20 20   20
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment                       2,634 2,634   2,634
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge                       (15) (15)   (15)
Change in foreign currency translation adjustments                       1,158 1,158 370 1,528
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment                       2,634 2,634   2,634
Balance (in shares) at Mar. 31, 2018                 50,617            
Balance at Mar. 31, 2018                 $ 51 890,485 410,758 (909) 1,300,385 84,500 1,384,885
Balance (in shares) at Dec. 31, 2017                 50,609            
Balance at Dec. 31, 2017                 $ 51 888,778 327,255 (4,706) 1,211,378 84,322 1,295,700
Cumulative effect of changes in accounting principles at Dec. 31, 2017                     25,635   25,635   25,635
Adjusted balance as of the beginning of the year at Dec. 31, 2017                 $ 51 888,778 352,890 (4,706) 1,237,013 84,322 1,321,335
Currency translation adjustment                             (1,059)
Loss in respect of derivative instruments designated for cash flow hedge                             60
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment                             4,175
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge                             (44)
Change in foreign currency translation adjustments                             (1,059)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment                             4,175
Balance (in shares) at Sep. 30, 2018                 50,630            
Balance at Sep. 30, 2018                 $ 51 896,160 410,870 (1,386) 1,305,695 124,001 1,429,696
Balance (in shares) at Mar. 31, 2018                 50,617            
Balance at Mar. 31, 2018                 $ 51 890,485 410,758 (909) 1,300,385 84,500 1,384,885
Adjusted balance as of the beginning of the year at Mar. 31, 2018                 $ 51 890,485 410,758 (909) 1,300,385 84,500 1,384,885
Stock-based compensation                   2,116     2,116   2,116
Exercise of options by employees and directors (in shares)                 13            
Cash paid to noncontrolling interest                           (1,703) (1,703)
Cash dividend declared                     (5,062)   (5,062)   (5,062)
Net income                     (343)   (343) 2,807 2,464
Currency translation adjustment                       (1,922) (1,922) (574) (2,496)
Loss in respect of derivative instruments designated for cash flow hedge                       20 20   20
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment                       529 529   529
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge                       (15) (15)   (15)
Increase in noncontrolling interest $ 2,165 $ 2,165 $ 996 $ 996 $ 34,898 $ 34,898                  
Change in foreign currency translation adjustments                       (1,922) (1,922) (574) (2,496)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment                       529 529   529
Balance (in shares) at Jun. 30, 2018                 50,630            
Balance at Jun. 30, 2018                 $ 51 892,601 405,353 (2,297) 1,295,708 123,089 1,418,797
Stock-based compensation                   3,559     3,559   3,559
Cash paid to noncontrolling interest                           (1,525) (1,525)
Cash dividend declared                     (5,064)   (5,064)   (5,064)
Net income                     10,581   10,581 (753) 9,828
Currency translation adjustment                       (107) (107) 16 (91)
Loss in respect of derivative instruments designated for cash flow hedge                       20 20   20
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment                       1,012 1,012   1,012
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge                       (14) (14)   (14)
Increase in noncontrolling interest $ 3,174 $ 3,174                          
Change in foreign currency translation adjustments                       (107) (107) 16 (91)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment                       1,012 1,012   1,012
Balance (in shares) at Sep. 30, 2018                 50,630            
Balance at Sep. 30, 2018                 $ 51 896,160 410,870 (1,386) 1,305,695 124,001 1,429,696
Balance (in shares) at Dec. 31, 2018                 50,700            
Balance at Dec. 31, 2018                 $ 51 901,363 422,222 (3,799) 1,319,837 125,259 1,445,096
Cumulative effect of changes in accounting principles at Dec. 31, 2018                     (58)   (58)   (58)
Adjusted balance as of the beginning of the year at Dec. 31, 2018                 $ 51 901,363 422,164 (3,799) 1,319,779 125,259 1,445,038
Stock-based compensation                   2,360     2,360   2,360
Exercise of options by employees and directors (in shares)                 52            
Cash paid to noncontrolling interest                           (4,146) (4,146)
Cash dividend declared                     (5,579)   (5,579)   (5,579)
Net income                     25,946   25,946 1,855 27,801
Currency translation adjustment                       (1,026) (1,026) (322) (1,348)
Loss in respect of derivative instruments designated for cash flow hedge                       22 22   22
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment                       (1,145) (1,145)   (1,145)
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge                       (8) (8)   (8)
Change in foreign currency translation adjustments                       (1,026) (1,026) (322) (1,348)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment                       (1,145) (1,145)   (1,145)
Balance (in shares) at Mar. 31, 2019                 50,752            
Balance at Mar. 31, 2019                 $ 51 903,723 442,531 (5,956) 1,340,349 122,646 1,462,995
Balance (in shares) at Dec. 31, 2018                 50,700            
Balance at Dec. 31, 2018                 $ 51 901,363 422,222 (3,799) 1,319,837 125,259 1,445,096
Cumulative effect of changes in accounting principles at Dec. 31, 2018                     (58)   (58)   (58)
Adjusted balance as of the beginning of the year at Dec. 31, 2018                 $ 51 901,363 422,164 (3,799) 1,319,779 125,259 1,445,038
Currency translation adjustment                             (3,057)
Loss in respect of derivative instruments designated for cash flow hedge                             58
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment                             (4,699)
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge                             (24)
Change in foreign currency translation adjustments                             (3,057)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment                             (4,699)
Balance (in shares) at Sep. 30, 2019                 50,993            
Balance at Sep. 30, 2019                 $ 51 910,651 480,879 (10,848) 1,380,733 124,055 1,504,788
Balance (in shares) at Mar. 31, 2019                 50,752            
Balance at Mar. 31, 2019                 $ 51 903,723 442,531 (5,956) 1,340,349 122,646 1,462,995
Stock-based compensation                   2,643     2,643   2,643
Exercise of options by employees and directors (in shares)                 110            
Cash paid to noncontrolling interest                           (2,767) (2,767)
Cash dividend declared                     (5,589)   (5,589)   (5,589)
Net income                     33,938   33,938 2,017 35,955
Currency translation adjustment                       298 298 184 482
Loss in respect of derivative instruments designated for cash flow hedge                       18 18   18
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment                       (2,087) (2,087)   (2,087)
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge                       (9) (9)   (9)
Change in foreign currency translation adjustments                       298 298 184 482
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment                       (2,087) (2,087)   (2,087)
Balance (in shares) at Jun. 30, 2019                 50,862            
Balance at Jun. 30, 2019                 $ 51 906,366 470,880 (7,736) 1,369,561 122,080 1,491,641
Stock-based compensation                   2,228     2,228   2,228
Exercise of options by employees and directors (in shares)                 131            
Cash paid to noncontrolling interest                           (1,326) (1,326)
Cash dividend declared                     (5,606)   (5,606)   (5,606)
Net income                     15,605   15,605 (805) 14,800
Currency translation adjustment                     0   (1,656) (535) (2,191)
Loss in respect of derivative instruments designated for cash flow hedge                       18 18   18
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment                       (1,467) (1,467)   (1,467)
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge                       (7) (7)   (7)
Increase in noncontrolling interest             $ 4,641 $ 4,641              
Exercise of options by employees and directors                   2,057     2,057   2,057
Change in foreign currency translation adjustments                     0   (1,656) (535) (2,191)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment                       (1,467) (1,467)   (1,467)
Balance (in shares) at Sep. 30, 2019                 50,993            
Balance at Sep. 30, 2019                 $ 51 $ 910,651 $ 480,879 $ (10,848) $ 1,380,733 $ 124,055 $ 1,504,788
v3.19.3
Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Retained Earnings [Member]            
Cash dividend declared, per share (in dollars per share) $ 0.11 $ 0.11 $ 0.11 $ 0.11 $ 0.10 $ 0.23
Amortization of unrealized gains, tax $ (6) $ 6 $ 6 $ 6 $ 9 $ 9
Amortization of unrealized gains, tax $ 6 $ (6) (6) (6) (9) (9)
Loss in respect of derivative instruments designated for cash flow hedge, related tax     24 0 11 13
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment, tax     $ 0 $ 0 $ 0 $ 0
v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 79,416,000 $ 87,022,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 111,328,000 98,371,000
Accretion of asset retirement obligation 2,015,000 1,826,000
Stock-based compensation 7,231,000 7,382,000
Amortization of deferred lease income (2,014,000) (2,014,000)
Income attributable to sale of tax benefits, net of interest expense (7,738,000) (9,806,000)
Equity in losses (earnings) of investees (3,334,000) (1,774,000)
Mark-to-market of derivative instruments (1,909,000) 1,202,000
Loss on disposal of property, plant and equipment 1,426,000 5,365,000
Write-off of unsuccessful exploration activities 0 119,000
Loss (gain) on severance pay fund asset (862,000) 630,000
Deferred income tax provision 7,177,000 (6,612,000)
Liability for unrecognized tax benefits 3,284,000 1,249,000
Deferred lease revenues (470,000) (303,000)
Gain from insurance recoveries 0 (7,150,000)
Changes in operating assets and liabilities, net of businesses acquired:    
Receivables (60,000) (9,704,000)
Costs and estimated earnings in excess of billings on uncompleted contracts (995,000) (6,866,000)
Inventories 3,780,000 (1,728,000)
Prepaid expenses and other 4,003,000 (4,183,000)
Operating lease right of use asset 5,620,000 0
Deposits and other (2,622,000) 10,000
Accounts payable and accrued expenses 14,237,000 (50,056,000)
Billings in excess of costs and estimated earnings on uncompleted contracts (12,399,000) 1,519,000
Liabilities for severance pay 576,000 (1,238,000)
Other long-term liabilities (6,238,000) (105,000)
Net cash provided by operating activities 201,452,000 103,156,000
Cash flows from investing activities:    
Capital expenditures (190,530,000) (200,657,000)
Cash received from insurance recoveries related to destroyed equipment 0 7,150,000
Investment in unconsolidated companies (3,096,000) (3,800,000)
Cash paid for acquisition of controlling interest in a subsidiary, net of cash acquired 0 (95,093,000)
Decrease (increase) in severance pay fund asset, net of payments made to retired employees 615,000 850,000
Net cash used in investing activities (193,011,000) (291,550,000)
Cash flows from financing activities:    
Proceeds from sale of membership interests to noncontrolling interest, net of transaction costs 0 3,174,000
Proceeds from long-term loans, net of transaction costs 132,847,000 100,000,000
Proceeds from exercise of options by employees 2,057,000 0
Proceeds from issuance of senior unsecured notes, net of transaction costs 0 0
Purchase of Senior unsecured notes 0 0
Proceeds from the sale of limited liability company interest, net of transaction costs 58,671,000 32,403,000
Prepayment of loans (6,098,000) 0
Proceeds from issuance of commercial paper 50,000,000 0
Proceeds from revolving credit lines with banks 1,311,500,000 2,819,800,000
Repayment of revolving credit lines with banks (1,470,500,000) (2,661,800,000)
Cash received from noncontrolling interest 3,346,000 4,134,000
Repayments of long-term debt (52,997,000) (41,858,000)
Cash paid to noncontrolling interest (9,399,000) (9,555,000)
Payments of finance leases (2,734,000) (1,706,000)
Deferred debt issuance costs (4,566,000) (3,002,000)
Cash dividends paid (16,774,000) (21,766,000)
Net cash provided by (used in) financing activities (4,647,000) 219,824,000
Effect of exchange rate changes (1,252,000) 0
Net change in cash and cash equivalents and restricted cash and cash equivalents 2,542,000 31,430,000
Restricted cash and cash equivalents acquired in a business combination 0 26,993,000
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 177,495,000 96,643,000
Cash and cash equivalents and restricted cash and cash equivalents at end of period 180,037,000 155,066,000
Supplemental non-cash investing and financing activities:    
Increase (decrease) in accounts payable related to purchases of property, plant and equipment 7,496,000 (10,390,000)
Right of use assets obtained in exchange for new lease liabilities $ 10,435,000 $ 5,864,000
v3.19.3
Note 1 - General and Basis of Presentation
 9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 1 — GENERAL AND BASIS OF PRESENTATION

 

These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, they do not 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 consolidated financial position as of September 30, 2019, the consolidated results of operations and comprehensive income (loss) for the three and nine-month periods ended September 30, 2019 and 2018, consolidated statements of cash flows for the nine months ended September 30, 2019 and 2018 and consolidated statements of equity for the three months ended September 30, 2019 and 2018, June 30, 2019 and 2018 and March 31, 2019 and 2018.

 

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, 2018. The condensed consolidated balance sheet data as of December 31, 2018 was derived from the Company’s audited consolidated financial statements for the year ended December 31, 2018 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.

 

McGinness Hills 3 tax monetization transaction  

 

On August 14, 2019, one of the Company’s wholly-owned subsidiaries that indirectly owns the 48 MW McGinness Hills phase 3 geothermal power plant entered into a partnership agreement with a private investor. Under the transaction documents, the private investor acquired membership interests in the McGinness Hills phase 3 geothermal power plant for an initial purchase price of approximately $59.3 million and for which it will pay additional installments that are expected to amount to approximately $9 million and can reach up to $22 million based on the actual generation. The Company will continue to consolidate, operate and maintain the power plant and will receive substantially all the distributable cash flow generated by the power plant and the private investor will receive substantially all of the tax attributes.

 

Pursuant to the transaction documents, prior to December 31, 2027 (“Target Flip Date”), one of the Company’s fully owned subsidiary receives substantially all of the distributable cash flow generated by the McGinness Hills phase 3 power plant, while the private investor receives substantially all of the tax attributes of the project. Following the later of the Target Flip Date and the date in which the private investor reaches its target return, the Company will receive 97.5% of the distributable cash generated by the power plant and 95.0% of the tax attributes, on a going forward basis.

 

On the Target Flip Date, the Company, through one of its wholly-owned subsidiary, has the option to purchase the private investor’s interests at the then-current fair market value, plus an amount that may be needed to cause the private investor to reach its target return, if needed. If the Company exercises this purchase option, it will become the sole owner of the project again.

 

Ijen transaction

 

On July 2, 2019 the Company agreed to acquire 49% in the Ijen geothermal project company from a Medco Power subsidiary (“Medco”), which is holding a Power purchase Agreement ("PPA") and a geothermal license to develop the Ijen project in East Java in Indonesia for a total consideration of approximately $2.7 million. As part of the transaction, Ormat committed to make additional funding for the exploration and development of the project, subject to specific conditions.  Medco retains 51% ownership in the company and Ormat and Medco will develop the project jointly. The Company accounted for its investment in the Ijen geothermal project company under the equity method prescribed by ASC 323 – Investments – Equity Method and Joint Ventures.

 

Issuance of short-term commercial paper

 

On June 27, 2019, the Company entered into a framework agreement for participation in the issuance of  commercial paper (the "Agreement") with Discount Capital Underwriting Ltd. under which the Company allowed the participants to submit proposals for purchasing and to purchase the Company's commercial paper ("Commercial Paper") in accordance with the provisions of the Agreement. On July 3, 2019, the Company completed the issuance of the Commercial Paper in the aggregate amount of $50.0 million. The Commercial Paper was issued for a period of 90 days and extends automatically for additional periods of 90 days each, for up to 5 years, unless the Company notifies the participants otherwise or a notice of termination is provided by the participants in accordance with the provisions of the Agreement. The Commercial Paper bears an annual interest of 3 months LIBOR +0.75% which is paid at the end of each 90 day periods.

 

Plumstriker Loan 

 

On May 4, 2019, a wholly owned indirect subsidiary of the Company (“Plumstriker”) and its two subsidiaries entered into a $23.5 million loan agreement with a United States (“U.S.”) financing division of a leading global industrial company for the financing of two 20 MW battery energy storage projects located in New Jersey.

 

On May 30, 2019, Plumstriker completed the drawdown of the full loan amount, bearing interest of three months U.S. Libor plus a 3.5% margin. The loan will be repaid in 29 equal quarterly principal installments of 1.25% of the loan, and additional 14 unequal semi-annual principal payments, commencing June 30, 2019. The final maturity date of the loan is May 30, 2026. Proceeds of the loan were used to refinance investments in the said projects. The debt repayment of the loan is not guaranteed by the Company or any of its other subsidiaries.

 

Société Géneralé Loan

 

On April 9, 2019, an indirect subsidiary of the Company (“Guadeloupe”), entered into a $8.9 million loan agreement with Société Général. On April 29, 2019, Guadeloupe completed the drawdown of the full loan amount of the loan, bearing a fixed interest of 1.52%. The loan will be repaid in 28 quarterly principal installments, commencing July 29, 2019. The final maturity date of the loan is April 29, 2026. The loan has a limited guarantee by one of the Company’s subsidiaries.

 

Bpifrance Loan

 

On April 4, 2019, Guadeloupe, entered into a $8.9 million loan agreement with Banque Publique d’Investissement (“Bpifrance”). On April 29, 2019, Guadeloupe completed the drawdown of the full loan amount, bearing a fixed interest of 1.93%. The loan will be repaid in 20 equal quarterly principal installments, commencing June 30, 2021. The final maturity date of the loan is March 31, 2026. The loan is not guaranteed by the Company or any of its other subsidiaries.

 

Puna

 

On May 3, 2018, the Kilauea volcano located in close proximity to our Puna 38 MW geothermal power plant in the Puna district of Hawaii's Big Island erupted following a significant increase in seismic activity in the area. Before it stopped flowing, the lava covered the wellheads of three geothermal wells, monitoring wells and the substation of the Puna complex and an adjacent warehouse that stored a drilling rig that was also consumed by the lava. The insurance policy coverage for property and business interruption is provided by a consortium of insurers. All the insurers accepted and started paying for the costs to rebuild the destroyed substation, and during the first quarter of 2019, the Company received an additional $1.5 million of such proceeds. However, only some of the insurers accepted that the business interruption coverage started in May 2018 and during the first, second and third quarters of 2019, the Company received and recorded an additional $9.3 million of such proceeds which were included under cost of revenues in the condensed consolidated statements of operations and comprehensive income for the nine months ended September 30, 2019. The Company has filed a lawsuit against the insurers that do not accept our claim. The Company is still assessing the damages in the Puna facilities and continues to coordinate with Hawaii Electric Light Company (“HELCO”) and local authorities to bring the power plant back to operation.

 

As of November 2019, the reconstruction efforts at Puna are on schedule and we expect our refurbishment activities will be completed by the end of the year, enabling us to deliver energy from the plant. We expect to be able to sell the electricity produced at Puna as soon as the relevant permits required from local authorities for the operation of the substation and the transmission network upgrades being undertaken by our partners at Hawaii Electric Light Company (HELCO) are received.  These are expected by the end of the first quarter of 2020, and we expect to be able to bring the power plant back to operation promptly thereafter. On the field side, we recently reached successfully the production area and have already one production well available for the operation of the power plant. In addition, we have recovered several injection wells and we continue our recovery work, which includes redrilling of existing wells, cleanouts and drilling of new wells. We expect to gradually increase the power plant’s generating capacity as we complete wellfield drilling work, with a target of regaining full operation of the power plant by the end of the second quarter of 2020.

 

The Company continues to assess the accounting implications of this event on the assets and liabilities on its balance sheet and whether an impairment will be required. Any significant damage to the geothermal resource or continued shut-down following the lava event at the Puna facilities could have an adverse impact on the power plant's electricity generation and availability, which in turn could have a material adverse impact on our business and results of operations. 

 

DEG 3 Loan

 

On January 4, 2019, an indirect subsidiary of the Company (“OrPower 4”) entered into an additional $41.5 million subordinated loan agreement with Deutsche Investitions-und Entwicklungsgesellschaft mbH ("DEG") (the “DEG 3 Loan Agreement”) and on February 28, 2019, OrPower 4 completed a drawdown of the full loan amount, with a fixed interest rate of 6.04% for the duration of the loan (the “DEG 3 Loan”). The DEG 3 Loan will be repaid in 19 equal semi-annual principal installments commencing June 21, 2019, with a final maturity date of  June 21, 2028. Proceeds of the DEG 3 Loan were used by OrPower 4 to refinance upgrades to Plant 1 of the Olkaria III Complex, which were originally financed using equity. The DEG 3 Loan is subordinated to the senior loan provided by Overseas Private Investment Corporation (“OPIC”) for Plants 1-3 of the Olkaria III Complex. The DEG 3 Loan is guaranteed by the Company.

 

Migdal Senior Unsecured Loan

 

On March 25, 2019, the Company entered into a first addendum (“First Addendum”) to the loan agreement (the "Migdal Loan Agreement") with Migdal Insurance Company Ltd., Migdal Makefet Pension and Provident Funds Ltd. and Yozma Pension Fund of Self-Employed Ltd., all entities within the Migdal Group, a leading insurance company and institutional investor in Israel dated March 22, 2018. The First Addendum provides for an additional loan by the lenders to the Company in an aggregate principal amount of $50.0 million (the “Additional Migdal Loan”). The Additional Migdal Loan will be repaid in 15 semi-annual payments of $2.1 million each, commencing on September 15, 2021, with a final payment of $18.5 million on March 15, 2029. The Additional Migdal Loan bears interest at a fixed rate of 4.6% per annum, payable semi-annually, subject to adjustment in certain circumstances as described below. The Additional Migdal Loan was entered into under substantially the same terms and conditions of the Migdal Loan Agreement as disclosed in the Company’s Form 10-K for the year ended December 31, 2018.

 

Write-offs of Unsuccessful Exploration Activities

 

There were nowrite-offs of unsuccessful exploration activities for the three and nine months ended September 30, 2019. Write-offs of unsuccessful exploration activities for the three and nine months ended September 30, 2018 were $0 and $0.1 million, respectively.

 

Reconciliation of Cash and Cash Equivalents and Restricted cash and cash equivalents

 

The following table provides a reconciliation of Cash and cash equivalents and Restricted cash and cash equivalents as reported on the balance sheet to the total of the same amounts shown on the statement of cash flows:

 

   

September 30,

    

December 31,

    

September 30,

  
   

2019

    

2018

    

2018

  
   

(Dollars in thousands)

  

Cash and cash equivalents

   $ 97,602     $ 98,802     $ 71,965  

Restricted cash and cash equivalents

     82,435       78,693       83,101  

Total Cash and cash equivalents and restricted cash and cash equivalents

   $ 180,037     $ 177,495     $ 155,066  

 

Concentration of credit risk

 

Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of temporary cash investments and accounts receivable.

 

The Company places its temporary cash investments with high credit quality financial institutions located in the U.S. and in foreign countries. At September 30, 2019 and December 31, 2018, the Company had deposits totaling $47.3 million and $31.3 million, respectively, in ten U.S. financial institutions that were federally insured up to $250,000 per account. At September 30, 2019 and December 31, 2018, the Company’s deposits in foreign countries amounted to approximately $74.2 million and $93.9 million, respectively.

 

At September 30, 2019 and December 31, 2018, accounts receivable related to operations in foreign countries amounted to approximately $109.6 million and $102.0 million, respectively. At September 30, 2019 and December 31, 2018, accounts receivable from the Company’s primary customers amounted to approximately 59% and 56% of the Company’s accounts receivable, respectively.

 

Sierra Pacific Power Company and Nevada Power Company (subsidiaries of NV Energy, Inc.) accounted for 15.1% and 13.6% of the Company’s total revenues for the three months ended September 30, 2019 and 2018, respectively, and 16.7% and 15.7% of the Company’s total revenues for the nine months ended September 30, 2019 and 2018, respectively.

 

Southern California Public Power Authority (“SCPPA”) accounted for 16.4% and 13.7% of the Company’s total revenues for the three months ended September 30, 2019 and 2018, respectively, and 17.7% and 14.9% of the Company’s total revenues for the nine months ended September 30, 2019 and 2018, respectively.

 

Kenya Power and Lighting Co. Ltd. ("KPLC") accounted for 18.0% and 18.6% of the Company’s total revenues for the three months ended September 30, 2019 and 2018, respectively, and 16.6% and 16.7% of the Company’s total revenues for the nine months ended September 30, 2019 and 2018, respectively.

 

The Company has historically been able to collect on substantially all of its receivable balances. As of September 30, 2019, the amount overdue from KPLC in Kenya was $41.1 million of which $10.8 million was paid in October 2019. These amounts represent an average of 60 days overdue. In Honduras, there has been a deterioration in the collection from Empresa Nacional de Energía Eléctrica (“ENEE”) and as of September 30, 2019, the amount overdue is $20.1 million, none of which was paid to date. These amounts represent an average of 181 days, an increase of 73 days from June 30, 2019. Due to obligations of the Honduran government to support the Company, the Company believes it will be able to collect all past due amounts, and therefore no provision for doubtful accounts has been recorded.

 

Additionally, Pacific Gas and Electric Corporation (“PG&E Corporation”) and its subsidiary Pacific Gas and Electric Company (“PG&E”), which accounts for 2.2% and 1.4% of our total revenues for the three and nine months ended September 30, 2019, are facing extraordinary challenges relating to a series of catastrophic wildfires that occurred in Northern California in 2017 and 2018. As a result, on January 29, 2019, PG&E Corporation and its subsidiary, PG&E, voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The Company is closely monitoring its PG&E balance to ensure cash receipts are received timely each month.

 

Revenues from Contracts with Customers

 

Contract assets related to our Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company’s Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of September 30, 2019 and December 31, 2018 are as follows:

 

   

September 30,

    

December 31,

  
   

2019

   

2018

 
   

(Dollars in thousands)

  

Contract assets (*)

   $ 43,125     $ 42,130  

Contract liabilities (*)

     (6,003 )     (18,402 )

Contract assets, net

   $ 37,122     $ 23,728  

 

(*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheets.

 

On September 30, 2019, the Company had approximately $167.4 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.
v3.19.3
Note 2 - New Accounting Pronouncements
 9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

NOTE 2 — NEW ACCOUNTING PRONOUNCEMENTS

 

New accounting pronouncements effective in the nine-month period ended September 30, 2019

 

Leases

 

 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This new standard introduced a number of changes and simplified previous guidance, primarily the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. The new standard retained the distinction between finance leases and operating leases and the classification criteria between the two types remains substantially similar. Also, lessor accounting remained largely unchanged from previous guidance. However, key aspects of the new standard were aligned with the revenue recognition guidance in Topic 606. Additionally, the new standard defined a lease as a contract, or part of a contract, that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control over the use of the identified asset means that the customer has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. The Company adopted this new standard as of January 1, 2019 using the modified retrospective approach and accordingly recognized a cumulative-effect adjustment to the opening balance of retained earnings, which was an immaterial amount, with no restatement of comparative information.

 

In accordance with the new standard, for agreements in which the Company is the lessee, the Company applies a unified accounting model by which it recognizes a right-of-use asset ("ROU") and a lease liability at the commencement date of the lease contract for all the leases in which the Company has a right to control identified assets for a specified period of time. The classification of the lease as a finance lease or an operating lease determines the subsequent accounting for the lease arrangement.

 

Upon the adoption of the new standard the Company, both as a lessee and as a lessor, chose to apply the following permitted practical expedients:

 

 

1.

Not reassess whether any existing contracts are or contain a lease;

 

 

2.

Not reassess the classification of leases that commenced before the effective date (for example, all existing leases that were classified as operating leases in accordance with Topic 840 will continue to be classified as operating leases, and all existing leases that were classified as capital leases in accordance with Topic 840 will continue to be classified as finance leases);

 

 

3.

Exclude initial direct costs from measurement of the ROU asset at the date of initial application;

 

 

4.

Applying the practical expedient (for a lessor) to not separate non-lease components accounted for under Topic 606 from lease components and, instead, to account for each separate lease component and the non-lease components associated with that lease component as a single component. If the non-lease components are the predominant components, the Company will account for the combined component as a single performance obligation entirely in accordance with Topic 606. Otherwise, the combined component will be accounted as an operating lease entirely in accordance with the new standard.

 

 

5.

Applying the practical expedient (for a lessee) regarding the recognition and measurement of short-term leases, for leases for a period of up to 12 months from the commencement date. Instead, the company will continue to recognize the lease payments for those leases in profit or loss on a straight-line basis over the lease term.

 

Since the Company elected to apply the practical expedients above, it applied the new standard to all contracts entered into before January 1, 2019 and identified as leases in accordance with Topic 840.

 

The new significant accounting policies regarding leases that were applied as from January 1, 2019 following the application of the new standard are as follows:

 

1.     Determining whether an arrangement contains a lease

 

On the inception date of the lease, the Company determines whether the arrangement is a lease or contains a lease, while examining if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

 

2.     The Company as a lessee

 

a. Lease classification

 

At the commencement date, a lease is a finance lease if it meets any one of the criteria below; otherwise the lease is an operating lease:

 

 

●

The lease transfers ownership of the underlying asset to the lessee by the end of the lease term.

 

 

●

The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

 

 

●

The lease term is for the major part of the remaining economic life of the underlying asset.

 

 

●

The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset.

 

 

●

The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of lease term.

 

 

b.

Leased assets and lease liabilities - initial recognition

 

Upon initial recognition, the Company recognizes a liability at the present value of the lease payments to be made over the lease term, and concurrently recognizes a ROU asset at the same amount of the liability, adjusted for any prepaid or accrued lease payments, plus initial direct costs incurred in respect of the lease.

 

Since the interest rate implicit in the lease is not readily determinable, the incremental borrowing rate of the Company is used. The subsequent measurement depends of whether the lease is classified as a finance lease or an operating lease.

 

c.     The lease term

 

The lease term is the non-cancellable period of the lease plus periods covered by an extension or termination option if it is reasonably certain that the Company will exercise the option.

 

d.     Subsequent measurement of operating leases

 

After lease commencement, the Company measures the lease liability at the present value of the remaining lease payments using the discount rate determined at lease commencement (as long as the discount rate hasn’t been updated as a result of a reassessment event).

 

The Company subsequently measures the ROU asset at the present value of the remaining lease payments, adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term and any unamortized initial direct costs.

 

Further, the Company will recognize lease expense on a straight-line basis over the lease term.

 

e.     Subsequent measurement of finance leases

 

After lease commencement, the Company measures the lease liability by increasing the carrying amount to reflect interest on the lease liability and reducing the carrying amount to reflect the lease payments made during the period. The Company shall determine the interest on the lease liability in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements.

 

After lease commencement, the Company measures the ROU assets at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. The Company amortizes the ROU asset on a straight-line basis, unless another systematic basis better represents the pattern in which the Company expects to consume the ROU asset’s future economic benefits. The ROU asset is amortized over the shorter of the lease term or the useful life of the ROU asset as follows:

 

   

(in years)

  

Land

   1 - 35  

Automobiles

     5    

Building

     15    

 

The total periodic cost (the sum of interest and amortization expense) of a finance lease is typically higher in the early periods and lower in the later periods.

 

f.      Variable lease payments:

 

Variable lease payments that depend on an index or a rate

 

On the commencement date, the lease payments shall include variable lease payments that depend on an index or a rate (such as the Consumer Price Index or a market interest rate), initially measured using the index or rate at the commencement date.

 

The Company does not remeasure the lease liability for changes in future lease payments arising from changes in an index or rate unless the lease liability is remeasured for another reason. Therefore, after initial recognition, such variable lease payments are recognized in profit or loss as they are incurred.

 

Other variable lease payments

 

Variable payments that depends on performance or use of the underlying asset are not included in the lease payments. Such variable payments are recognized in profit or loss in the period in which the event or condition that triggers the payment occurs.

 

3.     The Company as a lessor

 

At lease commencement, the Company as a lessor classifies leases as either finance or operating leases. Finance leases are further classified as a sales-type lease or as a direct financing lease.

 

Under an operating lease, the Company recognizes the lease payment as income over the lease term, generally on a straight-line basis or as earned.

 

4. Impact of the new standard

 

 

a)

Effects of the initial application of the new standard on the Company's consolidated balance sheets statement as of January 1, 2019:

 

   

According to the

previous accounting policy

    

The change

    

As presented

according to Topic

842

  
   

(Dollars in thousands)

  
                         

As of January 1, 2019:

                        
                         

Prepaid expenses and other

   $ 51,441     $ (35,385 )   $ 16,056  

Deferred financing and lease costs, net

     3,242       (1,659 )     1,583  

Property, plant and equipment, net

     1,959,578       (12,855 )     1,946,723  

Operating leases right of use

     -       62,244       62,244  

Finance leases right of use

     -       13,476       13,476  
                         

Accounts payable and accrued expenses

     116,362       (2,860 )     113,502  

Current maturity of operating lease liabilities

     -       7,532       7,532  

Current maturity of finance lease liabilities

     -       2,841       2,841  
                         

Other long-term liabilities

     16,087       (9,970 )     6,117  

Long term portion of operating lease liabilities

     -       17,668       17,668  

Long term portion of finance lease liabilities

     -       10,668       10,668  
                         

Retained earnings

     422,222       (58 )     422,164  

 

The Operating leases right of use is higher than the related lease liabilities as a result of prepayments of leases, including the Puna lease and deferred financing lease costs.

 

b) A weighted-average nominal incremental interest rate of 5% and 7% was used to discount future lease payments in the calculation of the lease liabilities in respect of operating leases and in respect of finance leases, respectively.

 

Derivatives and Hedging

 

In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities. The amendments in this update better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The adoption of this guidance did not have an impact on the Company’s consolidated financial statements.

 

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

 

In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220). The amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). The guidance is effective for the fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The adoption of this guidance did not have an impact on the Company’s consolidated financial statements.

 

New accounting pronouncements effective in future periods

 

Financial Instruments—Credit Losses

 

In June 2016, the FASB issued ASU 2016-13 “Financial Instruments—Credit Losses—Measurement of Credit Losses on Financial Instruments.” This guidance replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance will be effective beginning on January 1, 2020, including interim periods within that year. The Company is currently evaluating the potential effect on its consolidated financial statements. 
v3.19.3
Note 3 - Inventories
 9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Inventory Disclosure [Text Block]

NOTE 3 — INVENTORIES

 

Inventories consist of the following:

 

   

September 30,

    

December 31,

  
   

2019

   

2018

 
   

(Dollars in thousands)

  

Raw materials and purchased parts for assembly

   $ 30,108     $ 26,914  

Self-manufactured assembly parts and finished products

     9,216       18,110  

Total

   $ 39,324     $ 45,024  

 
v3.19.3
Note 4 - Leases
 9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Leases of Lessee and Lessor Disclosure [Text Block]

NOTE 4 — LEASES

 

A.     Leases in which the Company is a lessee

 

The table below presents the effects on the amounts relating to a lessee’s total lease cost:

 

   

Three Months Ended September 30, 2019

    

Nine Months Ended September 30, 2019

  
   

(Dollars in thousands)

  

Lease cost

                

Finance lease cost:

                

Amortization of right-of-use assets

   $ 938     $ 2,424  

Interest on lease liabilities

     375       1,001  

Operating lease cost

     2,070       5,996  

Variable lease cost

     133       523  

Total lease cost

   $ 3,516     $ 9,944  
                 

Other information

               

Cash paid for amounts included in the measurement of lease liabilities:

                

Operating cash flows for finance leases

   $ —     $ —  

Operating cash flows for operating leases

     5,483       6,727  

Financing cash flows for finance leases

     1,021       2,734  

Right-of-use assets obtained in exchange for new finance lease liabilities

     901       5,186  

Right-of-use assets obtained in exchange for new operating lease liabilities

     4,652       5,250  

 

   

September 30,

  
   

2019

  

Weighted-average remaining lease term — finance leases (in years)

     4.0  

Weighted-average remaining lease term — operating leases (in years)

     6.0  

 

Future minimum lease payments under non-cancellable leases as of September 30, 2019 were as follows:

 

   

Operating Leases

    

Finance Leases

  
   

(Dollars in thousands)

  
                 

Year ending December 31,

                

2019 (excluding the nine months ended September 30, 2019)

     2,282       1,100  

2020

     5,162       4,402  

2021

     4,412       3,966  

2022

     2,921       3,862  

2023

     1,544       2,739  

Thereafter

     13,734       5,010  

Total future minimum lease payments

     30,055       21,079  

Less imputed interest

     6,104       5,664  

Total

   $ 23,951     $ 15,415  

 

Future minimum lease payments under non-cancellable leases as of December 31, 2018, under ASC 840, Leases were as follows:

 

   

(Dollars in thousands)

  

Year ending December 31,

        

2019

   $ 10,889  

2020

     7,515  

2021

     5,758  

2022

     4,415  

2023

     2,910  

Thereafter

     9,292  

Total

   $ 40,779  

  

B.     Leases in which the Company is a lessor

 

The table below presents the lease income recognized for lessors:

 

   

Three Months Ended September 30, 2019

    

Nine Months Ended September 30, 2019

  
   

(Dollars in thousands)

  

Lease income relating to lease payments of operating leases

   $ 110,461     $ 351,953  

Lease income relating to variable lease payments not included in the measurement of the lease

     —       —  

Total

   $ 110,461     $ 351,953  

 
v3.19.3
Note 5 - Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

NOTE 5— FAIR VALUE OF FINANCIAL INSTRUMENTS

 

The fair value measurement guidance clarifies that fair value is an exit price, representing the amount that would be received upon selling an asset or paid upon transferring a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 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 quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

 

Level 2 — Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability.

 

Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

 

The following table sets forth certain fair value information at September 30, 2019 and December 31, 2018 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.

 

           

September 30, 2019

  
           

Fair Value

  
   

Carrying

Value at

September 30,

2019

    

Total

    

Level 1

    

Level 2

    

Level 3

  
   

(Dollars in thousands)

  

Assets:

                                        

Current assets:

                                        

Cash equivalents (including restricted cash accounts)

   $ 27,100     $ 27,100     $ 27,100     $ —     $ —  

Derivatives:

                                        

Contingent receivable (1)

     99       99       —       —       99  

Currency forward contracts (2)

     869       869       —       869       —  

Liabilities:

                                        

Current liabilities:

                                        

Derivatives:

                                        

Contingent payables (1)

     (3,261 )     (3,261 )     —       —       (3,261 )
    $ 24,807     $ 24,807     $ 27,100     $ 869     $ (3,162 )

 

 

           

December 31, 2018

  
           

Fair Value

  
   

Carrying

Value at

December 31,

2018

    

Total

    

Level 1

    

Level 2

    

Level 3

  
   

(Dollars in thousands)

  

Assets

                                        

Current assets:

                                        

Cash equivalents (including restricted cash accounts)

   $ 18,787     $ 18,787     $ 18,787     $ —     $ —  

Derivatives:

                                        

Contingent receivable (1)

     104       104       —       —       104  

Liabilities:

                                        

Current liabilities:

                                        

Derivatives:

                                        

Contingent payables (1)

     (3,424 )     (3,424 )     —       —       (3,424 )

Currency forward contracts (2)

     (1,040 )     (1,040 )     —       (1,040 )     —  
    $ 14,427     $ 14,427     $ 18,787     $ (1,040 )   $ (3,320 )

 

(1)

These amounts relate to contingent receivables and payables and warrants relating to acquisition of the Guadeloupe power plant, valued primarily based on unobservable inputs and are included within “Prepaid expenses and other”, “Accounts payable and accrued expenses” and “Other long-term liabilities” on September 30, 2019 and December 31, 2018 in the consolidated balance sheets with the corresponding gain or loss being recognized within Derivatives and foreign currency transaction gains (losses) in the consolidated statement of operations and comprehensive income.

 

(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 “Prepaid expenses and other” and “Accounts payable and accrued expenses”, as applicable, on September 30, 2019 and December 31, 2018, in the consolidated balance sheet with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the consolidated statement of operations and comprehensive income.

 

The amounts set forth in the tables above include investments in debt instruments and money market funds (which are included in cash equivalents). Those securities and deposits are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in an active market. 

 

The following table presents the amounts of gain (loss) recognized in the consolidated statements of operations and comprehensive income on derivative instruments not designated as hedges (in thousands):

 

       

Amount of recognized gain (loss)

  

Derivatives not designated as hedging instruments

   Location of recognized gain (loss)  

Three Months Ended September 30,

    

Nine Months Ended September 30,

  
       

2019

    

2018

    

2019

    

2018

  
                                     

Currency forward contracts

   Derivative and foreign currency transaction gains (losses)     941       (198 )     2,640       (1,655 )
        $ 941     $ (198 )   $ 2,640     $ (1,655 )

 

The foregoing forward transactions were not designated as hedge transactions and are marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)”.

 

There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during the nine months ended September 30, 2019.

 

The fair value of the Company’s long-term debt approximates its carrying amount, except for the following:

 

   

Fair Value

    

Carrying Amount

  
   

September 30, 2019

    

December 31,

2018

    

September 30, 2019

    

December 31,

2018

  
   

(Dollars in millions)

    

(Dollars in millions)

  

Olkaria III Loan - OPIC

     208.0       211.8       197.1       210.6  

Olkaria IV Loan - DEG 2

     47.3       47.2       45.0       47.5  

Olkaria IV Loan - DEG 3

     41.8       —       39.3       —  

Platanares Loan - OPIC

     118.6       119.1       106.5       112.7  

Amatitlan Loan

     27.3       29.9       27.1       29.8  

Senior Secured Notes:

                                

OrCal Geothermal Inc. ("OrCal")

     15.4       19.0       15.0       18.7  

OFC 2 LLC ("OFC 2")

     216.9       214.5       207.1       217.8  

Don A. Campbell 1 ("DAC 1")

     80.6       78.8       79.6       83.3  

USG Prudential - NV

     31.4       29.4       27.5       27.8  

USG Prudential - ID

     18.4       18.6       18.3       18.9  

USG DOE

     45.1       48.3       44.9       51.4  

Senior Unsecured Bonds

     203.4       199.4       204.3       204.3  

Senior Unsecured Loan

     160.9       102.2       150.0       100.0  

Plumstriker

     23.7       —       23.2       —  

Other long-term debt

     16.1       5.4       17.1       6.2  

 

The fair value of the long-term debt and commercial paper is determined by a valuation model, which is based on a conventional discounted cash flow methodology and utilizes assumptions of current borrowing rates. The fair value of revolving lines of credit is determined using a comparison of market-based price sources that are reflective of similar credit ratings to those of the Company.

 

The carrying value of financial instruments such as revolving lines of credit, commercial paper and deposits approximates fair value.

 

The following table presents the fair value of financial instruments as of September 30, 2019:

 

   

Level 1

    

Level 2

    

Level 3

    

Total

  
   

(Dollars in millions)

  

Olkaria III - OPIC

     —       —       208.0       208.0  

Olkaria IV - DEG 2

     —       —       47.3       47.3  

Olkaria IV - DEG 3

     —       —       41.8       41.8  

Platanares Loan - OPIC

     —       —       118.6       118.6  

Amatitlan Loan

     —       27.3       —       27.3  

Senior Secured Notes:

                                

OrCal Senior Secured Notes

     —       —       15.4       15.4  

OFC 2 Senior Secured Notes

     —       —       216.9       216.9  

DAC 1 Senior Secured Notes

     —       —       80.6       80.6  

USG Prudential - NV

     —       —       31.4       31.4  

USG Prudential - ID

     —       —       18.4       18.4  

USG DOE

     —       —       45.1       45.1  

Senior Unsecured Bonds

     —       —       203.4       203.4  

Senior Unsecured Loan

     —       —       160.9       160.9  

Plumstriker

     —       23.7       —       23.7  

Other long-term debt

     —       —       16.1       16.1  

Commercial paper

     —       50.1       —       50.1  

Deposits

     12.1       —       —       12.1  

 

The following table presents the fair value of financial instruments as of December 31, 2018:

 

   

Level 1

    

Level 2

    

Level 3

    

Total

  
   

(Dollars in millions)

  

Olkaria III Loan - OPIC

     —       —       211.8       211.8  

Olkaria IV - DEG 2

     —       —       47.2       47.2  

Platanares Loan - OPIC

     —       —       119.1       119.1  

Amatitlan Loan

     —       29.9       —       29.9  

Senior Secured Notes:

                                

OrCal Senior Secured Notes

     —       —       19.0       19.0  

OFC 2 Senior Secured Notes

     —       —       214.5       214.5  

DAC 1 Senior Secured Notes

     —       —       78.8       78.8  

USG Prudential - NV

     —       —       29.4       29.4  

USG Prudential - ID

     —       —       18.6       18.6  

USG DOE

     —       —       48.3       48.3  

Senior Unsecured Bonds

     —       —       199.4       199.4  

Senior Unsecured Loan

     —       —       102.2       102.2  

Other long-term debt

     —       —       5.4       5.4  

Revolving lines of credit

     —       159.0       —       159.0  

Deposits

     12.0       —       —       12.0  

 
v3.19.3
Note 6 - Stock-based Compensation
 9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]

NOTE 6 — STOCK-BASED COMPENSATION

 

No material grants were provided under the 2018 Incentive Plan during the nine months ended September 30, 2019.

 
v3.19.3
Note 7 - Interest Expense, Net
 9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Interest Expense Disclosure [Text Block]

NOTE 7 — INTEREST EXPENSE, NET

 

The components of interest expense are as follows:

 

   

Three Months Ended September 30,

    

Nine Months Ended September 30,

  
   

2019

   

2018

   

2019

   

2018

 
   

(Dollars in thousands)

  

Interest related to sale of tax benefits

   $ 2,671     $ 2,916     $ 9,487     $ 6,086  

Interest expense

     17,924       16,571       54,307       45,298  

Less — amount capitalized

     (519 )     (787 )     (978 )     (2,494 )
    $ 20,076     $ 18,700     $ 62,816     $ 48,890  

 

 
v3.19.3
Note 8 - Earnings Per Share
 9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 8 — EARNINGS PER SHARE

 

Basic earnings per share attributable to the Company’s stockholders is computed by dividing net income or loss attributable to the Company’s stockholders by the weighted average number of shares of common stock outstanding for the period. The Company does not have any equity instruments that are dilutive, except for employee stock-based awards.

 

The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share (in thousands):

 

   

Three Months Ended September 30,

    

Nine Months Ended September 30,

  
   

2019

   

2018

   

2019

   

2018

 
                                 

Weighted average number of shares used in computation of basic earnings per share

     50,933       50,645       50,816       50,627  

Add:

                                

Additional shares from the assumed exercise of employee stock options

     401       318       308       358  
                                 

Weighted average number of shares used in computation of diluted earnings per share

     51,334       50,963       51,124       50,985  

 

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 2,495 and 388,193 for the three months ended September 30, 2019 and 2018, respectively, and 172,153 and 205,990 for the nine months ended September 30, 2019 and 2018, respectively.
v3.19.3
Note 9 - Business Segments
 9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 9 — BUSINESS SEGMENTS

 

The Company has three reporting segments: the Electricity segment, the Product segment and the Other segment. These segments are managed and reported separately as each offers different products and serves different markets. The Electricity segment is engaged in the sale of electricity from the Company’s power plants pursuant to PPAs. The Product segment is engaged in the manufacture, including design and development, of turbines and power units for the supply of electrical energy and in the associated construction of power plants utilizing the power units manufactured by the Company to supply energy from geothermal fields and other alternative energy sources. The Other segment is engaged in management of curtailable customer loads under contracts with U.S. retail energy providers and directly with large commercial and industrial customers as well as battery storage as a service ("BSAAS"). Under this segment, we provide energy storage, demand response and energy management related services through our Viridity Energy Solutions Inc. ("Viridity") business.

 

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:

 

   

Electricity

    

Product

    

Other

    

Consolidated

 
   

(Dollars in thousands)

  
                                 

Three Months Ended September 30, 2019:

                                

Revenues from external customers:

                                

United States (1)

   $ 71,916     $ 4,816     $ 3,484     $ 80,216  

Foreign (2)

     52,062       38,221       —       90,283  

Net revenue from external customers

     123,978       43,037       3,484       170,499  

Intersegment revenue

     —       20,831       —       20,831  

Operating income (loss)

     32,362       6,826       (469 )     38,719  

Segment assets at period end (3) (*)

     3,050,971       125,762       82,760       3,259,493  

* Including unconsolidated investments

     73,714       —       —       73,714  
                                 

Three Months Ended September 30, 2018:

                                

Revenues from external customers:

                                

United States (1)

   $ 64,905     $ 281     $ 1,150     $ 66,336  

Foreign (2)

     51,986       48,158       —       100,144  

Net revenue from external customers

     116,891     $ 48,439       1,150       166,480  

Intersegment revenue

     —       9,236       —       9,236  

Operating income (loss)

     20,150       7,300       (1,548 )     25,902  

Segment assets at period end (3) (*)

     2,859,354       125,881       74,348       3,059,583  

* Including unconsolidated investments

     67,739       —       —       67,739  
                                 

Nine Months Ended September 30, 2019:

                                

Revenues from external customers:

                                

United States (1)

   $ 240,375     $ 28,591     $ 10,442     $ 279,408  

Foreign (2)

     155,590       118,604       —       274,194  

Net revenues from external customers

     395,965       147,195       10,442       553,602  

Intersegment revenues

     —       58,259       —       58,259  

Operating income (loss)

     127,388       16,385       (4,449 )     139,324  

Segment assets at period end (3) (*)

     3,050,971       125,762       82,760       3,259,493  

* Including unconsolidated investments

     73,714       —       —       73,714  
                                 

Nine Months Ended September 30, 2018:

                                

Revenues from external customers:

                                

United States (1)

   $ 221,727     $ 502     $ 5,217     $ 227,446  

Foreign (2)

     149,832       151,524       —       301,356  

Net revenues from external customers

     371,559       152,026       5,217       528,802  

Intersegment revenues

    —       45,516       —       45,516  

Operating income (loss)

     94,024       27,614       (4,510 )     117,128  

Segment assets at period end

     2,859,354       125,881       74,348       3,059,583  

* Including unconsolidated investments

     67,739       —       —       67,739  

 

 

(1)

Electricity segment revenues in the United States are all accounted under ASC 842, Leases, except for $13.5 million and $44.0 million in the three and nine months ended September 30, 2019 that are accounted under ASC 606. For the three and nine months ended September 30, 2018, Electricity segment revenues in the United States are all accounted under ASC 840, Leases, except for $5.8 million and $17.7 million that are accounted under ASC 606. 
 

(2)

For the three and nine months ended September 30, 2019, Electricity segment revenues in foreign countries are all accounted under ASC 842, Leases, and Product revenues in foreign countries are accounted under ASC 606. For the three and nine months ended September 30, 2018, Electricity segment revenues in foreign countries are all accounted under ASC 840, Leases, and Product revenues in foreign countries are accounted under ASC 606.
 

(3)

Electricity segment assets include goodwill in the amount of $19.9 million and $26.7 million as of September 30, 2019 and 2018, respectively. Other segment assets include goodwill in the amount of $13.5 million as of September 30, 2018. No goodwill is included in the Other segment assets as of September 30, 2019.

 

Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table:

 

   

Three Months Ended September 30,

    

Nine Months Ended September 30,

  
   

2019

   

2018

   

2019

   

2018

 
                                 
                                 

Revenue:

                                

Total segment revenue

   $ 170,499     $ 166,480     $ 553,602     $ 528,802  

Intersegment revenue

     20,831       9,236       58,259       45,516  

Elimination of intersegment revenue

     (20,831 )     (9,236 )     (58,259 )     (45,516 )

Total consolidated revenue

   $ 170,499     $ 166,480     $ 553,602     $ 528,802  
                                 

Operating income:

                                

Operating income

   $ 38,719     $ 25,902     $ 139,324     $ 117,128  

Interest income

     482       214       1,195       516  

Interest expense, net

     (20,076 )     (18,700 )     (62,816 )     (48,890 )

Derivatives and foreign currency transaction gains (losses)

     205       (383 )     696       (2,511 )

Income attributable to sale of tax benefits

     4,056       4,066       16,457       14,983  

Other non-operating income (expense), net

     244       309       1,362       7,662  

Total consolidated income before income taxes and equity in income of investees

   $ 23,630     $ 11,408     $ 96,218     $ 88,888  

 
v3.19.3
Note 10 - Commitments and Contingencies
 9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

NOTE 10 — COMMITMENTS AND CONTINGENCIES

 

 

 

●

On May 21, 2018, a motion to certify a class action was filed in Tel Aviv District Court in Israel against Ormat Technologies, Inc. and 11 officers and directors.  The alleged class is defined as "All persons who purchased Ormat shares on the Tel Aviv Stock Exchange between August 3, 2017 and May 13, 2018". The motion alleges that the Company violated  Sections 31(a)(1) and 38C of the Israeli Securities Law because it allegedly: (1) misled investors by stating in its financial statements that it maintains effective internal controls over its accounting policies and procedures, however the Company's internal controls had material weaknesses which led to erroneous accounting in its 2017 unaudited quarterly reports that had to be restated, including adjustments to the Company’s net income and shareholders’ equity; and (2) failed to issue an immediate report in Israel until May 16, 2018, analogous to the report that was released in the United States on May 11, 2018 stating, inter alia, that the errors in its financial reports affected its balance sheet and would be remedied in its 2017 annual report. The Company filed an agreed motion to the Tel Aviv District Court to stay the proceedings in Israel until a final decision in the U.S. case (Mac Costas) is adjudicated.

 

 

●

On June 11, 2018, a putative class action was filed by Mac Costas on behalf of alleged shareholders that purchased or acquired the Company's ordinary shares between August 8, 2017 and May 15, 2018 was commenced in the United States District Court for the District of Nevada against the Company and its Chief Executive Officer and Chief Financial Officer.  The complaint asserts claim against all defendants pursuant to Section 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 thereunder and against its officers pursuant to Section 20(a) of the Exchange Act.  The complaint alleges that the Company's Form 10-K for the years ended December 31, 2016 and 2017, and Form 10-Qs for each of the quarters in the nine months ended September 30, 2017 contained material misstatements or omissions, among other things, with respect to the Company’s tax provisions and the effectiveness of its internal control over financial reporting, and that, as a result of such alleged misstatements and omissions, the plaintiffs suffered damages. Following the Mac Costas filing and in accordance with the terms of the Private Securities Litigation Reform Act of 1995 (“PSLRA”), a number of law firms filed applications on behalf of entities purporting to hold shares in the Company, seeking to be appointed as lead plaintiff and lead counsel in the action. On March 12, 2019 the court appointed Phoenix Insurance Company Ltd. (“Phoenix Insurance”) as lead plaintiff and approved their selection of lead counsel. Pursuant to a scheduling stipulation entered between the parties, Phoenix Insurance timely filed its consolidated amended complaint, and the Company has timely filed its motion to dismiss. Motion to dismiss was timely filed on July 12, 2019 and has been fully briefed. On August 26, 2019 defendants filed their opposition brief and on September 25, 2019 defendants filed their reply. Oral arguments are scheduled before the court on November 18, 2019.The Company believes that it has valid defenses under law and intends to defend itself vigorously. 

 

 

●

On September 11, 2018, the Klein derivative action (“Klein Action”) was filed against the Company, our board and our Chief Executive Officer and Chief Financial Officer in the United States District Court for the District of Nevada, and on October 22, 2018, the Matthew derivative action (“Matthew Action”) was filed against the Company, certain named present and former board members (Barniv, Beck, Boehm, Clark, Falk, Freedland, Granot, Joyal, Nishigori, Sharir, Stern and Wong) in the U.S. District Court, District of Nevada.  The Klein complaint asserts four derivative causes of action generally arising from Ormat's restatement of its financial statements: (i) the individual defendants allegedly breached their fiduciary duties by allowing the Company to improperly report its financials; (ii) the individual defendants allegedly were unjustly enriched by being compensated while breaching their fiduciary duties; (iii) the individual defendants allegedly committed corporate waste in paying officers and directors and by incurring legal costs and potential liability; and (iv) the director defendants allegedly breached Section 14(a) of the Exchange Act in connection with the issuance of the 2018 proxy. The Matthew complaint similarly alleges derivatively a breach of fiduciary duties, abuse of control, gross mismanagement, and corporate waste by the named directors. On January 24, 2019, the Nevada Court entered an order consolidating the Klein Action and Matthew Action, and staying all deadlines and hearings in the consolidated action pending entry of an order on the motion to dismiss in the Mac Costas putative class action. Within thirty days of entry of an order on the motion to dismiss in the Mac Costas putative class action, the parties are required to meet and confer and to submit a proposed schedule for further proceedings in the consolidated action.

 

 

●

Following the announcement of the Company’s acquisition of U.S. Geothermal Inc. (“USG”), a number of putative shareholder class action complaints were initially filed on behalf of USG shareholders between March 8, 2018 and March 30, 2018 against USG and the individual members of the USG board of directors.  All of the purported class action suits filed in Federal Court in Idaho have been voluntarily dismissed.  The single remaining class action complaint is a purported class action filed in the Delaware Chancery Court, entitled Riche v. Pappas, et al., Case No. 2018-0177 (Del. Ch., Mar. 12, 2018). An amended complaint was filed on May 24, 2018 under seal, under a confidentiality agreement that was executed by plaintiff.   The amended Riche complaint alleges state law claims for breach of fiduciary duty against former USG directors and seeks post-closing damages. On September 9, 2019 the Delaware Chancery Court granted the plaintiff’s application for class certification. The Company believes that it has valid defenses under law and intends to defend itself vigorously.

 

 

●

On August 5, 2016, George Douvris, Stephanie Douvris, Michael Hale, Cheryl Cacocci, Hillary E. Wilt and Christina Bryan, acting for themselves and on behalf of all other similarly situated residents of the lower Puna District, filed a complaint in the Third Circuit Court for the State of Hawaii seeking certification of a class action for preliminary and permanent injunctive relief, consequential and punitive damages, attorney’s fees and statutory interest against Puna Geothermal Venture (“PGV”) and other presently unknown defendants. HELCO and other parties were later joined as co-defendants. The Parties have reached an amicable settlement which, on April 4, 2019, was recorded by the Third Circuit Court, and the claim dismissed.

 

 

●

On March 29, 2016, a former local sales representative in Chile, Aquavant, S.A., filed a claim on the basis of unjust enrichment against Ormat’s subsidiaries in the 27th Civil Court of Santiago, Chile. The claim requests that the court order Ormat to pay Aquavant $4.6 million in connection with its activities in Chile, including the EPC contract for the Cerro Pabellon project and various geothermal concessions, plus 3.75% of Ormat geothermal products sales in Chile over the next 10 years. Pursuant to various motions submitted by the defendants and the plaintiffs to various courts, including the Court of Appeals, the case was removed from the original court and then refiled before the 11th Civil Court of Santiago.   The Civil Court has heard oral testimonies and the “factual” stage of the proceedings are completed. The Company believes that it has valid defenses under law and intends to defend itself vigorously. 

 

 

 

In addition, from time to time, the Company is named as a party to various other lawsuits, claims and other legal and regulatory proceedings that arise in the ordinary course of our 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.

 
v3.19.3
Note 11 - Income Taxes
 9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

NOTE 11 — INCOME TAXES

 

The Company’s effective tax rate expense (benefit) for the three months ended September 30, 2019 and 2018 was 40.7% and 10.4%, respectively, and 20.9% and 3.8% for the nine months ended September 30, 2019 and 2018, respectively. The effective rate differs from the federal statutory rate of 21% for the nine months ended September 30, 2019 due to: (i) the impact of global intangible low tax income (“GILTI”); (ii) the release of a valuation allowance on deferred tax assets related to specific income tax attributes; and (iii) mix of business in various countries with higher and lower statutory tax rates than the federal tax rate.

 

As a result of the Tax Act, the Company is also subject to certain statutory restrictions on its interest deductions under IRC section 163(j) which limits the interest deductions to business interest income plus 30% of adjusted taxable income. Disallowed interest expense is carried forward indefinitely. The Company is estimating an $8.9 million interest expense carryforward attribute, which the Company expects to fully utilize in future periods.

 

During the second quarter of 2019, we revised our assertion to no longer indefinitely reinvest earnings of our foreign subsidiaries. With the exception of a certain balance held in Israel, the Company has accrued incremental withholding taxes on the expected remittance of such earnings. Accordingly, during the nine months ended September 30, 2019, we included a foreign income tax expense of $6.6 million related to foreign withholding taxes. In addition, we recorded an increase to the valuation allowance related to PTC’s of $1.9 million and state income tax expense of $1.2 million.

 

Tax Audit in Kenya

 

On July 30, 2019, the Company received a Letter of Preliminary Findings from the Kenya Revenue Authority (“KRA”) relating to tax years 2013-2017 that were previously audited by the KRA. The letter sets forth a demand for approximately $77 million before any possible interest and penalties. During the third quarter of 2019, the Company responded to the KRA objecting to all the issues raised in the Letter of Preliminary Findings and the KRA is currently assessing the Company’s response. The Company believes its tax positions for the issues raised during the audit period is More-Likely-Than-Not sustainable based on the technical merits under Kenyan tax law.  As of September 30, 2019, the Company has not recorded any tax reserves related to this demand.

 
v3.19.3
Note 12 - Subsequent Events
 9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 12 — SUBSEQUENT EVENTS

 

 

Cash dividend

 

On November 6, 2019, the Board of Directors of the Company declared, approved and authorized payment of a quarterly dividend of $5.6 million ($0.11 per share) to all holders of the Company’s issued and outstanding shares of common stock on November 20, 2019, payable on December 4, 2019.

 

Stock based awards

 

On November 6, 2019, the Company granted its directors stock appreciation rights (“SARs”) and Restricted Stock Units (“RSUs”) under the Company’s 2018 Incentive Plan. The exercise price of each SAR will be the closing share price on November 7, 2019. The grant date fair value of the award to the chairman of the board is $180,000 and for each of the other directors is $120,000. The SARs and RSUs will vest fully on the first anniversary of the grant date and will expire in six years.
v3.19.3
Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
Tax Monetization Transactions Policy [Policy Text Block]

McGinness Hills 3 tax monetization transaction  

 

On August 14, 2019, one of the Company’s wholly-owned subsidiaries that indirectly owns the 48 MW McGinness Hills phase 3 geothermal power plant entered into a partnership agreement with a private investor. Under the transaction documents, the private investor acquired membership interests in the McGinness Hills phase 3 geothermal power plant for an initial purchase price of approximately $59.3 million and for which it will pay additional installments that are expected to amount to approximately $9 million and can reach up to $22 million based on the actual generation. The Company will continue to consolidate, operate and maintain the power plant and will receive substantially all the distributable cash flow generated by the power plant and the private investor will receive substantially all of the tax attributes.

 

Pursuant to the transaction documents, prior to December 31, 2027 (“Target Flip Date”), one of the Company’s fully owned subsidiary receives substantially all of the distributable cash flow generated by the McGinness Hills phase 3 power plant, while the private investor receives substantially all of the tax attributes of the project. Following the later of the Target Flip Date and the date in which the private investor reaches its target return, the Company will receive 97.5% of the distributable cash generated by the power plant and 95.0% of the tax attributes, on a going forward basis.

 

On the Target Flip Date, the Company, through one of its wholly-owned subsidiary, has the option to purchase the private investor’s interests at the then-current fair market value, plus an amount that may be needed to cause the private investor to reach its target return, if needed. If the Company exercises this purchase option, it will become the sole owner of the project again.

 
Debt, Policy [Policy Text Block]

Issuance of short-term commercial paper

 

On June 27, 2019, the Company entered into a framework agreement for participation in the issuance of  commercial paper (the "Agreement") with Discount Capital Underwriting Ltd. under which the Company allowed the participants to submit proposals for purchasing and to purchase the Company's commercial paper ("Commercial Paper") in accordance with the provisions of the Agreement. On July 3, 2019, the Company completed the issuance of the Commercial Paper in the aggregate amount of $50.0 million. The Commercial Paper was issued for a period of 90 days and extends automatically for additional periods of 90 days each, for up to 5 years, unless the Company notifies the participants otherwise or a notice of termination is provided by the participants in accordance with the provisions of the Agreement. The Commercial Paper bears an annual interest of 3 months LIBOR +0.75% which is paid at the end of each 90 day periods.

 

Plumstriker Loan 

 

On May 4, 2019, a wholly owned indirect subsidiary of the Company (“Plumstriker”) and its two subsidiaries entered into a $23.5 million loan agreement with a United States (“U.S.”) financing division of a leading global industrial company for the financing of two 20 MW battery energy storage projects located in New Jersey.

 

On May 30, 2019, Plumstriker completed the drawdown of the full loan amount, bearing interest of three months U.S. Libor plus a 3.5% margin. The loan will be repaid in 29 equal quarterly principal installments of 1.25% of the loan, and additional 14 unequal semi-annual principal payments, commencing June 30, 2019. The final maturity date of the loan is May 30, 2026. Proceeds of the loan were used to refinance investments in the said projects. The debt repayment of the loan is not guaranteed by the Company or any of its other subsidiaries.

 

Société Géneralé Loan

 

On April 9, 2019, an indirect subsidiary of the Company (“Guadeloupe”), entered into a $8.9 million loan agreement with Société Général. On April 29, 2019, Guadeloupe completed the drawdown of the full loan amount of the loan, bearing a fixed interest of 1.52%. The loan will be repaid in 28 quarterly principal installments, commencing July 29, 2019. The final maturity date of the loan is April 29, 2026. The loan has a limited guarantee by one of the Company’s subsidiaries.

 

Bpifrance Loan

 

On April 4, 2019, Guadeloupe, entered into a $8.9 million loan agreement with Banque Publique d’Investissement (“Bpifrance”). On April 29, 2019, Guadeloupe completed the drawdown of the full loan amount, bearing a fixed interest of 1.93%. The loan will be repaid in 20 equal quarterly principal installments, commencing June 30, 2021. The final maturity date of the loan is March 31, 2026. The loan is not guaranteed by the Company or any of its other subsidiaries.

 

Puna

 

On May 3, 2018, the Kilauea volcano located in close proximity to our Puna 38 MW geothermal power plant in the Puna district of Hawaii's Big Island erupted following a significant increase in seismic activity in the area. Before it stopped flowing, the lava covered the wellheads of three geothermal wells, monitoring wells and the substation of the Puna complex and an adjacent warehouse that stored a drilling rig that was also consumed by the lava. The insurance policy coverage for property and business interruption is provided by a consortium of insurers. All the insurers accepted and started paying for the costs to rebuild the destroyed substation, and during the first quarter of 2019, the Company received an additional $1.5 million of such proceeds. However, only some of the insurers accepted that the business interruption coverage started in May 2018 and during the first, second and third quarters of 2019, the Company received and recorded an additional $9.3 million of such proceeds which were included under cost of revenues in the condensed consolidated statements of operations and comprehensive income for the nine months ended September 30, 2019. The Company has filed a lawsuit against the insurers that do not accept our claim. The Company is still assessing the damages in the Puna facilities and continues to coordinate with Hawaii Electric Light Company (“HELCO”) and local authorities to bring the power plant back to operation.

 

As of November 2019, the reconstruction efforts at Puna are on schedule and we expect our refurbishment activities will be completed by the end of the year, enabling us to deliver energy from the plant. We expect to be able to sell the electricity produced at Puna as soon as the relevant permits required from local authorities for the operation of the substation and the transmission network upgrades being undertaken by our partners at Hawaii Electric Light Company (HELCO) are received.  These are expected by the end of the first quarter of 2020, and we expect to be able to bring the power plant back to operation promptly thereafter. On the field side, we recently reached successfully the production area and have already one production well available for the operation of the power plant. In addition, we have recovered several injection wells and we continue our recovery work, which includes redrilling of existing wells, cleanouts and drilling of new wells. We expect to gradually increase the power plant’s generating capacity as we complete wellfield drilling work, with a target of regaining full operation of the power plant by the end of the second quarter of 2020.

 

The Company continues to assess the accounting implications of this event on the assets and liabilities on its balance sheet and whether an impairment will be required. Any significant damage to the geothermal resource or continued shut-down following the lava event at the Puna facilities could have an adverse impact on the power plant's electricity generation and availability, which in turn could have a material adverse impact on our business and results of operations. 

 

DEG 3 Loan

 

On January 4, 2019, an indirect subsidiary of the Company (“OrPower 4”) entered into an additional $41.5 million subordinated loan agreement with Deutsche Investitions-und Entwicklungsgesellschaft mbH ("DEG") (the “DEG 3 Loan Agreement”) and on February 28, 2019, OrPower 4 completed a drawdown of the full loan amount, with a fixed interest rate of 6.04% for the duration of the loan (the “DEG 3 Loan”). The DEG 3 Loan will be repaid in 19 equal semi-annual principal installments commencing June 21, 2019, with a final maturity date of  June 21, 2028. Proceeds of the DEG 3 Loan were used by OrPower 4 to refinance upgrades to Plant 1 of the Olkaria III Complex, which were originally financed using equity. The DEG 3 Loan is subordinated to the senior loan provided by Overseas Private Investment Corporation (“OPIC”) for Plants 1-3 of the Olkaria III Complex. The DEG 3 Loan is guaranteed by the Company.

 

Migdal Senior Unsecured Loan

 

On March 25, 2019, the Company entered into a first addendum (“First Addendum”) to the loan agreement (the "Migdal Loan Agreement") with Migdal Insurance Company Ltd., Migdal Makefet Pension and Provident Funds Ltd. and Yozma Pension Fund of Self-Employed Ltd., all entities within the Migdal Group, a leading insurance company and institutional investor in Israel dated March 22, 2018. The First Addendum provides for an additional loan by the lenders to the Company in an aggregate principal amount of $50.0 million (the “Additional Migdal Loan”). The Additional Migdal Loan will be repaid in 15 semi-annual payments of $2.1 million each, commencing on September 15, 2021, with a final payment of $18.5 million on March 15, 2029. The Additional Migdal Loan bears interest at a fixed rate of 4.6% per annum, payable semi-annually, subject to adjustment in certain circumstances as described below. The Additional Migdal Loan was entered into under substantially the same terms and conditions of the Migdal Loan Agreement as disclosed in the Company’s Form 10-K for the year ended December 31, 2018.

 
Equity Method Investments [Policy Text Block]

Ijen transaction

 

On July 2, 2019 the Company agreed to acquire 49% in the Ijen geothermal project company from a Medco Power subsidiary (“Medco”), which is holding a Power purchase Agreement ("PPA") and a geothermal license to develop the Ijen project in East Java in Indonesia for a total consideration of approximately $2.7 million. As part of the transaction, Ormat committed to make additional funding for the exploration and development of the project, subject to specific conditions.  Medco retains 51% ownership in the company and Ormat and Medco will develop the project jointly. The Company accounted for its investment in the Ijen geothermal project company under the equity method prescribed by ASC 323 – Investments – Equity Method and Joint Ventures.

 
Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block]

Write-offs of Unsuccessful Exploration Activities

 

There were nowrite-offs of unsuccessful exploration activities for the three and nine months ended September 30, 2019. Write-offs of unsuccessful exploration activities for the three and nine months ended September 30, 2018 were $0 and $0.1 million, respectively.

 
Cash and Cash Equivalents, Policy [Policy Text Block]

Reconciliation of Cash and Cash Equivalents and Restricted cash and cash equivalents

 

The following table provides a reconciliation of Cash and cash equivalents and Restricted cash and cash equivalents as reported on the balance sheet to the total of the same amounts shown on the statement of cash flows:

 

   

September 30,

    

December 31,

    

September 30,

  
   

2019

    

2018

    

2018

  
   

(Dollars in thousands)

  

Cash and cash equivalents

   $ 97,602     $ 98,802     $ 71,965  

Restricted cash and cash equivalents

     82,435       78,693       83,101  

Total Cash and cash equivalents and restricted cash and cash equivalents

   $ 180,037     $ 177,495     $ 155,066  

 
Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of credit risk

 

Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of temporary cash investments and accounts receivable.

 

The Company places its temporary cash investments with high credit quality financial institutions located in the U.S. and in foreign countries. At September 30, 2019 and December 31, 2018, the Company had deposits totaling $47.3 million and $31.3 million, respectively, in ten U.S. financial institutions that were federally insured up to $250,000 per account. At September 30, 2019 and December 31, 2018, the Company’s deposits in foreign countries amounted to approximately $74.2 million and $93.9 million, respectively.

 

At September 30, 2019 and December 31, 2018, accounts receivable related to operations in foreign countries amounted to approximately $109.6 million and $102.0 million, respectively. At September 30, 2019 and December 31, 2018, accounts receivable from the Company’s primary customers amounted to approximately 59% and 56% of the Company’s accounts receivable, respectively.

 

Sierra Pacific Power Company and Nevada Power Company (subsidiaries of NV Energy, Inc.) accounted for 15.1% and 13.6% of the Company’s total revenues for the three months ended September 30, 2019 and 2018, respectively, and 16.7% and 15.7% of the Company’s total revenues for the nine months ended September 30, 2019 and 2018, respectively.

 

Southern California Public Power Authority (“SCPPA”) accounted for 16.4% and 13.7% of the Company’s total revenues for the three months ended September 30, 2019 and 2018, respectively, and 17.7% and 14.9% of the Company’s total revenues for the nine months ended September 30, 2019 and 2018, respectively.

 

Kenya Power and Lighting Co. Ltd. ("KPLC") accounted for 18.0% and 18.6% of the Company’s total revenues for the three months ended September 30, 2019 and 2018, respectively, and 16.6% and 16.7% of the Company’s total revenues for the nine months ended September 30, 2019 and 2018, respectively.

 

The Company has historically been able to collect on substantially all of its receivable balances. As of September 30, 2019, the amount overdue from KPLC in Kenya was $41.1 million of which $10.8 million was paid in October 2019. These amounts represent an average of 60 days overdue. In Honduras, there has been a deterioration in the collection from Empresa Nacional de Energía Eléctrica (“ENEE”) and as of September 30, 2019, the amount overdue is $20.1 million, none of which was paid to date. These amounts represent an average of 181 days, an increase of 73 days from June 30, 2019. Due to obligations of the Honduran government to support the Company, the Company believes it will be able to collect all past due amounts, and therefore no provision for doubtful accounts has been recorded.

 

Additionally, Pacific Gas and Electric Corporation (“PG&E Corporation”) and its subsidiary Pacific Gas and Electric Company (“PG&E”), which accounts for 2.2% and 1.4% of our total revenues for the three and nine months ended September 30, 2019, are facing extraordinary challenges relating to a series of catastrophic wildfires that occurred in Northern California in 2017 and 2018. As a result, on January 29, 2019, PG&E Corporation and its subsidiary, PG&E, voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The Company is closely monitoring its PG&E balance to ensure cash receipts are received timely each month.

 
Revenue [Policy Text Block]

Revenues from Contracts with Customers

 

Contract assets related to our Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company’s Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of September 30, 2019 and December 31, 2018 are as follows:

 

   

September 30,

    

December 31,

  
   

2019

   

2018

 
   

(Dollars in thousands)

  

Contract assets (*)

   $ 43,125     $ 42,130  

Contract liabilities (*)

     (6,003 )     (18,402 )

Contract assets, net

   $ 37,122     $ 23,728  

 

(*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheets.

 

On September 30, 2019, the Company had approximately $167.4 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.
v3.19.3
Note 1 - General and Basis of Presentation (Tables)
 9 Months Ended
Sep. 30, 2019
Notes Tables  
Schedule of Cash and Cash Equivalents [Table Text Block]
   

September 30,

    

December 31,

    

September 30,

  
   

2019

    

2018

    

2018

  
   

(Dollars in thousands)

  

Cash and cash equivalents

   $ 97,602     $ 98,802     $ 71,965  

Restricted cash and cash equivalents

     82,435       78,693       83,101  

Total Cash and cash equivalents and restricted cash and cash equivalents

   $ 180,037     $ 177,495     $ 155,066  
Contract with Customer, Asset and Liability [Table Text Block]
   

September 30,

    

December 31,

  
   

2019

   

2018

 
   

(Dollars in thousands)

  

Contract assets (*)

   $ 43,125     $ 42,130  

Contract liabilities (*)

     (6,003 )     (18,402 )

Contract assets, net

   $ 37,122     $ 23,728  
v3.19.3
Note 2 - New Accounting Pronouncements (Tables)
 9 Months Ended
Sep. 30, 2019
Notes Tables  
Schedule Of Estimated Useful Lives [Table Text Block]
   

(in years)

  

Land

   1 - 35  

Automobiles

     5    

Building

     15    
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]
   

According to the

previous accounting policy

    

The change

    

As presented

according to Topic

842

  
   

(Dollars in thousands)

  
                         

As of January 1, 2019:

                        
                         

Prepaid expenses and other

   $ 51,441     $ (35,385 )   $ 16,056  

Deferred financing and lease costs, net

     3,242       (1,659 )     1,583  

Property, plant and equipment, net

     1,959,578       (12,855 )     1,946,723  

Operating leases right of use

     -       62,244       62,244  

Finance leases right of use

     -       13,476       13,476  
                         

Accounts payable and accrued expenses

     116,362       (2,860 )     113,502  

Current maturity of operating lease liabilities

     -       7,532       7,532  

Current maturity of finance lease liabilities

     -       2,841       2,841  
                         

Other long-term liabilities

     16,087       (9,970 )     6,117  

Long term portion of operating lease liabilities

     -       17,668       17,668  

Long term portion of finance lease liabilities

     -       10,668       10,668  
                         

Retained earnings

     422,222       (58 )     422,164  
v3.19.3
Note 3 - Inventories (Tables)
 9 Months Ended
Sep. 30, 2019
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
   

September 30,

    

December 31,

  
   

2019

   

2018

 
   

(Dollars in thousands)

  

Raw materials and purchased parts for assembly

   $ 30,108     $ 26,914  

Self-manufactured assembly parts and finished products

     9,216       18,110  

Total

   $ 39,324     $ 45,024  
v3.19.3
Note 4 - Leases (Tables)
 9 Months Ended
Sep. 30, 2019
Notes Tables  
Lease, Cost [Table Text Block]
   

Three Months Ended September 30, 2019

    

Nine Months Ended September 30, 2019

  
   

(Dollars in thousands)

  

Lease cost

                

Finance lease cost:

                

Amortization of right-of-use assets

   $ 938     $ 2,424  

Interest on lease liabilities

     375       1,001  

Operating lease cost

     2,070       5,996  

Variable lease cost

     133       523  

Total lease cost

   $ 3,516     $ 9,944  
                 

Other information

               

Cash paid for amounts included in the measurement of lease liabilities:

                

Operating cash flows for finance leases

   $ —     $ —  

Operating cash flows for operating leases

     5,483       6,727  

Financing cash flows for finance leases

     1,021       2,734  

Right-of-use assets obtained in exchange for new finance lease liabilities

     901       5,186  

Right-of-use assets obtained in exchange for new operating lease liabilities

     4,652       5,250  
   

September 30,

  
   

2019

  

Weighted-average remaining lease term — finance leases (in years)

     4.0  

Weighted-average remaining lease term — operating leases (in years)

     6.0  
Lessee, Lease Liability, Maturity [Table Text Block]
   

Operating Leases

    

Finance Leases

  
   

(Dollars in thousands)

  
                 

Year ending December 31,

                

2019 (excluding the nine months ended September 30, 2019)

     2,282       1,100  

2020

     5,162       4,402  

2021

     4,412       3,966  

2022

     2,921       3,862  

2023

     1,544       2,739  

Thereafter

     13,734       5,010  

Total future minimum lease payments

     30,055       21,079  

Less imputed interest

     6,104       5,664  

Total

   $ 23,951     $ 15,415  
Schedule of Future Minimum Rental Payments for Operating and Capital Leases [Table Text Block]
   

(Dollars in thousands)

  

Year ending December 31,

        

2019

   $ 10,889  

2020

     7,515  

2021

     5,758  

2022

     4,415  

2023

     2,910  

Thereafter

     9,292  

Total

   $ 40,779  
Operating Lease, Lease Income [Table Text Block]
   

Three Months Ended September 30, 2019

    

Nine Months Ended September 30, 2019

  
   

(Dollars in thousands)

  

Lease income relating to lease payments of operating leases

   $ 110,461     $ 351,953  

Lease income relating to variable lease payments not included in the measurement of the lease

     —       —  

Total

   $ 110,461     $ 351,953  
v3.19.3
Note 5 - Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2019
Notes Tables  
Fair Value, by Balance Sheet Grouping [Table Text Block]
           

September 30, 2019

  
           

Fair Value

  
   

Carrying

Value at

September 30,

2019

    

Total

    

Level 1

    

Level 2

    

Level 3

  
   

(Dollars in thousands)

  

Assets:

                                        

Current assets:

                                        

Cash equivalents (including restricted cash accounts)

   $ 27,100     $ 27,100     $ 27,100     $ —     $ —  

Derivatives:

                                        

Contingent receivable (1)

     99       99       —       —       99  

Currency forward contracts (2)

     869       869       —       869       —  

Liabilities:

                                        

Current liabilities:

                                        

Derivatives:

                                        

Contingent payables (1)

     (3,261 )     (3,261 )     —       —       (3,261 )
    $ 24,807     $ 24,807     $ 27,100     $ 869     $ (3,162 )
           

December 31, 2018

  
           

Fair Value

  
   

Carrying

Value at

December 31,

2018

    

Total

    

Level 1

    

Level 2

    

Level 3

  
   

(Dollars in thousands)

  

Assets

                                        

Current assets:

                                        

Cash equivalents (including restricted cash accounts)

   $ 18,787     $ 18,787     $ 18,787     $ —     $ —  

Derivatives:

                                        

Contingent receivable (1)

     104       104       —       —       104  

Liabilities:

                                        

Current liabilities:

                                        

Derivatives:

                                        

Contingent payables (1)

     (3,424 )     (3,424 )     —       —       (3,424 )

Currency forward contracts (2)

     (1,040 )     (1,040 )     —       (1,040 )     —  
    $ 14,427     $ 14,427     $ 18,787     $ (1,040 )   $ (3,320 )
Derivative Instruments, Gain (Loss) [Table Text Block]
       

Amount of recognized gain (loss)

  

Derivatives not designated as hedging instruments

   Location of recognized gain (loss)  

Three Months Ended September 30,

    

Nine Months Ended September 30,

  
       

2019

    

2018

    

2019

    

2018

  
                                     

Currency forward contracts

   Derivative and foreign currency transaction gains (losses)     941       (198 )     2,640       (1,655 )
        $ 941     $ (198 )   $ 2,640     $ (1,655 )
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
   

Fair Value

    

Carrying Amount

  
   

September 30, 2019

    

December 31,

2018

    

September 30, 2019

    

December 31,

2018

  
   

(Dollars in millions)

    

(Dollars in millions)

  

Olkaria III Loan - OPIC

     208.0       211.8       197.1       210.6  

Olkaria IV Loan - DEG 2

     47.3       47.2       45.0       47.5  

Olkaria IV Loan - DEG 3

     41.8       —       39.3       —  

Platanares Loan - OPIC

     118.6       119.1       106.5       112.7  

Amatitlan Loan

     27.3       29.9       27.1       29.8  

Senior Secured Notes:

                                

OrCal Geothermal Inc. ("OrCal")

     15.4       19.0       15.0       18.7  

OFC 2 LLC ("OFC 2")

     216.9       214.5       207.1       217.8  

Don A. Campbell 1 ("DAC 1")

     80.6       78.8       79.6       83.3  

USG Prudential - NV

     31.4       29.4       27.5       27.8  

USG Prudential - ID

     18.4       18.6       18.3       18.9  

USG DOE

     45.1       48.3       44.9       51.4  

Senior Unsecured Bonds

     203.4       199.4       204.3       204.3  

Senior Unsecured Loan

     160.9       102.2       150.0       100.0  

Plumstriker

     23.7       —       23.2       —  

Other long-term debt

     16.1       5.4       17.1       6.2  
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]
   

Level 1

    

Level 2

    

Level 3

    

Total

  
   

(Dollars in millions)

  

Olkaria III - OPIC

     —       —       208.0       208.0  

Olkaria IV - DEG 2

     —       —       47.3       47.3  

Olkaria IV - DEG 3

     —       —       41.8       41.8  

Platanares Loan - OPIC

     —       —       118.6       118.6  

Amatitlan Loan

     —       27.3       —       27.3  

Senior Secured Notes:

                                

OrCal Senior Secured Notes

     —       —       15.4       15.4  

OFC 2 Senior Secured Notes

     —       —       216.9       216.9  

DAC 1 Senior Secured Notes

     —       —       80.6       80.6  

USG Prudential - NV

     —       —       31.4       31.4  

USG Prudential - ID

     —       —       18.4       18.4  

USG DOE

     —       —       45.1       45.1  

Senior Unsecured Bonds

     —       —       203.4       203.4  

Senior Unsecured Loan

     —       —       160.9       160.9  

Plumstriker

     —       23.7       —       23.7  

Other long-term debt

     —       —       16.1       16.1  

Commercial paper

     —       50.1       —       50.1  

Deposits

     12.1       —       —       12.1  
   

Level 1

    

Level 2

    

Level 3

    

Total

  
   

(Dollars in millions)

  

Olkaria III Loan - OPIC

     —       —       211.8       211.8  

Olkaria IV - DEG 2

     —       —       47.2       47.2  

Platanares Loan - OPIC

     —       —       119.1       119.1  

Amatitlan Loan

     —       29.9       —       29.9  

Senior Secured Notes:

                                

OrCal Senior Secured Notes

     —       —       19.0       19.0  

OFC 2 Senior Secured Notes

     —       —       214.5       214.5  

DAC 1 Senior Secured Notes

     —       —       78.8       78.8  

USG Prudential - NV

     —       —       29.4       29.4  

USG Prudential - ID

     —       —       18.6       18.6  

USG DOE

     —       —       48.3       48.3  

Senior Unsecured Bonds

     —       —       199.4       199.4  

Senior Unsecured Loan

     —       —       102.2       102.2  

Other long-term debt

     —       —       5.4       5.4  

Revolving lines of credit

     —       159.0       —       159.0  

Deposits

     12.0       —       —       12.0  
v3.19.3
Note 7 - Interest Expense, Net (Tables)
 9 Months Ended
Sep. 30, 2019
Notes Tables  
Schedule of Other Nonoperating Expense, by Component [Table Text Block]
   

Three Months Ended September 30,

    

Nine Months Ended September 30,

  
   

2019

   

2018

   

2019

   

2018

 
   

(Dollars in thousands)

  

Interest related to sale of tax benefits

   $ 2,671     $ 2,916     $ 9,487     $ 6,086  

Interest expense

     17,924       16,571       54,307       45,298  

Less — amount capitalized

     (519 )     (787 )     (978 )     (2,494 )
    $ 20,076     $ 18,700     $ 62,816     $ 48,890  
v3.19.3
Note 8 - Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2019
Notes Tables  
Schedule of Weighted Average Number of Shares [Table Text Block]
   

Three Months Ended September 30,

    

Nine Months Ended September 30,

  
   

2019

   

2018

   

2019

   

2018

 
                                 

Weighted average number of shares used in computation of basic earnings per share

     50,933       50,645       50,816       50,627  

Add:

                                

Additional shares from the assumed exercise of employee stock options

     401       318       308       358  
                                 

Weighted average number of shares used in computation of diluted earnings per share

     51,334       50,963       51,124       50,985  
v3.19.3
Note 9 - Business Segments (Tables)
 9 Months Ended
Sep. 30, 2019
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
   

Electricity

    

Product

    

Other

    

Consolidated

 
   

(Dollars in thousands)

  
                                 

Three Months Ended September 30, 2019:

                                

Revenues from external customers:

                                

United States (1)

   $ 71,916     $ 4,816     $ 3,484     $ 80,216  

Foreign (2)

     52,062       38,221       —       90,283  

Net revenue from external customers

     123,978       43,037       3,484       170,499  

Intersegment revenue

     —       20,831       —       20,831  

Operating income (loss)

     32,362       6,826       (469 )     38,719  

Segment assets at period end (3) (*)

     3,050,971       125,762       82,760       3,259,493  

* Including unconsolidated investments

     73,714       —       —       73,714  
                                 

Three Months Ended September 30, 2018:

                                

Revenues from external customers:

                                

United States (1)

   $ 64,905     $ 281     $ 1,150     $ 66,336  

Foreign (2)

     51,986       48,158       —       100,144  

Net revenue from external customers

     116,891     $ 48,439       1,150       166,480  

Intersegment revenue

     —       9,236       —       9,236  

Operating income (loss)

     20,150       7,300       (1,548 )     25,902  

Segment assets at period end (3) (*)

     2,859,354       125,881       74,348       3,059,583  

* Including unconsolidated investments

     67,739       —       —       67,739  
                                 

Nine Months Ended September 30, 2019:

                                

Revenues from external customers:

                                

United States (1)

   $ 240,375     $ 28,591     $ 10,442     $ 279,408  

Foreign (2)

     155,590       118,604       —       274,194  

Net revenues from external customers

     395,965       147,195       10,442       553,602  

Intersegment revenues

     —       58,259       —       58,259  

Operating income (loss)

     127,388       16,385       (4,449 )     139,324  

Segment assets at period end (3) (*)

     3,050,971       125,762       82,760       3,259,493  

* Including unconsolidated investments

     73,714       —       —       73,714  
                                 

Nine Months Ended September 30, 2018:

                                

Revenues from external customers:

                                

United States (1)

   $ 221,727     $ 502     $ 5,217     $ 227,446  

Foreign (2)

     149,832       151,524       —       301,356  

Net revenues from external customers

     371,559       152,026       5,217       528,802  

Intersegment revenues

    —       45,516       —       45,516  

Operating income (loss)

     94,024       27,614       (4,510 )     117,128  

Segment assets at period end

     2,859,354       125,881       74,348       3,059,583  

* Including unconsolidated investments

     67,739       —       —       67,739  
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]
   

Three Months Ended September 30,

    

Nine Months Ended September 30,

  
   

2019

   

2018

   

2019

   

2018

 
                                 
                                 

Revenue:

                                

Total segment revenue

   $ 170,499     $ 166,480     $ 553,602     $ 528,802  

Intersegment revenue

     20,831       9,236       58,259       45,516  

Elimination of intersegment revenue

     (20,831 )     (9,236 )     (58,259 )     (45,516 )

Total consolidated revenue

   $ 170,499     $ 166,480     $ 553,602     $ 528,802  
                                 

Operating income:

                                

Operating income

   $ 38,719     $ 25,902     $ 139,324     $ 117,128  

Interest income

     482       214       1,195       516  

Interest expense, net

     (20,076 )     (18,700 )     (62,816 )     (48,890 )

Derivatives and foreign currency transaction gains (losses)

     205       (383 )     696       (2,511 )

Income attributable to sale of tax benefits

     4,056       4,066       16,457       14,983  

Other non-operating income (expense), net

     244       309       1,362       7,662  

Total consolidated income before income taxes and equity in income of investees

   $ 23,630     $ 11,408     $ 96,218     $ 88,888  
v3.19.3
Note 1 - General and Basis of Presentation 1 (Details Textual)
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Aug. 14, 2019
USD ($)
Jul. 03, 2019
USD ($)
Jul. 02, 2019
USD ($)
May 30, 2019
Mar. 25, 2019
USD ($)
Oct. 31, 2019
USD ($)
Sep. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2027
May 04, 2019
USD ($)
Apr. 29, 2019
Apr. 09, 2019
USD ($)
Jan. 04, 2019
USD ($)
Payments to Acquire Equity Method Investments                   $ 3,096,000 $ 3,800,000            
Proceeds from Issuance of Commercial Paper   $ 50,000,000.0               50,000,000 0            
Exploration Abandonment and Impairment Expense             $ 0   $ 0 0 $ 119,000            
Accounts Receivable, after Allowance for Credit Loss, Current, Total             139,226,000     139,226,000   $ 137,581,000          
Product [Member]                                  
Revenue, Remaining Performance Obligation, Amount             $ 167,400,000     $ 167,400,000              
Revenue, Remaining Performance Obligation, Percentage             100.00%     100.00%              
Kenya Power and Lighting Co LTD [Member]                                  
Accounts Receivable, Past Due             $ 41,100,000     $ 41,100,000              
Accounts Receivable, Past Due, Average Number of Days Overdue             60     60              
Kenya Power and Lighting Co LTD [Member] | Subsequent Event [Member]                                  
Proceeds, Overdue Accounts Receivable           $ 10,800,000                      
ENNE [Member]                                  
Accounts Receivable, Past Due             $ 20,100,000     $ 20,100,000              
Proceeds, Overdue Accounts Receivable             $ 0                    
Accounts Receivable, Past Due, Average Number of Days Overdue             181     181              
Accounts Receivable, Past Due, Average Number of Days Overdue, Number of Days Increase During Period             73                    
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member]                                  
Concentration Risk, Percentage                   59.00%   56.00%          
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Sierra Pacific Power Company And Nevada Power Company [Member]                                  
Concentration Risk, Percentage             15.10%   13.60% 16.70% 15.70%            
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Southern California Public Power Authority [Member]                                  
Concentration Risk, Percentage             16.40%   13.70% 17.70% 14.90%            
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Kenya Power and Lighting Co LTD [Member]                                  
Concentration Risk, Percentage             18.00%   18.60% 16.60% 16.70%            
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Pacific Gas & Electric [Member]                                  
Concentration Risk, Percentage             2.20%     1.40%              
UNITED STATES                                  
Cash, Cash Equivalents, and Short-term Investments, Total             $ 47,300,000     $ 47,300,000   $ 31,300,000          
Foreign Countries [Member]                                  
Cash, Cash Equivalents, and Short-term Investments, Total             74,200,000     74,200,000   93,900,000          
Accounts Receivable, after Allowance for Credit Loss, Current, Total             $ 109,600,000     109,600,000   $ 102,000,000.0          
DEG 3 Loan Agreement [Member]                                  
Debt Instrument, Interest Rate, Stated Percentage                                 6.04%
Additional Migdal Loan [Member]                                  
Debt Instrument, Face Amount         $ 50,000,000.0                        
Debt Instrument, Interest Rate, Stated Percentage         4.60%                        
Debt Instrument, Periodic Payment, Total         $ 2,100,000                        
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid         $ 18,500,000                        
Commercial Paper [Member] | London Interbank Offered Rate (LIBOR) [Member]                                  
Debt Instrument, Basis Spread on Variable Rate   0.75%                              
Commercial Paper [Member] | Minimum [Member]                                  
Debt Instrument, Term   90 days                              
Commercial Paper [Member] | Maximum [Member]                                  
Debt Instrument, Term   5 years                              
Subsidiary of Medco Power [Member] | Ijen Geothermal Project Company [Member]                                  
Ownership Percentage Of Common Shares Outstanding     51.00%                            
Plumstriker and its Two Subsidiaries [Member] | Plumstriker Loan Agreement [Member]                                  
Debt Instrument, Face Amount                           $ 23,500,000      
Debt Instrument, Equal Quarterly Principal Installments, Percentage of Loan       1.25%                          
Plumstriker and its Two Subsidiaries [Member] | London Interbank Offered Rate (LIBOR) [Member] | Plumstriker Loan Agreement [Member]                                  
Debt Instrument, Basis Spread on Variable Rate       3.50%                          
Guadeloupe 1 [Member] | Loan Agreement with Société Général [Member]                                  
Debt Instrument, Face Amount                               $ 8,900,000  
Debt Instrument, Interest Rate, Stated Percentage                               1.52%  
Guadeloupe 1 [Member] | Loan Agreement with Bpifrance [Member]                                  
Debt Instrument, Face Amount                               $ 8,900,000  
Debt Instrument, Interest Rate, Stated Percentage                             1.93%    
OrPower 4, Inc [Member] | DEG 3 Loan Agreement [Member]                                  
Debt Instrument, Face Amount                                 $ 41,500,000
Ijen Geothermal Project Company [Member]                                  
Equity Method Investment, Ownership Percentage     49.00%                            
Payments to Acquire Equity Method Investments     $ 2,700,000                            
McGinness Hills Phase III [Member] | Forecast [Member]                                  
Percentage of Distributable Cash Generated by Power Plant Received by Company                         97.50%        
Percentage of Tax Attributes Related to Power Plant Received by Company                         95.00%        
McGinness Hills Phase III [Member] | Private Investor [Member]                                  
Proceeds from Sale of Interest in Partnership Unit $ 59,300,000                                
Additional Amount Receivable from Sale of Interest in Partnership Unit 9,000,000                                
Additional Amount Receivable from Sale of Interest in Partnership Unit, Upper Limit $ 22,000,000                                
Puna Geothermal Power Plant [Member] | Electricity Segment [Member]                                  
Proceeds from Insurance Settlement, Operating Activities               $ 1,500,000                  
Puna Geothermal Power Plant [Member] | Electricity Segment [Member] | Cost of Sales [Member]                                  
Proceeds from Insurance Settlement, Operating Activities                   $ 9,300,000              
v3.19.3
Note 1 - General and Basis of Presentation 2 (Details Textual)
Sep. 30, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01 | Product [Member]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 24 months
v3.19.3
Note 1 - General and Basis of Presentation - Cash and Restricted Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Sep. 30, 2018
Dec. 31, 2017
Cash and cash equivalents $ 97,602 $ 98,802 $ 71,965  
Restricted cash and cash equivalents 82,435 78,693 83,101  
Total Cash and cash equivalents and restricted cash and cash equivalents $ 180,037 $ 177,495 $ 155,066 $ 96,643
v3.19.3
Note 1 - General and Basis of Presentation - Contract Assets (Liabilities) (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Contract assets (*) [1] $ 43,125 $ 42,130
Contract liabilities (*) [1] (6,003) (18,402)
Contract assets, net $ 37,122 $ 23,728
[1] Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheets.
v3.19.3
Note 2 - New Accounting Pronouncements (Details Textual)
Sep. 30, 2019
Operating Lease, Weighted Average Discount Rate, Percent 5.00%
Finance Lease, Weighted Average Discount Rate, Percent 7.00%
v3.19.3
Note 2 - New Accounting Pronouncements - ROU Assets Useful Life (Details)
 9 Months Ended
Sep. 30, 2019
Automobiles [Member]  
Property, plant, and equipment estimated useful lives (Year) 5 years
Building [Member]  
Property, plant, and equipment estimated useful lives (Year) 15 years
Minimum [Member] | Land [Member]  
Property, plant, and equipment estimated useful lives (Year) 1 year
Maximum [Member] | Land [Member]  
Property, plant, and equipment estimated useful lives (Year) 35 years
v3.19.3
Note 2 - New Accounting Pronouncements - Effect of the Initial Application of New Standard in the Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Jan. 01, 2019
Dec. 31, 2018
Prepaid expenses and other $ 12,116 $ 16,056 $ 51,441
Deferred financing and lease costs, net 957 1,583 3,242
Property, plant and equipment, net 1,962,637 1,946,723 1,959,578
Operating leases right of use 58,170 62,244 0
Finance leases right of use 18,046 13,476 0
Accounts payable and accrued expenses 137,176 113,502 116,362
Current maturity of operating lease liabilities 6,253 7,532 0
Finance lease liabilities 3,191 2,841 0
Other long-term liabilities 5,400 6,117 16,087
Long term portion of operating lease liabilities 17,698 17,668 0
Long term portion of finance lease liabilities 12,224 10,668 0
Retained earnings $ 480,879 422,164 $ 422,222
Accounting Standards Update 2016-02 [Member]      
Prepaid expenses and other   (35,385)  
Deferred financing and lease costs, net   (1,659)  
Property, plant and equipment, net   (12,855)  
Operating leases right of use   62,244  
Finance leases right of use   13,476  
Accounts payable and accrued expenses   (2,860)  
Current maturity of operating lease liabilities   7,532  
Finance lease liabilities   2,841  
Other long-term liabilities   (9,970)  
Long term portion of operating lease liabilities   17,668  
Long term portion of finance lease liabilities   10,668  
Retained earnings   $ (58)  
v3.19.3
Note 3 - Inventories - Inventories, Current (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Raw materials and purchased parts for assembly $ 30,108 $ 26,914
Self-manufactured assembly parts and finished products 9,216 18,110
Total $ 39,324 $ 45,024
v3.19.3
Note 4 - Leases - Lessee's Total Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2019
Sep. 30, 2018
Lease cost      
Amortization of right-of-use assets $ 938 $ 2,424  
Interest on lease liabilities 375 1,001  
Operating lease cost 2,070 5,996  
Variable lease cost 133 523  
Total lease cost 3,516 9,944  
Operating cash flows for finance leases 0 0  
Operating cash flows for operating leases 5,483 6,727  
Financing cash flows for finance leases 1,021 2,734 $ 1,706
Right-of-use assets obtained in exchange for new finance lease liabilities 901 5,186  
Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,652 $ 5,250  
Weighted-average remaining lease term — finance leases (in years) (Year) 4 years 4 years  
Weighted-average remaining lease term — operating leases (in years) (Year) 6 years 6 years  
v3.19.3
Note 4 - Leases - Lessee Future Minimum Lease Payments (Details)
$ in Thousands
Sep. 30, 2019
USD ($)
2019 (excluding the three months ended March 31, 2019), operating leases $ 2,282
2019 (excluding the three months ended March 31, 2019), finance leases 1,100
2020, operating leases 5,162
2020, finance leases 4,402
2021, operating leases 4,412
2021, finance leases 3,966
2022, operating leases 2,921
2022, finance leases 3,862
2023, operating leases 1,544
2023, finance leases 2,739
Thereafter, operating leases 13,734
Thereafter, finance leases 5,010
Total future minimum lease payments, operating leases 30,055
Total future minimum lease payments, finance leases 21,079
Less imputed interest, operating leases 6,104
Less imputed interest, finance leases 5,664
Total, operating leases 23,951
Total, finance leases $ 15,415
v3.19.3
Note 4 - Leases - Future Minimum Lease Payments Under Non-cancellable Leases (Details)
$ in Thousands
Dec. 31, 2018
USD ($)
2019 $ 10,889
2020 7,515
2021 5,758
2022 4,415
2023 2,910
Thereafter 9,292
Total $ 40,779
v3.19.3
Note 4 - Leases - Lease Income Recognized (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2019
Lease income relating to lease payments of operating leases $ 110,461 $ 351,953
Lease income relating to variable lease payments not included in the measurement of the lease 0 0
Total $ 110,461 $ 351,953
v3.19.3
Note 5 - Fair Value of Financial Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Reported Value Measurement [Member]    
Cash equivalents (including restricted cash accounts) $ 27,100 $ 18,787
24,807 14,427
Cash equivalents (including restricted cash accounts) 27,100 18,787
Reported Value Measurement [Member] | Contingent Receivable [Member]    
Derivative Asset, Current [1] 99 104
Reported Value Measurement [Member] | Currency Forward Contracts [Member]    
Derivative Asset, Current [2] 869  
Derivative Liability, Current [2]   (1,040)
Reported Value Measurement [Member] | Contingent Payable [Member]    
Derivative Liability, Current [1] (3,261) (3,424)
Estimate of Fair Value Measurement [Member]    
Cash equivalents (including restricted cash accounts) 27,100 18,787
24,807 14,427
Cash equivalents (including restricted cash accounts) 27,100 18,787
Estimate of Fair Value Measurement [Member] | Contingent Receivable [Member]    
Derivative Asset, Current [1] 99 104
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member]    
Derivative Asset, Current [2] 869  
Derivative Liability, Current [2]   (1,040)
Estimate of Fair Value Measurement [Member] | Contingent Payable [Member]    
Derivative Liability, Current [1] (3,261) (3,424)
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Cash equivalents (including restricted cash accounts) 27,100 18,787
27,100 18,787
Cash equivalents (including restricted cash accounts) 27,100 18,787
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Receivable [Member]    
Derivative Asset, Current [1] 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Currency Forward Contracts [Member]    
Derivative Asset, Current [2] 0  
Derivative Liability, Current [2]   0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Payable [Member]    
Derivative Liability, Current [1] 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Cash equivalents (including restricted cash accounts) 0 0
869 (1,040)
Cash equivalents (including restricted cash accounts) 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Receivable [Member]    
Derivative Asset, Current [1] 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Forward Contracts [Member]    
Derivative Asset, Current [2] 869  
Derivative Liability, Current [2]   (1,040)
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Payable [Member]    
Derivative Liability, Current [1] 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Cash equivalents (including restricted cash accounts) 0 0
(3,162) (3,320)
Cash equivalents (including restricted cash accounts) 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Receivable [Member]    
Derivative Asset, Current [1] 99 104
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Currency Forward Contracts [Member]    
Derivative Asset, Current [2] 0  
Derivative Liability, Current [2]   0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Payable [Member]    
Derivative Liability, Current [1] $ (3,261) $ (3,424)
[1] These amounts relate to contingent receivables and payables and warrants relating to acquisition of the Guadeloupe power plant, valued primarily based on unobservable inputs and are included within "Prepaid expenses and other", "Accounts payable and accrued expenses" and "Other long-term liabilities" on September 30, 2019 and December 31, 2018 in the consolidated balance sheets with the corresponding gain or loss being recognized within Derivatives and foreign currency transaction gains (losses) in the consolidated statement of operations and comprehensive income.
[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 "Prepaid expenses and other" and "Accounts payable and accrued expenses", as applicable, on September 30, 2019 and December 31, 2018, in the consolidated balance sheet with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the consolidated statement of operations and comprehensive income.
v3.19.3
Note 5 - 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 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Amount of gain (loss) recognized $ 941 $ (198) $ 2,640 $ (1,655)
Foreign Currency Gain (Loss) [Member] | Currency Forward Contracts [Member]        
Amount of gain (loss) recognized $ 941 $ (198) $ 2,640 $ (1,655)
v3.19.3
Note 5 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($)
$ in Millions
Sep. 30, 2019
Dec. 31, 2018
Estimate of Fair Value Measurement [Member]    
Other long-term debt $ 16.1 $ 5.4
Reported Value Measurement [Member]    
Other long-term debt 17.1 6.2
Olkaria III OPIC [Member]    
Loans 208.0 211.8
Olkaria III OPIC [Member] | Estimate of Fair Value Measurement [Member]    
Loans 208.0 211.8
Olkaria III OPIC [Member] | Reported Value Measurement [Member]    
Loans 197.1 210.6
Olkaria IV Loan - DEG 2 [Member]    
Loans 47.3  
Olkaria IV Loan - DEG 2 [Member] | Estimate of Fair Value Measurement [Member]    
Loans 47.3 47.2
Olkaria IV Loan - DEG 2 [Member] | Reported Value Measurement [Member]    
Loans 45.0 47.5
Olkaria IV Loan - DEG 3 [Member]    
Loans 41.8  
Olkaria IV Loan - DEG 3 [Member] | Estimate of Fair Value Measurement [Member]    
Loans 41.8 0.0
Olkaria IV Loan - DEG 3 [Member] | Reported Value Measurement [Member]    
Loans 39.3 0.0
Platanares Loan - OPIC [Member]    
Loans 118.6 119.1
Platanares Loan - OPIC [Member] | Estimate of Fair Value Measurement [Member]    
Loans 118.6 119.1
Platanares Loan - OPIC [Member] | Reported Value Measurement [Member]    
Loans 106.5 112.7
Amatitlan Loan [Member]    
Loans 27.3 29.9
Amatitlan Loan [Member] | Estimate of Fair Value Measurement [Member]    
Loans 27.3 29.9
Amatitlan Loan [Member] | Reported Value Measurement [Member]    
Loans 27.1 29.8
OrCal Geothermal Inc [Member]    
Notes 15.4 19.0
OrCal Geothermal Inc [Member] | Estimate of Fair Value Measurement [Member]    
Notes 15.4 19.0
OrCal Geothermal Inc [Member] | Reported Value Measurement [Member]    
Notes 15.0 18.7
OFC Two Senior Secured Notes [Member] | Estimate of Fair Value Measurement [Member]    
Notes 216.9 214.5
OFC Two Senior Secured Notes [Member] | Reported Value Measurement [Member]    
Notes 207.1 217.8
Don A. Campbell 1 ("DAC1") [Member]    
Notes 80.6 78.8
Don A. Campbell 1 ("DAC1") [Member] | Estimate of Fair Value Measurement [Member]    
Notes 80.6 78.8
Don A. Campbell 1 ("DAC1") [Member] | Reported Value Measurement [Member]    
Notes 79.6 83.3
USG Prudential - NV [Member]    
Notes 31.4 29.4
USG Prudential - NV [Member] | Estimate of Fair Value Measurement [Member]    
Notes 31.4 29.4
USG Prudential - NV [Member] | Reported Value Measurement [Member]    
Notes 27.5 27.8
USG Prudential - ID [Member]    
Notes 18.4 18.6
USG Prudential - ID [Member] | Estimate of Fair Value Measurement [Member]    
Notes 18.4 18.6
USG Prudential - ID [Member] | Reported Value Measurement [Member]    
Notes 18.3 18.9
USG DOE [Member]    
Notes 45.1 48.3
USG DOE [Member] | Estimate of Fair Value Measurement [Member]    
Notes 45.1 48.3
USG DOE [Member] | Reported Value Measurement [Member]    
Notes 44.9 51.4
Senior Unsecured Bonds [Member]    
Senior Unsecured debt 203.4 199.4
Senior Unsecured Bonds [Member] | Estimate of Fair Value Measurement [Member]    
Senior Unsecured debt 203.4 199.4
Senior Unsecured Bonds [Member] | Reported Value Measurement [Member]    
Senior Unsecured debt 204.3 204.3
Senior Unsecured Loan [Member]    
Senior Unsecured debt 160.9 102.2
Senior Unsecured Loan [Member] | Estimate of Fair Value Measurement [Member]    
Senior Unsecured debt 160.9 102.2
Senior Unsecured Loan [Member] | Reported Value Measurement [Member]    
Senior Unsecured debt 150.0 100.0
Plumstriker Loan Agreement [Member]    
Loans 23.7  
Plumstriker Loan Agreement [Member] | Estimate of Fair Value Measurement [Member]    
Loans 23.7 0.0
Plumstriker Loan Agreement [Member] | Reported Value Measurement [Member]    
Loans $ 23.2 $ 0.0
v3.19.3
Note 5 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2019
Dec. 31, 2018
Deposits $ 12.1 $ 12.0
Revolving lines of credit   159.0
Commercial Paper [Member]    
Commercial paper 50.1  
Olkaria III OPIC [Member]    
Loans 208.0 211.8
Olkaria IV Loan - DEG 2 [Member]    
Loans 47.3  
Olkaria IV Loan - DEG 3 [Member]    
Loans 41.8  
Platanares Loan - OPIC [Member]    
Loans 118.6 119.1
Amatitlan Loan [Member]    
Loans 27.3 29.9
OrCal Geothermal Inc [Member]    
Notes 15.4 19.0
OFC Senior Secured Notes [Member]    
Notes 216.9 214.5
Don A. Campbell 1 ("DAC1") [Member]    
Notes 80.6 78.8
USG Prudential - NV [Member]    
Notes 31.4 29.4
USG Prudential - ID [Member]    
Notes 18.4 18.6
USG DOE [Member]    
Notes 45.1 48.3
Senior Unsecured Bonds [Member]    
Senior Unsecured debt 203.4 199.4
Senior Unsecured Loan [Member]    
Senior Unsecured debt 160.9 102.2
Other Long-term Debt [Member]    
Senior Unsecured debt 16.1 5.4
Plumstriker Loan Agreement [Member]    
Loans 23.7  
Fair Value, Inputs, Level 1 [Member]    
Deposits 12.1 12.0
Revolving lines of credit   0.0
Fair Value, Inputs, Level 1 [Member] | Commercial Paper [Member]    
Commercial paper 0.0  
Fair Value, Inputs, Level 1 [Member] | Olkaria III OPIC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Olkaria IV Loan - DEG 2 [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Olkaria IV Loan - DEG 3 [Member]    
Loans 0.0  
Fair Value, Inputs, Level 1 [Member] | Platanares Loan - OPIC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Amatitlan Loan [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | OrCal Geothermal Inc [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | OFC Senior Secured Notes [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | USG Prudential - NV [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | USG Prudential - ID [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | USG DOE [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Other Long-term Debt [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Plumstriker Loan Agreement [Member]    
Loans 0.0  
Fair Value, Inputs, Level 2 [Member]    
Deposits 0.0 0.0
Revolving lines of credit   159.0
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member]    
Commercial paper 50.1  
Fair Value, Inputs, Level 2 [Member] | Olkaria III OPIC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Olkaria IV Loan - DEG 2 [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Olkaria IV Loan - DEG 3 [Member]    
Loans 0.0  
Fair Value, Inputs, Level 2 [Member] | Platanares Loan - OPIC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Amatitlan Loan [Member]    
Loans 27.3 29.9
Fair Value, Inputs, Level 2 [Member] | OrCal Geothermal Inc [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | OFC Senior Secured Notes [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | USG Prudential - NV [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | USG Prudential - ID [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | USG DOE [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Other Long-term Debt [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Plumstriker Loan Agreement [Member]    
Loans 23.7  
Fair Value, Inputs, Level 3 [Member]    
Deposits 0.0 0.0
Revolving lines of credit   0.0
Fair Value, Inputs, Level 3 [Member] | Commercial Paper [Member]    
Commercial paper 0.0  
Fair Value, Inputs, Level 3 [Member] | Olkaria III OPIC [Member]    
Loans 208.0 211.8
Fair Value, Inputs, Level 3 [Member] | Olkaria IV Loan - DEG 2 [Member]    
Loans 47.3 47.2
Fair Value, Inputs, Level 3 [Member] | Olkaria IV Loan - DEG 3 [Member]    
Loans 41.8  
Fair Value, Inputs, Level 3 [Member] | Platanares Loan - OPIC [Member]    
Loans 118.6 119.1
Fair Value, Inputs, Level 3 [Member] | Amatitlan Loan [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | OrCal Geothermal Inc [Member]    
Notes 15.4 19.0
Fair Value, Inputs, Level 3 [Member] | OFC Senior Secured Notes [Member]    
Notes 216.9 214.5
Fair Value, Inputs, Level 3 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 80.6 78.8
Fair Value, Inputs, Level 3 [Member] | USG Prudential - NV [Member]    
Notes 31.4 29.4
Fair Value, Inputs, Level 3 [Member] | USG Prudential - ID [Member]    
Notes 18.4 18.6
Fair Value, Inputs, Level 3 [Member] | USG DOE [Member]    
Notes 45.1 48.3
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 203.4 199.4
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 160.9 102.2
Fair Value, Inputs, Level 3 [Member] | Other Long-term Debt [Member]    
Senior Unsecured debt 16.1 $ 5.4
Fair Value, Inputs, Level 3 [Member] | Plumstriker Loan Agreement [Member]    
Loans $ 0.0  
v3.19.3
Note 6 - Stock-based Compensation (Details Textual)
shares in Thousands
Sep. 30, 2019
shares
The 2018 Incentive Plan [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant 0
v3.19.3
Note 7 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest related to sale of tax benefits $ 2,671 $ 2,916 $ 9,487 $ 6,086
Interest expense 17,924 16,571 54,307 45,298
Less — amount capitalized (519) (787) (978) (2,494)
$ 20,076 $ 18,700 $ 62,816 $ 48,890
v3.19.3
Note 8 - Earnings Per Share (Details Textual) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 2,495 388,193 172,153 205,990
v3.19.3
Note 8 - Earnings Per Share - Shares Used to Calculate Earnings Per Share (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Weighted average number of shares used in computation of basic earnings per share (in shares) 50,933 50,645 50,816 50,627
Additional shares from the assumed exercise of employee stock options (in shares) 401 318 308 358
Weighted average number of shares used in computation of diluted earnings per share (in shares) 51,334 50,963 51,124 50,985
v3.19.3
Note 9 - Business Segments (Details Textual)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
Dec. 31, 2018
USD ($)
Number of Reportable Segments     3    
Goodwill, Ending Balance $ 19,933   $ 19,933   $ 19,950
Electricity Segment [Member]          
Goodwill, Ending Balance 19,900 $ 26,700 19,900 $ 26,700  
Other Segments [Member]          
Goodwill, Ending Balance 0 13,500 0 13,500  
Accounting Standards Update 2014-09 [Member] | Electricity Revenues [Member]          
Revenue from Contract with Customer, Including Assessed Tax $ 13,500 $ 5,800 $ 44,000 $ 17,700  
v3.19.3
Note 9 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Revenues $ 170,499 $ 166,480 $ 553,602 $ 528,802  
Operating income (loss) 38,719 25,902 139,324 117,128  
Segment assets at period end 3,259,493 [1] 3,059,583 [1] 3,259,493 [1] 3,059,583 [1] $ 3,121,350
Operating income (loss) 38,719 25,902 139,324 117,128  
Unconsolidated Investment [Member]          
Segment assets at period end 73,714 67,739 73,714 67,739  
Segment Reconciling Items [Member]          
Revenues 20,831 9,236 58,259 45,516  
Electricity Segment [Member]          
Operating income (loss) 32,362 20,150 127,388 94,024  
Segment assets at period end [1] 3,050,971 2,859,354 3,050,971 2,859,354  
Operating income (loss) 32,362 20,150 127,388 94,024  
Electricity Segment [Member] | Unconsolidated Investment [Member]          
Segment assets at period end 73,714 67,739 73,714 67,739  
Electricity Segment [Member] | Operating Segments [Member]          
Revenues 123,978 116,891 395,965 371,559  
Electricity Segment [Member] | Segment Reconciling Items [Member]          
Revenues 0 0 0 0  
Product Segment [Member]          
Operating income (loss) 6,826 7,300 16,385 27,614  
Segment assets at period end [1] 125,762 125,881 125,762 125,881  
Operating income (loss) 6,826 7,300 16,385 27,614  
Product Segment [Member] | Unconsolidated Investment [Member]          
Segment assets at period end 0 0 0 0  
Product Segment [Member] | Operating Segments [Member]          
Revenues 43,037 48,439 147,195 152,026  
Product Segment [Member] | Segment Reconciling Items [Member]          
Revenues 20,831 9,236 58,259 45,516  
Other Segments [Member]          
Operating income (loss) (469) (1,548) (4,449) (4,510)  
Segment assets at period end [1] 82,760 74,348 82,760 74,348  
Operating income (loss) (469) (1,548) (4,449) (4,510)  
Other Segments [Member] | Unconsolidated Investment [Member]          
Segment assets at period end 0 0 0 0  
Other Segments [Member] | Operating Segments [Member]          
Revenues 3,484 1,150 10,442 5,217  
Other Segments [Member] | Segment Reconciling Items [Member]          
Revenues 0 0 0 0  
UNITED STATES          
Revenues [2] 80,216 66,336 279,408 227,446  
UNITED STATES | Electricity Segment [Member] | Operating Segments [Member]          
Revenues [2] 71,916 64,905 240,375 221,727  
UNITED STATES | Product Segment [Member] | Operating Segments [Member]          
Revenues [2] 4,816 281 28,591 502  
UNITED STATES | Other Segments [Member] | Operating Segments [Member]          
Revenues [2] 3,484 1,150 10,442 5,217  
Foreign Countries [Member]          
Revenues [3] 90,283 100,144 274,194 301,356  
Foreign Countries [Member] | Electricity Segment [Member] | Operating Segments [Member]          
Revenues [3] 52,062 51,986 155,590 149,832  
Foreign Countries [Member] | Product Segment [Member] | Operating Segments [Member]          
Revenues [3] 38,221 48,158 118,604 151,524  
Foreign Countries [Member] | Other Segments [Member] | Operating Segments [Member]          
Revenues [3] $ 0 $ 0 $ 0 $ 0  
[1] Electricity segment assets include goodwill in the amount of $19.9 million and $26.7 million as of September 30, 2019 and 2018, respectively. Other segment assets include goodwill in the amount of $13.5 million as of September 30, 2018. No goodwill is included in the Other segment assets as of September 30, 2019.
[2] Electricity segment revenues in the United States are all accounted under ASC 842, Leases, except for $13.5 million and $44.0 million in the three and nine months ended September 30, 2019 that are accounted under ASC 606. For the three and nine months ended September 30, 2018, Electricity segment revenues in the United States are all accounted under ASC 840, Leases, except for $5.8 million and $17.7 million that are accounted under ASC 606.
[3] For the three and nine months ended September 30, 2019, Electricity segment revenues in foreign countries are all accounted under ASC 842, Leases, and Product revenues in foreign countries are accounted under ASC 606. For the three and nine months ended September 30, 2018, Electricity segment revenues in foreign countries are all accounted under ASC 840, Leases, and Product revenues in foreign countries are accounted under ASC 606.
v3.19.3
Note 9 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues $ 170,499 $ 166,480 $ 553,602 $ 528,802
Operating income (loss) 38,719 25,902 139,324 117,128
Interest income 482 214 1,195 516
Interest expense, net (20,076) (18,700) (62,816) (48,890)
Derivatives and foreign currency transaction gains (losses) 205 (383) 696 (2,511)
Income attributable to sale of tax benefits 4,056 4,066 16,457 14,983
Other non-operating income (expense), net 244 309 1,362 7,662
Total consolidated income before income taxes and equity in income of investees 23,630 11,408 96,218 88,888
Segment Reconciling Items [Member]        
Revenues 20,831 9,236 58,259 45,516
Consolidation, Eliminations [Member]        
Revenues $ (20,831) $ (9,236) $ (58,259) $ (45,516)
v3.19.3
Note 10 - Commitments and Contingencies (Details Textual) - Former Local Sales Representative vs. Ormat [Member] - Pending Litigation [Member]
$ in Millions
Mar. 29, 2016
USD ($)
Loss Contingency, Damages Sought, Value $ 4.6
Loss Contingency, Additional Damages Sought for Ormat Geothermal Products Sales in Chile, Percent 3.75%
Loss Contingency, Damages Sought, Ormat Geothermal Products Sales in Chile, Period 10 years
v3.19.3
Note 11 - Income Taxes (Details Textual) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Effective Income Tax Rate Reconciliation, Percent, Total 40.70% 10.40% 20.90% 3.80%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent     21.00%  
Tax Cuts and Jobs Act, Interest Deduction Limits, Percentage of Adjusted Taxable Income Allowed 30.00%   30.00%  
Deferred Tax Asset, Interest Carryforward $ 8.9   $ 8.9  
Foreign Income Tax Expense (Benefit), Continuing Operations, Total     6.6  
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount     1.9  
State and Local Income Tax Expense (Benefit), Continuing Operations, Total     1.2  
Foreign Tax Authority [Member] | Kenya Revenue Authority [Member]        
Unrecognized Tax Benefits, Income Tax Penalties Accrued $ 77.0   $ 77.0  
v3.19.3
Note 12 - Subsequent Events (Details Textual) - USD ($)
 3 Months Ended
Nov. 07, 2019
Nov. 06, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dividends, Common Stock, Total     $ 5,606,000 $ 5,589,000 $ 5,579,000 $ 5,064,000 $ 5,062,000 $ 11,640,000
Subsequent Event [Member]                
Dividends, Common Stock, Total   $ 5,600,000            
Common Stock, Dividends, Per Share, Declared   $ 0.11            
Subsequent Event [Member] | Stock Appreciation Rights (SARs) and Restricted Stock Units (RSUs) [Member] | The 2018 Incentive Plan [Member] | Board of Directors Chairman [Member]                
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value $ 180,000              
Subsequent Event [Member] | Stock Appreciation Rights (SARs) and Restricted Stock Units (RSUs) [Member] | The 2018 Incentive Plan [Member] | Directors, Excluding Board of Directors Chairman [Member]                
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value $ 120,000