ORMAT TECHNOLOGIES, INC., 10-Q filed on 11/4/2021
Quarterly Report
v3.21.2
Document And Entity Information - shares
 9 Months Ended
Sep. 30, 2021
Nov. 01, 2021
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 2021  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2021  
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   56,001,501
Title of 12(b) Security Common Stock  
Trading Symbol ORA  
Security Exchange Name NYSE  
v3.21.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 267,802 $ 448,252
Marketable securities at fair value 45,479 0
Restricted cash and cash equivalents (primarily related to VIEs) 88,498 88,526
Receivables:    
Trade less allowance for credit losses of $253 and $597, respectively (primarily related to VIEs) 140,314 149,170
Other 27,346 17,987
Inventories 27,356 35,321
Costs and estimated earnings in excess of billings on uncompleted contracts [1] 9,324 24,544
Prepaid expenses and other 29,320 15,354
Total current assets 635,439 779,154
Investment in unconsolidated companies 109,725 98,217
Deposits and other 61,716 66,989
Deferred income taxes 149,178 119,299
Property, plant and equipment, net 2,298,903 2,099,046
Construction-in-process 615,482 479,315
Operating leases right of use 19,690 16,347
Finance leases right of use 7,002 11,633
Intangible assets, net 370,889 194,421
Goodwill 91,342 24,566
Total assets 4,359,366 [2],[3] 3,888,987
Current liabilities:    
Accounts payable and accrued expenses 127,432 152,763
Billings in excess of costs and estimated earnings on uncompleted contracts 15,829 11,179
Current portion of long-term debt:    
Senior secured notes 25,391 24,949
Other loans 36,203 35,897
Full recourse 312,661 17,768
Operating lease liabilities 2,902 2,922
Finance liabilities 13,854 3,169
Total current liabilities 534,272 248,647
Long-term debt, net of current portion:    
Senior secured notes (less deferred financing costs of $4,640 and $5,318, respectively) 296,382 315,195
Operating lease liabilities 16,650 12,897
Finance liabilities 246,722 9,104
Liability associated with sale of tax benefits 97,714 111,476
Deferred income taxes 85,922 87,972
Liability for unrecognized tax benefits 3,677 1,970
Liabilities for severance pay 16,598 18,749
Asset retirement obligation 71,628 63,457
Other long-term liabilities 6,009 6,235
Total liabilities 2,377,468 1,937,720
Commitments and contingencies (Note 10)
Redeemable noncontrolling interest 9,542 9,830
Equity:    
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 56,001,501 and 55,983,259 issued and outstanding as of September 30, 2021 and December 31, 2020, respectively 56 56
Additional paid-in capital 1,269,568 1,262,446
Retained earnings 573,408 550,103
Accumulated other comprehensive income (loss) (9,647) (6,620)
Total stockholders' equity attributable to Company's stockholders 1,833,385 1,805,985
Noncontrolling interest 138,971 135,452
Total equity 1,972,356 1,941,437
Total liabilities, redeemable noncontrolling interest and equity 4,359,366 3,888,987
Other Loans, Limited and Non-recourse [Member]    
Long-term debt, net of current portion:    
Other loans (less deferred financing costs) 258,916 284,928
Senior Unsecured Bonds [Member]    
Long-term debt, net of current portion:    
Full recourse (less deferred financing costs of $3,659 and $3,426, respectively) $ 742,978 $ 777,090
[1] Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet recognized as product revenues during the nine months ended September 30, 2021 as a result of performance obligations having not been satisfied yet.
[2] Electricity segment assets include goodwill in the amount of $86.7 million and $20.1 million as of September 30, 2021 and 2020, respectively, $66.6 million of which were added in the third quarter of 2021 as a result of the geothermal asset purchase transaction as further detailed under Note 1 to the condensed consolidated financial statements. Energy Storage segment assets include goodwill in the amount of $4.6 million and $3.5 as of September 30, 2021 and 2020, respectively. No goodwill is included in the Product segment assets as of September 30, 2021 and 2020.??
[3] Including unconsolidated investments
v3.21.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
Sep. 30, 2021
Dec. 31, 2020
Trade, allowance for credit losses $ 253,000 $ 597,000
Property, plant and equipment, net 2,298,903,000 2,099,046,000
Construction-in-process 615,482,000 479,315,000
Operating leases right of use 19,690,000 16,347,000
Finance leases right of use $ 7,002,000 $ 11,633,000
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) 56,001,501 55,983,259
Common stock, shares outstanding (in shares) 56,001,501 55,983,259
Senior Secured Notes [Member]    
Deferred financing costs $ 4,640,000 $ 5,318,000
Other Loans, Limited and Non-recourse [Member]    
Deferred financing costs 7,313,000 8,557,000
Senior Unsecured Bonds [Member]    
Deferred financing costs 3,659,000 3,426,000
Variable Interest Entity, Primary Beneficiary [Member]    
Property, plant and equipment, net 2,167,620 1,978,220
Construction-in-process 301,687,000 198,812,000
Operating leases right of use 7,973,000 4,712,000
Finance leases right of use $ 224,000 $ 7,001,000
v3.21.2
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues:        
Revenue $ 158,842 $ 158,947 $ 472,095 $ 525,960
Cost of revenues:        
Cost of revenues 95,702 104,917 283,333 324,726
Gross profit 63,140 54,030 188,762 201,234
Operating expenses:        
Research and development expenses 1,175 1,490 3,179 4,281
Selling and marketing expenses 2,671 4,076 10,935 13,724
General and administrative expenses 23,554 14,539 60,400 43,154
Business interruption insurance income (248) (17,761) (248) (20,743)
Operating income 35,988 51,686 114,496 160,818
Other income (expense):        
Interest income 519 626 1,590 1,469
Interest expense, net (22,230) (21,756) (59,872) (58,814)
Derivatives and foreign currency transaction gains (losses) (21) 1,047 (16,229) 2,111
Income attributable to sale of tax benefits 7,879 7,014 21,654 16,818
Other non-operating income (expense), net 44 961 (308) 1,343
Income from operations before income tax and equity in earnings (losses) of investees 22,179 39,578 61,331 123,745
Income tax provision (2,048) (15,361) (9,323) (45,275)
Equity in earnings (losses) of investees, net 649 (1,119) 1,796 (196)
Net income 20,780 23,098 53,804 78,274
Net income attributable to noncontrolling interest (5,878) (7,419) (10,617) (13,516)
Net income attributable to the Company's stockholders 14,902 15,679 43,187 64,758
Comprehensive income:        
Net income 20,780 23,098 53,804 78,274
Other comprehensive income (loss), net of related taxes:        
Change in foreign currency translation adjustments (632) 1,321 (2,042) 1,597
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge 983 947 3,504 (4,461)
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge (2,694) (3,548) (5,294) (3,548)
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0) 2 0 (9) 0
Other changes in comprehensive income 15 30 48 47
Comprehensive income 18,454 21,848 50,011 71,909
Comprehensive income attributable to noncontrolling interest (5,553) (7,751) (9,851) (14,000)
Comprehensive income attributable to the Company's stockholders $ 12,901 $ 14,097 $ 40,160 $ 57,909
Earnings per share attributable to the Company's stockholders:        
Basic: (in dollars per share) $ 0.27 $ 0.31 $ 0.77 $ 1.27
Diluted: (in dollars per share) $ 0.26 $ 0.31 $ 0.77 $ 1.26
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:        
Basic (in shares) 56,003 51,072 55,995 51,051
Diluted (in shares) 56,298 51,282 56,413 51,386
Electricity [Member]        
Revenues:        
Revenue $ 142,651 $ 123,660 $ 421,503 $ 395,201
Cost of revenues:        
Cost of revenues 81,549 76,670 245,136 219,988
Product [Member]        
Revenues:        
Revenue 10,527 29,625 26,580 120,737
Cost of revenues:        
Cost of revenues 9,182 24,037 23,180 95,724
Energy Storage and Management Services [Member]        
Revenues:        
Revenue 5,664 5,662 24,012 10,022
Cost of revenues:        
Cost of revenues $ 4,971 $ 4,210 $ 15,017 $ 9,014
v3.21.2
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (Parentheticals) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Sep. 30, 2021
Change in unrealized gains or losses on marketable securities available-for-sale, tax $ 0 $ 0 $ 0 $ 0
v3.21.2
Condensed Consolidated Statements of Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Cumulative Effect, Period of Adoption, Adjustment [Member]
Common Stock [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Additional Paid-in Capital [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Retained Earnings [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
AOCI Attributable to Parent [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Parent [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Noncontrolling Interest [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Common Stock [Member]
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Additional Paid-in Capital [Member]
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Retained Earnings [Member]
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
AOCI Attributable to Parent [Member]
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Parent [Member]
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Noncontrolling Interest [Member]
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Cross Currency Interest Rate Contract [Member]
Common Stock [Member]
Cross Currency Interest Rate Contract [Member]
Additional Paid-in Capital [Member]
Cross Currency Interest Rate Contract [Member]
Retained Earnings [Member]
Cross Currency Interest Rate Contract [Member]
AOCI Attributable to Parent [Member]
Cross Currency Interest Rate Contract [Member]
Parent [Member]
Cross Currency Interest Rate Contract [Member]
Noncontrolling Interest [Member]
Cross Currency Interest Rate Contract [Member]
Common Stock [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, 2019               51,032                           51,032            
Balance in Other comprehensive income (loss) beginning of period at Dec. 31, 2019 $ 0 $ 0 $ (755) $ 0 $ (755) $ 0 $ (755) $ 51 $ 913,150 $ 487,118 $ (8,654) $ 1,391,665 $ 122,990 $ 1,514,655               $ 51 $ 913,150 $ 487,873 $ (8,654) $ 1,392,420 $ 122,990 $ 1,515,410
Stock-based compensation                                           0 1,989 0 0 1,989 0 1,989
Cash paid to noncontrolling interest                                           0 0 0 0 0 (3,007) (3,007)
Cash dividend declared                                           0 0 (5,614) 0 (5,614) 0 (5,614)
Increase in noncontrolling interest                                           0 0 0 0 0 1,447 1,447
Net income                                           0 0 26,033 0 26,033 3,543 29,576
Foreign currency translation adjustments                                           0 0 0 (258) (258) (387) (645)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge                                           0 0 0 (4,755) (4,755) 0 (4,755)
Other comprehensive income (loss)                                           $ 0 0 0 5 5 0 5
Balance (in shares) at Mar. 31, 2020                                           51,036            
Balance in Other comprehensive income (loss) end of period at Mar. 31, 2020                                           $ 51 915,139 507,537 (13,662) 1,409,065 124,586 1,533,651
Balance (in shares) at Dec. 31, 2019               51,032                           51,032            
Balance in Other comprehensive income (loss) beginning of period at Dec. 31, 2019 $ 0 $ 0 $ (755) $ 0 $ (755) $ 0 $ (755) $ 51 $ 913,150 $ 487,118 $ (8,654) $ 1,391,665 $ 122,990 $ 1,514,655               $ 51 913,150 487,873 (8,654) 1,392,420 122,990 1,515,410
Foreign currency translation adjustments                                                       1,597
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge                                                       (4,461)
Other comprehensive income (loss)                                                       47
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0)                                                       0
Balance (in shares) at Sep. 30, 2020                                           51,069            
Balance in Other comprehensive income (loss) end of period at Sep. 30, 2020                                           $ 51 920,210 534,984 (11,955) 1,443,290 132,061 1,575,351
Balance (in shares) at Mar. 31, 2020                                           51,036            
Balance in Other comprehensive income (loss) beginning of period at Mar. 31, 2020                                           $ 51 915,139 507,537 (13,662) 1,409,065 124,586 1,533,651
Stock-based compensation                                           0 2,264 0 0 2,264 0 2,264
Cash dividend declared                                           0 0 (5,719) 0 (5,719) 0 (5,719)
Increase in noncontrolling interest                                           0 0 0 0 0 1,307 1,307
Net income                                           0 0 23,046 0 23,046 1,982 25,028
Foreign currency translation adjustments                                           0 0 0 382 382 539 921
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge                                           0 0 0 (653) (653) 0 (653)
Other comprehensive income (loss)                                           $ 0 0 0 12 12 0 12
Exercise of stock-based awards by employees and directors (*) (in shares) [1]                                           31            
Exercise of stock-based awards by employees and directors (*) [1]                                           $ 0 0 0 0 0 0 0
Balance (in shares) at Jun. 30, 2020                                           51,067            
Balance in Other comprehensive income (loss) end of period at Jun. 30, 2020                                           $ 51 917,403 524,864 (13,921) 1,428,397 128,414 1,556,811
Stock-based compensation                                           0 2,807 0 0 2,807 0 2,807
Cash paid to noncontrolling interest                                           0 0 0 0 0 (3,749) (3,749)
Cash dividend declared                                           0 0 (5,559) 0 (5,559) 0 (5,559)
Net income                                           0 0 15,679 0 15,679 7,064 22,743
Foreign currency translation adjustments                                           0 0 0 989 989 332 1,321
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge                                           0 0 0 947 947 0 947
Other comprehensive income (loss)                                           $ 0 0 0 30 30 0 30
Exercise of stock-based awards by employees and directors (*) (in shares)                                           2            
Exercise of stock-based awards by employees and directors (*) [1]                                           $ 0 0 0 0 0 0 0
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0)                                                       0
Balance (in shares) at Sep. 30, 2020                                           51,069            
Balance in Other comprehensive income (loss) end of period at Sep. 30, 2020                                           $ 51 920,210 534,984 (11,955) 1,443,290 132,061 1,575,351
Balance (in shares) at Dec. 31, 2020                                           55,983            
Balance in Other comprehensive income (loss) beginning of period at Dec. 31, 2020                                           $ 56 1,262,446 550,103 (6,620) 1,805,985 135,452 1,941,437
Stock-based compensation                                           0 2,097 0 0 2,097 0 2,097
Cash paid to noncontrolling interest                                           0 0 0 0 0 (3,898) (3,898)
Cash dividend declared                                           0 0 (6,718) 0 (6,718) 0 (6,718)
Net income                                           0 0 15,259 0 15,259 2,290 17,549
Foreign currency translation adjustments                                           0 0 0 (1,253) (1,253) (573) (1,826)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge                                           0 0 0 3,755 3,755 0 3,755
Other comprehensive income (loss)                                           $ 0 0 0 16 16 0 16
Exercise of stock-based awards by employees and directors (*) (in shares) [1]                                           1            
Exercise of stock-based awards by employees and directors (*) [1]                                           $ 0 0 0 0 0 0 0
Stock issuance costs reimbursement                                           0 285 0 0 285 0 285
Change in respect of derivative instruments designated for cash flow hedge                             $ 0 $ 0 $ 0 $ (2,798) $ (2,798) $ 0 $ (2,798)              
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0)                                           $ 0 0 0 (20) (20) 0 (20)
Balance (in shares) at Mar. 31, 2021                                           55,984            
Balance in Other comprehensive income (loss) end of period at Mar. 31, 2021                                           $ 56 1,264,828 558,644 (6,920) 1,816,608 133,271 1,949,879
Balance (in shares) at Dec. 31, 2020                                           55,983            
Balance in Other comprehensive income (loss) beginning of period at Dec. 31, 2020                                           $ 56 1,262,446 550,103 (6,620) 1,805,985 135,452 1,941,437
Foreign currency translation adjustments                                                       (2,042)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge                                                       3,504
Other comprehensive income (loss)                                                       48
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0)                                                       (9)
Balance (in shares) at Sep. 30, 2021                                           56,002            
Balance in Other comprehensive income (loss) end of period at Sep. 30, 2021                                           $ 56 1,269,568 573,408 (9,647) 1,833,385 138,971 1,972,356
Balance (in shares) at Mar. 31, 2021                                           55,984            
Balance in Other comprehensive income (loss) beginning of period at Mar. 31, 2021                                           $ 56 1,264,828 558,644 (6,920) 1,816,608 133,271 1,949,879
Stock-based compensation                                           0 2,623 0 0 2,623 0 2,623
Cash paid to noncontrolling interest                                           0 0 0 0 0 (426) (426)
Cash dividend declared                                           0 0 (6,448) 0 (6,448) 0 (6,448)
Net income                                           0 0 13,026 0 13,026 1,795 14,821
Foreign currency translation adjustments                                           0 0 0 284 284 132 416
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge                                           0 0 0 (1,234) (1,234) 0 (1,234)
Other comprehensive income (loss)                                           $ 0 0 0 17 17 0 17
Exercise of stock-based awards by employees and directors (*) (in shares) [1]                                           13            
Exercise of stock-based awards by employees and directors (*) [1]                                           $ 0 0 0 0 0 0 0
Change in respect of derivative instruments designated for cash flow hedge                                           0 0 0 198 198 0 198
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0)                                           $ 0 0 0 9 9 0 9
Balance (in shares) at Jun. 30, 2021                                           55,997            
Balance in Other comprehensive income (loss) end of period at Jun. 30, 2021                                           $ 56 1,267,451 565,222 (7,646) 1,825,083 134,772 1,959,855
Stock-based compensation                                           0 2,120 0 0 2,120 0 2,120
Cash paid to noncontrolling interest                                           0 0 0 0 0 (1,487) (1,487)
Cash dividend declared                                           0 0 (6,716) 0 (6,716) 0 (6,716)
Net income                                           0 0 14,902 0 14,902 6,011 20,913
Foreign currency translation adjustments                                           0 0 0 (307) (307) (325) (632)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge                                           0 0 0 983 983 0 983
Other comprehensive income (loss)                                           $ 0 0 0 15 15 0 15
Exercise of stock-based awards by employees and directors (*) (in shares) [1]                                           5            
Exercise of stock-based awards by employees and directors (*) [1]                                           $ 0 0 0 0 0 0 0
Change in respect of derivative instruments designated for cash flow hedge                                           0 0 0 (2,694) (2,694) 0 (2,694)
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0)                                           0 0 0 2 2 0 2
Stock issuance costs reimbursement                                           $ 0 (3) 0 0 (3) 0 (3)
Balance (in shares) at Sep. 30, 2021                                           56,002            
Balance in Other comprehensive income (loss) end of period at Sep. 30, 2021                                           $ 56 $ 1,269,568 $ 573,408 $ (9,647) $ 1,833,385 $ 138,971 $ 1,972,356
[1] Resulted in an amount lower than $1 thousand.
v3.21.2
Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Retained Earnings [Member]        
Cash dividend declared, per share (in dollars per share)     $ 0.11 $ 0.11
Cash dividend declared, per share (in dollars per share) $ 0.11 $ 0.11    
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment, tax $ 0 $ 0 $ 0  
Change in unrealized gains or losses on marketable securities available-for-sale, tax $ 0      
v3.21.2
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 53,804 $ 78,274
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 134,367 115,672
Accretion of asset retirement obligation 2,943 2,319
Stock-based compensation 6,840 7,060
Income attributable to sale of tax benefits, net of interest expense (13,495) (10,846)
Equity in losses (earnings) of investees (1,796) 196
Mark-to-market of derivative instruments 1,096 (1,612)
Loss on disposal of property, plant and equipment 87 618
Loss (gain) on severance pay fund asset (709) (24)
Deferred income tax provision (8,994) 25,522
Liability for unrecognized tax benefits 1,707 (2,000)
Other 267 0
Changes in operating assets and liabilities, net of businesses acquired:    
Receivables 227 (5,753)
Costs and estimated earnings in excess of billings on uncompleted contracts 15,220 20,242
Inventories (1,814) 565
Prepaid expenses and other (13,966) 2,971
Change in operating lease right of use asset 2,322 2,695
Deposits and other (3,468) (1,277)
Accounts payable and accrued expenses (30,320) 2,617
Billings in excess of costs and estimated earnings on uncompleted contracts 4,650 4,928
Liabilities for severance pay (2,151) (619)
Change in operating lease liabilities (1,935) (2,436)
Other long-term liabilities (91) (222)
Net cash provided by operating activities 144,791 238,890
Cash flows from investing activities:    
Purchase of marketable securities (49,320) 0
Maturities of marketable securities 3,565 0
Capital expenditures (288,423) (231,784)
Investment in unconsolidated companies (6,208) (14,794)
Cash paid for business acquisition, net of cash acquired (171,000) (43,321)
Decrease (increase) in severance pay fund asset, net of payments made to retired employees 2,352 529
Other investing activities (911) (3,600)
Net cash used in investing activities (509,945) (292,970)
Cash flows from financing activities:    
Proceeds from long-term loans, net of transaction costs 275,000 419,262
Repayments of commercial paper and prepayment of loans 0 (50,000)
Proceeds from revolving credit lines with banks 0 1,249,400
Repayment of revolving credit lines with banks 0 (1,289,950)
Cash received from noncontrolling interest 5,390 7,577
Repayments of long-term debt (58,357) (115,606)
Stock issuance costs reimbursement 282 0
Cash paid to noncontrolling interest (7,031) (9,234)
Payments under finance lease obligations (7,943) (2,205)
Deferred debt issuance costs (2,447) (2,360)
Cash dividends paid (19,882) (16,892)
Net cash provided by financing activities 185,012 189,992
Effect of exchange rate changes (336) 520
Net change in cash and cash equivalents and restricted cash and cash equivalents (180,478) 136,432
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 536,778 153,110
Cash and cash equivalents and restricted cash and cash equivalents at end of period 356,300 289,542
Supplemental non-cash investing and financing activities:    
Increase (decrease) in accounts payable related to purchases of property, plant and equipment 1,095 (995)
Right of use assets obtained in exchange for new lease liabilities $ 5,579 $ 3,057
v3.21.2
Note 1 - General and Basis of Presentation
 9 Months Ended
Sep. 30, 2021
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 condensed consolidated financial position as of September 30, 2021, the condensed consolidated statements of operations and comprehensive income and the condensed consolidated statements of equity for the three and nine months ended September 30, 2021 and 2020 and the condensed consolidated statements of cash flows for the nine months ended September 30, 2021 and 2020.

 

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, 2020. The condensed consolidated balance sheet data as of December 31, 2020 was derived from the Company’s audited consolidated financial statements for the year ended December 31, 2020 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.

 

COVID-19 consideration

 

In March 2020, the World Health Organization declared the outbreak of the novel coronavirus ("COVID-19") a pandemic. Since that time and through the date of this report, the Company has implemented significant measures in order to meet government requirements and preserve the health and safety of its employees, including by working remotely when needed and adopting separate shifts from time to time in its power plants, manufacturing facilities and other locations while at the same time trying to continue operations at close to full capacity in all locations. Since the end of the second quarter of 2021, the Company has experienced an easing of government restrictions in a number of countries, including in Israel, but uncertainty around the impact of COVID-19 continues. With respect to its employees, the Company has not laid-off or furloughed any employees due to COVID-19 and has continued to pay full salaries. In addition, the Company focused efforts on adjusting its operations to mitigate the impact of COVID-19 including managing its global supply chain risks and enhancing its liquidity profile. As most of the Company's electricity revenues are generated under long term contracts, the majority of which are under a fixed energy rate, the impact of COVID-19 on electricity revenues was limited. Nevertheless, the Company experienced a higher rate of curtailments during 2020 from Kenya Power and Lighting Co. Ltd. (“KPLC”) for its Olkaria complex and continued to experience curtailments during 2021.

 

In the Product segment, the Company experienced a significant decline in product backlog, which it believes resulted mainly due to the impact of COVID-19 and the unwillingness of potential customers to enter into new commitments at this time. Since the second quarter of 2021, the Company has started to see a limited recovery that has resulted in an increase in backlog.

 

In the Energy Storage segment, revenues are generated primarily from participating in the energy and ancillary services markets and therefore are directly impacted by the prevailing energy prices in those markets.

 

While the extent and duration of the economic downturn from the COVID-19 pandemic remains unclear, the Company has considered, among other things, whether the global operational disruptions indicate a change in circumstances that may trigger asset impairments and whether it needs to revisit accounting estimates and projections or its expectations about collectability of receivables. Additionally, the Company has considered the potential impacts on its fair value disclosures and on its internal control over financial reporting and while significant uncertainty still exists concerning the magnitude of the impact and duration of the COVID-19 pandemic on the global economy, the Company has determined that there was no triggering event for an impairment with respect to any of its assets nor has there been an adverse change in the probability related to the collectability of its receivables. The Company continues to assess the potential impact of the global economic situation on its consolidated financial statements.

 

Business combination - geothermal assets purchase transaction

 

On July 13, 2021, the Company closed a transaction with TG Geothermal Portfolio, LLC (a subsidiary of Terra-Gen, LLC) (the "Seller") to acquire two contracted geothermal assets in Nevada with a total net generating capacity of 67.5 MW, a greenfield development asset adjacent to one of the plants, and an underutilized transmission line. The Company paid approximately $171.0 million in cash (excluding working capital and assumed cash of approximately $10.8 million) for 100% of the equity interests in the entities holding those assets and assumed a finance obligation with a fair value at acquisition date of approximately $258.0 million. The two contracted geothermal assets include the Dixie Valley and Beowawe geothermal power plants which sell power under existing power purchase agreements with Southern California Edison under a long term Power Purchase Agreement ("PPA") expiring in 2038 and with NV Power, Inc. under a PPA expiring in December 2025, respectively.

 

As a result of the acquisition, the Company expanded its overall generation capacity and expects to improve the profitability of the purchased assets through cost reduction and synergies. The Company accounted for the transaction in accordance with Accounting Standard Codification ("ASC") 805, Business Combinations, and following the transaction, the Company consolidates the Dixie Valley and Beowawe power plants as well as the other geothermal assets included in the transaction in accordance with ASC 810, Consolidation. In 2021, the Company incurred approximately $4.7 million of acquisition-related costs included under "General and administrative expenses" in the condensed consolidated statements of operations and comprehensive income for the nine months ended September 30, 2021. Accounting guidance provides that the allocation of the purchase price may be modified for up to one year from the date of the acquisition to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. The primary area of the purchase price allocation that is not yet finalized is related to certain tax matters and the related impact on goodwill.

 

The following table summarizes the purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions):

 

Cash and cash equivalents and restricted cash

 $10.9 

Trade receivables and others (1)

  8.6 

Deferred income taxes

  22.4 

Property, plant and equipment and construction-in-process

  152.0 

Intangible assets (2)

  191.6 

Goodwill (3)

  66.6 

Total assets acquired

 $452.1 
     

Accounts payable, accrued expenses and others

 $6.6 

Finance liability (4)

  258.4 

Asset retirement obligation

  5.3 

Total liabilities assumed

 $270.3 
     

Total assets acquired, and liabilities assumed, net

 $181.8 

 

 

(1)

The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million. These receivables were fully collected during the third quarter of 2021.

 

 

(2)

Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs.

 

 

(3)

Goodwill is primarily related to the expected synergies and potential cost savings in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and is deductible for tax purposes pending the exercise of the financial lease buy-out option as described below.

 

 

(4)

Finance liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 under which it sold and leased back the undivided interests in the Dixie Valley power plant asset through June 2038. The lease transaction was accounted for by the Seller as a finance lease due to the Seller's continued involvement and management of the power plant and the existence of an early buy-out option in September 2024. As per the accounting guidance, the Company retained the Seller's accounting of a "failed" sale and leaseback transaction and accordingly accounted for the liability as a financial liability. This financial liability, as well as the related power plant asset, were measured at their acquisition-date fair value.

 

The acquired geothermal power plants contributed Electricity revenues of $14.4 million and earnings of $4.3 million, net of related tax and finance liability interest expense costs of $2.8 million, to the Company for the period from acquisition date to September 30, 2021 which were included in the Company’s condensed consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2021.

 

The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business combination had occurred on January 1, 2020. The pro forma results below include the impact of certain adjustments related to the depreciation of property plant and equipment, amortization of intangible assets, transaction-related costs incurred as of the acquisition date, and interest expense on related borrowings, and in each case, the related income tax effects, as well as certain other post-acquisition adjustments. This pro forma presentation does not include any impact from transaction synergies.

 

  

Pro forma for the Three

Months Ended September 30,

  

Pro forma for the Nine

Months Ended September 30,

 
  

2021

  

2020

  

2021

  

2020

 
  

(Dollars in millions)

  

(Dollars in millions)

 

Electricity revenues

 $144.7  $140.5  $449.1  $438.4 

Total revenues

 $160.8  $175.8  $499.7  $569.1 

Net income

 $18.5  $18.0  $50.4  $64.3 

 

Bank Hapoalim loan

 

On July 12, 2021, the Company entered into a definitive loan agreement (the "Hapoalim Loan Agreement") with Bank Hapoalim B.M. (“Bank Hapoalim”). The Hapoalim Loan Agreement provides for a loan by Bank Hapoalim to the Company in an aggregate principal amount of $125 million (the “Hapoalim Loan”). The outstanding principal amount of the Hapoalim Loan will be repaid in 14 semi-annual payments of $8.9 million each, commencing on December 12, 2021. The duration of the Hapoalim Loan is 7 years. The Hapoalim Loan bears interest at a fixed rate of 3.45% per annum, payable semi-annually.

 

The Hapoalim Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6, (ii) a minimum equity capital amount (as shown on its consolidated financial statements) of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%.

 

The Hapoalim Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default.

 

HSBC Bank loan

 

On July 15, 2021, the Company entered into a definitive loan agreement (the "HSBC Loan Agreement") with HSBC Bank PLC (“HSBC Bank”). The HSBC Loan Agreement provides for a loan by HSBC Bank to the Company in an aggregate principal amount of $50 million (the “HSBC Loan”). The outstanding principal amount of the HSBC Loan will be repaid in 14 semi-annual payments of $3.6 million each, commencing on January 19, 2022. The duration of the HSBC Loan is 7 years. The HSBC Loan bears interest at a fixed rate of 3.45% per annum, payable semi-annually.

 

The HSBC Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6, (ii) a minimum equity capital amount (as shown on its consolidated financial statements) of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%.

 

The HSBC Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default.

 

The proceeds from the Hapoalim Loan and the HSBC Loan were used to pay for the purchase of the geothermal assets portfolio from TG Geothermal Portfolio, LLC as described above.

 

Discount Bank loan

 

On September 2, 2021, the Company entered into a definitive loan agreement (the "Discount Loan Agreement") with Israel Discount Bank Ltd. (“Discount Bank”). The Discount Loan Agreement provides for a loan by Discount Bank to the Company in an aggregate principal amount of $100 million (the “Discount Loan”). The outstanding principal amount of the Discount Loan will be repaid in 16 semi-annual payments of $6.25 million each, commencing on March 2, 2022. The duration of the Discount Loan is 8 years. The Discount Loan bears interest at a fixed rate of 2.9% per annum, payable semi-annually.

 

The Discount Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6, (ii) a minimum equity capital amount (as shown on its consolidated financial statements) of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%.

 

The Discount Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default.

 

Puna Power Plant

 

On May 3, 2018, the Kilauea volcano located in close proximity to the Company's 38 MW Puna 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 some of which denied the full amount of the Company's claim asserting that our insurance policy has coverage limitations. During the third quarter of 2021, the Company recognized approximately $15.8 million of business interruption insurance income in the condensed consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2021 which was included under Electricity "Cost of revenues" up to the amount covering the related costs of $15.5 million and the remainder under "Operating expenses". During the third quarter of 2020, the Company recognized approximately $20.4 million of business interruption insurance income in the condensed consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2020 which was included in Electricity "Cost of revenues" up to the amount covering the related costs and the remainder, totaling $17.8 million, was included under "Operating expenses". The Company is still in discussions with insurers related to additional Business Interruption and Property Damage payments.

 

The Puna power plant resumed operations in November 2020 and during the third quarter of 2021 operated at a stable level of 26 MW. The Company continues reservoir study and improvement of existing wells to maximize long term performance of the power plant.

 

In December 2019, Puna Geothermal Venture ("PGV") and Hawaii Electric Light Company's ("HELCO") subsidiary reached an agreement on an amended and restated power purchase agreement ("PPA") for dispatchable geothermal power to be sold from the Puna complex. The new PPA, which is subject to Public Utility Commission (“PUC”) approval, extends the term until 2052 with an increased contract capacity of 46 MW and fixes the price with no escalation, regardless of changes to fossil fuel pricing. On March 31, 2021, the PUC issued an order suspending the request to approve the PPA application until an environmental review is conducted on the proposed repowering, and ordered the parties to renegotiate the PPA rates. HELCO and PGV have filed motions, which are pending, for reconsideration of the order with the PUC. The existing PPA remains in effect, with its current terms, until the expansion is completed and the repowered plant reaches its Commercial Operation Date ("COD").

 

The Company continues to assess the accounting implications of these events on its assets and liabilities and whether any related assets may be impaired. As of September 30, 2021, the Company assessed that no impairment was required.

 

February power crisis in Texas

 

In February 2021, extreme weather conditions in Texas resulted in a significant increase in demand for electricity on the one hand and a decrease in electricity supply in the region on the other hand. On February 15, 2021, the Electricity Reliability Council of Texas (“ERCOT”) issued an Energy Emergency Alert Level 3 ("EEA 3") prompting rotating outages in Texas. This ultimately led to a significant increase in the Responsive Reserve Service (“RRS”) market prices, where the Company operates its Rabbit Hill battery energy storage facility which provides ancillary services and energy optimization to the wholesale markets managed by ERCOT. Due to the electricity supply shortage, ERCOT restricted battery charging in the Rabbit Hill facility from February 16, 2021 to February 19, 2021, resulting in a limited ability of the Rabbit Hill storage facility to provide RRS. As a result, the Company incurred losses of approximately $9.1 million, net of associated revenues, from a hedge transaction in relation to its inability to provide RRS during that period. Starting February 19, 2021, the Rabbit Hill energy storage facility resumed operation at full capacity.

 

In addition, the Company recorded a provision for approximately $3.0 million for receivables related to imbalance charges from the grid operator in respect of its demand response operation as it estimated it is probable it may be unable to collect such receivables. The provision for uncollectible receivables is included in "General and administrative expenses" in the condensed consolidated statements of operations and comprehensive income for the first quarter of 2021.

 

The Company has filed billing disputes with ERCOT related to some of the imbalance charges and revenue allocated to its Demand Response services and customers, the outcome of which may impact the final amount.

 

 

Write-offs of unsuccessful exploration activities

 

There were no write-offs of unsuccessful exploration activities for the three and nine months ended September 30, 2021 and 2020.

 

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,

 
  

2021

  

2020

  

2020

 
  

(Dollars in thousands)

 

Cash and cash equivalents

 $267,802  $448,252  $197,309 

Restricted cash and cash equivalents

  88,498   88,526   92,233 

Total Cash and cash equivalents and restricted cash and cash equivalents

 $356,300  $536,778  $289,542 

 

Finance liabilities

 

The following table provides details related to the Finance liabilities reported on the balance sheet:

 

  

September 30,

  

December 31,

 
  

2021

  

2020

 
  

(Dollars in thousands)

 

Current Finance Liabilities:

        

Finance lease liabilities

 $3,019  $3,169 

Finance liability

  10,835   — 

Total Current Finance Liabilities

 $13,854  $3,169 
         

Long-term Finance Liabilities:

        

Finance lease liabilities

 $4,693  $9,104 

Finance liability

  242,029   — 

Total Long-term Finance Liabilities

 $246,722  $9,104 

 

Concentration of credit risk

 

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

 

The Company places its temporary cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At September 30, 2021 and December 31, 2020, the Company had deposits totaling $25.8 million and $18.9 million, respectively, in ten U.S. financial institutions that were federally insured up to $250,000 per account. At September 30, 2021 and December 31, 2020, the Company’s deposits in foreign countries amounted to approximately $73.7 million and $72.4 million, respectively.

 

At September 30, 2021 and December 31, 2020, accounts receivable related to operations in foreign countries amounted to approximately $96.7 million and $111.3 million, respectively. At September 30, 2021 and December 31, 2020, accounts receivable from the Company’s primary customers, which each accounted for revenues in excess of 10% of total consolidated revenues for the related period, amounted to approximately 52% and 65% of the Company’s trade receivables, respectively.

 

The Company's revenues from its primary customers as a percentage of total revenues are as follows:

 

  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
  

2021

  

2020

  

2021

  

2020

 

Sierra Pacific Power Company and Nevada Power Company

  15.8

%

  15.4

%

  18.7

%

  17.1

%

Southern California Public Power Authority (“SCPPA”)

  21.3   19.5   23.9   19.8 

Kenya Power and Lighting Co. Ltd. ("KPLC")

  16.1   18.2   16.3   16.5 

 

The Company has historically been able to collect on substantially all of its receivable balances. As of September 30, 2021, the amount overdue from KPLC in Kenya was $33.8 million of which $14.2 million was paid in October 2021, compared to amount overdue of $52.9 million as of September 30, 2020. These amounts represent an average of 73 and 83 days overdue, respectively. The Company believes it will be able to collect all past due amounts in Kenya. This belief is supported by the fact that in addition to KPLC's obligations under its power purchase agreement, the Company holds a support letter from the Government of Kenya that covers certain cases of KPLC non-payment (such as where caused by government actions/political events). Additionally, the Company continued to experience certain curtailments in the first nine months of 2021 by KPLC in the Olkaria complex. The impact of the curtailments is limited as the structure of the PPA secures the vast majority of the Company's revenues with fixed capacity payments unrelated to the electricity actually generated. 

 

In Honduras, as of September 30, 2021, the total amount overdue from ENEE was $13.8 million of which $2.7 million was received in October 2021. During the third quarter of 2021, the overdue amount increased from $7.4 million as of June 30, 2021.  In addition, due to continuing restrictive measures related to the COVID-19 pandemic in Honduras, the Company may experience additional delays in collection. The Company believes it will be able to collect all past due amounts in Honduras.

 

The Company may experience delays in collection in other locations due to the restrictive measures related to the COVID-19 pandemic which were imposed globally to different extents.

 

See Note 4 - Marketable Securities and under the caption "Marketable Securities" below for additional information regarding investment in marketable securities.

 

Allowance for credit losses

 

The Company performs an analysis of potential credit losses related to its financial instruments that are within the scope of ASU 2018-19, Codification Improvements to Topic 325, Financial Instruments – Credit Losses, primarily cash and cash equivalents, restricted cash and cash equivalents, investment in marketable securities, receivables (excluding those accounted under lease accounting) and costs and estimated earnings in excess of billings on uncompleted contracts, based on class of financing receivables which share the same or similar risk characteristics such as customer type and geographic location, among others. The Company estimates the expected credit losses for each class of financing receivables by applying the related corporate default rate which corresponds to the credit rating of the specific customer or class of financing receivables. For trade receivables, the Company applied this methodology using aging schedules reflecting how long the receivables have been outstanding. The Company has also considered the existence of credit enhancement arrangements that may mitigate the credit risk of its financial receivables in estimating the applicable corporate default rate. While significant uncertainty still exists concerning the magnitude of the impact and duration of the COVID-19 pandemic on the global economy, the Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and determined that the estimate of credit losses was not significantly impacted.

 

The following table describes the changes in the allowance for expected credit losses for the three and nine months ended September 30, 2021 and 2020 (all related to trade receivables):

 

  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
  

2021

  

2020

  

2021

  

2020

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Beginning balance of the allowance for expected credit losses

 $419  $779  $597  $755 

Change in the provision for expected credit losses for the period

  (166)  —   (344)  24 

Ending balance of the allowance for expected credit losses

 $253  $779  $253  $779 

 

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, 2021 and December 31, 2020 are as follows:

 

  

September 30,

  

December 31,

 
  

2021

  

2020

 
  

(Dollars in thousands)

 

Contract assets (*)

 $9,324  $24,544 

Contract liabilities (*)

 $(15,829) $(11,179)

 

(*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet recognized as product revenues during the nine months ended September 30, 2021 as a result of performance obligations having not been satisfied yet.

 

On September 30, 2021, the Company had approximately $66.6 million of remaining performance obligations not yet satisfied or partly satisfied related to our Product segment. The Company expects to recognize approximately 100% of this amount as Product revenues during the next 24 months.

 

Disaggregated revenues from contracts with customers for the three and nine months ended September 30, 2021 and 2020 are disclosed under Note 9 - Business Segments, to the condensed consolidated financial statements.

 

Leases in which the Company is a lessor

 

The table below presents lease income recognized as a lessor:

 

  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
  

2021

  

2020

  

2021

  

2020

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Lease income relating to lease payments from operating leases

 $123,688  $108,619  $362,548  $347,778 

 

Marketable securities

 

The Company’s investments in marketable securities consist of debt securities with maturity of up to one year and a high credit rating. The investments in marketable securities are classified as available-for-sale ("AFS") and thus measured at fair value based on quoted market prices. Unrealized gains and losses from AFS debt securities are excluded from earnings and reported net of the related tax effect in "Accumulated other comprehensive income (loss)". Realized gains and losses from sale of marketable securities, as determined on a specific identification basis, as well as interest income earned, are included in earnings. The Company considers available evidence in evaluating potential impairments of its investments, including credit market conditions, credit ratings of the security as well as the extent to which fair value is less than amortized cost. The Company estimates the lifetime expected credit losses for all AFS debt securities in an unrealized loss position under its allowance for credit losses model. The Company assesses the security’s credit indicators, including credit ratings when estimating a security’s probability of default. If the assessment indicates that an expected credit loss exists, the Company determines the portion of the unrealized loss attributable to credit deterioration and records an allowance for the expected credit loss in earnings. Unrealized gains and losses attributable to non-credit factors are recorded in "Accumulated other comprehensive income (loss)", net of tax. Marketable debt securities with original maturities of three months or less that are readily convertible into a known amount of cash are presented under "Cash and cash equivalents" in the condensed consolidated balance sheets.

 

Derivative instruments

 

Derivative instruments (including certain derivative instruments embedded in other contracts) are measured at their fair value and recorded as either assets or liabilities unless exempted from derivative treatment as a normal purchase and sale. Changes in the fair value of derivatives not designated as hedging instruments are recognized in earnings. Changes in the fair value of derivatives designated as cash flow hedging instruments are initially recorded in "Other comprehensive income (loss)" and a corresponding amount is reclassified out of "Accumulated other comprehensive income (loss)" to earnings to offset the remeasurement of the underlying hedge transaction which also impacts the same line item in the consolidated statements of operations and comprehensive income.

 

The Company maintains a risk management strategy that may incorporate the use of swap contracts, put options, forward exchange contracts, interest rate swaps, and cross-currency swaps to minimize significant fluctuation in cash flows and/or earnings that are caused by oil and natural gas prices, exchange rate or interest rate volatility.
v3.21.2
Note 2 - New Accounting Pronouncements
 9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Accounting Standards Update and Change in Accounting Principle [Text Block]

NOTE 2 — NEW ACCOUNTING PRONOUNCEMENTS

 

New accounting pronouncements effective in the nine months ended September 30, 2021

 

Accounting for Income Taxes

 

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The standard is effective for annual periods beginning after December 15, 2020 and interim periods within. The Company adopted ASU 2019-12 on January 1, 2021. The adoption of this update did not have a material impact on the Company's consolidated financial statements.

 

New accounting pronouncements effective in future periods

 

There are no new applicable significant accounting pronouncements effective in future periods.

 

 
v3.21.2
Note 3 - Inventories
 9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Inventory Disclosure [Text Block]

NOTE 3 — INVENTORIES

 

Inventories consist of the following:

 

   

September 30,

    

December 31,

  
   

2021

    

2020

  
   

(Dollars in thousands)

  

Raw materials and purchased parts for assembly

   $ 11,626     $ 14,835  

Self-manufactured assembly parts and finished products

     15,730       20,486  

Total inventories

   $ 27,356     $ 35,321  

 

 

 
v3.21.2
Note 4 - Marketable Securities
 9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 4 — MARKETABLE SECURITIES

 

Marketable securities are presented at fair value and include investments in debt securities classified as available for sale. All marketable securities have maturities of less than a year. Investment in marketable securities is comprised of the following:

 

  

September 30, 2021

 
  

Amortized cost

  

Gross

unrealized gains

  

Gross unrealized

losses

  

Fair value

 
  

(Dollars in thousands)

 

Debt security type:

                

Corporate bonds

 $30,963  $—  $(9) $31,157 

Commercial paper

  11,471   —   —   11,471 

Foreign issuers

  2,826   —      2,851 

Total debt securities available for sale

 $45,260  $—  $(9) $45,479 

 

As of September 30, 2021, approximately $1.6 million of debt securities were classified under "Cash and cash equivalents" in the condensed consolidated balance sheets as they met all applicable classification criteria.

 

The following table summarizes the fair value and gross unrealized losses of debt securities with unrealized losses aggregated by security type and length of time that the fair value had been below amortized cost, on an individual security basis:

 

  

September 30, 2021

 
  

Less than 12 months

  

Greater than 12 months

 
  

Fair value

  

Gross unrealized

loss

  

Fair value

  

Gross unrealized

loss

 
  

(Dollars in thousands)

 

Debt security type:

                

Corporate bonds

 $31,157  $(9) $—  $— 

Commercial paper

  11,471   —   —   — 

Foreign issuers

  2,851   —   —   — 

Total debt securities available for sale

 $45,479  $(9) $—  $— 

 

 

There were no sales of investments in debt securities during the nine months ended September 30, 2021 and 2020.
v3.21.2
Note 5 - Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2021
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, 2021 and December 31, 2020 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, 2021

 
      

Fair Value

 
  

Carrying

Value at

September

30, 2021

  

Total

  

Level 1

  

Level 2

  

Level 3

 
  

(Dollars in thousands)

 

Assets:

                    

Current assets:

                    

Cash equivalents (including restricted cash accounts)

 $30,052  $30,052  $30,052  $—  $— 

Marketable securities (including cash equivalents)

  45,479   45,479   45,479   —   — 

Derivatives:

                    

Currency forward contracts (2)

  441   441   —   441   — 

Long-term Assets:

                    

Cross currency swap (3)

  19,240   19,240   —   19,240   — 

Liabilities:

                    

Current liabilities:

                    

Derivatives:

                    

Cross currency swap (3)

  (235)  (235)  —   (235)  — 

Long term liabilities:

                    

Contingent payables (1)

  (2,493)  (2,493)  —   —   (2,493)
  $92,484  $92,484  $75,531  $19,446  $(2,493)

 

      

December 31, 2020

 
      

Fair Value

 
  

Carrying

Value at

December

31, 2020

  

Total

  

Level 1

  

Level 2

  

Level 3

 
  

(Dollars in thousands)

 

Assets

                    

Current assets:

                    

Cash equivalents (including restricted cash accounts)

 $28,653  $28,653  $28,653  $—  $— 

Derivatives:

                    

Contingent receivables (1)

  111   111   —   —   111 

Currency forward contracts (2)

  1,554   1,554   —   1,554   — 

Long-term assets:

                    

Cross currency swap (3)

  27,829   27,829   —   27,829   — 

Liabilities:

                    

Current liabilities:

                    

Derivatives:

                    

Contingent payables (1)

  (549)  (549)  —   —   (549)

Cross currency swap (3)

  (2,283)  (2,283)  —   (2,283)  — 

Long-term liabilities:

                    

Contingent payables (1)

  (2,630)  (2,630)  —   —   (2,630)
  $52,685  $52,685  $28,653  $27,100  $(3,068)

 

 

1.

These amounts relate to contingent receivables and payables and warrants pertaining to the Guadeloupe power plant purchase transaction, 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, 2021 and December 31, 2020, as applicable, in the condensed consolidated balance sheets with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the condensed consolidated statements of operations and comprehensive income.

 

 

2.

These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Receivables, other” on September 30, 2021 and December 31, 2020, in the condensed consolidated balance sheets with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income.

 

 

3.

These amounts relate to cross currency swap contracts valued primarily based on the present value of the cross currency swap future settlement prices for U.S. Dollar ("USD") and New Israeli Shekel ("NIS") zero yield curves and the applicable exchange rate as of September 30, 2021 and December 31, 2020, as applicable. These amounts are included within “Deposits and other” and "Accounts payable and accrued expenses", as applicable, on September 30, 2021 and December 31, 2020 in the condensed consolidated balance sheets. There are no cash collateral deposits on September 30, 2021 and December 31, 2020.

 

The following table presents the amounts of gain (loss) recognized in the consolidated statements of operations and comprehensive income on derivative instruments (in thousands):

 

    

Amount of recognized

gain (loss)

  

Amount of recognized

gain (loss)

 

Derivatives not designated as hedging instruments

 

Location of recognized gain

(loss)

 

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
    

2021

  

2020

  

2021

  

2020

 
    

(Dollars in thousands)

  

(Dollars in thousands)

 

Swap transaction on RRS prices (1)

 

Derivative and foreign currency transaction gains (losses)

 $—  $—   (14,540)  — 

Currency forward contracts (1)

 

Derivative and foreign currency transaction gains (losses)

 $387  $424  $118  $2,949 
                   

Derivatives designated as cash flow hedging instruments

                  
                   

Cross currency swap (2)

 

Derivative and foreign currency transaction gains (losses)

 $2,945  $758  $(1,349) $758 

 

(1) The foregoing currency forward and price swap transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income. The price swap transaction was related to a hedging agreement with a third party that was effective January 1, 2021 under which the Company fixed the price per MWh on a portion of RRS provided by its Rabbit Hill storage facility, as described under Note 1 to the condensed consolidated financial statements. The price swap transaction was terminated effective April 1, 2021.

 

(2) The foregoing cross currency swap transactions were designated as a cash flow hedge as further described under Note 1 to the condensed consolidated financial statements. The changes in the cross currency swap fair value are initially recorded in "Other comprehensive income (loss)" and a corresponding amount is reclassified out of "Accumulated other comprehensive income (loss)" to "Derivatives and foreign currency transaction gains (losses)" to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income.

 

There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during the nine months ended September 30, 2021.

 

The following table presents the effect of derivative instruments designated as cash flow hedges on the condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2021:

 

  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
  

2021

  

2020

  

2021

  

2020

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Cross currency swap cash flow hedge:

                

Balance in Other comprehensive income (loss) beginning of period

 $766  $—  $3,366  $— 

Gain or (loss) recognized in Other comprehensive income (loss)

  251   (2,790)  (6,643)  (2,790)

Amount reclassified from Other comprehensive income (loss) into earnings

  (2,945)  (758)  1,349   (758)

Balance in Other comprehensive income (loss) end of period

 $(1,928) $(3,548) $(1,928) $(3,548)

 

The estimated net amount of existing gain (loss) that is reported in "Accumulated other comprehensive income (loss)" as of September 30, 2021 that is expected to be reclassified into earnings within the next 12 months is immaterial. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flow is from the transaction commencement date through June 2031.

 

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

 

  

Fair Value

  

Carrying Amount

 
  

September 30,

2021

  

December 31,

2020

  

September 30,

2021

  

December 31,

2020

 
  

(Dollars in millions)

  

(Dollars in millions)

 

HSBC Loan

 $57.0  $—  $50.0  $— 

Hapoalim Loan

  128.6   —   125.0   — 

Discount Loan

  101.8   —   100.0   — 

Finance liability - Dixie Valley

  252.2   —   252.9   — 

Olkaria III Loan - DFC

  173.9   192.5   161.2   174.7 

Olkaria III plant 4 Loan - DEG 2

  37.6   40.4   35.0   37.5 

Olkaria III plant 1 Loan - DEG 3

  33.2   35.8   30.6   32.8 

Platanares Loan - DFC

  102.2   112.1   90.1   96.3 

Amatitlan Loan

 

 

20.8   23.5   20.1   22.8 

Senior Secured Notes:

                

OFC 2 LLC ("OFC 2")

  190.8   207.9   177.4   188.2 

Don A. Campbell 1 ("DAC 1")

  72.4   78.5   69.3   73.1 

USG Prudential - NV

  29.8   31.8   26.8   27.6 

USG Prudential - ID

  17.1   18.3   17.5   18.4 

USG DOE

  40.5   45.1   35.4   38.2 

Senior Unsecured Bonds

  572.1   585.1   527.7   529.1 

Senior Unsecured Loan

  206.2   222.2   191.6   200.0 

Plumstriker

  16.3   18.1   16.2   18.1 

Other long-term debt

  14.5   17.4   14.8   17.6 

 

The fair value of the long-term debt is determined by a valuation model, which is based on a conventional discounted cash flow methodology and utilizes assumptions of current borrowing rates. 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.

 

As disclosed above under Note 1 to the condensed consolidated financial statements, the outbreak of the COVID-19 pandemic has resulted in a global economic downturn and market volatility that may have an impact on the estimated fair value of the Company's long-term debt as the global economic situation evolves.

 

The carrying value of revolving lines of credit and deposits approximates fair value.

 

The following table presents the fair value of financial instruments as of September 30, 2021:

 

  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 

HSBC Loan

 $—  $—  $57.0  $57.0 

Hapoalim Loan

  —   —   128.6   128.6 

Discount Loan

  —   —   101.8   101.8 

Finance liability - Dixie Valley

  —   —   252.2   252.2 

Olkaria III Loan - DFC

  —   —   173.9   173.9 

Olkaria III plant 4 Loan - DEG 2

  —   —   37.6   37.6 

Olkaria III plant 1 Loan - DEG 3

  —   —   33.2   33.2 

Platanares Loan - DFC

  —   —   102.2   102.2 

Amatitlan Loan

  —   20.8   —   20.8 

Senior Secured Notes:

                

OFC 2 Senior Secured Notes

  —   —   190.8   190.8 

DAC 1 Senior Secured Notes

  —   —   72.4   72.4 

USG Prudential - NV

  —   —   29.8   29.8 

USG Prudential - ID

  —   —   17.1   17.1 

USG DOE

  —   —   40.5   40.5 

Senior Unsecured Bonds

  —   —   572.1   572.1 

Senior Unsecured Loan

  —   —   206.2   206.2 

Plumstriker

  —   16.3   —   16.3 

Other long-term debt

  —   —   14.5   14.5 

Deposits

  17.1   —   —   17.1 

 

The following table presents the fair value of financial instruments as of December 31, 2020:

 

  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 

Olkaria III Loan - DFC

 $—  $—  $192.5  $192.5 

Olkaria IV - DEG 2

  —   —   40.4   40.4 

Olkaria IV - DEG 3

  —   —   35.8   35.8 

Platanares Loan - DFC

  —   —   112.1   112.1 

Amatitlan Loan

  —   23.5   —   23.5 

Senior Secured Notes:

                

OFC 2 Senior Secured Notes

  —   —   207.9   207.9 

DAC 1 Senior Secured Notes

  —   —   78.5   78.5 

USG Prudential - NV

  —   —   31.8   31.8 

USG Prudential - ID

  —   —   18.3   18.3 

USG DOE

  —   —   45.1   45.1 

Senior Unsecured Bonds

  —   —   585.1   585.1 

Senior Unsecured Loan

  —   —   222.2   222.2 

Plumstriker

  —   18.1   —   18.1 

Other long-term debt

  —   —   17.4   17.4 

Deposits

  14.8   —   —   14.8 

 

 
v3.21.2
Note 6 - Stock-based Compensation
 9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]

NOTE 6 — STOCK-BASED COMPENSATION

 

There were no material stock-based compensation grants during the nine months ended September 30, 2021.
v3.21.2
Note 7 - Interest Expense, Net
 9 Months Ended
Sep. 30, 2021
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,

  
   

2021

    

2020

    

2021

    

2020

  
   

(Dollars in thousands)

    

(Dollars in thousands)

  

Interest related to sale of tax benefits

   $ 4,081     $ 1,991     $ 9,019     $ 6,814  

Interest expense

     22,259       22,000       61,579       58,801  

Less — amount capitalized

     (4,109 )     (2,235 )     (10,726 )     (6,801 )

Total interest expense, net

   $ 22,230     $ 21,756     $ 59,872     $ 58,814  

 
v3.21.2
Note 8 - Earnings Per Share
 9 Months Ended
Sep. 30, 2021
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,

  
   

2021

    

2020

    

2021

    

2020

  
                                 

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

     56,003       51,072       55,995       51,051  

Additional shares from the assumed exercise of employee stock awards

     295       210       418       335  

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

     56,298       51,282       56,413       51,386  

 

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 145.4 thousand and 298.7 thousand for the three months ended September 30, 2021 and 2020, respectively and 149.2 thousand and 133.9 thousand for the nine months ended September 30, 2021 and 2020, respectively.
v3.21.2
Note 9 - Business Segments
 9 Months Ended
Sep. 30, 2021
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 Energy Storage segment. These segments are managed and reported separately as each offers different products and serves different markets.

 

 

•

Under the Electricity segment, the Company builds, owns and operates geothermal, solar PV and recovered energy-based ("REG") power plants in the United States and geothermal power plants in other countries around the world and sell the electricity they generate.

 

 

•

Under the Product segment, the Company designs, manufactures and sells equipment for geothermal and recovered energy-based electricity generation and remote power units and provide services relating to the engineering, procurement and construction ("EPC") of geothermal and recovered energy-based power plants.

 

 

•

Under the Energy Storage segment, the Company provides energy storage and related services as well as services relating to the engineering, procurement, construction, operation and maintenance of energy storage units. To better reflect the significant business activities under this reporting segment, the Company renamed this reporting segment to be "Energy Storage" starting in the fourth quarter of 2020. There was no change to the business units reported under this segment.

 

Transfer prices between the operating segments are determined based on current market values or cost-plus markup of the seller’s business segment.

 

Summarized financial information concerning the Company’s reportable segments is shown in the following tables, including the Company's disaggregated revenues from contracts with customers:

 

  

Electricity

  

Product

  

Energy

Storage

  

Consolidated

 
  

(Dollars in thousands)

 

Three Months Ended September 30, 2021:

                

Revenues from external customers:

                

United States (1)

 $98,550  $1,541  $5,664  $105,755 

Foreign(2)

  44,101   8,986   —   53,087 

Net revenue from external customers

  142,651   10,527   5,664   158,842 

Intersegment revenues (4)

  —   14,147   —   — 

Operating income (loss)

  38,409   (1,115)  (1,306)  35,988 

Segment assets at period end (3) (*)

  4,064,679   125,167   169,520   4,359,366 

* Including unconsolidated investments

  109,725   —   —   109,725 
                 

Three Months Ended September 30, 2020:

                

Revenues from external customers:

                

United States (1)

 $73,180  $435  $5,662  $79,277 

Foreign(2)

  50,480   29,190   —   79,670 

Net revenue from external customers

  123,660   29,625   5,662   158,947 

Intersegment revenues (4)

  —   36,839   —   — 

Operating income (loss)

  50,847   1,285   (446)  51,686 

Segment assets at period end(3) (*)

  3,236,631   148,106   136,210   3,520,947 

* Including unconsolidated investments

  91,277   —   —   91,277 
                 

Nine Months Ended September 30, 2021:

                

Revenues from external customers:

                

United States (1)

 $285,090  $4,041  $24,012  $313,143 

Foreign (2)

  136,413   22,539   —   158,952 

Net revenue from external customers

  421,503   26,580   24,012   472,095 

Intersegment revenues (4)

  —   90,519   —   — 

Operating income (loss)

  116,176   (2,753)  1,073   114,496 

Segment assets at period end(3) (*)

  4,064,679   125,167   169,520   4,359,366 

* Including unconsolidated investments

  109,725   —   —   109,725 
                 

Nine Months Ended September 30, 2020:

                

Revenues from external customers:

                

United States (1)

 $245,299  $1,412  $10,022  $256,733 

Foreign (2)

  149,902   119,325   —   269,227 

Net revenue from external customers

  395,201   120,737   10,022   525,960 

Intersegment revenues (4)

  —   95,948   —   — 

Operating income (loss)

  155,352   8,960   (3,494)  160,818 

Segment assets at period end (3) (*)

  3,236,631   148,106   136,210   3,520,947 

* Including unconsolidated investments

  91,277   —   —   91,277 

 

 

(1)

Electricity segment revenues in the United States are all accounted under lease accounting except for $19.0 million and $59.0 million for the three and nine months ended September 30, 2021, respectively, and $15.0 and $47.4 million for the three and nine months ended September 30, 2020 , respectively, that are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606.

 

 

(2)

Electricity segment revenues in foreign countries are all accounted under lease accounting. Product segment revenues in foreign countries are accounted under ASC 606.

 

 

(3)

Electricity segment assets include goodwill in the amount of $86.7 million and $20.1 million as of September 30, 2021 and 2020, respectively, $66.6 million of which were added in the third quarter of 2021 as a result of the geothermal asset purchase transaction as further detailed under Note 1 to the condensed consolidated financial statements. Energy Storage segment assets include goodwill in the amount of $4.6 million and $3.5 as of September 30, 2021 and 2020, respectively. No goodwill is included in the Product segment assets as of September 30, 2021 and 2020.​​

 

 

(4)

Intersegment revenue are fully eliminated in consolidation.

 

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

 

  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
  

2021

  

2020

  

2021

  

2020

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Revenues:

                

Total segment revenues

 $158,842  $158,947  $472,095  $525,960 

Intersegment revenues

  14,147   36,839   90,519   95,948 

Elimination of intersegment revenues

  (14,147)  (36,839)  (90,519)  (95,948)

Total consolidated revenues

 $158,842  $158,947  $472,095  $525,960 
                 

Operating income:

                

Operating income

 $35,988  $51,686  $114,496  $160,818 

Interest income

  519   626   1,590   1,469 

Interest expense, net

  (22,230)  (21,756)  (59,872)  (58,814)

Derivatives and foreign currency transaction gains (losses)

  (21)  1,047   (16,229)  2,111 

Income attributable to sale of tax benefits

  7,879   7,014   21,654   16,818 

Other non-operating income (expense), net

  44   961   (308)  1,343 

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

 $22,179  $39,578  $61,331  $123,745 

 
v3.21.2
Note 10 - Commitments and Contingencies
 9 Months Ended
Sep. 30, 2021
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 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 and other respondents violated Sections 31(a)(1) and 38C of the Israeli Securities Law, and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, because they allegedly: (1) misled investors by stating in the Company's financial statements that it maintains effective internal controls over its accounting policies and procedures, even though 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. Agreed motions were filed from time to time with, and granted by, the Tel Aviv District Court to stay the proceedings in Israel in light of the United States case (Mac Costas). On June 30, 2020, pursuant to the execution and submission of a settlement agreement to the United States court for approval, which resolves the matters raised with respect to the entire class of shareholders (whether traded on the Tel Aviv Stock Exchange or U.S. stock exchange), the Company filed a motion informing the Tel Aviv court of the settlement. On March 3, 2021, the Tel Aviv District Court approved the parties’ joint motion for withdrawal and dismissal of the plaintiff’s July 2, 2020 motion for an Anti-Suit Injunction and issued an order to the Tel Aviv Stock Exchange members executing the settlement. The final settlement was concluded with the payment of an immaterial amount by the Company.

 

 

•

On June 11, 2018, a putative class action 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, which was subsequently amended by a consolidated complaint filed by lead plaintiff Phoenix Insurance in May 13, 2019. The complaint asserts claim against all defendants pursuant to Section 10(b) of the Exchange Act, as amended, 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. On December 6, 2019 the Company’s motion to dismiss was denied by the court. On March 23, 2020, pursuant to out of court mediation, a term sheet for a proposed settlement of the action without admission of liability or wrongdoing, was signed between the parties and on June 10, 2020, a joint stipulation and motion for preliminary approval of the comprehensive executed settlement documentation was filed for the court for approval. On January 21, 2021, the Court issued its Order and Final Judgement certifying the Class, approving the method of notification of the settlement pursued, and approving the final settlement and proposed Plan of Allocation as well as the plaintiff attorneys' and plaintiff’s awards. The final settlement was concluded with the payment of an immaterial amount by the Company.

 

 

•

On September 11, 2018, the Klein derivative action (Klein Action) was filed against the Company, our board and its 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, Freeland, Granot, Joyal, Nishigori, Sharir, Stern and Wong) in the United States 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. On July 10, 2020, a comprehensive settlement package and derivative stipulation of settlement was submitted to the court, and on October 12, 2020, plaintiff filed an unopposed motion to the Nevada Court requesting preliminary approval of the corporate governance enhancement settlement. On November 24, 2020, the Court issued its order preliminarily approving the derivative settlement and providing notice for a final settlement hearing on March 22, 2021. On March 29, 2021, the Court signed its Order Approving Derivative Settlement and Order of Dismissal with Prejudice and closed the matter. The final settlement was concluded with the payment of an immaterial amount by the Company.

 

 

•

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. On April 16, 2020, the 11th Civil Court of Santiago issued its order rejecting Plaintiff's principal claim of unjust enrichment, as an improper cause of action, rejecting plaintiff's secondary claim for declaratory judgment, which the Court associates with the principal claim of unjust enrichment and not relating to a number of defenses raised by the Company. In May 2020, each of the parties filed separately to the court of appeals, which are pending. On October 19, 2020, the Court of Appeals dismissed all ancillary appeals on procedural issues filed by Aquavant as well as two ancillary appeals on procedural issues filed by the Company. The Company considers it has strong legal defenses and the probability of the claimant receiving an award is low. The potential amount that the Company may bear in this context cannot be reasonably estimated at this time.

 

 

•

On March 3, 2021, a claim and motion to certify a class action was filed in the Tel Aviv District Court (Economic Division) on behalf of Avishai Shmuel Mano against Ormat Technologies Inc. and 23 additional named respondents, who include existing and former directors and officers of the Company. On July 1, 2021, the court accepted plaintiff's motion to withdraw the claim against the named foreign respondents, retaining only the claim against the Company and the named present and former directors and officers who are domiciled in Israel. The claim seeks economic damages of approximately $100 million purportedly caused to shareholders by defendants’ alleged inaccurate reporting and provision of misleading information to the public in breach of Sections 10(b) and 20(a) of the U.S. Securities and Exchange Act of 1934, as amended, based on claims made in a report published by short-seller Hindenburg Research on March 1, 2021. The Company considers it has strong legal defenses and the probability of the claimant receiving an award is low. The potential amount that the Company may bear in this context cannot be reasonably estimated at this time.

 

 

•

On September 14, 2021, an arbitration was filed on behalf of Kipreos before CAM Santiago, an electrical works subcontractor who had been hired to perform certain works at the Cerro Pabellon III Project for the recovery of alleged unpaid amounts in the approximate sum of $5.1 million. The Company considers it has strong legal defenses against the claim and the probability of the claimant receiving an award is low.

 

In addition, from time to time, the Company is named as a party to various other lawsuits, claims and other legal and regulatory proceedings that arise in the ordinary course of the Company's business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract, property damage, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to such lawsuits, claims and proceedings, the Company accrues reserves when a loss is probable, and the amount of such loss can be reasonably estimated. It is the opinion of the Company’s management that the outcome of these proceedings, individually and collectively, will not be material to the Company’s consolidated financial statements as a whole.

 

Other matters

 

On March 2, 2021, the Company's board of directors established a Special Committee of independent directors to investigate, among other things, certain claims made in a report published by a short seller regarding the Company’s compliance with anti-corruption laws. The Special Committee is working with outside legal counsel to investigate the claims made. All members of the Special Committee are “independent” in accordance with the Company's Corporate Governance Guidelines, the NYSE listing standards and SEC rules applicable to board of directors in general. The Company is also providing information as requested by the SEC and Department of Justice ("DOJ") related to the claims.
v3.21.2
Note 11 - Income Taxes
 9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

NOTE 11 — INCOME TAXES

 

The Company’s effective tax rate provision (benefit) for the three months ended September 30, 2021 and 2020 was 9.2% and 38.8%, respectively, and 15.2% and 36.6% for the nine months ended September 30, 2021 and 2020, respectively. The effective rate differs from the federal statutory rate of 21% primarily due to the jurisdictional mix of earnings at differing tax rates, movement in the valuation allowance and generation of production tax credits.

 

In response to the COVID-19 pandemic, many governments have enacted or are contemplating measures to provide aid and economic stimulus. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), enacted on March 27, 2020 in the United States provides relief on deferral of tax payments and filings, modifies the net operating loss utilization rules, and temporarily increases the interest expense deduction allowed. For the nine months ended September 30, 2021, there were no material tax impacts to our consolidated financial statements as it relates to the CARES Act or other COVID-19 stimulus measures. The Company will continue to monitor additional guidance issued by Treasury, the Internal Revenue Service and other taxing authorities.

 

 
v3.21.2
Note 12 - Subsequent Events
 9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 12 — SUBSEQUENT EVENTS

 

Cash Dividend

 

On November 3, 2021, the Board of Directors of the Company declared, approved and authorized payment of a quarterly dividend of $6.7 million ($0.12 per share) to all holders of the Company’s issued and outstanding shares of common stock on November 17, 2021, payable on December 3, 2021.

 

Steamboat Hills Tax Equity Transaction

 

On October 25, 2021, one of the Company’s wholly-owned subsidiaries that indirectly owns the 28.4 MW Steamboat Hills Repower Geothermal power plant entered into a partnership agreement with a private investor. Under the transaction documents, the private investor acquired membership interests in the Steamboat Hills Repower Geothermal power plant project for an initial purchase price of approximately $38.9 million and for which it will pay additional installments that are expected to amount to approximately $5.3 million. The Company will continue to operate and maintain the power plant and will receive substantially all the distributable cash flow generated by the power plant, as described below.

 

Under the transaction documents, prior to December 31, 2029 (“Target Flip Date”), the Company’s wholly-owned subsidiary, Ormat Nevada Inc. ("Ormat Nevada"), receives substantially all of the distributable cash flow generated by the project, 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 on which the private investor reaches its target return, Ormat Nevada will receive 97.5% of the distributable cash and 95.0% of the taxable income, on a go forward basis. In the event that the private investor will not reach its target return by the Target Flip Date, then for the period between the Target Flip Date and the date on which the private investor reaches its target return, the private investor will receive 100% of the distributable cash generated by the power plant and 99% of the tax attributes as long as the project is generating Production Tax Credits ("PTCs") (and 5% of the tax attributes afterwards).

 

On the Target Flip Date, Ormat Nevada has the option to purchase the private investor’s interests at the then-current fair market value, plus an amount that causes the private investor to reach its target return, if needed. If Ormat Nevada exercises this purchase option, it will become the sole owner of the project again.
v3.21.2
Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Effect of COVID-19 Pandemic, Policy [Policy Text Block]

COVID-19 consideration

 

In March 2020, the World Health Organization declared the outbreak of the novel coronavirus ("COVID-19") a pandemic. Since that time and through the date of this report, the Company has implemented significant measures in order to meet government requirements and preserve the health and safety of its employees, including by working remotely when needed and adopting separate shifts from time to time in its power plants, manufacturing facilities and other locations while at the same time trying to continue operations at close to full capacity in all locations. Since the end of the second quarter of 2021, the Company has experienced an easing of government restrictions in a number of countries, including in Israel, but uncertainty around the impact of COVID-19 continues. With respect to its employees, the Company has not laid-off or furloughed any employees due to COVID-19 and has continued to pay full salaries. In addition, the Company focused efforts on adjusting its operations to mitigate the impact of COVID-19 including managing its global supply chain risks and enhancing its liquidity profile. As most of the Company's electricity revenues are generated under long term contracts, the majority of which are under a fixed energy rate, the impact of COVID-19 on electricity revenues was limited. Nevertheless, the Company experienced a higher rate of curtailments during 2020 from Kenya Power and Lighting Co. Ltd. (“KPLC”) for its Olkaria complex and continued to experience curtailments during 2021.

 

In the Product segment, the Company experienced a significant decline in product backlog, which it believes resulted mainly due to the impact of COVID-19 and the unwillingness of potential customers to enter into new commitments at this time. Since the second quarter of 2021, the Company has started to see a limited recovery that has resulted in an increase in backlog.

 

In the Energy Storage segment, revenues are generated primarily from participating in the energy and ancillary services markets and therefore are directly impacted by the prevailing energy prices in those markets.

 

While the extent and duration of the economic downturn from the COVID-19 pandemic remains unclear, the Company has considered, among other things, whether the global operational disruptions indicate a change in circumstances that may trigger asset impairments and whether it needs to revisit accounting estimates and projections or its expectations about collectability of receivables. Additionally, the Company has considered the potential impacts on its fair value disclosures and on its internal control over financial reporting and while significant uncertainty still exists concerning the magnitude of the impact and duration of the COVID-19 pandemic on the global economy, the Company has determined that there was no triggering event for an impairment with respect to any of its assets nor has there been an adverse change in the probability related to the collectability of its receivables. The Company continues to assess the potential impact of the global economic situation on its consolidated financial statements.

 
Business Combinations Policy [Policy Text Block]

Business combination - geothermal assets purchase transaction

 

On July 13, 2021, the Company closed a transaction with TG Geothermal Portfolio, LLC (a subsidiary of Terra-Gen, LLC) (the "Seller") to acquire two contracted geothermal assets in Nevada with a total net generating capacity of 67.5 MW, a greenfield development asset adjacent to one of the plants, and an underutilized transmission line. The Company paid approximately $171.0 million in cash (excluding working capital and assumed cash of approximately $10.8 million) for 100% of the equity interests in the entities holding those assets and assumed a finance obligation with a fair value at acquisition date of approximately $258.0 million. The two contracted geothermal assets include the Dixie Valley and Beowawe geothermal power plants which sell power under existing power purchase agreements with Southern California Edison under a long term Power Purchase Agreement ("PPA") expiring in 2038 and with NV Power, Inc. under a PPA expiring in December 2025, respectively.

 

As a result of the acquisition, the Company expanded its overall generation capacity and expects to improve the profitability of the purchased assets through cost reduction and synergies. The Company accounted for the transaction in accordance with Accounting Standard Codification ("ASC") 805, Business Combinations, and following the transaction, the Company consolidates the Dixie Valley and Beowawe power plants as well as the other geothermal assets included in the transaction in accordance with ASC 810, Consolidation. In 2021, the Company incurred approximately $4.7 million of acquisition-related costs included under "General and administrative expenses" in the condensed consolidated statements of operations and comprehensive income for the nine months ended September 30, 2021. Accounting guidance provides that the allocation of the purchase price may be modified for up to one year from the date of the acquisition to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. The primary area of the purchase price allocation that is not yet finalized is related to certain tax matters and the related impact on goodwill.

 

The following table summarizes the purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions):

 

Cash and cash equivalents and restricted cash

 $10.9 

Trade receivables and others (1)

  8.6 

Deferred income taxes

  22.4 

Property, plant and equipment and construction-in-process

  152.0 

Intangible assets (2)

  191.6 

Goodwill (3)

  66.6 

Total assets acquired

 $452.1 
     

Accounts payable, accrued expenses and others

 $6.6 

Finance liability (4)

  258.4 

Asset retirement obligation

  5.3 

Total liabilities assumed

 $270.3 
     

Total assets acquired, and liabilities assumed, net

 $181.8 

 

 

(1)

The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million. These receivables were fully collected during the third quarter of 2021.

 

 

(2)

Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs.

 

 

(3)

Goodwill is primarily related to the expected synergies and potential cost savings in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and is deductible for tax purposes pending the exercise of the financial lease buy-out option as described below.

 

 

(4)

Finance liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 under which it sold and leased back the undivided interests in the Dixie Valley power plant asset through June 2038. The lease transaction was accounted for by the Seller as a finance lease due to the Seller's continued involvement and management of the power plant and the existence of an early buy-out option in September 2024. As per the accounting guidance, the Company retained the Seller's accounting of a "failed" sale and leaseback transaction and accordingly accounted for the liability as a financial liability. This financial liability, as well as the related power plant asset, were measured at their acquisition-date fair value.

 

The acquired geothermal power plants contributed Electricity revenues of $14.4 million and earnings of $4.3 million, net of related tax and finance liability interest expense costs of $2.8 million, to the Company for the period from acquisition date to September 30, 2021 which were included in the Company’s condensed consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2021.

 

The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business combination had occurred on January 1, 2020. The pro forma results below include the impact of certain adjustments related to the depreciation of property plant and equipment, amortization of intangible assets, transaction-related costs incurred as of the acquisition date, and interest expense on related borrowings, and in each case, the related income tax effects, as well as certain other post-acquisition adjustments. This pro forma presentation does not include any impact from transaction synergies.

 

  

Pro forma for the Three

Months Ended September 30,

  

Pro forma for the Nine

Months Ended September 30,

 
  

2021

  

2020

  

2021

  

2020

 
  

(Dollars in millions)

  

(Dollars in millions)

 

Electricity revenues

 $144.7  $140.5  $449.1  $438.4 

Total revenues

 $160.8  $175.8  $499.7  $569.1 

Net income

 $18.5  $18.0  $50.4  $64.3 

 
Debt, Policy [Policy Text Block]

Bank Hapoalim loan

 

On July 12, 2021, the Company entered into a definitive loan agreement (the "Hapoalim Loan Agreement") with Bank Hapoalim B.M. (“Bank Hapoalim”). The Hapoalim Loan Agreement provides for a loan by Bank Hapoalim to the Company in an aggregate principal amount of $125 million (the “Hapoalim Loan”). The outstanding principal amount of the Hapoalim Loan will be repaid in 14 semi-annual payments of $8.9 million each, commencing on December 12, 2021. The duration of the Hapoalim Loan is 7 years. The Hapoalim Loan bears interest at a fixed rate of 3.45% per annum, payable semi-annually.

 

The Hapoalim Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6, (ii) a minimum equity capital amount (as shown on its consolidated financial statements) of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%.

 

The Hapoalim Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default.

 

HSBC Bank loan

 

On July 15, 2021, the Company entered into a definitive loan agreement (the "HSBC Loan Agreement") with HSBC Bank PLC (“HSBC Bank”). The HSBC Loan Agreement provides for a loan by HSBC Bank to the Company in an aggregate principal amount of $50 million (the “HSBC Loan”). The outstanding principal amount of the HSBC Loan will be repaid in 14 semi-annual payments of $3.6 million each, commencing on January 19, 2022. The duration of the HSBC Loan is 7 years. The HSBC Loan bears interest at a fixed rate of 3.45% per annum, payable semi-annually.

 

The HSBC Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6, (ii) a minimum equity capital amount (as shown on its consolidated financial statements) of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%.

 

The HSBC Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default.

 

The proceeds from the Hapoalim Loan and the HSBC Loan were used to pay for the purchase of the geothermal assets portfolio from TG Geothermal Portfolio, LLC as described above.

 

Discount Bank loan

 

On September 2, 2021, the Company entered into a definitive loan agreement (the "Discount Loan Agreement") with Israel Discount Bank Ltd. (“Discount Bank”). The Discount Loan Agreement provides for a loan by Discount Bank to the Company in an aggregate principal amount of $100 million (the “Discount Loan”). The outstanding principal amount of the Discount Loan will be repaid in 16 semi-annual payments of $6.25 million each, commencing on March 2, 2022. The duration of the Discount Loan is 8 years. The Discount Loan bears interest at a fixed rate of 2.9% per annum, payable semi-annually.

 

The Discount Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6, (ii) a minimum equity capital amount (as shown on its consolidated financial statements) of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%.

 

The Discount Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default.

 
Puna Power Plant, Policy [Policy Text Block]

Puna Power Plant

 

On May 3, 2018, the Kilauea volcano located in close proximity to the Company's 38 MW Puna 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 some of which denied the full amount of the Company's claim asserting that our insurance policy has coverage limitations. During the third quarter of 2021, the Company recognized approximately $15.8 million of business interruption insurance income in the condensed consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2021 which was included under Electricity "Cost of revenues" up to the amount covering the related costs of $15.5 million and the remainder under "Operating expenses". During the third quarter of 2020, the Company recognized approximately $20.4 million of business interruption insurance income in the condensed consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2020 which was included in Electricity "Cost of revenues" up to the amount covering the related costs and the remainder, totaling $17.8 million, was included under "Operating expenses". The Company is still in discussions with insurers related to additional Business Interruption and Property Damage payments.

 

The Puna power plant resumed operations in November 2020 and during the third quarter of 2021 operated at a stable level of 26 MW. The Company continues reservoir study and improvement of existing wells to maximize long term performance of the power plant.

 

In December 2019, Puna Geothermal Venture ("PGV") and Hawaii Electric Light Company's ("HELCO") subsidiary reached an agreement on an amended and restated power purchase agreement ("PPA") for dispatchable geothermal power to be sold from the Puna complex. The new PPA, which is subject to Public Utility Commission (“PUC”) approval, extends the term until 2052 with an increased contract capacity of 46 MW and fixes the price with no escalation, regardless of changes to fossil fuel pricing. On March 31, 2021, the PUC issued an order suspending the request to approve the PPA application until an environmental review is conducted on the proposed repowering, and ordered the parties to renegotiate the PPA rates. HELCO and PGV have filed motions, which are pending, for reconsideration of the order with the PUC. The existing PPA remains in effect, with its current terms, until the expansion is completed and the repowered plant reaches its Commercial Operation Date ("COD").

 

The Company continues to assess the accounting implications of these events on its assets and liabilities and whether any related assets may be impaired. As of September 30, 2021, the Company assessed that no impairment was required.

 
Catastrophe [Policy Text Block]

February power crisis in Texas

 

In February 2021, extreme weather conditions in Texas resulted in a significant increase in demand for electricity on the one hand and a decrease in electricity supply in the region on the other hand. On February 15, 2021, the Electricity Reliability Council of Texas (“ERCOT”) issued an Energy Emergency Alert Level 3 ("EEA 3") prompting rotating outages in Texas. This ultimately led to a significant increase in the Responsive Reserve Service (“RRS”) market prices, where the Company operates its Rabbit Hill battery energy storage facility which provides ancillary services and energy optimization to the wholesale markets managed by ERCOT. Due to the electricity supply shortage, ERCOT restricted battery charging in the Rabbit Hill facility from February 16, 2021 to February 19, 2021, resulting in a limited ability of the Rabbit Hill storage facility to provide RRS. As a result, the Company incurred losses of approximately $9.1 million, net of associated revenues, from a hedge transaction in relation to its inability to provide RRS during that period. Starting February 19, 2021, the Rabbit Hill energy storage facility resumed operation at full capacity.

 

In addition, the Company recorded a provision for approximately $3.0 million for receivables related to imbalance charges from the grid operator in respect of its demand response operation as it estimated it is probable it may be unable to collect such receivables. The provision for uncollectible receivables is included in "General and administrative expenses" in the condensed consolidated statements of operations and comprehensive income for the first quarter of 2021.

 

The Company has filed billing disputes with ERCOT related to some of the imbalance charges and revenue allocated to its Demand Response services and customers, the outcome of which may impact the final amount.

 

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

Write-offs of unsuccessful exploration activities

 

There were no write-offs of unsuccessful exploration activities for the three and nine months ended September 30, 2021 and 2020.

 
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,

 
  

2021

  

2020

  

2020

 
  

(Dollars in thousands)

 

Cash and cash equivalents

 $267,802  $448,252  $197,309 

Restricted cash and cash equivalents

  88,498   88,526   92,233 

Total Cash and cash equivalents and restricted cash and cash equivalents

 $356,300  $536,778  $289,542 

 
Lessee, Leases [Policy Text Block]

Finance liabilities

 

The following table provides details related to the Finance liabilities reported on the balance sheet:

 

  

September 30,

  

December 31,

 
  

2021

  

2020

 
  

(Dollars in thousands)

 

Current Finance Liabilities:

        

Finance lease liabilities

 $3,019  $3,169 

Finance liability

  10,835   — 

Total Current Finance Liabilities

 $13,854  $3,169 
         

Long-term Finance Liabilities:

        

Finance lease liabilities

 $4,693  $9,104 

Finance liability

  242,029   — 

Total Long-term Finance Liabilities

 $246,722  $9,104 

 
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, marketable securities and accounts receivable.

 

The Company places its temporary cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At September 30, 2021 and December 31, 2020, the Company had deposits totaling $25.8 million and $18.9 million, respectively, in ten U.S. financial institutions that were federally insured up to $250,000 per account. At September 30, 2021 and December 31, 2020, the Company’s deposits in foreign countries amounted to approximately $73.7 million and $72.4 million, respectively.

 

At September 30, 2021 and December 31, 2020, accounts receivable related to operations in foreign countries amounted to approximately $96.7 million and $111.3 million, respectively. At September 30, 2021 and December 31, 2020, accounts receivable from the Company’s primary customers, which each accounted for revenues in excess of 10% of total consolidated revenues for the related period, amounted to approximately 52% and 65% of the Company’s trade receivables, respectively.

 

The Company's revenues from its primary customers as a percentage of total revenues are as follows:

 

  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
  

2021

  

2020

  

2021

  

2020

 

Sierra Pacific Power Company and Nevada Power Company

  15.8

%

  15.4

%

  18.7

%

  17.1

%

Southern California Public Power Authority (“SCPPA”)

  21.3   19.5   23.9   19.8 

Kenya Power and Lighting Co. Ltd. ("KPLC")

  16.1   18.2   16.3   16.5 

 

The Company has historically been able to collect on substantially all of its receivable balances. As of September 30, 2021, the amount overdue from KPLC in Kenya was $33.8 million of which $14.2 million was paid in October 2021, compared to amount overdue of $52.9 million as of September 30, 2020. These amounts represent an average of 73 and 83 days overdue, respectively. The Company believes it will be able to collect all past due amounts in Kenya. This belief is supported by the fact that in addition to KPLC's obligations under its power purchase agreement, the Company holds a support letter from the Government of Kenya that covers certain cases of KPLC non-payment (such as where caused by government actions/political events). Additionally, the Company continued to experience certain curtailments in the first nine months of 2021 by KPLC in the Olkaria complex. The impact of the curtailments is limited as the structure of the PPA secures the vast majority of the Company's revenues with fixed capacity payments unrelated to the electricity actually generated. 

 

In Honduras, as of September 30, 2021, the total amount overdue from ENEE was $13.8 million of which $2.7 million was received in October 2021. During the third quarter of 2021, the overdue amount increased from $7.4 million as of June 30, 2021.  In addition, due to continuing restrictive measures related to the COVID-19 pandemic in Honduras, the Company may experience additional delays in collection. The Company believes it will be able to collect all past due amounts in Honduras.

 

The Company may experience delays in collection in other locations due to the restrictive measures related to the COVID-19 pandemic which were imposed globally to different extents.

 

See Note 4 - Marketable Securities and under the caption "Marketable Securities" below for additional information regarding investment in marketable securities.

 
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]

Allowance for credit losses

 

The Company performs an analysis of potential credit losses related to its financial instruments that are within the scope of ASU 2018-19, Codification Improvements to Topic 325, Financial Instruments – Credit Losses, primarily cash and cash equivalents, restricted cash and cash equivalents, investment in marketable securities, receivables (excluding those accounted under lease accounting) and costs and estimated earnings in excess of billings on uncompleted contracts, based on class of financing receivables which share the same or similar risk characteristics such as customer type and geographic location, among others. The Company estimates the expected credit losses for each class of financing receivables by applying the related corporate default rate which corresponds to the credit rating of the specific customer or class of financing receivables. For trade receivables, the Company applied this methodology using aging schedules reflecting how long the receivables have been outstanding. The Company has also considered the existence of credit enhancement arrangements that may mitigate the credit risk of its financial receivables in estimating the applicable corporate default rate. While significant uncertainty still exists concerning the magnitude of the impact and duration of the COVID-19 pandemic on the global economy, the Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and determined that the estimate of credit losses was not significantly impacted.

 

The following table describes the changes in the allowance for expected credit losses for the three and nine months ended September 30, 2021 and 2020 (all related to trade receivables):

 

  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
  

2021

  

2020

  

2021

  

2020

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Beginning balance of the allowance for expected credit losses

 $419  $779  $597  $755 

Change in the provision for expected credit losses for the period

  (166)  —   (344)  24 

Ending balance of the allowance for expected credit losses

 $253  $779  $253  $779 

 
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, 2021 and December 31, 2020 are as follows:

 

  

September 30,

  

December 31,

 
  

2021

  

2020

 
  

(Dollars in thousands)

 

Contract assets (*)

 $9,324  $24,544 

Contract liabilities (*)

 $(15,829) $(11,179)

 

(*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet recognized as product revenues during the nine months ended September 30, 2021 as a result of performance obligations having not been satisfied yet.

 

On September 30, 2021, the Company had approximately $66.6 million of remaining performance obligations not yet satisfied or partly satisfied related to our Product segment. The Company expects to recognize approximately 100% of this amount as Product revenues during the next 24 months.

 

Disaggregated revenues from contracts with customers for the three and nine months ended September 30, 2021 and 2020 are disclosed under Note 9 - Business Segments, to the condensed consolidated financial statements.

 
Lessor, Leases [Policy Text Block]

Leases in which the Company is a lessor

 

The table below presents lease income recognized as a lessor:

 

  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
  

2021

  

2020

  

2021

  

2020

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Lease income relating to lease payments from operating leases

 $123,688  $108,619  $362,548  $347,778 

 
Marketable Securities, Policy [Policy Text Block]

Marketable securities

 

The Company’s investments in marketable securities consist of debt securities with maturity of up to one year and a high credit rating. The investments in marketable securities are classified as available-for-sale ("AFS") and thus measured at fair value based on quoted market prices. Unrealized gains and losses from AFS debt securities are excluded from earnings and reported net of the related tax effect in "Accumulated other comprehensive income (loss)". Realized gains and losses from sale of marketable securities, as determined on a specific identification basis, as well as interest income earned, are included in earnings. The Company considers available evidence in evaluating potential impairments of its investments, including credit market conditions, credit ratings of the security as well as the extent to which fair value is less than amortized cost. The Company estimates the lifetime expected credit losses for all AFS debt securities in an unrealized loss position under its allowance for credit losses model. The Company assesses the security’s credit indicators, including credit ratings when estimating a security’s probability of default. If the assessment indicates that an expected credit loss exists, the Company determines the portion of the unrealized loss attributable to credit deterioration and records an allowance for the expected credit loss in earnings. Unrealized gains and losses attributable to non-credit factors are recorded in "Accumulated other comprehensive income (loss)", net of tax. Marketable debt securities with original maturities of three months or less that are readily convertible into a known amount of cash are presented under "Cash and cash equivalents" in the condensed consolidated balance sheets.

 
Derivatives, Policy [Policy Text Block]

Derivative instruments

 

Derivative instruments (including certain derivative instruments embedded in other contracts) are measured at their fair value and recorded as either assets or liabilities unless exempted from derivative treatment as a normal purchase and sale. Changes in the fair value of derivatives not designated as hedging instruments are recognized in earnings. Changes in the fair value of derivatives designated as cash flow hedging instruments are initially recorded in "Other comprehensive income (loss)" and a corresponding amount is reclassified out of "Accumulated other comprehensive income (loss)" to earnings to offset the remeasurement of the underlying hedge transaction which also impacts the same line item in the consolidated statements of operations and comprehensive income.

 

The Company maintains a risk management strategy that may incorporate the use of swap contracts, put options, forward exchange contracts, interest rate swaps, and cross-currency swaps to minimize significant fluctuation in cash flows and/or earnings that are caused by oil and natural gas prices, exchange rate or interest rate volatility.
v3.21.2
Note 1 - General and Basis of Presentation (Tables)
 9 Months Ended
Sep. 30, 2021
Notes Tables  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Cash and cash equivalents and restricted cash

 $10.9 

Trade receivables and others (1)

  8.6 

Deferred income taxes

  22.4 

Property, plant and equipment and construction-in-process

  152.0 

Intangible assets (2)

  191.6 

Goodwill (3)

  66.6 

Total assets acquired

 $452.1 
     

Accounts payable, accrued expenses and others

 $6.6 

Finance liability (4)

  258.4 

Asset retirement obligation

  5.3 

Total liabilities assumed

 $270.3 
     

Total assets acquired, and liabilities assumed, net

 $181.8 
Business Acquisition, Pro Forma Information [Table Text Block]
  

Pro forma for the Three

Months Ended September 30,

  

Pro forma for the Nine

Months Ended September 30,

 
  

2021

  

2020

  

2021

  

2020

 
  

(Dollars in millions)

  

(Dollars in millions)

 

Electricity revenues

 $144.7  $140.5  $449.1  $438.4 

Total revenues

 $160.8  $175.8  $499.7  $569.1 

Net income

 $18.5  $18.0  $50.4  $64.3 
Schedule of Cash and Cash Equivalents [Table Text Block]
  

September 30,

  

December 31,

  

September 30,

 
  

2021

  

2020

  

2020

 
  

(Dollars in thousands)

 

Cash and cash equivalents

 $267,802  $448,252  $197,309 

Restricted cash and cash equivalents

  88,498   88,526   92,233 

Total Cash and cash equivalents and restricted cash and cash equivalents

 $356,300  $536,778  $289,542 
Finance Liabilities [Table Text Block]
  

September 30,

  

December 31,

 
  

2021

  

2020

 
  

(Dollars in thousands)

 

Current Finance Liabilities:

        

Finance lease liabilities

 $3,019  $3,169 

Finance liability

  10,835   — 

Total Current Finance Liabilities

 $13,854  $3,169 
         

Long-term Finance Liabilities:

        

Finance lease liabilities

 $4,693  $9,104 

Finance liability

  242,029   — 

Total Long-term Finance Liabilities

 $246,722  $9,104 
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
  

2021

  

2020

  

2021

  

2020

 

Sierra Pacific Power Company and Nevada Power Company

  15.8

%

  15.4

%

  18.7

%

  17.1

%

Southern California Public Power Authority (“SCPPA”)

  21.3   19.5   23.9   19.8 

Kenya Power and Lighting Co. Ltd. ("KPLC")

  16.1   18.2   16.3   16.5 
Accounts Receivable, Allowance for Credit Loss [Table Text Block]
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
  

2021

  

2020

  

2021

  

2020

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Beginning balance of the allowance for expected credit losses

 $419  $779  $597  $755 

Change in the provision for expected credit losses for the period

  (166)  —   (344)  24 

Ending balance of the allowance for expected credit losses

 $253  $779  $253  $779 
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]
  

September 30,

  

December 31,

 
  

2021

  

2020

 
  

(Dollars in thousands)

 

Contract assets (*)

 $9,324  $24,544 

Contract liabilities (*)

 $(15,829) $(11,179)
Operating Lease, Lease Income [Table Text Block]
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
  

2021

  

2020

  

2021

  

2020

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Lease income relating to lease payments from operating leases

 $123,688  $108,619  $362,548  $347,778 
v3.21.2
Note 3 - Inventories (Tables)
 9 Months Ended
Sep. 30, 2021
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
   

September 30,

    

December 31,

  
   

2021

    

2020

  
   

(Dollars in thousands)

  

Raw materials and purchased parts for assembly

   $ 11,626     $ 14,835  

Self-manufactured assembly parts and finished products

     15,730       20,486  

Total inventories

   $ 27,356     $ 35,321  
v3.21.2
Note 4 - Marketable Securities (Tables)
 9 Months Ended
Sep. 30, 2021
Notes Tables  
Debt Securities, Available-for-sale [Table Text Block]
  

September 30, 2021

 
  

Amortized cost

  

Gross

unrealized gains

  

Gross unrealized

losses

  

Fair value

 
  

(Dollars in thousands)

 

Debt security type:

                

Corporate bonds

 $30,963  $—  $(9) $31,157 

Commercial paper

  11,471   —   —   11,471 

Foreign issuers

  2,826   —      2,851 

Total debt securities available for sale

 $45,260  $—  $(9) $45,479 
Investments Classified by Contractual Maturity Date [Table Text Block]
  

September 30, 2021

 
  

Less than 12 months

  

Greater than 12 months

 
  

Fair value

  

Gross unrealized

loss

  

Fair value

  

Gross unrealized

loss

 
  

(Dollars in thousands)

 

Debt security type:

                

Corporate bonds

 $31,157  $(9) $—  $— 

Commercial paper

  11,471   —   —   — 

Foreign issuers

  2,851   —   —   — 

Total debt securities available for sale

 $45,479  $(9) $—  $— 
v3.21.2
Note 5 - Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2021
Notes Tables  
Fair Value, by Balance Sheet Grouping [Table Text Block]
      

September 30, 2021

 
      

Fair Value

 
  

Carrying

Value at

September

30, 2021

  

Total

  

Level 1

  

Level 2

  

Level 3

 
  

(Dollars in thousands)

 

Assets:

                    

Current assets:

                    

Cash equivalents (including restricted cash accounts)

 $30,052  $30,052  $30,052  $—  $— 

Marketable securities (including cash equivalents)

  45,479   45,479   45,479   —   — 

Derivatives:

                    

Currency forward contracts (2)

  441   441   —   441   — 

Long-term Assets:

                    

Cross currency swap (3)

  19,240   19,240   —   19,240   — 

Liabilities:

                    

Current liabilities:

                    

Derivatives:

                    

Cross currency swap (3)

  (235)  (235)  —   (235)  — 

Long term liabilities:

                    

Contingent payables (1)

  (2,493)  (2,493)  —   —   (2,493)
  $92,484  $92,484  $75,531  $19,446  $(2,493)
      

December 31, 2020

 
      

Fair Value

 
  

Carrying

Value at

December

31, 2020

  

Total

  

Level 1

  

Level 2

  

Level 3

 
  

(Dollars in thousands)

 

Assets

                    

Current assets:

                    

Cash equivalents (including restricted cash accounts)

 $28,653  $28,653  $28,653  $—  $— 

Derivatives:

                    

Contingent receivables (1)

  111   111   —   —   111 

Currency forward contracts (2)

  1,554   1,554   —   1,554   — 

Long-term assets:

                    

Cross currency swap (3)

  27,829   27,829   —   27,829   — 

Liabilities:

                    

Current liabilities:

                    

Derivatives:

                    

Contingent payables (1)

  (549)  (549)  —   —   (549)

Cross currency swap (3)

  (2,283)  (2,283)  —   (2,283)  — 

Long-term liabilities:

                    

Contingent payables (1)

  (2,630)  (2,630)  —   —   (2,630)
  $52,685  $52,685  $28,653  $27,100  $(3,068)
Derivative Instruments, Gain (Loss) [Table Text Block]
    

Amount of recognized

gain (loss)

  

Amount of recognized

gain (loss)

 

Derivatives not designated as hedging instruments

 

Location of recognized gain

(loss)

 

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
    

2021

  

2020

  

2021

  

2020

 
    

(Dollars in thousands)

  

(Dollars in thousands)

 

Swap transaction on RRS prices (1)

 

Derivative and foreign currency transaction gains (losses)

 $—  $—   (14,540)  — 

Currency forward contracts (1)

 

Derivative and foreign currency transaction gains (losses)

 $387  $424  $118  $2,949 
                   

Derivatives designated as cash flow hedging instruments

                  
                   

Cross currency swap (2)

 

Derivative and foreign currency transaction gains (losses)

 $2,945  $758  $(1,349) $758 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
  

2021

  

2020

  

2021

  

2020

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Cross currency swap cash flow hedge:

                

Balance in Other comprehensive income (loss) beginning of period

 $766  $—  $3,366  $— 

Gain or (loss) recognized in Other comprehensive income (loss)

  251   (2,790)  (6,643)  (2,790)

Amount reclassified from Other comprehensive income (loss) into earnings

  (2,945)  (758)  1,349   (758)

Balance in Other comprehensive income (loss) end of period

 $(1,928) $(3,548) $(1,928) $(3,548)
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
  

Fair Value

  

Carrying Amount

 
  

September 30,

2021

  

December 31,

2020

  

September 30,

2021

  

December 31,

2020

 
  

(Dollars in millions)

  

(Dollars in millions)

 

HSBC Loan

 $57.0  $—  $50.0  $— 

Hapoalim Loan

  128.6   —   125.0   — 

Discount Loan

  101.8   —   100.0   — 

Finance liability - Dixie Valley

  252.2   —   252.9   — 

Olkaria III Loan - DFC

  173.9   192.5   161.2   174.7 

Olkaria III plant 4 Loan - DEG 2

  37.6   40.4   35.0   37.5 

Olkaria III plant 1 Loan - DEG 3

  33.2   35.8   30.6   32.8 

Platanares Loan - DFC

  102.2   112.1   90.1   96.3 

Amatitlan Loan

 

 

20.8   23.5   20.1   22.8 

Senior Secured Notes:

                

OFC 2 LLC ("OFC 2")

  190.8   207.9   177.4   188.2 

Don A. Campbell 1 ("DAC 1")

  72.4   78.5   69.3   73.1 

USG Prudential - NV

  29.8   31.8   26.8   27.6 

USG Prudential - ID

  17.1   18.3   17.5   18.4 

USG DOE

  40.5   45.1   35.4   38.2 

Senior Unsecured Bonds

  572.1   585.1   527.7   529.1 

Senior Unsecured Loan

  206.2   222.2   191.6   200.0 

Plumstriker

  16.3   18.1   16.2   18.1 

Other long-term debt

  14.5   17.4   14.8   17.6 
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]
  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 

HSBC Loan

 $—  $—  $57.0  $57.0 

Hapoalim Loan

  —   —   128.6   128.6 

Discount Loan

  —   —   101.8   101.8 

Finance liability - Dixie Valley

  —   —   252.2   252.2 

Olkaria III Loan - DFC

  —   —   173.9   173.9 

Olkaria III plant 4 Loan - DEG 2

  —   —   37.6   37.6 

Olkaria III plant 1 Loan - DEG 3

  —   —   33.2   33.2 

Platanares Loan - DFC

  —   —   102.2   102.2 

Amatitlan Loan

  —   20.8   —   20.8 

Senior Secured Notes:

                

OFC 2 Senior Secured Notes

  —   —   190.8   190.8 

DAC 1 Senior Secured Notes

  —   —   72.4   72.4 

USG Prudential - NV

  —   —   29.8   29.8 

USG Prudential - ID

  —   —   17.1   17.1 

USG DOE

  —   —   40.5   40.5 

Senior Unsecured Bonds

  —   —   572.1   572.1 

Senior Unsecured Loan

  —   —   206.2   206.2 

Plumstriker

  —   16.3   —   16.3 

Other long-term debt

  —   —   14.5   14.5 

Deposits

  17.1   —   —   17.1 
  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 

Olkaria III Loan - DFC

 $—  $—  $192.5  $192.5 

Olkaria IV - DEG 2

  —   —   40.4   40.4 

Olkaria IV - DEG 3

  —   —   35.8   35.8 

Platanares Loan - DFC

  —   —   112.1   112.1 

Amatitlan Loan

  —   23.5   —   23.5 

Senior Secured Notes:

                

OFC 2 Senior Secured Notes

  —   —   207.9   207.9 

DAC 1 Senior Secured Notes

  —   —   78.5   78.5 

USG Prudential - NV

  —   —   31.8   31.8 

USG Prudential - ID

  —   —   18.3   18.3 

USG DOE

  —   —   45.1   45.1 

Senior Unsecured Bonds

  —   —   585.1   585.1 

Senior Unsecured Loan

  —   —   222.2   222.2 

Plumstriker

  —   18.1   —   18.1 

Other long-term debt

  —   —   17.4   17.4 

Deposits

  14.8   —   —   14.8 
v3.21.2
Note 7 - Interest Expense, Net (Tables)
 9 Months Ended
Sep. 30, 2021
Notes Tables  
Schedule of Other Nonoperating Expense, by Component [Table Text Block]
   

Three Months Ended

September 30,

    

Nine Months Ended

September 30,

  
   

2021

    

2020

    

2021

    

2020

  
   

(Dollars in thousands)

    

(Dollars in thousands)

  

Interest related to sale of tax benefits

   $ 4,081     $ 1,991     $ 9,019     $ 6,814  

Interest expense

     22,259       22,000       61,579       58,801  

Less — amount capitalized

     (4,109 )     (2,235 )     (10,726 )     (6,801 )

Total interest expense, net

   $ 22,230     $ 21,756     $ 59,872     $ 58,814  
v3.21.2
Note 8 - Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2021
Notes Tables  
Schedule of Weighted Average Number of Shares [Table Text Block]
   

Three Months Ended

September 30,

    

Nine Months Ended

September 30,

  
   

2021

    

2020

    

2021

    

2020

  
                                 

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

     56,003       51,072       55,995       51,051  

Additional shares from the assumed exercise of employee stock awards

     295       210       418       335  

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

     56,298       51,282       56,413       51,386  
v3.21.2
Note 9 - Business Segments (Tables)
 9 Months Ended
Sep. 30, 2021
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
  

Electricity

  

Product

  

Energy

Storage

  

Consolidated

 
  

(Dollars in thousands)

 

Three Months Ended September 30, 2021:

                

Revenues from external customers:

                

United States (1)

 $98,550  $1,541  $5,664  $105,755 

Foreign(2)

  44,101   8,986   —   53,087 

Net revenue from external customers

  142,651   10,527   5,664   158,842 

Intersegment revenues (4)

  —   14,147   —   — 

Operating income (loss)

  38,409   (1,115)  (1,306)  35,988 

Segment assets at period end (3) (*)

  4,064,679   125,167   169,520   4,359,366 

* Including unconsolidated investments

  109,725   —   —   109,725 
                 

Three Months Ended September 30, 2020:

                

Revenues from external customers:

                

United States (1)

 $73,180  $435  $5,662  $79,277 

Foreign(2)

  50,480   29,190   —   79,670 

Net revenue from external customers

  123,660   29,625   5,662   158,947 

Intersegment revenues (4)

  —   36,839   —   — 

Operating income (loss)

  50,847   1,285   (446)  51,686 

Segment assets at period end(3) (*)

  3,236,631   148,106   136,210   3,520,947 

* Including unconsolidated investments

  91,277   —   —   91,277 
                 

Nine Months Ended September 30, 2021:

                

Revenues from external customers:

                

United States (1)

 $285,090  $4,041  $24,012  $313,143 

Foreign (2)

  136,413   22,539   —   158,952 

Net revenue from external customers

  421,503   26,580   24,012   472,095 

Intersegment revenues (4)

  —   90,519   —   — 

Operating income (loss)

  116,176   (2,753)  1,073   114,496 

Segment assets at period end(3) (*)

  4,064,679   125,167   169,520   4,359,366 

* Including unconsolidated investments

  109,725   —   —   109,725 
                 

Nine Months Ended September 30, 2020:

                

Revenues from external customers:

                

United States (1)

 $245,299  $1,412  $10,022  $256,733 

Foreign (2)

  149,902   119,325   —   269,227 

Net revenue from external customers

  395,201   120,737   10,022   525,960 

Intersegment revenues (4)

  —   95,948   —   — 

Operating income (loss)

  155,352   8,960   (3,494)  160,818 

Segment assets at period end (3) (*)

  3,236,631   148,106   136,210   3,520,947 

* Including unconsolidated investments

  91,277   —   —   91,277 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
  

2021

  

2020

  

2021

  

2020

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Revenues:

                

Total segment revenues

 $158,842  $158,947  $472,095  $525,960 

Intersegment revenues

  14,147   36,839   90,519   95,948 

Elimination of intersegment revenues

  (14,147)  (36,839)  (90,519)  (95,948)

Total consolidated revenues

 $158,842  $158,947  $472,095  $525,960 
                 

Operating income:

                

Operating income

 $35,988  $51,686  $114,496  $160,818 

Interest income

  519   626   1,590   1,469 

Interest expense, net

  (22,230)  (21,756)  (59,872)  (58,814)

Derivatives and foreign currency transaction gains (losses)

  (21)  1,047   (16,229)  2,111 

Income attributable to sale of tax benefits

  7,879   7,014   21,654   16,818 

Other non-operating income (expense), net

  44   961   (308)  1,343 

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

 $22,179  $39,578  $61,331  $123,745 
v3.21.2
Note 1 - General and Basis of Presentation 1 (Details Textual)
$ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 02, 2021
USD ($)
Jul. 15, 2021
USD ($)
Jul. 13, 2021
USD ($)
Jul. 12, 2021
USD ($)
Oct. 31, 2021
USD ($)
Feb. 28, 2021
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2021
USD ($)
Mar. 31, 2021
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Dec. 31, 2020
USD ($)
Jun. 30, 2021
USD ($)
Loss from Catastrophes           $ 9,100                
Exploration Abandonment and Impairment Expense               $ 0   $ 0 $ 0 $ 0    
Cash, FDIC Insured Amount             $ 25,800 25,800     25,800   $ 18,900  
Cash, Uninsured Amount             73,700 73,700     73,700   72,400  
Accounts Receivable, after Allowance for Credit Loss, Current, Total             140,314 140,314     140,314   $ 149,170  
Product [Member]                            
Revenue, Remaining Performance Obligation, Amount             66,600 66,600     66,600      
Kenya Power and Lighting Co LTD [Member]                            
Accounts Receivable, Past Due             $ 33,800 $ 33,800   52,900 $ 33,800 52,900    
Kenya Power and Lighting Co LTD [Member] | Minimum [Member]                            
Accounts Receivable, Past Due, Average Number of Days Overdue (Day)             73 days 73 days     73 days      
Kenya Power and Lighting Co LTD [Member] | Maximum [Member]                            
Accounts Receivable, Past Due, Average Number of Days Overdue (Day)             83 days 83 days     83 days      
Kenya Power and Lighting Co LTD [Member] | Subsequent Event [Member]                            
Proceeds from (Repayments of) Accounts Receivable Securitization, Total         $ 14,200                  
ENNE [Member]                            
Accounts Receivable, Past Due             $ 13,800 $ 13,800     $ 13,800     $ 7,400
ENNE [Member] | Subsequent Event [Member]                            
Proceeds from (Repayments of) Accounts Receivable Securitization, Total         $ 2,700                  
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member]                            
Concentration Risk, Percentage                     52.00%   65.00%  
Non-US [Member]                            
Accounts Receivable, after Allowance for Credit Loss, Current, Total             96,700 96,700     $ 96,700   $ 111,300  
Hapoalim Loan Agreement [Member] | Bank Hapoalim B.M. [Member]                            
Debt Instrument, Face Amount       $ 125,000                    
Debt Instrument, Number of Semi-annual Payments       14                    
Debt Instrument, Periodic Payment, Total       $ 8,900                    
Debt Instrument, Term (Year)       7 years                    
Debt Instrument, Interest Rate, Stated Percentage       3.45%                    
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio       6                    
Debt Instrument, Covenant, Minimum Equity Capital, Amount       $ 750,000                    
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent       25                    
HSBC Loan Agreement [Member] | HSBC Bank PLC [Member]                            
Debt Instrument, Face Amount   $ 50,000                        
Debt Instrument, Number of Semi-annual Payments   14                        
Debt Instrument, Periodic Payment, Total   $ 3,600                        
Debt Instrument, Term (Year)   7 years                        
Debt Instrument, Interest Rate, Stated Percentage   3.45%                        
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio   6                        
Debt Instrument, Covenant, Minimum Equity Capital, Amount   $ 750,000                        
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent   25                        
Discount Loan Agreement [Member] | Israel Discount Bank Ltd. [Member]                            
Debt Instrument, Face Amount $ 100,000                          
Debt Instrument, Number of Semi-annual Payments 16                          
Debt Instrument, Periodic Payment, Total $ 6,250                          
Debt Instrument, Term (Year) 8 years                          
Debt Instrument, Interest Rate, Stated Percentage 2.90%                          
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio 6                          
Debt Instrument, Covenant, Minimum Equity Capital, Amount $ 750,000                          
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent 25                          
Electricity Segment [Member] | Puna Geothermal Power Plant [Member]                            
Business Interruption Insurance Recovery, Gross               15,800   20,400        
General and Administrative Expense [Member]                            
Accounts Receivable, Credit Loss Expense (Reversal)                 $ 3,000          
Operating Expense [Member] | Electricity Segment [Member] | Puna Geothermal Power Plant [Member]                            
Gain on Business Interruption Insurance Recovery               $ 15,500   $ 17,800 15,500 $ 17,800    
Two Contracted Geothermal Assets in Nevada [Member]                            
Payments to Acquire Businesses, Gross     $ 171,000                      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Working Capital and Cash and Equivalents     $ 10,800                      
Business Acquisition, Percentage of Voting Interests Acquired     100.00%                      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finance Lease Liability [1]     $ 258,400                      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables [2]     8,600                      
Two Contracted Geothermal Assets in Nevada [Member] | Electricity Segment [Member]                            
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual             14,400              
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual             4,300              
Business Combination, Pro Forma Information, Tax and Finance Liability Interest Expense of Acquiree since Acquisition Date, Actual             $ 2,800              
Two Contracted Geothermal Assets in Nevada [Member] | Power Purchase Agreement [Member]                            
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables     $ 7,800                      
Two Contracted Geothermal Assets in Nevada [Member] | General and Administrative Expense [Member]                            
Business Combination, Acquisition Related Costs                     $ 4,700      
[1] Finance liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 under which it sold and leased back the undivided interests in the Dixie Valley power plant asset through June 2038. The lease transaction was accounted for by the Seller as a finance lease due to the Seller continued involvement and management of the power plant and the existence of an early buy-out option in September 2024. As per the accounting guidance, the Company retained the Seller's accounting of a "failed" sale and leaseback transaction and accordingly accounted for the liability as a financial liability. This financial liability, as well as the related power plant asset, were measured at their acquisition-date fair value.
[2] The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million. These receivables were fully collected during the third quarter of 2021.
v3.21.2
Note 1 - General and Basis of Presentation 2 (Details Textual) - Product [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Sep. 30, 2021
Revenue, Remaining Performance Obligation, Percentage 100.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) 24 months
v3.21.2
Note 1 - General and Basis for Presentation - Fair Value of Amounts of Identified Assets and Liabilities Assumed in a Business Combination (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Jul. 13, 2021
Dec. 31, 2020
Goodwill, Ending Balance $ 91,342   $ 24,566
Two Contracted Geothermal Assets in Nevada [Member]      
Cash and cash equivalents and restricted cash   $ 10,900  
Trade receivables and others (1) [1]   8,600  
Deferred income taxes   22,400  
Property, plant and equipment and construction-in-process   152,000  
Intangible assets (2) [2]   191,600  
Goodwill, Ending Balance [3]   66,600  
Total assets acquired   452,100  
Accounts payable, accrued expenses and others   6,600  
Finance liability (4) [4]   258,400  
Asset retirement obligation   5,300  
Total liabilities assumed   270,300  
Total assets acquired, and liabilities assumed, net   $ 181,800  
[1] The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million. These receivables were fully collected during the third quarter of 2021.
[2] Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs.
[3] Goodwill is primarily related to the expected synergies and potential cost savings in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and is deductible for tax purposes pending the exercise of the financial lease buy-out option as described below.
[4] Finance liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 under which it sold and leased back the undivided interests in the Dixie Valley power plant asset through June 2038. The lease transaction was accounted for by the Seller as a finance lease due to the Seller continued involvement and management of the power plant and the existence of an early buy-out option in September 2024. As per the accounting guidance, the Company retained the Seller's accounting of a "failed" sale and leaseback transaction and accordingly accounted for the liability as a financial liability. This financial liability, as well as the related power plant asset, were measured at their acquisition-date fair value.
v3.21.2
Note 1 - General and Basis of Presentation - Summary of Pro Forma Information Related to a Business Combination (Details) - Two Contracted Geothermal Assets in Nevada [Member] - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Business Acquisition, Pro Forma Revenue $ 160.8 $ 175.8 $ 499.7 $ 569.1
Net income 18.5 18.0 50.4 64.3
Electricity Segment [Member]        
Business Acquisition, Pro Forma Revenue $ 144.7 $ 140.5 $ 449.1 $ 438.4
v3.21.2
Note 1 - General and Basis of Presentation - Cash and Restricted Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Sep. 30, 2020
Dec. 31, 2019
Cash and cash equivalents $ 267,802 $ 448,252 $ 197,309  
Restricted cash and cash equivalents 88,498 88,526 92,233  
Total Cash and cash equivalents and restricted cash and cash equivalents $ 356,300 $ 536,778 $ 289,542 $ 153,110
v3.21.2
Note 1 - General and Basis of Presentation - Finance Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Finance lease liabilities $ 3,019 $ 3,169
Finance liability 10,835 0
Total Current Finance Liabilities 13,854 3,169
Finance lease liabilities 4,693 9,104
Finance liability 242,029 0
Total Long-term Finance Liabilities $ 246,722 $ 9,104
v3.21.2
Note 1 - General and Basis of Presentation - Customers as a Percentage of Total Revenues (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member]
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Sierra Pacific Power Company And Nevada Power Company [Member]        
Percent of revenues 15.80% 15.40% 18.70% 17.10%
Southern California Public Power Authority [Member]        
Percent of revenues 21.30% 19.50% 23.90% 19.80%
Kenya Power and Lighting Co LTD [Member]        
Percent of revenues 16.10% 18.20% 16.30% 16.50%
v3.21.2
Note 1 - General and Basis of Presentation - Changes in the Allowance for Expected Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Beginning balance of the allowance for expected credit losses     $ 597  
Ending balance of the allowance for expected credit losses $ 253   253  
Accounting Standards Update 2016-13 [Member]        
Beginning balance of the allowance for expected credit losses 419 $ 779 597 $ 755
Change in the provision for expected credit losses for the period (166) 0 (344) 24
Ending balance of the allowance for expected credit losses $ 253 $ 779 $ 253 $ 779
v3.21.2
Note 1 - General and Basis of Presentation - Contract Assets (Liabilities) (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Contract assets (*) [1] $ 9,324 $ 24,544
Contract liabilities (*) [1] $ (15,829) $ (11,179)
[1] Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet recognized as product revenues during the nine months ended September 30, 2021 as a result of performance obligations having not been satisfied yet.
v3.21.2
Note 1 - General and Basis of Presentation - Lease Income as Lessor (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Lease income relating to lease payments from operating leases $ 123,688 $ 108,619 $ 362,548 $ 347,778
v3.21.2
Note 3 - Inventories - Inventories, Current (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Raw materials and purchased parts for assembly $ 11,626 $ 14,835
Self-manufactured assembly parts and finished products 15,730 20,486
Total inventories $ 27,356 $ 35,321
v3.21.2
Note 4 - Marketable Securities (Details Textual) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Debt Securities, Available-for-sale, Total $ 45,479   $ 0
Proceeds from Sale of Debt Securities, Available-for-sale 0 $ 0  
Cash and Cash Equivalents [Member]      
Debt Securities, Available-for-sale, Total $ 1,600    
v3.21.2
Note 4 - Marketable Securities - Investment in Marketable Securities (Details)
$ in Thousands
Sep. 30, 2021
USD ($)
Amortized cost $ 45,260
Gross unrealized gains 0
Gross unrealized losses (9)
Fair value 45,479
Corporate Debt Securities [Member]  
Amortized cost 30,963
Gross unrealized gains 0
Gross unrealized losses (9)
Fair value 31,157
Commercial Paper [Member]  
Amortized cost 11,471
Gross unrealized gains 0
Gross unrealized losses 0
Fair value 11,471
Debt Security, Corporate, Non-US [Member]  
Amortized cost 2,826
Gross unrealized gains 0
Gross unrealized losses
Fair value $ 2,851
v3.21.2
Note 4 - Marketable Securities - Fair Value and Gross Unrealized Losses (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Fair value $ 45,479 $ 0
Gross unrealized losses (9)  
Maturity, Less Than 12 Months [Member]    
Fair value 45,479  
Gross unrealized losses (9)  
Maturity, Greater Than 12 Months [Member]    
Fair value 0  
Gross unrealized losses 0  
Corporate Debt Securities [Member]    
Gross unrealized losses (9)  
Corporate Debt Securities [Member] | Maturity, Less Than 12 Months [Member]    
Fair value 31,157  
Gross unrealized losses (9)  
Corporate Debt Securities [Member] | Maturity, Greater Than 12 Months [Member]    
Fair value 0  
Gross unrealized losses 0  
Commercial Paper [Member]    
Gross unrealized losses 0  
Commercial Paper [Member] | Maturity, Less Than 12 Months [Member]    
Fair value 11,471  
Gross unrealized losses 0  
Commercial Paper [Member] | Maturity, Greater Than 12 Months [Member]    
Fair value 0  
Gross unrealized losses 0  
Debt Security, Corporate, Non-US [Member]    
Gross unrealized losses  
Debt Security, Corporate, Non-US [Member] | Maturity, Less Than 12 Months [Member]    
Fair value 2,851  
Gross unrealized losses 0  
Debt Security, Corporate, Non-US [Member] | Maturity, Greater Than 12 Months [Member]    
Fair value 0  
Gross unrealized losses $ 0  
v3.21.2
Note 5 - Fair Value of Financial Instruments (Details Textual) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Cross Currency Interest Rate Contract [Member] | Deposits and Other and Accounts Payable and Accrued Expenses [Member]    
Derivatives, Cash Collateral Deposits $ 0 $ 0
v3.21.2
Note 5 - Fair Value of Financial Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Debt Securities, Available-for-sale, Total $ 45,479 $ 0
Reported Value Measurement [Member]    
Cash equivalents (including restricted cash accounts) 30,052 28,653
Debt Securities, Available-for-sale, Total 45,479  
Fair Value, Net Asset (Liability), Total 92,484 52,685
Reported Value Measurement [Member] | Contingent Receivable [Member]    
Derivative Asset, Current [1]   111
Reported Value Measurement [Member] | Currency Forward Contracts [Member]    
Derivatives, current [2] 441  
Derivative Asset, Current [2]   1,554
Reported Value Measurement [Member] | Cross Currency Interest Rate Contract [Member]    
Derivatives, current (235) [2] (2,283) [3]
Derivative Asset, Noncurrent [3] 19,240 27,829
Reported Value Measurement [Member] | Contingent Payable [Member]    
Derivatives, current [1]   (549)
Derivatives, noncurrent [1] (2,493) (2,630)
Estimate of Fair Value Measurement [Member]    
Cash equivalents (including restricted cash accounts) 30,052 28,653
Debt Securities, Available-for-sale, Total 45,479  
Fair Value, Net Asset (Liability), Total 92,484 52,685
Estimate of Fair Value Measurement [Member] | Contingent Receivable [Member]    
Derivative Asset, Current [1]   111
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member]    
Derivatives, current [2] 441  
Derivative Asset, Current [2]   1,554
Estimate of Fair Value Measurement [Member] | Cross Currency Interest Rate Contract [Member]    
Derivatives, current (235) [2] (2,283) [3]
Derivative Asset, Noncurrent [3] 19,240 27,829
Estimate of Fair Value Measurement [Member] | Contingent Payable [Member]    
Derivatives, current [1]   (549)
Derivatives, noncurrent [1] (2,493) (2,630)
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Cash equivalents (including restricted cash accounts) 30,052 28,653
Debt Securities, Available-for-sale, Total 45,479  
Fair Value, Net Asset (Liability), Total 75,531 28,653
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Receivable [Member]    
Derivative Asset, Current [1]   0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Currency Forward Contracts [Member]    
Derivatives, current [2] 0  
Derivative Asset, Current [2]   0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Cross Currency Interest Rate Contract [Member]    
Derivatives, current 0 [2] 0 [3]
Derivative Asset, Noncurrent [3] 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Payable [Member]    
Derivatives, current [1]   0
Derivatives, noncurrent [1] 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Cash equivalents (including restricted cash accounts) 0 0
Debt Securities, Available-for-sale, Total 0  
Fair Value, Net Asset (Liability), Total 19,446 27,100
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Receivable [Member]    
Derivative Asset, Current [1]   0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Forward Contracts [Member]    
Derivatives, current [2] 441  
Derivative Asset, Current [2]   1,554
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Cross Currency Interest Rate Contract [Member]    
Derivatives, current (235) [2] (2,283) [3]
Derivative Asset, Noncurrent [3] 19,240 27,829
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Payable [Member]    
Derivatives, current [1]   0
Derivatives, noncurrent [1] 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Cash equivalents (including restricted cash accounts) 0 0
Debt Securities, Available-for-sale, Total 0  
Fair Value, Net Asset (Liability), Total (2,493) (3,068)
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Receivable [Member]    
Derivative Asset, Current [1]   111
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Currency Forward Contracts [Member]    
Derivatives, current [2] 0  
Derivative Asset, Current [2]   0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Cross Currency Interest Rate Contract [Member]    
Derivatives, current 0 [2] 0 [3]
Derivative Asset, Noncurrent [3] 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Payable [Member]    
Derivatives, current [1]   (549)
Derivatives, noncurrent [1] $ (2,493) $ (2,630)
[1] These amounts relate to contingent receivables and payables and warrants pertaining to the Guadeloupe power plant purchase transaction, 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, 2021 and December 31, 2020, as applicable, in the condensed consolidated balance sheets with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the condensed consolidated statements of operations and comprehensive income.
[2] These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Receivables, other” on September 30, 2021 and December 31, 2020, in the condensed consolidated balance sheets with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income.
[3] These amounts relate to cross currency swap contracts valued primarily based on the present value of the cross currency swap future settlement prices for U.S. Dollar ("USD") and New Israeli Shekel ("NIS") zero yield curves and the applicable exchange rate as of September 30, 2021 and December 31, 2020, as applicable. These amounts are included within “Deposits and other” and "Accounts payable and accrued expenses", as applicable, on September 30, 2021 and December 31, 2020 in the condensed consolidated balance sheets. There are no cash collateral deposits on September 30, 2021 and December 31, 2020.
v3.21.2
Note 5 - Fair Value of Financial Instruments - Amounts of Gain (Loss) Recognized in Condensed Consolidated Statements on Derivative Instruments Not Designated as Hedges (Details) - Foreign Currency Gain (Loss) [Member] - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Swap Transaction on RRS Prices [Member]        
Amount of gain (loss) recognized [1] $ 0 $ 0 $ (14,540) $ 0
Currency Forward Contracts [Member]        
Amount of gain (loss) recognized [1] 387 424 118 2,949
Cross Currency Interest Rate Contract [Member]        
Amount of gain (loss) recognized [2] $ 2,945 $ 758 $ (1,349) $ 758
[1] The foregoing currency forward and price swap transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income. The price swap transaction was related to a hedging agreement with a third party that was effective January 1, 2021 under which the Company fixed the price per MWh on a portion of RRS provided by its Rabbit Hill storage facility, as described under Note 1 to the condensed consolidated financial statements. The price swap transaction was terminated effective April 1, 2021.
[2] The foregoing cross currency swap transactions were designated as a cash flow hedge as further described under note 1 to the condensed consolidated financial statements. The changes in the cross currency swap fair value are initially recorded in "Other comprehensive income (loss)" and a corresponding amount is reclassified out of "Accumulated other comprehensive income (loss)" to "Derivatives and foreign currency transaction gains (losses)" to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income.
v3.21.2
Note 5 - Fair Value of Financial Instruments - Effect of Cash Flow Hedge on Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Balance in Other comprehensive income (loss) beginning of period $ 1,959,855 $ 1,556,811 $ 1,941,437 $ 1,515,410
Balance in Other comprehensive income (loss) end of period 1,972,356 1,575,351 1,972,356 1,575,351
Cross Currency Swap [Member] | Designated as Hedging Instrument [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]        
Balance in Other comprehensive income (loss) beginning of period 766 0 3,366 0
Gain or (loss) recognized in Other comprehensive income (loss) 251 (2,790) (6,643) (2,790)
Amount reclassified from Other comprehensive income (loss) into earnings (2,945) (758) 1,349 (758)
Balance in Other comprehensive income (loss) end of period $ (1,928) $ (3,548) $ (1,928) $ (3,548)
v3.21.2
Note 5 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Finance liability - Dixie Valley $ 252.2  
HSBC Loan Agreement [Member]    
Loans 57.0  
Hapoalim Loan Agreement [Member]    
Loans 128.6  
Discount Loan Agreement [Member]    
Loans 101.8  
Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 37.6  
Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 33.2  
Platanares Loan - OPIC [Member]    
Loans 102.2 $ 112.1
Amatitlan Loan [Member]    
Loans 20.8 23.5
Don A. Campbell 1 ("DAC1") [Member]    
Notes 72.4 78.5
USG Prudential - NV [Member]    
Notes 29.8 31.8
USG Prudential - ID [Member]    
Notes 17.1 18.3
USG DOE [Member]    
Notes 40.5 45.1
Senior Unsecured Bonds [Member]    
Senior Unsecured debt 572.1 585.1
Senior Unsecured Loan [Member]    
Senior Unsecured debt 206.2 222.2
Plumstriker Loan Agreement [Member]    
Loans 16.3 18.1
Estimate of Fair Value Measurement [Member]    
Finance liability - Dixie Valley 252.2 0.0
Other long-term debt 14.5 17.4
Estimate of Fair Value Measurement [Member] | HSBC Loan Agreement [Member]    
Loans 57.0 0.0
Estimate of Fair Value Measurement [Member] | Hapoalim Loan Agreement [Member]    
Loans 128.6 0.0
Estimate of Fair Value Measurement [Member] | Discount Loan Agreement [Member]    
Loans 101.8 0.0
Estimate of Fair Value Measurement [Member] | Olkaria III OPIC [Member]    
Loans 173.9 192.5
Estimate of Fair Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 37.6 40.4
Estimate of Fair Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 33.2 35.8
Estimate of Fair Value Measurement [Member] | Platanares Loan - OPIC [Member]    
Loans 102.2 112.1
Estimate of Fair Value Measurement [Member] | Amatitlan Loan [Member]    
Loans 20.8 23.5
Estimate of Fair Value Measurement [Member] | OFC Two Senior Secured Notes [Member]    
Notes 190.8 207.9
Estimate of Fair Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 72.4 78.5
Estimate of Fair Value Measurement [Member] | USG Prudential - NV [Member]    
Notes 29.8 31.8
Estimate of Fair Value Measurement [Member] | USG Prudential - ID [Member]    
Notes 17.1 18.3
Estimate of Fair Value Measurement [Member] | USG DOE [Member]    
Notes 40.5 45.1
Estimate of Fair Value Measurement [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 572.1 585.1
Estimate of Fair Value Measurement [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 206.2 222.2
Estimate of Fair Value Measurement [Member] | Plumstriker Loan Agreement [Member]    
Loans 16.3 18.1
Reported Value Measurement [Member]    
Finance liability - Dixie Valley 252.9 0.0
Other long-term debt 14.8 17.6
Reported Value Measurement [Member] | HSBC Loan Agreement [Member]    
Loans 50.0 0.0
Reported Value Measurement [Member] | Hapoalim Loan Agreement [Member]    
Loans 125.0 0.0
Reported Value Measurement [Member] | Discount Loan Agreement [Member]    
Loans 100.0 0.0
Reported Value Measurement [Member] | Olkaria III OPIC [Member]    
Loans 161.2 174.7
Reported Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 35.0 37.5
Reported Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 30.6 32.8
Reported Value Measurement [Member] | Platanares Loan - OPIC [Member]    
Loans 90.1 96.3
Reported Value Measurement [Member] | Amatitlan Loan [Member]    
Loans 20.1 22.8
Reported Value Measurement [Member] | OFC Two Senior Secured Notes [Member]    
Notes 177.4 188.2
Reported Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 69.3 73.1
Reported Value Measurement [Member] | USG Prudential - NV [Member]    
Notes 26.8 27.6
Reported Value Measurement [Member] | USG Prudential - ID [Member]    
Notes 17.5 18.4
Reported Value Measurement [Member] | USG DOE [Member]    
Notes 35.4 38.2
Reported Value Measurement [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 527.7 529.1
Reported Value Measurement [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 191.6 200.0
Reported Value Measurement [Member] | Plumstriker Loan Agreement [Member]    
Loans $ 16.2 $ 18.1
v3.21.2
Note 5 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Finance liability - Dixie Valley $ 252.2  
Deposits 17.1 $ 14.8
HSBC Loan Agreement [Member]    
Loans 57.0  
Olkaria III Loan DFC [Member]    
Loans 173.9 192.5
Hapoalim Loan Agreement [Member]    
Loans 128.6  
Olkaria IV Loan - DEG 2 [Member]    
Loans   40.4
Discount Loan Agreement [Member]    
Loans 101.8  
Olkaria IV Loan - DEG 3 [Member]    
Loans   35.8
Platanares Loan - OPIC [Member]    
Loans 102.2 112.1
Amatitlan Loan [Member]    
Loans 20.8 23.5
Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 37.6  
OFC Senior Secured Notes [Member]    
Notes 190.8 207.9
Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 33.2  
Don A. Campbell 1 ("DAC1") [Member]    
Notes 72.4 78.5
USG Prudential - NV [Member]    
Notes 29.8 31.8
USG Prudential - ID [Member]    
Notes 17.1 18.3
USG DOE [Member]    
Notes 40.5 45.1
Senior Unsecured Bonds [Member]    
Senior Unsecured debt 572.1 585.1
Senior Unsecured Loan [Member]    
Senior Unsecured debt 206.2 222.2
Plumstriker Loan Agreement [Member]    
Loans 16.3 18.1
Other Long-term Debt [Member]    
Senior Unsecured debt 14.5 17.4
Fair Value, Inputs, Level 1 [Member]    
Finance liability - Dixie Valley 0.0  
Deposits 17.1 14.8
Fair Value, Inputs, Level 1 [Member] | HSBC Loan Agreement [Member]    
Loans 0.0  
Fair Value, Inputs, Level 1 [Member] | Olkaria III Loan DFC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Hapoalim Loan Agreement [Member]    
Loans 0.0  
Fair Value, Inputs, Level 1 [Member] | Olkaria IV Loan - DEG 2 [Member]    
Loans   0.0
Fair Value, Inputs, Level 1 [Member] | Discount Loan Agreement [Member]    
Loans 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] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 0.0  
Fair Value, Inputs, Level 1 [Member] | OFC Senior Secured Notes [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 0.0  
Fair Value, Inputs, Level 1 [Member] | 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] | Plumstriker Loan Agreement [Member]    
Loans 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 2 [Member]    
Finance liability - Dixie Valley 0.0  
Deposits 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | HSBC Loan Agreement [Member]    
Loans 0.0  
Fair Value, Inputs, Level 2 [Member] | Olkaria III Loan DFC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Hapoalim Loan Agreement [Member]    
Loans 0.0  
Fair Value, Inputs, Level 2 [Member] | Olkaria IV Loan - DEG 2 [Member]    
Loans   0.0
Fair Value, Inputs, Level 2 [Member] | Discount Loan Agreement [Member]    
Loans 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 20.8 23.5
Fair Value, Inputs, Level 2 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 0.0  
Fair Value, Inputs, Level 2 [Member] | OFC Senior Secured Notes [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 0.0  
Fair Value, Inputs, Level 2 [Member] | 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] | Plumstriker Loan Agreement [Member]    
Loans 16.3 18.1
Fair Value, Inputs, Level 2 [Member] | Other Long-term Debt [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 3 [Member]    
Finance liability - Dixie Valley 252.2  
Deposits 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | HSBC Loan Agreement [Member]    
Loans 57.0  
Fair Value, Inputs, Level 3 [Member] | Olkaria III Loan DFC [Member]    
Loans 173.9 192.5
Fair Value, Inputs, Level 3 [Member] | Hapoalim Loan Agreement [Member]    
Loans 128.6  
Fair Value, Inputs, Level 3 [Member] | Olkaria IV Loan - DEG 2 [Member]    
Loans   40.4
Fair Value, Inputs, Level 3 [Member] | Discount Loan Agreement [Member]    
Loans 101.8  
Fair Value, Inputs, Level 3 [Member] | Olkaria IV Loan - DEG 3 [Member]    
Loans   35.8
Fair Value, Inputs, Level 3 [Member] | Platanares Loan - OPIC [Member]    
Loans 102.2 112.1
Fair Value, Inputs, Level 3 [Member] | Amatitlan Loan [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 37.6  
Fair Value, Inputs, Level 3 [Member] | OFC Senior Secured Notes [Member]    
Notes 190.8 207.9
Fair Value, Inputs, Level 3 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 33.2  
Fair Value, Inputs, Level 3 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 72.4 78.5
Fair Value, Inputs, Level 3 [Member] | USG Prudential - NV [Member]    
Notes 29.8 31.8
Fair Value, Inputs, Level 3 [Member] | USG Prudential - ID [Member]    
Notes 17.1 18.3
Fair Value, Inputs, Level 3 [Member] | USG DOE [Member]    
Notes 40.5 45.1
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 572.1 585.1
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 206.2 222.2
Fair Value, Inputs, Level 3 [Member] | Plumstriker Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | Other Long-term Debt [Member]    
Senior Unsecured debt $ 14.5 $ 17.4
v3.21.2
Note 7 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest related to sale of tax benefits $ 4,081 $ 1,991 $ 9,019 $ 6,814
Interest expense 22,259 22,000 61,579 58,801
Less — amount capitalized (4,109) (2,235) (10,726) (6,801)
Total interest expense, net $ 22,230 $ 21,756 $ 59,872 $ 58,814
v3.21.2
Note 8 - Earnings Per Share (Details Textual) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 145,400 298,700 149,200 133,900
v3.21.2
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, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Weighted average number of shares used in computation of basic earnings per share: (in shares) 56,003 51,072 55,995 51,051
Additional shares from the assumed exercise of employee stock awards (in shares) 295 210 418 335
Weighted average number of shares used in computation of diluted earnings per share (in shares) 56,298 51,282 56,413 51,386
v3.21.2
Note 9 - Business Segments (Details Textual)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Jul. 13, 2021
USD ($)
Dec. 31, 2020
USD ($)
Number of Reportable Segments     3      
Revenue from Contract with Customer, Including Assessed Tax $ 158,842 $ 158,947 $ 472,095 $ 525,960    
Goodwill, Ending Balance 91,342   91,342     $ 24,566
Two Contracted Geothermal Assets in Nevada [Member]            
Goodwill, Ending Balance [1]         $ 66,600  
Electricity Segment [Member]            
Revenue from Contract with Customer, Including Assessed Tax 142,651 123,660 421,503 395,201    
Goodwill, Ending Balance 86,700 20,100 86,700 20,100    
Energy Storage and Management Services [Member]            
Goodwill, Ending Balance 4,600 3,500 4,600 3,500    
Energy Storage and Management Services [Member] | Two Contracted Geothermal Assets in Nevada [Member]            
Goodwill, Acquired During Period 66,600          
Product Segment [Member]            
Revenue from Contract with Customer, Including Assessed Tax 10,527 29,625 26,580 120,737    
Goodwill, Ending Balance 0 0 0 0    
Accounting Standards Update 2014-09 [Member] | Electricity Segment [Member]            
Revenue from Contract with Customer, Including Assessed Tax $ 19,000 $ 15,000 $ 59,000 $ 47,400    
[1] Goodwill is primarily related to the expected synergies and potential cost savings in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and is deductible for tax purposes pending the exercise of the financial lease buy-out option as described below.
v3.21.2
Note 9 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Revenues $ 158,842 $ 158,947 $ 472,095 $ 525,960  
Operating income (loss) 35,988 51,686 114,496 160,818  
Segment assets at period end 4,359,366 [1],[2] 3,520,947 [1],[2] 4,359,366 [1],[2] 3,520,947 [1],[2] $ 3,888,987
Segment Reconciling Items [Member]          
Revenues [3] 0 0 0 0  
Segment assets at period end 109,725 91,277 109,725 91,277  
Electricity Segment [Member]          
Revenues 142,651 123,660 421,503 395,201  
Operating income (loss) 38,409 50,847 116,176 155,352  
Segment assets at period end [1],[2] 4,064,679 3,236,631 4,064,679 3,236,631  
Electricity Segment [Member] | Segment Reconciling Items [Member]          
Revenues [3] 0 0 0 0  
Segment assets at period end 109,725 91,277 109,725 91,277  
Product Segment [Member]          
Revenues 10,527 29,625 26,580 120,737  
Operating income (loss) (1,115) 1,285 (2,753) 8,960  
Segment assets at period end [1],[2] 125,167 148,106 125,167 148,106  
Product Segment [Member] | Segment Reconciling Items [Member]          
Revenues [3] 14,147 36,839 90,519 95,948  
Segment assets at period end 0 0 0 0  
Other Segments [Member]          
Revenues 5,664 5,662 24,012 10,022  
Operating income (loss) (1,306) (446) 1,073 (3,494)  
Segment assets at period end [1],[2] 169,520 136,210 169,520 136,210  
Other Segments [Member] | Segment Reconciling Items [Member]          
Revenues [3] 0 0 0 0  
Segment assets at period end 0 0 0 0  
UNITED STATES          
Revenues [4] 105,755 79,277 313,143 256,733  
UNITED STATES | Electricity Segment [Member]          
Revenues [4] 98,550 73,180 285,090 245,299  
UNITED STATES | Product Segment [Member]          
Revenues [4] 1,541 435 4,041 1,412  
UNITED STATES | Other Segments [Member]          
Revenues [4] 5,664 5,662 24,012 10,022  
Non-US [Member]          
Revenues [5] 53,087 79,670 158,952 269,227  
Non-US [Member] | Electricity Segment [Member]          
Revenues [5] 44,101 50,480 136,413 149,902  
Non-US [Member] | Product Segment [Member]          
Revenues [5] 8,986 29,190 22,539 119,325  
Non-US [Member] | Other Segments [Member]          
Revenues [5] $ 0 $ 0 $ 0 $ 0  
[1] Electricity segment assets include goodwill in the amount of $86.7 million and $20.1 million as of September 30, 2021 and 2020, respectively, $66.6 million of which were added in the third quarter of 2021 as a result of the geothermal asset purchase transaction as further detailed under Note 1 to the condensed consolidated financial statements. Energy Storage segment assets include goodwill in the amount of $4.6 million and $3.5 as of September 30, 2021 and 2020, respectively. No goodwill is included in the Product segment assets as of September 30, 2021 and 2020.??
[2] Including unconsolidated investments
[3] Intersegment revenue are fully eliminated in consolidation.
[4] Electricity segment revenues in the United States are all accounted under lease accounting except for $19.0 million and $59.0 million for the three and nine months ended September 30, 2021, respectively, and $15.0 and $47.4 million for the three and nine months ended September 30, 2020 , respectively, that are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606.
[5] Electricity segment revenues in foreign countries are all accounted under lease accounting. Product segment revenues in foreign countries are accounted under ASC 606.
v3.21.2
Note 9 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenue $ 158,842 $ 158,947 $ 472,095 $ 525,960
Operating income (loss) 35,988 51,686 114,496 160,818
Interest income 519 626 1,590 1,469
Interest expense, net (22,230) (21,756) (59,872) (58,814)
Derivatives and foreign currency transaction gains (losses) (21) 1,047 (16,229) 2,111
Income attributable to sale of tax benefits 7,879 7,014 21,654 16,818
Other non-operating income (expense), net 44 961 (308) 1,343
Total consolidated income before income taxes and equity in income of investees 22,179 39,578 61,331 123,745
Intersegment Eliminations [Member]        
Revenue 14,147 36,839 90,519 95,948
Consolidation, Eliminations [Member]        
Revenue $ (14,147) $ (36,839) $ (90,519) $ (95,948)
v3.21.2
Note 10 - Commitments and Contingencies (Details Textual) - USD ($)
$ in Millions
Sep. 14, 2021
Mar. 03, 2021
Mar. 29, 2016
Former Local Sales Representative vs. Ormat [Member] | Pending Litigation [Member]      
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 (Year)     10 years
Avishai Shmuel Mano vs. Ormat [Member]      
Loss Contingency, Damages Sought, Value   $ 100.0  
Kipreos vs Ormat [Member]      
Loss Contingency, Damages Sought, Value $ 5.1    
v3.21.2
Note 11 - Income Taxes (Details Textual)
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Effective Income Tax Rate Reconciliation, Percent, Total 9.20% 38.80% 15.20% 36.60%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent     21.00%  
v3.21.2
Note 12 - Subsequent Events (Details Textual)
$ / shares in Units, $ in Thousands
 3 Months Ended
Nov. 03, 2021
USD ($)
$ / shares
Oct. 25, 2021
USD ($)
MWh
Sep. 30, 2021
USD ($)
$ / shares
Jun. 30, 2021
USD ($)
$ / shares
Mar. 31, 2021
USD ($)
$ / shares
Sep. 30, 2020
USD ($)
$ / shares
Jun. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Dividends, Common Stock, Total     $ 6,716 $ 6,448 $ 6,718 $ 5,559 $ 5,719 $ 5,614
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares     $ 0.11 $ 0.12 $ 0.12 $ 0.11    
Subsequent Event [Member]                
Dividends, Common Stock, Total $ 6,700              
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares $ 0.12              
Dividends Payable, Date of Record Nov. 17, 2021              
Dividends Payable, Date to be Paid Dec. 03, 2021              
Subsequent Event [Member] | Ormat Nevada Inc. [Member] | Steamboat Hills Repower Geothermal Power Plant [Member]                
Power Generated Under Contract (Megawatt-Hour) | MWh   28.4            
Parternship Agreement, Initial Purchase Price   $ 38,900            
Partnership Agreement, Expected Additional Installments   $ 5,300            
Partnership Agreement, Percentage of Distributable Cash Flow Generated   97.50%            
Partnership Agreement, Percentage of Taxable Income   95.00%            
Partnership Agreement, Percentage of Distributable Cash Flow Generated to Private Investor if Target Return Not Reached   100.00%            
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached   99.00%            
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached, No Longer Generating PTCs   5.00%