ORMAT TECHNOLOGIES, INC., 10-Q filed on 5/6/2021
Quarterly Report
v3.21.1
Document And Entity Information - shares
 3 Months Ended
Mar. 31, 2021
Apr. 30, 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 Q1  
Document Fiscal Year Focus 2021  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 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   55,984,392
Title of 12(b) Security Common Stock  
Trading Symbol ORA  
Security Exchange Name NYSE  
v3.21.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 376,630 $ 448,252
Marketable securities at fair value 27,735 0
Restricted cash and cash equivalents (primarily related to VIEs) 88,449 88,526
Receivables:    
Trade less allowance for credit losses of $597 and $597, respectively (primarily related to VIEs) 139,711 149,170
Other 10,513 17,987
Inventories 38,408 35,321
Costs and estimated earnings in excess of billings on uncompleted contracts [1] 20,876 24,544
Prepaid expenses and other 22,613 15,354
Total current assets 724,935 779,154
Investment in unconsolidated companies 104,519 98,217
Deposits and other 52,956 66,989
Deferred income taxes 119,217 119,299
Property, plant and equipment, net 2,148,589 2,099,046
Construction-in-process 471,548 479,315
Operating leases right of use 15,627 16,347
Finance leases right of use 8,336 11,633
Intangible assets, net 189,249 194,421
Goodwill 24,237 24,566
Total assets 3,859,213 [2],[3] 3,888,987
Current liabilities:    
Accounts payable and accrued expenses 148,071 152,763
Billings in excess of costs and estimated earnings on uncompleted contracts 12,686 11,179
Current portion of long-term debt:    
Senior secured notes 24,963 24,949
Other loans 36,240 35,897
Full recourse 26,168 17,768
Operating lease liabilities 2,935 2,922
Finance lease liabilities 3,171 3,169
Total current liabilities 254,234 248,647
Long-term debt, net of current portion:    
Senior secured notes (less deferred financing costs of $5,082 and $5,318, respectively) 306,891 315,195
Senior unsecured bonds (less deferred financing costs of $1,996 and $2,086, respectively) 698,271 717,534
Operating lease liabilities 12,332 12,897
Finance lease liabilities 5,851 9,104
Liability associated with sale of tax benefits 107,105 111,476
Deferred income taxes 87,421 87,972
Liability for unrecognized tax benefits 3,094 1,970
Liabilities for severance pay 18,202 18,749
Asset retirement obligation 64,354 63,457
Other long-term liabilities 6,086 6,235
Total liabilities 1,899,628 1,937,720
Commitments and contingencies (Note 10)
Redeemable noncontrolling interest 9,706 9,830
Equity:    
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 55,984,392 and 55,983,259 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively 56 56
Additional paid-in capital 1,264,828 1,262,446
Retained earnings 558,644 550,103
Accumulated other comprehensive income (loss) (6,920) (6,620)
Total stockholders' equity attributable to Company's stockholders 1,816,608 1,805,985
Noncontrolling interest 133,271 135,452
Total equity 1,949,879 1,941,437
Total liabilities, redeemable noncontrolling interest and equity 3,859,213 3,888,987
Other Loans, Limited and Non-recourse [Member]    
Long-term debt, net of current portion:    
Other loans (less deferred financing costs) 276,186 284,928
Other Loans, Full Recourse [Member]    
Long-term debt, net of current portion:    
Other loans (less deferred financing costs) $ 59,601 $ 59,556
[1] Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet recognized as product revenues during the three months ended March 31, 2021 as a result of performance obligations having been satisfied.
[2] Electricity segment assets include goodwill in the amount of $20.1 million and $20.0 million as of March 31, 2021 and 2020, respectively. Energy Storage segment assets include goodwill in the amount of $4.1 million and none as of March 31, 2021 and 2020, respectively. No goodwill is included in the Product segment assets as of March 31, 2021 and 2020.
[3] Including unconsolidated investments
v3.21.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Trade, allowance for credit losses $ 597 $ 597
Property, plant and equipment, net 2,148,589 2,099,046
Construction-in-process 471,548 479,315
Operating leases right of use 15,627 16,347
Finance leases right of use $ 8,336 $ 11,633
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) 55,984,392 55,983,259
Common stock, shares outstanding (in shares) 55,984,392 55,983,259
Variable Interest Entity, Primary Beneficiary [Member]    
Property, plant and equipment, net $ 2,012,052 $ 1,978,220
Construction-in-process 208,972 198,812
Operating leases right of use 4,589 4,712
Finance leases right of use 289 7,001
Senior Secured Notes [Member]    
Deferred financing costs 5,082 5,318
Other Loans, Limited and Non-recourse [Member]    
Deferred financing costs 8,132 8,557
Senior Unsecured Bonds [Member]    
Deferred financing costs 1,996 2,086
Other Loans, Full Recourse [Member]    
Deferred financing costs $ 1,295 $ 1,340
v3.21.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenues:    
Revenue $ 166,352 $ 192,113
Cost of revenues:    
Cost of revenues 92,705 110,295
Gross profit 73,647 81,818
Operating expenses:    
Research and development expenses 876 1,619
Selling and marketing expenses 4,276 4,794
General and administrative expenses 18,606 16,745
Business interruption insurance income 0 (2,397)
Operating income 49,889 61,057
Other income (expense):    
Interest income 263 402
Interest expense, net (19,016) (17,273)
Derivatives and foreign currency transaction gains (losses) (16,866) 393
Income attributable to sale of tax benefits 6,355 4,132
Other non-operating income (expense), net (331) 78
Income from operations before income tax and equity in earnings (losses) of investees 20,294 48,789
Income tax (provision) benefit (3,007) (18,148)
Equity in earnings (losses) of investees, net 542 (735)
Net income 17,829 29,906
Net income attributable to noncontrolling interest (2,570) (3,873)
Net income attributable to the Company's stockholders 15,259 26,033
Comprehensive income:    
Net income 17,829 29,906
Other comprehensive income (loss), net of related taxes:    
Change in foreign currency translation adjustments (1,826) (645)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment 3,755 (4,755)
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge (2,798) 0
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0) (20) 0
Other changes in comprehensive income 16 5
Comprehensive income 16,956 24,511
Comprehensive income attributable to noncontrolling interest (1,997) (3,486)
Comprehensive income attributable to the Company's stockholders $ 14,959 $ 21,025
Earnings per share attributable to the Company's stockholders:    
Basic: (in dollars per share) $ 0.27 $ 0.51
Diluted: (in dollars per share) $ 0.27 $ 0.51
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:    
Basic (in shares) 55,988 51,036
Diluted (in shares) 56,735 51,526
Electricity [Member]    
Revenues:    
Revenue $ 144,988 $ 142,856
Cost of revenues:    
Cost of revenues 79,851 71,368
Product [Member]    
Revenues:    
Revenue 8,643 47,411
Cost of revenues:    
Cost of revenues 8,074 36,978
Energy Storage and Management Services [Member]    
Revenues:    
Revenue 12,721 1,846
Cost of revenues:    
Cost of revenues $ 4,780 $ 1,949
v3.21.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (Parentheticals)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
USD ($)
Change in unrealized gains or losses on marketable securities available-for-sale, tax $ 0
v3.21.1
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
Exercise of stock-based awards by employees and directors (in shares)                                           4            
Exercise of stock-based awards by employees and directors                                           $ 0 0 0 0 0 0 0
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 respect of derivative instruments designated for cash flow hedge                             $ 0 $ 0 $ 0 $ 13 $ 13 $ 0 $ 13             0
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment                                           0 0 0 (4,755) (4,755) 0 (4,755)
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge                                           $ 0 0 0 (8) (8) 0 (8)
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0)                                                       0
Other comprehensive income (loss)                                                       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, 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
Exercise of stock-based awards by employees and directors (in shares)                                           1            
Exercise of stock-based awards by employees and directors                                           $ 0 0 0 0 0 0 0
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 respect of derivative instruments designated for cash flow hedge                             $ 0 $ 0 $ 0 $ (2,798) $ (2,798) $ 0 $ (2,798)             (2,798)
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment                                           0 0 0 3,755 3,755 0 3,755
Stock issuance costs reimbursement                                           0 285 0 0 285 0 285
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)
Other comprehensive income (loss)                                           $ 0 0 0 16 16 0 16
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
v3.21.1
Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
$ / shares
Retained Earnings [Member]  
Cash dividend declared, per share (in dollars per share) $ 0.11
v3.21.1
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 17,829 $ 29,906
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 42,100 36,952
Accretion of asset retirement obligation 955 772
Stock-based compensation 2,097 1,989
Income attributable to sale of tax benefits, net of interest expense (4,245) (2,087)
Equity in losses (earnings) of investees (542) 735
Mark-to-market of derivative instruments 2,086 (561)
Loss on disposal of property, plant and equipment 91 88
Loss (gain) on severance pay fund asset 358 535
Deferred income tax provision (83) 15,123
Liability for unrecognized tax benefits 1,124 (83)
Changes in operating assets and liabilities, net of businesses acquired:    
Receivables 8,856 (25,008)
Costs and estimated earnings in excess of billings on uncompleted contracts 3,668 16,060
Inventories (3,087) 842
Prepaid expenses and other (7,259) 1,211
Change in operating lease right of use asset 658 784
Deposits and other 92 343
Accounts payable and accrued expenses 3,794 350
Billings in excess of costs and estimated earnings on uncompleted contracts 1,507 3,182
Liabilities for severance pay (547) (543)
Change in operating lease liabilities (493) (734)
Other long-term liabilities (35) (100)
Net cash provided by operating activities 68,924 79,756
Cash flows from investing activities:    
Purchase of marketable securities (27,755) 0
Capital expenditures (87,896) (80,375)
Investment in unconsolidated companies (2,005) (358)
Decrease (increase) in severance pay fund asset, net of payments made to retired employees 182 (87)
Net cash used in investing activities (117,474) (80,820)
Cash flows from financing activities:    
Repayments of commercial paper and prepayment of loans 0 (41,725)
Proceeds from revolving credit lines with banks 0 872,900
Repayment of revolving credit lines with banks 0 (642,950)
Cash received from noncontrolling interest 5,390 6,270
Repayments of long-term debt (16,573) (16,416)
Stock issuance costs reimbursement 285 0
Cash paid to noncontrolling interest (4,197) (3,279)
Payments under finance lease obligations (764) (675)
Deferred debt issuance costs (230) (416)
Cash dividends paid (6,718) (5,614)
Net cash provided by (used in) financing activities (22,807) 168,095
Effect of exchange rate changes (342) (365)
Net change in cash and cash equivalents and restricted cash and cash equivalents (71,699) 166,666
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 465,079 319,776
Supplemental non-cash investing and financing activities:    
Increase (decrease) in accounts payable related to purchases of property, plant and equipment (8,732) (1,436)
Right of use assets obtained in exchange for new lease liabilities $ 467 $ 1,194
v3.21.1
Note 1 - General and Basis of Presentation
 3 Months Ended
Mar. 31, 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 March 31, 2021, the condensed consolidated statements of operations and comprehensive income and the condensed consolidated statements of equity for the three months ended March 31, 2021 and 2020 and the condensed consolidated statements of cash flows for the three months ended March 31, 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 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 and adopting separate shifts 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 first quarter of 2021, the Company has experienced on one hand an easing of government restrictions in a few countries, mainly in Israel, and on the other hand a tightening of restrictions in other countries such as in Kenya, which has been under lockdown since the beginning of April of 2021. With respect to its employees, the Company has not laid-off or furloughed any employees due to the COVID-19 and 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. The Company took prompt steps to manage its expenses including responsible cost cutting measures and in addition, in order to support its capital expenditure and growth plans, in 2020 the Company raised $419.3 million through long term loans and $339.5 million through a public offering of its common stock. 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, during 2020 the Company received notices declaring a force majeure event in Kenya from Kenya Power and Lighting Co. Ltd. ("KPLC") and in Honduras from Empresa Nacional de Energía Eléctrica ("ENEE"), both of which had an immaterial impact and were ultimately removed during the year. In addition, the Company experienced a higher rate of curtailments during 2020 from KPLC in respect of its Olkaria complex and continued to experience certain curtailments in the first quarter of 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.

 

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.

 

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 our claim asserting that our insurance policy has coverage limitations. The Company has filed a lawsuit against those insurers that have not accepted its insurance claim. During the first quarter of 2021, the Company did not recognize any insurance income.

 

The Puna power plant resumed operations in November 2020 following a shut down period as a result of the damage caused by the volcano eruption and is currently operating at approximately 20 MW. On the field side, the Company connected one new injection well and another well is planned to be connected during the second quarter of 2021. It is expected that the operation of these two injection wells along with repairs to a bottoming turbine unit will gradually increase generating capacity of the Puna power plant to near its full levels by mid-2021, assuming connection of the wells to the power plant will be successful.

 

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 expansion, 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 new 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 March 31, 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 and that it does not expect to recover from the market. 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.

 

The Company is currently in discussions with ERCOT with respect to some of the imbalance charges and revenue allocated to its Demand Response services and customers, the outcome of which at may impact the final amount.

 

Write-offs of unsuccessful exploration activities

 

There were no write-offs of unsuccessful exploration activities for the three months ended March 31, 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:

 

  

March 31,

  

December 31,

  

March 31,

 
  

2021

  

2020

  

2020

 
  

(Dollars in thousands)

 

Cash and cash equivalents

 $376,630  $448,252  $231,149 

Restricted cash and cash equivalents

  88,449   88,526   88,627 

Total Cash and cash equivalents and restricted cash and cash equivalents

 $465,079  $536,778  $319,776 

 

Concentration of credit risk

 

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

 

The Company places its temporary cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At March 31, 2021 and December 31, 2020, the Company had deposits totaling $29.6 million and $18.9 million, respectively, in ten U.S. financial institutions that were federally insured up to $250,000 per account. At March 31, 2021 and December 31, 2020, the Company’s deposits in foreign countries amounted to approximately $75.4 million and $72.4 million, respectively.

 

At March 31, 2021 and December 31, 2020, accounts receivable related to operations in foreign countries amounted to approximately $102.8 million and $111.3 million, respectively. At March 31, 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 67% 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 March 31,

 
  

2021

  

2020

 

Sierra Pacific Power Company and Nevada Power Company

  21.4

%

  19.2

%

Southern California Public Power Authority (“SCPPA”)

  24.9   18.7 

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

  15.6   15.4 

 

The Company has historically been able to collect on substantially all of its receivable balances. As of March 31, 2021, the amount overdue from KPLC in Kenya was $47.3 million of which $10.7 million was paid during April 2021. These amounts represent an average of 76 days overdue. 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 quarter 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 March 31, 2021, the total amount overdue from ENEE was $5.5 million, of which the Company received payment of $2.4 million in April 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 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.

 

A

llowance 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 months ended March 31, 2021 and 2020 (all related to trade receivables):

 

  

Three Months Ended March 31,

 
  

2021

  

2020

 
  

(Dollars in thousands)

 

Beginning balance of the allowance for expected credit losses

 $597  $755 

Change in the provision for expected credit losses for the period

  —   24 

Ending balance of the allowance for expected credit losses

 $597  $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 March 31, 2021 and December 31, 2020 are as follows:

 

  

March 31,

  

December 31,

 
  

2021

  

2020

 
  

(Dollars in thousands)

 

Contract assets (*)

 $20,876  $24,544 

Contract liabilities (*)

 $(12,686) $(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 consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet recognized as product revenues during the three months ended March 31, 2021 as a result of performance obligations having not yet been satisfied.

 

On March 31, 2021, the Company had approximately $37.1 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 months ended March 31, 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 the lease income recognized as a lessor:

 

  

Three Months Ended March 31,

 
  

2021

  

2020

 
  

(Dollars in thousands)

 

Lease income relating to lease payments from operating leases

 $125,746  $126,076 

 

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 duration and 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 maturities of 90 days or less that meet all classification criteria of cash equivalents 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.

 

 

 
v3.21.1
Note 2 - New Accounting Pronouncements
 3 Months Ended
Mar. 31, 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 three months period ended March 31, 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 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.

 
v3.21.1
Note 3 - Inventories
 3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Inventory Disclosure [Text Block]

NOTE 3 — INVENTORIES

 

Inventories consist of the following:

 

   

March 31,

    

December 31,

  
   

2021

    

2020

  
   

(Dollars in thousands)

  

Raw materials and purchased parts for assembly

   $ 14,081     $ 14,835  

Self-manufactured assembly parts and finished products

     24,327       20,486  

Total inventories

   $ 38,408     $ 35,321  

 

 

 

 
v3.21.1
Note 4 - Marketable Securities
 3 Months Ended
Mar. 31, 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:

 

  

March 31, 2021

 
  

Amortized cost

  

Gross

unrealized gains

  

Gross unrealized

losses

  

Fair value

 
  

(Dollars in thousands)

 

Debt security type:

                

Corporate bonds

 $17,578  $—  $(12) $17,653 

Commercial paper

  7,768   —   —   7,768 

Money market funds

  3,751   —   —   3,751 

Foreign issuers

  2,856   —   (8)  2,873 

Municipal bonds

  931   —   —   937 

Total debt securities available for sale

 $32,884  $—  $(20) $32,982 

 

As of March 31, 2021, approximately $5.2 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:

 

  

March 31, 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

 $17,653  $(12) $—  $— 

Commercial paper

  7,768   —   —   — 

Money market funds

  3,751   —   —   — 

Foreign issuers

  2,873   (8)  —   — 

Municipal bonds

  937   —   —   — 

Total debt securities available for sale

 $32,982  $(20) $—  $— 

 

 

There were no sales of investments in debt securities during the three months ended March 31, 2021 and 2020.

 
v3.21.1
Note 5 - Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 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 March 31, 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.

 

      

March 31, 2021

 
      

Fair Value

 
  

Carrying

Value at

March 31,

2021

  

Total

  

Level 1

  

Level 2

  

Level 3

 
  

(Dollars in thousands)

 

Assets:

                    

Current assests:

                    

Cash equivalents (including restricted cash accounts)

 $39,229  $39,229  $39,229  $—  $— 

Marketable securities (including cash equivalents)

  32,884   32,884   32,884   —   — 

Derivatives:

                    

Long-term Assets:

                    

Cross currency swap (3)

  14,419   14,419   —   14,419   — 

Liabilities:

                    

Current liabilities:

                    

Derivatives:

                    

Swap transaction on RRS prices (4)

  (14,540)  (14,540)  (14,540)  —   — 

Cross currency swap (3)

  (2,672)  (2,672)  —   (2,672)  — 

Currency forward contracts (2)

  (532)  (532)  —   (532)  — 

Long term liabilities:

                    

Contingent payables (1)

  (2,514)  (2,514)  —   —   (2,514)
  $66,274  $66,274  $57,573  $11,215  $(2,514)

 

 

      

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 March 31, 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” and “Accounts payable and accrued expenses”, as applicable, on March 31, 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 March 31, 2021 and December 31, 2020, as applicable. These amounts are included within “Deposits and other” and "Accounts payable and accrued expenses", as applicable, on March 31, 2021 and December 31, 2020 in the condensed consolidated balance sheets. There are no cash collateral deposits on March 31, 2021 and December 31, 2020.

 

 

4.

This amount relates to a price swap contract valued primarily based on observable inputs, including market prices per MWH multiplied by notional amounts, and is included within “Accounts payable and accrued expenses” on March 31, 2021 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.

 

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)

 

Derivatives not designated as

hedging instruments

 

Location of recognized gain

(loss)

 

Three Months Ended

March 31,

 
    

2021

  

2020

 
           

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)

 $85  $1,090 
           

Derivatives designated as cash

flow hedging instruments

          
           

Cross currency swap (2)

 

Derivative and foreign currency transaction gains (losses)

 $(11,102) $— 

 

(1) The foregoing currency forward and price swap transactions were not designated as hedge transactions and are marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income. The price swap transaction relates 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 three months ended March 31, 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 months ended March 31, 2021:

 

  

Balance in Other

comprehensive income

(loss) beginning of

period

  

Gain or (loss)

recognized in Other

comprehensive income

(loss)

  

Amount reclassified

from Other

comprehensive income

(loss) into earnings

  

Balance in Other

comprehensive income

(loss) end of period

 

Cash flow hedge:

                

Cross currency swap

 $3,366  $(13,900) $11,102  $568 

 

The estimated net amount of existing gain (loss) that is reported in "Accumulated other comprehensive income (loss)" as of March 31, 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

 
  

March 31,

2021

  

December 31,

2020

  

March 31,

2021

  

December 31,

2020

 
  

(Dollars in millions)

  

(Dollars in millions)

 

Olkaria III Loan - DFC

 $184.2  $192.5  $170.2  $174.7 

Olkaria III plant 4 Loan - DEG 2

  40.6   40.4   37.5   37.5 

Olkaria III plant 1 Loan - DEG 3

  35.8   35.8   32.8   32.8 

Platanares Loan - DFC

  107.0   112.1   94.2   96.3 

Amatitlan Loan

  22.6   23.5   21.9   22.8 

Senior Secured Notes:

                

OFC 2 LLC ("OFC 2")

  197.5   207.9   183.6   188.2 

Don A. Campbell 1 ("DAC 1")

  74.4   78.5   71.5   73.1 

USG Prudential - NV

  30.2   31.8   27.4   27.6 

USG Prudential - ID

  17.4   18.3   17.6   18.4 

USG DOE

  41.7   45.1   36.8   38.2 

Senior Unsecured Bonds

  565.8   585.1   518.0   529.1 

Senior Unsecured Loan

  215.7   222.2   200.0   200.0 

Plumstriker

  17.8   18.1   17.8   18.1 

Other long-term debt

  16.2   17.4   16.5   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 financial instruments such as revolving lines of credit and deposits approximates fair value.

 

The following table presents the fair value of financial instruments as of March 31, 2021: 

 

  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 

Olkaria III - DFC

 $—  $—  $184.2  $184.2 

Olkaria III plant 4 Loan - DEG 2

  —   —   40.6   40.6 

Olkaria III plant 1 Loan - DEG 3

  —   —   35.8   35.8 

Platanares Loan - DFC

  —   —   107.0   107.0 

Amatitlan Loan

  —   22.6   —   22.6 

Senior Secured Notes:

                

OFC 2 Senior Secured Notes

  —   —   197.5   197.5 

DAC 1 Senior Secured Notes

  —   —   74.4   74.4 

USG Prudential - NV

  —   —   30.2   30.2 

USG Prudential - ID

  —   —   17.4   17.4 

USG DOE

  —   —   41.7   41.7 

Senior Unsecured Bonds

  —   —   565.8   565.8 

Senior Unsecured Loan

  —   —   215.7   215.7 

Plumstriker

  —   17.8   —   17.8 

Other long-term debt

  —   —   16.2   16.2 

Deposits

  15.1   —   —   15.1 

 

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 

 

 

 
v3.21.1
Note 6 - Stock-based Compensation
 3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]

NOTE 6 — STOCK-BASED COMPENSATION

 

There were no material grants during the first quarter of 2021.

 

 

 
v3.21.1
Note 7 - Interest Expense, Net
 3 Months Ended
Mar. 31, 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

March 31,

 
  

2021

  

2020

 
  

(Dollars in thousands)

 

Interest related to sale of tax benefits

 $2,394  $2,324 

Interest expense

  19,674   17,166 

Less — amount capitalized

  (3,052)  (2,217)

Total interest expense, net

 $19,016  $17,273 

 
v3.21.1
Note 8 - Earnings Per Share
 3 Months Ended
Mar. 31, 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

March 31,

 
  

2021

  

2020

 
         

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

  55,988   51,036 

Additional shares from the assumed exercise of employee stock awards

  747   490 

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

  56,735   51,526 

 

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 13.9 thousand and 4.5 thousand for the three months ended March 31, 2021 and 2020, respectively.

 
v3.21.1
Note 9 - Business Segments
 3 Months Ended
Mar. 31, 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 has renamed this reporting segment "Energy Storage" starting with 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 March 31, 2021:

                

Revenues from external customers:

                

United States (1)

 $98,976  $1,853  $12,721  $113,550 

Foreign (2)

  46,012   6,790   —   52,802 

Net revenue from external customers

  144,988   8,643   12,721   166,352 

Intersegment revenues (4)

  —   25,334   —   — 

Operating income (loss)

  47,749   (1,211)  3,351   49,889 

Segment assets at period end (3) (*)

  3,577,745   140,039   141,429   3,859,213 

* Including unconsolidated investments

  104,519   —   —   104,519 
                 

Three Months Ended March 31, 2020:

                

Revenues from external customers:

                

United States (1)

 $91,692  $398  $1,846  $93,936 

Foreign (2)

  51,164   47,013   —   98,177 

Net revenue from external customers

  142,856   47,411   1,846   192,113 

Intersegment revenues (4)

  —   8,656   —   — 

Operating income (loss)

  58,630   3,872   (1,445)  61,057 

Segment assets at period end (3) (*)

  3,139,603   230,831   75,179   3,445,613 

* Including unconsolidated investments

  76,008   —   —   76,008 

 

 

(1)

Electricity segment revenues in the United States are all accounted under lease accounting except for $19.2 million and $16.8 million in the three months ended March 31, 2021 and 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 $20.1 million and $20.0 million as of March 31, 2021 and 2020, respectively. Energy Storage segment assets include goodwill in the amount of $4.1 million and none as of March 31, 2021 and 2020, respectively. No goodwill is included in the Product segment assets as of March 31, 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

March 31,

 
  

2021

  

2020

 
  

(Dollars in thousands)

 

Revenues:

        

Total segment revenues

 $166,352  $192,113 

Intersegment revenues

  25,334   8,656 

Elimination of intersegment revenues

  (25,334)  (8,656)

Total consolidated revenues

 $166,352  $192,113 
         

Operating income:

        

Operating income

 $49,889  $61,057 

Interest income

  263   402 

Interest expense, net

  (19,016)  (17,273)

Derivatives and foreign currency transaction gains (losses)

  (16,866)  393 

Income attributable to sale of tax benefits

  6,355   4,132 

Other non-operating income (expense), net

  (331)  78 

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

 $20,294  $48,789 

 
v3.21.1
Note 10 - Commitments and Contingencies
 3 Months Ended
Mar. 31, 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 defendants, who include existing and former directors and officers of the Company. 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.

 

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 DOJ related to the claims.

 
v3.21.1
Note 11 - Income Taxes
 3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

NOTE 11 — INCOME TAXES

 

The Company’s effective tax rate expense (benefit) for the three months ended March 31, 2021 and 2020 was 14.8% and 37.2%, respectively. The effective rate differs from the federal statutory rate of 21% for the three months ended March 31, 2021 primarily due to the income tax benefit recognized during the first quarter of 2021 related to the reduced Israel tax rate on preferred technological income for tax years 2019 and 2020, partially offset by the mix of business in various countries with higher statutory tax rates than the federal statutory tax rate and new reserves established for unrecognized tax benefits.

 

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 three months ended March 31, 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.

 

 

 

 
v3.21.1
Note 12 - Subsequent Events
 3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 12 — SUBSEQUENT EVENTS

 

Cash Dividend

 

On May 5, 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 May 18, 2021, payable on June 1, 2021.

 
v3.21.1
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 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 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 and adopting separate shifts 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 first quarter of 2021, the Company has experienced on one hand an easing of government restrictions in a few countries, mainly in Israel, and on the other hand a tightening of restrictions in other countries such as in Kenya, which has been under lockdown since the beginning of April of 2021. With respect to its employees, the Company has not laid-off or furloughed any employees due to the COVID-19 and 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. The Company took prompt steps to manage its expenses including responsible cost cutting measures and in addition, in order to support its capital expenditure and growth plans, in 2020 the Company raised $419.3 million through long term loans and $339.5 million through a public offering of its common stock. 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, during 2020 the Company received notices declaring a force majeure event in Kenya from Kenya Power and Lighting Co. Ltd. ("KPLC") and in Honduras from Empresa Nacional de Energía Eléctrica ("ENEE"), both of which had an immaterial impact and were ultimately removed during the year. In addition, the Company experienced a higher rate of curtailments during 2020 from KPLC in respect of its Olkaria complex and continued to experience certain curtailments in the first quarter of 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.

 

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.

 
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 our claim asserting that our insurance policy has coverage limitations. The Company has filed a lawsuit against those insurers that have not accepted its insurance claim. During the first quarter of 2021, the Company did not recognize any insurance income.

 

The Puna power plant resumed operations in November 2020 following a shut down period as a result of the damage caused by the volcano eruption and is currently operating at approximately 20 MW. On the field side, the Company connected one new injection well and another well is planned to be connected during the second quarter of 2021. It is expected that the operation of these two injection wells along with repairs to a bottoming turbine unit will gradually increase generating capacity of the Puna power plant to near its full levels by mid-2021, assuming connection of the wells to the power plant will be successful.

 

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 expansion, 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 new 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 March 31, 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 and that it does not expect to recover from the market. 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.

 

The Company is currently in discussions with ERCOT with respect to some of the imbalance charges and revenue allocated to its Demand Response services and customers, the outcome of which at 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 months ended March 31, 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:

 

  

March 31,

  

December 31,

  

March 31,

 
  

2021

  

2020

  

2020

 
  

(Dollars in thousands)

 

Cash and cash equivalents

 $376,630  $448,252  $231,149 

Restricted cash and cash equivalents

  88,449   88,526   88,627 

Total Cash and cash equivalents and restricted cash and cash equivalents

 $465,079  $536,778  $319,776 

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

Concentration of credit risk

 

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

 

The Company places its temporary cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At March 31, 2021 and December 31, 2020, the Company had deposits totaling $29.6 million and $18.9 million, respectively, in ten U.S. financial institutions that were federally insured up to $250,000 per account. At March 31, 2021 and December 31, 2020, the Company’s deposits in foreign countries amounted to approximately $75.4 million and $72.4 million, respectively.

 

At March 31, 2021 and December 31, 2020, accounts receivable related to operations in foreign countries amounted to approximately $102.8 million and $111.3 million, respectively. At March 31, 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 67% 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 March 31,

 
  

2021

  

2020

 

Sierra Pacific Power Company and Nevada Power Company

  21.4

%

  19.2

%

Southern California Public Power Authority (“SCPPA”)

  24.9   18.7 

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

  15.6   15.4 

 

The Company has historically been able to collect on substantially all of its receivable balances. As of March 31, 2021, the amount overdue from KPLC in Kenya was $47.3 million of which $10.7 million was paid during April 2021. These amounts represent an average of 76 days overdue. 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 quarter 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 March 31, 2021, the total amount overdue from ENEE was $5.5 million, of which the Company received payment of $2.4 million in April 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 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.

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

llowance 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 months ended March 31, 2021 and 2020 (all related to trade receivables):

 

  

Three Months Ended March 31,

 
  

2021

  

2020

 
  

(Dollars in thousands)

 

Beginning balance of the allowance for expected credit losses

 $597  $755 

Change in the provision for expected credit losses for the period

  —   24 

Ending balance of the allowance for expected credit losses

 $597  $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 March 31, 2021 and December 31, 2020 are as follows:

 

  

March 31,

  

December 31,

 
  

2021

  

2020

 
  

(Dollars in thousands)

 

Contract assets (*)

 $20,876  $24,544 

Contract liabilities (*)

 $(12,686) $(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 consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet recognized as product revenues during the three months ended March 31, 2021 as a result of performance obligations having not yet been satisfied.

 

On March 31, 2021, the Company had approximately $37.1 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 months ended March 31, 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 the lease income recognized as a lessor:

 

  

Three Months Ended March 31,

 
  

2021

  

2020

 
  

(Dollars in thousands)

 

Lease income relating to lease payments from operating leases

 $125,746  $126,076 

 
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 duration and 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 maturities of 90 days or less that meet all classification criteria of cash equivalents 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.

 
v3.21.1
Note 1 - General and Basis of Presentation (Tables)
 3 Months Ended
Mar. 31, 2021
Notes Tables  
Schedule of Cash and Cash Equivalents [Table Text Block]
  

March 31,

  

December 31,

  

March 31,

 
  

2021

  

2020

  

2020

 
  

(Dollars in thousands)

 

Cash and cash equivalents

 $376,630  $448,252  $231,149 

Restricted cash and cash equivalents

  88,449   88,526   88,627 

Total Cash and cash equivalents and restricted cash and cash equivalents

 $465,079  $536,778  $319,776 
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]
  

Three Months Ended March 31,

 
  

2021

  

2020

 

Sierra Pacific Power Company and Nevada Power Company

  21.4

%

  19.2

%

Southern California Public Power Authority (“SCPPA”)

  24.9   18.7 

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

  15.6   15.4 
Accounts Receivable, Allowance for Credit Loss [Table Text Block]
  

Three Months Ended March 31,

 
  

2021

  

2020

 
  

(Dollars in thousands)

 

Beginning balance of the allowance for expected credit losses

 $597  $755 

Change in the provision for expected credit losses for the period

  —   24 

Ending balance of the allowance for expected credit losses

 $597  $779 
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]
  

March 31,

  

December 31,

 
  

2021

  

2020

 
  

(Dollars in thousands)

 

Contract assets (*)

 $20,876  $24,544 

Contract liabilities (*)

 $(12,686) $(11,179)
Operating Lease, Lease Income [Table Text Block]
  

Three Months Ended March 31,

 
  

2021

  

2020

 
  

(Dollars in thousands)

 

Lease income relating to lease payments from operating leases

 $125,746  $126,076 
v3.21.1
Note 3 - Inventories (Tables)
 3 Months Ended
Mar. 31, 2021
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
   

March 31,

    

December 31,

  
   

2021

    

2020

  
   

(Dollars in thousands)

  

Raw materials and purchased parts for assembly

   $ 14,081     $ 14,835  

Self-manufactured assembly parts and finished products

     24,327       20,486  

Total inventories

   $ 38,408     $ 35,321  
v3.21.1
Note 4 - Marketable Securities (Tables)
 3 Months Ended
Mar. 31, 2021
Notes Tables  
Debt Securities, Available-for-sale [Table Text Block]
  

March 31, 2021

 
  

Amortized cost

  

Gross

unrealized gains

  

Gross unrealized

losses

  

Fair value

 
  

(Dollars in thousands)

 

Debt security type:

                

Corporate bonds

 $17,578  $—  $(12) $17,653 

Commercial paper

  7,768   —   —   7,768 

Money market funds

  3,751   —   —   3,751 

Foreign issuers

  2,856   —   (8)  2,873 

Municipal bonds

  931   —   —   937 

Total debt securities available for sale

 $32,884  $—  $(20) $32,982 
Investments Classified by Contractual Maturity Date [Table Text Block]
  

March 31, 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

 $17,653  $(12) $—  $— 

Commercial paper

  7,768   —   —   — 

Money market funds

  3,751   —   —   — 

Foreign issuers

  2,873   (8)  —   — 

Municipal bonds

  937   —   —   — 

Total debt securities available for sale

 $32,982  $(20) $—  $— 
v3.21.1
Note 5 - Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2021
Notes Tables  
Fair Value, by Balance Sheet Grouping [Table Text Block]
      

March 31, 2021

 
      

Fair Value

 
  

Carrying

Value at

March 31,

2021

  

Total

  

Level 1

  

Level 2

  

Level 3

 
  

(Dollars in thousands)

 

Assets:

                    

Current assests:

                    

Cash equivalents (including restricted cash accounts)

 $39,229  $39,229  $39,229  $—  $— 

Marketable securities (including cash equivalents)

  32,884   32,884   32,884   —   — 

Derivatives:

                    

Long-term Assets:

                    

Cross currency swap (3)

  14,419   14,419   —   14,419   — 

Liabilities:

                    

Current liabilities:

                    

Derivatives:

                    

Swap transaction on RRS prices (4)

  (14,540)  (14,540)  (14,540)  —   — 

Cross currency swap (3)

  (2,672)  (2,672)  —   (2,672)  — 

Currency forward contracts (2)

  (532)  (532)  —   (532)  — 

Long term liabilities:

                    

Contingent payables (1)

  (2,514)  (2,514)  —   —   (2,514)
  $66,274  $66,274  $57,573  $11,215  $(2,514)
      

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)

 

Derivatives not designated as

hedging instruments

 

Location of recognized gain

(loss)

 

Three Months Ended

March 31,

 
    

2021

  

2020

 
           

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)

 $85  $1,090 
           

Derivatives designated as cash

flow hedging instruments

          
           

Cross currency swap (2)

 

Derivative and foreign currency transaction gains (losses)

 $(11,102) $— 
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]
  

Balance in Other

comprehensive income

(loss) beginning of

period

  

Gain or (loss)

recognized in Other

comprehensive income

(loss)

  

Amount reclassified

from Other

comprehensive income

(loss) into earnings

  

Balance in Other

comprehensive income

(loss) end of period

 

Cash flow hedge:

                

Cross currency swap

 $3,366  $(13,900) $11,102  $568 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
  

Fair Value

  

Carrying Amount

 
  

March 31,

2021

  

December 31,

2020

  

March 31,

2021

  

December 31,

2020

 
  

(Dollars in millions)

  

(Dollars in millions)

 

Olkaria III Loan - DFC

 $184.2  $192.5  $170.2  $174.7 

Olkaria III plant 4 Loan - DEG 2

  40.6   40.4   37.5   37.5 

Olkaria III plant 1 Loan - DEG 3

  35.8   35.8   32.8   32.8 

Platanares Loan - DFC

  107.0   112.1   94.2   96.3 

Amatitlan Loan

  22.6   23.5   21.9   22.8 

Senior Secured Notes:

                

OFC 2 LLC ("OFC 2")

  197.5   207.9   183.6   188.2 

Don A. Campbell 1 ("DAC 1")

  74.4   78.5   71.5   73.1 

USG Prudential - NV

  30.2   31.8   27.4   27.6 

USG Prudential - ID

  17.4   18.3   17.6   18.4 

USG DOE

  41.7   45.1   36.8   38.2 

Senior Unsecured Bonds

  565.8   585.1   518.0   529.1 

Senior Unsecured Loan

  215.7   222.2   200.0   200.0 

Plumstriker

  17.8   18.1   17.8   18.1 

Other long-term debt

  16.2   17.4   16.5   17.6 
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]
  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 

Olkaria III - DFC

 $—  $—  $184.2  $184.2 

Olkaria III plant 4 Loan - DEG 2

  —   —   40.6   40.6 

Olkaria III plant 1 Loan - DEG 3

  —   —   35.8   35.8 

Platanares Loan - DFC

  —   —   107.0   107.0 

Amatitlan Loan

  —   22.6   —   22.6 

Senior Secured Notes:

                

OFC 2 Senior Secured Notes

  —   —   197.5   197.5 

DAC 1 Senior Secured Notes

  —   —   74.4   74.4 

USG Prudential - NV

  —   —   30.2   30.2 

USG Prudential - ID

  —   —   17.4   17.4 

USG DOE

  —   —   41.7   41.7 

Senior Unsecured Bonds

  —   —   565.8   565.8 

Senior Unsecured Loan

  —   —   215.7   215.7 

Plumstriker

  —   17.8   —   17.8 

Other long-term debt

  —   —   16.2   16.2 

Deposits

  15.1   —   —   15.1 
  

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 
v3.21.1
Note 7 - Interest Expense, Net (Tables)
 3 Months Ended
Mar. 31, 2021
Notes Tables  
Schedule of Other Nonoperating Expense, by Component [Table Text Block]
  

Three Months Ended

March 31,

 
  

2021

  

2020

 
  

(Dollars in thousands)

 

Interest related to sale of tax benefits

 $2,394  $2,324 

Interest expense

  19,674   17,166 

Less — amount capitalized

  (3,052)  (2,217)

Total interest expense, net

 $19,016  $17,273 
v3.21.1
Note 8 - Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2021
Notes Tables  
Schedule of Weighted Average Number of Shares [Table Text Block]
  

Three Months Ended

March 31,

 
  

2021

  

2020

 
         

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

  55,988   51,036 

Additional shares from the assumed exercise of employee stock awards

  747   490 

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

  56,735   51,526 
v3.21.1
Note 9 - Business Segments (Tables)
 3 Months Ended
Mar. 31, 2021
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
  

Electricity

  

Product

  

Energy

Storage

  

Consolidated

 
  

(Dollars in thousands)

 

Three Months Ended March 31, 2021:

                

Revenues from external customers:

                

United States (1)

 $98,976  $1,853  $12,721  $113,550 

Foreign (2)

  46,012   6,790   —   52,802 

Net revenue from external customers

  144,988   8,643   12,721   166,352 

Intersegment revenues (4)

  —   25,334   —   — 

Operating income (loss)

  47,749   (1,211)  3,351   49,889 

Segment assets at period end (3) (*)

  3,577,745   140,039   141,429   3,859,213 

* Including unconsolidated investments

  104,519   —   —   104,519 
                 

Three Months Ended March 31, 2020:

                

Revenues from external customers:

                

United States (1)

 $91,692  $398  $1,846  $93,936 

Foreign (2)

  51,164   47,013   —   98,177 

Net revenue from external customers

  142,856   47,411   1,846   192,113 

Intersegment revenues (4)

  —   8,656   —   — 

Operating income (loss)

  58,630   3,872   (1,445)  61,057 

Segment assets at period end (3) (*)

  3,139,603   230,831   75,179   3,445,613 

* Including unconsolidated investments

  76,008   —   —   76,008 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]
  

Three Months Ended

March 31,

 
  

2021

  

2020

 
  

(Dollars in thousands)

 

Revenues:

        

Total segment revenues

 $166,352  $192,113 

Intersegment revenues

  25,334   8,656 

Elimination of intersegment revenues

  (25,334)  (8,656)

Total consolidated revenues

 $166,352  $192,113 
         

Operating income:

        

Operating income

 $49,889  $61,057 

Interest income

  263   402 

Interest expense, net

  (19,016)  (17,273)

Derivatives and foreign currency transaction gains (losses)

  (16,866)  393 

Income attributable to sale of tax benefits

  6,355   4,132 

Other non-operating income (expense), net

  (331)  78 

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

 $20,294  $48,789 
v3.21.1
Note 1 - General and Basis of Presentation 1 (Details Textual)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2021
USD ($)
Feb. 28, 2021
USD ($)
Mar. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Proceeds from Issuance of Long-term Debt, Total       $ 419,300
Proceeds from Issuance of Common Stock       339,500
Loss from Catastrophes   $ 9,100    
Cash, FDIC Insured Amount     $ 29,600 18,900
Cash, Uninsured Amount     75,400 72,400
Accounts Receivable, after Allowance for Credit Loss, Current, Total     139,711 $ 149,170
Product [Member]        
Revenue, Remaining Performance Obligation, Amount     $ 37,100  
Revenue, Remaining Performance Obligation, Percentage     100.00%  
Kenya Power and Lighting Co LTD [Member]        
Accounts Receivable, Past Due     $ 47,300  
Accounts Receivable, Past Due, Average Number of Days Overdue     76  
Kenya Power and Lighting Co LTD [Member] | Subsequent Event [Member]        
Proceeds from (Repayments of) Accounts Receivable Securitization, Total $ 10,700      
ENNE [Member]        
Accounts Receivable, Past Due     $ 5,500  
ENNE [Member] | Subsequent Event [Member]        
Proceeds from (Repayments of) Accounts Receivable Securitization, Total $ 2,400      
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member]        
Concentration Risk, Percentage     67.00% 65.00%
Non-US [Member]        
Accounts Receivable, after Allowance for Credit Loss, Current, Total     $ 102,800 $ 111,300
General and Administrative Expense [Member]        
Accounts Receivable, Credit Loss Expense (Reversal)     $ 3,000  
v3.21.1
Note 1 - General and Basis of Presentation 2 (Details Textual)
Mar. 31, 2021
Product [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) 24 years
v3.21.1
Note 1 - General and Basis of Presentation - Cash and Restricted Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Mar. 31, 2020
Dec. 31, 2019
Cash and cash equivalents $ 376,630 $ 448,252 $ 231,149  
Restricted cash and cash equivalents 88,449 88,526 88,627  
Total Cash and cash equivalents and restricted cash and cash equivalents $ 465,079 $ 536,778 $ 319,776 $ 153,110
v3.21.1
Note 1 - General and Basis of Presentation - Customers as a Percentage of Total Revenues (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member]
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Sierra Pacific Power Company And Nevada Power Company [Member]    
Percent of revenues 21.40% 19.20%
Southern California Public Power Authority [Member]    
Percent of revenues 24.90% 18.70%
Kenya Power and Lighting Co LTD [Member]    
Percent of revenues 15.60% 15.40%
v3.21.1
Note 1 - General and Basis of Presentation - Changes in the Allowance for Expected Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Beginning balance of the allowance for expected credit losses $ 597  
Ending balance of the allowance for expected credit losses 597  
Accounting Standards Update 2016-13 [Member]    
Beginning balance of the allowance for expected credit losses 597 $ 755
Change in the provision for expected credit losses for the period 0 24
Ending balance of the allowance for expected credit losses $ 597 $ 779
v3.21.1
Note 1 - General and Basis of Presentation - Contract Assets (Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Contract assets (*) [1] $ 20,876 $ 24,544
Contract liabilities (*) [1] $ (12,686) $ (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 consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet recognized as product revenues during the three months ended March 31, 2021 as a result of performance obligations having been satisfied.
v3.21.1
Note 1 - General and Basis of Presentation - Lease Income as Lessor (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Lease income relating to lease payments from operating leases $ 125,746 $ 126,076
v3.21.1
Note 3 - Inventories - Inventories, Current (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Raw materials and purchased parts for assembly $ 14,081 $ 14,835
Self-manufactured assembly parts and finished products 24,327 20,486
Total inventories $ 38,408 $ 35,321
v3.21.1
Note 4 - Marketable Securities (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Debt Securities, Available-for-sale, Total $ 27,735   $ 0
Proceeds from Sale of Debt Securities, Available-for-sale 0 $ 0  
Cash and Cash Equivalents [Member]      
Debt Securities, Available-for-sale, Total $ 5,200    
v3.21.1
Note 4 - Marketable Securities - Investment in Marketable Securities (Details)
$ in Thousands
Mar. 31, 2021
USD ($)
Amortized cost $ 32,884
Gross unrealized gains 0
Gross unrealized losses (20)
Fair value 32,982
Corporate Debt Securities [Member]  
Amortized cost 17,578
Gross unrealized gains 0
Gross unrealized losses (12)
Fair value 17,653
Commercial Paper [Member]  
Amortized cost 7,768
Gross unrealized gains 0
Gross unrealized losses 0
Fair value 7,768
Money Market Funds [Member]  
Amortized cost 3,751
Gross unrealized gains 0
Gross unrealized losses 0
Fair value 3,751
Debt Security, Corporate, Non-US [Member]  
Amortized cost 2,856
Gross unrealized gains 0
Gross unrealized losses (8)
Fair value 2,873
Municipal Bonds [Member]  
Amortized cost 931
Gross unrealized gains 0
Gross unrealized losses 0
Fair value $ 937
v3.21.1
Note 4 - Marketable Securities - Fair Value and Gross Unrealized Losses (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Fair value $ 27,735 $ 0
Gross unrealized losses (20)  
Maturity, Less Than 12 Months [Member]    
Fair value 32,982  
Gross unrealized losses (20)  
Maturity, Greater Than 12 Months [Member]    
Fair value 0  
Gross unrealized losses 0  
Corporate Debt Securities [Member]    
Gross unrealized losses (12)  
Corporate Debt Securities [Member] | Maturity, Less Than 12 Months [Member]    
Fair value 17,653  
Gross unrealized losses (12)  
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 7,768  
Gross unrealized losses 0  
Commercial Paper [Member] | Maturity, Greater Than 12 Months [Member]    
Fair value 0  
Gross unrealized losses 0  
Money Market Funds [Member]    
Gross unrealized losses 0  
Money Market Funds [Member] | Maturity, Less Than 12 Months [Member]    
Fair value 3,751  
Gross unrealized losses 0  
Money Market Funds [Member] | Maturity, Greater Than 12 Months [Member]    
Fair value 0  
Gross unrealized losses 0  
Debt Security, Corporate, Non-US [Member]    
Gross unrealized losses (8)  
Debt Security, Corporate, Non-US [Member] | Maturity, Less Than 12 Months [Member]    
Fair value 2,873  
Gross unrealized losses (8)  
Debt Security, Corporate, Non-US [Member] | Maturity, Greater Than 12 Months [Member]    
Fair value 0  
Gross unrealized losses 0  
Municipal Bonds [Member]    
Gross unrealized losses 0  
Municipal Bonds [Member] | Maturity, Less Than 12 Months [Member]    
Fair value 937  
Gross unrealized losses 0  
Municipal Bonds [Member] | Maturity, Greater Than 12 Months [Member]    
Fair value 0  
Gross unrealized losses $ 0  
v3.21.1
Note 5 - Fair Value of Financial Instruments (Details Textual) - USD ($)
$ in Thousands
Mar. 31, 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
v3.21.1
Note 5 - Fair Value of Financial Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Debt Securities, Available-for-sale, Total $ 27,735,000 $ 0
Reported Value Measurement [Member]    
Cash equivalents (including restricted cash accounts) 39,229,000 28,653,000
Debt Securities, Available-for-sale, Total 32,884  
Fair Value, Net Asset (Liability), Total 66,274,000 52,685,000
Reported Value Measurement [Member] | Contingent Receivable [Member]    
Derivative Asset, Current   111,000
Reported Value Measurement [Member] | Currency Forward Contracts [Member]    
Derivatives, current [1] (532,000)  
Derivative Asset, Current [2]   1,554,000
Reported Value Measurement [Member] | Cross Currency Interest Rate Contract [Member]    
Derivative Asset, Noncurrent [3] 14,419,000 27,829,000
Derivatives, current (2,672,000) [1] (2,283,000) [2]
Reported Value Measurement [Member] | Swap Transaction on RRS Prices [Member]    
Derivatives, current [4] (14,540)  
Reported Value Measurement [Member] | Contingent Payable [Member]    
Derivatives, current [5]   (549,000)
Derivatives, noncurrent [5] (2,514,000) (2,630,000)
Estimate of Fair Value Measurement [Member]    
Cash equivalents (including restricted cash accounts) 39,229,000 28,653,000
Debt Securities, Available-for-sale, Total 32,884  
Fair Value, Net Asset (Liability), Total 66,274,000 52,685,000
Estimate of Fair Value Measurement [Member] | Contingent Receivable [Member]    
Derivative Asset, Current   111,000
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member]    
Derivatives, current [1] (532,000)  
Derivative Asset, Current [2]   1,554,000
Estimate of Fair Value Measurement [Member] | Cross Currency Interest Rate Contract [Member]    
Derivative Asset, Noncurrent [3] 14,419,000 27,829,000
Derivatives, current (2,672,000) [1] (2,283,000) [2]
Estimate of Fair Value Measurement [Member] | Swap Transaction on RRS Prices [Member]    
Derivatives, current [4] (14,540)  
Estimate of Fair Value Measurement [Member] | Contingent Payable [Member]    
Derivatives, current [5]   (549,000)
Derivatives, noncurrent [5] (2,514,000) (2,630,000)
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Cash equivalents (including restricted cash accounts) 39,229,000 28,653,000
Debt Securities, Available-for-sale, Total 32,884  
Fair Value, Net Asset (Liability), Total 57,573,000 28,653,000
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Receivable [Member]    
Derivative Asset, Current   0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Currency Forward Contracts [Member]    
Derivatives, current [1] 0  
Derivative Asset, Current [2]   0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Cross Currency Interest Rate Contract [Member]    
Derivative Asset, Noncurrent [3] 0 0
Derivatives, current 0 [1] 0 [2]
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Swap Transaction on RRS Prices [Member]    
Derivatives, current [4] (14,540)  
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Payable [Member]    
Derivatives, current [5]   0
Derivatives, noncurrent [5] 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 11,215,000 27,100,000
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Receivable [Member]    
Derivative Asset, Current   0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Forward Contracts [Member]    
Derivatives, current [1] (532,000)  
Derivative Asset, Current [2]   1,554,000
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Cross Currency Interest Rate Contract [Member]    
Derivative Asset, Noncurrent [3] 14,419,000 27,829,000
Derivatives, current (2,672,000) [1] (2,283,000) [2]
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Swap Transaction on RRS Prices [Member]    
Derivatives, current [4] 0  
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Payable [Member]    
Derivatives, current [5]   0
Derivatives, noncurrent [5] 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 (2,514,000) (3,068,000)
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Receivable [Member]    
Derivative Asset, Current   111,000
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Currency Forward Contracts [Member]    
Derivatives, current [1] 0  
Derivative Asset, Current [2]   0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Cross Currency Interest Rate Contract [Member]    
Derivative Asset, Noncurrent [3] 0 0
Derivatives, current 0 [1] 0 [2]
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Swap Transaction on RRS Prices [Member]    
Derivatives, current [4] 0  
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Payable [Member]    
Derivatives, current [5]   (549,000)
Derivatives, noncurrent [5] $ (2,514,000) $ (2,630,000)
[1] These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Receivables, other” and “Accounts payable and accrued expenses”, as applicable, on March 31, 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.
[2] These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Receivables, other” and “Accounts payable and accrued expenses”, as applicable, on March 31, 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 USD and NIS zero yield curves and the applicable exchange rate as of March 31, 2021 and December 31, 2020, as applicable. These amounts are included within “Deposits and other” and "Accounts payable and accrued expenses", as applicable, on March 31, 2021 and December 31, 2020 in the condensed consolidated balance sheets. There are no cash collateral deposits on March 31, 2021 and December 31, 2020.
[4] This amount relates to a price swap contract valued primarily based on observable inputs, including market prices per MWH multiplied by notional amounts, and is included within “Accounts payable and accrued expenses” on March 31, 2021 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.
[5] 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 March 31, 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.
v3.21.1
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
Mar. 31, 2021
Mar. 30, 2020
Swap Transaction on RRS Prices [Member]    
Amount of gain (loss) recognized $ (14,540) $ 0
Currency Forward Contracts [Member]    
Amount of gain (loss) recognized [1] 85 1,090
Cross Currency Interest Rate Contract [Member]    
Amount of gain (loss) recognized [2] $ (11,102) $ 0
[1] The foregoing currency forward and price swap transactions were not designated as hedge transactions and are marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income. The price swap transaction relates 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.
v3.21.1
Note 5 - Fair Value of Financial Instruments - Derivative Instruments in Other Comprehensive Income (Loss) (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
USD ($)
Balance in Other comprehensive income (loss) beginning of period $ 1,941,437
Balance in Other comprehensive income (loss) end of period 1,949,879
Cross Currency Interest Rate Contract [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]  
Balance in Other comprehensive income (loss) beginning of period 3,366
Gain or (loss) recognized in Other comprehensive income (loss) (13,900) [1]
Amount reclassified from Other comprehensive income (loss) into earnings 11,102
Balance in Other comprehensive income (loss) end of period $ 568
[1] The amount of gain or (loss) recognized in Other comprehensive income (loss) is net of tax of $1.1 million.
v3.21.1
Note 5 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Olkaria III OPIC [Member]    
Loans $ 184.2 $ 192.5
Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 40.6  
Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 35.8  
Platanares Loan - OPIC [Member]    
Loans 107.0 112.1
Amatitlan Loan [Member]    
Loans 22.6 23.5
Don A. Campbell 1 ("DAC1") [Member]    
Notes 74.4 78.5
USG Prudential - NV [Member]    
Notes 30.2 31.8
USG Prudential - ID [Member]    
Notes 17.4 18.3
USG DOE [Member]    
Notes 41.7 45.1
Senior Unsecured Bonds [Member]    
Senior Unsecured debt 565.8 585.1
Senior Unsecured Loan [Member]    
Senior Unsecured debt 215.7 222.2
Plumstriker Loan Agreement [Member]    
Loans 17.8 18.1
Estimate of Fair Value Measurement [Member]    
Other long-term debt 16.2 17.4
Estimate of Fair Value Measurement [Member] | Olkaria III OPIC [Member]    
Loans 184.2 192.5
Estimate of Fair Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 40.6 40.4
Estimate of Fair Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 35.8 35.8
Estimate of Fair Value Measurement [Member] | Platanares Loan - OPIC [Member]    
Loans 107.0 112.1
Estimate of Fair Value Measurement [Member] | Amatitlan Loan [Member]    
Loans 22.6 23.5
Estimate of Fair Value Measurement [Member] | OFC Two Senior Secured Notes [Member]    
Notes 197.5 207.9
Estimate of Fair Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 74.4 78.5
Estimate of Fair Value Measurement [Member] | USG Prudential - NV [Member]    
Notes 30.2 31.8
Estimate of Fair Value Measurement [Member] | USG Prudential - ID [Member]    
Notes 17.4 18.3
Estimate of Fair Value Measurement [Member] | USG DOE [Member]    
Notes 41.7 45.1
Estimate of Fair Value Measurement [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 565.8 585.1
Estimate of Fair Value Measurement [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 215.7 222.2
Estimate of Fair Value Measurement [Member] | Plumstriker Loan Agreement [Member]    
Loans 17.8 18.1
Reported Value Measurement [Member]    
Other long-term debt 16.5 17.6
Reported Value Measurement [Member] | Olkaria III OPIC [Member]    
Loans 170.2 174.7
Reported Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 37.5 37.5
Reported Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 32.8 32.8
Reported Value Measurement [Member] | Platanares Loan - OPIC [Member]    
Loans 94.2 96.3
Reported Value Measurement [Member] | Amatitlan Loan [Member]    
Loans 21.9 22.8
Reported Value Measurement [Member] | OFC Two Senior Secured Notes [Member]    
Notes 183.6 188.2
Reported Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 71.5 73.1
Reported Value Measurement [Member] | USG Prudential - NV [Member]    
Notes 27.4 27.6
Reported Value Measurement [Member] | USG Prudential - ID [Member]    
Notes 17.6 18.4
Reported Value Measurement [Member] | USG DOE [Member]    
Notes 36.8 38.2
Reported Value Measurement [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 518.0 529.1
Reported Value Measurement [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 200.0 200.0
Reported Value Measurement [Member] | Plumstriker Loan Agreement [Member]    
Loans $ 17.8 $ 18.1
v3.21.1
Note 5 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Deposits $ 15.1 $ 14.8
Olkaria III OPIC [Member]    
Loans 184.2 192.5
Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 40.6  
Olkaria IV Loan - DEG 2 [Member]    
Loans   40.4
Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 35.8  
Olkaria IV Loan - DEG 3 [Member]    
Loans   35.8
Platanares Loan - OPIC [Member]    
Loans 107.0 112.1
Amatitlan Loan [Member]    
Loans 22.6 23.5
OFC Senior Secured Notes [Member]    
Notes 197.5 207.9
Don A. Campbell 1 ("DAC1") [Member]    
Notes 74.4 78.5
USG Prudential - NV [Member]    
Notes 30.2 31.8
USG Prudential - ID [Member]    
Notes 17.4 18.3
USG DOE [Member]    
Notes 41.7 45.1
Senior Unsecured Bonds [Member]    
Senior Unsecured debt 565.8 585.1
Senior Unsecured Loan [Member]    
Senior Unsecured debt 215.7 222.2
Plumstriker Loan Agreement [Member]    
Loans 17.8 18.1
Other Long-term Debt [Member]    
Senior Unsecured debt 16.2 17.4
Fair Value, Inputs, Level 1 [Member]    
Deposits 15.1 14.8
Fair Value, Inputs, Level 1 [Member] | Olkaria III OPIC [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] | Olkaria IV Loan - DEG 2 [Member]    
Loans   0.0
Fair Value, Inputs, Level 1 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 0.0  
Fair Value, Inputs, Level 1 [Member] | 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] | OFC Senior Secured Notes [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | USG Prudential - NV [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | USG Prudential - ID [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | USG DOE [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | 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]    
Deposits 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Olkaria III OPIC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 0.0  
Fair Value, Inputs, Level 2 [Member] | Olkaria IV Loan - DEG 2 [Member]    
Loans   0.0
Fair Value, Inputs, Level 2 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 0.0  
Fair Value, Inputs, Level 2 [Member] | 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 22.6 23.5
Fair Value, Inputs, Level 2 [Member] | OFC Senior Secured Notes [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | USG Prudential - NV [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | USG Prudential - ID [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | USG DOE [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Plumstriker Loan Agreement [Member]    
Loans 17.8 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]    
Deposits 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | Olkaria III OPIC [Member]    
Loans 184.2 192.5
Fair Value, Inputs, Level 3 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 40.6  
Fair Value, Inputs, Level 3 [Member] | Olkaria IV Loan - DEG 2 [Member]    
Loans   40.4
Fair Value, Inputs, Level 3 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 35.8  
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 107.0 112.1
Fair Value, Inputs, Level 3 [Member] | Amatitlan Loan [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | OFC Senior Secured Notes [Member]    
Notes 197.5 207.9
Fair Value, Inputs, Level 3 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 74.4 78.5
Fair Value, Inputs, Level 3 [Member] | USG Prudential - NV [Member]    
Notes 30.2 31.8
Fair Value, Inputs, Level 3 [Member] | USG Prudential - ID [Member]    
Notes 17.4 18.3
Fair Value, Inputs, Level 3 [Member] | USG DOE [Member]    
Notes 41.7 45.1
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 565.8 585.1
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 215.7 222.2
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 $ 16.2 $ 17.4
v3.21.1
Note 7 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Interest related to sale of tax benefits $ 2,394 $ 2,324
Interest expense 19,674 17,166
Less — amount capitalized (3,052) (2,217)
Total interest expense, net $ 19,016 $ 17,273
v3.21.1
Note 8 - Earnings Per Share (Details Textual) - shares
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 13,900 4,500
v3.21.1
Note 8 - Earnings Per Share - Shares Used to Calculate Earnings Per Share (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Weighted average number of shares used in computation of basic earnings per share: (in shares) 55,988 51,036
Additional shares from the assumed exercise of employee stock awards (in shares) 747 490
Weighted average number of shares used in computation of diluted earnings per share (in shares) 56,735 51,526
v3.21.1
Note 9 - Business Segments (Details Textual)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2021
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
Number of Reportable Segments     3
Revenue from Contract with Customer, Including Assessed Tax $ 166,352 $ 192,113  
Goodwill, Ending Balance 24,237   $ 24,566
Electricity Segment [Member]      
Revenue from Contract with Customer, Including Assessed Tax 144,988 142,856  
Goodwill, Ending Balance 20,100 20,000  
Electricity Segment [Member] | Accounting Standards Update 2014-09 [Member]      
Revenue from Contract with Customer, Including Assessed Tax 19,200 16,800  
Energy Storage and Management Services [Member]      
Goodwill, Ending Balance 4,100 0  
Product Segment [Member]      
Revenue from Contract with Customer, Including Assessed Tax 8,643 47,411  
Goodwill, Ending Balance $ 0 $ 0  
v3.21.1
Note 9 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Revenues $ 166,352 $ 192,113  
Operating income (loss) 49,889 61,057  
Segment assets at period end 3,859,213 [1],[2] 3,445,613 [1],[2] $ 3,888,987
Segment Reconciling Items [Member]      
Revenues [3] 0 0  
Segment assets at period end 104,519 76,008  
Electricity Segment [Member]      
Revenues 144,988 142,856  
Operating income (loss) 47,749 58,630  
Segment assets at period end [1],[2] 3,577,745 3,139,603  
Electricity Segment [Member] | Segment Reconciling Items [Member]      
Revenues [3] 0 0  
Segment assets at period end 104,519 76,008  
Product Segment [Member]      
Revenues 8,643 47,411  
Operating income (loss) (1,211) 3,872  
Segment assets at period end [1],[2] 140,039 230,831  
Product Segment [Member] | Segment Reconciling Items [Member]      
Revenues [3] 25,334 8,656  
Segment assets at period end 0 0  
Other Segments [Member]      
Revenues 12,721 1,846  
Operating income (loss) 3,351 (1,445)  
Segment assets at period end [1],[2] 141,429 75,179  
Other Segments [Member] | Segment Reconciling Items [Member]      
Revenues [3] 0 0  
Segment assets at period end 0 0  
UNITED STATES      
Revenues [4] 113,550 93,936  
UNITED STATES | Electricity Segment [Member]      
Revenues [4] 98,976 91,692  
UNITED STATES | Product Segment [Member]      
Revenues [4] 1,853 398  
UNITED STATES | Other Segments [Member]      
Revenues [4] 12,721 1,846  
Non-US [Member]      
Revenues [5] 52,802 98,177  
Non-US [Member] | Electricity Segment [Member]      
Revenues [5] 46,012 51,164  
Non-US [Member] | Product Segment [Member]      
Revenues [5] 6,790 47,013  
Non-US [Member] | Other Segments [Member]      
Revenues [5] $ 0 $ 0  
[1] Electricity segment assets include goodwill in the amount of $20.1 million and $20.0 million as of March 31, 2021 and 2020, respectively. Energy Storage segment assets include goodwill in the amount of $4.1 million and none as of March 31, 2021 and 2020, respectively. No goodwill is included in the Product segment assets as of March 31, 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 $19.2 million and $16.8 million in the three months ended March 31, 2021 and 2020, respectively, that are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606.
[5] Electricity segment revenues in foreign countries are all accounted under lease accounting. Product segment revenues in foreign countries are accounted under ASC 606.
v3.21.1
Note 9 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenue $ 166,352 $ 192,113
Operating income (loss) 49,889 61,057
Interest income 263 402
Interest expense, net (19,016) (17,273)
Derivatives and foreign currency transaction gains (losses) (16,866) 393
Income attributable to sale of tax benefits 6,355 4,132
Other non-operating income (expense), net (331) 78
Total consolidated income before income taxes and equity in income of investees 20,294 48,789
Intersegment Eliminations [Member]    
Revenue 25,334 8,656
Consolidation, Eliminations [Member]    
Revenue $ (25,334) $ (8,656)
v3.21.1
Note 10 - Commitments and Contingencies (Details Textual) - USD ($)
$ in Millions
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  
v3.21.1
Note 11 - Income Taxes (Details Textual)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Effective Income Tax Rate Reconciliation, Percent, Total 14.80% 37.20%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00%  
v3.21.1
Note 12 - Subsequent Events (Details Textual) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
May 05, 2021
Mar. 31, 2021
Mar. 31, 2020
Dividends, Common Stock, Total   $ 6,718 $ 5,614
Subsequent Event [Member]      
Dividends, Common Stock, Total $ 6,700    
Common Stock, Dividends, Per Share, Declared (in dollars per share) $ 0.12    
Dividends Payable, Date of Record May 18, 2021    
Dividends Payable, Date to be Paid Jun. 01, 2021