ORMAT TECHNOLOGIES, INC., 10-Q filed on 8/7/2024
Quarterly Report
v3.24.2.u1
Cover - shares
 6 Months Ended
Jun. 30, 2024
Aug. 01, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 001-32347  
Entity Registrant Name ORMAT TECHNOLOGIES, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 88-0326081  
Entity Address, State or Province NV  
Entity Address, Address Line One 6140 Plumas Street  
Entity Address, City or Town Reno  
Entity Address, Postal Zip Code 89519-6075  
City Area Code 775  
Local Phone Number 356-9029  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Document Fiscal Year Focus 2024  
Entity Common Stock, Shares Outstanding   60,453,143
Title of 12(b) Security Common Stock  
Trading Symbol ORA  
Security Exchange Name NYSE  
Entity Central Index Key 0001296445  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q2  
v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 66,262 $ 195,808
Restricted cash and cash equivalents (primarily related to VIEs) 97,480 91,962
Receivables:    
Trade less allowance for credit losses of $200 and $90 respectively (primarily related to VIEs) 147,328 208,704
Other 44,568 44,530
Inventories 44,647 45,037
Costs and estimated earnings in excess of billings on uncompleted contracts 29,719 18,367
Prepaid expenses and other 86,991 41,595
Total current assets 516,995 646,003
Investment in unconsolidated companies 129,664 125,439
Deposits and other 48,737 44,631
Deferred income taxes 186,194 152,570
Property, plant and equipment, net ($3,115,955 and $2,802,920 related to VIEs, respectively) 3,328,676 2,998,949
Construction-in-process ($292,650 and $376,602 related to VIEs, respectively) 799,868 814,967
Operating leases right of use ($8,795 and $9,326 related to VIEs, respectively) 26,192 24,057
Finance leases right of use (none related to VIEs) 2,887 3,510
Intangible assets, net 316,515 307,609
Goodwill 151,074 90,544
Total assets 5,506,802 5,208,279
Current liabilities:    
Accounts payable and accrued expenses 183,386 214,518
Commercial paper (less deferred financing costs of $26 and $29, respectively) 99,974 99,971
Billings in excess of costs and estimated earnings on uncompleted contracts 16,277 18,669
Current portion of long-term debt:    
Financing liability 3,620 5,141
Operating lease liabilities 4,041 3,329
Finance lease liabilities 1,267 1,313
Total current liabilities 530,732 537,012
Long-term debt, net of current portion:    
Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $8,739 and $7,889, respectively) 540,995 447,389
Full recourse (less deferred financing costs of $5,002 and $3,056, respectively) 839,253 698,187
Convertible senior notes (less deferred financing costs of $6,982 and $8,146, respectively) 424,268 423,104
Financing liability 219,682 220,619
Operating lease liabilities 20,480 19,790
Finance lease liabilities 1,684 2,238
Liability associated with sale of tax benefits 167,188 184,612
Deferred income taxes 78,850 66,748
Liability for unrecognized tax benefits 7,520 8,673
Liabilities for severance pay 10,009 11,844
Asset retirement obligation 125,035 114,370
Other long-term liabilities 33,858 22,107
Total liabilities 2,999,554 2,756,693
Commitments and contingencies (Note 9)
Redeemable noncontrolling interest 9,985 10,599
Equity:    
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,453,143 and 60,358,887 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 61 60
Additional paid-in capital 1,624,763 1,614,769
Treasury stock, at cost (258,667 shares held as of June 30, 2024 and December 31, 2023, respectively) (17,964) (17,964)
Retained earnings 766,137 719,894
Accumulated other comprehensive income (loss) (1,754) (1,332)
Total stockholders' equity attributable to Company's stockholders 2,371,243 2,315,427
Noncontrolling interest 126,020 125,560
Total equity 2,497,263 2,440,987
Total liabilities, redeemable noncontrolling interest and equity 5,506,802 5,208,279
Senior Secured Notes    
Current portion of long-term debt:    
Limited and non-recourse (primarily related to VIEs) 67,921 57,207
Senior Unsecured Bonds    
Current portion of long-term debt:    
Full recourse 154,246 116,864
Revolving Credit Facility    
Current liabilities:    
Short term revolving credit lines with banks (full recourse) $ 0 $ 20,000
v3.24.2.u1
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Trade allowance for credit losses $ 147,328 $ 208,704
Property, plant and equipment, net 3,328,676 2,998,949
Construction-in-process 799,868 814,967
Operating leases right of use 26,192 24,057
Commercial paper 99,974 99,971
Limited and non-recourse $ 540,995 $ 447,389
Common stock, par or stated value per share (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, issued (in shares) 60,453,143 60,358,887
Common stock, outstanding (in shares) 60,453,143 60,358,887
Treasury stock, common (in shares) 258,667 258,667
Senior Unsecured Bonds    
Debt issuance costs, noncurrent, net $ 5,002 $ 3,056
Convertible Senior Notes    
Debt issuance costs, noncurrent, net 6,982 8,146
Commercial Paper    
Commercial paper 26 29
Variable Interest Entity, Primary Beneficiary    
Property, plant and equipment, net 3,115,955 2,802,920
Construction-in-process 292,650 376,602
Operating leases right of use 8,795 9,326
Variable Interest Entity, Primary Beneficiary    
Trade allowance for credit losses 200 90
Limited and non-recourse $ 8,739 $ 7,889
v3.24.2.u1
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Total revenues $ 212,963 $ 194,796 $ 437,129 $ 380,028
Cost of revenues:        
Total cost of revenues 151,577 145,306 296,933 254,469
Gross profit 61,386 49,490 140,196 125,559
Operating expenses:        
Research and development expenses 1,730 2,083 3,294 3,371
Selling and marketing expenses 4,167 5,369 9,293 9,317
General and administrative expenses 18,026 17,814 37,563 35,481
Write-off of long-lived assets 957 0 957 0
Write-off of unsuccessful exploration activities 1,379 0 1,379 0
Operating income 35,127 24,224 87,710 77,390
Other income (expense):        
Interest income 2,604 4,942 4,443 6,793
Interest expense, net (33,716) (24,393) (64,684) (48,024)
Derivatives and foreign currency transaction gains (losses) (332) (1,272) (1,914) (3,209)
Income attributable to sale of tax benefits 15,798 14,979 33,274 27,545
Other non-operating income, net 74 79 100 139
Income from operations before income tax and equity in earnings of investees 19,555 18,559 58,929 60,634
Income tax (provision) benefit 3,178 3,956 3,325 (4,929)
Equity in earnings of investees 1,232 1,996 2,061 2,267
Net income 23,965 24,511 64,315 57,972
Net income attributable to noncontrolling interest (1,722) (320) (3,485) (4,752)
Net income attributable to the Company's stockholders 22,243 24,191 60,830 53,220
Comprehensive income:        
Net income 23,965 24,511 64,315 57,972
Other comprehensive income (loss), net of related taxes:        
Change in foreign currency translation adjustments (266) 393 (2,429) (303)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge 429 1,404 939 390
Other changes in comprehensive income (28) 14 25 28
Total other comprehensive income (loss), net of related taxes: (1,013) 4,288 (986) (2,811)
Comprehensive income 22,952 28,799 63,329 55,161
Comprehensive income attributable to noncontrolling interest (1,620) (569) (2,921) (4,611)
Comprehensive income attributable to the Company's stockholders $ 21,332 $ 28,230 $ 60,408 $ 50,550
Earnings per share attributable to the Company's stockholders:        
Earnings per share, basic (US Dollar per share) $ 0.37 $ 0.40 $ 1.01 $ 0.91
Earnings per share, diluted (US Dollar per share) $ 0.37 $ 0.40 $ 1.00 $ 0.90
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:        
Weighted average number of shares used in computation of basic earnings per share 60,451,000 60,245,000 60,419,000 58,494,000
Weighted average number of shares used in computation of diluted earnings per share 60,755,000 60,634,000 60,655,000 58,901,000
Cross Currency Swap        
Other comprehensive income (loss), net of related taxes:        
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge $ (1,189) $ 2,477 $ (628) $ (2,926)
Interest rate swap        
Other comprehensive income (loss), net of related taxes:        
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge 41 0 1,107 0
Electricity        
Revenues:        
Total revenues 166,226 155,324 357,479 325,634
Cost of revenues:        
Total cost of revenues 110,515 109,424 227,245 204,182
Product        
Revenues:        
Total revenues 37,829 33,458 62,661 43,500
Cost of revenues:        
Total cost of revenues 32,662 29,985 53,816 39,336
Energy Storage and Management Services        
Revenues:        
Total revenues 8,908 6,014 16,989 10,894
Cost of revenues:        
Total cost of revenues $ 8,400 $ 5,897 $ 15,872 $ 10,951
v3.24.2.u1
Condensed Consolidated Statements of Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Parent
Common Stock
Additional Paid-in Capital
Treasury Stock, Common
Retained Earnings
AOCI Attributable to Parent
Noncontrolling Interest
Cross Currency Interest Rate Contract
Cross Currency Interest Rate Contract
Parent
Cross Currency Interest Rate Contract
AOCI Attributable to Parent
Interest rate swap
Interest rate swap
Parent
Interest rate swap
AOCI Attributable to Parent
Balance (in shares) at Dec. 31, 2022     56,096                      
Balance at the start of the period at Dec. 31, 2022 $ 2,020,975 $ 1,867,571 $ 56 $ 1,259,072 $ (17,964) $ 623,907 $ 2,500 $ 153,404            
Stock-based compensation 2,990 2,990   2,990                    
Exercise of stock-based awards by employees and directors [1] 27 27   27                    
Issuance of common stock (in shares)     3,600                      
Issuance of common stock 297,121 297,121 $ 4 297,117                    
Cash paid to noncontrolling interest (2,360)             (2,360)            
Cash dividend declared, $0.12 per share (6,732) (6,732)       (6,732)                
Change in noncontrolling interest (1,157) 1,239   1,239       (2,396)            
Net income 33,264 29,029       29,029   4,235            
Other comprehensive income (loss), net of related taxes:                            
Currency translation adjustments (696) (306)         (306) (390)            
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge (1,014) (1,014)         (1,014)              
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge (5,403) (5,403)         (5,403)              
Other 14 14         14              
Balance (in shares) at Mar. 31, 2023     59,696                      
Balance at the end of the period at Mar. 31, 2023 2,337,029 2,184,536 $ 60 1,560,445 (17,964) 646,204 (4,209) 152,493            
Balance (in shares) at Dec. 31, 2022     56,096                      
Balance at the start of the period at Dec. 31, 2022 2,020,975 1,867,571 $ 56 1,259,072 (17,964) 623,907 2,500 153,404            
Other comprehensive income (loss), net of related taxes:                            
Currency translation adjustments (303)                          
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge 390                          
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge                       $ 0    
Other 28                          
Balance (in shares) at Jun. 30, 2023     60,236                      
Balance at the end of the period at Jun. 30, 2023 2,407,042 2,254,390 $ 60 1,609,298 (17,964) 663,166 (170) 152,652            
Balance (in shares) at Mar. 31, 2023     59,696                      
Balance at the start of the period at Mar. 31, 2023 2,337,029 2,184,536 $ 60 1,560,445 (17,964) 646,204 (4,209) 152,493            
Stock-based compensation 4,311 4,311   4,311                    
Issuance of common stock (in shares)     540                      
Issuance of common stock 44,542 44,542   44,542                    
Cash paid to noncontrolling interest (135)             (135)            
Cash dividend declared, $0.12 per share (7,229) (7,229)       (7,229)                
Net income 24,236 24,191       24,191   45            
Other comprehensive income (loss), net of related taxes:                            
Currency translation adjustments 393 144         144 249            
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge 1,404 1,404         1,404              
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge                 $ 2,477 $ 2,477 $ 2,477 0    
Other 14 14         14              
Balance (in shares) at Jun. 30, 2023     60,236                      
Balance at the end of the period at Jun. 30, 2023 2,407,042 2,254,390 $ 60 1,609,298 (17,964) 663,166 (170) 152,652            
Balance (in shares) at Dec. 31, 2023     60,359                      
Balance at the start of the period at Dec. 31, 2023 2,440,987 2,315,427 $ 60 1,614,769 (17,964) 719,894 (1,332) 125,560            
Stock-based compensation 4,769 4,769   4,769                    
Exercise of stock-based awards by employees and directors (in shares) [1]     63                      
Exercise of stock-based awards by employees and directors [1] 55 55   55                    
Cash paid to noncontrolling interest (2,587)             (2,587)            
Cash dividend declared, $0.12 per share (7,243) (7,243)       (7,243)                
Net income 40,511 38,587       38,587   1,924            
Other comprehensive income (loss), net of related taxes:                            
Currency translation adjustments (2,163) (1,701)         (1,701) (462)            
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge 510 510         510              
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge                 561 561 561 1,066 $ 1,066 $ 1,066
Other 53 53         53              
Balance (in shares) at Mar. 31, 2024     60,422                      
Balance at the end of the period at Mar. 31, 2024 2,476,519 2,352,084 $ 60 1,619,593 (17,964) 751,238 (843) 124,435            
Balance (in shares) at Dec. 31, 2023     60,359                      
Balance at the start of the period at Dec. 31, 2023 2,440,987 2,315,427 $ 60 1,614,769 (17,964) 719,894 (1,332) 125,560            
Other comprehensive income (loss), net of related taxes:                            
Currency translation adjustments (2,429)                          
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge 939                          
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge                       1,107    
Other 25                          
Balance (in shares) at Jun. 30, 2024     60,453                      
Balance at the end of the period at Jun. 30, 2024 2,497,263 2,371,243 $ 61 1,624,763 (17,964) 766,137 (1,754) 126,020            
Balance (in shares) at Mar. 31, 2024     60,422                      
Balance at the start of the period at Mar. 31, 2024 2,476,519 2,352,084 $ 60 1,619,593 (17,964) 751,238 (843) 124,435            
Stock-based compensation 5,077 5,077   5,077                    
Exercise of stock-based awards by employees and directors (in shares) [1]     31                      
Exercise of stock-based awards by employees and directors [1] 94 94 $ 1 93                    
Cash paid to noncontrolling interest (90)             (90)            
Cash dividend declared, $0.12 per share (7,344) (7,344)       (7,344)                
Net income 24,020 22,243       22,243   1,777            
Other comprehensive income (loss), net of related taxes:                            
Currency translation adjustments (266) (164)         (164) (102)            
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge 429 429         429              
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge                 $ (1,189) $ (1,189) $ (1,189) $ 41 $ 41 $ 41
Other (28) (28)         (28)              
Balance (in shares) at Jun. 30, 2024     60,453                      
Balance at the end of the period at Jun. 30, 2024 $ 2,497,263 $ 2,371,243 $ 61 $ 1,624,763 $ (17,964) $ 766,137 $ (1,754) $ 126,020            
[1] Resulted in an amount lower than $1,000.
v3.24.2.u1
Condensed Consolidated Statements of Equity (Parentheticals) - $ / shares
 3 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]        
Common stock, dividends, per share, declared (in dollars per share) $ 0.12 $ 0.12 $ 0.12 $ 0.12
v3.24.2.u1
Condensed Consolidated Statements of Cash Flow - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 64,315 $ 57,972
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 126,152 107,417
Accretion of asset retirement obligation 3,895 3,083
Stock-based compensation 9,845 7,301
Income attributable to sale of tax benefits, net of interest expense (16,519) (16,432)
Equity in earnings of investees (2,061) (2,267)
Mark-to-market of derivative instruments 1,279 591
Disposal of property, plant and equipment 38 23
Write-off of unsuccessful exploration activities 1,379 0
Write-off of long-lived assets 957 0
Loss (gain) on severance pay fund asset (43) 296
Loss on foreign currency exchange rates 963 0
Deferred income tax provision (18,266) (13,933)
Liability for unrecognized tax benefits (1,153) 125
Changes in operating assets and liabilities, net of businesses acquired:    
Receivables 53,147 (29,603)
Costs and estimated earnings in excess of billings on uncompleted contracts (11,352) (5,381)
Long-term costs and estimated earnings in excess of billings on uncompleted contracts (5,370) 0
Inventories 390 (15,068)
Prepaid expenses and other (14,004) (4,271)
Change in operating lease right of use asset 1,912 1,440
Deposits and other 287 (5,156)
Accounts payable and accrued expenses (42,765) 25,020
Billings in excess of costs and estimated earnings on uncompleted contracts (2,392) 9,866
Liabilities for severance pay (1,835) (750)
Change in operating lease liabilities (2,677) (922)
Other long-term liabilities (218) 11,154
Net cash provided by operating activities 145,904 130,505
Cash flows from investing activities:    
Capital expenditures (250,225) (266,713)
Investment in unconsolidated companies (1,225) (8,101)
Cash paid for business acquisition, net of cash acquired (274,632) 0
Decrease (increase) in severance pay fund asset, net of payments made to retired employees 1,120 (128)
Net cash used in investing activities (524,962) (274,942)
Cash flows from financing activities:    
Proceeds from long-term loans, net of transaction costs 392,791 99,850
Proceeds from exercise of options by employees 149 27
Proceeds from revolving credit lines with banks 40,000 0
Repayment of revolving credit lines with banks (60,000) 0
Cash received from noncontrolling interest 12,251 7,341
Repayments of long-term debt (108,644) (115,182)
Proceeds from issuance of common stock, net of related costs 0 341,663
Cash paid to noncontrolling interest (4,007) (3,584)
Payments under finance lease obligations (687) (955)
Deferred debt issuance costs (2,073) (2,112)
Cash dividends paid (14,587) (13,961)
Net cash provided by financing activities 255,193 313,087
Effect of exchange rate changes (163) 56
Net change in cash and cash equivalents and restricted cash and cash equivalents (124,028) 168,706
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 287,770 226,676
Cash and cash equivalents and restricted cash and cash equivalents at end of period 163,742 395,382
Supplemental non-cash investing and financing activities:    
Change in accounts payable related to purchases of property, plant and equipment (22,265) (15,253)
Right of use assets obtained in exchange for new lease liabilities $ 3,548 $ 3,196
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GENERAL AND BASIS OF PRESENTATION GENERAL AND BASIS OF PRESENTATION
These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, they do not contain all information and notes required by U.S. GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated financial position, the condensed consolidated statements of operations and comprehensive income, the condensed consolidated statements of cash flows and the condensed consolidated statements of equity for periods presented.
The financial data and other information disclosed in the notes to the condensed consolidated financial statements related to these periods are unaudited. The results for the periods presented are not necessarily indicative of the results to be expected for the year. 
These condensed unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The condensed consolidated balance sheet data as of December 31, 2023 was derived from the Company’s audited consolidated financial statements for the year ended December 31, 2023 but does not include all disclosures required by U.S. GAAP. 
Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000.
 Business combination - Enel purchase transaction
On January 4, 2024, the Company closed a purchase transaction with Enel Green Power North America ("EGPNA"), a subsidiary of Enel SpA (ENEL.MI) to acquire a portfolio of assets which includes two contracted geothermal power plants, one triple hybrid power plant which consists of geothermal, solar PV, and solar thermal units, two stand-alone solar power plants, and two greenfield development assets, for a total cash consideration of $274.6 million (including customary post-closing working capital adjustment to the purchase price, based on the levels of net working capital of the acquired companies) for 100% of the equity interests in the entities holding those assets.
The geothermal power plants include the Cove Fort power plant located in Beaver County, Utah, which sells electricity under a long-term power purchase agreement (“PPA”) with Salt River Project, and the Salt Wells power plant located in Churchill County, Nevada, which sells electricity under a long-term PPA with NV Energy. The Stillwater triple hybrid geothermal, solar PV and solar thermal power plant is located in Churchill County, Nevada, and sells electricity to NV Energy under a PPA. The solar assets of Stillwater Solar PV II in Churchill County, Nevada, and Woods Hill in Windham County, Connecticut, sell their electricity under PPAs, respectively.
As a result of the acquisition, the Company expanded its overall generation capacity and expects to improve the profitability of the purchased assets through cost reduction, synergies and development of the greenfield assets. The Company accounted for the transaction in accordance with Accounting Standard Codification ("ASC") 805, Business Combinations, and following the transaction, the Company consolidates the power plants and all other assets included in the transaction in accordance with ASC 810, Consolidation.
In the first quarter of 2024, and during annual 2023, the Company incurred $1.3 million, and $1.1 million of acquisition-related costs, respectively. Such costs are included under "General and administrative expenses" in the consolidated statements of operations and comprehensive income for the respective periods. There were no such costs in the second quarter of 2024. Accounting guidance provides that the allocation of the purchase price may be adjusted for up to one year from the date of the acquisition to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. The primary area of the purchase price allocation that is not yet finalized is related to intangible assets, property, plant & equipment and certain tax matters and the related impact on goodwill.
The following table summarizes the purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions):
Trade receivables and others (1)
$4.4 
Deferred income taxes3.1 
Property, plant and equipment and construction-in-process (2)
197.7 
Operating lease right of use
1.2 
Other long-term assets
0.2 
Intangible assets (3)
23.6 
Goodwill (4)
60.7 
Total assets acquired $290.9 
Accounts payable, accrued expenses and others$1.5 
Other current liabilities
1.8 
Operating lease liabilities
1.2 
Other long-term liabilities
5.0 
Asset retirement obligation6.8 
Total liabilities assumed $16.3 
Total assets acquired, and liabilities assumed, net$274.6 
(1) The gross amount of trade receivables was fully collected subsequent to acquisition date.
(2) The fair value of Property, plant and equipment was estimated by applying the income approach and utilizing the discounted cash flow method. This methodology assesses the value of tangible assets by computing the anticipated cash flows expected to be generated by the respective assets.
(3) Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs. The fair value of the intangible assets was estimated by applying the income approach and utilizing the With and Without method.
(4) Goodwill is primarily related to the expected synergies, potential cost savings in operations as a result of the purchase transaction as well as potential future development of the greenfield assets. The goodwill is allocated to the Electricity segment and is deductible for tax purposes.

For the three months ended June 30, 2024, the acquired portfolio of assets contributed $8.6 million to the Company's Electricity revenues, and $2.6 million to the Company's earnings which were included in the Company’s condensed consolidated statements of operations and comprehensive income for that period. For the period from acquisition date to June 30, 2024, the acquired portfolio of assets contributed $18.0 million to the Company's Electricity revenues, and $5.9 million to the Company's earnings which were included in the Company’s condensed consolidated statements of operations and comprehensive income for that period.
The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business combination had occurred on January 1, 2023. The pro forma results below include the impact of certain adjustments related to the depreciation of property, plant and equipment, amortization of intangible assets, transaction-related costs, and the related income tax effects. This pro forma presentation does not include any impact from transaction synergies or any other material, nonrecurring adjustments directly attributable to the business combination.
Pro forma for the Three Months Ended June 30,
Pro forma for the Six Months Ended June 30,
2024202320242023
(Dollars in millions)(Dollars in millions)
Electricity revenues$166.2 $163.7 $357.5 $343.6 
Total revenues$213.0 $203.2 $437.1 $398.0 
Net income attributable to the Company's stockholders
$22.2 $22.4 $60.8 $50.1 
Hapoalim 2024 Loan
Concurrently with the purchase transaction with EGPNA, on January 2, 2024, the Company entered into a definitive loan agreement (the "BHI Loan Agreement 2024") with Hapoalim Bank. The BHI Loan Agreement 2024 provides for a loan by Hapoalim Bank to the Company in an aggregate principal amount of $75 million (the “Hapoalim 2024 Loan”). The outstanding principal amount of the Hapoalim 2024 Loan will be repaid in 32 quarterly payments of $2.3 million each, commencing on April 1, 2024. The duration of the Hapoalim 2024 Loan is 8 years and it bears interest of 6.6%, payable every three months. The BHI Loan Agreement 2024 includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%. The BHI Loan Agreement includes other customary affirmative and negative covenants, including nonpayment and noncompliance events of default.
HSBC Bank 2024 Loan
Concurrently with the purchase transaction with EGPNA, on January 2, 2024, the Company entered into a definitive loan agreement (the "HSBC Loan Agreement 2024") with HSBC Bank. The HSBC Loan Agreement 2024 provides for a loan by HSBC Bank to the Company in an aggregate principal amount of $125 million (the “HSBC Bank 2024 Loan”). The outstanding principal amount of the HSBC Bank 2024 Loan will be repaid in 7 semi-annual payments of $12.5 million each, commencing on July 1, 2024, and an additional final principal payment on January 1, 2028 of $37.5 million. The duration of the HSBC Bank 2024 Loan is 4 years and it bears interest of 3-month Secured Overnight Financing Rate ("SOFR") plus 2.25%, payable quarterly. The HSBC Loan Agreement 2024 includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%. The HSBC Loan Agreement 2024 includes other customary affirmative and negative covenants, including nonpayment and noncompliance events of default.
Interest Rate Swap
Concurrently with the issuance of the HSBC Bank 2024 Loan, the Company entered into a long-term interest rate swap ("IR Swap") transaction with the objective of hedging the variable interest rate fluctuations related to the HSBC Bank 2024 Loan at a fixed 3-month SOFR of 3.9%. The terms of the IR Swap match those of the HSBC Bank 2024 Loan, including the notional amount of the principal and interest payment dates. The Company designated the IR Swap as a cash flow hedge as per ASC 815, Derivatives and Hedging, and accordingly measures the IR Swap instrument at fair value. The changes in the IR Swap fair value are initially recorded in Other Comprehensive Income (Loss) and reclassified to Interest expense, net in the same period or periods during which the hedged transaction affects earnings. The hedged transaction and the IR Swap effect in earnings are presented in the same line item in the consolidated statements of operations and comprehensive income.
Mammoth Senior Secured Notes
On March 28, 2024, Mammoth Pacific, LLC (the “Issuer”), a wholly-owned indirect subsidiary of the Company, entered into a note purchase agreement with the Prudential Insurance Company of America, pursuant to which the Issuer issued approximately $135.1 million principal amount of senior secured notes (the “Mammoth Senior Secured Notes”). The note purchase agreement also includes an approximately $9 million tranche of floating rate notes to be issued in the event of a shortfall in debt service with respect to the Mammoth Senior Secured Notes. The Issuer shall pay a commitment fee on the revolving note tranche at a rate of 0.5% per annum. If drawn, the revolving notes shall bear interest at a rate equal to Term SOFR plus 1.25%. The Mammoth Senior Secured Notes are secured by the equity interests in the Issuer, and by the Issuer’s 100% ownership interests in its project subsidiaries including four geothermal power plants known as the Mammoth G1, G2, G3 and Casa Diablo 4 (“CD4”) projects. The remaining classes of ownership interests in CD4 are owned by an unrelated third party and are not part of the collateral security package for the Mammoth Senior Secured Notes. The Mammoth Senior Secured Notes will be repaid in 46 semi-annual payments, commencing on November 30, 2024. The Mammoth Senior Secured Notes bear interest at a fixed rate of 6.73% per annum and have a final maturity date of July 14, 2047. The Company has provided a limited guarantee with respect to certain obligations of the Issuer as a member of CD4.
There are various restrictive covenants under the Mammoth Senior Secured Notes, including limitations on additional indebtedness of the Issuer and its subsidiaries. Failure to comply with these and other covenants will, subject to customary cure rights, constitute an event of default by the Issuer. In addition, there are restrictions on the ability of the Issuer to make distributions to its shareholders. Among other things, the distribution restrictions include both a historical and projected minimum debt service coverage ratio requirement. As part of the security package, the note purchase agreement states the Issuer shall establish and maintain customary reserve accounts which include a debt service reserve account, a make-up well reserve account and a maintenance reserve account.
DEG 4 Loan
On April 4, 2024, the Company, through one of the its wholly owned subsidiaries, entered into a new $30 million subordinated loan agreement with Deutsche Investitions-und Entwicklungsgesellschaft mbH ("DEG") and on April 18, 2024, it completed a drawdown of the full loan amount of $30 million (the “DEG 4 Loan”). The DEG 4 Loan bears a fixed interest rate of 7.9% and will be repaid in 6 equal semi-annual principal installments commencing on December 21, 2028, with a final maturity date of June 21, 2031.
Discount 2024 Loan
On May 22, 2024, the Company entered into a definitive loan agreement (the "Discount 2024 Loan Agreement") with Israel Discount Bank Ltd. (“Discount Bank”). The Discount Loan Agreement provides for a loan by Discount Bank to the Company in an aggregate principal amount of $31.8 million (the “Discount 2024 Loan”). The outstanding principal amount of the Discount 2024 Loan will be repaid in 32 quarterly payments of $1 million each, commencing on August 22, 2024. The duration of the Discount 2024 Loan is 8 years and it bears an annual interest of 6.75%. The Discount 2024 Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6, (ii) a minimum equity capital amount of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%. The Discount 2024 Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default.
The Dominica Project
In December 2023, the Company entered into agreements with the Commonwealth of Dominica to build and operate a 10 MW binary geothermal power plant in the Caribbean country of Dominica. Under these agreements, the Company will construct the power plant, operate, and sell its generated energy to Dominica Electricity Services Limited (presently the only electricity utility in the Commonwealth of Dominica) over a period of 25 years at the end of which ownership of the power plant will be transferred to the Government of the Commonwealth of Dominica. The Company accounted for this transaction under the guidance of ASC 853, Service Concession Arrangements (“ASC 853”), which directs a reporting entity to apply ASC 606, Revenue from Contracts with Customers (“ASC 606”).
Under the aforementioned accounting guidance, the Company identified the construction and the operation of the power plant as two distinct performance obligations, and accordingly allocated the total transaction price to these separate performance obligations in the arrangement, based on their estimated stand-alone selling price. The Company concluded that the performance obligations are satisfied over time. Additionally, starting the second quarter of 2024, in conjunction with the power plant start of construction, the Company started recognizing revenues relating to the construction performance obligation based on an input method using costs incurred to total costs expected in the project.
War in Israel
On October 7, 2023, Hamas terrorists and members of other terrorist organizations infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets, including widespread killings and kidnappings. They also launched extensive rocket attacks on the Israeli civilian population. Shortly following the attack, Israel declared war against Hamas. The majority of the Company's senior management and its main Product segment production and manufacturing facilities are located in Israel approximately 26 miles from the border with the Gaza Strip. More recently, the Houthi movement, which controls parts of Yemen, launched a number of attacks on marine vessels in the Red Sea. The Red Sea is an important maritime route for international trade. Additionally, since the beginning of the war, Hezbollah and other Iranian proxy forces have exchanged fire with Israel around Israel’s borders, and Iran and Israel have been engaged in a conflict involving direct attacks on each other’s soil for the first time in history. Iran and these other proxy forces have threatened to escalate the fighting throughout Israel, including targeting major infrastructure facilities. These disruptions have resulted, and may continue to result in, delayed deliveries of several key components used in the manufacturing of the Company's products and could impact its ability to timely deliver products to its customers under the Product Segment. In addition, they may slow the Company’s ability to execute its Electricity segment growth plans. This has also resulted in an increase in insurance premium costs for shipments into and out of the sea port.
As of the date of these condensed consolidated financial statements, none of the Company's facilities or infrastructure have been damaged nor have its supply chains been significantly impacted since the war broke out. However, a prolonged war could result in further military reserve duty call-ups as well as irregularities to the Company's supply chain and to its ability to ship its products from Israel, which could disrupt the operations of the Company's Product segment and potentially delay some of its growth plans in the Electricity segment. Management continuously monitors the effect of the war on the Company's financial position and results of operations.
Equity Offering
On March 14, 2023, the Company entered into an underwriting agreement with Goldman Sachs & Co. LLC, as the sole underwriter (the “Underwriter”), in connection with a public offering, pursuant to which the Company agreed to issue and sell 3,600,000 shares of common stock, par value $0.001 per share, and the Underwriter agreed to purchase these shares at a price of $82.60 per share. In addition, the Company granted the Underwriter a 30-day option to purchase up to an additional 540,000 shares of common stock at the same price per share, which was fully exercised by the Underwriter on April 3, 2023. The total net proceeds from the offering, including the option, were approximately $341.7 million, after deducting offering expenses.
Write-off of long-lived assets
The write-off of long-lived assets for the three and six months ended June 30, 2024 of $1.0 million is related to the termination of the waste heat agreement between the Company's wholly-owned subsidiary, OREG 4, and Highline Electric Association, Inc., effective May 2024.
Write-offs of unsuccessful exploration activities
 The write-off of unsuccessful exploration activities for the three and six months ended June 30, 2024 of $1.4 million is related to exploration activities that the Company decided to no longer pursue.
Reconciliation of cash and cash equivalents and restricted cash and cash equivalents
 The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as reported on the balance sheet to the total of the same amounts shown on the statement of cash flows:
June 30,December 31,
20242023
(Dollars in thousands)
Cash and cash equivalents
$66,262 $195,808 
Restricted cash and cash equivalents
97,480 91,962 
Total Cash and cash equivalents and Restricted cash and cash equivalents
$163,742 $287,770 
Concentration of credit risk
Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash investments and accounts receivable.
Cash investments:
The Company places its cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At June 30, 2024 and December 31, 2023, the Company had deposits totaling $20.3 million and $43.2 million, respectively, in ten U.S. financial institutions that were federally insured up to $250,000 per account. At June 30, 2024 and December 31, 2023, the Company’s deposits in foreign countries amounted to approximately $55.6 million and $57.5 million, respectively.
Account receivables:
At June 30, 2024 and December 31, 2023, accounts receivable related to operations in foreign countries amounted to approximately $99.8 million, and $152.2 million, respectively. At June 30, 2024 and December 31, 2023, accounts receivable from the Company’s primary customers, which each accounted for revenues in excess of 10% of total consolidated revenues for the related period, amounted to approximately 57% and 57% of the Company’s trade receivables, respectively. The aggregate amount of notes receivable exceeding 10% of total receivables as of June 30, 2024 and December 31, 2023 is $100.3 million, and $161.0 million, respectively.
 The Company's revenues from its primary customers as a percentage of total revenues are as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Southern California Public Power Authority (“SCPPA”)19.7 %21.0 %22.3 %23.8 %
Sierra Pacific Power Company and Nevada Power Company14.7 15.9 15.8 17.9 
Kenya Power and Lighting Co. Ltd. ("KPLC")13.1 14.4 12.7 14.4 
 The Company has historically been able to collect on substantially all of its receivable balances. As of June 30, 2024, the amount overdue from KPLC in Kenya was $36.9 million of which $16.4 million was paid in July and August 2024. The Company believes it will be able to collect all past due amounts from KPLC. This belief is supported by the fact that in addition to KPLC's obligations under its power purchase agreement, the Company holds a support letter from the Government of Kenya that covers certain cases of KPLC non-payment (such as non-payments that are caused by government actions and/or political events).
In Honduras, as of June 30, 2024, the total amount overdue from Empresa Nacional de Energía Eléctrica ("ENEE") was $19.9 million of which $0.4 million was paid in July 2024. In addition, due to the financial situation in Honduras, the Company may experience further delays in collection. The Company believes it will be able to collect all past due amounts from ENEE.
Allowance for credit losses
The Company performs an analysis of potential credit losses related to its financial instruments that are within the scope of ASU 2018-19, Codification Improvements to Topic 325, Financial Instruments – Credit Losses, primarily cash and cash equivalents, restricted cash and cash equivalents, investment in marketable securities, receivables (excluding those accounted for under lease accounting) and costs and estimated earnings in excess of billings on uncompleted contracts, based on classes of financing receivables which share the same or similar risk characteristics such as customer type and geographic location, among others. The Company estimates the expected credit losses for each class of financing receivables by applying the related corporate default rate which corresponds to the credit rating of the specific customer or class of financing receivables. For trade receivables, the Company applied this methodology using aging schedules reflecting how long the receivables have been outstanding. The Company has also considered the existence of credit enhancement arrangements that may mitigate the credit risk of its financial receivables in estimating the applicable corporate default rate.
The following table describes the changes in the allowance for expected credit losses for the three and six months ended June 30, 2024 and 2023 (all related to trade receivables):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(Dollars in thousands)(Dollars in thousands)
Beginning balance of the allowance for expected credit losses$163 $90 $90 $90 
Change in the provision for expected credit losses for the period37 — 110 — 
Ending balance of the allowance for expected credit losses$200 $90 $200 $90 
Revenues from contracts with customers
 Contract assets related to our Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of June 30, 2024 and December 31, 2023 are as follows:
June 30,December 31,
20242023
(Dollars in thousands)
Contract assets (*) $29,719 $18,367 
Contract liabilities (*) $(16,277)$(18,669)
(*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet fully recognized as product revenues during the six months ended June 30, 2024 as a result of performance obligations having not been fully satisfied yet as of June 30, 2024. Additionally, as of June 30, 2024, long-term costs and estimated earnings in excess of billings on uncompleted contracts related to the Dominica project in the amount of $5.4 million is included under “Deposits and other” in the condensed consolidated financial statements due its long-term nature.
On June 30, 2024, the Company had approximately $164.5 million of remaining performance obligations not yet satisfied or partly satisfied related to our Product segment. The Company expects to recognize approximately 100% of this amount as Product revenues during the next 24 months.
Disaggregated revenues from contracts with customers for the three and six months ended June 30, 2024, and 2023 are disclosed under Note 8 - Business Segments, to the condensed consolidated financial statements.
Leases in which the Company is a lessor
The table below presents lease income recognized as a lessor:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(Dollars in thousands)(Dollars in thousands)
Lease income relating to lease payments from operating leases$129,420 $125,140 $276,521 $262,761 
Derivative instruments 
Derivative instruments (including certain derivative instruments embedded in other contracts) are measured at their fair value and recorded as either assets or liabilities unless exempted from derivative treatment as normal purchase and sale transactions. Changes in the fair value of derivatives not designated as hedging instruments are recognized in earnings. Changes in the fair value of derivatives designated as cash flow hedging instruments are initially recorded in "Other comprehensive income (loss)", and a corresponding amount is reclassified out of "Accumulated other comprehensive income (loss)" to earnings to offset the remeasurement of the underlying hedge transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income.
The Company maintains a risk management strategy that may incorporate the use of swap contracts, put options, forward exchange contracts, interest rate swaps, and cross-currency swaps to minimize significant fluctuation in cash flows and/or earnings that are caused by oil and natural gas prices, exchange rate or interest rate volatility.
Transferable production and investment tax credits
The Inflation Reduction Act (“IRA”) was signed into law in August 2022 and introduces a transferability provision for certain tax credits related to the clean production of energy. Under this provision, a reporting entity can monetize such credits through sale to a third party. The option for transferability of credits applies to taxable years beginning after December 31, 2022. Several of the Company’s projects, that are not currently part of a tax monetization transaction, generate eligible tax credits, such as investment tax credits (“ITCs”) and production tax credits (“PTCs”), that are eligible to be transferred to a third-party under the provisions of the IRA. The Company accounts for ITCs under ASC 740 through the “Income tax (provision) benefit” line in the condensed consolidated statement of operations and comprehensive income. PTCs are accounted similarly to refundable or direct-pay credits outside of the “Income tax (provision) benefit” line with income recognized in the “Income attributable to sale of tax benefits” line in the condensed consolidated statement of operations and comprehensive income. Income recognized related to the expected sale of such transferable PTCs during the three and six months ended June 30, 2024, was $3.6 million and $8.0 million, net of discount, respectively, and $2.7 million and $4.5 million, net of discount, for the three and six months ended June 30, 2023, respectively. Tax benefits recognized under Income tax (provision) benefit related to transferable ITCs during the three and six months ended June 30, 2024, was $6.2 million and $17.7 million, net of discount, respectively, and $9.0 million and $10.6 million, net of discount, for the three and six months ended June 30, 2023, respectively.
v3.24.2.u1
NEW ACCOUNTING PRONOUNCEMENTS
 6 Months Ended
Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]  
NEW ACCOUNTING PRONOUNCEMENTS NEW ACCOUNTING PRONOUNCEMENTS
New accounting pronouncements effective in future periods
Improvements to Reportable Segments Disclosures
In November 2023, the FASB issued ASU 2023-07 “Segment Reporting–Improvements to Reportable Segments Disclosures (Topic 280)” to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU (1) require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss; (2) require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition; (3) require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods; (4) clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures; and (5) require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure or measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all periods presented. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of these amendments on its consolidated financial statements.
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740)–Improvements to Income Tax Disclosures” to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. The amendments in this ASU require that public entities, on an annual basis, disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This ASU also requires that all entities disclose, on an annual basis, (1) the amount of income taxes paid disaggregated by federal, state, and foreign taxes, (2) the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid, (3) income or loss from continuing operations before income tax expense or benefit disaggregated between domestic and foreign, and (4) income tax expense or benefit from continuing operations disaggregated by federal, state, and foreign. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis with the option to apply retrospectively. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of the adoption of these amendments on its consolidated financial statements.
v3.24.2.u1
INVENTORIES
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories consist of the following:
June 30,December 31,
20242023
(Dollars in thousands)
Raw materials and purchased parts for assembly $23,279 $20,588 
Self-manufactured assembly parts and finished products 21,368 24,449 
Total inventories $44,647 $45,037 
v3.24.2.u1
FAIR VALUE OF FINANCIAL INSTRUMENTS
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
The fair value measurement guidance clarifies that fair value is an exit price, representing the amount that would be received upon selling an asset or paid upon transferring a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under the fair value measurement guidance are described below: 
Level 1 — unadjusted observable inputs that reflect quoted prices for identical assets or liabilities in active markets; 
Level 2 — inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly; 
Level 3 — unobservable inputs.
The following table sets forth certain fair value information at June 30, 2024 and December 31, 2023 for financial assets and liabilities measured at fair value by level within the fair value hierarchy, as well as cost or amortized cost. As required by the fair value measurement guidance, assets and liabilities are classified in their entirety based on the lowest level of inputs that is significant to the fair value measurement.
June 30, 2024
Fair Value
Carrying Value at June 30, 2024TotalLevel 1Level 2Level 3
(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (primarily restricted cash accounts)
$52,067 $52,067 $52,067 $— $— 
Interest rate swap (3)
1,380 1,380 — 1,380 — 
Currency forward contracts (2)
127 127 — 127 — 
Long-term Assets:
Interest rate swap (3)
161 161 — 161 — 
Liabilities:
Current liabilities:
Cross currency swap (1)
(4,466)(4,466)— (4,466)— 
Long term liabilities:
Cross currency swap (1)
(13,346)(13,346)— (13,346)— 
$35,923 $35,923 $52,067 $(16,144)$— 
 
December 31, 2023
Fair Value
Carrying Value at December 31, 2023
TotalLevel 1Level 2Level 3
(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (primarily restricted cash accounts)
$53,877 $53,877 $53,877 $— $— 
Currency forward contracts (2)
1,406 1,406 — 1,406 — 
Liabilities:
Current liabilities:
Cross currency swap (1)
(3,686)(3,686)— (3,686)— 
Long-term liabilities:
Cross currency swap (1)
(8,137)(8,137)— (8,137)— 
$43,461 $43,461 $53,877 $(10,416)$— 
1.These amounts relate to cross currency swap contracts valued primarily based on the present value of the cross currency swap future settlement prices for U.S. Dollar (“USD”) and New Israeli Shekel (“NIS”) zero yield curves and the applicable exchange rate as of June 30, 2024 and December 31, 2023, as applicable. These amounts are included within “Accounts payable and accrued expenses” or “Other long-term liabilities”, as applicable, in the condensed consolidated balance sheets on June 30, 2024 and December 31, 2023. Cash collateral deposits in the amount of $16.7 million and $10.6 million as of June 30, 2024, and December 31, 2023, respectively, are presented under “Other receivables” in the condensed consolidated balance sheets.
2.These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Receivables, other” or “Accounts payable and accrued expenses”, as applicable, in the condensed consolidated balance sheets on June 30, 2024 and December 31, 2023, with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income.
3.This amount relates to interest rate swap contracts valued primarily based on the present value of the interest rate swap settlement prices and the future 3-month SOFR prices based on USD zero yield curve as of June 30, 2024. This amount is included within “Accounts payable and accrued expenses” in the condensed consolidated balance sheets on June 30, 2024.
The following table presents the amounts of gain (loss) recognized in the condensed consolidated statements of operations and comprehensive income on derivative instruments (in thousands):
Amount of recognized gain (loss)Amount of recognized gain (loss)
Derivative instruments
Location of recognized gain (loss)Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(Dollars in thousands)(Dollars in thousands)
Derivatives not designated as hedging instruments
Currency forward contracts (1)
Derivative and foreign currency transaction gains (losses)
$(185)$(1,071)$(513)$(2,727)
Derivatives designated as cash flow hedging instruments
Cross currency swap (2)
Derivative and foreign currency transaction gains (losses)
$(2,127)$(3,761)$(5,363)$(10,553)
Interest rate swap (2)
Interest expense, net
$433 $— $890 $— 
1.The foregoing currency forward transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income.
2. The foregoing cross currency and interest rate swap transactions were designated as a cash flow hedge as further described above and under Note 1 to the condensed consolidated financial statements. The changes in the cross currency swap fair value are initially recorded in “Other comprehensive income (loss)” and a corresponding amount is reclassified out of “Accumulated other comprehensive income (loss)”to “Derivatives and foreign currency transaction gains (losses)” to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income. The changes in the interest rate swap fair value are initially recorded in “Other comprehensive income (loss)” and a corresponding amount is reclassified out of “Accumulated other comprehensive income (loss)” to “Interest expenses, net” to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income.
 There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during the three and six months ended June 30, 2024 and 2023.
 
The following table presents the effect of derivative instruments designated as cash flow hedges on the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2024, and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(Dollars in thousands)(Dollars in thousands)
Cash flow hedges:
Balance in Accumulated other comprehensive income (loss) beginning of period
$1,309 $(1,483)$(318)$3,920 
Gain or (loss) recognized in Other comprehensive income (loss):
Cross currency swap
(3,315)6,238 (5,990)7,627 
Interest rate swap
474 — 1,997 — 
Amount reclassified from Other comprehensive income (loss) into earnings
Cross currency swap
2,127 (3,761)5,363 (10,553)
Interest rate swap
(433)— (890)— 
Balance in Accumulated other comprehensive income (loss) end of period$162 $994 $162 $994 
The estimated net amount of existing gain (loss) that is reported in "Accumulated other comprehensive income (loss)" as of June 30, 2024 that is expected to be reclassified into earnings within the next 12 months is immaterial. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flow is from the transaction commencement date through June 2031.
The fair value of the Company’s long-term debt approximates its carrying amount, except for the following: 
Fair Value
Carrying Amount (*)
June 30, 2024December 31, 2023June 30, 2024December 31, 2023
(Dollars in millions)(Dollars in millions)
Hapoalim 2024 Loan
$73.2 $— $72.7 $— 
HSBC Bank 2024 Loan
127.5 — 125.0 — 
Mammoth Senior Secured Notes
150.7 — 135.1 — 
Discount 2024 Loan
32.5 — 31.8 — 
Mizrahi Loan56.2 61.4 56.3 60.9 
Mizrahi Loan 2023
48.4 52.0 46.9 50.0 
Convertible Senior Notes428.2 444.6 431.3 431.3 
HSBC Loan30.5 33.8 32.1 35.7 
Hapoalim Loan66.7 75.0 71.4 80.4 
Hapoalim Loan 2023
93.0 99.7 90.0 95.0 
Discount Loan63.9 69.9 68.8 75.0 
Finance liability - Dixie Valley224.8 207.2 223.3 225.8 
Olkaria III Loan - DFC 107.1 116.4 111.7 120.7 
Olkaria III plant 4 Loan - DEG 2 19.2 21.6 20.0 22.5 
Olkaria III plant 1 Loan - DEG 3 16.9 19.0 17.5 19.7 
DEG 4 Loan
30.7 — 30.0 — 
Platanares Loan - DFC 66.5 71.3 67.6 71.7 
OFC 2 LLC ("OFC 2") 124.8 134.2 133.7 142.5 
Don A. Campbell 1 ("DAC 1") 49.1 52.3 54.3 57.4 
USG Prudential - NV 21.7 22.3 23.6 23.9 
USG Prudential - ID Refinancing
52.0 54.1 57.2 58.9 
USG DOE 28.4 30.0 28.8 30.2 
Senior Unsecured Bonds 169.2 202.8 186.2 220.6 
Senior Unsecured Loan 141.5 150.4 149.6 158.0 
Other long-term debt 5.6 6.8 6.0 7.7 
 
 (*) Carrying amount value excludes the related deferred financing costs.
The fair value of the long-term debt is determined by a valuation model, which is based on a conventional discounted cash flow methodology and utilizes assumptions of current borrowing rates, except for the fair value of the Convertible Senior Notes for which the fair value was estimated based on a quoted bid price of the Notes in an over-the-counter market on the last trading day of the reporting period. A hypothetical change in the quoted bid price will result in a corresponding change in the estimated fair value of the Notes. The carrying value of the deposits, the short term revolving credit lines with banks and the commercial paper approximate their fair value.
Recently interest rates for both short-term and long-term debt have increased sharply which may have a direct impact on the fair value of the Company's long-term debt presented above, should this trend continue.
The following table presents the fair value of financial instruments as of June 30, 2024:
Level 1Level 2Level 3Total
(Dollars in millions)
Hapoalim 2024 Loan$— $— $73.2 $73.2 
HSBC Bank 2024 Loan— — 127.5 127.5 
Mammoth Senior Secured Notes— — 150.7 150.7 
Discount 2024 Loan— — 32.5 32.5 
Mizrahi Loan— — 56.2 56.2 
Mizrahi Loan 2023— — 48.4 48.4 
Convertible Senior Notes— 428.2 — 428.2 
HSBC Loan— — 30.5 30.5 
Hapoalim Loan— — 66.7 66.7 
Hapoalim Loan 2023— — 93.0 93.0 
Discount Loan— — 63.9 63.9 
Finance liability - Dixie Valley— — 224.8 224.8 
Olkaria III Loan - DFC — — 107.1 107.1 
Olkaria III plant 4 Loan - DEG 2— — 19.2 19.2 
Olkaria III plant 1 Loan - DEG 3— — 16.9 16.9 
DEG 4 Loan
— — 30.7 30.7 
Platanares Loan - DFC — — 66.5 66.5 
OFC 2 Senior Secured Notes — — 124.8 124.8 
DAC 1 Senior Secured Notes — — 49.1 49.1 
USG Prudential - NV — — 21.7 21.7 
USG Prudential - ID — — 52.0 52.0 
USG DOE — — 28.4 28.4 
Senior Unsecured Bonds — — 169.2 169.2 
Senior Unsecured Loan — — 141.5 141.5 
Other long-term debt — — 5.6 5.6 
Deposits 19.9 — — 19.9 
The following table presents the fair value of financial instruments as of December 31, 2023:
Level 1Level 2Level 3Total
(Dollars in millions)
Mizrahi Loan$— $— $61.4 $61.4 
Mizrahi Loan 2023— — 52.0 52.0 
Convertible Senior Notes— 444.6 — 444.6 
HSBC Loan— — 33.8 33.8 
Hapoalim Loan— — 75.0 75.0 
Hapoalim Loan 2023— — 99.7 99.7 
Discount Loan— — 69.9 69.9 
Financing Liability - Dixie Valley— — 207.2 207.2 
Olkaria III Loan - DFC — — 116.4 116.4 
Olkaria IV - DEG 2 — — 21.6 21.6 
Olkaria IV - DEG 3— — 19.0 19.0 
Platanares Loan - DFC — — 71.3 71.3 
OFC 2 Senior Secured Notes — — 134.2 134.2 
DAC 1 Senior Secured Notes — — 52.3 52.3 
USG Prudential - NV — — 22.3 22.3 
USG Prudential - ID — — 54.1 54.1 
USG DOE — — 30.0 30.0 
Senior Unsecured Bonds — — 202.8 202.8 
Senior Unsecured Loan — — 150.4 150.4 
Other long-term debt — — 6.8 6.8 
Deposits 20.9 — — 20.9 
v3.24.2.u1
STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
 In March 2024, the Company granted certain members of its management and employees an aggregate of 209,563 restricted stock units ("RSUs") and 61,197 performance stock units ("PSUs") under the Company’s 2018 Incentive Compensation Plan. The RSUs and PSUs have vesting periods of between 1 to 3 years from the grant date.
The fair value of each RSU and PSU on the grant date was $64.9 and $64.0, respectively. The Company calculated the fair value of each RSU and PSU on the grant date using the complex lattice, tree-based option-pricing model, and the Monte Carlo simulation, based on the following assumptions:
Risk-free interest rates4.27%—4.94%
Expected life (in years)1—3
Dividend yield0.73%
Expected volatility (weighted average)28.0%—34.0%

In March 2023, the Company granted certain members of its management and employees an aggregate of 174,422 RSUs and 35,081 PSUs under the Company’s 2018 Incentive Compensation Plan. The RSUs and PSUs have vesting periods of between 1 to 4 years from the grant date.
The fair value of each RSU and PSU on the grant date was $79.9 and $79.6, respectively. The Company calculated the fair value of each RSU and PSU on the grant date using the complex lattice, tree-based option-pricing model based on the following assumptions:
Risk-free interest rates3.86%—4.68%
Expected life (in years)2—5.75
Dividend yield0.59%
Expected volatility (weighted average)36%—42.20%

In May 2023, the Company granted its directors and employees an aggregate of 11,852 RSUs under the Company’s 2018 Incentive Compensation Plan. The RSUs have vesting periods 1 year from the grant date.
The fair value of each RSU on the grant date was $82.9. The Company calculated the fair value of each RSU and PSU on the grant date using the complex lattice, tree-based option-pricing model based on the following assumptions:
Risk-free interest rates4.70%
Expected life (in years)1
Dividend yield0.56%
Expected volatility (weighted average)34.8%
There were no other significant grants that were made by the Company during the six months ended June 30, 2024 and 2023.
v3.24.2.u1
INTEREST EXPENSE, NET
 6 Months Ended
Jun. 30, 2024
Interest Expense, Operating and Nonoperating [Abstract]  
INTEREST EXPENSE, NET INTEREST EXPENSE, NET
The components of interest expense are as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(Dollars in thousands)(Dollars in thousands)
Interest related to sale of tax benefits $4,343 $3,610 $9,239 $6,951 
Interest expense 33,621 25,162 62,745 49,781 
Less — amount capitalized (4,248)(4,378)(7,300)(8,708)
Total interest expense, net$33,716 $24,393 $64,684 $48,024 
v3.24.2.u1
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic earnings per share attributable to the Company’s stockholders is computed by dividing net income or loss attributable to the Company’s stockholders by the weighted average number of shares of common stock outstanding for the period. The Company does not have any equity instruments that are dilutive, except for employee stock-based awards and convertible senior notes ("Notes"). 
The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Weighted average number of shares used in computation of basic earnings per share:60,451 60,245 60,419 58,494 
Additional shares from the assumed exercise of employee stock awards 304 389 236 407 
Weighted average number of shares used in computation of diluted earnings per share 60,755 60,634 60,655 58,901 
 
The number of stock-based awards that could potentially dilute future earnings per share and that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive was 181.4 thousand, and 28.7 thousand for the three months ended June 30, 2024 and 2023, respectively, and 71.7 thousand, and 24.9 thousand for the six months ended June 30, 2024 and 2023, respectively.
As per ASU 2020-06, the if-converted method is required for calculating any potential dilutive effect from convertible instruments. For the three and six months ended June 30, 2024, the average price of the Company's common stock did not exceed the per share conversion price of the Notes of $90.27, and other requirements for the Notes to be convertible were not met and as such, there was no dilutive effect from the Notes in respect with the aforementioned periods.
v3.24.2.u1
BUSINESS SEGMENTS
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
The Company has three reporting segments: the Electricity segment, the Product segment and the Energy Storage segment. These segments are managed and reported separately as each offers different products and serves different markets.
•Under the Electricity segment, the Company builds, owns and operates geothermal, solar PV and recovered energy-based power plants ("REG") in the United States and geothermal power plants in foreign countries, and sells the electricity generated by those power plants.
•Under the Product segment, the Company designs, manufactures and sells equipment for geothermal and recovered energy-based electricity generation and provide services relating to the engineering, procurement and construction ("EPC") of geothermal and recovered energy-based power plants.
•Under the Energy Storage segment, the Company provides battery energy storage systems ("BESS") as a service as well as other related services.
 Transfer prices between the operating segments are determined based on current market values or cost-plus markup of the seller’s business segment.
Summarized financial information concerning the Company’s reportable segments is shown in the following tables, including the Company's disaggregated revenues from contracts with customers:
ElectricityProductEnergy StorageConsolidated
(Dollars in thousands)
Three Months Ended June 30, 2024:
Revenues from external customers:
United States (1)
$119,695 $1,615 $8,908 $130,218 
Foreign (2)
46,531 36,214 — 82,745 
Net revenue from external customers 166,226 37,829 8,908 212,963 
Intersegment revenues (4)
— 26,907 — — 
Operating income (loss) 35,414 1,026 (1,313)35,127 
Segment assets at period end (3) (*)
4,955,806 192,092 358,904 5,506,802 
* Including unconsolidated investments 129,664 — — 129,664 
Three Months Ended June 30, 2023:
Revenues from external customers:
United States (1)
$106,209 $2,253 $6,014 $114,476 
Foreign (2)
49,115 31,205 — 80,320 
Net revenue from external customers 155,324 33,458 6,014 194,796 
Intersegment revenues (4)
— 12,918 — — 
Operating income (loss)28,661 (2,297)(2,140)24,224 
Segment assets at period end (3) (*)
4,576,437 182,437 251,770 5,010,644 
* Including unconsolidated investments 126,451 — — 126,451 
Six Months Ended June 30, 2024:
Revenues from external customers:
United States (1)
$263,511 $2,491 $16,989 $282,991 
Foreign (2)
93,968 60,170 — 154,138 
Net revenue from external customers 357,479 62,661 16,989 437,129 
Intersegment revenues (4)
— 47,504 — — 
Operating income (loss) 88,095 1,868 (2,253)87,710 
Segment assets at period end (3) (*)
4,955,806 192,092 358,904 5,506,802 
* Including unconsolidated investments 129,664 — — 129,664 
Six Months Ended June 30, 2023:
Revenues from external customers:
United States (1)
$228,620 $3,694 $10,894 $243,208 
Foreign (2)
97,014 39,806 — 136,820 
Net revenue from external customers 325,634 43,500 10,894 380,028 
Intersegment revenues (4)
— 20,690 — — 
Operating income (loss)85,669 (3,802)(4,477)77,390 
Segment assets at period end (3) (*)
4,576,437 182,437 251,770 5,010,644 
* Including unconsolidated investments 126,451 — — 126,451 
(1)Electricity segment revenues in the United States are all accounted for under lease accounting except for $37.5 million, and $82.3 million in the three and six months ended June 30, 2024, respectively, and $30.2 million, and $62.9 million in the three and six months ended June 30, 2023, respectively, that are accounted for under ASC 606. Product and Energy Storage segment revenues in the United States are accounted for under ASC 606, Revenue from Contracts with Customers ("ASC 606"), except for Energy Storage revenues of $0.7 million, and $1.4 million for the three and six months ended June 30, 2024, respectively, and none for the three and six months ended June 30, 2023, that are accounted for under lease accounting.
(2)Electricity segment revenues in foreign countries are all accounted for under lease accounting. Product segment revenues in foreign countries are all accounted for under ASC 606.
(3)Electricity segment assets include goodwill in the amount of $146.4 million, and $85.8 million as of June 30, 2024 and 2023, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 million as of June 30, 2024 and 2023, respectively. No goodwill is included in the Product segment assets as of June 30, 2024 and 2023.
(4)Intersegment revenues are fully eliminated in consolidation.
Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table:

Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(Dollars in thousands)(Dollars in thousands)
Revenues:
Total segment revenues $212,963 $194,796 $437,129 $380,028 
Intersegment revenues26,907 12,918 47,504 20,690 
Elimination of intersegment revenues (26,907)(12,918)(47,504)(20,690)
Total consolidated revenues $212,963 $194,796 $437,129 $380,028 
Operating income:
Operating income $35,127 $24,224 $87,710 $77,390 
Interest income 2,604 4,942 4,443 6,793 
Interest expense, net (33,716)(24,393)(64,684)(48,024)
Derivatives and foreign currency transaction gains (losses) (332)(1,272)(1,914)(3,209)
Income attributable to sale of tax benefits 15,798 14,979 33,274 27,545 
Other non-operating income, net 74 79 100 139 
Total consolidated income before income taxes and equity in income of investees
$19,555 $18,559 $58,929 $60,634 
v3.24.2.u1
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
From time to time, the Company is named as a party to various lawsuits, claims and other legal and regulatory proceedings that arise in the ordinary course of the Company's business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract, property damage, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to such lawsuits, claims and proceedings, the Company accrues reserves when a loss is probable, and the amount of such loss can be reasonably estimated. It is the opinion of the Company’s management that the outcome of these proceedings, individually and collectively, will not be material to the Company’s consolidated financial statements as a whole.
Other matters
On March 2, 2021, the Company's Board of Directors established a Special Committee of independent directors to investigate, among other things, certain claims made in a report published by a short seller regarding the Company’s compliance with anti-corruption laws. The Special Committee is working with outside legal counsel to investigate the claims made. All members of the Special Committee are “independent” in accordance with the Company's Corporate Governance Guidelines, the NYSE listing standards and SEC rules applicable to board of directors in general. The Company is also providing information as requested by the SEC and Department of Justice (”DOJ”) related to the claims.
Additionally, see Note 11 – Subsequent Events, to the condensed consolidated financial statements for additional information regarding the tax investigation in Kenya which was concluded in July 2024 with no additional taxes, interest or penalties.
v3.24.2.u1
INCOME TAXES
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
 The Company’s effective tax rate provision for the three months ended June 30, 2024 and 2023 was (16.3)% and (21.3)%, respectively. The effective rate differs from the federal statutory rate of 21% primarily due to the generation of investment tax credits, and the jurisdictional mix of earnings at differing tax rates.
On August 16, 2022, the IRA was signed into law in the United States. The Company believes that the construction and operation of its geothermal power plants, recovered energy-based power plants, battery energy storage systems and solar PV will benefit in the future from the IRA and enhance the economic feasibility of projects in the United States. PTCs can be generated from 2.75 cents per kWh, once the Wages & Apprenticeship rules are met, and if bonus credit requirements are met the credit could rise up to 3.30 cents per kWh. ITCs can be earned on investments from 30.0%, once the Wages & Apprenticeship rules are met, and if bonus credit requirements are met the credit could rise up to 50.0%. Battery Energy Storage Systems are eligible for ITC for projects placed-in-service after December 31, 2022. In addition, the Company can now monetize PTCs and ITCs earned by transferring the credits to a third party without having to enter into a tax equity transaction. The Company views the enactment of the IRA as favorable for the overall business climate for its sector.
The Organization for Economic Co-operation and Development (“OECD”) has a framework to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar 2), with certain aspects of Pillar 2 becoming effective January 1, 2024, and other aspects becoming effective January 1, 2025. Currently, the Company does not meet the revenue threshold requirements. The Company does anticipate being subject to Pillar 2 in the near future years based on its anticipated growth projections. We will continue to evaluate the impact of proposed and enacted legislative changes to our effective tax rate and cash flows as new guidance becomes available.
Additionally, see Note 11 – Subsequent Events, to the condensed consolidated financial statements for tax investigation in Kenya.
v3.24.2.u1
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Cash Dividend
On August 6, 2024, the Board of Directors of the Company declared, approved and authorized payment of a quarterly dividend of $7.2 million ($0.12 per share) to all holders of the Company’s issued and outstanding shares of common stock on August 20, 2024, payable on September 3, 2024.
Tax Investigation in Kenya
On April 23, 2024, the Company's branch in Kenya received a Letter of Preliminary Investigation Findings ("Letter") from the Kenya Revenue Authority (“KRA”) relating to tax years 2017 to 2022. The Letter sets forth a demand for approximately $79.0 million before any potential interest and penalties. On July 8, 2024, the KRA informed the Company that its investigation was concluded and closed and that the initial demand for $79.0 million would be reduced to zero, and as a result, no additional taxes, interest or penalties would be due.
Additional 2.50% Senior Convertible Notes due 2027
On July 15, 2024, the Company issued an additional $45.2 million aggregate principal amount of its 2.50% Convertible Senior Notes due 2027 (the “Additional Notes”). The Additional Notes were issued as additional notes pursuant to the indenture, dated June 27, 2022, as supplemented by the first supplemental indenture, dated July 15, 2024, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Indenture”). The Additional Notes constitute a further issuance of, and form a single series with, the $431.3 million aggregate principal amount of the Company’s outstanding 2.5% Convertible Senior Notes due 2027 originally issued in June 2022 (the “Existing Convertible Notes” and together with the Additional Notes, the “Notes”). The Additional Notes will have substantially identical terms to the Existing Convertible Notes, except that the Additional Notes have a different issuance date and will initially trade under a different restricted CUSIP number than the Existing Convertible Notes until such time as the Additional Notes are no longer required to bear restrictive legends under the Indenture and have an unrestricted CUSIP. The aggregated proceeds received from the issuance of the Additional Notes were $44.2 million, net off discount and fees.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 22,243 $ 24,191 $ 60,830 $ 53,220
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION (Policies)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of accounting, policy
These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, they do not contain all information and notes required by U.S. GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated financial position, the condensed consolidated statements of operations and comprehensive income, the condensed consolidated statements of cash flows and the condensed consolidated statements of equity for periods presented.
The financial data and other information disclosed in the notes to the condensed consolidated financial statements related to these periods are unaudited. The results for the periods presented are not necessarily indicative of the results to be expected for the year. 
These condensed unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The condensed consolidated balance sheet data as of December 31, 2023 was derived from the Company’s audited consolidated financial statements for the year ended December 31, 2023 but does not include all disclosures required by U.S. GAAP. 
Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000.
War in Israel
War in Israel
On October 7, 2023, Hamas terrorists and members of other terrorist organizations infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets, including widespread killings and kidnappings. They also launched extensive rocket attacks on the Israeli civilian population. Shortly following the attack, Israel declared war against Hamas. The majority of the Company's senior management and its main Product segment production and manufacturing facilities are located in Israel approximately 26 miles from the border with the Gaza Strip. More recently, the Houthi movement, which controls parts of Yemen, launched a number of attacks on marine vessels in the Red Sea. The Red Sea is an important maritime route for international trade. Additionally, since the beginning of the war, Hezbollah and other Iranian proxy forces have exchanged fire with Israel around Israel’s borders, and Iran and Israel have been engaged in a conflict involving direct attacks on each other’s soil for the first time in history. Iran and these other proxy forces have threatened to escalate the fighting throughout Israel, including targeting major infrastructure facilities. These disruptions have resulted, and may continue to result in, delayed deliveries of several key components used in the manufacturing of the Company's products and could impact its ability to timely deliver products to its customers under the Product Segment. In addition, they may slow the Company’s ability to execute its Electricity segment growth plans. This has also resulted in an increase in insurance premium costs for shipments into and out of the sea port.
As of the date of these condensed consolidated financial statements, none of the Company's facilities or infrastructure have been damaged nor have its supply chains been significantly impacted since the war broke out. However, a prolonged war could result in further military reserve duty call-ups as well as irregularities to the Company's supply chain and to its ability to ship its products from Israel, which could disrupt the operations of the Company's Product segment and potentially delay some of its growth plans in the Electricity segment. Management continuously monitors the effect of the war on the Company's financial position and results of operations.
Concentration of credit risk
Concentration of credit risk
Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash investments and accounts receivable.
Cash investments:
The Company places its cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At June 30, 2024 and December 31, 2023, the Company had deposits totaling $20.3 million and $43.2 million, respectively, in ten U.S. financial institutions that were federally insured up to $250,000 per account. At June 30, 2024 and December 31, 2023, the Company’s deposits in foreign countries amounted to approximately $55.6 million and $57.5 million, respectively.
Account receivables:
At June 30, 2024 and December 31, 2023, accounts receivable related to operations in foreign countries amounted to approximately $99.8 million, and $152.2 million, respectively. At June 30, 2024 and December 31, 2023, accounts receivable from the Company’s primary customers, which each accounted for revenues in excess of 10% of total consolidated revenues for the related period, amounted to approximately 57% and 57% of the Company’s trade receivables, respectively. The aggregate amount of notes receivable exceeding 10% of total receivables as of June 30, 2024 and December 31, 2023 is $100.3 million, and $161.0 million, respectively.
 The Company's revenues from its primary customers as a percentage of total revenues are as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Southern California Public Power Authority (“SCPPA”)19.7 %21.0 %22.3 %23.8 %
Sierra Pacific Power Company and Nevada Power Company14.7 15.9 15.8 17.9 
Kenya Power and Lighting Co. Ltd. ("KPLC")13.1 14.4 12.7 14.4 
 The Company has historically been able to collect on substantially all of its receivable balances. As of June 30, 2024, the amount overdue from KPLC in Kenya was $36.9 million of which $16.4 million was paid in July and August 2024. The Company believes it will be able to collect all past due amounts from KPLC. This belief is supported by the fact that in addition to KPLC's obligations under its power purchase agreement, the Company holds a support letter from the Government of Kenya that covers certain cases of KPLC non-payment (such as non-payments that are caused by government actions and/or political events).
In Honduras, as of June 30, 2024, the total amount overdue from Empresa Nacional de Energía Eléctrica ("ENEE") was $19.9 million of which $0.4 million was paid in July 2024. In addition, due to the financial situation in Honduras, the Company may experience further delays in collection. The Company believes it will be able to collect all past due amounts from ENEE.
Allowance for credit losses
Allowance for credit losses
The Company performs an analysis of potential credit losses related to its financial instruments that are within the scope of ASU 2018-19, Codification Improvements to Topic 325, Financial Instruments – Credit Losses, primarily cash and cash equivalents, restricted cash and cash equivalents, investment in marketable securities, receivables (excluding those accounted for under lease accounting) and costs and estimated earnings in excess of billings on uncompleted contracts, based on classes of financing receivables which share the same or similar risk characteristics such as customer type and geographic location, among others. The Company estimates the expected credit losses for each class of financing receivables by applying the related corporate default rate which corresponds to the credit rating of the specific customer or class of financing receivables. For trade receivables, the Company applied this methodology using aging schedules reflecting how long the receivables have been outstanding. The Company has also considered the existence of credit enhancement arrangements that may mitigate the credit risk of its financial receivables in estimating the applicable corporate default rate.
Revenues from contracts with customers
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.
Derivative instruments
Derivative instruments 
Derivative instruments (including certain derivative instruments embedded in other contracts) are measured at their fair value and recorded as either assets or liabilities unless exempted from derivative treatment as normal purchase and sale transactions. Changes in the fair value of derivatives not designated as hedging instruments are recognized in earnings. Changes in the fair value of derivatives designated as cash flow hedging instruments are initially recorded in "Other comprehensive income (loss)", and a corresponding amount is reclassified out of "Accumulated other comprehensive income (loss)" to earnings to offset the remeasurement of the underlying hedge transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income.
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.
New accounting pronouncements effective in future periods
New accounting pronouncements effective in future periods
Improvements to Reportable Segments Disclosures
In November 2023, the FASB issued ASU 2023-07 “Segment Reporting–Improvements to Reportable Segments Disclosures (Topic 280)” to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU (1) require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss; (2) require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition; (3) require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods; (4) clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures; and (5) require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure or measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all periods presented. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of these amendments on its consolidated financial statements.
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740)–Improvements to Income Tax Disclosures” to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. The amendments in this ASU require that public entities, on an annual basis, disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This ASU also requires that all entities disclose, on an annual basis, (1) the amount of income taxes paid disaggregated by federal, state, and foreign taxes, (2) the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid, (3) income or loss from continuing operations before income tax expense or benefit disaggregated between domestic and foreign, and (4) income tax expense or benefit from continuing operations disaggregated by federal, state, and foreign. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis with the option to apply retrospectively. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of the adoption of these amendments on its consolidated financial statements.
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION (Tables)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The following table summarizes the purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions):
Trade receivables and others (1)
$4.4 
Deferred income taxes3.1 
Property, plant and equipment and construction-in-process (2)
197.7 
Operating lease right of use
1.2 
Other long-term assets
0.2 
Intangible assets (3)
23.6 
Goodwill (4)
60.7 
Total assets acquired $290.9 
Accounts payable, accrued expenses and others$1.5 
Other current liabilities
1.8 
Operating lease liabilities
1.2 
Other long-term liabilities
5.0 
Asset retirement obligation6.8 
Total liabilities assumed $16.3 
Total assets acquired, and liabilities assumed, net$274.6 
(1) The gross amount of trade receivables was fully collected subsequent to acquisition date.
(2) The fair value of Property, plant and equipment was estimated by applying the income approach and utilizing the discounted cash flow method. This methodology assesses the value of tangible assets by computing the anticipated cash flows expected to be generated by the respective assets.
(3) Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs. The fair value of the intangible assets was estimated by applying the income approach and utilizing the With and Without method.
(4) Goodwill is primarily related to the expected synergies, potential cost savings in operations as a result of the purchase transaction as well as potential future development of the greenfield assets. The goodwill is allocated to the Electricity segment and is deductible for tax purposes.
The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business combination had occurred on January 1, 2023. The pro forma results below include the impact of certain adjustments related to the depreciation of property, plant and equipment, amortization of intangible assets, transaction-related costs, and the related income tax effects. This pro forma presentation does not include any impact from transaction synergies or any other material, nonrecurring adjustments directly attributable to the business combination.
Pro forma for the Three Months Ended June 30,
Pro forma for the Six Months Ended June 30,
2024202320242023
(Dollars in millions)(Dollars in millions)
Electricity revenues$166.2 $163.7 $357.5 $343.6 
Total revenues$213.0 $203.2 $437.1 $398.0 
Net income attributable to the Company's stockholders
$22.2 $22.4 $60.8 $50.1 
Schedule of Cash and Cash Equivalents The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as reported on the balance sheet to the total of the same amounts shown on the statement of cash flows:
June 30,December 31,
20242023
(Dollars in thousands)
Cash and cash equivalents
$66,262 $195,808 
Restricted cash and cash equivalents
97,480 91,962 
Total Cash and cash equivalents and Restricted cash and cash equivalents
$163,742 $287,770 
Schedules of Concentration of Risk, by Risk Factor The Company's revenues from its primary customers as a percentage of total revenues are as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Southern California Public Power Authority (“SCPPA”)19.7 %21.0 %22.3 %23.8 %
Sierra Pacific Power Company and Nevada Power Company14.7 15.9 15.8 17.9 
Kenya Power and Lighting Co. Ltd. ("KPLC")13.1 14.4 12.7 14.4 
Accounts Receivable, Allowance for Credit Loss
The following table describes the changes in the allowance for expected credit losses for the three and six months ended June 30, 2024 and 2023 (all related to trade receivables):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(Dollars in thousands)(Dollars in thousands)
Beginning balance of the allowance for expected credit losses$163 $90 $90 $90 
Change in the provision for expected credit losses for the period37 — 110 — 
Ending balance of the allowance for expected credit losses$200 $90 $200 $90 
Contract with Customer, Contract Asset, Contract Liability, and Receivable Total contract assets and contract liabilities as of June 30, 2024 and December 31, 2023 are as follows:
June 30,December 31,
20242023
(Dollars in thousands)
Contract assets (*) $29,719 $18,367 
Contract liabilities (*) $(16,277)$(18,669)
(*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet fully recognized as product revenues during the six months ended June 30, 2024 as a result of performance obligations having not been fully satisfied yet as of June 30, 2024. Additionally, as of June 30, 2024, long-term costs and estimated earnings in excess of billings on uncompleted contracts related to the Dominica project in the amount of $5.4 million is included under “Deposits and other” in the condensed consolidated financial statements due its long-term nature.
Operating Lease, Lease Income
The table below presents lease income recognized as a lessor:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(Dollars in thousands)(Dollars in thousands)
Lease income relating to lease payments from operating leases$129,420 $125,140 $276,521 $262,761 
v3.24.2.u1
INVENTORIES (Tables)
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventory, Current
Inventories consist of the following:
June 30,December 31,
20242023
(Dollars in thousands)
Raw materials and purchased parts for assembly $23,279 $20,588 
Self-manufactured assembly parts and finished products 21,368 24,449 
Total inventories $44,647 $45,037 
v3.24.2.u1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping
The following table sets forth certain fair value information at June 30, 2024 and December 31, 2023 for financial assets and liabilities measured at fair value by level within the fair value hierarchy, as well as cost or amortized cost. As required by the fair value measurement guidance, assets and liabilities are classified in their entirety based on the lowest level of inputs that is significant to the fair value measurement.
June 30, 2024
Fair Value
Carrying Value at June 30, 2024TotalLevel 1Level 2Level 3
(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (primarily restricted cash accounts)
$52,067 $52,067 $52,067 $— $— 
Interest rate swap (3)
1,380 1,380 — 1,380 — 
Currency forward contracts (2)
127 127 — 127 — 
Long-term Assets:
Interest rate swap (3)
161 161 — 161 — 
Liabilities:
Current liabilities:
Cross currency swap (1)
(4,466)(4,466)— (4,466)— 
Long term liabilities:
Cross currency swap (1)
(13,346)(13,346)— (13,346)— 
$35,923 $35,923 $52,067 $(16,144)$— 
December 31, 2023
Fair Value
Carrying Value at December 31, 2023
TotalLevel 1Level 2Level 3
(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (primarily restricted cash accounts)
$53,877 $53,877 $53,877 $— $— 
Currency forward contracts (2)
1,406 1,406 — 1,406 — 
Liabilities:
Current liabilities:
Cross currency swap (1)
(3,686)(3,686)— (3,686)— 
Long-term liabilities:
Cross currency swap (1)
(8,137)(8,137)— (8,137)— 
$43,461 $43,461 $53,877 $(10,416)$— 
1.These amounts relate to cross currency swap contracts valued primarily based on the present value of the cross currency swap future settlement prices for U.S. Dollar (“USD”) and New Israeli Shekel (“NIS”) zero yield curves and the applicable exchange rate as of June 30, 2024 and December 31, 2023, as applicable. These amounts are included within “Accounts payable and accrued expenses” or “Other long-term liabilities”, as applicable, in the condensed consolidated balance sheets on June 30, 2024 and December 31, 2023. Cash collateral deposits in the amount of $16.7 million and $10.6 million as of June 30, 2024, and December 31, 2023, respectively, are presented under “Other receivables” in the condensed consolidated balance sheets.
2.These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Receivables, other” or “Accounts payable and accrued expenses”, as applicable, in the condensed consolidated balance sheets on June 30, 2024 and December 31, 2023, with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income.
3.This amount relates to interest rate swap contracts valued primarily based on the present value of the interest rate swap settlement prices and the future 3-month SOFR prices based on USD zero yield curve as of June 30, 2024. This amount is included within “Accounts payable and accrued expenses” in the condensed consolidated balance sheets on June 30, 2024.
Derivative Instruments, Gain (Loss)
The following table presents the amounts of gain (loss) recognized in the condensed consolidated statements of operations and comprehensive income on derivative instruments (in thousands):
Amount of recognized gain (loss)Amount of recognized gain (loss)
Derivative instruments
Location of recognized gain (loss)Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(Dollars in thousands)(Dollars in thousands)
Derivatives not designated as hedging instruments
Currency forward contracts (1)
Derivative and foreign currency transaction gains (losses)
$(185)$(1,071)$(513)$(2,727)
Derivatives designated as cash flow hedging instruments
Cross currency swap (2)
Derivative and foreign currency transaction gains (losses)
$(2,127)$(3,761)$(5,363)$(10,553)
Interest rate swap (2)
Interest expense, net
$433 $— $890 $— 
1.The foregoing currency forward transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income.
2. The foregoing cross currency and interest rate swap transactions were designated as a cash flow hedge as further described above and under Note 1 to the condensed consolidated financial statements. The changes in the cross currency swap fair value are initially recorded in “Other comprehensive income (loss)” and a corresponding amount is reclassified out of “Accumulated other comprehensive income (loss)”to “Derivatives and foreign currency transaction gains (losses)” to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income. The changes in the interest rate swap fair value are initially recorded in “Other comprehensive income (loss)” and a corresponding amount is reclassified out of “Accumulated other comprehensive income (loss)” to “Interest expenses, net” to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table presents the effect of derivative instruments designated as cash flow hedges on the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2024, and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(Dollars in thousands)(Dollars in thousands)
Cash flow hedges:
Balance in Accumulated other comprehensive income (loss) beginning of period
$1,309 $(1,483)$(318)$3,920 
Gain or (loss) recognized in Other comprehensive income (loss):
Cross currency swap
(3,315)6,238 (5,990)7,627 
Interest rate swap
474 — 1,997 — 
Amount reclassified from Other comprehensive income (loss) into earnings
Cross currency swap
2,127 (3,761)5,363 (10,553)
Interest rate swap
(433)— (890)— 
Balance in Accumulated other comprehensive income (loss) end of period$162 $994 $162 $994 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The fair value of the Company’s long-term debt approximates its carrying amount, except for the following: 
Fair Value
Carrying Amount (*)
June 30, 2024December 31, 2023June 30, 2024December 31, 2023
(Dollars in millions)(Dollars in millions)
Hapoalim 2024 Loan
$73.2 $— $72.7 $— 
HSBC Bank 2024 Loan
127.5 — 125.0 — 
Mammoth Senior Secured Notes
150.7 — 135.1 — 
Discount 2024 Loan
32.5 — 31.8 — 
Mizrahi Loan56.2 61.4 56.3 60.9 
Mizrahi Loan 2023
48.4 52.0 46.9 50.0 
Convertible Senior Notes428.2 444.6 431.3 431.3 
HSBC Loan30.5 33.8 32.1 35.7 
Hapoalim Loan66.7 75.0 71.4 80.4 
Hapoalim Loan 2023
93.0 99.7 90.0 95.0 
Discount Loan63.9 69.9 68.8 75.0 
Finance liability - Dixie Valley224.8 207.2 223.3 225.8 
Olkaria III Loan - DFC 107.1 116.4 111.7 120.7 
Olkaria III plant 4 Loan - DEG 2 19.2 21.6 20.0 22.5 
Olkaria III plant 1 Loan - DEG 3 16.9 19.0 17.5 19.7 
DEG 4 Loan
30.7 — 30.0 — 
Platanares Loan - DFC 66.5 71.3 67.6 71.7 
OFC 2 LLC ("OFC 2") 124.8 134.2 133.7 142.5 
Don A. Campbell 1 ("DAC 1") 49.1 52.3 54.3 57.4 
USG Prudential - NV 21.7 22.3 23.6 23.9 
USG Prudential - ID Refinancing
52.0 54.1 57.2 58.9 
USG DOE 28.4 30.0 28.8 30.2 
Senior Unsecured Bonds 169.2 202.8 186.2 220.6 
Senior Unsecured Loan 141.5 150.4 149.6 158.0 
Other long-term debt 5.6 6.8 6.0 7.7 
 
 (*) Carrying amount value excludes the related deferred financing costs.
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis
The following table presents the fair value of financial instruments as of June 30, 2024:
Level 1Level 2Level 3Total
(Dollars in millions)
Hapoalim 2024 Loan$— $— $73.2 $73.2 
HSBC Bank 2024 Loan— — 127.5 127.5 
Mammoth Senior Secured Notes— — 150.7 150.7 
Discount 2024 Loan— — 32.5 32.5 
Mizrahi Loan— — 56.2 56.2 
Mizrahi Loan 2023— — 48.4 48.4 
Convertible Senior Notes— 428.2 — 428.2 
HSBC Loan— — 30.5 30.5 
Hapoalim Loan— — 66.7 66.7 
Hapoalim Loan 2023— — 93.0 93.0 
Discount Loan— — 63.9 63.9 
Finance liability - Dixie Valley— — 224.8 224.8 
Olkaria III Loan - DFC — — 107.1 107.1 
Olkaria III plant 4 Loan - DEG 2— — 19.2 19.2 
Olkaria III plant 1 Loan - DEG 3— — 16.9 16.9 
DEG 4 Loan
— — 30.7 30.7 
Platanares Loan - DFC — — 66.5 66.5 
OFC 2 Senior Secured Notes — — 124.8 124.8 
DAC 1 Senior Secured Notes — — 49.1 49.1 
USG Prudential - NV — — 21.7 21.7 
USG Prudential - ID — — 52.0 52.0 
USG DOE — — 28.4 28.4 
Senior Unsecured Bonds — — 169.2 169.2 
Senior Unsecured Loan — — 141.5 141.5 
Other long-term debt — — 5.6 5.6 
Deposits 19.9 — — 19.9 
The following table presents the fair value of financial instruments as of December 31, 2023:
Level 1Level 2Level 3Total
(Dollars in millions)
Mizrahi Loan$— $— $61.4 $61.4 
Mizrahi Loan 2023— — 52.0 52.0 
Convertible Senior Notes— 444.6 — 444.6 
HSBC Loan— — 33.8 33.8 
Hapoalim Loan— — 75.0 75.0 
Hapoalim Loan 2023— — 99.7 99.7 
Discount Loan— — 69.9 69.9 
Financing Liability - Dixie Valley— — 207.2 207.2 
Olkaria III Loan - DFC — — 116.4 116.4 
Olkaria IV - DEG 2 — — 21.6 21.6 
Olkaria IV - DEG 3— — 19.0 19.0 
Platanares Loan - DFC — — 71.3 71.3 
OFC 2 Senior Secured Notes — — 134.2 134.2 
DAC 1 Senior Secured Notes — — 52.3 52.3 
USG Prudential - NV — — 22.3 22.3 
USG Prudential - ID — — 54.1 54.1 
USG DOE — — 30.0 30.0 
Senior Unsecured Bonds — — 202.8 202.8 
Senior Unsecured Loan — — 150.4 150.4 
Other long-term debt — — 6.8 6.8 
Deposits 20.9 — — 20.9 
v3.24.2.u1
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures [Abstract]  
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions The Company calculated the fair value of each RSU and PSU on the grant date using the complex lattice, tree-based option-pricing model, and the Monte Carlo simulation, based on the following assumptions:
Risk-free interest rates4.27%—4.94%
Expected life (in years)1—3
Dividend yield0.73%
Expected volatility (weighted average)28.0%—34.0%
The Company calculated the fair value of each RSU and PSU on the grant date using the complex lattice, tree-based option-pricing model based on the following assumptions:
Risk-free interest rates3.86%—4.68%
Expected life (in years)2—5.75
Dividend yield0.59%
Expected volatility (weighted average)36%—42.20%
The Company calculated the fair value of each RSU and PSU on the grant date using the complex lattice, tree-based option-pricing model based on the following assumptions:
Risk-free interest rates4.70%
Expected life (in years)1
Dividend yield0.56%
Expected volatility (weighted average)34.8%
v3.24.2.u1
INTEREST EXPENSE, NET (Tables)
 6 Months Ended
Jun. 30, 2024
Interest Expense, Operating and Nonoperating [Abstract]  
Schedule of Other Nonoperating Expense, by Component
The components of interest expense are as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(Dollars in thousands)(Dollars in thousands)
Interest related to sale of tax benefits $4,343 $3,610 $9,239 $6,951 
Interest expense 33,621 25,162 62,745 49,781 
Less — amount capitalized (4,248)(4,378)(7,300)(8,708)
Total interest expense, net$33,716 $24,393 $64,684 $48,024 
v3.24.2.u1
EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of weighted average number of shares The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Weighted average number of shares used in computation of basic earnings per share:60,451 60,245 60,419 58,494 
Additional shares from the assumed exercise of employee stock awards 304 389 236 407 
Weighted average number of shares used in computation of diluted earnings per share 60,755 60,634 60,655 58,901 
v3.24.2.u1
BUSINESS SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Summarized financial information concerning the Company’s reportable segments is shown in the following tables, including the Company's disaggregated revenues from contracts with customers:
ElectricityProductEnergy StorageConsolidated
(Dollars in thousands)
Three Months Ended June 30, 2024:
Revenues from external customers:
United States (1)
$119,695 $1,615 $8,908 $130,218 
Foreign (2)
46,531 36,214 — 82,745 
Net revenue from external customers 166,226 37,829 8,908 212,963 
Intersegment revenues (4)
— 26,907 — — 
Operating income (loss) 35,414 1,026 (1,313)35,127 
Segment assets at period end (3) (*)
4,955,806 192,092 358,904 5,506,802 
* Including unconsolidated investments 129,664 — — 129,664 
Three Months Ended June 30, 2023:
Revenues from external customers:
United States (1)
$106,209 $2,253 $6,014 $114,476 
Foreign (2)
49,115 31,205 — 80,320 
Net revenue from external customers 155,324 33,458 6,014 194,796 
Intersegment revenues (4)
— 12,918 — — 
Operating income (loss)28,661 (2,297)(2,140)24,224 
Segment assets at period end (3) (*)
4,576,437 182,437 251,770 5,010,644 
* Including unconsolidated investments 126,451 — — 126,451 
Six Months Ended June 30, 2024:
Revenues from external customers:
United States (1)
$263,511 $2,491 $16,989 $282,991 
Foreign (2)
93,968 60,170 — 154,138 
Net revenue from external customers 357,479 62,661 16,989 437,129 
Intersegment revenues (4)
— 47,504 — — 
Operating income (loss) 88,095 1,868 (2,253)87,710 
Segment assets at period end (3) (*)
4,955,806 192,092 358,904 5,506,802 
* Including unconsolidated investments 129,664 — — 129,664 
Six Months Ended June 30, 2023:
Revenues from external customers:
United States (1)
$228,620 $3,694 $10,894 $243,208 
Foreign (2)
97,014 39,806 — 136,820 
Net revenue from external customers 325,634 43,500 10,894 380,028 
Intersegment revenues (4)
— 20,690 — — 
Operating income (loss)85,669 (3,802)(4,477)77,390 
Segment assets at period end (3) (*)
4,576,437 182,437 251,770 5,010,644 
* Including unconsolidated investments 126,451 — — 126,451 
(1)Electricity segment revenues in the United States are all accounted for under lease accounting except for $37.5 million, and $82.3 million in the three and six months ended June 30, 2024, respectively, and $30.2 million, and $62.9 million in the three and six months ended June 30, 2023, respectively, that are accounted for under ASC 606. Product and Energy Storage segment revenues in the United States are accounted for under ASC 606, Revenue from Contracts with Customers ("ASC 606"), except for Energy Storage revenues of $0.7 million, and $1.4 million for the three and six months ended June 30, 2024, respectively, and none for the three and six months ended June 30, 2023, that are accounted for under lease accounting.
(2)Electricity segment revenues in foreign countries are all accounted for under lease accounting. Product segment revenues in foreign countries are all accounted for under ASC 606.
(3)Electricity segment assets include goodwill in the amount of $146.4 million, and $85.8 million as of June 30, 2024 and 2023, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 million as of June 30, 2024 and 2023, respectively. No goodwill is included in the Product segment assets as of June 30, 2024 and 2023.
(4)Intersegment revenues are fully eliminated in consolidation.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table:

Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(Dollars in thousands)(Dollars in thousands)
Revenues:
Total segment revenues $212,963 $194,796 $437,129 $380,028 
Intersegment revenues26,907 12,918 47,504 20,690 
Elimination of intersegment revenues (26,907)(12,918)(47,504)(20,690)
Total consolidated revenues $212,963 $194,796 $437,129 $380,028 
Operating income:
Operating income $35,127 $24,224 $87,710 $77,390 
Interest income 2,604 4,942 4,443 6,793 
Interest expense, net (33,716)(24,393)(64,684)(48,024)
Derivatives and foreign currency transaction gains (losses) (332)(1,272)(1,914)(3,209)
Income attributable to sale of tax benefits 15,798 14,979 33,274 27,545 
Other non-operating income, net 74 79 100 139 
Total consolidated income before income taxes and equity in income of investees
$19,555 $18,559 $58,929 $60,634 
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION - Business combination - Enel purchase transaction (Details) - Enel Green Power North America ("EGPNA")
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jan. 04, 2024
USD ($)
geothermalPowerPlant
tripleHybridPowerPlant
solarPowerPlant
greenfieldDevelopmentAsset
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Business Acquisition [Line Items]          
Number of contracted geothermal power plants, business combination | geothermalPowerPlant 2        
Number of triple hybrid power plant, business Combination | tripleHybridPowerPlant 1        
Number of solar power plants, business combination | solarPowerPlant 2        
Number Of Greenfield Development Assets, Business Combination | greenfieldDevelopmentAsset 2        
Business combination, consideration transferred $ 274.6        
Business acquisition, percentage of voting interests acquired 100.00%        
Business combination, acquisition related costs   $ 0.0 $ 1.3   $ 1.1
Electricity          
Business Acquisition [Line Items]          
Business combination, pro forma information, revenue of acquiree since acquisition date, actual   8.6   $ 18.0  
Business combination, pro forma information, earnings or loss of acquiree since acquisition date, actual   $ 2.6   $ 5.9  
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION - Hapoalim 2024 Loan (Details) - Hapoalim 2024 Loan Agreement
$ in Millions
Jan. 02, 2024
USD ($)
Debt Instrument [Line Items]  
Debt instrument, face amount $ 75.0
Debt instrument number of quarterly payments 32
Debt instrument, periodic payment $ 2.3
Debt instrument, term (year) 8 years
Debt instrument, interest rate, stated percentage 6.60%
Debt instrument, frequency of interest payment 3 months
Debt instrument, covenant, minimum equity capital $ 750.0
Maximum  
Debt Instrument [Line Items]  
Debt instrument, covenant, debt to adjusted EBITDA ratio 600.00%
Minimum  
Debt Instrument [Line Items]  
Debt instrument, covenant, equity capital to total assets ratio 25.00%
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION - HSBC Bank 2024 Loan (Details) - HSBC 2024 Loan Agreement
$ in Millions
 6 Months Ended
Jan. 02, 2024
USD ($)
Jun. 30, 2024
Debt Instrument [Line Items]    
Debt instrument, face amount $ 125.0  
Debt instrument, number of semi-annual installment 7  
Debt instrument, periodic payment $ 12.5  
Debt instrument ,final principal payment $ 37.5  
Debt instrument, term (year) 4 years  
Debt instrument, interest rate terms 3-month  
Debt instrument, basis spread on variable rate   2.25%
Debt instrument, covenant, minimum equity capital $ 750.0  
Maximum    
Debt Instrument [Line Items]    
Debt instrument, covenant, debt to adjusted EBITDA ratio 600.00%  
Minimum    
Debt Instrument [Line Items]    
Debt instrument, covenant, equity capital to total assets ratio 25.00%  
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION - Interest Rate Swap (Details) - HSBC 2024 Loan Agreement
 6 Months Ended
Jun. 30, 2024
Derivative [Line Items]  
Debt instrument, basis spread on variable rate 2.25%
Interest rate swap  
Derivative [Line Items]  
Debt instrument, basis spread on variable rate 3.90%
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION - Mammoth Senior Secured Notes (Details)
$ in Millions
Mar. 28, 2024
USD ($)
geothermalPowerPlant
Project Subsidiaries, Geothermal Power Plants | Mammoth Pacific, LLC  
Debt Instrument [Line Items]  
Equity ownership, excluding consolidated entity and equity method investee, percentage 100.00%
Number of contracted geothermal power plants, business combination | geothermalPowerPlant 4
Mammoth Senior Secured Notes | Senior Notes  
Debt Instrument [Line Items]  
Debt instrument, face amount $ 135.1
Debt instrument, basis spread on variable rate 1.25%
Debt instrument, number of semi-annual installment 46
Debt instrument, interest rate, stated percentage 6.73%
Floating Rate Notes | Senior Notes  
Debt Instrument [Line Items]  
Debt instrument floating rate notes to be issued $ 9.0
Debt instrument commitment fee percentage 0.50%
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION - Discount 2024 Loan (Details) - Discount 2024 Loan
$ in Millions
May 22, 2024
USD ($)
Debt Instrument [Line Items]  
Debt instrument, face amount $ 31.8
Debt instrument, number of semi-annual installment 32
Debt instrument, periodic payment $ 1.0
Debt instrument, term (year) 8 years
Debt instrument, interest rate, stated percentage 6.75%
Debt instrument, covenant, debt to adjusted EBITDA ratio 600.00%
Debt instrument, covenant, minimum equity capital $ 750.0
Debt instrument, covenant, equity capital to total assets ratio 25.00%
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION - The Dominica Project (Details) - The Dominica Project
 1 Months Ended
Dec. 31, 2023
performanceObligation
Long-Term Purchase Commitment [Line Items]  
Long-term purchase commitment, period 25 years
Number of performance obligations 2
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION - Equity Offering (Details) - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended
Mar. 14, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Capital Unit [Line Items]        
Common stock, par or stated value per share (in dollars per share) $ 0.001 $ 0.001   $ 0.001
Proceeds from issuance of common stock, net of related costs   $ 0 $ 341,663  
Goldman Sachs & Co. LLC        
Capital Unit [Line Items]        
Proceeds from issuance of common stock, net of related costs $ 341,700      
Goldman Sachs & Co. LLC | Public Offering        
Capital Unit [Line Items]        
Stock issued during period, shares, new issues (in shares) 3,600,000      
Shares issued, price per share (in dollars per share) $ 82.60      
Public offering, purchase option, period 30 days      
Goldman Sachs & Co. LLC | Over-Allotment Option        
Capital Unit [Line Items]        
Stock issued during period, shares, new issues (in shares) 540,000      
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION - Write-off of assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Write-off of long-lived assets $ 957 $ 0 $ 957 $ 0
Write-off of unsuccessful exploration activities $ 1,379 $ 0 $ 1,379 $ 0
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION - Concentration of credit risk (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Aug. 07, 2024
USD ($)
Jul. 31, 2024
USD ($)
Jun. 30, 2023
Jun. 30, 2024
USD ($)
financialInstitution
Dec. 31, 2023
USD ($)
financialInstitution
Concentration Risk [Line Items]          
Cash, FDIC insured amount       $ 20,300 $ 43,200
Number of financial Institutions, cash investment | financialInstitution       10 10
Cash, uninsured amount       $ 55,600 $ 57,500
Trade less allowance for credit losses of $200 and $90 respectively (primarily related to VIEs)       147,328 208,704
Total Receivables | Customer Concentration Risk          
Concentration Risk [Line Items]          
Financing receivable, after allowance for credit loss       $ 100,300 161,000
Primary Customers | Accounts Receivable | Customer Concentration Risk          
Concentration Risk [Line Items]          
Concentration risk (in percentage)     57.00% 57.00%  
Kenya Power and Lighting Co LTD          
Concentration Risk [Line Items]          
Accounts receivable, past due       $ 36,900  
Kenya Power and Lighting Co LTD | Subsequent Event          
Concentration Risk [Line Items]          
Proceeds over due accounts receivable $ 16,400        
ENEE          
Concentration Risk [Line Items]          
Accounts receivable, past due       19,900  
ENEE | Subsequent Event          
Concentration Risk [Line Items]          
Proceeds over due accounts receivable   $ 400      
Non-US          
Concentration Risk [Line Items]          
Trade less allowance for credit losses of $200 and $90 respectively (primarily related to VIEs)       $ 99,800 $ 152,200
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION - Revenues from contracts with customers (Details) - Product
$ in Thousands
Jun. 30, 2024
USD ($)
Disaggregation of Revenue [Line Items]  
Revenue, remaining performance obligation, amount $ 164,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01  
Disaggregation of Revenue [Line Items]  
Revenue, remaining performance obligation, (in percentage) 100.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period (month) 24 months
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION - Transferable production and investment tax credits (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Income related to transferable production tax credits $ 3.6 $ 2.7 $ 8.0 $ 4.5
Income related to transferable investment tax credits $ 6.2 $ 9.0 $ 17.7 $ 10.6
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION - Business Combination - Enel purchase transaction, details (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Jan. 04, 2024
Dec. 31, 2023
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]            
Goodwill $ 151,074   $ 151,074     $ 90,544
Electricity            
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]            
Goodwill 146,400 $ 85,800 146,400 $ 85,800    
Enel Green Power North America ("EGPNA")            
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]            
Trade receivables and others         $ 4,400  
Deferred income taxes         3,100  
Property, plant and equipment and construction-in-process         197,700  
Operating lease right of use         1,200  
Other long-term assets         200  
Intangible assets         23,600  
Goodwill         60,700  
Total assets acquired         290,900  
Accounts payable, accrued expenses and others         1,500  
Other current liabilities         1,800  
Operating lease liabilities         1,200  
Other long-term liabilities         5,000  
Asset retirement obligation         6,800  
Total liabilities assumed         16,300  
Total assets acquired, and liabilities assumed, net         $ 274,600  
Business acquisition, pro forma revenue 213,000 203,200 437,100 398,000    
Net income attributable to the Company's stockholders 22,200 22,400 60,800 50,100    
Enel Green Power North America ("EGPNA") | Electricity            
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]            
Business acquisition, pro forma revenue $ 166,200 $ 163,700 $ 357,500 $ 343,600    
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION - Cash and Equivalents (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Cash and Cash Equivalents [Abstract]        
Cash and cash equivalents $ 66,262 $ 195,808    
Restricted cash and cash equivalents 97,480 91,962    
Total Cash and cash equivalents and Restricted cash and cash equivalents $ 163,742 $ 287,770 $ 395,382 $ 226,676
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION - Principal customers, total revenues (Details) - Revenue Benchmark - Customer Concentration Risk
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Southern California Public Power Authority        
Concentration Risk [Line Items]        
Concentration risk (in percentage) 19.70% 21.00% 22.30% 23.80%
Sierra Pacific Power Company And Nevada Power Company        
Concentration Risk [Line Items]        
Concentration risk (in percentage) 14.70% 15.90% 15.80% 17.90%
Kenya Power and Lighting Co LTD        
Concentration Risk [Line Items]        
Concentration risk (in percentage) 13.10% 14.40% 12.70% 14.40%
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION - Allowance for credit losses (Details) - Accounting Standards Update 2016-13 - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance of the allowance for expected credit losses $ 163 $ 90 $ 90 $ 90
Change in the provision for expected credit losses for the period 37 0 110 0
Ending balance of the allowance for expected credit losses $ 200 $ 90 $ 200 $ 90
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION - Revenues from contracts with customers (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Contract assets $ 29,719 $ 18,367
Contract liabilities (16,277) (18,669)
Costs and estimated earnings in excess of billings on uncompleted contracts 29,719 $ 18,367
Contract with customer, asset, noncurrent $ 5,400  
v3.24.2.u1
GENERAL AND BASIS OF PRESENTATION - Leases in which the Company is a lessor (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Lease income relating to lease payments from operating leases $ 129,420 $ 125,140 $ 276,521 $ 262,761
v3.24.2.u1
NEW ACCOUNTING PRONOUNCEMENTS - DEG 4 Loan (Details) - DEG 4 Loan
$ in Millions
Apr. 18, 2024
USD ($)
Apr. 04, 2024
USD ($)
Debt Instrument [Line Items]    
Debt instrument, face amount   $ 30
Proceeds from issuance of debt $ 30  
Debt instrument, interest rate, stated percentage   7.90%
Debt instrument, number of semi-annual installment 6  
v3.24.2.u1
INVENTORIES (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials and purchased parts for assembly $ 23,279 $ 20,588
Self-manufactured assembly parts and finished products 21,368 24,449
Total inventories $ 44,647 $ 45,037
v3.24.2.u1
FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Cross Currency Swap | Other Receivables    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivatives, cash collateral deposits $ 16,700 $ 10,600
Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash equivalents (including restricted cash accounts) 52,067 53,877
Fair value, net asset (liability) 35,923 43,461
Reported Value Measurement | Interest rate swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 1,380  
Derivative asset, noncurrent 161  
Reported Value Measurement | Currency Forward Contracts    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 127 1,406
Reported Value Measurement | Cross Currency Swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative liability, current (4,466) (3,686)
Derivative liability, noncurrent (13,346) (8,137)
Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash equivalents (including restricted cash accounts) 52,067 53,877
Fair value, net asset (liability) 35,923 43,461
Estimate of Fair Value Measurement | Interest rate swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 1,380  
Derivative asset, noncurrent 161  
Estimate of Fair Value Measurement | Currency Forward Contracts    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 127 1,406
Estimate of Fair Value Measurement | Cross Currency Swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative liability, current (4,466) (3,686)
Derivative liability, noncurrent (13,346) (8,137)
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash equivalents (including restricted cash accounts) 52,067 53,877
Fair value, net asset (liability) 52,067 53,877
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | Interest rate swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 0  
Derivative asset, noncurrent 0  
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | Currency Forward Contracts    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 0 0
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | Cross Currency Swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative liability, current 0 0
Derivative liability, noncurrent 0 0
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash equivalents (including restricted cash accounts) 0 0
Fair value, net asset (liability) (16,144) (10,416)
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | Interest rate swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 1,380  
Derivative asset, noncurrent 161  
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | Currency Forward Contracts    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 127 1,406
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | Cross Currency Swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative liability, current (4,466) (3,686)
Derivative liability, noncurrent (13,346) (8,137)
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash equivalents (including restricted cash accounts) 0 0
Fair value, net asset (liability) 0 0
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 3 | Interest rate swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 0  
Derivative asset, noncurrent 0  
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 3 | Currency Forward Contracts    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 0 0
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 3 | Cross Currency Swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative liability, current 0 0
Derivative liability, noncurrent $ 0 $ 0
v3.24.2.u1
FAIR VALUE OF FINANCIAL INSTRUMENTS - Amounts of Gain (Loss) Recognized in Condensed Consolidated Statements on Derivative Instruments Not Designated as Hedges (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Currency Forward Contracts        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Amount of gain (loss) recognized $ (185) $ (1,071) $ (513) $ (2,727)
Cross Currency Swap        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Amount of gain (loss) recognized (2,127) (3,761) (5,363) (10,553)
Interest rate swap        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Amount of gain (loss) recognized $ 433 $ 0 $ 890 $ 0
v3.24.2.u1
FAIR VALUE OF FINANCIAL INSTRUMENTS - Effect of Cash Flow Hedge on Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Equity, Attributable to Noncontrolling Interest [Roll Forward]        
Balance at the start of the period $ 2,476,519 $ 2,337,029 $ 2,440,987 $ 2,020,975
Balance at the end of the period 2,497,263 2,407,042 2,497,263 2,407,042
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest        
Equity, Attributable to Noncontrolling Interest [Roll Forward]        
Balance at the start of the period 1,309 (1,483) (318) 3,920
Balance at the end of the period 162 994 162 994
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Interest rate swap        
Equity, Attributable to Noncontrolling Interest [Roll Forward]        
Other comprehensive income (loss), before reclassifications, net of tax 474 0 1,997 0
Reclassification from accumulated other comprehensive income, current period, net of tax (433) 0 (890) 0
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Cross Currency Swap        
Equity, Attributable to Noncontrolling Interest [Roll Forward]        
Other comprehensive income (loss), before reclassifications, net of tax (3,315) 6,238 (5,990) 7,627
Reclassification from accumulated other comprehensive income, current period, net of tax $ 2,127 $ (3,761) $ 5,363 $ (10,553)
v3.24.2.u1
FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Finance liability - Dixie Valley $ 224.8 $ 207.2
Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Finance liability - Dixie Valley 224.8 207.2
Other long-term debt 5.6 6.8
Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Finance liability - Dixie Valley 223.3 225.8
Other long-term debt 6.0 7.7
Hapoalim 2024 Loan Agreement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 73.2  
Hapoalim 2024 Loan Agreement | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 73.2 0.0
Hapoalim 2024 Loan Agreement | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 72.7 0.0
HSBC 2024 Loan Agreement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 127.5  
HSBC 2024 Loan Agreement | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 127.5 0.0
HSBC 2024 Loan Agreement | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 125.0 0.0
Mammoth Senior Secured Notes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 150.7  
Mammoth Senior Secured Notes | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 150.7 0.0
Mammoth Senior Secured Notes | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 135.1 0.0
Discount 2024 Loan    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 32.5  
Discount 2024 Loan | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 32.5 0.0
Discount 2024 Loan | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 31.8 0.0
Mizrahi Loan Agreement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 56.2 61.4
Mizrahi Loan Agreement | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 56.2 61.4
Mizrahi Loan Agreement | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 56.3 60.9
Mizrahi 2023 Loan Agreement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 48.4 52.0
Mizrahi 2023 Loan Agreement | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 48.4 52.0
Mizrahi 2023 Loan Agreement | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 46.9 50.0
Convertible Senior Notes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 428.2 444.6
Convertible Senior Notes | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 428.2 444.6
Convertible Senior Notes | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 431.3 431.3
HSBC Loan Agreement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 30.5 33.8
HSBC Loan Agreement | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 30.5 33.8
HSBC Loan Agreement | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 32.1 35.7
Hapoalim Loan Agreement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 66.7 75.0
Hapoalim Loan Agreement | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 66.7 75.0
Hapoalim Loan Agreement | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 71.4 80.4
Hapoalim Loan Agreement 2023    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 93.0 99.7
Hapoalim Loan Agreement 2023 | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 93.0 99.7
Hapoalim Loan Agreement 2023 | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 90.0 95.0
Discount Loan Agreement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 63.9 69.9
Discount Loan Agreement | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 63.9 69.9
Discount Loan Agreement | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 68.8 75.0
Olkaria III Loan DFC    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 107.1 116.4
Olkaria III Loan DFC | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 107.1 116.4
Olkaria III Loan DFC | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 111.7 120.7
Olkaria III Plant 4 Loan - DEG 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 19.2 21.6
Olkaria III Plant 4 Loan - DEG 2 | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 19.2 21.6
Olkaria III Plant 4 Loan - DEG 2 | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 20.0 22.5
Olkaria III plant 1 Loan - DEG 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 16.9 19.0
Olkaria III plant 1 Loan - DEG 3 | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 16.9 19.0
Olkaria III plant 1 Loan - DEG 3 | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 17.5 19.7
DEG 4 Loan    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 30.7  
DEG 4 Loan | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 30.7 0.0
DEG 4 Loan | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 30.0 0.0
Platanares Loan - OPIC    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 66.5 71.3
Platanares Loan - OPIC | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 66.5 71.3
Platanares Loan - OPIC | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 67.6 71.7
OFC Two Senior Secured Notes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure   134.2
Notes payable, fair value disclosure 124.8  
OFC Two Senior Secured Notes | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 124.8 134.2
OFC Two Senior Secured Notes | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 133.7 142.5
Don A. Campbell 1 ("DAC1")    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure   52.3
Notes payable, fair value disclosure 49.1  
Don A. Campbell 1 ("DAC1") | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 49.1 52.3
Don A. Campbell 1 ("DAC1") | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 54.3 57.4
USG Prudential - NV    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 21.7 22.3
USG Prudential - NV | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 21.7 22.3
USG Prudential - NV | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 23.6 23.9
USG Prudential - ID    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 52.0 54.1
USG Prudential - ID | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 52.0 54.1
USG Prudential - ID | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 57.2 58.9
USG DOE    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 28.4 30.0
USG DOE | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 28.4 30.0
USG DOE | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 28.8 30.2
Senior Unsecured Bonds    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 169.2 202.8
Senior Unsecured Bonds | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 169.2 202.8
Senior Unsecured Bonds | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 186.2 220.6
Senior Unsecured Loan    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 141.5 150.4
Senior Unsecured Loan | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 141.5 150.4
Senior Unsecured Loan | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value $ 149.6 $ 158.0
v3.24.2.u1
FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Assets and Liabilities at Fair Value (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Finance liability - Dixie Valley $ 224.8 $ 207.2
Deposits 19.9 20.9
Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Finance liability - Dixie Valley 0.0 0.0
Deposits 19.9 20.9
Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Finance liability - Dixie Valley 0.0 0.0
Deposits 0.0 0.0
Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Finance liability - Dixie Valley 224.8 207.2
Deposits 0.0 0.0
Hapoalim 2024 Loan Agreement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 73.2  
Hapoalim 2024 Loan Agreement | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0  
Hapoalim 2024 Loan Agreement | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0  
Hapoalim 2024 Loan Agreement | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 73.2  
HSBC 2024 Loan Agreement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 127.5  
HSBC 2024 Loan Agreement | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0  
HSBC 2024 Loan Agreement | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0  
HSBC 2024 Loan Agreement | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 127.5  
Mammoth Senior Secured Notes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 150.7  
Mammoth Senior Secured Notes | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 0.0  
Mammoth Senior Secured Notes | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 0.0  
Mammoth Senior Secured Notes | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 150.7  
Discount 2024 Loan    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 32.5  
Discount 2024 Loan | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0  
Discount 2024 Loan | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0  
Discount 2024 Loan | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 32.5  
Mizrahi Loan Agreement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 56.2 61.4
Mizrahi Loan Agreement | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0 0.0
Mizrahi Loan Agreement | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0 0.0
Mizrahi Loan Agreement | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 56.2 61.4
Mizrahi 2023 Loan Agreement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 48.4 52.0
Mizrahi 2023 Loan Agreement | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0 0.0
Mizrahi 2023 Loan Agreement | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0 0.0
Mizrahi 2023 Loan Agreement | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 48.4 52.0
Convertible Senior Notes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 428.2 444.6
Convertible Senior Notes | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 0.0 0.0
Convertible Senior Notes | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 428.2 444.6
Convertible Senior Notes | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 0.0 0.0
HSBC Loan Agreement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 30.5 33.8
HSBC Loan Agreement | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0 0.0
HSBC Loan Agreement | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0 0.0
HSBC Loan Agreement | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 30.5 33.8
Hapoalim Loan Agreement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 66.7 75.0
Hapoalim Loan Agreement | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0 0.0
Hapoalim Loan Agreement | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0 0.0
Hapoalim Loan Agreement | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 66.7 75.0
Hapoalim Loan Agreement 2023    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 93.0 99.7
Hapoalim Loan Agreement 2023 | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0 0.0
Hapoalim Loan Agreement 2023 | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0 0.0
Hapoalim Loan Agreement 2023 | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 93.0 99.7
Discount Loan Agreement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 63.9 69.9
Discount Loan Agreement | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0 0.0
Discount Loan Agreement | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0 0.0
Discount Loan Agreement | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 63.9 69.9
Olkaria III Loan DFC    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 107.1 116.4
Olkaria III Loan DFC | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0 0.0
Olkaria III Loan DFC | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0 0.0
Olkaria III Loan DFC | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 107.1 116.4
Olkaria III Plant 4 Loan - DEG 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 19.2 21.6
Olkaria III Plant 4 Loan - DEG 2 | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0 0.0
Olkaria III Plant 4 Loan - DEG 2 | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0 0.0
Olkaria III Plant 4 Loan - DEG 2 | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 19.2 21.6
Olkaria III plant 1 Loan - DEG 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 16.9 19.0
Olkaria III plant 1 Loan - DEG 3 | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0 0.0
Olkaria III plant 1 Loan - DEG 3 | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0 0.0
Olkaria III plant 1 Loan - DEG 3 | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 16.9 19.0
DEG 4 Loan    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 30.7  
DEG 4 Loan | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0  
DEG 4 Loan | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0  
DEG 4 Loan | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 30.7  
Platanares Loan - OPIC    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 66.5 71.3
Platanares Loan - OPIC | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0 0.0
Platanares Loan - OPIC | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 0.0 0.0
Platanares Loan - OPIC | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure 66.5 71.3
OFC Two Senior Secured Notes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure   134.2
Notes payable, fair value disclosure 124.8  
OFC Two Senior Secured Notes | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 0.0  
OFC Two Senior Secured Notes | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 0.0  
OFC Two Senior Secured Notes | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure   134.2
Notes payable, fair value disclosure 124.8  
Don A. Campbell 1 ("DAC1")    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure   52.3
Notes payable, fair value disclosure 49.1  
Don A. Campbell 1 ("DAC1") | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 0.0  
Don A. Campbell 1 ("DAC1") | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 0.0  
Don A. Campbell 1 ("DAC1") | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable, fair value disclosure   52.3
Notes payable, fair value disclosure 49.1  
USG Prudential - NV    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 21.7 22.3
USG Prudential - NV | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 0.0 0.0
USG Prudential - NV | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 0.0 0.0
USG Prudential - NV | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 21.7 22.3
USG Prudential - ID    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 52.0 54.1
USG Prudential - ID | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 0.0 0.0
USG Prudential - ID | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 0.0 0.0
USG Prudential - ID | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 52.0 54.1
USG DOE    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 28.4 30.0
USG DOE | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 0.0 0.0
USG DOE | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 0.0 0.0
USG DOE | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes payable, fair value disclosure 28.4 30.0
Senior Unsecured Bonds    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 169.2 202.8
Senior Unsecured Bonds | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 0.0 0.0
Senior Unsecured Bonds | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 0.0 0.0
Senior Unsecured Bonds | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 169.2 202.8
Senior Unsecured Loan    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 141.5 150.4
Senior Unsecured Loan | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 0.0 0.0
Senior Unsecured Loan | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 0.0 0.0
Senior Unsecured Loan | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, fair value 141.5 150.4
Other Long-term Debt    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Other long-term debt 5.6 6.8
Other Long-term Debt | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Other long-term debt 0.0 0.0
Other Long-term Debt | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Other long-term debt 0.0 0.0
Other Long-term Debt | Fair Value, Inputs, Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Other long-term debt $ 5.6 $ 6.8
v3.24.2.u1
STOCK-BASED COMPENSATION - Narrative (Details) - The 2018 Incentive Compensation Plan - $ / shares
 1 Months Ended
Mar. 31, 2024
May 31, 2023
Mar. 31, 2023
Restricted Stock Units (RSUs)      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period (in shares) 209,563 11,852 174,422
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) $ 64.9 $ 82.9 $ 79.9
Restricted Stock Units (RSUs) | Minimum      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Share-based compensation arrangement by share-based payment award, award vesting period (year) 1 year 1 year 1 year
Restricted Stock Units (RSUs) | Maximum      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Share-based compensation arrangement by share-based payment award, award vesting period (year) 3 years   4 years
Performance Stock Units (PSU)      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period (in shares) 61,197   35,081
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) $ 64.0   $ 79.6
v3.24.2.u1
STOCK-BASED COMPENSATION (Details)
 1 Months Ended
Mar. 31, 2024
May 31, 2023
Mar. 31, 2023
Minimum | Restricted Stock Units (RSUs), and Performance Stock Units (PSU)      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Dividend yield 0.73%   0.59%
Risk-free interest rates 4.27%   3.86%
Expected life (in years) 1 year   2 years
Expected volatility (weighted average) 28.00%   36.00%
Minimum | Restricted Stock Units (RSUs)      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Dividend yield   0.56%  
Expected life (in years)   1 year  
Expected volatility (weighted average)   34.80%  
Maximum | Restricted Stock Units (RSUs), and Performance Stock Units (PSU)      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Risk-free interest rates 4.94%   4.68%
Expected life (in years) 3 years   5 years 9 months
Expected volatility (weighted average) 34.00%   42.20%
Maximum | Restricted Stock Units (RSUs)      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Risk-free interest rates   4.70%  
v3.24.2.u1
INTEREST EXPENSE, NET - Components of Interest Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest Expense, Operating and Nonoperating [Abstract]        
Interest related to sale of tax benefits $ 4,343 $ 3,610 $ 9,239 $ 6,951
Interest expense 33,621 25,162 62,745 49,781
Less — amount capitalized (4,248) (4,378) (7,300) (8,708)
Total interest expense, net $ 33,716 $ 24,393 $ 64,684 $ 48,024
v3.24.2.u1
EARNINGS PER SHARE - Shares Used to Calculate Earnings Per Share (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share [Abstract]        
Weighted average number of shares used in computation of basic earnings per share 60,451,000 60,245,000 60,419,000 58,494,000
Additional shares from the assumed exercise of employee stock awards 304,000 389,000 236,000 407,000
Weighted average number of shares used in computation of diluted earnings per share 60,755,000 60,634,000 60,655,000 58,901,000
v3.24.2.u1
EARNINGS PER SHARE - Narrative (Details) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 181,400 28,700 71,700 24,900
Convertible Senior Notes        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Debt instrument, convertible, conversion price (in dollars per share) $ 90.27   $ 90.27  
v3.24.2.u1
BUSINESS SEGMENTS - Narrative (Details)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.24.2.u1
BUSINESS SEGMENTS - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]          
Revenue from contract with customer, including assessed tax $ 212,963 $ 194,796 $ 437,129 $ 380,028  
Operating income (loss) 35,127 24,224 87,710 77,390  
Assets 5,506,802 5,010,644 5,506,802 5,010,644 $ 5,208,279
Goodwill 151,074   151,074   $ 90,544
Electricity          
Segment Reporting Information [Line Items]          
Goodwill 146,400 85,800 146,400 85,800  
Electricity | Accounted for Under ASC 606          
Segment Reporting Information [Line Items]          
Revenue from contract with customer, including assessed tax 37,500 30,200 82,300 62,900  
Product          
Segment Reporting Information [Line Items]          
Goodwill 0 0 0 0  
Energy Storage and Management Services          
Segment Reporting Information [Line Items]          
Goodwill 4,600 4,600 4,600 4,600  
Energy Storage and Management Services | Accounted for Under ASC 606          
Segment Reporting Information [Line Items]          
Revenue from contract with customer, including assessed tax 700 0 1,400 0  
UNITED STATES          
Segment Reporting Information [Line Items]          
Revenue from contract with customer, including assessed tax 130,218 114,476 282,991 243,208  
Non-US          
Segment Reporting Information [Line Items]          
Revenue from contract with customer, including assessed tax 82,745 80,320 154,138 136,820  
Operating Segments | Electricity          
Segment Reporting Information [Line Items]          
Revenue from contract with customer, including assessed tax 166,226 155,324 357,479 325,634  
Operating income (loss) 35,414 28,661 88,095 85,669  
Assets 4,955,806 4,576,437 4,955,806 4,576,437  
Operating Segments | Product          
Segment Reporting Information [Line Items]          
Revenue from contract with customer, including assessed tax 37,829 33,458 62,661 43,500  
Operating income (loss) 1,026 (2,297) 1,868 (3,802)  
Assets 192,092 182,437 192,092 182,437  
Operating Segments | Energy Storage and Management Services          
Segment Reporting Information [Line Items]          
Revenue from contract with customer, including assessed tax 8,908 6,014 16,989 10,894  
Operating income (loss) (1,313) (2,140) (2,253) (4,477)  
Assets 358,904 251,770 358,904 251,770  
Operating Segments | UNITED STATES | Electricity          
Segment Reporting Information [Line Items]          
Revenue from contract with customer, including assessed tax 119,695 106,209 263,511 228,620  
Operating Segments | UNITED STATES | Product          
Segment Reporting Information [Line Items]          
Revenue from contract with customer, including assessed tax 1,615 2,253 2,491 3,694  
Operating Segments | UNITED STATES | Energy Storage and Management Services          
Segment Reporting Information [Line Items]          
Revenue from contract with customer, including assessed tax 8,908 6,014 16,989 10,894  
Operating Segments | Non-US | Electricity          
Segment Reporting Information [Line Items]          
Revenue from contract with customer, including assessed tax 46,531 49,115 93,968 97,014  
Operating Segments | Non-US | Product          
Segment Reporting Information [Line Items]          
Revenue from contract with customer, including assessed tax 36,214 31,205 60,170 39,806  
Operating Segments | Non-US | Energy Storage and Management Services          
Segment Reporting Information [Line Items]          
Revenue from contract with customer, including assessed tax 0 0 0 0  
Segment Reconciling Items          
Segment Reporting Information [Line Items]          
Assets 129,664 126,451 129,664 126,451  
Segment Reconciling Items | Electricity          
Segment Reporting Information [Line Items]          
Assets 129,664 126,451 129,664 126,451  
Segment Reconciling Items | Product          
Segment Reporting Information [Line Items]          
Assets 0 0 0 0  
Segment Reconciling Items | Energy Storage and Management Services          
Segment Reporting Information [Line Items]          
Assets 0 0 0 0  
Intersegment Eliminations          
Segment Reporting Information [Line Items]          
Revenue from contract with customer, including assessed tax 26,907 12,918 47,504 20,690  
Intersegment Eliminations | Electricity          
Segment Reporting Information [Line Items]          
Revenue from contract with customer, including assessed tax 0 0 0 0  
Intersegment Eliminations | Product          
Segment Reporting Information [Line Items]          
Revenue from contract with customer, including assessed tax (26,907) (12,918) (47,504) (20,690)  
Intersegment Eliminations | Energy Storage and Management Services          
Segment Reporting Information [Line Items]          
Revenue from contract with customer, including assessed tax $ 0 $ 0 $ 0 $ 0  
v3.24.2.u1
BUSINESS SEGMENTS - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Revenue from contract with customer, including assessed tax $ 212,963 $ 194,796 $ 437,129 $ 380,028
Operating income (loss) 35,127 24,224 87,710 77,390
Interest income 2,604 4,942 4,443 6,793
Interest expense, net (33,716) (24,393) (64,684) (48,024)
Derivatives and foreign currency transaction gains (losses) (332) (1,272) (1,914) (3,209)
Income attributable to sale of tax benefits 15,798 14,979 33,274 27,545
Other non-operating income, net 74 79 100 139
Income (loss) from continuing operations before equity method investments, income taxes, noncontrolling interest 19,555 18,559 58,929 60,634
Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Revenue from contract with customer, including assessed tax 26,907 12,918 47,504 20,690
Consolidation, Eliminations        
Segment Reporting Information [Line Items]        
Revenue from contract with customer, including assessed tax $ (26,907) $ (12,918) $ (47,504) $ (20,690)
v3.24.2.u1
INCOME TAXES (Details)
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]    
Effective income tax rate reconciliation, (in percent) (16.30%) (21.30%)
Effective income tax rate reconciliation, at federal statutory income tax rate, (in percents) 21.00%  
v3.24.2.u1
SUBSEQUENT EVENTS (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Aug. 06, 2024
Jul. 15, 2024
Jul. 08, 2024
Apr. 23, 2024
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Subsequent Event [Line Items]                
Dividends, common stock         $ 7,344 $ 7,243 $ 7,229 $ 6,732
Common stock, dividends, per share, declared (in dollars per share)         $ 0.12 $ 0.12 $ 0.12 $ 0.12
Kenya Revenue Authority                
Subsequent Event [Line Items]                
Income tax possible loss       $ 79,000        
Subsequent Event                
Subsequent Event [Line Items]                
Dividends, common stock $ 7,200              
Common stock, dividends, per share, declared (in dollars per share) $ 0.12              
Subsequent Event | Senior Convertible Notes Due 2027 | Convertible Debt                
Subsequent Event [Line Items]                
Debt instrument, interest rate, stated percentage   2.50%            
Debt instrument, face amount   $ 45,200            
Convertible debt, noncurrent   431,300            
Proceeds from convertible debt   $ 44,200            
Subsequent Event | Kenya Revenue Authority                
Subsequent Event [Line Items]                
Income tax possible loss     $ 0