ORMAT TECHNOLOGIES, INC., 10-Q filed on 11/3/2022
Quarterly Report
v3.22.2.2
Document And Entity Information - shares
 9 Months Ended
Sep. 30, 2022
Nov. 01, 2022
Document Information [Line Items]    
Entity Central Index Key 0001296445  
Entity Registrant Name ORMAT TECHNOLOGIES, INC.  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2022  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2022  
Document Transition Report false  
Entity File Number 001-32347  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 88-0326081  
Entity Address, Address Line One 6140 Plumas Street  
Entity Address, City or Town Reno  
Entity Address, State or Province NV  
Entity Address, Postal Zip Code 89519-6075  
City Area Code 775  
Local Phone Number 356-9029  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   56,048,185
Title of 12(b) Security Common Stock  
Trading Symbol ORA  
Security Exchange Name NYSE  
v3.22.2.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 154,633 $ 239,278
Marketable securities at fair value 0 43,343
Restricted cash and cash equivalents (primarily related to VIEs) 98,402 104,166
Receivables:    
Trade less allowance for credit losses of $90 and $90, respectively (primarily related to VIEs) 117,277 122,944
Other 20,646 18,144
Inventories 29,805 28,445
Costs and estimated earnings in excess of billings on uncompleted contracts [1] 17,354 9,692
Prepaid expenses and other 36,858 35,920
Total current assets 474,975 601,932
Investment in unconsolidated companies 117,182 105,886
Deposits and other 38,250 78,915
Deferred income taxes 134,585 143,450
Property, plant and equipment, net 2,509,932 2,294,973
Construction-in-process 795,891 721,483
Operating leases right of use 20,958 19,357
Finance leases right of use 3,974 6,414
Intangible assets, net 339,042 363,314
Goodwill 89,742 89,954
Total assets 4,524,531 [2],[3],[4] 4,425,678
Current liabilities:    
Accounts payable and accrued expenses 159,637 143,186
Billings in excess of costs and estimated earnings on uncompleted contracts 14,034 9,248
Current portion of long-term debt:    
Limited and non-recourse (primarily related to VIEs) 76,668 61,695
Full recourse 101,268 313,846
Financing liability 16,270 10,835
Operating lease liabilities 2,291 2,564
Finance lease liabilities 1,860 2,782
Total current liabilities 372,028 544,156
Long-term debt, net of current portion:    
Financing liability 225,759 242,029
Operating lease liabilities 18,302 16,462
Finance lease liabilities 2,202 4,361
Liability associated with sale of tax benefits 117,113 134,953
Deferred income taxes 77,787 84,662
Liability for unrecognized tax benefits 6,572 5,730
Liabilities for severance pay 13,601 15,694
Asset retirement obligation 92,426 84,891
Other long-term liabilities 5,682 4,951
Total liabilities 2,523,822 2,417,888
Commitments and contingencies (Note 10)
Redeemable noncontrolling interest 8,433 9,329
Equity:    
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 56,048,185 and 56,056,450 issued and outstanding as of September 30, 2022 and December 31, 2021, respectively 56 56
Additional paid-in capital 1,256,058 1,271,925
Treasury stock, at cost (258,667 and 0 shares held as of September 30, 2022 and December 31, 2021, respectively) (17,964) 0
Retained earnings 612,832 585,209
Accumulated other comprehensive income (loss) (4,477) (2,191)
Total stockholders' equity attributable to Company's stockholders 1,846,505 1,854,999
Noncontrolling interest 145,771 143,462
Total equity 1,992,276 1,998,461
Total liabilities, redeemable noncontrolling interest and equity 4,524,531 4,425,678
Senior Secured Notes [Member]    
Long-term debt, net of current portion:    
Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $9,565 and $11,304, respectively) 478,941 539,664
Senior Unsecured Bonds [Member]    
Long-term debt, net of current portion:    
Full recourse (less deferred financing costs of $3,108 and $3,659, respectively) 693,159 740,335
Convertible Senior Notes [Member]    
Long-term debt, net of current portion:    
Convertible senior notes (less deferred financing costs of $11,000 and $0, respectively) $ 420,250 $ 0
[1] Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet fully recognized as product revenues during the nine months ended September 30, 2022 as a result of performance obligations having not been fully satisfied yet.
[2] Electricity segment assets include goodwill in the amount of $85.1 million and $86.7 million as of September 30, 2022 and 2021, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 as of September 30, 2022 and 2021, respectively. No goodwill is included in the Product segment assets as of September 30, 2022 and 2021.
[3] Including unconsolidated investments
[4] Intersegment revenues are fully eliminated in consolidation.
v3.22.2.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Trade, allowance for credit losses $ 90 $ 90
Property, plant and equipment, net 2,509,932 2,294,973
Construction-in-process 795,891 721,483
Operating leases right of use 20,958 19,357
Finance leases right of use $ 3,974 $ 6,414
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares issued (in shares) 56,048,185 56,056,450
Common stock, shares outstanding (in shares) 56,048,185 56,056,450
Treasury stock, shares (in shares) 258,667 0
Senior Secured Notes [Member]    
Deferred financing costs $ 9,565 $ 11,304
Senior Unsecured Bonds [Member]    
Deferred financing costs 3,108 3,659
Convertible Senior Notes [Member]    
Deferred financing costs 11,000 0
Variable Interest Entity, Primary Beneficiary [Member]    
Property, plant and equipment, net 2,347,641 2,159,696
Construction-in-process 339,206 366,924
Operating leases right of use 9,899 7,825
Finance leases right of use $ 97 $ 192
v3.22.2.2
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Revenue $ 175,885 $ 158,842 $ 528,673 $ 472,095
Cost of revenues:        
Cost of revenues 114,777 95,702 340,059 283,333
Gross profit 61,108 63,140 188,614 188,762
Operating expenses:        
Research and development expenses 1,238 1,175 3,690 3,179
Selling and marketing expenses 4,093 2,671 12,410 10,935
General and administrative expenses 16,057 23,554 47,155 60,400
Business interruption insurance income 0 (248) 0 (248)
Write-off of Energy Storage projects and assets 0 0 1,954 0
Write-off of unsuccessful exploration activities 827 0 827 0
Operating income 38,893 35,988 122,578 114,496
Other income (expense):        
Interest income 1,659 519 2,180 1,590
Interest expense, net (22,403) (22,230) (63,902) (59,872)
Derivatives and foreign currency transaction gains (losses) (293) (21) (4,031) (16,229)
Income attributable to sale of tax benefits 9,113 7,879 26,345 21,654
Other non-operating income (expense), net 673 44 (512) (308)
Income from operations before income tax and equity in earnings (losses) of investees 27,642 22,179 82,658 61,331
Income tax provision (7,227) (2,048) (23,520) (9,323)
Equity in earnings (losses) of investees, net (589) 649 (1,574) 1,796
Net income 19,826 20,780 57,564 53,804
Net income attributable to noncontrolling interest (1,716) (5,878) (9,764) (10,617)
Net income attributable to the Company's stockholders 18,110 14,902 47,800 43,187
Comprehensive income:        
Net income 19,826 20,780 57,564 53,804
Other comprehensive income (loss), net of related taxes:        
Change in foreign currency translation adjustments (3,824) (632) (8,439) (2,042)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge 2,916 983 8,361 3,504
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge (217) (2,694) (4,217) (5,294)
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax) (1) 2 40 (9)
Other changes in comprehensive income 15 15 45 48
Total other comprehensive income (loss), net of related taxes: (1,111) (2,326) (4,210) (3,793)
Comprehensive income 18,715 18,454 53,354 50,011
Comprehensive income attributable to noncontrolling interest (934) (5,553) (7,840) (9,851)
Comprehensive income attributable to the Company's stockholders $ 17,781 $ 12,901 $ 45,514 $ 40,160
Earnings per share attributable to the Company's stockholders:        
Basic: (in dollars per share) $ 0.32 $ 0.27 $ 0.85 $ 0.77
Diluted: (in dollars per share) $ 0.32 $ 0.26 $ 0.85 $ 0.77
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:        
Basic (in shares) 55,999 56,003 56,058 55,995
Diluted (in shares) 56,457 56,298 56,479 56,413
Electricity [Member]        
Revenues:        
Revenue $ 152,820 $ 142,651 $ 466,540 $ 421,503
Cost of revenues:        
Cost of revenues 97,053 81,549 287,091 245,136
Product [Member]        
Revenues:        
Revenue 14,217 10,527 39,237 26,580
Cost of revenues:        
Cost of revenues 11,664 9,182 35,644 23,180
Energy Storage and Management Services [Member]        
Revenues:        
Revenue 8,848 5,664 22,896 24,012
Cost of revenues:        
Cost of revenues $ 6,060 $ 4,971 $ 17,324 $ 15,017
v3.22.2.2
Condensed Consolidated Statements of Equity (Unaudited) - USD ($)
$ in Thousands
Cross Currency Interest Rate Contract [Member]
Common Stock [Member]
Cross Currency Interest Rate Contract [Member]
Additional Paid-in Capital [Member]
Cross Currency Interest Rate Contract [Member]
Treasury Stock [Member]
Cross Currency Interest Rate Contract [Member]
Retained Earnings [Member]
Cross Currency Interest Rate Contract [Member]
AOCI Attributable to Parent [Member]
Cross Currency Interest Rate Contract [Member]
Parent [Member]
Cross Currency Interest Rate Contract [Member]
Noncontrolling Interest [Member]
Cross Currency Interest Rate Contract [Member]
Common Stock Outstanding [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Treasury Stock [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Parent [Member]
Noncontrolling Interest [Member]
Total
Balance (in shares) at Dec. 31, 2020                 55,983,000                
Balance at Dec. 31, 2020                   $ 56 $ 1,262,446 $ 0 $ 550,103 $ (6,620) $ 1,805,985 $ 135,452 $ 1,941,437
Stock-based compensation                   0 2,097 0 0 0 2,097 0 2,097
Exercise of stock-based awards by employees and directors (in shares) [1]                 1,000                
Exercise of stock-based awards by employees and directors [1]                   0 0 0 0 0 0 0 0
Stock issuance costs reimbursement                   0 285 0 0 0 285 0 285
Cash paid to noncontrolling interest                   0 0 0 0 0 0 (3,898) (3,898)
Cash dividend declared                   0 0 0 (6,718) 0 (6,718) 0 (6,718)
Net income                   0 0 0 15,259 0 15,259 2,290 17,549
Change in foreign currency translation adjustments                   0 0 0 0 (1,253) (1,253) (573) (1,826)
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment                   0 0 0 0 3,755 3,755 0 3,755
Change in respect of derivative instruments designated for cash flow hedge $ 0 $ 0 $ 0 $ 0 $ (2,798) $ (2,798) $ 0 $ (2,798)                  
Other                   0 0 0 0 16 16 0 16
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax)                   0 0 0 0 (20) (20) 0 (20)
Balance (in shares) at Mar. 31, 2021                 55,984,000                
Balance at Mar. 31, 2021                   56 1,264,828 0 558,644 (6,920) 1,816,608 133,271 1,949,879
Balance (in shares) at Dec. 31, 2020                 55,983,000                
Balance at Dec. 31, 2020                   56 1,262,446 0 550,103 (6,620) 1,805,985 135,452 1,941,437
Change in foreign currency translation adjustments                                 (2,042)
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment                                 3,504
Change in respect of derivative instruments designated for cash flow hedge                                 (5,294)
Other                                 48
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax)                                 (9)
Balance (in shares) at Sep. 30, 2021                 56,002,000                
Balance at Sep. 30, 2021                   56 1,269,568 0 573,408 (9,647) 1,833,385 138,971 1,972,356
Balance (in shares) at Mar. 31, 2021                 55,984,000                
Balance at Mar. 31, 2021                   56 1,264,828 0 558,644 (6,920) 1,816,608 133,271 1,949,879
Stock-based compensation                   0 2,623 0 0 0 2,623 0 2,623
Exercise of stock-based awards by employees and directors (in shares) [1]                 13,000                
Exercise of stock-based awards by employees and directors [1]                   0 0 0 0 0 0 0 0
Cash paid to noncontrolling interest                   0 0 0 0 0 0 (426) (426)
Cash dividend declared                   0 0 0 (6,448) 0 (6,448) 0 (6,448)
Net income                   0 0 0 13,026 0 13,026 1,795 14,821
Change in foreign currency translation adjustments                   0 0 0 0 284 284 132 416
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment                   0 0 0 0 (1,234) (1,234) 0 (1,234)
Change in respect of derivative instruments designated for cash flow hedge $ 0 $ 0 $ 0 $ 0 $ 198 $ 198 $ 0 $ 198                  
Other                   0 0 0 0 17 17 0 17
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax)                   0 0 0 0 9 9 0 9
Balance (in shares) at Jun. 30, 2021                 55,997,000                
Balance at Jun. 30, 2021                   56 1,267,451 0 565,222 (7,646) 1,825,083 134,772 1,959,855
Stock-based compensation                   0 2,120 0 0 0 2,120 0 2,120
Exercise of stock-based awards by employees and directors (in shares) [1]                 5,000                
Exercise of stock-based awards by employees and directors                   0 0 0 0 0 0 0 0
Stock issuance costs reimbursement                   0 (3) 0 0 0 (3) 0 (3)
Cash paid to noncontrolling interest                   0 0 0 0 0 0 (1,487) (1,487)
Cash dividend declared                   0 0 0 (6,716) 0 (6,716) 0 (6,716)
Net income                   0 0 0 14,902 0 14,902 6,011 20,913
Change in foreign currency translation adjustments                   0 0 0 0 (307) (307) (325) (632)
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment                   0 0 0 0 983 983 0 983
Change in respect of derivative instruments designated for cash flow hedge                   0 0 0 0 (2,694) (2,694) 0 (2,694)
Other                   0 0 0 0 15 15 0 15
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax)                   0 0 0 0 2 2 0 2
Balance (in shares) at Sep. 30, 2021                 56,002,000                
Balance at Sep. 30, 2021                   56 1,269,568 0 573,408 (9,647) 1,833,385 138,971 1,972,356
Balance (in shares) at Dec. 31, 2021                 56,056,000                
Balance at Dec. 31, 2021                   56 1,271,925 0 585,209 (2,191) 1,854,999 143,462 1,998,461
Stock-based compensation                   0 2,814 0 0 0 2,814 0 2,814
Exercise of stock-based awards by employees and directors (in shares)                 16,000                
Exercise of stock-based awards by employees and directors                   0 99 0 0 0 99 0 99
Cash paid to noncontrolling interest                   0 0 0 0 0 0 (3,088) (3,088)
Cash dividend declared                   0 0 0 (6,727) 0 (6,727) 0 (6,727)
Net income                   0 0 0 18,430 0 18,430 4,105 22,535
Change in foreign currency translation adjustments                   0 0 0 0 (857) (857) (299) (1,156)
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment                   0 0 0 0 3,902 3,902 0 3,902
Change in respect of derivative instruments designated for cash flow hedge                   0 0 0 0 (1,905) (1,905) 0 (1,905)
Other                   0 0 0 0 15 15 0 15
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax)                   0 0 0 0 (101) (101) 0 (101)
Balance (in shares) at Mar. 31, 2022                 56,072,000                
Balance at Mar. 31, 2022                   56 1,274,838 0 596,912 (1,137) 1,870,669 144,180 2,014,849
Balance (in shares) at Dec. 31, 2021                 56,056,000                
Balance at Dec. 31, 2021                   56 1,271,925 0 585,209 (2,191) 1,854,999 143,462 1,998,461
Change in foreign currency translation adjustments                                 (8,439)
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment                                 8,361
Change in respect of derivative instruments designated for cash flow hedge                                 (4,217)
Other                                 45
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax)                                 40
Balance (in shares) at Sep. 30, 2022                 56,048,000                
Balance at Sep. 30, 2022                   56 1,256,058 (17,964) 612,832 (4,477) 1,846,505 145,771 1,992,276
Balance (in shares) at Mar. 31, 2022                 56,072,000                
Balance at Mar. 31, 2022                   56 1,274,838 0 596,912 (1,137) 1,870,669 144,180 2,014,849
Stock-based compensation                   0 2,999 0 0 0 2,999 0 2,999
Exercise of stock-based awards by employees and directors (in shares) [1]                 121,000                
Exercise of stock-based awards by employees and directors                   0 (57) 0 0 0 (57) 0 (57)
Cash paid to noncontrolling interest                   0 0 0 0 0 0 (140) (140)
Cash dividend declared                   0 0 0 (6,731) 0 (6,731) 0 (6,731)
Net income                   0 0 0 11,260 0 11,260 3,470 14,730
Change in foreign currency translation adjustments                   0 0 0 0 (2,616) (2,616) (843) (3,459)
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment                   0 0 0 0 1,543 1,543 0 1,543
Change in respect of derivative instruments designated for cash flow hedge                   0 0 0 0 (2,095) (2,095) 0 (2,095)
Other                   0 0 0 0 15 15 0 15
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax)                   0 0 0 0 142 142 0 $ 142
Purchase of treasury stock (in shares)                 (259,000)               (258,667)
Purchase of treasury stock                   0 0 (17,964) 0 0 (17,964) 0 $ (17,964)
Purchase of capped call instruments                   0 (24,538) 0 0 0 (24,538) 0 (24,538)
Balance (in shares) at Jun. 30, 2022                 55,934,000                
Balance at Jun. 30, 2022                   56 1,253,242 (17,964) 601,441 (4,148) 1,832,627 146,667 1,979,294
Stock-based compensation                   0 2,816 0 0 0 2,816 0 2,816
Exercise of stock-based awards by employees and directors (in shares) [1]                 114,000                
Exercise of stock-based awards by employees and directors                   0 0 0 0 0 0 0 0
Cash paid to noncontrolling interest                   0 0 0 0 0 0 (1,645) (1,645)
Cash dividend declared                   0 0 0 (6,719) 0 (6,719) 0 (6,719)
Net income                   0 0 0 18,110 0 18,110 1,531 19,641
Change in foreign currency translation adjustments                   0 0 0 0 (3,042) (3,042) (782) (3,824)
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment                   0 0 0 0 2,916 2,916 0 2,916
Change in respect of derivative instruments designated for cash flow hedge                   0 0 0 0 (217) (217) 0 (217)
Other                   0 0 0 0 15 15 0 15
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax)                   0 0 0 0 (1) (1) 0 (1)
Balance (in shares) at Sep. 30, 2022                 56,048,000                
Balance at Sep. 30, 2022                   $ 56 $ 1,256,058 $ (17,964) $ 612,832 $ (4,477) $ 1,846,505 $ 145,771 $ 1,992,276
[1] Resulted in an amount lower than $1 thousand.
v3.22.2.2
Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Retained Earnings [Member]            
Cash dividend declared, per share (in dollars per share) $ 0.12 $ 0.12 $ 0.12 $ 0.11 $ 0.12 $ 0.12
Cross Currency Interest Rate Contract [Member]            
Change in respect of derivative instruments designated for cash flow hedge, tax $ 0     $ 0    
Change in unrealized gains or losses on marketable securities available-for-sale, tax $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Change in respect of derivative instruments designated for cash flow hedge, tax         $ 0  
v3.22.2.2
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 57,564 $ 53,804
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 147,458 134,367
Accretion of asset retirement obligation 3,920 2,943
Stock-based compensation 8,629 6,840
Income attributable to sale of tax benefits, net of interest expense (16,679) (13,495)
Equity in losses (earnings) of investees 1,574 (1,796)
Mark-to-market of derivative instruments 2,677 1,096
Disposal of property, plant and equipment (84) 87
Exploration Abandonment and Impairment Expense 827 0
Write-off of Energy Storage projects and assets 1,954 0
Loss (gain) on severance pay fund asset 951 (709)
Loss from prepayment of a long-term loan 1,102 0
Deferred income tax provision 2,269 (8,994)
Liability for unrecognized tax benefits 842 1,707
Other 575 267
Changes in operating assets and liabilities, net of businesses acquired:    
Receivables 3,617 227
Costs and estimated earnings in excess of billings on uncompleted contracts (7,662) 15,220
Inventories (1,360) (1,814)
Prepaid expenses and other (2,399) (13,966)
Change in operating lease right of use asset 2,119 2,322
Deposits and other 1,362 (3,468)
Accounts payable and accrued expenses (1,089) (30,320)
Billings in excess of costs and estimated earnings on uncompleted contracts 4,786 4,650
Liabilities for severance pay (2,093) (2,151)
Change in operating lease liabilities (2,072) (1,935)
Other long-term liabilities (2,541) (91)
Net cash provided by operating activities 206,247 144,791
Cash flows from investing activities:    
Purchase of marketable securities (19,192) (49,320)
Maturities of marketable securities 32,645 3,565
Sale of marketable securities 29,355 0
Capital expenditures (408,378) (288,423)
Investment in unconsolidated companies (4,509) (6,208)
Cash paid for business acquisition, net of cash acquired 0 (171,000)
Decrease (increase) in severance pay fund asset, net of payments made to retired employees 502 2,352
Other investing activities 0 (911)
Net cash used in investing activities (369,577) (509,945)
Cash flows from financing activities:    
Proceeds from long-term loans, net of transaction costs 75,000 275,000
Proceeds from exercise of options by employees 42 0
Proceeds from issuance of convertible notes, net of transaction costs 419,698 0
Purchase of capped call instruments (24,538) 0
Purchase of treasury stock (17,964) 0
Prepayments of a long-term loan (219,126) 0
Cash received from noncontrolling interest 5,443 5,390
Repayments of long-term debt (135,656) (58,357)
Stock issuance costs reimbursement 0 282
Cash paid to noncontrolling interest (5,942) (7,031)
Payments under finance lease obligations (2,347) (7,943)
Deferred debt issuance costs (833) (2,447)
Cash dividends paid (20,177) (19,882)
Net cash provided by financing activities 73,600 185,012
Effect of exchange rate changes (679) (336)
Net change in cash and cash equivalents and restricted cash and cash equivalents (90,409) (180,478)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 343,444 536,778
Cash and cash equivalents and restricted cash and cash equivalents at end of period 253,035 356,300
Supplemental non-cash investing and financing activities:    
Increase (decrease) in accounts payable related to purchases of property, plant and equipment 13,972 1,095
Right of use assets obtained in exchange for new lease liabilities $ 5,249 $ 5,579
v3.22.2.2
Note 1 - General and Basis of Presentation
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 1 — GENERAL AND BASIS OF PRESENTATION

 

These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, they do not contain all information and notes required by U.S. GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated financial position as of September 30, 2022, the condensed consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2022 and 2021 and the condensed consolidated statements of cash flows and the condensed consolidated statements of equity for the nine months ended September 30, 2022 and 2021.

 

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, 2021. The condensed consolidated balance sheet data as of December 31, 2021 was derived from the Company’s audited consolidated financial statements for the year ended December 31, 2021 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.

 

Convertible Senior Notes

 

On June 22, 2022, the Company issued $375.0 million aggregate principal amount of its 2.5% convertible senior notes due 2027 (the “Notes”). The Notes were offered and sold in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, pursuant to an indenture between the Company and U.S. Bank National Association, as trustee. Additionally, the Company granted the initial purchasers an option to purchase up to an additional $56.25 million aggregate principal amount of the Notes. The initial purchasers executed their option on June 27, 2022, and by that, increased the total aggregated principal amount of the Notes issued to $431.25 million. The Notes bear annual interest of 2.5%, payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2023. The Notes mature on July 15, 2027, unless earlier converted, redeemed or repurchased and are the Company's senior unsecured obligations.

 

Holders of the Notes may convert all or any portion of their Notes at their option at any time prior to the close of business on the business day immediately preceding January 15, 2027 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2022 (and only during such calendar quarter), if the last reported sale price of the Company's common stock, par value $0.001 per share (the “Common Stock”), for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day (equivalent to an initial conversion price of approximately $90.27 per share of common stock); (2) during the five consecutive business day period immediately after any five consecutive trading day period (the “Measurement Period”) in which the trading price per $1,000 principal amount of Notes, as determined following a request by a holder or holders of the Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of the Company's Common Stock and the conversion rate on each such trading day; (3) if the Company calls any or all of the Notes for redemption (the Company may not redeem the notes prior to July 21, 2025), at any time prior to the close of business on the second scheduled trading day prior to the redemption date, but only with respect to the Notes called (or deemed called) for redemption; or (4) upon the occurrence of specified corporate events. On or after January 15, 2027 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay cash up to the aggregate principal amount of the Notes to be converted and pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Notes being converted.

 

The initial conversion rate was 11.0776 shares of common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $90.27 per share of common stock, subject to adjustment in certain events. In addition, following certain corporate events that occur prior to the maturity date or if the Company delivers a notice of redemption, it will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Notes in connection with such a corporate event or notice of redemption, as the case may be. The Company may not redeem the notes prior to July 21, 2025. The Company may redeem for cash all or any portion of the Notes, at its option, on or after July 21, 2025 and on or before the 41st scheduled trading day immediately preceding the maturity date, if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, but excluding, the redemption date. No sinking fund is provided for the notes. Additionally, if the Company undergoes a fundamental change (other than certain exempted fundamental changes), holders may require the Company to repurchase for cash all or any portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest.

 

The Company incurred approximately $11.6 million of issuance costs in respect of the issuance of the Notes, which were deferred and are presented as a reduction to the Notes principal amounts on the condensed consolidated balance sheets. The deferred issuance costs are amortized over the term of the Notes into interest expenses, net in the condensed consolidated statements of operations and comprehensive income. During the three and nine months ended September 30, 2022, $0.6 million was recorded as amortized issuance costs under interest expenses, net. The effective interest rate on the Notes, including the impact of the deferred debt issuance costs, is 3.1%.

 

Based on the closing market price of the Company's common stock on September 30, 2022, the if-converted value of the Notes was less than their aggregate principal amount.

 

Capped Call Transactions

 

In connection with the issuance of the convertible notes described above, the Company entered into capped call transactions (the "Capped Calls") with certain counterparties. The capped call transactions will cover, subject to customary adjustments, the number of shares of our common stock initially underlying the Notes of approximately 4.8 million shares of common stock and at an initial strike price of $90.27 per share. The Capped Calls are generally intended to reduce the potential dilution to the Company's Common Stock upon any conversion of the Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, in the event that at the time of conversion, the Common Stock price exceeds the conversion price. If, however, the market price per share of Common Stock exceeds the cap price of the Capped Calls, there would nevertheless be dilution or there would not be an offset of such potential cash payments, in each case, to the extent that such market price exceeds the cap price of the Capped Calls.

 

The Capped Calls exercise price is equal to the $90.27 initial conversion price of each of the Notes and the cap price of the Capped Calls is initially $107.63 per share, which represents a premium of approximately 55% above the closing price of the Company's common stock on the date of the Notes offering and is subject to customary anti-dilution adjustments. The Capped Calls transactions are separate transactions entered into by the Company with the option counterparties, are not part of the terms of the Notes and will not change the holders’ rights under the notes.

 

The Company paid approximately $24.5 million for the Capped Calls which was recorded as a reduction to Additional Paid-in Capital in the condensed consolidated statements of equity in the second quarter of 2022, as such transactions qualify for the equity classification with no subsequent adjustment to fair value under ASU 815, Derivatives and Hedging. The Capped Calls are not included in the calculation of diluted earnings per share because their impact is anti-dilutive.

 

Purchase of Treasury Stock

 

In connection with the issuance of the Notes as described above, the Company used approximately $18.0 million of the net proceeds from the issuance of these Notes to repurchase 258,667 shares of its common stock in privately negotiated transactions at a price of $69.45 per share. The Company recorded this purchase of treasury stocks as a reduction to its equity on the condensed consolidated statements of equity in the second quarter of 2022.

 

Prepayment of Series 3 Bonds

 

Additionally, in connection with the issuance of the Notes as described above, on June 27, 2022, the Company used approximately $221.9 million of the net proceeds from the issuance of these Notes to prepay its Series 3 Bonds that were set to mature in September 2022 in a single bullet payment. This amount included an aggregated principal amount of $218.0 million, $2.8 million of accrued interest and $1.1 million of make-whole premium which was recorded in the second quarter of 2022 under Other non-operating income (expense), net in the condensed consolidated statements of operations and comprehensive income.

 

Mizrahi Bank Loan

 

On April 12, 2022, the Company entered into a definitive loan agreement (the "Mizrahi Loan Agreement") with Mizrahi Tefahot Bank Ltd. (“Mizrahi Bank”). The Mizrahi Loan Agreement provides for a loan by Mizrahi Bank to the Company in an aggregate principal amount of $75.0 million (the “Mizrahi Loan”). The outstanding principal amount of the Mizrahi Loan will be repaid in 16 semi-annual payments of $4.7 million each, commencing on October 12, 2022. The duration of the Mizrahi Loan is 8 years. The Mizrahi Loan bears interest at a fixed rate of 4.1% per annum, payable semi-annually. The Mizrahi 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 6.0, (ii) a minimum equity capital amount (as shown on its consolidated financial statements) of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%. The Mizrahi Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default.

 

Heber 1 fire

 

The Company's 40 MW Heber 1 geothermal power plant located in California is experiencing an outage following a fire on February 25, 2022 that caused damage primarily to the steam turbine-generator area. The Heber 1 power plant is part of the 81 MW Heber complex and sells its electricity under a long-term contract with the Southern California Public Power Authority. In mid- April, the Company gradually re-started operation of the binary units and the Heber 1 power plant is currently running at approximately 20 MW. In addition, the Company is currently optimizing the complex through the repowering of the Heber complex, which is expected to be completed in the second quarter of 2023. The Company is expecting to receive the property damage insurance proceeds on the damaged equipment.

 

The Company holds business interruption insurance subject to a 45-day deductible period in addition to property damage insurance with customary deductibles, and is working with insurers to collect under those policies. The Company believes the insurance proceeds from the property damage will exceed the net book value of the damaged property. As the Company expects that its property insurance policy will cover the full amount of the loss related to the damaged equipment, it recorded a receivable for such recovery to fully offset the loss related to the equipment write-off in the same financial statements line item in the condensed consolidated financial statements. During the second and third quarters of 2022, the Company recognized $4.0 million of insurance recoveries in each quarter, of which, $0.6 million of the second quarter's recoveries were related to property damage and thus were recorded against the related receivable. The remainder, a total of $7.4 million was related to business interruption and thus recorded as income under electricity cost of revenues in the condensed consolidated statements of operations and comprehensive income.

 

COVID-19 consideration

 

In March 2020, the World Health Organization declared the outbreak of the novel coronavirus ("COVID-19") a pandemic. Since that time and through the date of this quarterly report, the Company has implemented significant measures and continues to make efforts in order to meet government requirements and preserve the health and safety of its employees. The Company's preventative measures against COVID-19 and the recent spread of variant strains include working remotely when needed and adopting separate shifts in its power plants, manufacturing facilities and other locations while working to continue operations at close to full capacity in all locations. Since the end of the second quarter of 2021, the Company experienced an easing of government restrictions in areas it operates in, but uncertainty around the impact of COVID-19 continues in addition to supply chain challenges and rising interest rates. The Company has not laid-off or furloughed any employees due to COVID-19 and has continued to pay full salaries. In addition, the Company focused efforts on adjusting its operations to mitigate the impact of COVID-19 including managing its global supply chain risks and enhancing its liquidity profile. As most of the Company's electricity revenues are generated under long term contracts, the majority of which are under a fixed energy rate, the impact of COVID-19 on electricity revenues was limited.

 

In the Product segment, the Company experienced a significant decline in product backlog, which it believes resulted mainly due to the impact of COVID-19 outbreaks, which resulted in the extended shutdown of certain businesses in certain regions, delays in the supply and increases in the cost of raw materials and components that we purchased for our equipment manufacturing, and increases in the cost of marine transportation. The cost increases limited our ability to secure new purchase orders from potential customers and led to a reduction in our operating margins, which in turn negatively impacted our profitability.Over the last few months we have experienced higher demand for our product segment resulting in increased backlog and improved profitability.

 

In the Energy Storage segment, revenues are generated primarily from participating in the energy and ancillary services markets and therefore are directly impacted by the prevailing energy prices in those markets. We have experienced and are experiencing supply chain difficulties, as well as an increase in the cost of raw materials and batteries, which may impact our ability to complete the projects on time, and increases overall project costs.

 

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

 

Business combination - geothermal assets purchase transaction

 

On July 13, 2021, the Company closed a transaction with TG Geothermal Portfolio, LLC (a subsidiary of Terra-Gen, LLC) (the "Seller") to acquire two contracted geothermal assets in Nevada with a total net generating capacity of 67.5 MW, a greenfield development asset adjacent to one of the plants, and an underutilized transmission line (the "Terra-Gen Transaction"). The Company paid approximately $171.0 million in cash (excluding working capital adjustment of approximately $10.8 million) for 100% of the equity interests in the entities holding those assets and assumed a financing obligation with a fair value at acquisition date of approximately $258.4 million. The two contracted geothermal assets include the Dixie Valley and Beowawe geothermal power plants which sell power under existing power purchase agreements with Southern California Edison under a long term Power Purchase Agreement ("PPA") expiring in 2038 and with NV Power, Inc. under a PPA expiring in December 2025, respectively.

 

As a result of the acquisition, the Company expanded its overall generation capacity and expects to improve the profitability of the purchased assets through cost reduction and synergies. The Company accounted for the transaction in accordance with Accounting Standard Codification ("ASC") 805, Business Combinations. Following the transaction, the Company consolidates the Dixie Valley and Beowawe power plants as well as the other geothermal assets included in the transaction in accordance with ASC 810, Consolidation. In 2021, the Company incurred approximately $4.7 million of acquisition-related costs included under "General and administrative expenses" in the condensed consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2021.

 

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

 

Cash and cash equivalents and restricted cash

 $10.9 

Trade receivables and others (1)

  8.6 

Deferred income taxes

  22.8 

Property, plant and equipment and construction-in-process

  152.0 

Intangible assets (2)

  191.6 

Goodwill (3)

  66.2 

Total assets acquired

 $452.1 
     

Accounts payable, accrued expenses and others

 $6.6 

Finance liability (4)

  258.4 

Asset retirement obligation

  5.3 

Total liabilities assumed

 $270.3 
     

Total assets acquired, and liabilities assumed, net

 $181.8 

 

(1)

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

 

(2)

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

 

(3)

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

 

(4)

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

 

During the three and nine months ended September 30, 2022, the acquired geothermal power plants contributed $16.3 million and $37.2 million, respectively, to the Company Electricity revenues, $3.4 million and $3.4 million, net of related tax, respectively, to earnings, and $1.6 million and $4.8 million, respectively, to interest expense in respect of the related finance liability. During the three and nine months ended September 30, 2021, the acquired geothermal power plants contributed $14.4 million to the Company Electricity revenues, $4.3 million, net of related tax to earnings, and $2.8 million to interest expense in respect of the related finance liability, from acquisition date to September 30, 2021.

 

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

 

  

Pro forma for the

 
  

Three Months Ended

  

Nine Months Ended

 
  

September 30, 2021

 
  

(Dollars in millions)

 

Electricity revenues

 $144.7  $449.1 

Total revenues

 $160.8  $499.7 

Net income

 $18.5  $50.4 

 

Write-offs of unsuccessful exploration activities

 

During the three and nine months ended September 30, 2022, the Company wrote-off approximately $0.8 million relating to exploration activities it decided to no longer pursue. There were no write-offs of unsuccessful exploration activities for the three and nine months ended September 30, 2021.

 

Reconciliation of cash and cash equivalents and restricted cash and cash equivalents

 

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

 

  September  December  September 
  

30,

  

31,

  

30,

 
  

2022

  

2021

  

2021

 
  

(Dollars in thousands)

 

Cash and cash equivalents

 $154,633  $239,278  $267,802 

Restricted cash and cash equivalents

  98,402   104,166   88,498 

Total Cash and cash equivalents and restricted cash and cash equivalents

 $253,035  $343,444  $356,300 

 

Concentration of credit risk

 

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

 

The Company places its cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At September 30, 2022 and December 31, 2021, the Company had deposits totaling $31.6 million and $31.0 million, respectively, in ten U.S. financial institutions that were federally insured up to $250,000 per account. At September 30, 2022 and December 31, 2021, the Company’s deposits in foreign countries amounted to approximately $86.1 million and $64.3 million, respectively.

 

At September 30, 2022 and December 31, 2021, accounts receivable related to operations in foreign countries amounted to approximately $76.7 million and $77.5 million, respectively. At September 30, 2022 and December 31, 2021, 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 55% and 58% of the Company’s trade receivables, respectively.

 

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

 

  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
  

2022

  

2021

  

2022

  

2021

 
Southern California Public Power Authority (“SCPPA”)  18.7%  21.3%  21.4%  23.9%

Sierra Pacific Power Company and Nevada Power Company

  14.0   15.8   17.1   18.7 

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

  15.2   16.1   14.9   16.3 

 

The Company has historically been able to collect on substantially all of its receivable balances. As of September 30, 2022, the amount overdue from KPLC in Kenya was $20.6 million of which $2.7 million was paid in October 2022. The Company believes it will be able to collect all past due amounts in Kenya. This belief is supported by the fact that in addition to KPLC's obligations under its power purchase agreement, the Company holds a support letter from the Government of Kenya that covers certain cases of KPLC non-payment (such as where caused by government actions and/or political events).

 

In Honduras, as of September 30, 2022, the total amount overdue from Empresa Nacional de Energía Eléctrica ("ENEE") was $15.6 million of which none was paid to-date. In addition, due to continuing restrictive measures related to the COVID-19 pandemic in Honduras, the Company may experience further delays in collection. The Company believes it will be able to collect all past due amounts in Honduras.

 

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

 

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

 

Allowance for credit losses

 

The Company performs an analysis of potential credit losses related to its financial instruments that are within the scope of ASU 2018-19, Codification Improvements to Topic 325, Financial Instruments – Credit Losses, primarily cash and cash equivalents, restricted cash and cash equivalents, investment in marketable securities, receivables (excluding those accounted under lease accounting) and costs and estimated earnings in excess of billings on uncompleted contracts, based on 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. While significant uncertainty still exists concerning the magnitude of the impact and duration of the COVID-19 pandemic on the global economy, the Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and determined that the estimate of credit losses was not significantly impacted.

 

The following table describes the changes in the allowance for expected credit losses for the three and nine months ended September 30, 2022 and 2021 (all related to trade receivables):

 

  Three Months Ended  Nine Months Ended 
  

September 30,

  

September 30,

 
  

2022

  

2021

  

2022

  

2021

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Beginning balance of the allowance for expected credit losses

 $90  $419  $90  $597 

Change in the provision for expected credit losses for the period

  —   (166)  —   (344)

Ending balance of the allowance for expected credit losses

 $90  $253  $90  $253 

 

Revenues from contracts with customers

 

Contract assets related to our Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of September 30, 2022 and December 31, 2021 are as follows:

 

  

September 30,

  

December 31,

 
  

2022

  

2021

 
  

(Dollars in thousands)

 

Contract assets (*)

 $17,354  $9,692 

Contract liabilities (*)

 $(14,034) $(9,248)

 

(*) 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 nine months ended September 30, 2022 as a result of performance obligations having not been fully satisfied yet.

 

On September 30, 2022, the Company had approximately $136.2 million of remaining performance obligations not yet satisfied or partly satisfied related to our Product segment. The Company expects to recognize approximately 100% of this amount as Product revenues during the next 24 months.

 

Disaggregated revenues from contracts with customers for the three and nine months ended September 30, 2022 and 2021 are disclosed under Note 9 - Business Segments, to the condensed consolidated financial statements.

 

Leases in which the Company is a lessor

 

The table below presents lease income recognized as a lessor:

 

  Three Months Ended  Nine Months Ended 
  

September 30,

  

September 30,

 
  

2022

  

2021

  

2022

  

2021

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Lease income relating to lease payments from operating leases

 $127,748  $123,688  $394,901  $362,548 

 

Marketable securities

 

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

 

Derivative instruments

 

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

 

The Company maintains a risk management strategy that may incorporate the use of swap contracts, put options, forward exchange contracts, interest rate swaps, and cross-currency swaps to minimize significant fluctuation in cash flows and/or earnings that are caused by oil and natural gas prices, exchange rate or interest rate volatility.

   
v3.22.2.2
Note 2 - New Accounting Pronouncements
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Accounting Standards Update and Change in Accounting Principle [Text Block]

NOTE 2 — NEW ACCOUNTING PRONOUNCEMENTS

 

New accounting pronouncements effective in the nine months ended September 30, 2022

 

In August 2020, the FASB issued ASU 2020-06 Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) ("ASU 2020-06"): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This guidance simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. Furthermore, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share. The amendments to this guidance are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. The Company adopted this guidance as prescribed and accounted for its convertible senior notes issued in June 2022, as further described above, under the amendments of this update.

 

New accounting pronouncements effective in future periods

 

Revenue Contracts Acquired in a Business Combination

 

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). ASU 2021-08 is intended to improve the accounting for acquired revenue contracts with customers in a business combination by addressing the following topics: (1) recognition of an acquired contract liability and (2) payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in ASU 2021-08 require that an entity that is the acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 at the acquisition date as if it had originated the contracts. The amendments in ASU 2021-08 are effective for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. The amendments in this update should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company does not anticipate the adoption of ASU 2021-08 will have a material impact on its consolidated financial statements.

 
v3.22.2.2
Note 3 - Inventories
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Inventory Disclosure [Text Block]

NOTE 3 — INVENTORIES

 

Inventories consist of the following:

 

  

September 30,

  

December 31,

 
  

2022

  

2021

 
  

(Dollars in thousands)

 

Raw materials and purchased parts for assembly

 $13,161  $11,539 

Self-manufactured assembly parts and finished products

  16,644   16,906 

Total inventories

 $29,805  $28,445 

   
v3.22.2.2
Note 4 - Marketable Securities
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 4 — MARKETABLE SECURITIES

 

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

 

  

September 30, 2022

  

December 31, 2021

 
  

Amortized cost

  

Gross unrealized gains

  

Gross unrealized losses

  

Fair value

  

Amortized cost

  

Gross unrealized gains

  

Gross unrealized losses

  

Fair value

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Debt security type:

                                

Corporate bonds

 $—  $—  $—  $—  $32,302  $—  $(36) $32,529 

Commercial paper

  —   —   —   —   8,891   —   —   8,891 

Money market funds

  134   —   —   134   3,686   —   —   3,686 

Foreign issuers

  —   —   —   —   1,920   —   (4)  1,923 

Total debt securities available for sale

 $134  $—  $—  $134  $46,799  $—  $(40) $47,029 

 

As of September 30, 2022 and December 31, 2021, approximately $0.1 million and $3.7 million of debt securities were classified under "Cash and cash equivalents" in the condensed consolidated balance sheets as they met all applicable classification criteria.

 

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

 

  

September 30, 2022

  

December 31, 2021

 
  

Less than 12 months

  

Greater than 12 months

  

Less than 12 months

  

Greater than 12 months

 
  

Fair value

  

Gross unrealized loss

  

Fair value

  

Gross unrealized loss

  

Fair value

  

Gross unrealized loss

  

Fair value

  

Gross unrealized loss

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Debt security type:

                                

Corporate bonds

 $—  $—  $—  $—  $32,529  $(36) $—  $— 

Commercial paper

  —   —   —   —   8,891   —   —   — 

Money market funds

  134   —   —   —   3,686   —   —   — 

Foreign issuers

  —   —   —   —   1,923   (4)  —   — 

Total debt securities available for sale

 $134  $—  $—  $—  $47,029  $(40) $—  $— 

 

The Company sold all of its investments in debt securities during the second quarter of 2022 except for an immaterial amount of $0.1 million which was classified under "cash and cash equivalents" as described above. There were no sales of debt securities during year ended December 31, 2021.

 
v3.22.2.2
Note 5 - Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

NOTE 5— FAIR VALUE OF FINANCIAL INSTRUMENTS

 

The fair value measurement guidance clarifies that fair value is an exit price, representing the amount that would be received upon selling an asset or paid upon transferring a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under the fair value measurement guidance are described below:

 

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

 

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

 

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

 

The following table sets forth certain fair value information at September 30, 2022 and December 31, 2021 for financial assets and liabilities measured at fair value by level within the fair value hierarchy, as well as cost or amortized cost. As required by the fair value measurement guidance, assets and liabilities are classified in their entirety based on the lowest level of inputs that is significant to the fair value measurement.

 

      

September 30, 2022

 
      

Fair Value

 
  

Carrying 

Value at

             
  September             
  

30, 2022

  

Total

  

Level 1

  

Level 2

  

Level 3

 
  

(Dollars in thousands)

 

Assets:

                    

Current assets:

                    

Cash equivalents (including restricted cash accounts)

 $24,226  $24,226  $24,226  $—  $— 

Marketable securities (including cash equivalents)

  134   134   134   —   — 

Long-term Assets:

                    

Cross currency swap (3)

  —   —   —   —   — 

Liabilities:

                    

Current liabilities:

                    

Derivatives:

                    

Cross currency swap (3)

  (3,059)  (3,059)  —   (3,059)  — 

Currency forward contracts (2)

  (1,864)  (1,864)  —   (1,864)  — 

Long term liabilities:

                    

Contingent payables (1)

  (2,084)  (2,084)  —   —   (2,084)
  $17,353  $17,353  $24,360  $(4,923) $(2,084)

 

 

      

December 31, 2021

 
      

Fair Value

 
  

Carrying

Value at

December

31, 2021

  

Total

  

Level 1

  

Level 2

  

Level 3

 
  

(Dollars in thousands)

 

Assets

                    

Current assets:

                    

Cash equivalents (including restricted cash accounts)

 $31,675  $31,675  $31,675  $—  $— 

Marketable securities

  47,029   47,029   47,029   —   — 

Derivatives:

                    

Cross currency swap (3)

  1,461   1,461   —   1,461   — 

Currency forward contracts (2)

  813   813   —   813   — 

Long-term assets:

                    

Cross currency swap (3)

  37,883   37,883   —   37,883   — 

Liabilities:

                    

Long-term liabilities:

                    

Contingent payables (1)

  (2,425)  (2,425)  —   —   (2,425)
  $116,436  $116,436  $78,704  $40,157  $(2,425)

 

 

1.

These amounts relate to contingent payables and warrants pertaining to the Guadeloupe power plant purchase transaction, valued primarily based on unobservable inputs and are included within “Other long-term liabilities” in the condensed consolidated balance sheets on September 30, 2022 and December 31, 2021, with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the condensed consolidated statements of operations and comprehensive income.

 

 

2.

These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Receivables, other” and "Accounts payable and accrued expenses", as applicable, in the condensed consolidated balance sheets on September 30, 2022 and December 31, 2021, with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income.

 

 

3.

These amounts relate to cross currency swap contracts valued primarily based on the present value of the cross currency swap future settlement prices for U.S. Dollar ("USD") and New Israeli Shekel ("NIS") zero yield curves and the applicable exchange rate as of September 30, 2022 and December 31, 2021, as applicable. These amounts are included within "Prepaid expenses and other", “Deposits and other” and "Accounts payable and accrued expenses", as applicable, in the condensed consolidated balance sheets on September 30, 2022 and December 31, 2021. There are no cash collateral deposits on September 30, 2022 and December 31, 2021.

 

 

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

 

    

Amount of recognized

  

Amount of recognized

 
    gain (loss)  gain (loss) 
Derivatives not designated as Location of recognized gain Three Months Ended  Nine Months Ended 

hedging instruments

 

(loss)

 

September 30,

  

September 30,

 
    

2022

  

2021

  

2022

  

2021

 
    

(Dollars in thousands)

  

(Dollars in thousands)

 

Swap transaction on Responsive Reserve System ("RRS") prices (1)

 

Derivative and foreign currency transaction gains (losses)

 $—  $—   —   (14,540)

Currency forward contracts (1)

 

Derivative and foreign currency transaction gains (losses)

 $(678) $387  $(5,384) $118 
                   

Derivatives designated as cash flow hedging instruments

                  
                   

Cross currency swap (2)

 

Derivative and foreign currency transaction gains (losses)

 $(3,121) $2,945  $(38,536) $(1,349)

 

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

 

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

 

There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during the three and nine months ended September 30, 2022 and 2021.

 

The following table presents the effect of derivative instruments designated as cash flow hedges on the condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2022 and 2021:

 

  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
  

2022

  

2021

  

2022

  

2021

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Cross currency swap cash flow hedge:

                

Balance in Accumulated other comprehensive income (loss) beginning of period

 $1,745  $766  $5,745  $3,366 

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

  (3,338)  251   (42,753)  (6,643)

Amount reclassified from Other comprehensive income (loss) into earnings

  3,121   (2,945)  38,536   1,349 

Balance in Accumulated other comprehensive income (loss) end of period

 $1,528  $(1,928) $1,528  $(1,928)

 

The estimated net amount of existing gain (loss) that is reported in "Accumulated other comprehensive income (loss)" as of September 30, 2022 that is expected to be reclassified into earnings within the next 12 months is immaterial. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flow is from the transaction commencement date through June 2031.

 

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

 

  

Fair Value

  

Carrying Amount (*)

 
  September 30,   December 31,  September 30,   December 31, 
  

2022

  

2021

  

2022

  

2021

 
  

(Dollars in millions)

  

(Dollars in millions)

 

Mizrahi Loan

 $78.0  $—  $75.0  $— 

Convertible Senior Notes

  497.3   —   431.3   — 

HSBC Loan

  39.9   50.4   42.9   50.0 

Hapoalim Loan

  100.9   117.8   107.1   116.1 

Discount Loan

  80.3   100.2   87.5   100.0 

Finance liability - Dixie Valley

  217.5   248.4   242.0   252.9 

Olkaria III Loan - DFC

  139.1   166.5   143.2   156.7 

Olkaria III plant 4 Loan - DEG 2

  29.5   34.1   30.0   32.5 

Olkaria III plant 1 Loan - DEG 3

  26.0   30.1   26.2   28.4 

Platanares Loan - DFC

  82.5   98.2   81.9   88.1 

Amatitlan Loan

  15.8   19.8   16.6   19.3 

OFC 2 LLC ("OFC 2")

  154.2   183.3   162.3   173.3 

Don A. Campbell 1 ("DAC 1")

  58.8   69.8   64.1   67.9 

USG Prudential - NV

  24.3   28.9   25.5   26.3 

USG Prudential - ID

  15.9   17.3   16.2   17.3 

USG DOE

  32.6   39.9   32.8   35.5 

Senior Unsecured Bonds

  269.8   578.9   254.0   539.6 

Senior Unsecured Loan

  165.1   204.3   174.8   191.6 

Plumstriker

  12.9   14.8   12.9   14.7 

Other long-term debt

  9.1   13.3   9.7   13.6 

 

(*) 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. 

 

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

 

The carrying value of cash and cash equivalents, receivables, deposits and accounts payable (included in the condensed consolidated balance sheets) approximates their fair value.

 

The following table presents the fair value of financial instruments as of September 30, 2022:

 

  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 

Mizrahi Loan

 $—  $—  $78.0  $78.0 

Convertible Senior Notes

  —   497.3   —   497.3 

HSBC Loan

  —   —   39.9   39.9 

Hapoalim Loan

  —   —   100.9   100.9 

Discount Loan

  —   —   80.3   80.3 

Finance liability - Dixie Valley

  —   —   217.5   217.5 

Olkaria III Loan - DFC

  —   —   139.1   139.1 

Olkaria III plant 4 Loan - DEG 2

  —   —   29.5   29.5 

Olkaria III plant 1 Loan - DEG 3

  —   —   26.0   26.0 

Platanares Loan - DFC

  —   —   82.5   82.5 

Amatitlan Loan

  —   15.8   —   15.8 

OFC 2 Senior Secured Notes

  —   —   154.2   154.2 

DAC 1 Senior Secured Notes

  —   —   58.8   58.8 

USG Prudential - NV

  —   —   24.3   24.3 

USG Prudential - ID

  —   —   15.9   15.9 

USG DOE

  —   —   32.6   32.6 

Senior Unsecured Bonds

  —   —   269.8   269.8 

Senior Unsecured Loan

  —   —   165.1   165.1 

Plumstriker

  —   12.9   —   12.9 

Other long-term debt

  —   —   9.1   9.1 

Deposits

  14.6   —   —   14.6 

 

 

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

 

  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 

HSBC Loan

 $—  $—  $50.4  $50.4 

Hapoalim Loan

  —   —   117.8   117.8 

Discount Loan

  —   —   100.2   100.2 

Financing Liability - Dixie Valley

  —   —   248.4   248.4 

Olkaria III Loan - DFC

  —   —   166.5   166.5 

Olkaria IV - DEG 2

  —   —   34.1   34.1 

Olkaria IV - DEG 3

  —   —   30.1   30.1 

Platanares Loan - DFC

  —   —   98.2   98.2 

Amatitlan Loan

  —   19.8   —   19.8 

OFC 2 Senior Secured Notes

  —   —   183.3   183.3 

DAC 1 Senior Secured Notes

  —   —   69.8   69.8 

USG Prudential - NV

  —   —   28.9   28.9 

USG Prudential - ID

  —   —   17.3   17.3 

USG DOE

  —   —   39.9   39.9 

Senior Unsecured Bonds

  —   —   578.9   578.9 

Senior Unsecured Loan

  —   —   204.3   204.3 

Plumstriker

  —   14.8   —   14.8 

Other long-term debt

  —   —   13.3   13.3 

Deposits

  17.1   —   —   17.1 

   
v3.22.2.2
Note 6 - Stock-based Compensation
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

NOTE 6 — STOCK-BASED COMPENSATION

 

In March 2022, the Company granted certain members of its management and employees an aggregate of 513,385 stock appreciation rights ("SARs"), 72,303 restricted stock units ("RSUs") and 19,581 performance stock units ("PSUs") under the Company’s 2018 Incentive Compensation Plan. The exercise price of each SAR was $71.15 which represented the fair market value of the Company’s common stock on the grant date. The SARs will expire in six years from date of grant and the SARs, RSUs and PSUs have vesting periods of between 1 to 4 years from the grant date.

 

The fair value of each SAR, RSU and PSU on the grant date was $22.31, $69.9 and $75.3, respectively. The Company calculated the fair value of each SAR and RSU on the grant date using the complex lattice, tree-based option-pricing model based on the following assumptions:

 

Risk-free interest rates

  1.3%-1.6% 

Expected life (in years)

  2-5.75 

Dividend yield

   0.67%  

Expected volatility (weighted average)

  32.8%-46.1% 

 

There were no other significant grants that were made by the Company during the nine months ended September 30, 2022.

 
v3.22.2.2
Note 7 - Interest Expense, Net
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Interest Expense Disclosure [Text Block]

NOTE 7 — INTEREST EXPENSE, NET

 

The components of interest expense are as follows:

 

  Three Months Ended  Nine Months Ended 
  

September 30,

  

September 30,

 
  

2022

  

2021

  

2022

  

2021

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Interest related to sale of tax benefits

 $3,734  $4,080  $10,628  $9,019 

Interest expense

  23,023   22,259   68,001   61,579 

Less — amount capitalized

  (4,354)  (4,109)  (14,727)  (10,726)

Total interest expense, net

 $22,403  $22,230  $63,902  $59,872 

 
v3.22.2.2
Note 8 - Earnings Per Share
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 8 — EARNINGS PER SHARE

 

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

 

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

 

  Three Months Ended  Nine Months Ended 
  

September 30,

  

September 30,

 
  

2022

  

2021

  

2022

  

2021

 
                 

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

  55,999   56,003   56,058   55,995 

Additional shares from the assumed exercise of employee stock awards

  458   295   421   418 

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

  56,457   56,298   56,479   56,413 

 

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 27.4 thousand and 145.4 thousand for the three months ended September 30, 2022 and 2021, respectively and 58.0 thousand and 149.2 thousand for the nine months ended September 30, 2022 and 2021, 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 nine months ended September 30, 2022, 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.

 
v3.22.2.2
Note 9 - Business Segments
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 9 — BUSINESS SEGMENTS

 

The Company has three reporting segments: the Electricity segment, the Product segment and the Energy Storage segment. These segments are managed and reported separately as each offers different products and serves different markets.

 

 

•

Under the Electricity segment, the Company builds, owns and operates geothermal, solar PV and recovered energy-based ("REG") power plants in the United States and geothermal power plants in 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 remote power units and provides services relating to the engineering, procurement and construction ("EPC") of geothermal and recovered energy-based power plants.

 

 

•

Under the Energy Storage segment, the Company provides energy storage and related services as well as services relating to the engineering, procurement, construction, operation and maintenance of energy storage units.

 

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

 

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

 

  

Electricity

  

Product

  

Energy

Storage

  

Consolidated

 
  

(Dollars in thousands)

 

Three Months Ended September 30, 2022:

                

Revenues from external customers:

                

United States (1)

 $106,490  $1,267  $8,848  $116,605 

Foreign (2)

  46,330   12,950   —   59,280 

Net revenue from external customers

  152,820   14,217   8,848   175,885 

Intersegment revenues (4)

  —   14,959   —   — 

Operating income (loss)

  38,054   (158)  997   38,893 

Segment assets at period end (3) (*)

  4,153,330   128,790   242,411   4,524,531 

* Including unconsolidated investments

  117,182   —   —   117,182 
                 

Three Months Ended September 30, 2021:

                

Revenues from external customers:

                

United States (1)

 $98,550  $1,541  $5,664  $105,755 

Foreign (2)

  44,101   8,986   —   53,087 

Net revenue from external customers

  142,651   10,527   5,664   158,842 

Intersegment revenues (4)

  —   14,147   —   — 

Operating income (loss)

  38,409   (1,115)  (1,306)  35,988 

Segment assets at period end (3) (*)

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

* Including unconsolidated investments

  109,725   —   —   109,725 
                 

Nine Months Ended September 30, 2022:

                

Revenues from external customers:

                

United States (1)

 $327,792  $2,936  $22,896  $353,624 

Foreign (2)

  138,748   36,301   —   175,049 

Net revenue from external customers

  466,540   39,237   22,896   528,673 

Intersegment revenues (4)

  —   57,959   —   — 

Operating income (loss)

  128,049   (4,009)  (1,462)  122,578 

Segment assets at period end (3) (*)

  4,153,330   128,790   242,411   4,524,531 

* Including unconsolidated investments

  117,182   —   —   117,182 
                 

Nine Months Ended September 30, 2021:

                

Revenues from external customers:

                

United States (1)

 $285,090  $4,041  $24,012  $313,143 

Foreign (2)

  136,413   22,539   —   158,952 

Net revenue from external customers

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

Intersegment revenues (4)

  —   90,519   —   — 

Operating income (loss)

  116,176   (2,753)  1,073   114,496 

Segment assets at period end (3) (*)

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

* Including unconsolidated investments

  109,725   —   —   109,725 

 

 

 

(1)

Electricity segment revenues in the United States are all accounted under lease accounting except for $25.6 million and $71.6 million for the three and nine months ended September 30, 2022, and $19.0 and $59.0 million for the three and nine months ended September 30, 2021, respectively, that are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606.

 

 

(2)

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

 

 

(3)

Electricity segment assets include goodwill in the amount of $85.1 million and $86.7 million as of September 30, 2022 and 2021, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 as of September 30, 2022 and 2021, respectively. No goodwill is included in the Product segment assets as of September 30, 2022 and 2021.

 

 

(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

September 30,

  

Nine Months Ended

September 30,

 
  

2022

  

2021

  

2022

  

2021

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Revenues:

                

Total segment revenues

 $175,885  $158,842  $528,673  $472,095 

Intersegment revenues

  14,959   14,147   57,959   90,519 

Elimination of intersegment revenues

  (14,959)  (14,147)  (57,959)  (90,519)

Total consolidated revenues

 $175,885  $158,842  $528,673  $472,095 
                 

Operating income:

                

Operating income

 $38,893  $35,988  $122,578  $114,496 

Interest income

  1,659   519   2,180   1,590 

Interest expense, net

  (22,403)  (22,230)  (63,902)  (59,872)

Derivatives and foreign currency transaction gains (losses)

  (293)  (21)  (4,031)  (16,229)

Income attributable to sale of tax benefits

  9,113   7,879   26,345   21,654 

Other non-operating income (expense), net

  673   44   (512)  (308)

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

 $27,642  $22,179  $82,658  $61,331 

 
v3.22.2.2
Note 10 - Commitments and Contingencies
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

NOTE 10 — COMMITMENTS AND CONTINGENCIES

 

 

•

On March 29, 2016, a former local sales representative in Chile, Aquavant, S.A., filed a claim on the basis of unjust enrichment against Ormat’s subsidiaries in the 27th Civil Court of Santiago, Chile. The claim requests that the court order Ormat to pay Aquavant $4.6 million in connection with its activities in Chile, including the EPC contract for the Cerro Pabellon project and various geothermal concessions, plus 3.75% of Ormat geothermal products sales in Chile over the next 10 years. Pursuant to various motions submitted by the defendants and the plaintiffs to various courts, including the Court of Appeals, the case was removed from the original court and then refiled before the 11th Civil Court of Santiago. On April 16, 2020, the 11th Civil Court of Santiago issued its order rejecting plaintiff's principal claim of unjust enrichment, as an improper cause of action, rejecting plaintiff's secondary claim for declaratory judgment, which the Court associates with the principal claim of unjust enrichment and not relating to a number of defenses raised by the Company. In May 2020, each of the parties filed separately to the Court of Appeals, which are pending. On October 19, 2020, the Court of Appeals dismissed all ancillary appeals on procedural issues filed by Aquavant as well as two ancillary appeals on procedural issues filed by the Company. The Company believes it has strong legal defenses and the probability of the claimant receiving an award is low. The potential amount that the Company may bear in this context cannot be reasonably estimated at this time.

 

 

•

On March 3, 2021, a claim and motion to certify a class action was filed in the Tel Aviv District Court (Economic Division) on behalf of Avishai Shmuel Mano against Ormat Technologies Inc. and 23 additional named respondents, who include existing and former directors and officers of the Company. On July 1, 2021, the court accepted plaintiff's motion to withdraw the claim against the named foreign respondents, retaining only the claim against the Company and the named present and former directors and officers who are domiciled in Israel. The claim seeks economic damages of approximately $100 million purportedly caused to shareholders by defendants’ alleged inaccurate reporting and provision of misleading information to the public in breach of Sections 10(b) and 20(a) of the U.S. Securities and Exchange Act of 1934, as amended, based on claims made in a report published by short-seller Hindenburg Research on March 1, 2021. On April 13, 2022, the Tel Aviv District Court approved the plaintiff’s motion to withdraw the motion to certify and Ormat will pay immaterial costs of less than $10 thousand.

 

 

•

On July 29, 2021, an arbitration was filed on behalf of Kipreos before CAM Santiago, an electrical works subcontractor who had been hired to perform certain works at the Cerro Pabellon III Project for the recovery of alleged unpaid amounts in the approximate sum of $5.1 million. The Company believes it has strong legal defenses against the claim and the probability of the claimant receiving an award as requested is low. The potential amount that the Company may bear in this context cannot be reasonably estimated at this time.

 

 

•

On December 15, 2021, the Center for Biological Diversity and the Fallon Paiute-Shoshone Tribe (the “Plaintiffs”) filed a lawsuit in the U.S. District Court for the State of Nevada against the U.S. Department of the Interior, the Bureau of Land Management (“the BLM”) and Jake Vialpando, in his official capacity as a field manager of the BLM, alleging that the defendants violated the National Environmental Protection Act and other federal laws by approving Ormat’s Dixie Meadows project and the associated environmental assessment and Finding of No Significant Impact (“FONSI”). Plaintiffs additionally alleged that the project threatens the Dixie Valley Toad and infringes on the tribe’s enjoyment of a religious sacred site. Plaintiffs sought for the court to vacate and set aside the environmental assessment, FONSI and the BLM’s authorizations for the project and to enjoin project construction. Ormat intervened in the action on January 4, 2022. On January 14, 2022, the court granted a temporary, 90-day injunction pausing construction of the project while it ruled on the merits of the case. The Ninth Circuit subsequently set aside the temporary injunction, pending a hearing on June 15, 2022, and construction began in February 2022. On August 1, 2022 the Ninth Circuit issued an order in Ormat’s favor, affirming the District Court’s ruling that an injunction after 90-days was not warranted. On April 4, 2022, the U.S. Fish and Wildlife Services (“FWS”) emergency listed the Dixie Valley Toad under the Endangered Species Act of 1973 (the “ESA”). On July 6, 2022 Plaintiffs amended their complaint to add causes of action related to the ESA listing against Ormat. The Company is currently working with the BLM and FWS in the Section 7 Consultation process including discussion and identification of potential additional mitigation measures, and has agreed to temporarily pause construction of the facility until (1) the FWS issues a Biological Opinion for the Project, or (2) February 28, 2023, whichever is sooner. The Company has requested that the BLM amend the Decision Record to limit the scope of the project to the first planned phase of development, a single power plant of approximately 12 MW. The Company believes it has strong legal defenses against the present claims, however, there can be no assurances regarding the resolution of these proceedings. Any additional construction delays imposed by the court, any mitigation or other measures arising from the Dixie Valley Toad’s emergency listing or any combination thereof could cause the Company to incur additional project costs, delay or impede the completion of the project and thus the eventual generation of revenues from the project and/or result in the renegotiation of the PPA for the project on less favorable terms. As a result, at this time, the Company cannot reasonably predict the ultimate outcome of this litigation or regulatory process or estimate the possible loss or range of loss it may bear, if any. As of September 30, 2022, the aggregated net book value of the Dixie Meadows project was approximately $83.0 million, which was included under "construction-in-process" in the condensed consolidated balance sheets.

 

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

 

Other matters

 

On March 2, 2021, the Company's board of directors established a special committee of independent directors (the "Special Committee") 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 boards of directors in general. The Company is also providing information as requested by the SEC and Department of Justice ("DOJ") related to the claims.

 
v3.22.2.2
Note 11 - Income Taxes
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

NOTE 11 — INCOME TAXES

 

The Company’s effective tax rate provision for the three months ended September 30, 2022 and 2021 was 26.1% and 9.2%, respectively, and 28.5% and 15.2% for the nine months ended September 30, 2022 and 2021, respectively. The effective rate differs from the federal statutory rate of 21% primarily due to the jurisdictional mix of earnings at differing tax rates, movement in the valuation allowance and generation of production tax credits.

 

In response to the COVID-19 pandemic, many governments have enacted or are contemplating measures to provide aid and economic stimulus. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), enacted on March 27, 2020 in the United States provides relief on deferral of tax payments and filings, modifies the net operating loss utilization rules, and temporarily increases the interest expense deduction allowed. For the nine months ended September 30, 2022, there were no material tax impacts to our consolidated financial statements as it relates to the CARES Act or other COVID-19 stimulus measures. The Company will continue to monitor additional guidance issued by U.S. Treasury, the Internal Revenue Service and other taxing authorities.

 

On August 16, 2022, President Biden signed into law the Inflation Reduction Act ("IRA"). The IRA includes various tax provisions, including an excise tax on stock repurchases, and a corporate alternative minimum tax that generally applies to U.S. corporations with average adjusted financial statement income over a three year period in excess of $1 billion. The IRA also includes incentives to promote climate change mitigation and clean energy. There are several incentives in the IRA that are expected to positively impact the Company. These incentives give taxpayers the ability to monetize energy credits in return for cash only, and attain higher credit levels under certain programs introduced in the IRA. The IRA also allows taxpayers to earn energy tax credits on certain types of newly eligible projects.

 

The Company views the enactment of the IRA as favorable for the overall business climate for our sector. However, the Company is continuing to evaluate the overall impact and applicability of the IRA to the Company’s current and planned products and the markets in which the Company seeks to sell its products.

 
v3.22.2.2
Note 12 - Subsequent Events
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 12 — SUBSEQUENT EVENTS

 

Cash Dividend

 

On November 2, 2022, the Board of Directors of the Company declared, approved and authorized payment of a quarterly dividend of $6.7 million ($0.12 per share) to all holders of the Company’s issued and outstanding shares of common stock on November 16, 2022, payable on November 30, 2022.

 
v3.22.2.2
Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]

These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, they do not contain all information and notes required by U.S. GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated financial position as of September 30, 2022, the condensed consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2022 and 2021 and the condensed consolidated statements of cash flows and the condensed consolidated statements of equity for the nine months ended September 30, 2022 and 2021.

 

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, 2021. The condensed consolidated balance sheet data as of December 31, 2021 was derived from the Company’s audited consolidated financial statements for the year ended December 31, 2021 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.
Convertible Senior Notes [Policy Text Block]

Convertible Senior Notes

 

On June 22, 2022, the Company issued $375.0 million aggregate principal amount of its 2.5% convertible senior notes due 2027 (the “Notes”). The Notes were offered and sold in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, pursuant to an indenture between the Company and U.S. Bank National Association, as trustee. Additionally, the Company granted the initial purchasers an option to purchase up to an additional $56.25 million aggregate principal amount of the Notes. The initial purchasers executed their option on June 27, 2022, and by that, increased the total aggregated principal amount of the Notes issued to $431.25 million. The Notes bear annual interest of 2.5%, payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2023. The Notes mature on July 15, 2027, unless earlier converted, redeemed or repurchased and are the Company's senior unsecured obligations.

 

Holders of the Notes may convert all or any portion of their Notes at their option at any time prior to the close of business on the business day immediately preceding January 15, 2027 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2022 (and only during such calendar quarter), if the last reported sale price of the Company's common stock, par value $0.001 per share (the “Common Stock”), for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day (equivalent to an initial conversion price of approximately $90.27 per share of common stock); (2) during the five consecutive business day period immediately after any five consecutive trading day period (the “Measurement Period”) in which the trading price per $1,000 principal amount of Notes, as determined following a request by a holder or holders of the Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of the Company's Common Stock and the conversion rate on each such trading day; (3) if the Company calls any or all of the Notes for redemption (the Company may not redeem the notes prior to July 21, 2025), at any time prior to the close of business on the second scheduled trading day prior to the redemption date, but only with respect to the Notes called (or deemed called) for redemption; or (4) upon the occurrence of specified corporate events. On or after January 15, 2027 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay cash up to the aggregate principal amount of the Notes to be converted and pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Notes being converted.

 

The initial conversion rate was 11.0776 shares of common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $90.27 per share of common stock, subject to adjustment in certain events. In addition, following certain corporate events that occur prior to the maturity date or if the Company delivers a notice of redemption, it will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Notes in connection with such a corporate event or notice of redemption, as the case may be. The Company may not redeem the notes prior to July 21, 2025. The Company may redeem for cash all or any portion of the Notes, at its option, on or after July 21, 2025 and on or before the 41st scheduled trading day immediately preceding the maturity date, if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, but excluding, the redemption date. No sinking fund is provided for the notes. Additionally, if the Company undergoes a fundamental change (other than certain exempted fundamental changes), holders may require the Company to repurchase for cash all or any portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest.

 

The Company incurred approximately $11.6 million of issuance costs in respect of the issuance of the Notes, which were deferred and are presented as a reduction to the Notes principal amounts on the condensed consolidated balance sheets. The deferred issuance costs are amortized over the term of the Notes into interest expenses, net in the condensed consolidated statements of operations and comprehensive income. During the three and nine months ended September 30, 2022, $0.6 million was recorded as amortized issuance costs under interest expenses, net. The effective interest rate on the Notes, including the impact of the deferred debt issuance costs, is 3.1%.

 

Based on the closing market price of the Company's common stock on September 30, 2022, the if-converted value of the Notes was less than their aggregate principal amount.
Contract Indexed to Issuer's Equity [Policy Text Block]

Capped Call Transactions

 

In connection with the issuance of the convertible notes described above, the Company entered into capped call transactions (the "Capped Calls") with certain counterparties. The capped call transactions will cover, subject to customary adjustments, the number of shares of our common stock initially underlying the Notes of approximately 4.8 million shares of common stock and at an initial strike price of $90.27 per share. The Capped Calls are generally intended to reduce the potential dilution to the Company's Common Stock upon any conversion of the Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, in the event that at the time of conversion, the Common Stock price exceeds the conversion price. If, however, the market price per share of Common Stock exceeds the cap price of the Capped Calls, there would nevertheless be dilution or there would not be an offset of such potential cash payments, in each case, to the extent that such market price exceeds the cap price of the Capped Calls.

 

The Capped Calls exercise price is equal to the $90.27 initial conversion price of each of the Notes and the cap price of the Capped Calls is initially $107.63 per share, which represents a premium of approximately 55% above the closing price of the Company's common stock on the date of the Notes offering and is subject to customary anti-dilution adjustments. The Capped Calls transactions are separate transactions entered into by the Company with the option counterparties, are not part of the terms of the Notes and will not change the holders’ rights under the notes.

 

The Company paid approximately $24.5 million for the Capped Calls which was recorded as a reduction to Additional Paid-in Capital in the condensed consolidated statements of equity in the second quarter of 2022, as such transactions qualify for the equity classification with no subsequent adjustment to fair value under ASU 815, Derivatives and Hedging. The Capped Calls are not included in the calculation of diluted earnings per share because their impact is anti-dilutive.
Stockholders' Equity, Policy [Policy Text Block]

Purchase of Treasury Stock

 

In connection with the issuance of the Notes as described above, the Company used approximately $18.0 million of the net proceeds from the issuance of these Notes to repurchase 258,667 shares of its common stock in privately negotiated transactions at a price of $69.45 per share. The Company recorded this purchase of treasury stocks as a reduction to its equity on the condensed consolidated statements of equity in the second quarter of 2022.
Unsecured Bonds [Policy Text Block]

Prepayment of Series 3 Bonds

 

Additionally, in connection with the issuance of the Notes as described above, on June 27, 2022, the Company used approximately $221.9 million of the net proceeds from the issuance of these Notes to prepay its Series 3 Bonds that were set to mature in September 2022 in a single bullet payment. This amount included an aggregated principal amount of $218.0 million, $2.8 million of accrued interest and $1.1 million of make-whole premium which was recorded in the second quarter of 2022 under Other non-operating income (expense), net in the condensed consolidated statements of operations and comprehensive income.
Bank Loan [Policy Text Block]

Mizrahi Bank Loan

 

On April 12, 2022, the Company entered into a definitive loan agreement (the "Mizrahi Loan Agreement") with Mizrahi Tefahot Bank Ltd. (“Mizrahi Bank”). The Mizrahi Loan Agreement provides for a loan by Mizrahi Bank to the Company in an aggregate principal amount of $75.0 million (the “Mizrahi Loan”). The outstanding principal amount of the Mizrahi Loan will be repaid in 16 semi-annual payments of $4.7 million each, commencing on October 12, 2022. The duration of the Mizrahi Loan is 8 years. The Mizrahi Loan bears interest at a fixed rate of 4.1% per annum, payable semi-annually. The Mizrahi 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 6.0, (ii) a minimum equity capital amount (as shown on its consolidated financial statements) of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%. The Mizrahi Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default.
Property, Plant and Equipment, Impairment [Policy Text Block]

Heber 1 fire

 

The Company's 40 MW Heber 1 geothermal power plant located in California is experiencing an outage following a fire on February 25, 2022 that caused damage primarily to the steam turbine-generator area. The Heber 1 power plant is part of the 81 MW Heber complex and sells its electricity under a long-term contract with the Southern California Public Power Authority. In mid- April, the Company gradually re-started operation of the binary units and the Heber 1 power plant is currently running at approximately 20 MW. In addition, the Company is currently optimizing the complex through the repowering of the Heber complex, which is expected to be completed in the second quarter of 2023. The Company is expecting to receive the property damage insurance proceeds on the damaged equipment.

 

The Company holds business interruption insurance subject to a 45-day deductible period in addition to property damage insurance with customary deductibles, and is working with insurers to collect under those policies. The Company believes the insurance proceeds from the property damage will exceed the net book value of the damaged property. As the Company expects that its property insurance policy will cover the full amount of the loss related to the damaged equipment, it recorded a receivable for such recovery to fully offset the loss related to the equipment write-off in the same financial statements line item in the condensed consolidated financial statements. During the second and third quarters of 2022, the Company recognized $4.0 million of insurance recoveries in each quarter, of which, $0.6 million of the second quarter's recoveries were related to property damage and thus were recorded against the related receivable. The remainder, a total of $7.4 million was related to business interruption and thus recorded as income under electricity cost of revenues in the condensed consolidated statements of operations and comprehensive income.
Effect of COVID-19 Pandemic, Policy [Policy Text Block]

COVID-19 consideration

 

In March 2020, the World Health Organization declared the outbreak of the novel coronavirus ("COVID-19") a pandemic. Since that time and through the date of this quarterly report, the Company has implemented significant measures and continues to make efforts in order to meet government requirements and preserve the health and safety of its employees. The Company's preventative measures against COVID-19 and the recent spread of variant strains include working remotely when needed and adopting separate shifts in its power plants, manufacturing facilities and other locations while working to continue operations at close to full capacity in all locations. Since the end of the second quarter of 2021, the Company experienced an easing of government restrictions in areas it operates in, but uncertainty around the impact of COVID-19 continues in addition to supply chain challenges and rising interest rates. The Company has not laid-off or furloughed any employees due to COVID-19 and has continued to pay full salaries. In addition, the Company focused efforts on adjusting its operations to mitigate the impact of COVID-19 including managing its global supply chain risks and enhancing its liquidity profile. As most of the Company's electricity revenues are generated under long term contracts, the majority of which are under a fixed energy rate, the impact of COVID-19 on electricity revenues was limited.

 

In the Product segment, the Company experienced a significant decline in product backlog, which it believes resulted mainly due to the impact of COVID-19 outbreaks, which resulted in the extended shutdown of certain businesses in certain regions, delays in the supply and increases in the cost of raw materials and components that we purchased for our equipment manufacturing, and increases in the cost of marine transportation. The cost increases limited our ability to secure new purchase orders from potential customers and led to a reduction in our operating margins, which in turn negatively impacted our profitability.Over the last few months we have experienced higher demand for our product segment resulting in increased backlog and improved profitability.

 

In the Energy Storage segment, revenues are generated primarily from participating in the energy and ancillary services markets and therefore are directly impacted by the prevailing energy prices in those markets. We have experienced and are experiencing supply chain difficulties, as well as an increase in the cost of raw materials and batteries, which may impact our ability to complete the projects on time, and increases overall project costs.

 

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

Business combination - geothermal assets purchase transaction

 

On July 13, 2021, the Company closed a transaction with TG Geothermal Portfolio, LLC (a subsidiary of Terra-Gen, LLC) (the "Seller") to acquire two contracted geothermal assets in Nevada with a total net generating capacity of 67.5 MW, a greenfield development asset adjacent to one of the plants, and an underutilized transmission line (the "Terra-Gen Transaction"). The Company paid approximately $171.0 million in cash (excluding working capital adjustment of approximately $10.8 million) for 100% of the equity interests in the entities holding those assets and assumed a financing obligation with a fair value at acquisition date of approximately $258.4 million. The two contracted geothermal assets include the Dixie Valley and Beowawe geothermal power plants which sell power under existing power purchase agreements with Southern California Edison under a long term Power Purchase Agreement ("PPA") expiring in 2038 and with NV Power, Inc. under a PPA expiring in December 2025, respectively.

 

As a result of the acquisition, the Company expanded its overall generation capacity and expects to improve the profitability of the purchased assets through cost reduction and synergies. The Company accounted for the transaction in accordance with Accounting Standard Codification ("ASC") 805, Business Combinations. Following the transaction, the Company consolidates the Dixie Valley and Beowawe power plants as well as the other geothermal assets included in the transaction in accordance with ASC 810, Consolidation. In 2021, the Company incurred approximately $4.7 million of acquisition-related costs included under "General and administrative expenses" in the condensed consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2021.

 

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

 

Cash and cash equivalents and restricted cash

 $10.9 

Trade receivables and others (1)

  8.6 

Deferred income taxes

  22.8 

Property, plant and equipment and construction-in-process

  152.0 

Intangible assets (2)

  191.6 

Goodwill (3)

  66.2 

Total assets acquired

 $452.1 
     

Accounts payable, accrued expenses and others

 $6.6 

Finance liability (4)

  258.4 

Asset retirement obligation

  5.3 

Total liabilities assumed

 $270.3 
     

Total assets acquired, and liabilities assumed, net

 $181.8 

 

(1)

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

 

(2)

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

 

(3)

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

 

(4)

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

 

During the three and nine months ended September 30, 2022, the acquired geothermal power plants contributed $16.3 million and $37.2 million, respectively, to the Company Electricity revenues, $3.4 million and $3.4 million, net of related tax, respectively, to earnings, and $1.6 million and $4.8 million, respectively, to interest expense in respect of the related finance liability. During the three and nine months ended September 30, 2021, the acquired geothermal power plants contributed $14.4 million to the Company Electricity revenues, $4.3 million, net of related tax to earnings, and $2.8 million to interest expense in respect of the related finance liability, from acquisition date to September 30, 2021.

 

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

 

  

Pro forma for the

 
  

Three Months Ended

  

Nine Months Ended

 
  

September 30, 2021

 
  

(Dollars in millions)

 

Electricity revenues

 $144.7  $449.1 

Total revenues

 $160.8  $499.7 

Net income

 $18.5  $50.4 

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

Write-offs of unsuccessful exploration activities

 

During the three and nine months ended September 30, 2022, the Company wrote-off approximately $0.8 million relating to exploration activities it decided to no longer pursue. There were no write-offs of unsuccessful exploration activities for the three and nine months ended September 30, 2021.
Cash and Cash Equivalents, Policy [Policy Text Block]

Reconciliation of cash and cash equivalents and restricted cash and cash equivalents

 

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

 

  September  December  September 
  

30,

  

31,

  

30,

 
  

2022

  

2021

  

2021

 
  

(Dollars in thousands)

 

Cash and cash equivalents

 $154,633  $239,278  $267,802 

Restricted cash and cash equivalents

  98,402   104,166   88,498 

Total Cash and cash equivalents and restricted cash and cash equivalents

 $253,035  $343,444  $356,300 

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

Concentration of credit risk

 

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

 

The Company places its cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At September 30, 2022 and December 31, 2021, the Company had deposits totaling $31.6 million and $31.0 million, respectively, in ten U.S. financial institutions that were federally insured up to $250,000 per account. At September 30, 2022 and December 31, 2021, the Company’s deposits in foreign countries amounted to approximately $86.1 million and $64.3 million, respectively.

 

At September 30, 2022 and December 31, 2021, accounts receivable related to operations in foreign countries amounted to approximately $76.7 million and $77.5 million, respectively. At September 30, 2022 and December 31, 2021, 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 55% and 58% of the Company’s trade receivables, respectively.

 

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

 

  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
  

2022

  

2021

  

2022

  

2021

 
Southern California Public Power Authority (“SCPPA”)  18.7%  21.3%  21.4%  23.9%

Sierra Pacific Power Company and Nevada Power Company

  14.0   15.8   17.1   18.7 

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

  15.2   16.1   14.9   16.3 

 

The Company has historically been able to collect on substantially all of its receivable balances. As of September 30, 2022, the amount overdue from KPLC in Kenya was $20.6 million of which $2.7 million was paid in October 2022. The Company believes it will be able to collect all past due amounts in Kenya. This belief is supported by the fact that in addition to KPLC's obligations under its power purchase agreement, the Company holds a support letter from the Government of Kenya that covers certain cases of KPLC non-payment (such as where caused by government actions and/or political events).

 

In Honduras, as of September 30, 2022, the total amount overdue from Empresa Nacional de Energía Eléctrica ("ENEE") was $15.6 million of which none was paid to-date. In addition, due to continuing restrictive measures related to the COVID-19 pandemic in Honduras, the Company may experience further delays in collection. The Company believes it will be able to collect all past due amounts in Honduras.

 

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

 

See Note 4 - Marketable Securities and under the caption "Marketable Securities" below for additional information regarding investment in marketable securities.
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]

Allowance for credit losses

 

The Company performs an analysis of potential credit losses related to its financial instruments that are within the scope of ASU 2018-19, Codification Improvements to Topic 325, Financial Instruments – Credit Losses, primarily cash and cash equivalents, restricted cash and cash equivalents, investment in marketable securities, receivables (excluding those accounted under lease accounting) and costs and estimated earnings in excess of billings on uncompleted contracts, based on 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. While significant uncertainty still exists concerning the magnitude of the impact and duration of the COVID-19 pandemic on the global economy, the Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and determined that the estimate of credit losses was not significantly impacted.

 

The following table describes the changes in the allowance for expected credit losses for the three and nine months ended September 30, 2022 and 2021 (all related to trade receivables):

 

  Three Months Ended  Nine Months Ended 
  

September 30,

  

September 30,

 
  

2022

  

2021

  

2022

  

2021

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Beginning balance of the allowance for expected credit losses

 $90  $419  $90  $597 

Change in the provision for expected credit losses for the period

  —   (166)  —   (344)

Ending balance of the allowance for expected credit losses

 $90  $253  $90  $253 
Revenue [Policy Text Block]

Revenues from contracts with customers

 

Contract assets related to our Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of September 30, 2022 and December 31, 2021 are as follows:

 

  

September 30,

  

December 31,

 
  

2022

  

2021

 
  

(Dollars in thousands)

 

Contract assets (*)

 $17,354  $9,692 

Contract liabilities (*)

 $(14,034) $(9,248)

 

(*) 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 nine months ended September 30, 2022 as a result of performance obligations having not been fully satisfied yet.

 

On September 30, 2022, the Company had approximately $136.2 million of remaining performance obligations not yet satisfied or partly satisfied related to our Product segment. The Company expects to recognize approximately 100% of this amount as Product revenues during the next 24 months.

 

Disaggregated revenues from contracts with customers for the three and nine months ended September 30, 2022 and 2021 are disclosed under Note 9 - Business Segments, to the condensed consolidated financial statements.
Lessor, Leases [Policy Text Block]

Leases in which the Company is a lessor

 

The table below presents lease income recognized as a lessor:

 

  Three Months Ended  Nine Months Ended 
  

September 30,

  

September 30,

 
  

2022

  

2021

  

2022

  

2021

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Lease income relating to lease payments from operating leases

 $127,748  $123,688  $394,901  $362,548 

 
Marketable Securities, Policy [Policy Text Block]

Marketable securities

 

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

Derivative instruments

 

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

 

The Company maintains a risk management strategy that may incorporate the use of swap contracts, put options, forward exchange contracts, interest rate swaps, and cross-currency swaps to minimize significant fluctuation in cash flows and/or earnings that are caused by oil and natural gas prices, exchange rate or interest rate volatility.
v3.22.2.2
Note 1 - General and Basis of Presentation (Tables)
 9 Months Ended
Sep. 30, 2022
Notes Tables  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Cash and cash equivalents and restricted cash

 $10.9 

Trade receivables and others (1)

  8.6 

Deferred income taxes

  22.8 

Property, plant and equipment and construction-in-process

  152.0 

Intangible assets (2)

  191.6 

Goodwill (3)

  66.2 

Total assets acquired

 $452.1 
     

Accounts payable, accrued expenses and others

 $6.6 

Finance liability (4)

  258.4 

Asset retirement obligation

  5.3 

Total liabilities assumed

 $270.3 
     

Total assets acquired, and liabilities assumed, net

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

Pro forma for the

 
  

Three Months Ended

  

Nine Months Ended

 
  

September 30, 2021

 
  

(Dollars in millions)

 

Electricity revenues

 $144.7  $449.1 

Total revenues

 $160.8  $499.7 

Net income

 $18.5  $50.4 
Schedule of Cash and Cash Equivalents [Table Text Block]
  September  December  September 
  

30,

  

31,

  

30,

 
  

2022

  

2021

  

2021

 
  

(Dollars in thousands)

 

Cash and cash equivalents

 $154,633  $239,278  $267,802 

Restricted cash and cash equivalents

  98,402   104,166   88,498 

Total Cash and cash equivalents and restricted cash and cash equivalents

 $253,035  $343,444  $356,300 
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
  

2022

  

2021

  

2022

  

2021

 
Southern California Public Power Authority (“SCPPA”)  18.7%  21.3%  21.4%  23.9%

Sierra Pacific Power Company and Nevada Power Company

  14.0   15.8   17.1   18.7 

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

  15.2   16.1   14.9   16.3 
Accounts Receivable, Allowance for Credit Loss [Table Text Block]
  Three Months Ended  Nine Months Ended 
  

September 30,

  

September 30,

 
  

2022

  

2021

  

2022

  

2021

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Beginning balance of the allowance for expected credit losses

 $90  $419  $90  $597 

Change in the provision for expected credit losses for the period

  —   (166)  —   (344)

Ending balance of the allowance for expected credit losses

 $90  $253  $90  $253 
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]
  

September 30,

  

December 31,

 
  

2022

  

2021

 
  

(Dollars in thousands)

 

Contract assets (*)

 $17,354  $9,692 

Contract liabilities (*)

 $(14,034) $(9,248)
Operating Lease, Lease Income [Table Text Block]
  Three Months Ended  Nine Months Ended 
  

September 30,

  

September 30,

 
  

2022

  

2021

  

2022

  

2021

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Lease income relating to lease payments from operating leases

 $127,748  $123,688  $394,901  $362,548 
v3.22.2.2
Note 3 - Inventories (Tables)
 9 Months Ended
Sep. 30, 2022
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
  

September 30,

  

December 31,

 
  

2022

  

2021

 
  

(Dollars in thousands)

 

Raw materials and purchased parts for assembly

 $13,161  $11,539 

Self-manufactured assembly parts and finished products

  16,644   16,906 

Total inventories

 $29,805  $28,445 
v3.22.2.2
Note 4 - Marketable Securities (Tables)
 9 Months Ended
Sep. 30, 2022
Notes Tables  
Debt Securities, Available-for-Sale [Table Text Block]
  

September 30, 2022

  

December 31, 2021

 
  

Amortized cost

  

Gross unrealized gains

  

Gross unrealized losses

  

Fair value

  

Amortized cost

  

Gross unrealized gains

  

Gross unrealized losses

  

Fair value

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Debt security type:

                                

Corporate bonds

 $—  $—  $—  $—  $32,302  $—  $(36) $32,529 

Commercial paper

  —   —   —   —   8,891   —   —   8,891 

Money market funds

  134   —   —   134   3,686   —   —   3,686 

Foreign issuers

  —   —   —   —   1,920   —   (4)  1,923 

Total debt securities available for sale

 $134  $—  $—  $134  $46,799  $—  $(40) $47,029 
Investments Classified by Contractual Maturity Date [Table Text Block]
  

September 30, 2022

  

December 31, 2021

 
  

Less than 12 months

  

Greater than 12 months

  

Less than 12 months

  

Greater than 12 months

 
  

Fair value

  

Gross unrealized loss

  

Fair value

  

Gross unrealized loss

  

Fair value

  

Gross unrealized loss

  

Fair value

  

Gross unrealized loss

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Debt security type:

                                

Corporate bonds

 $—  $—  $—  $—  $32,529  $(36) $—  $— 

Commercial paper

  —   —   —   —   8,891   —   —   — 

Money market funds

  134   —   —   —   3,686   —   —   — 

Foreign issuers

  —   —   —   —   1,923   (4)  —   — 

Total debt securities available for sale

 $134  $—  $—  $—  $47,029  $(40) $—  $— 
v3.22.2.2
Note 5 - Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2022
Notes Tables  
Fair Value, by Balance Sheet Grouping [Table Text Block]
      

September 30, 2022

 
      

Fair Value

 
  

Carrying 

Value at

             
  September             
  

30, 2022

  

Total

  

Level 1

  

Level 2

  

Level 3

 
  

(Dollars in thousands)

 

Assets:

                    

Current assets:

                    

Cash equivalents (including restricted cash accounts)

 $24,226  $24,226  $24,226  $—  $— 

Marketable securities (including cash equivalents)

  134   134   134   —   — 

Long-term Assets:

                    

Cross currency swap (3)

  —   —   —   —   — 

Liabilities:

                    

Current liabilities:

                    

Derivatives:

                    

Cross currency swap (3)

  (3,059)  (3,059)  —   (3,059)  — 

Currency forward contracts (2)

  (1,864)  (1,864)  —   (1,864)  — 

Long term liabilities:

                    

Contingent payables (1)

  (2,084)  (2,084)  —   —   (2,084)
  $17,353  $17,353  $24,360  $(4,923) $(2,084)
      

December 31, 2021

 
      

Fair Value

 
  

Carrying

Value at

December

31, 2021

  

Total

  

Level 1

  

Level 2

  

Level 3

 
  

(Dollars in thousands)

 

Assets

                    

Current assets:

                    

Cash equivalents (including restricted cash accounts)

 $31,675  $31,675  $31,675  $—  $— 

Marketable securities

  47,029   47,029   47,029   —   — 

Derivatives:

                    

Cross currency swap (3)

  1,461   1,461   —   1,461   — 

Currency forward contracts (2)

  813   813   —   813   — 

Long-term assets:

                    

Cross currency swap (3)

  37,883   37,883   —   37,883   — 

Liabilities:

                    

Long-term liabilities:

                    

Contingent payables (1)

  (2,425)  (2,425)  —   —   (2,425)
  $116,436  $116,436  $78,704  $40,157  $(2,425)
Derivative Instruments, Gain (Loss) [Table Text Block]
    

Amount of recognized

  

Amount of recognized

 
    gain (loss)  gain (loss) 
Derivatives not designated as Location of recognized gain Three Months Ended  Nine Months Ended 

hedging instruments

 

(loss)

 

September 30,

  

September 30,

 
    

2022

  

2021

  

2022

  

2021

 
    

(Dollars in thousands)

  

(Dollars in thousands)

 

Swap transaction on Responsive Reserve System ("RRS") prices (1)

 

Derivative and foreign currency transaction gains (losses)

 $—  $—   —   (14,540)

Currency forward contracts (1)

 

Derivative and foreign currency transaction gains (losses)

 $(678) $387  $(5,384) $118 
                   

Derivatives designated as cash flow hedging instruments

                  
                   

Cross currency swap (2)

 

Derivative and foreign currency transaction gains (losses)

 $(3,121) $2,945  $(38,536) $(1,349)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
  

2022

  

2021

  

2022

  

2021

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Cross currency swap cash flow hedge:

                

Balance in Accumulated other comprehensive income (loss) beginning of period

 $1,745  $766  $5,745  $3,366 

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

  (3,338)  251   (42,753)  (6,643)

Amount reclassified from Other comprehensive income (loss) into earnings

  3,121   (2,945)  38,536   1,349 

Balance in Accumulated other comprehensive income (loss) end of period

 $1,528  $(1,928) $1,528  $(1,928)
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
  

Fair Value

  

Carrying Amount (*)

 
  September 30,   December 31,  September 30,   December 31, 
  

2022

  

2021

  

2022

  

2021

 
  

(Dollars in millions)

  

(Dollars in millions)

 

Mizrahi Loan

 $78.0  $—  $75.0  $— 

Convertible Senior Notes

  497.3   —   431.3   — 

HSBC Loan

  39.9   50.4   42.9   50.0 

Hapoalim Loan

  100.9   117.8   107.1   116.1 

Discount Loan

  80.3   100.2   87.5   100.0 

Finance liability - Dixie Valley

  217.5   248.4   242.0   252.9 

Olkaria III Loan - DFC

  139.1   166.5   143.2   156.7 

Olkaria III plant 4 Loan - DEG 2

  29.5   34.1   30.0   32.5 

Olkaria III plant 1 Loan - DEG 3

  26.0   30.1   26.2   28.4 

Platanares Loan - DFC

  82.5   98.2   81.9   88.1 

Amatitlan Loan

  15.8   19.8   16.6   19.3 

OFC 2 LLC ("OFC 2")

  154.2   183.3   162.3   173.3 

Don A. Campbell 1 ("DAC 1")

  58.8   69.8   64.1   67.9 

USG Prudential - NV

  24.3   28.9   25.5   26.3 

USG Prudential - ID

  15.9   17.3   16.2   17.3 

USG DOE

  32.6   39.9   32.8   35.5 

Senior Unsecured Bonds

  269.8   578.9   254.0   539.6 

Senior Unsecured Loan

  165.1   204.3   174.8   191.6 

Plumstriker

  12.9   14.8   12.9   14.7 

Other long-term debt

  9.1   13.3   9.7   13.6 
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]
  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 

Mizrahi Loan

 $—  $—  $78.0  $78.0 

Convertible Senior Notes

  —   497.3   —   497.3 

HSBC Loan

  —   —   39.9   39.9 

Hapoalim Loan

  —   —   100.9   100.9 

Discount Loan

  —   —   80.3   80.3 

Finance liability - Dixie Valley

  —   —   217.5   217.5 

Olkaria III Loan - DFC

  —   —   139.1   139.1 

Olkaria III plant 4 Loan - DEG 2

  —   —   29.5   29.5 

Olkaria III plant 1 Loan - DEG 3

  —   —   26.0   26.0 

Platanares Loan - DFC

  —   —   82.5   82.5 

Amatitlan Loan

  —   15.8   —   15.8 

OFC 2 Senior Secured Notes

  —   —   154.2   154.2 

DAC 1 Senior Secured Notes

  —   —   58.8   58.8 

USG Prudential - NV

  —   —   24.3   24.3 

USG Prudential - ID

  —   —   15.9   15.9 

USG DOE

  —   —   32.6   32.6 

Senior Unsecured Bonds

  —   —   269.8   269.8 

Senior Unsecured Loan

  —   —   165.1   165.1 

Plumstriker

  —   12.9   —   12.9 

Other long-term debt

  —   —   9.1   9.1 

Deposits

  14.6   —   —   14.6 
  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 

HSBC Loan

 $—  $—  $50.4  $50.4 

Hapoalim Loan

  —   —   117.8   117.8 

Discount Loan

  —   —   100.2   100.2 

Financing Liability - Dixie Valley

  —   —   248.4   248.4 

Olkaria III Loan - DFC

  —   —   166.5   166.5 

Olkaria IV - DEG 2

  —   —   34.1   34.1 

Olkaria IV - DEG 3

  —   —   30.1   30.1 

Platanares Loan - DFC

  —   —   98.2   98.2 

Amatitlan Loan

  —   19.8   —   19.8 

OFC 2 Senior Secured Notes

  —   —   183.3   183.3 

DAC 1 Senior Secured Notes

  —   —   69.8   69.8 

USG Prudential - NV

  —   —   28.9   28.9 

USG Prudential - ID

  —   —   17.3   17.3 

USG DOE

  —   —   39.9   39.9 

Senior Unsecured Bonds

  —   —   578.9   578.9 

Senior Unsecured Loan

  —   —   204.3   204.3 

Plumstriker

  —   14.8   —   14.8 

Other long-term debt

  —   —   13.3   13.3 

Deposits

  17.1   —   —   17.1 
v3.22.2.2
Note 6 - Stock-based Compensation (Tables)
 9 Months Ended
Sep. 30, 2022
Notes Tables  
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

Risk-free interest rates

  1.3%-1.6% 

Expected life (in years)

  2-5.75 

Dividend yield

   0.67%  

Expected volatility (weighted average)

  32.8%-46.1% 
v3.22.2.2
Note 7 - Interest Expense, Net (Tables)
 9 Months Ended
Sep. 30, 2022
Notes Tables  
Schedule of Other Nonoperating Expense, by Component [Table Text Block]
  Three Months Ended  Nine Months Ended 
  

September 30,

  

September 30,

 
  

2022

  

2021

  

2022

  

2021

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Interest related to sale of tax benefits

 $3,734  $4,080  $10,628  $9,019 

Interest expense

  23,023   22,259   68,001   61,579 

Less — amount capitalized

  (4,354)  (4,109)  (14,727)  (10,726)

Total interest expense, net

 $22,403  $22,230  $63,902  $59,872 
v3.22.2.2
Note 8 - Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2022
Notes Tables  
Schedule of Weighted Average Number of Shares [Table Text Block]
  Three Months Ended  Nine Months Ended 
  

September 30,

  

September 30,

 
  

2022

  

2021

  

2022

  

2021

 
                 

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

  55,999   56,003   56,058   55,995 

Additional shares from the assumed exercise of employee stock awards

  458   295   421   418 

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

  56,457   56,298   56,479   56,413 
v3.22.2.2
Note 9 - Business Segments (Tables)
 9 Months Ended
Sep. 30, 2022
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
  

Electricity

  

Product

  

Energy

Storage

  

Consolidated

 
  

(Dollars in thousands)

 

Three Months Ended September 30, 2022:

                

Revenues from external customers:

                

United States (1)

 $106,490  $1,267  $8,848  $116,605 

Foreign (2)

  46,330   12,950   —   59,280 

Net revenue from external customers

  152,820   14,217   8,848   175,885 

Intersegment revenues (4)

  —   14,959   —   — 

Operating income (loss)

  38,054   (158)  997   38,893 

Segment assets at period end (3) (*)

  4,153,330   128,790   242,411   4,524,531 

* Including unconsolidated investments

  117,182   —   —   117,182 
                 

Three Months Ended September 30, 2021:

                

Revenues from external customers:

                

United States (1)

 $98,550  $1,541  $5,664  $105,755 

Foreign (2)

  44,101   8,986   —   53,087 

Net revenue from external customers

  142,651   10,527   5,664   158,842 

Intersegment revenues (4)

  —   14,147   —   — 

Operating income (loss)

  38,409   (1,115)  (1,306)  35,988 

Segment assets at period end (3) (*)

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

* Including unconsolidated investments

  109,725   —   —   109,725 
                 

Nine Months Ended September 30, 2022:

                

Revenues from external customers:

                

United States (1)

 $327,792  $2,936  $22,896  $353,624 

Foreign (2)

  138,748   36,301   —   175,049 

Net revenue from external customers

  466,540   39,237   22,896   528,673 

Intersegment revenues (4)

  —   57,959   —   — 

Operating income (loss)

  128,049   (4,009)  (1,462)  122,578 

Segment assets at period end (3) (*)

  4,153,330   128,790   242,411   4,524,531 

* Including unconsolidated investments

  117,182   —   —   117,182 
                 

Nine Months Ended September 30, 2021:

                

Revenues from external customers:

                

United States (1)

 $285,090  $4,041  $24,012  $313,143 

Foreign (2)

  136,413   22,539   —   158,952 

Net revenue from external customers

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

Intersegment revenues (4)

  —   90,519   —   — 

Operating income (loss)

  116,176   (2,753)  1,073   114,496 

Segment assets at period end (3) (*)

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

* Including unconsolidated investments

  109,725   —   —   109,725 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
  

2022

  

2021

  

2022

  

2021

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Revenues:

                

Total segment revenues

 $175,885  $158,842  $528,673  $472,095 

Intersegment revenues

  14,959   14,147   57,959   90,519 

Elimination of intersegment revenues

  (14,959)  (14,147)  (57,959)  (90,519)

Total consolidated revenues

 $175,885  $158,842  $528,673  $472,095 
                 

Operating income:

                

Operating income

 $38,893  $35,988  $122,578  $114,496 

Interest income

  1,659   519   2,180   1,590 

Interest expense, net

  (22,403)  (22,230)  (63,902)  (59,872)

Derivatives and foreign currency transaction gains (losses)

  (293)  (21)  (4,031)  (16,229)

Income attributable to sale of tax benefits

  9,113   7,879   26,345   21,654 

Other non-operating income (expense), net

  673   44   (512)  (308)

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

 $27,642  $22,179  $82,658  $61,331 
v3.22.2.2
Note 1 - General and Basis of Presentation 1 (Details Textual)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jun. 27, 2022
USD ($)
Jun. 22, 2022
USD ($)
$ / shares
shares
Apr. 12, 2022
USD ($)
Jul. 13, 2021
USD ($)
Oct. 31, 2022
USD ($)
Sep. 30, 2022
USD ($)
$ / shares
Jun. 30, 2022
USD ($)
$ / shares
shares
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
$ / shares
Sep. 30, 2022
USD ($)
$ / shares
Sep. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
$ / shares
Proceeds from Notes Payable, Total                   $ 419,698 $ 0  
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares   $ 0.001       $ 0.001     $ 0.001 $ 0.001   $ 0.001
Purchase of Capped Call Instruments                   $ 24,538 (0)  
Payments for Repurchase of Common Stock             $ 18,000     17,964 (0)  
Treasury Stock, Shares, Acquired (in shares) | shares             258,667          
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares             $ 69.45          
Repayments of Long-Term Debt, Total                   135,656 58,357  
Insurance Recoveries           $ (0)   $ 248   (0) 248  
Exploration Abandonment and Impairment Expense           827   0   827 0  
Cash, FDIC Insured Amount           31,600     $ 31,600 31,600   $ 31,000
Cash, Uninsured Amount           86,100     86,100 86,100   64,300
Accounts Receivable, after Allowance for Credit Loss, Current, Total           117,277     117,277 117,277   $ 122,944
Kenya Power and Lighting Co Limited [Member]                        
Accounts Receivable, Past Due           20,600     20,600 20,600    
Kenya Power and Lighting Co Limited [Member] | Subsequent Event [Member]                        
Proceeds, Overdue Accounts Receivable         $ 2,700              
ENEE [Member]                        
Accounts Receivable, Past Due           15,600     15,600 $ 15,600    
ENEE [Member] | Subsequent Event [Member]                        
Proceeds, Overdue Accounts Receivable         $ 0              
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member]                        
Concentration Risk, Percentage                   55.00%   58.00%
Non-US [Member]                        
Accounts Receivable, after Allowance for Credit Loss, Current, Total           76,700     76,700 $ 76,700   $ 77,500
Two Contracted Geothermal Assets in Nevada [Member]                        
Payments to Acquire Businesses, Gross       $ 171,000                
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Working Capital and Cash and Equivalents       $ 10,800                
Business Acquisition, Percentage of Voting Interests Acquired       100.00%                
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finance Lease Liability [1]       $ 258,400                
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables [2]       8,600                
Two Contracted Geothermal Assets in Nevada [Member] | Electricity Segment [Member]                        
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual           16,300   14,400   37,200 14,400  
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual           3,400   4,300   3,400 4,300  
Business Combination, Pro Forma Information, Tax and Finance Liability Interest Expense of Acquiree since Acquisition Date, Actual           1,600   $ 2,800   4,800 $ 2,800  
Two Contracted Geothermal Assets in Nevada [Member] | Power Purchase Agreement [Member]                        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables       7,800                
Two Contracted Geothermal Assets in Nevada [Member] | General and Administrative Expense [Member]                        
Business Combination, Acquisition Related Costs       $ 4,700                
Fire [Member]                        
Insurance Recoveries           4,000 $ 4,000          
Increase (Decrease) in Insurance Settlements Receivable             (600)          
Gain on Business Interruption Insurance Recovery                 7,400      
Senior Unsecured Bonds, Series 3 [Member]                        
Repayments of Long-Term Debt, Total $ 221,900                      
Extinguishment of Debt, Amount 218,000                      
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total 2,800                      
Debt Instrument, Unamortized Premium, Total 1,100                      
Mizrahi Loan Agreement [Member]                        
Debt Instrument, Face Amount     $ 75,000                  
Debt Instrument, Interest Rate, Stated Percentage     4.10%                  
Debt Instrument, Number of Payments     16                  
Debt Instrument, Periodic Payment, Total     $ 4,700                  
Debt Instrument, Term (Year)     8 years                  
Debt Instrument, Covenant, Debt to Adjusted EBITDA Ratio     6.00%                  
Debt Instrument, Covenant, Minimum Equity Capital     $ 750,000                  
Debt Instrument, Covenant, Equity Capital to Total Assets Ratio     25.00%                  
Debt Instrument, Date of First Required Payment     Oct. 12, 2022                  
Call Option [Member]                        
Option Indexed to Issuer's Equity, Shares (in shares) | shares   4,800,000                    
Option Indexed to Issuer's Equity, Strike Price (in dollars per share) | $ / shares   $ 90.27                    
Option Indexed to Issuer's Equity, Cap Price   107.63%                    
Option Indexed to Issuer's Equity, Premium Percentage   55.00%                    
Purchase of Capped Call Instruments             $ 24,500          
Convertible Senior Notes [Member]                        
Debt Instrument, Face Amount 431,250 $ 375,000                    
Debt Instrument, Interest Rate, Stated Percentage   2.50%                    
Proceeds from Notes Payable, Total $ 56,250                      
Debt Instrument, Convertible, Threshold Trading Days   20                    
Debt Instrument, Convertible, Threshold Consecutive Trading Days   30                    
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger   130.00%                    
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares   $ 90.27                    
Debt Instrument, Convertible, Threshold Trading Days, Measurement Period Request (Year)   5 years                    
Debt Instrument, Convertible, Maximum Percentage of Stock Price Trigger Per $1000   98.00%                    
Debt Instrument, Convertible, Conversion Shares Per $1000   11.0776                    
Debt Instrument, Redemption Price, Percentage   100.00%                    
Debt Instrument, Cumulative Sinking Fund Payments   $ 0                    
Debt Issuance Costs, Gross           11,600     $ 11,600 11,600    
Amortization of Debt Issuance Costs           $ 600       $ 600    
Debt Instrument, Interest Rate, Effective Percentage           3.10%     3.10% 3.10%    
[1] Finance liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 under which it sold and leased back the undivided interests in the Dixie Valley power plant asset through June 2038. The lease transaction was accounted for by the Seller as a finance lease due to the Seller continued involvement and management of the power plant and the existence of an early buy-out option in September 2024. As per the accounting guidance, the Company retained the Seller's accounting of a "failed" sale and leaseback transaction and accordingly accounted for the liability as a financial liability. This financial liability, as well as the related power plant asset, were measured at their acquisition-date fair value.
[2] The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million. These receivables were fully collected during the third quarter of 2021.
v3.22.2.2
Note 1 - General and Basis of Presentation 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 - Product [Member]
$ in Millions
Sep. 30, 2022
USD ($)
Revenue, Remaining Performance Obligation, Amount $ 136.2
Revenue, Remaining Performance Obligation, Percentage 100.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) 24 months
v3.22.2.2
Note 1 - General and Basis for Presentation - Fair Value of Amounts of Identified Assets and Liabilities Assumed in a Business Combination (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Jul. 13, 2021
Goodwill, Ending Balance $ 89,742 $ 89,954  
Two Contracted Geothermal Assets in Nevada [Member]      
Cash and cash equivalents and restricted cash     $ 10,900
Trade receivables and others (1) [1]     8,600
Deferred income taxes     22,800
Property, plant and equipment and construction-in-process     152,000
Intangible assets (2) [2]     191,600
Goodwill, Ending Balance [3]     66,200
Total assets acquired     452,100
Accounts payable, accrued expenses and others     6,600
Finance liability (4) [4]     258,400
Asset retirement obligation     5,300
Total liabilities assumed     270,300
Total assets acquired, and liabilities assumed, net     $ 181,800
[1] The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million. These receivables were fully collected during the third quarter of 2021.
[2] Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs.
[3] Goodwill is primarily related to the expected synergies and potential cost savings in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and is deductible for tax purposes pending the exercise of the financial lease buy-out option as described below.
[4] Finance liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 under which it sold and leased back the undivided interests in the Dixie Valley power plant asset through June 2038. The lease transaction was accounted for by the Seller as a finance lease due to the Seller continued involvement and management of the power plant and the existence of an early buy-out option in September 2024. As per the accounting guidance, the Company retained the Seller's accounting of a "failed" sale and leaseback transaction and accordingly accounted for the liability as a financial liability. This financial liability, as well as the related power plant asset, were measured at their acquisition-date fair value.
v3.22.2.2
Note 1 - General and Basis of Presentation - Summary of Pro Forma Information Related to a Business Combination (Details) - Two Contracted Geothermal Assets in Nevada [Member] - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2021
Business Acquisition, Pro Forma Revenue $ 160.8 $ 499.7
Net income 18.5 50.4
Electricity Segment [Member]    
Business Acquisition, Pro Forma Revenue $ 144.7 $ 449.1
v3.22.2.2
Note 1 - General and Basis of Presentation - Cash and Restricted Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Sep. 30, 2021
Dec. 31, 2020
Cash and cash equivalents $ 154,633 $ 239,278 $ 267,802  
Restricted cash and cash equivalents 98,402 104,166 88,498  
Total Cash and cash equivalents and restricted cash and cash equivalents $ 253,035 $ 343,444 $ 356,300 $ 536,778
v3.22.2.2
Note 1 - General and Basis of Presentation - Customers as a Percentage of Total Revenues (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member]
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Southern California Public Power Authority [Member]        
Percent of revenues 18.70% 21.30% 21.40% 23.90%
Sierra Pacific Power Company And Nevada Power Company [Member]        
Percent of revenues 14.00% 15.80% 17.10% 18.70%
Kenya Power and Lighting Co LTD [Member]        
Percent of revenues 15.20% 16.10% 14.90% 16.30%
v3.22.2.2
Note 1 - General and Basis of Presentation - Changes in the Allowance for Expected Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Beginning balance of the allowance for expected credit losses     $ 90  
Ending balance of the allowance for expected credit losses $ 90   90  
Accounting Standards Update 2016-13 [Member]        
Beginning balance of the allowance for expected credit losses 90 $ 419 90 $ 597
Change in the provision for expected credit losses for the period 0 (166) 0 (344)
Ending balance of the allowance for expected credit losses $ 90 $ 253 $ 90 $ 253
v3.22.2.2
Note 1 - General and Basis of Presentation - Contract Assets (Liabilities) (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Contract assets (*) [1] $ 17,354 $ 9,692
Contract liabilities (*) [1] $ (14,034) $ (9,248)
[1] Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet fully recognized as product revenues during the nine months ended September 30, 2022 as a result of performance obligations having not been fully satisfied yet.
v3.22.2.2
Note 1 - General and Basis of Presentation - Lease Income as Lessor (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Lease income relating to lease payments from operating leases $ 127,748 $ 123,688 $ 394,901 $ 362,548
v3.22.2.2
Note 3 - Inventories - Inventories (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Raw materials and purchased parts for assembly $ 13,161 $ 11,539
Self-manufactured assembly parts and finished products 16,644 16,906
Total inventories $ 29,805 $ 28,445
v3.22.2.2
Note 4 - Marketable Securities (Details Textual) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Debt Securities, Available-for-Sale, Total $ 0   $ 43,343
Proceeds from Sale of Debt Securities, Available-for-Sale 29,355 $ 0 0
Cash and Cash Equivalents [Member]      
Debt Securities, Available-for-Sale, Total $ 100   $ 3,700
v3.22.2.2
Note 4 - Marketable Securities - Investment in Marketable Securities (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Amortized cost $ 134 $ 46,799
Gross unrealized gains 0 0
Gross unrealized losses 0 (40)
Fair value 134 47,029
Corporate Debt Securities [Member]    
Amortized cost 0 32,302
Gross unrealized gains 0 0
Gross unrealized losses 0 (36)
Fair value 0 32,529
Commercial Paper [Member]    
Amortized cost 0 8,891
Gross unrealized gains 0 0
Gross unrealized losses 0 0
Fair value 0 8,891
Money Market Funds [Member]    
Amortized cost 134 3,686
Gross unrealized gains 0 0
Gross unrealized losses 0 0
Fair value 134 3,686
Debt Security, Corporate, Non-US [Member]    
Amortized cost 0 1,920
Gross unrealized gains 0 0
Gross unrealized losses 0 (4)
Fair value $ 0 $ 1,923
v3.22.2.2
Note 4 - Marketable Securities - Fair Value and Gross Unrealized Losses (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Fair value, less than 12 months $ 134 $ 47,029
Gross unrealized loss, less than 12 months 0 (40)
Fair value, greater than 12 months 0 0
Gross unrealized loss, greater than 12 months 0 0
Corporate Debt Securities [Member]    
Fair value, less than 12 months 0 32,529
Gross unrealized loss, less than 12 months 0 (36)
Fair value, greater than 12 months 0 0
Gross unrealized loss, greater than 12 months 0 0
Commercial Paper [Member]    
Fair value, less than 12 months 0 8,891
Gross unrealized loss, less than 12 months 0 0
Fair value, greater than 12 months 0 0
Gross unrealized loss, greater than 12 months 0 0
Money Market Funds [Member]    
Fair value, less than 12 months 134 3,686
Gross unrealized loss, less than 12 months 0 0
Fair value, greater than 12 months 0 0
Gross unrealized loss, greater than 12 months 0 0
Debt Security, Corporate, Non-US [Member]    
Fair value, less than 12 months 0 1,923
Gross unrealized loss, less than 12 months 0 (4)
Fair value, greater than 12 months 0 0
Gross unrealized loss, greater than 12 months $ 0 $ 0
v3.22.2.2
Note 5 - Fair Value of Financial Instruments (Details Textual) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Cross Currency Interest Rate Contract [Member] | Prepaid Expenses and Other and Deposits and Other [Member]    
Derivatives, Cash Collateral Deposits $ 0 $ 0
v3.22.2.2
Note 5 - Fair Value of Financial Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Debt Securities, Available-for-Sale, Total $ 0 $ 43,343
Reported Value Measurement [Member]    
Cash equivalents (including restricted cash accounts) 24,226 31,675
Debt Securities, Available-for-Sale, Total 134 47,029
Fair Value, Net Asset (Liability), Total 17,353 116,436
Reported Value Measurement [Member] | Cross Currency Interest Rate Contract [Member]    
Derivative Assets, current [1] 0 1,461
Cross currency swap (3) [1] (3,059) 37,883
Reported Value Measurement [Member] | Currency Forward Contracts [Member]    
Derivative Assets, current [2] (1,864) 813
Reported Value Measurement [Member] | Contingent Payable [Member]    
Derivatives, noncurrent [3] (2,084) (2,425)
Estimate of Fair Value Measurement [Member]    
Cash equivalents (including restricted cash accounts) 24,226 31,675
Debt Securities, Available-for-Sale, Total 134 47,029
Fair Value, Net Asset (Liability), Total 17,353 116,436
Estimate of Fair Value Measurement [Member] | Cross Currency Interest Rate Contract [Member]    
Derivative Assets, current [1] 0 1,461
Cross currency swap (3) [1] (3,059) 37,883
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member]    
Derivative Assets, current [2] (1,864) 813
Estimate of Fair Value Measurement [Member] | Contingent Payable [Member]    
Derivatives, noncurrent [3] (2,084) (2,425)
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Cash equivalents (including restricted cash accounts) 24,226 31,675
Debt Securities, Available-for-Sale, Total 134 47,029
Fair Value, Net Asset (Liability), Total 24,360 78,704
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Cross Currency Interest Rate Contract [Member]    
Derivative Assets, current [1] 0 0
Cross currency swap (3) [1] 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Currency Forward Contracts [Member]    
Derivative Assets, current [2] 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Payable [Member]    
Derivatives, noncurrent [3] 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Cash equivalents (including restricted cash accounts) 0 0
Debt Securities, Available-for-Sale, Total 0 0
Fair Value, Net Asset (Liability), Total (4,923) 40,157
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Cross Currency Interest Rate Contract [Member]    
Derivative Assets, current [1] 0 1,461
Cross currency swap (3) [1] (3,059) 37,883
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Forward Contracts [Member]    
Derivative Assets, current [2] (1,864) 813
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Payable [Member]    
Derivatives, noncurrent [3] 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Cash equivalents (including restricted cash accounts) 0 0
Debt Securities, Available-for-Sale, Total 0 0
Fair Value, Net Asset (Liability), Total (2,084) (2,425)
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Cross Currency Interest Rate Contract [Member]    
Derivative Assets, current [1] 0 0
Cross currency swap (3) [1] 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Currency Forward Contracts [Member]    
Derivative Assets, current [2] 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Payable [Member]    
Derivatives, noncurrent [3] $ (2,084) $ (2,425)
[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 September 30, 2022 and December 31, 2021, as applicable. These amounts are included within "Prepaid expenses and other", “Deposits and other” and "Accounts payable and accrued expenses", as applicable, in the condensed consolidated balance sheets on September 30, 2022 and December 31, 2021. There are no cash collateral deposits on September 30, 2022 and December 31, 2021.
[2] These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Receivables, other” and "Accounts payable and accrued expenses", as applicable, in the condensed consolidated balance sheets on September 30, 2022 and December 31, 2021, with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income.
[3] These amounts relate to contingent payables and warrants pertaining to the Guadeloupe power plant purchase transaction, valued primarily based on unobservable inputs and are included within “Other long-term liabilities” in the condensed consolidated balance sheets on September 30, 2022 and December 31, 2021, with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the condensed consolidated statements of operations and comprehensive income.
v3.22.2.2
Note 5 - Fair Value of Financial Instruments - Amounts of Gain (Loss) Recognized in Condensed Consolidated Statements on Derivative Instruments Not Designated as Hedges (Details) - Derivatives and Foreign Currency Transaction Gains (Losses) [Member] - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Currency Forward and Price Swap Transaction on Responsive Reserve System ("RRS") Prices [Member]        
Amount of gain (loss) recognized $ 0 $ 0 $ 0 $ (14,540)
Currency Forward Contracts [Member]        
Amount of gain (loss) recognized [1] (678) 387 (5,384) 118
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member]        
Cross currency swap (2) [2] $ (3,121) $ 2,945 $ (38,536) $ (1,349)
[1] The foregoing currency forward and price swap transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income. The price swap transaction was related to a hedging agreement with a third party that was effective January 1, 2021 under which the Company fixed the price per MWh on a portion of RRS provided by its Rabbit Hill storage facility. The price swap transaction was terminated effective April 1, 2021.
[2] The foregoing cross currency swap transactions were designated as a cash flow hedge as further described under Note 1 to the condensed consolidated financial statements. The changes in the cross currency swap fair value are initially recorded in "Other comprehensive income (loss)" and a corresponding amount is reclassified out of "Accumulated other comprehensive income (loss)" to "Derivatives and foreign currency transaction gains (losses)" to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income.
v3.22.2.2
Note 5 - Fair Value of Financial Instruments - Effect of Cash Flow Hedge on Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Balance $ 1,979,294 $ 1,959,855 $ 1,998,461 $ 1,941,437
Balance 1,992,276 1,972,356 1,992,276 1,972,356
Cross Currency Swap [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member]        
Balance 1,745 766 5,745 3,366
Gain or (loss) recognized in Other comprehensive income (loss) (3,338) 251 (42,753) (6,643)
Amount reclassified from Other comprehensive income (loss) into earnings 3,121 (2,945) 38,536 1,349
Balance $ 1,528 $ (1,928) $ 1,528 $ (1,928)
v3.22.2.2
Note 5 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Finance liability - Dixie Valley $ 217.5 $ 248.4
Mizrahi Loan Agreement [Member]    
Loans 78.0  
Convertible Senior Notes [Member]    
Notes 497.3  
HSBC Loan Agreement [Member]    
Loans 39.9 50.4
Hapoalim Loan Agreement [Member]    
Loans 100.9 117.8
Discount Loan Agreement [Member]    
Loans 80.3 100.2
Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 29.5  
Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 26.0  
Platanares Loan - OPIC [Member]    
Loans 82.5 98.2
Amatitlan Loan [Member]    
Loans 15.8 19.8
Don A. Campbell 1 ("DAC1") [Member]    
Notes 58.8 69.8
USG Prudential - NV [Member]    
Notes 24.3 28.9
USG Prudential - ID [Member]    
Notes 15.9 17.3
USG DOE [Member]    
Notes 32.6 39.9
Senior Unsecured Bonds [Member]    
Senior Unsecured debt 269.8 578.9
Senior Unsecured Loan [Member]    
Senior Unsecured debt 165.1 204.3
Plumstriker Loan Agreement [Member]    
Loans 12.9 14.8
Estimate of Fair Value Measurement [Member]    
Finance liability - Dixie Valley 217.5 248.4
Other long-term debt 9.1 13.3
Estimate of Fair Value Measurement [Member] | Mizrahi Loan Agreement [Member]    
Loans 78.0 0.0
Estimate of Fair Value Measurement [Member] | Convertible Senior Notes [Member]    
Notes 497.3 0.0
Estimate of Fair Value Measurement [Member] | HSBC Loan Agreement [Member]    
Loans 39.9 50.4
Estimate of Fair Value Measurement [Member] | Hapoalim Loan Agreement [Member]    
Loans 100.9 117.8
Estimate of Fair Value Measurement [Member] | Discount Loan Agreement [Member]    
Loans 80.3 100.2
Estimate of Fair Value Measurement [Member] | Olkaria III OPIC [Member]    
Loans 139.1 166.5
Estimate of Fair Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 29.5 34.1
Estimate of Fair Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 26.0 30.1
Estimate of Fair Value Measurement [Member] | Platanares Loan - OPIC [Member]    
Loans 82.5 98.2
Estimate of Fair Value Measurement [Member] | Amatitlan Loan [Member]    
Loans 15.8 19.8
Estimate of Fair Value Measurement [Member] | OFC Two Senior Secured Notes [Member]    
Notes 154.2 183.3
Estimate of Fair Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 58.8 69.8
Estimate of Fair Value Measurement [Member] | USG Prudential - NV [Member]    
Notes 24.3 28.9
Estimate of Fair Value Measurement [Member] | USG Prudential - ID [Member]    
Notes 15.9 17.3
Estimate of Fair Value Measurement [Member] | USG DOE [Member]    
Notes 32.6 39.9
Estimate of Fair Value Measurement [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 269.8 578.9
Estimate of Fair Value Measurement [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 165.1 204.3
Estimate of Fair Value Measurement [Member] | Plumstriker Loan Agreement [Member]    
Loans 12.9 14.8
Reported Value Measurement [Member]    
Finance liability - Dixie Valley [1] 242.0 252.9
Other long-term debt [1] 9.7 13.6
Reported Value Measurement [Member] | Mizrahi Loan Agreement [Member]    
Loans [1] 75.0 0.0
Reported Value Measurement [Member] | Convertible Senior Notes [Member]    
Notes [1] 431.3 0.0
Reported Value Measurement [Member] | HSBC Loan Agreement [Member]    
Loans [1] 42.9 50.0
Reported Value Measurement [Member] | Hapoalim Loan Agreement [Member]    
Loans [1] 107.1 116.1
Reported Value Measurement [Member] | Discount Loan Agreement [Member]    
Loans [1] 87.5 100.0
Reported Value Measurement [Member] | Olkaria III OPIC [Member]    
Loans [1] 143.2 156.7
Reported Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans [1] 30.0 32.5
Reported Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans [1] 26.2 28.4
Reported Value Measurement [Member] | Platanares Loan - OPIC [Member]    
Loans [1] 81.9 88.1
Reported Value Measurement [Member] | Amatitlan Loan [Member]    
Loans [1] 16.6 19.3
Reported Value Measurement [Member] | OFC Two Senior Secured Notes [Member]    
Notes [1] 162.3 173.3
Reported Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes [1] 64.1 67.9
Reported Value Measurement [Member] | USG Prudential - NV [Member]    
Notes [1] 25.5 26.3
Reported Value Measurement [Member] | USG Prudential - ID [Member]    
Notes [1] 16.2 17.3
Reported Value Measurement [Member] | USG DOE [Member]    
Notes [1] 32.8 35.5
Reported Value Measurement [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt [1] 254.0 539.6
Reported Value Measurement [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt [1] 174.8 191.6
Reported Value Measurement [Member] | Plumstriker Loan Agreement [Member]    
Loans [1] $ 12.9 $ 14.7
[1] Carrying amount value excludes the related deferred financing costs.
v3.22.2.2
Note 5 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Finance liability - Dixie Valley $ 217.5 $ 248.4
Deposits 14.6 17.1
Mizrahi Loan Agreement [Member]    
Loans 78.0  
HSBC Loan Agreement [Member]    
Loans 39.9 50.4
Convertible Senior Notes [Member]    
Notes 497.3  
Hapoalim Loan Agreement [Member]    
Loans 100.9 117.8
Discount Loan Agreement [Member]    
Loans 80.3 100.2
Olkaria III Loan DFC [Member]    
Loans 139.1 166.5
Olkaria IV Loan - DEG 2 [Member]    
Loans   34.1
Olkaria IV Loan - DEG 3 [Member]    
Loans   30.1
Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 29.5  
Platanares Loan - OPIC [Member]    
Loans 82.5 98.2
Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 26.0  
Amatitlan Loan [Member]    
Loans 15.8 19.8
OFC Senior Secured Notes [Member]    
Notes 154.2 183.3
Don A. Campbell 1 ("DAC1") [Member]    
Notes 58.8 69.8
USG Prudential - NV [Member]    
Notes 24.3 28.9
USG Prudential - ID [Member]    
Notes 15.9 17.3
USG DOE [Member]    
Notes 32.6 39.9
Senior Unsecured Bonds [Member]    
Senior Unsecured debt 269.8 578.9
Senior Unsecured Loan [Member]    
Senior Unsecured debt 165.1 204.3
Plumstriker Loan Agreement [Member]    
Loans 12.9 14.8
Other Long-term Debt [Member]    
Senior Unsecured debt 9.1 13.3
Fair Value, Inputs, Level 1 [Member]    
Finance liability - Dixie Valley 0.0 0.0
Deposits 14.6 17.1
Fair Value, Inputs, Level 1 [Member] | Mizrahi Loan Agreement [Member]    
Loans 0.0  
Fair Value, Inputs, Level 1 [Member] | HSBC Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Convertible Senior Notes [Member]    
Notes 0.0  
Fair Value, Inputs, Level 1 [Member] | Hapoalim Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Discount Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Olkaria III Loan DFC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Olkaria IV Loan - DEG 2 [Member]    
Loans   0.0
Fair Value, Inputs, Level 1 [Member] | Olkaria IV Loan - DEG 3 [Member]    
Loans   0.0
Fair Value, Inputs, Level 1 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 0.0  
Fair Value, Inputs, Level 1 [Member] | Platanares Loan - OPIC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 0.0  
Fair Value, Inputs, Level 1 [Member] | Amatitlan Loan [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | OFC Senior Secured Notes [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | USG Prudential - NV [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | USG Prudential - ID [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | USG DOE [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Plumstriker Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Other Long-term Debt [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 2 [Member]    
Finance liability - Dixie Valley 0.0 0.0
Deposits 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Mizrahi Loan Agreement [Member]    
Loans 0.0  
Fair Value, Inputs, Level 2 [Member] | HSBC Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Convertible Senior Notes [Member]    
Notes 497.3  
Fair Value, Inputs, Level 2 [Member] | Hapoalim Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Discount Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Olkaria III Loan DFC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Olkaria IV Loan - DEG 2 [Member]    
Loans   0.0
Fair Value, Inputs, Level 2 [Member] | Olkaria IV Loan - DEG 3 [Member]    
Loans   0.0
Fair Value, Inputs, Level 2 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 0.0  
Fair Value, Inputs, Level 2 [Member] | Platanares Loan - OPIC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 0.0  
Fair Value, Inputs, Level 2 [Member] | Amatitlan Loan [Member]    
Loans 15.8 19.8
Fair Value, Inputs, Level 2 [Member] | OFC Senior Secured Notes [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | USG Prudential - NV [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | USG Prudential - ID [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | USG DOE [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Plumstriker Loan Agreement [Member]    
Loans 12.9 14.8
Fair Value, Inputs, Level 2 [Member] | Other Long-term Debt [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 3 [Member]    
Finance liability - Dixie Valley 217.5 248.4
Deposits 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | Mizrahi Loan Agreement [Member]    
Loans 78.0  
Fair Value, Inputs, Level 3 [Member] | HSBC Loan Agreement [Member]    
Loans 39.9 50.4
Fair Value, Inputs, Level 3 [Member] | Convertible Senior Notes [Member]    
Notes 0.0  
Fair Value, Inputs, Level 3 [Member] | Hapoalim Loan Agreement [Member]    
Loans 100.9 117.8
Fair Value, Inputs, Level 3 [Member] | Discount Loan Agreement [Member]    
Loans 80.3 100.2
Fair Value, Inputs, Level 3 [Member] | Olkaria III Loan DFC [Member]    
Loans 139.1 166.5
Fair Value, Inputs, Level 3 [Member] | Olkaria IV Loan - DEG 2 [Member]    
Loans   34.1
Fair Value, Inputs, Level 3 [Member] | Olkaria IV Loan - DEG 3 [Member]    
Loans   30.1
Fair Value, Inputs, Level 3 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 29.5  
Fair Value, Inputs, Level 3 [Member] | Platanares Loan - OPIC [Member]    
Loans 82.5 98.2
Fair Value, Inputs, Level 3 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 26.0  
Fair Value, Inputs, Level 3 [Member] | Amatitlan Loan [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | OFC Senior Secured Notes [Member]    
Notes 154.2 183.3
Fair Value, Inputs, Level 3 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 58.8 69.8
Fair Value, Inputs, Level 3 [Member] | USG Prudential - NV [Member]    
Notes 24.3 28.9
Fair Value, Inputs, Level 3 [Member] | USG Prudential - ID [Member]    
Notes 15.9 17.3
Fair Value, Inputs, Level 3 [Member] | USG DOE [Member]    
Notes 32.6 39.9
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 269.8 578.9
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 165.1 204.3
Fair Value, Inputs, Level 3 [Member] | Plumstriker Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | Other Long-term Debt [Member]    
Senior Unsecured debt $ 9.1 $ 13.3
v3.22.2.2
Note 6 - Stock-based Compensation (Details Textual) - The 2018 Incentive Compensation Plan [Member]
 3 Months Ended
Mar. 31, 2022
$ / shares
shares
Stock Appreciation Rights (SARs) [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares 513,385
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercise Price (in dollars per share) $ 71.15
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) $ 22.31
Stock Appreciation Rights (SARs) [Member] | Minimum [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) 6 years
Restricted Stock Units (RSUs) [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares 72,303
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) $ 69.9
Performance Stock Units (PSU) [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares 19,581
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) $ 75.3
Stock Appreciation Rights (SARs), Restricted Stock Units (RSUs), and Performance Stock Units (PSU) [Member] | Minimum [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) 1 year
Stock Appreciation Rights (SARs), Restricted Stock Units (RSUs), and Performance Stock Units (PSU) [Member] | Maximum [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) 4 years
v3.22.2.2
Note 6 - Stock-based Compensation - Fair Value of Stock-based Award on the Date of Grant (Details) - Stock Appreciation Rights (SARs), Restricted Stock Units (RSUs), and Performance Stock Units (PSU) [Member]
 3 Months Ended
Mar. 31, 2022
Dividend yield 0.67%
Minimum [Member]  
Risk-free interest rates 1.30%
Expected life (in years) (Year) 2 years
Expected volatility (weighted average) 32.80%
Maximum [Member]  
Risk-free interest rates 1.60%
Expected life (in years) (Year) 5 years 9 months
Expected volatility (weighted average) 46.10%
v3.22.2.2
Note 7 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest related to sale of tax benefits $ 3,734 $ 4,080 $ 10,628 $ 9,019
Interest expense 23,023 22,259 68,001 61,579
Less — amount capitalized (4,354) (4,109) (14,727) (10,726)
Total interest expense, net $ 22,403 $ 22,230 $ 63,902 $ 59,872
v3.22.2.2
Note 8 - Earnings Per Share (Details Textual) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 27,400 145,400 58,000.0 149,200
Convertible Senior Notes [Member]        
Debt Instrument, Convertible, Conversion Price (in dollars per share) $ 90.27   $ 90.27  
v3.22.2.2
Note 8 - Earnings Per Share - Shares Used to Calculate Earnings Per Share (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Weighted average number of shares used in computation of basic earnings per share: (in shares) 55,999 56,003 56,058 55,995
Additional shares from the assumed exercise of employee stock awards (in shares) 458 295 421 418
Weighted average number of shares used in computation of diluted earnings per share (in shares) 56,457 56,298 56,479 56,413
v3.22.2.2
Note 9 - Business Segments (Details Textual)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
Number of Reportable Segments     3    
Revenue from Contract with Customer, Including Assessed Tax $ 175,885 $ 158,842 $ 528,673 $ 472,095  
Goodwill, Ending Balance 89,742   89,742   $ 89,954
Electricity Segment [Member]          
Revenue from Contract with Customer, Including Assessed Tax 152,820 142,651 466,540 421,503  
Goodwill, Ending Balance 85,100 86,700 85,100 86,700  
Electricity Segment [Member] | Accounted for Under ASC 606 [Member]          
Revenue from Contract with Customer, Including Assessed Tax 25,600 19,000 71,600 59,000  
Energy Storage and Management Services [Member]          
Goodwill, Ending Balance 4,600 4,600 4,600 4,600  
Product Segment [Member]          
Revenue from Contract with Customer, Including Assessed Tax 14,217 10,527 39,237 26,580  
Goodwill, Ending Balance $ 0 $ 0 $ 0 $ 0  
v3.22.2.2
Note 9 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Revenue $ 175,885 $ 158,842 $ 528,673 $ 472,095  
Operating income (loss) 38,893 35,988 122,578 114,496  
Segment assets at period end 4,524,531 [1],[2],[3] 4,359,366 [1],[2],[3] 4,524,531 [1],[2],[3] 4,359,366 [1],[2],[3] $ 4,425,678
Operating income (loss)     122,578    
Segment Reconciling Items [Member]          
Revenue 0 [3] 0 [3] 0 0  
Segment assets at period end 117,182 109,725 117,182 109,725  
Electricity Segment [Member]          
Revenue 152,820 142,651 466,540 421,503  
Operating income (loss) 38,054 38,409   116,176  
Segment assets at period end [1],[2],[3] 4,153,330 4,064,679 4,153,330 4,064,679  
Operating income (loss)     128,049    
Electricity Segment [Member] | Segment Reconciling Items [Member]          
Revenue 0 [3] 0 [3] 0 0  
Segment assets at period end 117,182 109,725 117,182 109,725  
Product Segment [Member]          
Revenue 14,217 10,527 39,237 26,580  
Operating income (loss) (158) (1,115)   (2,753)  
Segment assets at period end [1],[2],[3] 128,790 125,167 128,790 125,167  
Operating income (loss)     (4,009)    
Product Segment [Member] | Segment Reconciling Items [Member]          
Revenue 14,959 [3] 14,147 [3] 57,959 90,519  
Segment assets at period end 0 0 0 0  
Other Segments [Member]          
Revenue 8,848 5,664 22,896 24,012  
Operating income (loss) 997 (1,306)   1,073  
Segment assets at period end [1],[2],[3] 242,411 169,520 242,411 169,520  
Operating income (loss)     (1,462)    
Other Segments [Member] | Segment Reconciling Items [Member]          
Revenue 0 [3] 0 [3] 0 0  
Segment assets at period end 0 0 0 0  
UNITED STATES          
Revenue [4] 116,605 105,755 353,624 313,143  
UNITED STATES | Electricity Segment [Member]          
Revenue [4] 106,490 98,550 327,792 285,090  
UNITED STATES | Product Segment [Member]          
Revenue [4] 1,267 1,541 2,936 4,041  
UNITED STATES | Other Segments [Member]          
Revenue [4] 8,848 5,664 22,896 24,012  
Non-US [Member]          
Revenue [5] 59,280 53,087 175,049 158,952  
Non-US [Member] | Electricity Segment [Member]          
Revenue [5] 46,330 44,101 138,748 136,413  
Non-US [Member] | Product Segment [Member]          
Revenue [5] 12,950 8,986 36,301 22,539  
Non-US [Member] | Other Segments [Member]          
Revenue [5] $ 0 $ 0 $ 0 $ 0  
[1] Electricity segment assets include goodwill in the amount of $85.1 million and $86.7 million as of September 30, 2022 and 2021, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 as of September 30, 2022 and 2021, respectively. No goodwill is included in the Product segment assets as of September 30, 2022 and 2021.
[2] Including unconsolidated investments
[3] Intersegment revenues are fully eliminated in consolidation.
[4] Electricity segment revenues in the United States are all accounted under lease accounting except for $25.6 million and $71.6 million for the three and nine months ended September 30, 2022, and $19.0 and $59.0 million for the three and nine months ended September 30, 2021, respectively, that are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606.
[5] Electricity segment revenues in foreign countries are all accounted under lease accounting. Product segment revenues in foreign countries are accounted under ASC 606.
v3.22.2.2
Note 9 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue $ 175,885 $ 158,842 $ 528,673 $ 472,095
Operating income (loss) 38,893 35,988 122,578 114,496
Interest income 1,659 519 2,180 1,590
Interest expense, net (22,403) (22,230) (63,902) (59,872)
Derivatives and foreign currency transaction gains (losses) (293) (21) (4,031) (16,229)
Income attributable to sale of tax benefits 9,113 7,879 26,345 21,654
Other non-operating income (expense), net 673 44 (512) (308)
Total consolidated income before income taxes and equity in income of investees 27,642 22,179 82,658 61,331
Intersegment Eliminations [Member]        
Revenue 14,959 14,147 57,959 90,519
Consolidation, Eliminations [Member]        
Revenue $ (14,959) $ (14,147) $ (57,959) $ (90,519)
v3.22.2.2
Note 10 - Commitments and Contingencies (Details Textual) - USD ($)
$ in Thousands
Apr. 13, 2022
Sep. 14, 2021
Mar. 03, 2021
Mar. 29, 2016
Sep. 30, 2022
Dec. 31, 2021
Construction in Progress, Gross         $ 795,891 $ 721,483
Dixie Meadows PPA [Member]            
Construction in Progress, Gross         $ 83,000  
Former Local Sales Representative vs. Ormat [Member] | Pending Litigation [Member]            
Loss Contingency, Damages Sought, Value       $ 4,600    
Loss Contingency, Additional Damages Sought for Ormat Geothermal Products Sales in Chile, Percent       3.75%    
Loss Contingency, Damages Sought, Ormat Geothermal Products Sales in Chile, Period (Year)       10 years    
Avishai Shmuel Mano vs. Ormat [Member]            
Loss Contingency, Damages Sought, Value     $ 100,000      
Loss Contingency, Damages Paid, Value $ 10          
Kipreos vs Ormat [Member]            
Loss Contingency, Damages Sought, Value   $ 5,100        
v3.22.2.2
Note 11 - Income Taxes (Details Textual)
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Effective Income Tax Rate Reconciliation, Percent, Total 26.10% 9.20% 28.50% 15.20%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent     21.00%  
v3.22.2.2
Note 12 - Subsequent Events (Details Textual) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Nov. 02, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dividends, Common Stock, Total   $ 6,719 $ 6,731 $ 6,727 $ 6,716 $ 6,448 $ 6,718
Subsequent Event [Member]              
Dividends, Common Stock, Total $ 6,700            
Common Stock, Dividends, Per Share, Declared (in dollars per share) $ 0.12            
Dividends Payable, Date of Record Nov. 16, 2022            
Dividends Payable, Date to be Paid Nov. 30, 2022