Accumulated other comprehensive loss

410,758

327,255

(909)

(4,706)

Total equity attributable to the Company's stockholders

1,300,385

1,211,378

Noncontrolling interest

84,500

84,322

Total equity

1,384,885

1,295,700

Total liabilities, redeemable noncontrolling interest and equity

$ 2,710,817

$ 2,623,864

[1]	Electricity segment assets include goodwill in the amount of $7.8 million and $6.2 million as of March, 31, 2018 and 2017, respectively. Other segment assets include goodwill in the amount of $13.5 million as of March 31, 2018 and 2017.

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Property, plant and equipment, net	$ 1,723,560	$ 1,734,691
Construction-in-process	$ 345,563	$ 293,542
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	50,617,209	50,609,051
Common stock, shares outstanding (in shares)	50,617,209	50,609,051
Senior Secured Notes [Member]
Deferred financing costs	$ 7,693	$ 8,113
Other Loans, Limited and Non-recourse [Member]
Deferred financing costs	5,231	5,258
Senior Unsecured Bonds [Member]
Deferred financing costs	863	580
Other Loans, Full Recourse [Member]
Deferred financing costs	994	1,011
Variable Interest Entity, Primary Beneficiary [Member]
Property, plant and equipment, net	1,655,365	1,631,900
Construction-in-process	$ 149,872	$ 142,717

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Revenues:

$ 184,023

$ 189,898

^[1]

Research and development expenses

110,651

115,488

Gross profit

73,372

74,410

Operating expenses:

1,108

602

Selling and marketing expenses

3,699

4,363

General and administrative expenses

13,849

9,949

Write-off of unsuccessful exploration activities

123

0

Derivatives and foreign currency transaction gains (losses)

54,593

59,496

^[1]

Other income (expense):

Interest income

113

244

Interest expense, net

(14,344)

(14,923)

(1,599)

1,338

Income attributable to sale of tax benefits

7,361

6,157

Other non-operating expense, net

(20)

(92)

Income from continuing operations before income taxes and equity in earnings (losses) of investees

46,104

52,220

Income tax (provision) benefit

26,942

(11,004)

Equity in earnings (losses) of investees, net

1,210

(1,599)

Net income attributable to noncontrolling interest

74,256

39,617

(4,748)

(4,423)

Net income attributable to the Company's stockholders

69,508

35,194

Comprehensive income:

Net income

74,256

39,617

Other comprehensive income (loss), net of related taxes:

Change in foreign currency translation adjustments

1,528

Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment

2,634

569

Loss in respect of derivative instruments designated for cash flow hedge

20

48

Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge

(15)

(24)

Comprehensive income

78,423

40,210

Comprehensive income attributable to noncontrolling interest

(5,118)

(4,412)

Comprehensive income attributable to the Company's stockholders

$ 73,305

$ 35,798

Basic:

Net income (in dollars per share)

$ 1.37

$ 0.71

Diluted:

Net income (in dollars per share)

$ 1.36

$ 0.70

Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:

Basic (in shares)

50,614

49,680

Diluted (in shares)

51,051

50,491

Dividend per share declared (in dollars per share)

$ 0.23

$ 0.17

Electricity [Member]

Revenues:

$ 132,489

$ 115,776

73,482

66,036

Product [Member]

Revenues:

48,672

74,122

33,726

49,452

Other Revenue [Member]

Revenues:

2,862

$ 3,443

[1]	The amounts related to the Other segment are immaterial.

Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2016	49,667
Balance at Dec. 31, 2016	$ 50	$ 869,463	$ 215,352	$ (8,175)	$ 1,076,690	$ 91,582	$ 1,168,272
Stock-based compensation		1,713			1,713		1,713
Exercise of options by employees and directors (in shares)	39
Exercise of options by employees and directors
Cash paid to noncontrolling interest						(6,807)	(6,807)
Cash dividend declared			(8,448)		(8,448)		(8,448)
Net income			35,194		35,194	4,079	39,273
Other comprehensive income (loss), net of related taxes:
Currency translation adjustment				89	89	(11)
Loss in respect of derivative instruments designated for cash flow hedge				48	48		48
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment				569	569		569
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge				(24)	(24)		(24)
Balance (in shares) at Dec. 31, 2016	49,667
Balance at Dec. 31, 2016	$ 50	869,463	215,352	(8,175)	1,076,690	91,582	1,168,272
Other comprehensive income (loss), net of related taxes:
Stock-based compensation		1,713			1,713		1,713
Exercise of options by employees and directors (in shares)	39
Exercise of options by employees and directors
Cash paid to noncontrolling interest						(6,807)	(6,807)
Cash dividend declared			(8,448)		(8,448)		(8,448)
Net income			35,194		35,194	4,079	39,273
Balance (in shares) at Mar. 31, 2017	49,706
Balance at Mar. 31, 2017	$ 50	871,176	242,098	(7,493)	1,105,831	88,843	1,194,674
Balance (in shares) at Dec. 31, 2017	50,609
Balance at Dec. 31, 2017	$ 51	888,778	327,255	(4,706)	1,211,378	84,322	1,295,700
Stock-based compensation		1,707			1,707		1,707
Exercise of options by employees and directors (in shares)	8
Exercise of options by employees and directors
Cash paid to noncontrolling interest						(4,674)	(4,674)
Cash dividend declared			(11,640)		(11,640)		(11,640)
Net income			69,508		69,508	4,482	73,990
Other comprehensive income (loss), net of related taxes:
Currency translation adjustment				1,158	1,158	370	1,528
Loss in respect of derivative instruments designated for cash flow hedge				20	20		20
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment				2,634	2,634		2,634
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge				(15)	(15)		(15)
Balance (in shares) at Dec. 31, 2017	50,609
Balance at Dec. 31, 2017	$ 51	888,778	327,255	(4,706)	1,211,378	84,322	1,295,700
Other comprehensive income (loss), net of related taxes:
Stock-based compensation		1,707			1,707		1,707
Exercise of options by employees and directors (in shares)	8
Exercise of options by employees and directors
Cash paid to noncontrolling interest						(4,674)	(4,674)
Cash dividend declared			(11,640)		(11,640)		(11,640)
Net income			69,508		69,508	4,482	73,990
Balance (in shares) at Mar. 31, 2018	50,617
Balance at Mar. 31, 2018	$ 51	890,485	410,758	(909)	1,300,385	84,500	1,384,885
Other comprehensive income (loss), net of related taxes:
Cumulative effect of changes in accounting principles			$ 25,635		$ 25,635		$ 25,635

Consolidated Statements of Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Retained Earnings [Member]
Cash dividend declared, per share (in dollars per share)	$ 0.23	$ 0.17
Amortization of unrealized gains, tax	$ 9	$ 14
Loss in respect of derivative instruments designated for cash flow hedge, related tax	$ 13
Cash dividend declared, per share (in dollars per share)	$ 0.23	$ 0.17

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 74,256	$ 39,617
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	30,553	27,059
Accretion of asset retirement obligation	529	455
Stock-based compensation	1,707	1,713
Amortization of deferred lease income	(671)	(671)
Income attributable to sale of tax benefits, net of interest expense	(6,295)	(4,335)
Equity in losses (earnings) of investees	(1,210)	1,600
Mark-to-market of derivative instruments	962	(1,519)
Write-off of unsuccessful exploration activities	123	0
Gain on severance pay fund asset	129	(947)
Deferred income tax provision and deferred charges	(29,467)	6,612
Liability for unrecognized tax benefits	184	692
Deferred lease revenues	(104)	(92)
Changes in operating assets and liabilities, net of amounts acquired:
Receivables	9,777	19,092
Costs and estimated earnings in excess of billings on uncompleted contracts	(189)	(4,352)
Inventories	(503)	(5,800)
Prepaid expenses and other	(2,005)	6,873
Deposits and other	62	(557)
Accounts payable and accrued expenses	(49,027)	681
Billings in excess of costs and estimated earnings on uncompleted contracts	9,783	14,035
Liabilities for severance pay	(267)	930
Other long-term liabilities	1,008	(1,553)
Net cash provided by operating activities	19,769	71,463
Cash flows from investing activities:
Capital expenditures	(66,962)	(52,885)
Investment in unconsolidated companies	(1,275)	(14,918)
Cash paid for acquisition of controlling interest in a subsidiary, net of cash acquired		(35,300)
Decrease (increase) in severance pay fund asset, net of payments made to retired employees	203	(18)
Net cash used in investing activities	(68,034)	(103,121)
Cash flows from financing activities:
Proceeds from long-term loans, net of transaction costs	100,000
Proceeds from revolving credit lines with banks	860,800	50,000
Repayment of revolving credit lines with banks	(873,800)	(20,000)
Cash received from noncontrolling interest	4,134	1,411
Repayments of long-term debt	(16,687)	(13,405)
Cash paid to noncontrolling interest	(4,674)	(6,807)
Payments of capital leases	(436)	(408)
Deferred debt issuance costs	(1,020)	(1,144)
Cash dividends paid	(11,640)	(8,448)
Net cash provided by financing activities	56,677	1,199
Net change in cash and cash equivalents and restricted cash and cash equivalents	8,412	(30,459)
Cash and cash equivalents and restricted cash and cash equivalentsat beginning of period	96,643	264,476
Cash and cash equivalents and restricted cash and cash equivalents at end of period	105,055	234,017
Supplemental non-cash investing and financing activities:
Increase (decrease) in accounts payable related to purchases of property, plant and equipment	$ (1,673)	$ 1,801

Note 1 - General and Basis of Presentation

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE

1

— GENERAL AND BASIS OF PRESENTATION

These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, they do

not

contain all information and notes required by U.S. GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s consolidated financial position as of

March 31, 2018,

the consolidated results of operations and comprehensive income (loss) for the

three

-month periods ended

March 31, 2018

and

2017

and the consolidated cash flows for the

three

-month periods ended

March 31, 2018

and

2017.

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

three

-month period ended

March 31, 2018

are

not

necessarily indicative of the results to be expected for the year ending

December

31,

2018.

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/A for the year ended

December

31,

2017.

The condensed consolidated balance sheet data as of

December

31,

2017

was derived from the Company’s audited consolidated financial statements for the year ended

December

31,

2017,

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.

Revision of previously issued condensed consolidated financial statements

As previously disclosed in the Company’s Form

10

-K/A as of and for the year ended

December 31 2017,

filed on

June 19, 2018,

the Company restated its previously issued

2017

financial statements due to the subsequent identification of material tax errors.

The Company also identified other tax errors in the previously issued unaudited condensed consolidated financial statements as of and for the

three

months ended

March 31, 2017,

including a prior period tax error for an unrecognized tax benefit related to intercompany interest. The Company assessed the materiality of these errors in accordance with the SECs Staff Accounting Bulletin (“SAB”) Topic

1.Materiality,

codified in ASC Topic

250,

Presentation of Financial Statements (“ASC

250”

), and concluded that such previously issued financial statements were

not

materially misstated. However, in connection with the fiscal

2017

restatement, the Company determined that it would revise such previously issued financial statements to correct for these errors. As a result, the revised financial statements for the

three

months ended

March 31, 2017

reflect a

$0.1

million increase in the income tax provision, with a corresponding decrease in net income and comprehensive income, and a

$1.7

million decrease to total equity as of

January 1, 2017

to correct for immaterial tax errors originating prior to

2017.

The effects of the revision on the line items within the Company's condensed consolidated statements of operations and comprehensive income for the

three

months ended

March 31, 2017

are as follows:


	Three months ended March 31, 2017
	As originally reported			Adjustments			As revised
	(Dollars in thousands)
Income tax provision	$	(10,886	)	$	(118	)	$	(11,004	)
Income from continuing operations		39,735			(118	)		39,617
Net income attributable to the Company’s Stockholders		35,312			(118	)		35,194
Loss in respect of derivative instruments designated for cash flow hedge		22			26			48
Comprehensive income		40,302			(92	)		40,210
Comprehensive income attributable to the Company’s stockholders		35,890			(92	)		35,798
Earnings per share
Basic:	$	0.71		$	-		$	0.71
Diluted:	$	0.70		$	-		$	0.70

The effects of the revision on the line items within the Company’s condensed consolidated statements of equity for the

three

months ended

March 31, 2017

are as follows:


	Three months ended March 31, 2017
	As originally reported			Adjustments			As revised
	(Dollars in thousands)
Balances as of December 31, 2016:
Retained earnings	$	216,644		$	(1,292	)	$	215,352
Accumulated other comprehensive loss		(7,732	)		(443	)		(8,175	)
Total stockholders’ equity attributable to the Company’s stockholders		1,078,425			(1,735	)		1,076,690
Total equity		1,170,007			(1,735	)		1,168,272
Net income for the three months ended March 31, 2017		39,391			(118	)		39,273
Net income attributable to the Company’s stockholders for the three months ended March 31, 2017		35,312			(118	)		35,194
Loss in respect of derivative instruments designated for cash flow hedge for the three months ended March 31, 2017		22			26			48
Balances as of March 31, 2017:
Retained earnings		243,508			(1,410	)		242,098
Accumulated other comprehensive loss		(7,076	)		(417	)		(7,493	)
Total stockholders’ equity attributable to the Company’s stockholders		1,107,658			(1,827	)		1,105,831
Total equity		1,196,501			(1,827	)		1,194,674

Although there was

no

impact to net cash provided by operating activities, net cash used in investing activities or net cash used in financing activities, the effects of the revision on the line items within the condensed consolidated statements of cash flows for the

three

months ended

March 31, 2017

are as follows:

	Three months ended March 31, 2017

	As originally reported		Adjustments			As revised
	(Dollars in thousands)
Cash flows from operating activities:
Net income	$	39,735	$	(118	)	$	39,617
Liability for unrecognized tax benefits		574		118			692
Net cash provided by operating activities		71,463		-			71,463

Migdal Senior Unsecured Loan

On

March 22, 2018

the Company entered into a definitive loan agreement (the "Migdal Loan Agreement") with Migdal Insurance Company Ltd., Migdal Makefet Pension and Provident Funds Ltd. and Yozma Pension Fund of Self Employed Ltd., all entities within the Migdal Group, a leading insurance company and institutional investor in Israel. The Migdal Loan Agreement provides for a loan by the lenders to the Company in an aggregate principal amount of

$100

million (the “Migdal Loan”). The Migdal Loan will be repaid in

15

semi-annual payments of

$4.2

million each, commencing on

September 15, 2021,

with a final payment of

$37

million on

March 15, 2029.

The Migdal Loan bears interest at a fixed rate of

4.8%

per annum, payable semi-annually, subject to adjustment in certain circumstances as described below.

The Migdal Loan is subject to early redemption by the Company prior to maturity from time to time (but

not

more frequently than once per quarter) and at any time in whole or in part, at a redemption price set forth in the Migdal Loan Agreement. If the rating of the Company is downgraded to "ilA-", by Standard and Poor’s Global Ratings Maalot Ltd. (“Maalot”), the interest rate applicable to the Migdal Loan will be increased by

0.50%.

If the rating of the Company is further downgraded to a lower level, the interest rate applicable to the Migdal Loan will be increased by

0.25%

for each additional downgrade. In

no

event will the cumulative increase in the interest rate applicable to the Migdal Loan exceed

1%

regardless of the cumulative rating downgrade. A subsequent upgrade or reinstatement of a rating by Maalot will reduce the interest rate applicable to the Migdal Loan by

0.25%

for each upgrade (but in

no

event will the interest rate applicable the Migdal Loan fall below the base interest rate of

4.8%

). Additionally, if the ratio between short-term and long-term debt to financial institutions and bondholders, deducting cash and cash equivalents to EBITDA is equal to or higher than

4.5,

the interest rate on all amounts then outstanding under the Migdal Loan shall be increased by

0.5%

per annum over the interest rate then-applicable to the Migdal Loan.

The Migdal Loan constitutes senior unsecured indebtedness of the Company and will rank equally in right of payment with any existing and future senior unsecured indebtedness of the Company, and effectively junior to any existing and future secured indebtedness, to the extent of the security therefore.

The Migdal Loan Agreement includes various affirmative and negative covenants, including a covenant that the Company maintain (i) a debt to adjusted EBITDA ratio below

6,

(ii) a minimum equity amount (as shown on its consolidated financial statements, excluding noncontrolling interests) of

not

less than

$650

million, and (iii) an equity attributable to Company's stockholders to total assets ratio of

not

less than

25%.

In addition, the Migdal Loan Agreement restricts the Company from making dividend payments if its equity falls below

$800

million and otherwise restricts dividend payments in any

one

year to

not

more than

50%

of the net income of the Company of such year as shown on the Company’s consolidated annual financial statements as long as any of the Company's bonds issued in Israel prior to

March 27, 2018

remain outstanding. The Migdal Loan Agreement includes other customary affirmative and negative covenants and events of default.

Other comprehensive income

For the

three

months ended

March 31, 2018

and

2017,

the Company classified

$5,000

and

$2,000,

respectively, related to derivative instruments designated as cash flow hedges, from accumulated other comprehensive income, of which

$9,000

and

$3,000,

respectively, were recorded to reduce interest expense and

$4,000

and

$1,000,

respectively, were recorded against the income tax provision, in the condensed consolidated statements of operations and comprehensive income. The accumulated net loss included in Other comprehensive income as of

March 31, 2018,

is

$0.6

million.

Write-offs of unsuccessful exploration activities

Write-offs of unsuccessful exploration activities for the

three

months ended

March 31, 2018

were

$0.1

million. There were

no

write-offs of unsuccessful exploration activities for the

three

months ended

March 31, 2017.

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 reported on the balance sheet that sum to the total of the same amounts shown on the statement of cash flows:

	March 31,		December 31,
	2018		2017
Cash and cash equivalents	$	54,723	$	47,818
Restricted cash and cash equivalents		50,332		48,825
Total Cash and cash equivalents and Restricted cash and cash equivalents	$	105,055	$	96,643

Concentration of credit risk

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

The Company places its temporary cash investments with high credit quality financial institutions located in the United States and in foreign countries. At

March 31, 2018

and

December 31, 2017,

the Company had deposits totaling

$20.3

million and

$21.2

million, respectively, in

eight

U.S. financial institutions that were federally insured up to

$250,000

per account. At

March 31, 2018

and

December 31, 2017,

the Company’s deposits in foreign countries amounted to approximately

$47.3

million and

$32.8

million, respectively.

At

March 31, 2018

and

December 31, 2017,

accounts receivable related to operations in foreign countries amounted to approximately

$73.3

million and

$78.1

million, respectively. At

March 31, 2018

and

December 31, 2017,

accounts receivable from the Company’s primary customers amounted to approximately

59%

and

57%

of the Company’s accounts receivable, respectively.

Sierra Pacific Power Company and Nevada Power Company (subsidiaries of NV Energy, Inc.) accounted for

17.4%

and

18.8%

of the Company’s total revenues for the

three

months ended

March 31, 2018

and

2017,

respectively.

Southern California Public Power Authority (“SCPPA”) accounted for

16.3%

and

9.0%

of the Company’s total revenues for the

three

months ended

March 31, 2018

and

2017,

respectively.

Kenya Power and Lighting Co. Ltd. accounted for

15.1%

and

14.3%

of the Company’s total revenues for the

three

months ended

March 31, 2018

and

2017,

respectively.

The Company has historically been able to collect on substantially all of its receivable balances, and believes it will continue to be able to collect all amounts due. Accordingly,

no

provision for doubtful accounts has been made.

Note 2 - New Accounting Pronouncements

3 Months Ended

Mar. 31, 2018

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

NOTE

2

— NEW ACCOUNTING PRONOUNCEMENTS

New accounting pronouncements effective in the

three

-month period ended

March 31, 2018

Income Taxes

In

March 2018,

the Financial Accounting Standards Board ("FASB") issued ASU

2018

-

05,

Income Taxes (Topic

740

). The amendments in this update add several SEC paragraphs pursuant to the issuance of the SEC Staff Accounting Bulletin

No.

118,

Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB

118”

) in

December 2017.

The amendments in this update are effective immediately. For additional information, see Note

11

to the consolidated financial statements.

Revenues from Contracts with Customers

In

May 2014,

the FASB issued ASU

2014

-

09,

Revenues from Contracts with Customers, Topic

606,

which was a joint project of the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The update provides that an entity should recognize revenue in connection with the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, an entity is required to apply each of the following steps: (

1

) identify the contract(s) with the customer; (

2

) identify the performance obligations in the contracts; (

3

) determine the transaction price; (

4

) allocate the transaction price to the performance obligation in the contract; and (

5

) recognize revenue when (or as) the entity satisfies a performance obligation. ASU

2014

-

09

also prescribes additional financial presentations and disclosures. In

March 2016,

the FASB issued ASU

2016

-

08,

Principal versus Agent Considerations. This update did

not

change the core principles of the guidance and was intended to clarify the implementation guidance on principal versus agent considerations. When another entity is involved in providing goods or services to a customer, an entity is required to determine if the nature of its promise is to provide the specific good or service itself (that is, the entity is a principal) or to arrange for that good or service to be provided by the other party (that is, the entity is an agent). The guidance included indicators to assist an entity in determining whether it acts as a principal or agent in a specified transaction.

The Company adopted this update effectively as of

January 1, 2018

using the modified retrospective approach with

one

-time cumulative adjustment to the opening balance of retained earnings as further described below and applied the

five

-step model described above on identified outstanding contracts at the date of adoption, under which revenues are generated. Under ASC

606,

an entity must identify the performance obligations in a contract, determine the transaction price and allocate the price to specific performance obligations recognize the revenue when the obligation is completed. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The standard also requires disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts.

The adoption of ASC

606,

Revenues from Contracts with Customers, as described above, did

not

have an impact on our Electricity, Product and Other revenues in

2018,

however, the adoption did have an impact on our accounting for investment in an unconsolidated company as further described in the following table and in the disclosure under the heading "Investment in an unconsolidated company" within this note below. Additionally, the following table below summarizes the impact of the adoption of ASC

606

on the Company’s consolidated financial statements as of

January 1, 2018,

followed by further information for each of the line items in the table:

	(Dollars in millions)
Electricity segment revenues	$	–
Product segment revenues		–
Other segment revenues		–
Investment in an unconsolidated company		24.0

Electricity segment revenues

: Electricity revenues are primarily related to sale of electricity from geothermal and recovered energy-based power plants owned and operated by the Company. Revenues related to the sale of electricity from geothermal and recovered energy-based power plants and capacity payments are recorded based upon output delivered and capacity provided at rates specified under relevant contract terms. For power purchase agreements (“PPAs”) agreed to, modified, or acquired in business combinations on or after

July 1, 2003,

the Company determines whether such PPAs contain a lease element requiring lease accounting. Revenue from such PPAs are accounted for in electricity revenues. The lease element of the PPAs is also assessed in accordance with the revenue arrangements with multiple deliverables guidance, which requires that revenues be allocated to the separate earnings processes based on their relative fair value. PPAs with minimum lease rentals which vary over time are generally recognized on the straight-line basis over the term of the PPAs. PPAs with contingent rentals are recognized when earned. In the Electricity segment, revenues for all but

three

power plants are accounted for under ASC

840

(Leases) as operating leases, and therefore equipment related to geothermal and recovered energy generation power plants is considered held for leasing. For power plants in the scope of ASC

606,

the Company identified electricity as a separate performance obligation. Performance obligations identified were evaluated and determined to be satisfied over time and qualified for the invoicing practical expedient since the invoiced amounts reasonably represented the value to customers of performance obligations fulfilled to date. The transaction price is determined based on the price per actual mega-watt output or available capacity as agreed to in the respective PPA. Customers are generally billed on a monthly basis and payment is typically due within

30

to

60

days after the issuance of the invoice.

Product segment revenues

: Product segment revenues are primarily related to sale of geothermal and recovered energy-based power plants, including equipment, engineering, construction and installation and operating services. Revenues from the supply and/or construction of geothermal and recovered energy-based power plant equipment and other equipment to

third

parties are recognized over time since control is transferred continuously to our customers. The majority of our contracts include a single performance obligation which is essentially the promise to transfer the individual goods or services that is

not

separately identifiable from other promises in the contracts and therefore deemed as

not

distinct. Performance obligations are satisfied over-time if the customer receives the benefits as we perform work, if the customer controls the asset as it is being constructed, or if the product being produced for the customer has

no

alternative use and we have a contractual right to payment. In our Product segment, revenues spread over a period of

one

to

two

years and recognized over time based on cost incurred to date in ratio to total estimated costs which represents input method that best depicts the transfer of control over the performance obligation to the customer. Costs include direct material, labor, and indirect costs. Selling, marketing, general, and administrative costs are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined.

In contracts for which we determine that control is

not

transferred continuously to the customer, we recognized revenues at point in time, when the customer obtain control of the asset. This generally is the case for sale of spare parts, generators or similar other products. Revenues for such contracts are recorded upon delivery and acceptance by the customer.

Accounting for product contracts that are satisfied over time includes use of several estimates such as variable consideration related to bonuses and penalties and total estimated cost for completing the contract. The estimated amount of variable consideration will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will

not

occur when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are based on historical experience, anticipated performance and our best judgment at the time.

The nature of our product contracts give rise to several modifications or change requests by our customer. Substantially all of the modifications are treated as cumulative catch-ups to revenues since the additional goods are

not

distinct from those already provided. We include the additional revenues related to the modifications in our transaction price when both parties to the contract approved the modification. As a significant change in

one

or more of these estimates could affect the profitability of our contracts, we review and update our contract-related estimates regularly. We recognize adjustments in Product revenues on contracts under the cumulative catch-up method. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize the total loss in the period it is identified.

The Company generally provides a

one

-year warranty against defects in workmanship and materials related to the sale of products for electricity generation. The Company considered the warranty as an assurance type warranty since the warranty provides the customer the assurance that the product complies with agreed-upon specifications. Estimated future warranty obligations are included in operating expenses in the period in which the related revenue is recognized. Such charges are immaterial for the years ended

December 31, 2017,

2016,

and

2015.

Contract Assets and Liabilities related to our Product segment

: Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. We receive payments from customers based on the terms established in our contracts. Total contract assets and contract liabilities as of

March

31,

2018

and

December 31, 2017

are as follows:

	March 31, 2018			December 31, 2017
	(Dollars in thousands)

Contract assets (*)	$	41,134		$	40,945
Contract liabilities (*)		(10,458	)		(20,241	)
Contract assets, net	$	30,676		$	20,704

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

The following table presents the significant changes in the contract assets and contract liabilities for the

three

months ended

March 31, 2018:

	Contract assets			Contract liabilities
	(Dollars in thousands)
Recognition of contract liabilities as revenue as a result of performance obligations satisfied	$	–		$	8,353
Cash received in advance for which revenues have not yet recognized		–			(4,451	)
Reduction of contract assets as a result of rights to consideration becoming unconditional		(22,144	)		–
Contract assets recognized, net of recognized receivables		28,214			–
Net change in contract assets and contract liabilities	$	6,070		$	3,902

The timing of revenue recognition, billings and cash collections results in accounts receivable, contract assets and contract liabilities on the consolidated balance sheet. In our Products segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, or upon achievement of contractual milestones. Generally, billing occurs subsequent to the recognition of revenue, resulting in contract assets. However, we sometimes receive advances or deposits from our customers before revenue can be recognized, resulting in contract liabilities. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. The timing of billing our customers and receiving advance payments vary from contract to contract. We typically receive a down payment of between

10%

and

20%

of total contract consideration upon signing, followed by additional milestone payments for which timing varies from contract to contract. The majority of payments are received

no

later than the completion of the project and satisfaction of our performance obligation.

On

March

31,

2018,

we had approximately

$211.0

million of remaining performance obligations

not

yet satisfied or partly satisfied related to our Product segment. We expect to recognize approximately

91%

of this amount as Product revenues during the next

24

months and the rest thereafter.

The following schedule reconciles revenues accounted under ASC

840,

Leases, and ASC

606,

Revenues from Contracts with Customers, to total consolidated revenues for the

three

months ended

March

31,

2018:

	Three Months Ended March 31, 2018
	(Dollars in thousands)
Electricity Revenues accounted under ASC 840, Leases	$	125,832
Electricity and Product revenues accounted under ASC 606		58,191
Total consolidated revenues	$	184,023

Disaggregated revenues from contracts with customers for the

three

months ended

March 31, 2018

are shown under Note

9

– Business Segments, to the consolidated financial statements.

Investment in an unconsolidated company

: The Company also reviewed the impact of the adoption of ASC

606

on its investment in an unconsolidated company. As a result of the adoption, the Company recorded

one

-time cumulative credit adjustment to the opening balance of retained earnings of approximately

$24.0

million as of

January 1, 2018.

This impact is a result of the unconsolidated company’s variable consideration related to the construction of its power plant for which, under the new guidance, is probable that a significant reversal in the amount of cumulative revenue recognized will

not

occur when the uncertainty resolved. As such, the comparative information will

not

be restated and shall continue to be reported under the accounting standards in effect for those periods.

The following schedule quantifies the impact of adopting ASC

606

on the statement of operations for the

three

months ended

March

31,

2018:

	2018, under previous standard		Effect of the New Revenue Standard			2018, as reported
	(Dollars in thousands)
Equity in earnings of investees, net	$	1,944	$	(734	)	$	1,210
Income from continuing operations		74,990		(734	)		74,256
Net income attributable to the Company’s stockholders		70,242		(734	)		69,508
Retained earnings		411,492		(734	)		410,758

Other segment revenues

: Other segment revenues are primarily related to energy storage, demand-response and energy management related services. Revenues are recorded based on energy management of load curtailment capacity delivered or service provided at rates specified under the relevant contract terms. The Company determined that the Other segment revenues are in the scope of ASC

606

and identified energy management as a separate performance obligation. Performance obligations are satisfied once the Company provides a verification to the electric power grid operator or utility of its ability to meet the committed capacity or power curtailment requirements and thus entitled to cash proceeds. Such verification

may

be provided by the Company bi-weekly, monthly or under any other frequency as set by the related program and are typically followed by a payment shortly after. Performance obligations identified were evaluated and determined to be satisfied over time and qualified for the invoicing practical expedient since the amounts included in the verification document reasonably represent the value of performance obligations fulfilled to date. The transaction price is determined based on mechanisms specified in the contract with the customer.

Compensation - Stock Compensation

In

May 2017,

the FASB issued ASU

2017

-

09,

Compensation—Stock Compensation (Topic

718

). The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic

718.

The amendments in this update require that an entity should account for the effects of a modification unless all of the following are met: (

1

) The fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified; (

2

) The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; (

3

) The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The current disclosure requirements in Topic

718

apply regardless of whether an entity is required to apply modification accounting under the amendments in this update. The amendments in this update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after

December 15, 2017.

The amendments in this update should be applied prospectively to an award modified on or after the adoption date. The adoption of this guidance did

not

have a material impact on the Company’s consolidated financial statements.

Business Combinations

In

January 2017,

the FASB issued ASU

2017

-

01,

Business Combinations (Topic

805

). The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this update primarily provide a screen to determine when a set of assets and activities is

not

a business and by that reduces the number of transactions that need to be further evaluated. The amendments in this update should be applied prospectively and are effective for financial statements issued for fiscal years beginning after

December 15, 2017,

and interim periods within those fiscal years. The adoption of this guidance did

not

have an impact on the Company’s consolidated financial statements.

Statement of Cash Flow

In

November 2016,

the FASB issued ASU

2016

-

18,

Statement of Cash Flows (Topic

230

) – Restricted Cash. The amendments in this update require that a statement of cash flows explain the changes during the period in total cash, cash equivalents, and the amounts generally described as restricted cash or cash equivalents. Therefore, amounts of restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this update should be applied retrospectively for each period presented and are effective for financial statements issued for fiscal years beginning after

December 15, 2017

and interim periods within those fiscal years. The Company adopted this guidance retrospectively in its consolidated financial statements for the

three

month period ending

March 31, 2018

and adjusted its disclosure accordingly.

Intra-Entity Transfers of Assets Other than Inventory

In

October 2016,

the FASB issued ASU

2016

-

16,

Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory. The amendments in this update require that the entity would recognize the tax expense from the sale of the asset in the seller’s tax jurisdiction when the transfer occurs, even though the pre-tax effects of that transaction are eliminated in consolidation. Any deferred tax asset that arises in the buyer’s jurisdiction would also be recognized at the time of the transfer. The new guidance does

not

apply to intra-entity transfers on inventory. The amendments in this update should be applied for each period presented and are effective for financial statements issued for fiscal years beginning after

December 15, 2017

and interim periods within those fiscal years. The modified retrospective approach is required for transition to the new guidance, with cumulative-effect adjustment recorded in retained earnings as of the beginning of the period of adoption. The Company adopted this guidance retrospectively in its consolidated financial statements for the

three

months ending

March 31, 2018

and recorded a net cumulative-effect adjustment to retained earnings of approximately

$1.8

million with a corresponding adjustment to deferred charges and deferred income taxes on the consolidated balance sheet of approximately

$49.8

million and

$51.6

million, respectively.

Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (Topic

230

)

In

August 2016,

the FASB issued ASU

2016

-

15,

Statement of Cash-Flows (Topic

230

). This update addresses

eight

specific cash flow classification issues with the objective of reducing diversity in practice. One of the issues addressed in this update is debt prepayment or debt extinguishment costs which under the new guidance should be classified as cash outflows for financing activities. Additionally, the update addressed contingent consideration payments made after a business combination. Such cash payments made soon after the acquisition date to settle a contingent consideration liability should be classified as cash outflows for investing activities. Payments made thereafter should be classified as cash outflows for financing activities up to the amount of the original contingent consideration liability. Payments made in excess of the amount of the original contingent consideration liability should be classified as cash outflows for operating activities. The amendments in this update are effective for fiscal years beginning after

December 15, 2017

and interim periods within those fiscal years. The amendments in this update should be applied using a retrospective transition method to each period presented. The Company adopted this guidance and expects that the impact from the adoption of the update will result in a reclassification of approximately

$8.0

million of cash paid for achievement of production threshold in Guadeloupe during the

fourth

quarter of

2017

from cash outflows from investing activities to cash outflows from financing activities as required by this update.

Recognition and Measurement of Financial Assets and Financial Liabilities

In

January 2016,

the FASB issued ASU

2016

-

01,

Recognition and Measurement of Financial Assets and Financial Liabilities. The update primarily requires that an entity present separately, in other comprehensive income, the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk if the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The application of this update should be by means of cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments in this update are effective for financial statements issued for fiscal years beginning after

December 15, 2017

and interim periods within those fiscal years. The adoption of this update did

not

have a material impact on the Company’s consolidated financial statements.

New accounting pronouncements effective in future periods

Derivatives and Hedging

In

August 2017,

the FASB issued ASU

2017

-

12,

Targeted Improvements to Accounting for Hedging Activities. The amendments in this update better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amendments in this update are effective for fiscal years beginning after

December 15, 2018,

and interim periods within those fiscal years. Early application is permitted in any interim period after issuance of the update. The Company is currently evaluating the potential impact, if any, of the adoption of these amendments on its consolidated financial statements.

Intangibles –Goodwill and Other

In

January 2017,

the FASB issued ASU

2017

-

04,

Intangibles – Goodwill and Other (Topic

350

). The amendments in this update require the entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. However, the loss recognized should

not

exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider the income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. This update, eliminated Step

2

from the goodwill impairment test under the current guidance. Step

2

measures a goodwill impairment loss by comparing the implied fair value of reporting unit’s goodwill with the carrying amount of that goodwill. The amendments in this update should be applied on a prospective basis. An entity is also required to disclose the nature of and the reason for the change in accounting principle upon transition. That disclosure should be provided in the

first

annual period and the interim period within the

first

annual period when the entity initially adopts the amendments in this update. The amendments in this update are effective for the annual or any interim goodwill impairment tests in fiscal years beginning after

December 15, 2019.

Early adoption is permitted for interim or annual impairment tests performed on testing dates after

January 1, 2017.

The Company is currently evaluating the potential impact, if any, of the adoption of these amendments on its consolidated financial statements.

Leases

In

February 2016,

the FASB issued ASU

2016

-

02,

Leases (Topic

842

). This update introduces a number of changes and simplifies previous guidance, primarily the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. The update retains the distinction between finance leases and operating leases and the classification criteria between the

two

types remains substantially similar. Also, lessor accounting remains largely unchanged from previous guidance. However, key aspects of the update were aligned with the revenue recognition guidance in Topic

606.

Additionally, the update defines a lease as a contract, or part of a contract, that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control over the use of the identified asset means that the customer has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. This update requires the modified retrospective transition approach, which requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented. The modified retrospective approach includes a number of optional practical expedients related to identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commenced before the effective date in accordance with the previous generally accepted accounting principles in the United States unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous generally accepted accounting principles in the United States. The amendments in this update are effective for annual reporting periods beginning after

December 15, 2018,

including interim periods within those reporting periods. Early adoption is permitted. The Company is currently evaluating the potential impact, if any, of the adoption of these amendments on its consolidated financial statements.

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive income

In

February 2018,

the FASB issued ASU

2018

-

02,

Income Statement – Reporting Comprehensive Income (Topic

220

). The amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting for the Tax Cuts and Jobs Act of

2017.

The guidance is effective for the fiscal years beginning after

December 15, 2018,

and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the potential impact of the adoption of these amendments on its consolidated financial statements, however, such impact, if any, is

not

expected to be material.

Note 3 - Inventories

3 Months Ended

Mar. 31, 2018

Inventory Disclosure [Text Block]

NOTE

3

— INVENTORIES

Inventories consist of the following:

	March 31,		December 31,
	2018		2017
	(Dollars in thousands)
Raw materials and purchased parts for assembly	$	12,019	$	12,007
Self-manufactured assembly parts and finished products		8,050		7,544
Total	$	20,069	$	19,551

Note 4 - Investment in an Unconsolidated Company

3 Months Ended

Mar. 31, 2018

Equity Method Investments and Joint Ventures Disclosure [Text Block]

NOTE

4

— INVESTMENT IN AN UNCONSOLIDATED COMPANY

Unconsolidated investments consist of the following:

	March 31,		December 31,
	2018		2017
	(Dollars in thousands)
Sarulla	$	63,109	$	34,084

The Sarulla Project

The Company holds a

12.75%

equity interest in a consortium which developed the

330

MW Sarulla geothermal power plant project in Tapanuli Utara, North Sumatra, Indonesia. The Sarulla project is comprised of

three

separately constructed

110

MW units, the most recent of which,

NIL

2,

was completed in

April 2018.

The Sarulla project is owned and operated by the consortium members under the framework of a joint operating contract and energy sales contract that were both signed on

April 4, 2013

.

Under the joint operating contract, PT Pertamina Geothermal Energy, the concession holder for the project, has provided the consortium with the right to use the geothermal field, and under the energy sales contract, PT PLN, the state electric utility, is the off-taker at Sarulla for a period of

30

years.

On

May 16, 2014,

the consortium closed

$1.17

billion in financing for the development of the Sarulla project with a consortium of lenders comprised of Japan Bank for International Cooperation (“JBIC”), the Asian Development Bank and

six

commercial banks and obtained construction and term loans on a limited recourse basis backed by a political risk guarantee from JBIC. Of the

$1.17

billion,

$0.1

billion bears interest at a fixed rate and

$1.07

billion bears interest at a rate linked to LIBOR. The total interest expenses, net incurred by the consortium for the

three

months ended

March 31, 2018,

totaled approximately

$16.9

million.

The Sarulla consortium entered into interest rate swap agreements with various international banks, effective as of

June 4, 2014,

in order to fix the interest rate linked to LIBOR on up to

$0.96

billion of the

$1.07

billion portion of the financing arrangement subject to such interest rate at

3.4565%.

The Sarulla project company accounted for the interest rate swap as a cash flow hedge upon which changes in the fair value of the hedging instrument, relative to the effective portion, are recorded in other comprehensive income. During the

three

months ended

March 31, 2018

and

2017,

the Sarulla project company recorded a gain of

$20.7

million and

$4.5

million, respectively, net of deferred tax, of which the Company’s share was

$2.6

million and

$0.6

million, respectively. The Company’s share of such gains were recorded in other comprehensive income. The related accumulated loss recorded by the Company in other comprehensive income (loss) as of

March 31, 2018

is

$2.5

million.

During the

three

months ended

March 31, 2018,

the Company made additional cash equity investments in the Sarulla project of approximately

$1.3

million, for a total of

$59.5

million since inception.

As further described above under the heading “New accounting pronouncement effective in the

three

-month period ended

March 31, 2018”

in Note

2

to the consolidated financial statements, the Company adopted ASC

606,

Revenue from Contracts with Customers, on

January 1, 2018.

The impact of the adoption of this standard on its investment in an unconsolidated company amounted to

$24.0

million at

January 1, 2018.

This impact was a result of the unconsolidated company’s variable consideration related to the construction of its power plant for which, under the new guidance, is probable that a significant reversal in the amount of cumulative revenue recognized will

not

occur when the uncertainty is resolved. The Company adopted the new standard using the modified retrospective approach with a

one

-time cumulative adjustment to the opening balance of retained earnings of approximately

$24.0

million at

January 1, 2018,

the date of initial application.

Note 5 - Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Text Block]

NOTE

5—

FAIR VALUE OF FINANCIAL INSTRUMENTS

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

1

measurements) and the lowest priority to unobservable inputs (Level

3

measurements). The

three

levels of the fair value hierarchy under the fair value measurement guidance are described below:

Level

1

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

Level

2

— Quoted prices in markets that are

not

active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level

3

— Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or

no

market activity).

The following table sets forth certain fair value information at

March 31, 2018

and

December 31, 2017

for financial assets and liabilities measured at fair value by level within the fair value hierarchy, as well as cost or amortized cost. As required by the fair value measurement guidance, assets and liabilities are classified in their entirety based on the lowest level of inputs that is significant to the fair value measurement.

				March 31, 2018
				Fair Value
	Carrying Value at March 31, 2018			Total			Level 1		Level 2		Level 3
	(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (including restricted cash accounts)	$	20,658		$	20,658		$	20,658	$	—	$	—
Derivatives:
Contingent receivable (1)		111			111			—		—		111
Currency forward contracts (2)		30			30			—		30		—
Liabilities:
Current liabilities:
Derivatives:
Contingent payables (1)		(14,006	)		(14,006	)		—		—		(14,006	)
Warrants (1)		(4,080	)		(4,080	)		—		—		(4,080	)
	$	2,713		$	2,713		$	20,658	$	30	$	(17,975	)

				December 31, 2017
				Fair Value
	Carrying Value at December 31, 2017			Total			Level 1		Level 2		Level 3
	(Dollars in thousands)
Assets
Current assets:
Cash equivalents (including restricted cash accounts)	$	18,359		$	18,359		$	18,359	$	—	$	—
Derivatives:
Contingent receivable (1)		108			108			—		—		108
Currency forward contracts (2)		992			992			—		992		—
Liabilities:
Current liabilities:
Derivatives:
Contingent payables (1)		(13,904	)		(13,904	)		—		—		(13,904	)
Warrants (1)		(3,967	)		(3,967	)		—		—		(3,967	)
	$	1,588		$	1,588		$	18,359	$	992	$	(17,763	)

( 1 )	These amounts relate to contingent receivables and payables and warrants relating to acquisition of substantially all of the assets of Viridity Energy, Inc. and the Guadeloupe power plant purchase transaction, valued primarily based on unobservable inputs and are included within “Prepaid expenses and other”, “Accounts payable and accrued expenses” and “Other long-term liabilities” on March 31, 2018 and within “Prepaid expenses and other” and “Other long-term liabilities” on December 31, 2017 in the consolidated balance sheets with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the consolidated statement of operations and comprehensive income.

( 2 )	These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Prepaid expenses and other” and “Accounts payable and accrued expenses”, as applicable, on March 31, 2018 and December 31, 2017, in the consolidated balance sheet with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the consolidated statement of operations and comprehensive income.

The amounts set forth in the tables above include investments in debt instruments and money market funds (which are included in cash equivalents). Those securities and deposits are classified within Level

1

of the fair value hierarchy because they are valued using quoted market prices in an active market.

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

not

designated as hedges:

		Amount of recognized gain (loss)
Derivatives not designated	Location of recognized	Three Months Ended March 31,
as hedging instruments	gain (loss)	2018			2017

Put options on natural gas price	Derivatives and foreign currency transaction gains (losses)	$	—		$	(193	)
Contingent considerations	Derivative and foreign currency transaction gains (losses)		—			(50	)
Currency forward contracts	Derivative and foreign currency and transaction gains (losses)		(546	)		2,262
		$	(546	)	$	2,019

In

January 2017,

the Company entered into Henry Hub Natural Gas Future contracts under which it bought a number of put options covering a notional quantity of approximately

4.1

million British Thermal Units (“MMBtu”) with exercise prices of

$3

and expiration dates ranging from

January 26, 2017

until

November 27, 2017

in order to reduce its exposure to fluctuations in natural gas prices under its PPAs with Southern California Edison. The Company paid an aggregate amount of approximately

$0.7

million for these put options.

The foregoing future and forward transactions were

not

designated as hedge transactions and are marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)”.

There were

no

transfers of assets or liabilities between Level

1,

Level

2

and Level

3

during the

three

months ended

March 31, 2018.

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

	Fair Value				Carrying Amount
	March 31, 2018		December 31, 2017		March 31, 2018		December 31, 2017
	(Dollars in millions)				(Dollars in millions)
Olkaria III Loan - OPIC	$	225.2	$	234.6	$	224.1	$	228.6
Olkaria IV Loan - DEG 2		50.6		50.7		50.0		50.0
Amatitlan Loan		31.2		32.8		32.4		33.3
Senior Secured Notes:
OrCal Geothermal Inc. ("OrCal")		28.5		34.2		27.3		32.1
OFC 2 LLC ("OFC 2")		223.9		234.6		228.0		232.5
Don A. Campbell 1 ("DAC 1")		81.6		85.5		86.7		88.3
Senior Unsecured Bonds		196.5		200.3		204.3		204.3
Senior Unsecured Loan		100.7		—		100.0		—
Other long-term debt		6.6		7.0		7.8		7.9

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

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

The following table presents the fair value of financial instruments as of

March 31, 2018:

	Level 1		Level 2		Level 3		Total
	(Dollars in millions)
Olkaria III - OPIC	$	—	$	—	$	225.2	$	225.2
Olkaria IV - DEG 2		—		—		50.6		50.6
Amatitlan Loan		—		31.2		—		31.2
Senior Secured Notes:
OrCal Senior Secured Notes		—		—		28.5		28.5
OFC 2 Senior Secured Notes		—		—		223.9		223.9
DAC 1 Senior Secured Notes		—		—		81.6		81.6
Senior Unsecured Bonds		—		—		196.5		196.5
Senior Unsecured Loan		—		—		100.7		100.7
Other long-term debt		—		—		6.6		6.6
Revolving lines of credit		—		38.5		—		38.5
Deposits		15.2		—		—		15.2

The following table presents the fair value of financial instruments as of

December

31,

2017:

	Level 1		Level 2		Level 3		Total
	(Dollars in millions)
Olkaria III Loan - OPIC	$	—	$	—	$	234.6	$	234.6
Olkaria IV - DEG 2						50.7		50.7
Amatitlan Loan		—		32.8		—		32.8
Senior Secured Notes:
OrCal Senior Secured Notes		—		—		34.2		34.2
OFC 2 Senior Secured Notes		—		—		234.6		234.6
DAC 1 Senior Secured Notes		—		—		85.5		85.5
Senior Unsecured Bonds		—		—		200.3		200.3
Other long-term debt		—		—		7.0		7.0
Revolving lines of credit		—		51.5		—		51.5
Deposits		15.6		—		—		15.6

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 6 - Stock-based Compensation	3 Months Ended
Note 6 - Stock-based Compensation	Mar. 31, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 6 — STOCK-BASED COMPENSATION The 2004 Incentive Compensation Plan In 2004, the Board of Directors of the Company (the “Board”) adopted the 2004 Incentive Compensation Plan ( “2004 Incentive Plan”), which provided for the grant of the following types of awards: incentive stock options, non-qualified stock options, restricted stock, stock appreciation rights (“SARs”), stock units, performance awards, phantom stock, incentive bonuses, and other possible related dividend equivalents to employees of the Company, directors and independent contractors. Under the 2004 Incentive Plan, a total of 3,750,000 shares of the Company’s common stock were reserved for issuance, all of which could be issued as options or as other forms of awards. Options and SARs granted to employees under the 2004 Incentive Plan cliff vest and are exercisable from the grant date as follows: 25% after 24 months, 25% after 36 months, and the remaining 50% after 48 months. Options granted to non-employee directors under the 2004 Incentive Plan cliff vest and are exercisable one year after the grant date. Vested stock-based awards may be exercised for up to ten years from the grant date. The shares of common stock issued in respect of awards under the 2004 Incentive Plan are issued from the Company’s authorized share capital upon exercise of options or SARs. The 2004 Incentive Plan expired in May 2012 upon adoption of the 2012 Incentive Compensation Plan ( “2012 Incentive Plan”), except as to stock-based awards outstanding under the 2004 Incentive Plan on that date. The 2012 Incentive Compensation Plan In May 2012, the Company’s shareholders adopted the 2012 Incentive Plan, which provides for the grant of the following types of awards: incentive stock options, non-qualified stock options, restricted stock, SARs, stock units, performance awards, phantom stock, incentive bonuses, and other possible related dividend equivalents to employees of the Company, directors and independent contractors. Under the 2012 Incentive Plan, a total of 4,000,000 shares of the Company’s common stock were reserved for issuance, all of which could be issued as options or as other forms of awards. Options and SARs granted to employees under the 2012 Incentive Plan typically vest and become exercisable as follows: 25% vest 24 months after the grant date, an additional 25% vest 36 months after the grant date, and the remaining 50% vest 48 months after the grant date. Options granted to non-employee directors under the 2012 Incentive Plan will vest and become exercisable one year after the grant date. Restricted stock units granted to directors and members of senior management vest according to a vesting schedule as follows: for the directors, 100% on the first anniversary of the grant date and for members of senior management, 25% on each of the first, second, third and fourth anniversaries of the grant date. The term of stock-based awards typically ranges from six to ten years from the grant date. The shares of common stock issued in respect of awards under the 2012 Incentive Plan are issued from the Company’s authorized share capital upon exercise of options or SARs. The 2012 Incentive Plan expired in May 2018 upon adoption of the 2018 Incentive Compensation Plan ( “2018 Incentive Plan”), except as to stock-based awards outstanding under the 2012 Incentive Plan on that date. The 2018 Incentive Compensation Plan On May 7, 2018, the Company held its 2018 Annual Meeting of Stockholders at which the Company's stockholders approved the 2018 Incentive Plan. The 2018 incentive plan provides for the grant of the following types of awards: incentive stock options, restricted stock, SARs, stock units, performance awards, phantom stock, incentive bonuses and other possible related dividend equivalents to employees of the Company, directors and independent contractors. Under the 2018 Incentive Plan, a total of 5,000,000 shares of the Company’s common stock will be authorized for issuance, all of which could be issued as options or as other forms of awards.

Note 7 - Interest Expense, Net

3 Months Ended

Mar. 31, 2018

Interest Expense Disclosure [Text Block]

NOTE

7

— INTEREST EXPENSE, NET

The components of interest expense are as follows:

	Three Months Ended March 31,
	2018			2017

Interest related to sale of tax benefits	$	1,409		$	2,012
Interest expense		13,306			14,175
Less — amount capitalized		(371	)		(1,264	)
	$	14,344		$	14,923

Note 8 - Earnings Per Share

3 Months Ended

Mar. 31, 2018

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:

	Three Months Ended March 31,
	2018		2017

Weighted average number of shares used in computation of basic earnings per share		50,614		49,680
Add:
Additional shares from the assumed exercise of employee stock options		437		811

Weighted average number of shares used in computation of diluted earnings per share		51,051		50,491

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

62,409

and

11,491

for the

three

months ended

March 31, 2018

and

2017,

respectively.

Note 9 - Business Segments

3 Months Ended

Mar. 31, 2018

Segment Reporting Disclosure [Text Block]

NOTE

9

— BUSINESS SEGMENTS

In

2018,

the Company started disclosing its energy storage and power load management business activity under the Other segment as such operations met the reportable segment criteria of ASC

280,

Segment Reporting. As such, starting in

2018

the Company has

three

reporting segments: the Electricity segment, the Product segment and the Other segment. These segments are managed and reported separately as each offers different products and serves different markets. The Electricity segment is engaged in the sale of electricity from the Company’s power plants pursuant to PPAs. The Product segment is engaged in the manufacture, including design and development, of turbines and power units for the supply of electrical energy and in the associated construction of power plants utilizing the power units manufactured by the Company to supply energy from geothermal fields and other alternative energy sources. The Other segment is engaged in management of curtailable customer loads under contracts with U.S. retail energy providers and directly with large commercial and industrial customers as well as battery storage as a service. The summarized financial information below of the Other segment for the

three

months ending

March 31, 2017

is immaterial.

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, as further described under Note

1

to the consolidated financial statements, the Company's disaggregated revenues from contracts with customers as required by ASC

606:

	Electricity		Product		Other			Consolidated
	(Dollars in thousands)
Three Months Ended March 31, 2018:
Revenues from external customers:
United States (1)		83,683		194		2,862			86,739
Foreign (2)		48,806		48,478		—			97,284
Total net revenues from external customers	$	132,489	$	48,672		2,862			184,023
Intersegment revenues		—		24,827		—			24,827
Operating income		46,412		9,553		(1,372	)		54,593
Segment assets at period end (3) (*)		2,542,154		114,815		53,848			2,710,817
(*) Including unconsolidated investments		63,109		—		—			63,109

Three Months Ended March 31, 2017:
Net revenues from external customers (4)	$	115,776	$	74,122		—			189,898
Intersegment revenues (4)		—		16,213		—			16,213
Operating income (4)		40,898		18,598		—			59,496
Segment assets at period end (3)		2,233,237		217,051		49,600			2,499,888

(

1

)

Electricity revenues in the United States are all accounted under ASC

840,

Leases, except for

$6.7

million that are accounted under ASC

606

starting in

2018.

Product and Other revenues in the United States are accounted under ASC

606,

as further described under Note

2

to the consolidated financial statements.

(

2

)

Electricity revenues in foreign countries are all accounted under ASC

840,

Leases, and Product revenues in foreign countries are accounted under ASC

606

as further described under Note

2

to the consolidated financial statements.

(

3

)

Electricity segment assets include goodwill in the amount of

$7.8

million and

$6.2

million as of

March, 31, 2018

and

2017,

respectively. Other segment assets include goodwill in the amount of

$13.5

million as of

March 31, 2018

and

2017.

(

4

)

The amounts related to the Other segment are immaterial.

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

	Three Months Ended March 31,
	2018			2017

Revenue:
Total segment revenue	$	184,023		$	189,898
Intersegment revenue		24,827			16,213
Elimination of intersegment revenue		(24,827	)		(16,213	)

Total consolidated revenue	$	184,023		$	189,898

Operating income:
Operating income	$	54,593		$	59,496
Interest income		113			244
Interest expense, net		(14,344	)		(14,923	)
Derivatives and foreign currency transaction gains (losses)		(1,599	)		1,338
Income attributable to sale of tax benefits		7,361			6,157
Other non-operating income (expense), net		(20	)		(92	)
Total consolidated income before income taxes and equity in earnings of investees	$	46,104		$	52,220

Note 10 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2018

Commitments and Contingencies Disclosure [Text Block]

NOTE

10

— COMMITMENTS AND CONTINGENCIES

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

	●	On February 18, 2018, Western Watersheds Project filed a notice of appeal and petition with the U.S. Department of the Interior Board of Land Appeals for standing with respect to the January 16, 2018 Bureau of Land Management (“BLM”) decision approving Addendum 2 to Operation Plan & Utilization Plan for the McGinness Hills Geothermal Project. The appeal alleges that the January 2018 BLM decision authorizing construction and operation of Phase 3 of McGinness Hills causes harm to WWP and its members by allowing degradation of the wildlife habitat of the Greater sage-grouse in that area. The Company has filed a motion to intervene as an interested party in support of the BLM. The litigation was resolved and the settlement was approved by the Interior Board of Land appeals. The settlement amount was immaterial to the Company’s consolidated financial statements.

●

On

August 5, 2016,

George Douvris, Stephanie Douvris, Michael Hale, Cheryl Cacocci, Hillary E. Wilt and Christina Bryan, acting for themselves and on behalf of all other similarly situated residents of the lower Puna District, filed a complaint in the Third Circuit Court for the State of Hawaii seeking certification of a class action for preliminary and permanent injunctive relief, consequential and punitive damages, attorney’s fees and statutory interest against PGV and other presently unknown defendants. On

December 12, 2016,

the federal district court granted plaintiffs’ motion for joinder of HELCO as a co-defendant, and the case, which had previously been removed to the U.S. District Court for the District of Hawaii, was remanded back to the Third Circuit Court. The amended complaint alleged that injuries and other damages in an undisclosed amount were caused to the plaintiffs as a result of an alleged toxic release by PGV in the wake of Hurricane Iselle in

August 2014.

On

June 14, 2017,

the Third Circuit Court denied HELCO’s motion to dismiss the complaint against HELCO. Discovery is underway. The Company believes that it has valid defenses under law and intends to defend itself vigorously.

●

On

March 29, 2016,

a former local sales representative in Chile, Aquavant, S.A., filed a claim against Ormat’s subsidiaries in the

27th

Civil Court of Santiago, Chile on the basis of unjust enrichment. The claim requests that the court order Ormat to pay Aquavant

$4.8

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. In

February 2018

preliminary defenses, filed by the Company, were denied by the lower court and are pending on appeal. The Company’s answer to the complaint, plaintiff’s response and the Company’s rejoinder were duly filed. The Company believes that it has valid defenses under law and intends to defend itself vigorously.

●

Jon Olson and Hilary Wilt, together with Puna Pono Alliance filed a complaint on

February 17, 2015

in the Third Circuit Court for the State of Hawaii, requesting declaratory and injunctive relief requiring that Puna Geothermal Venture comply with an ordinance that the plaintiffs allege will prohibit PGV from engaging in night drilling operations at its KS-

16

well site. On

May 17, 2015,

the original complaint was amended to add the County of Hawaii and the State of Hawaii Department of Land and Natural Resources as defendants to the case. On

October 10, 2016,

the court issued its decision in response to each of the plaintiffs’ and defendants’ motions for summary judgment, denying plaintiffs’ motion and granting defendant PGV's and the County of Hawaii’s cross motions for summary judgment, effectively rendering the plaintiffs’ action moot. On

January 23, 2017,

the plaintiffs filed a motion requesting that the Intermediate Court of Appeals address appellate jurisdiction, which was denied by the court on

April 20, 2017

as premature. The Company believes that it has valid defenses under law and intends to defend itself vigorously.

●

On

May 21, 2018,

a motion to certify a class action was filed in the Tel Aviv District Court (Economic Division) entitled Heit vs Ormat Technologies, Inc. et al (C.A.

44366

-

05

-

18

). The motion purports that the Company and

eleven

of its officers and directors misled investors by asserting in its financial statements that it maintains effective internal controls over its accounting policies and procedures, and demands payment of

93

million Shekels (approximately

$26

million) to compensate persons who purchased Company shares between

August 3, 2017

and

May 13, 2018.

The Company believes that it has valid defenses under law and intends to defend itself vigorously. Pending resolution of the putative class action filed in the United States and described below, the Company intends to seek a stay of the proceedings in relation to the claim filed in the Tel Aviv District Court.

●

On

June 11, 2018,

a putative class action on behalf of alleged shareholders that purchased or acquired the Company's ordinary shares between

August 8, 2017

and

May 15, 2018

was commenced in the United States District Court for the District of Nevada against the Company and its Chief Executive Officer and Chief Financial Officer. The complaint asserts claims against all defendants pursuant to Section

10

(b) of the Exchange Act, as amended and Rule

10b

-

5

there under Section

20

(a) of the Exchange Act, as amended. The complaint alleges that the Company's Form

10

-K for the years ended

December 31, 2016

and

2017,

and Form

10

-Qs for each of the quarters in the

nine

months ended

September 30, 2017

contained material misstatements or omissions, among other things, with respect to the Company’s tax provisions and the effectiveness of its internal control over financial reporting, and that, as a result of such alleged misstatements and omissions, the plaintiffs suffered damages. The Company has

not

yet responded to the complaints. The Company believes that it has valid defenses under law and intends to defend itself vigorously.

In addition, from time to time, the Company is named as a party to various other lawsuits, claims and other legal and regulatory proceedings that arise in the ordinary course of our business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract, property damage, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to such lawsuits, claims and proceedings, the Company accrues reserves when a loss is probable and the amount of such loss can be reasonably estimated. It is the opinion of the Company’s management that the outcome of these proceedings, individually and collectively, will

not

be material to the Company’s consolidated financial statements as a whole.

Note 11 - Income Taxes	3 Months Ended
Note 11 - Income Taxes	Mar. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 11 — INCOME TAXES The Company’s effective tax rate expense (benefit) for the three months ended March 31, 2018 and 2017 was ( 58.4 )% and 21.1%, respectively. The effective rate differs from the US federal statutory rate of 21% for the three months ended March 31, 2018 due to: (i) the impact of the newly enacted global intangible low tax income (“GILTI”); (ii) forecasted generation of production tax credits; (iii) impact of U.S. permanent tax adjustments (iv) lower tax rate in Israel of 16% and (v) a tax credit and tax exemption related to the Company’s subsidiaries in Guatemala and Honduras. The Tax Cuts and Jobs Act (the Tax Act) was enacted on December 22, 2017. The Tax Act ( 1 ) reduced the U.S. federal corporate income tax rate from 35 percent to 21 percent; ( 2 ) required companies to include in taxable income an amount on certain unrepatriated earnings of foreign subsidiaries; ( 3 ) generally eliminated U.S. federal income taxes on dividends from foreign subsidiaries; ( 4 ) required a current inclusion in U.S. federal taxable income of certain earnings of controlled foreign corporations; ( 5 ) eliminated the corporate alternative minimum tax (AMT) and changed how existing AMT credits can be realized; ( 6 ) created the base erosion anti-abuse tax (BEAT), a new minimum tax; ( 7 ) created a new limitation on deductible interest expense; and ( 8 ) changed rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017. The SEC staff issued SAB 118, which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provision of the tax laws that were in effect immediately before the enactment of the Tax Act. The Company is applying the guidance in SAB 118 when accounting for the enactment date effects of the Act. As of December 31, 2017, the Company made provisional estimates related to ( 1 ) deemed repatriation transition tax; ( 2 ) GILTI; ( 3 ) valuation allowance; and ( 4 ) uncertain tax positions As of March 31, 2018, the Company made updates to its provisional estimates related to GILTI and valuation allowance. The Company will continue to refine the estimates as it continues its analysis of the statutory provisions and related interpretations. Any changes to a provisional estimate of the tax effect of the Tax Act, that were recorded as of December 31, 2017, will be recorded as a discrete item in the interim period. During the first quarter of 2018, based upon continued analysis of the specific provisions of the Act, including the newly created requirement that GILTI earned by controlled foreign corporations (CFCs) must be included currently in gross income of the CFC’s U.S. shareholder, the Company concluded it was more likely than not that certain income included in the GILTI calculation would be allocated in a way that would provide an additional source of realization for the Company’s foreign tax credits and production tax credits. Accordingly, and as allowed for under SAB 118, in the first quarter of 2018, the Company recorded a tax benefit of $44.4 million for the reduction of the valuation allowance related to foreign tax credits and production tax credits, which had a ( 96% ) impact on the Company’s effective tax rate during the first quarter of 2018. In addition, due to the complexity of the new GILTI tax rules, we are continuing to evaluate this provision of the Act and the application of ASC 740. We have included a provisional estimate of the 2018 current GILTI impact in our annual effective tax rate for 2018, and we have elected to treat GILTI as a period cost. In May 2018 certain officials from the Treasury and the IRS made public comments about a plan to propose regulations related to GILTI that will confirm how to allocate certain income in the GILTI calculation. The method of allocation is different than our analysis of the law in Q1 and is expected to have a direct impact on our valuation allowance related to foreign tax credits and production tax credits. Therefore, we believe that this confirmation of the allocation method provides evidence on a more likely than not basis that the Company should reverse the $44.4 million tax benefit as recorded in the first quarter of 2018. The Company will record this adjustment in the second quarter results because ASC 740 requires changes in tax positions to be accounted for in the period in which the change in facts occurs. The range of the ultimate adjustment to our valuation allowance in the second quarter is dependent on multiple variables such as activities and events that occur during the three months ended June 30, 2018. The release of additional guidance in future periods may require changes to the Company’s provision estimates during the quarterly or annual periods of 2018.

Note 12 - Subsequent Events

3 Months Ended

Mar. 31, 2018

Subsequent Events [Text Block]

NOTE

12

— SUBSEQUENT EVENTS

Cash dividend

On

May 7, 2018,

the Board declared, approved and authorized payment of a quarterly dividend of

$5.1

million (

$0.10

per share) to all holders of the Company’s issued and outstanding shares of common stock on

May 21, 2018,

payable on

May 30, 2018.

Compliance with financial covenants

In relation to covenants in certain debt facilities, which require timely filing of quarterly financial statements, the Company received waivers from each of its and its subsidiaries’ lenders as follows:

●

The Company received waivers extending the period required to file the quarterly condensed consolidated financial statements for the

three

months ended

March 31, 2018

for all debt facilities with a

May 30, 2018

filing deadline. The Company subsequently filed such financial statements within the period provided by the waivers.

●

The deeds of trust governing the Company’s Series

2

Bonds and Series

3

Bonds contain a

June 14, 2018

filing deadline for the quarterly condensed consolidated financial statements for the

three

months ended

March 31, 2018.

Nevertheless, the failure to file is

not

a default under the bonds unless a majority of bondholders votes to take action to accelerate the maturity date of the bonds, which did

not

occur prior to the late filing of the Form

10

-Q for the quarter ended

March 31, 2018.

However, since the ability of the bondholders to accelerate

may

trigger a cross default under certain of the Company other debt facilities, the Company received waivers of any potential cross default under those facilities.

Following the filing of such condensed consolidated financial statements and the filing of the restated consolidated financial statements for the fiscal year ended

December 31, 2017

and the restated condensed consolidated financial statements for the

second

and

third

quarters of

2017,

the Company believes that it and its subsidiaries are in compliance with the reporting covenants and all other covenants under their debt facilities.

Tungsten Mountain partnership transaction

On

May 17, 2018,

one

of the Company’s wholly-owned subsidiaries that indirectly owns the

26

MW Tungsten Mountain Geothermal power plant entered into a partnership agreement with a private investor. Under the transaction documents, the private investor acquired membership interests in the Tungsten Mountain Geothermal power plant project for an initial purchase price of approximately

$33.4

million and for which it will pay additional installments that are expected to amount to approximately

$13

million. The Company will continue to operate and maintain the power plant and will receive substantially all the distributable cash flow generated by the power plant.

Puna

On

May 3, 2018,

the Kilauea volcano located in close proximity to the Company’s

38

MW Puna geothermal power plant in the Puna district of Hawaii's Big Island erupted following a significant increase in seismic activity in the area. While the Company has taken steps to secure the Puna facilities, including, among others, taking electricity generation offline and placing physical barriers around, and protective coverings over, the geothermal wells, and has evacuated non-essential personnel at the power plant and removed all pentane from the site, it is still assessing the impact of the volcanic eruption and seismic activity on the Puna facilities. The approaching lava covered the wellheads of

three

geothermal wells and the substation of the Puna complex and an adjacent warehouse that stored a drilling rig were burned due to the approaching lava. The damages are expected to be covered by the Company’s insurance policies. The net book value of the Puna property, plant and equipment is approximately

$109

million. The Company cannot currently estimate when the lava flow will stop nor when it will be able to assess all of the damages. Any significant physical damage to, or extended shut-down of, the Puna facilities could have an adverse impact on the power plant's electricity generation and availability, which in turn could have a material adverse impact on the Company’s business and results of operations. The Company continues to monitor the condition of the Puna facilities, coordinate with HELCO and local authorities, and is taking steps to both further secure the power plant and restore its operations as soon as it is safe to do so. In addition, the Company will be assessing the accounting implications of this event on the assets and liabilities on its balance sheet and whether an impairment will be required.

Platanares loan

On

April 30, 2018

the Company, through its wholly owned subsidiary, and the Overseas Private Investment Corporation (“OPIC”), an agency of the United States Government, signed a finance agreement for non-recourse project financing totaling up to

$124.7

million for the

35

MW Platanares geothermal power plant in Honduras. The loan

may

be funded to Platanares in up to

three

total disbursements and will have a final maturity of approximately

14

years. Closing and disbursements of the loan are subject to customary conditions for funding, which the Company expects to satisfy by the end of the

second

quarter of

2018.

Upon closing, the interest rate on the loan will be determined, and is expected to be between

6.75%

and

7.25%

based on the current estimates for U.S. Treasury and for the additional spread on OPIC certificates of participation.

U.S. Geothermal transaction

On

April 24, 2018,

the Company completed its previously announced acquisition of USG. The total cash consideration (exclusive of transaction expenses) was approximately

$110

million, comprised of approximately

$106

million funded from available cash of Ormat Nevada Inc. (to acquire the outstanding shares of common stock of USG) and approximately

$4

million funded from available cash of USG (to cash-settle outstanding in-the-money options for common stock of USG). As a result of the acquisition, USG became an indirect wholly owned subsidiary of Ormat, and Ormat indirectly acquired, among other things, interests held by USG and its subsidiaries in:

●

three

operating power plants at Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho with a total net generating capacity of approximately

38

MW; and

●

development assets which include a project at the Geysers, California; a

second

phase project at San Emidio, Nevada; a greenfield project in Crescent Valley, Nevada; and the El Ceibillo project located near Guatemala City, Guatemala.

The Company accounted for the transaction in accordance with ASC

805,

Business Combinations and following the transaction, the Company consolidates USG in accordance with ASC

810,

Consolidation. Accounting guidance provides that the allocation of the purchase price

may

be modified for up to

one

year from the date of the acquisition to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. The Company expects that the adoption of ASU

2017

-

01,

Business Combinations, as further described under Note

2

to the consolidated financial statements, would

not

have an effect on the U.S. Geothermal transaction

The Company deemed the transaction to

not

meet the significant subsidiary threshold and as a result did

not

provide additional pro-forma and other related information, that otherwise would have been required.

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Reclassification, Policy [Policy Text Block]

Revision of previously issued condensed consolidated financial statements

As previously disclosed in the Company’s Form

10

-K/A as of and for the year ended

December 31 2017,

filed on

June 19, 2018,

the Company restated its previously issued

2017

financial statements due to the subsequent identification of material tax errors.

The Company also identified other tax errors in the previously issued unaudited condensed consolidated financial statements as of and for the

three

months ended

March 31, 2017,

including a prior period tax error for an unrecognized tax benefit related to intercompany interest. The Company assessed the materiality of these errors in accordance with the SECs Staff Accounting Bulletin (“SAB”) Topic

1.Materiality,

codified in ASC Topic

250,

Presentation of Financial Statements (“ASC

250”

), and concluded that such previously issued financial statements were

not

materially misstated. However, in connection with the fiscal

2017

restatement, the Company determined that it would revise such previously issued financial statements to correct for these errors. As a result, the revised financial statements for the

three

months ended

March 31, 2017

reflect a

$0.1

million increase in the income tax provision, with a corresponding decrease in net income and comprehensive income, and a

$1.7

million decrease to total equity as of

January 1, 2017

to correct for immaterial tax errors originating prior to

2017.

The effects of the revision on the line items within the Company's condensed consolidated statements of operations and comprehensive income for the

three

months ended

March 31, 2017

are as follows:


	Three months ended March 31, 2017
	As originally reported			Adjustments			As revised
	(Dollars in thousands)
Income tax provision	$	(10,886	)	$	(118	)	$	(11,004	)
Income from continuing operations		39,735			(118	)		39,617
Net income attributable to the Company’s Stockholders		35,312			(118	)		35,194
Loss in respect of derivative instruments designated for cash flow hedge		22			26			48
Comprehensive income		40,302			(92	)		40,210
Comprehensive income attributable to the Company’s stockholders		35,890			(92	)		35,798
Earnings per share
Basic:	$	0.71		$	-		$	0.71
Diluted:	$	0.70		$	-		$	0.70

The effects of the revision on the line items within the Company’s condensed consolidated statements of equity for the

three

months ended

March 31, 2017

are as follows:


	Three months ended March 31, 2017
	As originally reported			Adjustments			As revised
	(Dollars in thousands)
Balances as of December 31, 2016:
Retained earnings	$	216,644		$	(1,292	)	$	215,352
Accumulated other comprehensive loss		(7,732	)		(443	)		(8,175	)
Total stockholders’ equity attributable to the Company’s stockholders		1,078,425			(1,735	)		1,076,690
Total equity		1,170,007			(1,735	)		1,168,272
Net income for the three months ended March 31, 2017		39,391			(118	)		39,273
Net income attributable to the Company’s stockholders for the three months ended March 31, 2017		35,312			(118	)		35,194
Loss in respect of derivative instruments designated for cash flow hedge for the three months ended March 31, 2017		22			26			48
Balances as of March 31, 2017:
Retained earnings		243,508			(1,410	)		242,098
Accumulated other comprehensive loss		(7,076	)		(417	)		(7,493	)
Total stockholders’ equity attributable to the Company’s stockholders		1,107,658			(1,827	)		1,105,831
Total equity		1,196,501			(1,827	)		1,194,674

Although there was

no

impact to net cash provided by operating activities, net cash used in investing activities or net cash used in financing activities, the effects of the revision on the line items within the condensed consolidated statements of cash flows for the

three

months ended

March 31, 2017

are as follows:

	Three months ended March 31, 2017

	As originally reported		Adjustments			As revised
	(Dollars in thousands)
Cash flows from operating activities:
Net income	$	39,735	$	(118	)	$	39,617
Liability for unrecognized tax benefits		574		118			692
Net cash provided by operating activities		71,463		-			71,463

Debt, Policy [Policy Text Block]

Migdal Senior Unsecured Loan

On

March 22, 2018

the Company entered into a definitive loan agreement (the "Migdal Loan Agreement") with Migdal Insurance Company Ltd., Migdal Makefet Pension and Provident Funds Ltd. and Yozma Pension Fund of Self Employed Ltd., all entities within the Migdal Group, a leading insurance company and institutional investor in Israel. The Migdal Loan Agreement provides for a loan by the lenders to the Company in an aggregate principal amount of

$100

million (the “Migdal Loan”). The Migdal Loan will be repaid in

15

semi-annual payments of

$4.2

million each, commencing on

September 15, 2021,

with a final payment of

$37

million on

March 15, 2029.

The Migdal Loan bears interest at a fixed rate of

4.8%

per annum, payable semi-annually, subject to adjustment in certain circumstances as described below.

The Migdal Loan is subject to early redemption by the Company prior to maturity from time to time (but

not

more frequently than once per quarter) and at any time in whole or in part, at a redemption price set forth in the Migdal Loan Agreement. If the rating of the Company is downgraded to "ilA-", by Standard and Poor’s Global Ratings Maalot Ltd. (“Maalot”), the interest rate applicable to the Migdal Loan will be increased by

0.50%.

If the rating of the Company is further downgraded to a lower level, the interest rate applicable to the Migdal Loan will be increased by

0.25%

for each additional downgrade. In

no

event will the cumulative increase in the interest rate applicable to the Migdal Loan exceed

1%

regardless of the cumulative rating downgrade. A subsequent upgrade or reinstatement of a rating by Maalot will reduce the interest rate applicable to the Migdal Loan by

0.25%

for each upgrade (but in

no

event will the interest rate applicable the Migdal Loan fall below the base interest rate of

4.8%

). Additionally, if the ratio between short-term and long-term debt to financial institutions and bondholders, deducting cash and cash equivalents to EBITDA is equal to or higher than

4.5,

the interest rate on all amounts then outstanding under the Migdal Loan shall be increased by

0.5%

per annum over the interest rate then-applicable to the Migdal Loan.

The Migdal Loan constitutes senior unsecured indebtedness of the Company and will rank equally in right of payment with any existing and future senior unsecured indebtedness of the Company, and effectively junior to any existing and future secured indebtedness, to the extent of the security therefore.

The Migdal Loan Agreement includes various affirmative and negative covenants, including a covenant that the Company maintain (i) a debt to adjusted EBITDA ratio below

6,

(ii) a minimum equity amount (as shown on its consolidated financial statements, excluding noncontrolling interests) of

not

less than

$650

million, and (iii) an equity attributable to Company's stockholders to total assets ratio of

not

less than

25%.

In addition, the Migdal Loan Agreement restricts the Company from making dividend payments if its equity falls below

$800

million and otherwise restricts dividend payments in any

one

year to

not

more than

50%

of the net income of the Company of such year as shown on the Company’s consolidated annual financial statements as long as any of the Company's bonds issued in Israel prior to

March 27, 2018

remain outstanding. The Migdal Loan Agreement includes other customary affirmative and negative covenants and events of default.

Comprehensive Income, Policy [Policy Text Block]

Other comprehensive income

For the

three

months ended

March 31, 2018

and

2017,

the Company classified

$5,000

and

$2,000,

respectively, related to derivative instruments designated as cash flow hedges, from accumulated other comprehensive income, of which

$9,000

and

$3,000,

respectively, were recorded to reduce interest expense and

$4,000

and

$1,000,

respectively, were recorded against the income tax provision, in the condensed consolidated statements of operations and comprehensive income. The accumulated net loss included in Other comprehensive income as of

March 31, 2018,

is

$0.6

million.

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

Write-offs of unsuccessful exploration activities

Write-offs of unsuccessful exploration activities for the

three

months ended

March 31, 2018

were

$0.1

million. There were

no

write-offs of unsuccessful exploration activities for the

three

months ended

March 31, 2017.

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 reported on the balance sheet that sum to the total of the same amounts shown on the statement of cash flows:

	March 31,		December 31,
	2018		2017
Cash and cash equivalents	$	54,723	$	47,818
Restricted cash and cash equivalents		50,332		48,825
Total Cash and cash equivalents and Restricted cash and cash equivalents	$	105,055	$	96,643

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

Concentration of credit risk

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

The Company places its temporary cash investments with high credit quality financial institutions located in the United States and in foreign countries. At

March 31, 2018

and

December 31, 2017,

the Company had deposits totaling

$20.3

million and

$21.2

million, respectively, in

eight

U.S. financial institutions that were federally insured up to

$250,000

per account. At

March 31, 2018

and

December 31, 2017,

the Company’s deposits in foreign countries amounted to approximately

$47.3

million and

$32.8

million, respectively.

At

March 31, 2018

and

December 31, 2017,

accounts receivable related to operations in foreign countries amounted to approximately

$73.3

million and

$78.1

million, respectively. At

March 31, 2018

and

December 31, 2017,

accounts receivable from the Company’s primary customers amounted to approximately

59%

and

57%

of the Company’s accounts receivable, respectively.

Sierra Pacific Power Company and Nevada Power Company (subsidiaries of NV Energy, Inc.) accounted for

17.4%

and

18.8%

of the Company’s total revenues for the

three

months ended

March 31, 2018

and

2017,

respectively.

Southern California Public Power Authority (“SCPPA”) accounted for

16.3%

and

9.0%

of the Company’s total revenues for the

three

months ended

March 31, 2018

and

2017,

respectively.

Kenya Power and Lighting Co. Ltd. accounted for

15.1%

and

14.3%

of the Company’s total revenues for the

three

months ended

March 31, 2018

and

2017,

respectively.

The Company has historically been able to collect on substantially all of its receivable balances, and believes it will continue to be able to collect all amounts due. Accordingly,

no

provision for doubtful accounts has been made.

New Accounting Pronouncements, Policy [Policy Text Block]

New accounting pronouncements effective in the

three

-month period ended

March 31, 2018

Income Taxes

In

March 2018,

the Financial Accounting Standards Board ("FASB") issued ASU

2018

-

05,

Income Taxes (Topic

740

). The amendments in this update add several SEC paragraphs pursuant to the issuance of the SEC Staff Accounting Bulletin

No.

118,

Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB

118”

) in

December 2017.

The amendments in this update are effective immediately. For additional information, see Note

11

to the consolidated financial statements.

Revenues from Contracts with Customers

In

May 2014,

the FASB issued ASU

2014

-

09,

Revenues from Contracts with Customers, Topic

606,

which was a joint project of the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The update provides that an entity should recognize revenue in connection with the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, an entity is required to apply each of the following steps: (

1

) identify the contract(s) with the customer; (

2

) identify the performance obligations in the contracts; (

3

) determine the transaction price; (

4

) allocate the transaction price to the performance obligation in the contract; and (

5

) recognize revenue when (or as) the entity satisfies a performance obligation. ASU

2014

-

09

also prescribes additional financial presentations and disclosures. In

March 2016,

the FASB issued ASU

2016

-

08,

Principal versus Agent Considerations. This update did

not

change the core principles of the guidance and was intended to clarify the implementation guidance on principal versus agent considerations. When another entity is involved in providing goods or services to a customer, an entity is required to determine if the nature of its promise is to provide the specific good or service itself (that is, the entity is a principal) or to arrange for that good or service to be provided by the other party (that is, the entity is an agent). The guidance included indicators to assist an entity in determining whether it acts as a principal or agent in a specified transaction.

The Company adopted this update effectively as of

January 1, 2018

using the modified retrospective approach with

one

-time cumulative adjustment to the opening balance of retained earnings as further described below and applied the

five

-step model described above on identified outstanding contracts at the date of adoption, under which revenues are generated. Under ASC

606,

an entity must identify the performance obligations in a contract, determine the transaction price and allocate the price to specific performance obligations recognize the revenue when the obligation is completed. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The standard also requires disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts.

The adoption of ASC

606,

Revenues from Contracts with Customers, as described above, did

not

have an impact on our Electricity, Product and Other revenues in

2018,

however, the adoption did have an impact on our accounting for investment in an unconsolidated company as further described in the following table and in the disclosure under the heading "Investment in an unconsolidated company" within this note below. Additionally, the following table below summarizes the impact of the adoption of ASC

606

on the Company’s consolidated financial statements as of

January 1, 2018,

followed by further information for each of the line items in the table:

	(Dollars in millions)
Electricity segment revenues	$	–
Product segment revenues		–
Other segment revenues		–
Investment in an unconsolidated company		24.0

Electricity segment revenues

: Electricity revenues are primarily related to sale of electricity from geothermal and recovered energy-based power plants owned and operated by the Company. Revenues related to the sale of electricity from geothermal and recovered energy-based power plants and capacity payments are recorded based upon output delivered and capacity provided at rates specified under relevant contract terms. For power purchase agreements (“PPAs”) agreed to, modified, or acquired in business combinations on or after

July 1, 2003,

the Company determines whether such PPAs contain a lease element requiring lease accounting. Revenue from such PPAs are accounted for in electricity revenues. The lease element of the PPAs is also assessed in accordance with the revenue arrangements with multiple deliverables guidance, which requires that revenues be allocated to the separate earnings processes based on their relative fair value. PPAs with minimum lease rentals which vary over time are generally recognized on the straight-line basis over the term of the PPAs. PPAs with contingent rentals are recognized when earned. In the Electricity segment, revenues for all but

three

power plants are accounted for under ASC

840

(Leases) as operating leases, and therefore equipment related to geothermal and recovered energy generation power plants is considered held for leasing. For power plants in the scope of ASC

606,

the Company identified electricity as a separate performance obligation. Performance obligations identified were evaluated and determined to be satisfied over time and qualified for the invoicing practical expedient since the invoiced amounts reasonably represented the value to customers of performance obligations fulfilled to date. The transaction price is determined based on the price per actual mega-watt output or available capacity as agreed to in the respective PPA. Customers are generally billed on a monthly basis and payment is typically due within

30

to

60

days after the issuance of the invoice.

Product segment revenues

: Product segment revenues are primarily related to sale of geothermal and recovered energy-based power plants, including equipment, engineering, construction and installation and operating services. Revenues from the supply and/or construction of geothermal and recovered energy-based power plant equipment and other equipment to

third

parties are recognized over time since control is transferred continuously to our customers. The majority of our contracts include a single performance obligation which is essentially the promise to transfer the individual goods or services that is

not

separately identifiable from other promises in the contracts and therefore deemed as

not

distinct. Performance obligations are satisfied over-time if the customer receives the benefits as we perform work, if the customer controls the asset as it is being constructed, or if the product being produced for the customer has

no

alternative use and we have a contractual right to payment. In our Product segment, revenues spread over a period of

one

to

two

years and recognized over time based on cost incurred to date in ratio to total estimated costs which represents input method that best depicts the transfer of control over the performance obligation to the customer. Costs include direct material, labor, and indirect costs. Selling, marketing, general, and administrative costs are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined.

In contracts for which we determine that control is

not

transferred continuously to the customer, we recognized revenues at point in time, when the customer obtain control of the asset. This generally is the case for sale of spare parts, generators or similar other products. Revenues for such contracts are recorded upon delivery and acceptance by the customer.

Accounting for product contracts that are satisfied over time includes use of several estimates such as variable consideration related to bonuses and penalties and total estimated cost for completing the contract. The estimated amount of variable consideration will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will

not

occur when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are based on historical experience, anticipated performance and our best judgment at the time.

The nature of our product contracts give rise to several modifications or change requests by our customer. Substantially all of the modifications are treated as cumulative catch-ups to revenues since the additional goods are

not

distinct from those already provided. We include the additional revenues related to the modifications in our transaction price when both parties to the contract approved the modification. As a significant change in

one

or more of these estimates could affect the profitability of our contracts, we review and update our contract-related estimates regularly. We recognize adjustments in Product revenues on contracts under the cumulative catch-up method. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize the total loss in the period it is identified.

The Company generally provides a

one

-year warranty against defects in workmanship and materials related to the sale of products for electricity generation. The Company considered the warranty as an assurance type warranty since the warranty provides the customer the assurance that the product complies with agreed-upon specifications. Estimated future warranty obligations are included in operating expenses in the period in which the related revenue is recognized. Such charges are immaterial for the years ended

December 31, 2017,

2016,

and

2015.

Contract Assets and Liabilities related to our Product segment

: Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. We receive payments from customers based on the terms established in our contracts. Total contract assets and contract liabilities as of

March

31,

2018

and

December 31, 2017

are as follows:

	March 31, 2018			December 31, 2017
	(Dollars in thousands)

Contract assets (*)	$	41,134		$	40,945
Contract liabilities (*)		(10,458	)		(20,241	)
Contract assets, net	$	30,676		$	20,704

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

The following table presents the significant changes in the contract assets and contract liabilities for the

three

months ended

March 31, 2018:

	Contract assets			Contract liabilities
	(Dollars in thousands)
Recognition of contract liabilities as revenue as a result of performance obligations satisfied	$	–		$	8,353
Cash received in advance for which revenues have not yet recognized		–			(4,451	)
Reduction of contract assets as a result of rights to consideration becoming unconditional		(22,144	)		–
Contract assets recognized, net of recognized receivables		28,214			–
Net change in contract assets and contract liabilities	$	6,070		$	3,902

The timing of revenue recognition, billings and cash collections results in accounts receivable, contract assets and contract liabilities on the consolidated balance sheet. In our Products segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, or upon achievement of contractual milestones. Generally, billing occurs subsequent to the recognition of revenue, resulting in contract assets. However, we sometimes receive advances or deposits from our customers before revenue can be recognized, resulting in contract liabilities. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. The timing of billing our customers and receiving advance payments vary from contract to contract. We typically receive a down payment of between

10%

and

20%

of total contract consideration upon signing, followed by additional milestone payments for which timing varies from contract to contract. The majority of payments are received

no

later than the completion of the project and satisfaction of our performance obligation.

On

March

31,

2018,

we had approximately

$211.0

million of remaining performance obligations

not

yet satisfied or partly satisfied related to our Product segment. We expect to recognize approximately

91%

of this amount as Product revenues during the next

24

months and the rest thereafter.

The following schedule reconciles revenues accounted under ASC

840,

Leases, and ASC

606,

Revenues from Contracts with Customers, to total consolidated revenues for the

three

months ended

March

31,

2018:

	Three Months Ended March 31, 2018
	(Dollars in thousands)
Electricity Revenues accounted under ASC 840, Leases	$	125,832
Electricity and Product revenues accounted under ASC 606		58,191
Total consolidated revenues	$	184,023

Disaggregated revenues from contracts with customers for the

three

months ended

March 31, 2018

are shown under Note

9

– Business Segments, to the consolidated financial statements.

Investment in an unconsolidated company

: The Company also reviewed the impact of the adoption of ASC

606

on its investment in an unconsolidated company. As a result of the adoption, the Company recorded

one

-time cumulative credit adjustment to the opening balance of retained earnings of approximately

$24.0

million as of

January 1, 2018.

This impact is a result of the unconsolidated company’s variable consideration related to the construction of its power plant for which, under the new guidance, is probable that a significant reversal in the amount of cumulative revenue recognized will

not

occur when the uncertainty resolved. As such, the comparative information will

not

be restated and shall continue to be reported under the accounting standards in effect for those periods.

The following schedule quantifies the impact of adopting ASC

606

on the statement of operations for the

three

months ended

March

31,

2018:

	2018, under previous standard		Effect of the New Revenue Standard			2018, as reported
	(Dollars in thousands)
Equity in earnings of investees, net	$	1,944	$	(734	)	$	1,210
Income from continuing operations		74,990		(734	)		74,256
Net income attributable to the Company’s stockholders		70,242		(734	)		69,508
Retained earnings		411,492		(734	)		410,758

Other segment revenues

: Other segment revenues are primarily related to energy storage, demand-response and energy management related services. Revenues are recorded based on energy management of load curtailment capacity delivered or service provided at rates specified under the relevant contract terms. The Company determined that the Other segment revenues are in the scope of ASC

606

and identified energy management as a separate performance obligation. Performance obligations are satisfied once the Company provides a verification to the electric power grid operator or utility of its ability to meet the committed capacity or power curtailment requirements and thus entitled to cash proceeds. Such verification

may

be provided by the Company bi-weekly, monthly or under any other frequency as set by the related program and are typically followed by a payment shortly after. Performance obligations identified were evaluated and determined to be satisfied over time and qualified for the invoicing practical expedient since the amounts included in the verification document reasonably represent the value of performance obligations fulfilled to date. The transaction price is determined based on mechanisms specified in the contract with the customer.

Compensation - Stock Compensation

In

May 2017,

the FASB issued ASU

2017

-

09,

Compensation—Stock Compensation (Topic

718

). The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic

718.

The amendments in this update require that an entity should account for the effects of a modification unless all of the following are met: (

1

) The fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified; (

2

) The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; (

3

) The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The current disclosure requirements in Topic

718

apply regardless of whether an entity is required to apply modification accounting under the amendments in this update. The amendments in this update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after

December 15, 2017.

The amendments in this update should be applied prospectively to an award modified on or after the adoption date. The adoption of this guidance did

not

have a material impact on the Company’s consolidated financial statements.

Business Combinations

In

January 2017,

the FASB issued ASU

2017

-

01,

Business Combinations (Topic

805

). The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this update primarily provide a screen to determine when a set of assets and activities is

not

a business and by that reduces the number of transactions that need to be further evaluated. The amendments in this update should be applied prospectively and are effective for financial statements issued for fiscal years beginning after

December 15, 2017,

and interim periods within those fiscal years. The adoption of this guidance did

not

have an impact on the Company’s consolidated financial statements.

Statement of Cash Flow

In

November 2016,

the FASB issued ASU

2016

-

18,

Statement of Cash Flows (Topic

230

) – Restricted Cash. The amendments in this update require that a statement of cash flows explain the changes during the period in total cash, cash equivalents, and the amounts generally described as restricted cash or cash equivalents. Therefore, amounts of restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this update should be applied retrospectively for each period presented and are effective for financial statements issued for fiscal years beginning after

December 15, 2017

and interim periods within those fiscal years. The Company adopted this guidance retrospectively in its consolidated financial statements for the

three

month period ending

March 31, 2018

and adjusted its disclosure accordingly.

Intra-Entity Transfers of Assets Other than Inventory

In

October 2016,

the FASB issued ASU

2016

-

16,

Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory. The amendments in this update require that the entity would recognize the tax expense from the sale of the asset in the seller’s tax jurisdiction when the transfer occurs, even though the pre-tax effects of that transaction are eliminated in consolidation. Any deferred tax asset that arises in the buyer’s jurisdiction would also be recognized at the time of the transfer. The new guidance does

not

apply to intra-entity transfers on inventory. The amendments in this update should be applied for each period presented and are effective for financial statements issued for fiscal years beginning after

December 15, 2017

and interim periods within those fiscal years. The modified retrospective approach is required for transition to the new guidance, with cumulative-effect adjustment recorded in retained earnings as of the beginning of the period of adoption. The Company adopted this guidance retrospectively in its consolidated financial statements for the

three

months ending

March 31, 2018

and recorded a net cumulative-effect adjustment to retained earnings of approximately

$1.8

million with a corresponding adjustment to deferred charges and deferred income taxes on the consolidated balance sheet of approximately

$49.8

million and

$51.6

million, respectively.

Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (Topic

230

)

In

August 2016,

the FASB issued ASU

2016

-

15,

Statement of Cash-Flows (Topic

230

). This update addresses

eight

specific cash flow classification issues with the objective of reducing diversity in practice. One of the issues addressed in this update is debt prepayment or debt extinguishment costs which under the new guidance should be classified as cash outflows for financing activities. Additionally, the update addressed contingent consideration payments made after a business combination. Such cash payments made soon after the acquisition date to settle a contingent consideration liability should be classified as cash outflows for investing activities. Payments made thereafter should be classified as cash outflows for financing activities up to the amount of the original contingent consideration liability. Payments made in excess of the amount of the original contingent consideration liability should be classified as cash outflows for operating activities. The amendments in this update are effective for fiscal years beginning after

December 15, 2017

and interim periods within those fiscal years. The amendments in this update should be applied using a retrospective transition method to each period presented. The Company adopted this guidance and expects that the impact from the adoption of the update will result in a reclassification of approximately

$8.0

million of cash paid for achievement of production threshold in Guadeloupe during the

fourth

quarter of

2017

from cash outflows from investing activities to cash outflows from financing activities as required by this update.

Recognition and Measurement of Financial Assets and Financial Liabilities

In

January 2016,

the FASB issued ASU

2016

-

01,

Recognition and Measurement of Financial Assets and Financial Liabilities. The update primarily requires that an entity present separately, in other comprehensive income, the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk if the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The application of this update should be by means of cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments in this update are effective for financial statements issued for fiscal years beginning after

December 15, 2017

and interim periods within those fiscal years. The adoption of this update did

not

have a material impact on the Company’s consolidated financial statements.

New accounting pronouncements effective in future periods

Derivatives and Hedging

In

August 2017,

the FASB issued ASU

2017

-

12,

Targeted Improvements to Accounting for Hedging Activities. The amendments in this update better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amendments in this update are effective for fiscal years beginning after

December 15, 2018,

and interim periods within those fiscal years. Early application is permitted in any interim period after issuance of the update. The Company is currently evaluating the potential impact, if any, of the adoption of these amendments on its consolidated financial statements.

Intangibles –Goodwill and Other

In

January 2017,

the FASB issued ASU

2017

-

04,

Intangibles – Goodwill and Other (Topic

350

). The amendments in this update require the entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. However, the loss recognized should

not

exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider the income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. This update, eliminated Step

2

from the goodwill impairment test under the current guidance. Step

2

measures a goodwill impairment loss by comparing the implied fair value of reporting unit’s goodwill with the carrying amount of that goodwill. The amendments in this update should be applied on a prospective basis. An entity is also required to disclose the nature of and the reason for the change in accounting principle upon transition. That disclosure should be provided in the

first

annual period and the interim period within the

first

annual period when the entity initially adopts the amendments in this update. The amendments in this update are effective for the annual or any interim goodwill impairment tests in fiscal years beginning after

December 15, 2019.

Early adoption is permitted for interim or annual impairment tests performed on testing dates after

January 1, 2017.

The Company is currently evaluating the potential impact, if any, of the adoption of these amendments on its consolidated financial statements.

Leases

In

February 2016,

the FASB issued ASU

2016

-

02,

Leases (Topic

842

). This update introduces a number of changes and simplifies previous guidance, primarily the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. The update retains the distinction between finance leases and operating leases and the classification criteria between the

two

types remains substantially similar. Also, lessor accounting remains largely unchanged from previous guidance. However, key aspects of the update were aligned with the revenue recognition guidance in Topic

606.

Additionally, the update defines a lease as a contract, or part of a contract, that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control over the use of the identified asset means that the customer has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. This update requires the modified retrospective transition approach, which requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented. The modified retrospective approach includes a number of optional practical expedients related to identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commenced before the effective date in accordance with the previous generally accepted accounting principles in the United States unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous generally accepted accounting principles in the United States. The amendments in this update are effective for annual reporting periods beginning after

December 15, 2018,

including interim periods within those reporting periods. Early adoption is permitted. The Company is currently evaluating the potential impact, if any, of the adoption of these amendments on its consolidated financial statements.

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive income

In

February 2018,

the FASB issued ASU

2018

-

02,

Income Statement – Reporting Comprehensive Income (Topic

220

). The amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting for the Tax Cuts and Jobs Act of

2017.

The guidance is effective for the fiscal years beginning after

December 15, 2018,

and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the potential impact of the adoption of these amendments on its consolidated financial statements, however, such impact, if any, is

not

expected to be material.

Note 1 - General and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]


	Three months ended March 31, 2017
	As originally reported			Adjustments			As revised
	(Dollars in thousands)
Income tax provision	$	(10,886	)	$	(118	)	$	(11,004	)
Income from continuing operations		39,735			(118	)		39,617
Net income attributable to the Company’s Stockholders		35,312			(118	)		35,194
Loss in respect of derivative instruments designated for cash flow hedge		22			26			48
Comprehensive income		40,302			(92	)		40,210
Comprehensive income attributable to the Company’s stockholders		35,890			(92	)		35,798
Earnings per share
Basic:	$	0.71		$	-		$	0.71
Diluted:	$	0.70		$	-		$	0.70


	Three months ended March 31, 2017
	As originally reported			Adjustments			As revised
	(Dollars in thousands)
Balances as of December 31, 2016:
Retained earnings	$	216,644		$	(1,292	)	$	215,352
Accumulated other comprehensive loss		(7,732	)		(443	)		(8,175	)
Total stockholders’ equity attributable to the Company’s stockholders		1,078,425			(1,735	)		1,076,690
Total equity		1,170,007			(1,735	)		1,168,272
Net income for the three months ended March 31, 2017		39,391			(118	)		39,273
Net income attributable to the Company’s stockholders for the three months ended March 31, 2017		35,312			(118	)		35,194
Loss in respect of derivative instruments designated for cash flow hedge for the three months ended March 31, 2017		22			26			48
Balances as of March 31, 2017:
Retained earnings		243,508			(1,410	)		242,098
Accumulated other comprehensive loss		(7,076	)		(417	)		(7,493	)
Total stockholders’ equity attributable to the Company’s stockholders		1,107,658			(1,827	)		1,105,831
Total equity		1,196,501			(1,827	)		1,194,674

	Three months ended March 31, 2017

	As originally reported		Adjustments			As revised
	(Dollars in thousands)
Cash flows from operating activities:
Net income	$	39,735	$	(118	)	$	39,617
Liability for unrecognized tax benefits		574		118			692
Net cash provided by operating activities		71,463		-			71,463

Schedule of Cash and Cash Equivalents [Table Text Block]

	March 31,		December 31,
	2018		2017
Cash and cash equivalents	$	54,723	$	47,818
Restricted cash and cash equivalents		50,332		48,825
Total Cash and cash equivalents and Restricted cash and cash equivalents	$	105,055	$	96,643

Note 2 - New Accounting Pronouncements (Tables)

3 Months Ended

Mar. 31, 2018

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

	(Dollars in millions)
Electricity segment revenues	$	–
Product segment revenues		–
Other segment revenues		–
Investment in an unconsolidated company		24.0

	Three Months Ended March 31, 2018
	(Dollars in thousands)
Electricity Revenues accounted under ASC 840, Leases	$	125,832
Electricity and Product revenues accounted under ASC 606		58,191
Total consolidated revenues	$	184,023

	2018, under previous standard		Effect of the New Revenue Standard			2018, as reported
	(Dollars in thousands)
Equity in earnings of investees, net	$	1,944	$	(734	)	$	1,210
Income from continuing operations		74,990		(734	)		74,256
Net income attributable to the Company’s stockholders		70,242		(734	)		69,508
Retained earnings		411,492		(734	)		410,758

Contract with Customer, Asset and Liability [Table Text Block]

	March 31, 2018			December 31, 2017
	(Dollars in thousands)

Contract assets (*)	$	41,134		$	40,945
Contract liabilities (*)		(10,458	)		(20,241	)
Contract assets, net	$	30,676		$	20,704

	Contract assets			Contract liabilities
	(Dollars in thousands)
Recognition of contract liabilities as revenue as a result of performance obligations satisfied	$	–		$	8,353
Cash received in advance for which revenues have not yet recognized		–			(4,451	)
Reduction of contract assets as a result of rights to consideration becoming unconditional		(22,144	)		–
Contract assets recognized, net of recognized receivables		28,214			–
Net change in contract assets and contract liabilities	$	6,070		$	3,902

Note 3 - Inventories (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of Inventory, Current [Table Text Block]

	March 31,		December 31,
	2018		2017
	(Dollars in thousands)
Raw materials and purchased parts for assembly	$	12,019	$	12,007
Self-manufactured assembly parts and finished products		8,050		7,544
Total	$	20,069	$	19,551

Note 4 - Investment in an Unconsolidated Company (Tables)

3 Months Ended

Mar. 31, 2018

Equity Method Investments [Table Text Block]

	March 31,		December 31,
	2018		2017
	(Dollars in thousands)
Sarulla	$	63,109	$	34,084

Note 5 - Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value, by Balance Sheet Grouping [Table Text Block]

				March 31, 2018
				Fair Value
	Carrying Value at March 31, 2018			Total			Level 1		Level 2		Level 3
	(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (including restricted cash accounts)	$	20,658		$	20,658		$	20,658	$	—	$	—
Derivatives:
Contingent receivable (1)		111			111			—		—		111
Currency forward contracts (2)		30			30			—		30		—
Liabilities:
Current liabilities:
Derivatives:
Contingent payables (1)		(14,006	)		(14,006	)		—		—		(14,006	)
Warrants (1)		(4,080	)		(4,080	)		—		—		(4,080	)
	$	2,713		$	2,713		$	20,658	$	30	$	(17,975	)

				December 31, 2017
				Fair Value
	Carrying Value at December 31, 2017			Total			Level 1		Level 2		Level 3
	(Dollars in thousands)
Assets
Current assets:
Cash equivalents (including restricted cash accounts)	$	18,359		$	18,359		$	18,359	$	—	$	—
Derivatives:
Contingent receivable (1)		108			108			—		—		108
Currency forward contracts (2)		992			992			—		992		—
Liabilities:
Current liabilities:
Derivatives:
Contingent payables (1)		(13,904	)		(13,904	)		—		—		(13,904	)
Warrants (1)		(3,967	)		(3,967	)		—		—		(3,967	)
	$	1,588		$	1,588		$	18,359	$	992	$	(17,763	)

Derivative Instruments, Gain (Loss) [Table Text Block]

		Amount of recognized gain (loss)
Derivatives not designated	Location of recognized	Three Months Ended March 31,
as hedging instruments	gain (loss)	2018			2017

Put options on natural gas price	Derivatives and foreign currency transaction gains (losses)	$	—		$	(193	)
Contingent considerations	Derivative and foreign currency transaction gains (losses)		—			(50	)
Currency forward contracts	Derivative and foreign currency and transaction gains (losses)		(546	)		2,262
		$	(546	)	$	2,019

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

	Fair Value				Carrying Amount
	March 31, 2018		December 31, 2017		March 31, 2018		December 31, 2017
	(Dollars in millions)				(Dollars in millions)
Olkaria III Loan - OPIC	$	225.2	$	234.6	$	224.1	$	228.6
Olkaria IV Loan - DEG 2		50.6		50.7		50.0		50.0
Amatitlan Loan		31.2		32.8		32.4		33.3
Senior Secured Notes:
OrCal Geothermal Inc. ("OrCal")		28.5		34.2		27.3		32.1
OFC 2 LLC ("OFC 2")		223.9		234.6		228.0		232.5
Don A. Campbell 1 ("DAC 1")		81.6		85.5		86.7		88.3
Senior Unsecured Bonds		196.5		200.3		204.3		204.3
Senior Unsecured Loan		100.7		—		100.0		—
Other long-term debt		6.6		7.0		7.8		7.9

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]

	Level 1		Level 2		Level 3		Total
	(Dollars in millions)
Olkaria III - OPIC	$	—	$	—	$	225.2	$	225.2
Olkaria IV - DEG 2		—		—		50.6		50.6
Amatitlan Loan		—		31.2		—		31.2
Senior Secured Notes:
OrCal Senior Secured Notes		—		—		28.5		28.5
OFC 2 Senior Secured Notes		—		—		223.9		223.9
DAC 1 Senior Secured Notes		—		—		81.6		81.6
Senior Unsecured Bonds		—		—		196.5		196.5
Senior Unsecured Loan		—		—		100.7		100.7
Other long-term debt		—		—		6.6		6.6
Revolving lines of credit		—		38.5		—		38.5
Deposits		15.2		—		—		15.2

	Level 1		Level 2		Level 3		Total
	(Dollars in millions)
Olkaria III Loan - OPIC	$	—	$	—	$	234.6	$	234.6
Olkaria IV - DEG 2						50.7		50.7
Amatitlan Loan		—		32.8		—		32.8
Senior Secured Notes:
OrCal Senior Secured Notes		—		—		34.2		34.2
OFC 2 Senior Secured Notes		—		—		234.6		234.6
DAC 1 Senior Secured Notes		—		—		85.5		85.5
Senior Unsecured Bonds		—		—		200.3		200.3
Other long-term debt		—		—		7.0		7.0
Revolving lines of credit		—		51.5		—		51.5
Deposits		15.6		—		—		15.6

Note 7 - Interest Expense, Net (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of Other Nonoperating Expense, by Component [Table Text Block]

	Three Months Ended March 31,
	2018			2017

Interest related to sale of tax benefits	$	1,409		$	2,012
Interest expense		13,306			14,175
Less — amount capitalized		(371	)		(1,264	)
	$	14,344		$	14,923

Note 8 - Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of Weighted Average Number of Shares [Table Text Block]

	Three Months Ended March 31,
	2018		2017

Weighted average number of shares used in computation of basic earnings per share		50,614		49,680
Add:
Additional shares from the assumed exercise of employee stock options		437		811

Weighted average number of shares used in computation of diluted earnings per share		51,051		50,491

Note 9 - Business Segments (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Electricity		Product		Other			Consolidated
	(Dollars in thousands)
Three Months Ended March 31, 2018:
Revenues from external customers:
United States (1)		83,683		194		2,862			86,739
Foreign (2)		48,806		48,478		—			97,284
Total net revenues from external customers	$	132,489	$	48,672		2,862			184,023
Intersegment revenues		—		24,827		—			24,827
Operating income		46,412		9,553		(1,372	)		54,593
Segment assets at period end (3) (*)		2,542,154		114,815		53,848			2,710,817
(*) Including unconsolidated investments		63,109		—		—			63,109

Three Months Ended March 31, 2017:
Net revenues from external customers (4)	$	115,776	$	74,122		—			189,898
Intersegment revenues (4)		—		16,213		—			16,213
Operating income (4)		40,898		18,598		—			59,496
Segment assets at period end (3)		2,233,237		217,051		49,600			2,499,888

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

	Three Months Ended March 31,
	2018			2017

Revenue:
Total segment revenue	$	184,023		$	189,898
Intersegment revenue		24,827			16,213
Elimination of intersegment revenue		(24,827	)		(16,213	)

Total consolidated revenue	$	184,023		$	189,898

Operating income:
Operating income	$	54,593		$	59,496
Interest income		113			244
Interest expense, net		(14,344	)		(14,923	)
Derivatives and foreign currency transaction gains (losses)		(1,599	)		1,338
Income attributable to sale of tax benefits		7,361			6,157
Other non-operating income (expense), net		(20	)		(92	)
Total consolidated income before income taxes and equity in earnings of investees	$	46,104		$	52,220

Note 1 - General and Basis of Presentation (Details Textual) $ in Thousands		3 Months Ended			12 Months Ended
	Mar. 22, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Jan. 01, 2017 USD ($)	Dec. 31, 2016 USD ($)
Income Tax Expense (Benefit), Total		$ (26,942)		$ 11,004
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance		1,384,885	$ 1,295,700	1,194,674	$ 1,295,700				$ 1,168,272
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		5,000		2,000
Interest Expense, Total		14,344		14,923
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total		(909)	(4,706)	(7,493)	(4,706)				(8,175)
Exploration Abandonment and Impairment Expense		123		$ 0
Accounts Receivable, Net, Current, Total		103,580	110,410		110,410
Provision for Doubtful Accounts		0
Deferred Tax Liabilities, Gross, Noncurrent		$ 48,074	61,961		$ 61,961
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Primary Customers [Member]
Concentration Risk, Percentage		59.00%			57.00%
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member] \| Sierra Pacific Power Company And Nevada Power Company [Member]
Concentration Risk, Percentage		17.40%		18.80%
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member] \| Southern California Public Power Authority [Member]
Concentration Risk, Percentage		16.30%		9.00%
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member] \| Kenya Power and Lighting Co LTD [Member]
Concentration Risk, Percentage		15.10%		14.30%
UNITED STATES
Cash, Cash Equivalents, and Short-term Investments, Total		$ 20,300	21,200		$ 21,200
Foreign Countries [Member]
Cash, Cash Equivalents, and Short-term Investments, Total		47,300	32,800		32,800
Accounts Receivable, Net, Current, Total		73,300	78,100		$ 78,100
Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total		600
Reclassification out of Accumulated Other Comprehensive Income [Member]
Income Tax Expense (Benefit), Total		(4,000)		$ (1,000)
Interest Expense, Total		$ (9,000)		(3,000)
Migdal Loan [Member]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Periodic Payment, Total	4,200
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	$ 37,000
Debt Instrument, Interest Rate, Stated Percentage	4.80%
Debt Instrument Increase in Stated Interest Rate if Rating is Downgraded to ILA Negative	0.50%
Debt Instrument Increase in Stated Interest Rate Each Additional Downgrade	0.25%
Debt Instrument Decrease in Stated Interest Rate for Each Rating Upgrade	0.25%
Debt to EBITDA Ratio Threshold for Rate Increase	4.5
Debt Instrument Increase in Stated Interest Rate if Debt to EBITDA Ratio Exceeds Threshold	0.50%
Debt to EBITDA Ratio Requirement	6
Stockholders Equity, Debt Covenant, Minimum Threshold	$ 650,000
Stockholders Equity to Total Assets, Ratio	25.00%
Stockholders Equity, Debt Covenant, Minimum Threshold to Pay Dividends	$ 800,000
Dividends to Net Income, Ratio	50.00%
Migdal Loan [Member] \| Maximum [Member]
Debt Instrument, Increase in Stated Interest Rate	1.00%
Migdal Loan [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage	4.80%
Restatement Adjustment [Member]
Income Tax Expense (Benefit), Total			$ 100	118
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance				(1,827)				$ 1,700	(1,735)
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total				$ (417)					$ (443)
Deferred Tax Liabilities, Gross, Noncurrent						$ 1,100	$ 6,100

Note 1 - General and Basis of Presentation - Effect of Revision on Balance Sheet Line Items (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Jan. 01, 2017	Dec. 31, 2016
Income tax provision	$ 26,942		$ (11,004)
Income from continuing operations	74,256		39,617
Net income attributable to the Company’s Stockholders	69,508		35,194
Loss in respect of derivative instruments designated for cash flow hedge	20		48
Comprehensive income	78,423		40,210
Comprehensive income attributable to the Company’s stockholders	$ 73,305		$ 35,798
Net income (in dollars per share)	$ 1.37		$ 0.71
Diluted: (in dollars per share)	$ 1.36		$ 0.70
Retained earnings	$ 410,758	$ 327,255	$ 242,098		$ 215,352
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total	(909)	(4,706)	(7,493)		(8,175)
Total stockholders’ equity attributable to the Company’s stockholders	1,300,385	1,211,378	1,105,831		1,076,690
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	1,384,885	1,295,700	1,194,674		1,168,272
Net income for the three months ended March 31, 2017	73,990		39,273
Net income	74,256		39,617
Liability for unrecognized tax benefits	(29,467)		6,612
Net cash provided by operating activities	$ 19,769		71,463
Previously Reported [Member]
Income tax provision			(10,886)
Income from continuing operations			39,735
Net income attributable to the Company’s Stockholders			35,312
Loss in respect of derivative instruments designated for cash flow hedge			22
Comprehensive income			40,302
Comprehensive income attributable to the Company’s stockholders			$ 35,890
Net income (in dollars per share)			$ 0.71
Diluted: (in dollars per share)			$ 0.70
Retained earnings			$ 243,508		216,644
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total			(7,076)		(7,732)
Total stockholders’ equity attributable to the Company’s stockholders			1,107,658		1,078,425
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance			1,196,501		1,170,007
Net income for the three months ended March 31, 2017			39,391
Net income			39,735
Liability for unrecognized tax benefits			574
Net cash provided by operating activities			71,463
Restatement Adjustment [Member]
Income tax provision		$ (100)	(118)
Income from continuing operations			(118)
Net income attributable to the Company’s Stockholders			(118)
Loss in respect of derivative instruments designated for cash flow hedge			26
Comprehensive income			(92)
Comprehensive income attributable to the Company’s stockholders			$ (92)
Net income (in dollars per share)
Diluted: (in dollars per share)
Retained earnings			$ (1,410)		(1,292)
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total			(417)		(443)
Total stockholders’ equity attributable to the Company’s stockholders			(1,827)		(1,735)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance			(1,827)	$ 1,700	$ (1,735)
Net income for the three months ended March 31, 2017			(118)
Net income			(118)
Liability for unrecognized tax benefits			118
Net cash provided by operating activities

Note 1 - General and Basis of Presentation - Cash and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Cash and cash equivalents	$ 54,723	$ 47,818
Restricted cash and cash equivalents	50,332	48,825
Total Cash and cash equivalents and Restricted cash and cash equivalents	$ 105,055	$ 96,643	$ 234,017	$ 264,476

Note 2 - New Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2018	Mar. 31, 2018	Dec. 31, 2017
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		2 years
Deferred Costs, Total			$ 49,834
Accounting Standards Update 2014-09 [Member]
Cumulative Effect on Retained Earnings, Net of Tax, Total	$ 24,000
Accounting Standards Update 2016-16 [Member]
Cumulative Effect on Retained Earnings, Net of Tax, Total		1,800
Deferred Costs, Total		49,800
Deferred Tax Assets, Net, Noncurrent		51,600
Accounting Standards Update 2016-15 [Member] \| Reclassifcation of Cash Paid From Investing Activities to Financing Activities [Member]
Prior Period Reclassification Adjustment			$ 8,000
Product Segment [Member]
Revenue, Remaining Performance Obligation, Amount		$ 211,000

Note 2 - New Accounting Pronouncements - Remaining Performance Obligation Percentage (Details Textual)	Mar. 31, 2018
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01
Revenue, Remaining Performance Obligation, Percentage	91.00%

Note 2 - New Accounting Pronouncements - Impact of Adoption (Details) - USD ($)
$ in Thousands

3 Months Ended

Jan. 01, 2018

Mar. 31, 2018

Mar. 31, 2017

Dec. 31, 2017

Dec. 31, 2016

Investment in an unconsolidated company

$ 63,109

$ 34,084

Equity in earnings of investees, net

184,023

$ 189,898

^[1]

1,210

(1,599)

Net income attributable to the Company’s stockholders

74,256

39,617

69,508

35,194

410,758

242,098

$ 327,255

$ 215,352

Electricity [Member]

132,489

115,776

Product [Member]

48,672

74,122

Other Revenue [Member]

Accounting Standards Update 2014-09 [Member]

2,862

Investment in an unconsolidated company

$ 24,000

Accounting Standards Update 2014-09 [Member] | Electricity [Member]

Electricity Revenues accounted under ASC 840, Leases

125,832

Accounting Standards Update 2014-09 [Member] | Product [Member]

Accounting Standards Update 2014-09 [Member] | Electricity and Product Revenue [Member]

Accounting Standards Update 2014-09 [Member] | Other Revenue [Member]

58,191

Calculated under Revenue Guidance in Effect before Topic 606 [Member]

Equity in earnings of investees, net

1,944

Net income attributable to the Company’s stockholders

74,990

70,242

Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]

411,492

Equity in earnings of investees, net

(734)

Net income attributable to the Company’s stockholders

(734)

(734)

Recognition of contract liabilities as revenue as a result of performance obligations satisfied, liabilities

$ (734)

[1]	The amounts related to the Other segment are immaterial.

Note 2 - New Accounting Pronouncements - Contract Assets (Liabilities) (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Dec. 31, 2017

Contract assets (*)

^[1]

$ 41,134

$ 40,945

Contract liabilities (*)

^[1]

(10,458)

(20,241)

Contract assets, net

30,676

$ 20,704

8,353

Cash received in advance for which revenues have not yet recognized, liabilities

(4,451)

Reduction of contract assets as a result of rights to consideration becoming unconditional, assets

(22,144)

Contract assets recognized, net of recognized receivables, assets

28,214

Net change in contract assets and contract liabilities, assets

6,070

Net change in contract assets and contract liabilities, liabilities

$ 3,902

[1]	Contract assets and contract liabilities are presented as Costs and estimated earnings in excess of billings on uncompleted contracts and Billings in excess of costs and estimated earnings on uncompleted contracts, respectively, on the consolidated balance sheet.

Note 3 - Inventories - Inventories, Current (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Raw materials and purchased parts for assembly	$ 12,019	$ 12,007
Self-manufactured assembly parts and finished products	8,050	7,544
Total	$ 20,069	$ 19,551

Note 4 - Investment in an Unconsolidated Company (Details Textual) $ in Thousands			3 Months Ended
	Jan. 01, 2018 USD ($)	Jun. 04, 2014 USD ($)	Mar. 31, 2018 USD ($) MWh	Mar. 31, 2017 USD ($)	May 16, 2014 USD ($)
Number of Commercial Lenders in Funding Consortium					6
Interest Expense, Total			$ 14,344	$ 14,923
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax			$ 2,634	569
Accounting Standards Update 2014-09 [Member]
Cumulative Effect on Retained Earnings, Net of Tax, Total	$ 24,000
Sarulla [Member] \| Lenders Consortium [Member]
Senior Notes, Total					$ 1,170,000
Sarulla [Member]
Jointly Owned Utility Plant, Proportionate Ownership Share			12.75%
Expected Power Generating Capacity \| MWh			330
Number of Phases of Construction			3
Power Utilization \| MWh			110
Power Plant Usage Agreement Term			30 years
Payments to Acquire Projects			$ 1,300
Accumulated Cash Contributions to Acquire Projects			$ 59,500
Contract Effective Date			April 4, 2013
Sarulla [Member] \| Accounting Standards Update 2014-09 [Member]
Equity Method Investments	24,000
Cumulative Effect on Retained Earnings, Net of Tax, Total	$ 24,000
Sarulla [Member] \| Interest Rate Swap [Member]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax			$ 2,600	600
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax, Ending Balance			2,500
Sarulla [Member] \| Interest Rate Swap [Member] \| Sarulla Project Company [Member]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax			20,700	$ 4,500
Sarulla [Member] \| Lenders Consortium [Member] \| Interest Rate Swap [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		3.4565%
Sarulla [Member] \| Lenders Consortium [Member] \| Subject to Fixed Interest Rate [Member]
Senior Notes, Total					100,000
Sarulla [Member] \| Lenders Consortium [Member] \| Subject to Fixed LIBOR Interest Rate [Member]
Senior Notes, Total					$ 1,070,000
Interest Expense, Total			$ 16,900
Sarulla [Member] \| Lenders Consortium [Member] \| Subject to Fixed LIBOR Interest Rate [Member] \| Interest Rate Swap [Member]
Senior Notes, Total		$ 960,000

Note 4 - Investment in an Unconsolidated Company - Unconsolidated Investments Mainly in Power Plants (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Sarulla	$ (6,943)	$ (6,416)
Sarulla [Member]
Sarulla	$ 63,109	$ 34,084

Note 5 - Fair Value of Financial Instruments (Details Textual) - Henry Hub Natural Gas Future ("NG") Contracts [Member] - Put Option [Member] BTU in Millions, $ in Millions	Jan. 12, 2017 USD ($) BTU $ / BTU
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	4.1
Derivative, Price Risk Option Strike Price \| $ / BTU	3
Payments for Derivative Instrument, Investing Activities \| $	$ 0.7

Note 5 - Fair Value of Financial Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($)
$ in Thousands

Mar. 31, 2018

Dec. 31, 2017

Reported Value Measurement [Member]

Cash equivalents (including restricted cash accounts)

$ 20,658

$ 18,359

2,713

1,588

Reported Value Measurement [Member] | Contingent Receivable [Member]

Reported Value Measurement [Member] | Currency Forward Contracts [Member]

^[1]

111

108

Reported Value Measurement [Member] | Contingent Payable [Member]

^[2]

30

992

Reported Value Measurement [Member] | Warrant [Member]

^[1]

(14,006)

(13,904)

Estimate of Fair Value Measurement [Member]

^[1]

(4,080)

(3,967)

Cash equivalents (including restricted cash accounts)

20,658

18,359

2,713

1,588

Estimate of Fair Value Measurement [Member] | Contingent Receivable [Member]

Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member]

^[1]

111

108

Estimate of Fair Value Measurement [Member] | Contingent Payable [Member]

^[2]

30

992

Estimate of Fair Value Measurement [Member] | Warrant [Member]

^[1]

(14,006)

(13,904)

Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]

^[1]

(4,080)

(3,967)

Cash equivalents (including restricted cash accounts)

20,658

18,359

20,658

18,359

Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Receivable [Member]

Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Currency Forward Contracts [Member]

^[1]

Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Payable [Member]

^[2]

Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Warrant [Member]

^[1]

Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]

^[1]

Cash equivalents (including restricted cash accounts)

30

992

Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Receivable [Member]

Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Forward Contracts [Member]

^[1]

Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Payable [Member]

^[2]

30

992

Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Warrant [Member]

^[1]

Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]

^[1]

Cash equivalents (including restricted cash accounts)

(17,975)

(17,763)

Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Receivable [Member]

Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Currency Forward Contracts [Member]

^[1]

111

108

Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Payable [Member]

^[2]

Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Warrant [Member]

^[1]

(14,006)

(13,904)

^[1]

$ (4,080)

$ (3,967)

[1]

These amounts relate to contingent receivables and payables and warrants relating to acquisition of substantially all of the assets of Viridity Energy, Inc and the and Guadeloupe power plant purchase transaction, valued primarily based on unobservable inputs and are included within "Prepaid expenses and other", "Accounts payable and accrued expenses" and "Other long-term liabilities" on March 31, 2018 and within "Prepaid expenses and other" and "Other long-term liabilities" on December 31, 2017 in the consolidated balance sheets with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the consolidated statement of operations and comprehensive income.

[2]

These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within "Prepaid expenses and other" and "Accounts payable and accrued expenses", as applicable, on March 31, 2018 and December 31, 2017, in the consolidated balance sheet with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the consolidated statement of operations and comprehensive income.

Note 5 - Fair Value of Financial Instruments - Amounts of Gain (Loss) Recognized in Condensed Consolidated Statements on Derivative Instruments Not Designated as Hedges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Amount of gain (loss) recognized	$ (546)	$ 2,019
Foreign Currency Gain (Loss) [Member] \| Put Options on Natural Gas Price [Member]
Amount of gain (loss) recognized		(193)
Foreign Currency Gain (Loss) [Member] \| Contingent Considerations [Member]
Amount of gain (loss) recognized		(50)
Foreign Currency Gain (Loss) [Member] \| Currency Forward Contracts [Member]
Amount of gain (loss) recognized	$ (546)	$ 2,262

Note 5 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Estimate of Fair Value Measurement [Member]
Other long-term debt	$ 6.6	$ 7.0
Reported Value Measurement [Member]
Other long-term debt	7.8	7.9
Olkaria III OPIC [Member]
Loans	225.2	234.6
Olkaria III OPIC [Member] \| Estimate of Fair Value Measurement [Member]
Loans	225.2	234.6
Olkaria III OPIC [Member] \| Reported Value Measurement [Member]
Loans	224.1	228.6
Olkaria IV Loan - DEG 2 [Member]
Loans	50.6
Olkaria IV Loan - DEG 2 [Member] \| Estimate of Fair Value Measurement [Member]
Loans	50.6	50.7
Olkaria IV Loan - DEG 2 [Member] \| Reported Value Measurement [Member]
Loans	50.0	50.0
Amatitlan Loan [Member]
Loans	31.2	32.8
Amatitlan Loan [Member] \| Estimate of Fair Value Measurement [Member]
Loans	31.2	32.8
Amatitlan Loan [Member] \| Reported Value Measurement [Member]
Loans	32.4	33.3
OrCal Geothermal Inc [Member]
Notes	28.5	34.2
OrCal Geothermal Inc [Member] \| Estimate of Fair Value Measurement [Member]
Notes	28.5	34.2
OrCal Geothermal Inc [Member] \| Reported Value Measurement [Member]
Notes	27.3	32.1
OFC Two Senior Secured Notes [Member]
Notes	223.9	234.6
OFC Two Senior Secured Notes [Member] \| Estimate of Fair Value Measurement [Member]
Notes	223.9	234.6
OFC Two Senior Secured Notes [Member] \| Reported Value Measurement [Member]
Notes	228.0	232.5
Don A. Campbell 1 ("DAC1") [Member]
Notes	81.6	85.5
Don A. Campbell 1 ("DAC1") [Member] \| Estimate of Fair Value Measurement [Member]
Notes	81.6	85.5
Don A. Campbell 1 ("DAC1") [Member] \| Reported Value Measurement [Member]
Notes	86.7	88.3
Senior Unsecured Bonds [Member]
Senior secured debt	196.5	200.3
Senior Unsecured Bonds [Member] \| Estimate of Fair Value Measurement [Member]
Senior secured debt	196.5	200.3
Senior Unsecured Bonds [Member] \| Reported Value Measurement [Member]
Senior secured debt	204.3	204.3
Senior Unsecured Loan [Member]
Senior secured debt	100.7
Senior Unsecured Loan [Member] \| Estimate of Fair Value Measurement [Member]
Senior secured debt	100.7
Senior Unsecured Loan [Member] \| Reported Value Measurement [Member]
Senior secured debt	$ 100.0

Note 5 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Revolving lines of credit	$ 38.5	$ 51.5
Deposits	15.2	15.6
Fair Value, Inputs, Level 1 [Member]
Revolving lines of credit
Deposits	15.2	15.6
Fair Value, Inputs, Level 2 [Member]
Revolving lines of credit	38.5	51.5
Deposits
Fair Value, Inputs, Level 3 [Member]
Revolving lines of credit
Deposits
Olkaria III OPIC [Member]
Loans	225.2	234.6
Olkaria III OPIC [Member] \| Fair Value, Inputs, Level 1 [Member]
Loans
Olkaria III OPIC [Member] \| Fair Value, Inputs, Level 2 [Member]
Loans
Olkaria III OPIC [Member] \| Fair Value, Inputs, Level 3 [Member]
Loans	225.2	234.6
Olkaria IV Loan - DEG 2 [Member]
Loans	50.6
Olkaria IV Loan - DEG 2 [Member] \| Fair Value, Inputs, Level 1 [Member]
Loans
Olkaria IV Loan - DEG 2 [Member] \| Fair Value, Inputs, Level 2 [Member]
Loans
Olkaria IV Loan - DEG 2 [Member] \| Fair Value, Inputs, Level 3 [Member]
Loans	50.6	50.7
Amatitlan Loan [Member]
Loans	31.2	32.8
Amatitlan Loan [Member] \| Fair Value, Inputs, Level 1 [Member]
Loans
Amatitlan Loan [Member] \| Fair Value, Inputs, Level 2 [Member]
Loans	31.2	32.8
Amatitlan Loan [Member] \| Fair Value, Inputs, Level 3 [Member]
Loans
OrCal Geothermal Inc [Member]
Notes	28.5	34.2
OrCal Geothermal Inc [Member] \| Fair Value, Inputs, Level 1 [Member]
Notes
OrCal Geothermal Inc [Member] \| Fair Value, Inputs, Level 2 [Member]
Notes
OrCal Geothermal Inc [Member] \| Fair Value, Inputs, Level 3 [Member]
Notes	28.5	34.2
OFC Two Senior Secured Notes [Member]
Notes	223.9	234.6
OFC Two Senior Secured Notes [Member] \| Fair Value, Inputs, Level 1 [Member]
Notes
OFC Two Senior Secured Notes [Member] \| Fair Value, Inputs, Level 2 [Member]
Notes
OFC Two Senior Secured Notes [Member] \| Fair Value, Inputs, Level 3 [Member]
Notes	223.9	234.6
Don A. Campbell 1 ("DAC1") [Member]
Notes	81.6	85.5
Don A. Campbell 1 ("DAC1") [Member] \| Fair Value, Inputs, Level 1 [Member]
Notes
Don A. Campbell 1 ("DAC1") [Member] \| Fair Value, Inputs, Level 2 [Member]
Notes
Don A. Campbell 1 ("DAC1") [Member] \| Fair Value, Inputs, Level 3 [Member]
Notes	81.6	85.5
Senior Unsecured Bonds [Member]
Senior secured debt	196.5	200.3
Senior Unsecured Bonds [Member] \| Fair Value, Inputs, Level 1 [Member]
Senior secured debt
Senior Unsecured Bonds [Member] \| Fair Value, Inputs, Level 2 [Member]
Senior secured debt
Senior Unsecured Bonds [Member] \| Fair Value, Inputs, Level 3 [Member]
Senior secured debt	196.5	200.3
Senior Unsecured Loan [Member]
Senior secured debt	100.7
Senior Unsecured Loan [Member] \| Fair Value, Inputs, Level 1 [Member]
Senior secured debt
Senior Unsecured Loan [Member] \| Fair Value, Inputs, Level 2 [Member]
Senior secured debt
Senior Unsecured Loan [Member] \| Fair Value, Inputs, Level 3 [Member]
Senior secured debt	100.7
Other Long-term Debt [Member]
Senior secured debt		7.0
Other long-term debt	6.6
Other Long-term Debt [Member] \| Fair Value, Inputs, Level 1 [Member]
Senior secured debt
Other long-term debt
Other Long-term Debt [Member] \| Fair Value, Inputs, Level 2 [Member]
Senior secured debt
Other long-term debt
Other Long-term Debt [Member] \| Fair Value, Inputs, Level 3 [Member]
Senior secured debt		$ 7.0
Other long-term debt	$ 6.6

Note 6 - Stock-based Compensation (Details Textual) - shares	1 Months Ended	12 Months Ended
	May 31, 2012	Dec. 31, 2004	Mar. 31, 2018
2004 Stock Incentive Plan [Member] \| Stock Options And Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		3,750,000
2004 Stock Incentive Plan [Member] \| Stock Options And Stock Appreciation Rights [Member] \| Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		2 years
2004 Stock Incentive Plan [Member] \| Stock Options And Stock Appreciation Rights [Member] \| Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
2004 Stock Incentive Plan [Member] \| Stock Options And Stock Appreciation Rights [Member] \| Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		50.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
2004 Stock Incentive Plan [Member] \| Employee Stock Option [Member] \| Non Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		1 year
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		10 years
2012 Stock Incentive Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	6 years
2012 Stock Incentive Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
2012 Stock Incentive Plan [Member] \| Stock Options And Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	4,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
2012 Stock Incentive Plan [Member] \| Stock Options And Stock Appreciation Rights [Member] \| Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	2 years
2012 Stock Incentive Plan [Member] \| Stock Options And Stock Appreciation Rights [Member] \| Share-based Compensation Award, Tranche One [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	100.00%
2012 Stock Incentive Plan [Member] \| Stock Options And Stock Appreciation Rights [Member] \| Share-based Compensation Award, Tranche One [Member] \| Senior Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%
2012 Stock Incentive Plan [Member] \| Stock Options And Stock Appreciation Rights [Member] \| Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
2012 Stock Incentive Plan [Member] \| Stock Options And Stock Appreciation Rights [Member] \| Share-based Compensation Award, Tranche Two [Member] \| Senior Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%
2012 Stock Incentive Plan [Member] \| Stock Options And Stock Appreciation Rights [Member] \| Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
2012 Stock Incentive Plan [Member] \| Stock Options And Stock Appreciation Rights [Member] \| Share-based Compensation Award, Tranche Three [Member] \| Senior Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%
2012 Stock Incentive Plan [Member] \| Stock Options And Stock Appreciation Rights [Member] \| Share-based Compensation Award, Tranche Four [Member] \| Senior Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%
2012 Stock Incentive Plan [Member] \| Employee Stock Option [Member] \| Non Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
The 2018 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			5,000,000

Note 7 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest related to sale of tax benefits	$ 1,409	$ 2,012
Interest expense	13,306	14,175
Less — amount capitalized	(371)	(1,264)
Interest Expense, Total	$ 14,344	$ 14,923

Note 8 - Earnings Per Share (Details Textual) - shares	3 Months Ended
Note 8 - Earnings Per Share (Details Textual) - shares	Mar. 31, 2018	Mar. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	62,409	11,491

Note 8 - Earnings Per Share - Shares Used to Calculate Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Weighted average number of shares used in computation of basic earnings per share (in shares)	50,614	49,680
Additional shares from the assumed exercise of employee stock options (in shares)	437	811
Weighted average number of shares used in computation of diluted earnings per share (in shares)	51,051	50,491

Note 9 - Business Segments (Details Textual) $ in Thousands	3 Months Ended
Note 9 - Business Segments (Details Textual) $ in Thousands	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Number of Reportable Segments	3
Goodwill, Ending Balance	$ 21,253	$ 21,037
Electricity Segment [Member]
Goodwill, Ending Balance	7,800	6,200
Other Segments [Member]
Goodwill, Ending Balance	13,500	$ 13,500
Accounting Standards Update 2014-09 [Member] \| Electricity Revenues [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 6,700

Note 9 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Dec. 31, 2017

$ 184,023

$ 189,898

^[1]

54,593

59,496

^[1]

2,710,817

^[2]

2,499,888

^[2]

$ 2,623,864

63,109

Intersegment Eliminations [Member]

54,593

59,496

^[1]

Electricity Segment [Member]

24,827

16,213

^[1]

132,489

115,776

^[1]

46,412

40,898

^[1]

^[2]

2,542,154

2,233,237

63,109

Electricity Segment [Member] | Intersegment Eliminations [Member]

46,412

40,898

^[1]

^[1]

Product Segment [Member]

48,672

74,122

^[1]

9,553

18,598

^[1]

^[2]

114,815

217,051

Product Segment [Member] | Intersegment Eliminations [Member]

9,553

18,598

^[1]

24,827

16,213

^[1]

Other Segments [Member]

2,862

^[1]

(1,372)

^[1]

^[2]

53,848

49,600

Other Segments [Member] | Intersegment Eliminations [Member]

(1,372)

^[1]

^[1]

UNITED STATES

UNITED STATES | Electricity Segment [Member]

^[3]

86,739

UNITED STATES | Product Segment [Member]

^[3]

83,683

UNITED STATES | Other Segments [Member]

^[3]

194

Foreign Countries [Member]

^[3]

2,862

Foreign Countries [Member] | Electricity Segment [Member]

^[4]

97,284

Foreign Countries [Member] | Product Segment [Member]

^[4]

48,806

Foreign Countries [Member] | Other Segments [Member]

^[4]

48,478

^[4]

[1]	The amounts related to the Other segment are immaterial.
[2]	Electricity segment assets include goodwill in the amount of $7.8 million and $6.2 million as of March, 31, 2018 and 2017, respectively. Other segment assets include goodwill in the amount of $13.5 million as of March 31, 2018 and 2017.
[3]	Electricity revenues in the United States are all accounted under ASC 840, Leases, except for $6.7 million that are accounted under ASC 606 starting 2018. Product and Other revenues in the United States are accounted under ASC 606, as further described under Note 2 to the consolidated financial statements.
[4]	Electricity revenues in foreign countries are all accounted under ASC 840, Leases, and Product revenues in foreign countries are accounted under ASC 606 as further described under Note 2 to the consolidated financial statements.

Note 9 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

$ 184,023

$ 189,898

^[1]

Derivatives and foreign currency transaction gains (losses)

54,593

59,496

^[1]

Interest income

113

244

Interest expense, net

(14,344)

(14,923)

(1,599)

1,338

Income attributable to sale of tax benefits

7,361

6,157

Other non-operating income (expense), net

(20)

(92)

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

46,104

52,220

Intersegment Eliminations [Member]

Consolidation, Eliminations [Member]

24,827

16,213

^[1]