ORMAT TECHNOLOGIES, INC., 10-Q filed on 5/10/2023
Quarterly Report
v3.23.1
Document And Entity Information - shares
 3 Months Ended
Mar. 31, 2023
May 01, 2023
Document Information [Line Items]    
Entity Central Index Key 0001296445  
Entity Registrant Name ORMAT TECHNOLOGIES, INC.  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2023  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2023  
Document Transition Report false  
Entity File Number 001-32347  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 88-0326081  
Entity Address, Address Line One 6140 Plumas Street  
Entity Address, City or Town Reno  
Entity Address, State or Province NV  
Entity Address, Postal Zip Code 89519-6075  
City Area Code 775  
Local Phone Number 356-9029  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   59,705,941
Title of 12(b) Security Common Stock  
Trading Symbol ORA  
Security Exchange Name NYSE  
v3.23.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 414,856 $ 95,872
Restricted cash and cash equivalents (primarily related to VIEs) 107,466 130,804
Receivables:    
Trade less allowance for credit losses of $90 and $90, respectively (primarily related to VIEs) 144,199 128,818
Other 36,409 32,415
Inventories 45,447 22,832
Costs and estimated earnings in excess of billings on uncompleted contracts [1] 17,136 16,405
Prepaid expenses and other 45,474 29,571
Total current assets 810,987 456,717
Investment in unconsolidated companies 119,185 115,693
Deposits and other 36,920 39,762
Deferred income taxes 155,966 161,365
Property, plant and equipment, net 2,541,677 2,493,457
Construction-in-process 905,505 893,198
Operating leases right of use 22,770 23,411
Finance leases right of use 4,277 3,806
Intangible assets, net 327,537 333,845
Goodwill 90,446 90,325
Total assets 5,015,270 [2],[3] 4,611,579
Current liabilities:    
Accounts payable and accrued expenses 172,751 149,423
Billings in excess of costs and estimated earnings on uncompleted contracts 24,651 8,785
Current portion of long-term debt:    
Limited and non-recourse (primarily related to VIEs) 63,465 64,044
Full recourse 110,706 101,460
Financing liability 15,454 16,270
Operating lease liabilities 2,381 2,347
Finance lease liabilities 1,552 1,581
Total current liabilities 390,960 343,910
Long-term debt, net of current portion:    
Financing liability 220,603 225,759
Operating lease liabilities 19,421 19,788
Finance lease liabilities 2,732 2,262
Liability associated with sale of tax benefits 159,305 166,259
Deferred income taxes 78,613 83,465
Liability for unrecognized tax benefits 6,581 6,559
Liabilities for severance pay 12,394 12,833
Asset retirement obligation 99,192 97,660
Other long-term liabilities 11,021 3,317
Total liabilities 2,668,880 2,581,014
Commitments and contingencies (Note 9)
Redeemable noncontrolling interest 9,361 9,590
Equity:    
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 59,705,941 and 56,095,918 issued and outstanding as of March 31, 2023 and December 31, 2022, respectively 60 56
Additional paid-in capital 1,560,445 1,259,072
Treasury stock, at cost (258,667 shares held as of March 31, 2023 and December 31, 2022, respectively) (17,964) (17,964)
Retained earnings 646,204 623,907
Accumulated other comprehensive income (loss) (4,209) 2,500
Total stockholders' equity attributable to Company's stockholders 2,184,536 1,867,571
Noncontrolling interest 152,493 153,404
Total equity 2,337,029 2,020,975
Total liabilities, redeemable noncontrolling interest and equity 5,015,270 4,611,579
Senior Secured Notes [Member]    
Long-term debt, net of current portion:    
Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $9,447 and $10,272, respectively) 504,460 521,885
Senior Unsecured Bonds [Member]    
Long-term debt, net of current portion:    
Full recourse (less deferred financing costs of $3,436 and $2,995, respectively) 742,222 676,512
Convertible Senior Notes [Member]    
Long-term debt, net of current portion:    
Convertible senior notes (less deferred financing costs of $9,874 and $10,445, respectively) $ 421,376 $ 420,805
[1] Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet fully recognized as product revenues during the three months ended March 31, 2023 as a result of performance obligations having not been fully satisfied yet.
[2] Electricity segment assets include goodwill in the amount of $85.8 million and $86.0 million as of March 31, 2023 and 2022, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 as of March 31, 2023 and 2022, respectively. No goodwill is included in the Product segment assets as of March 31, 2023 and 2022.
[3] Including unconsolidated investments
v3.23.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Trade, allowance for credit losses $ 90 $ 90
Property, plant and equipment, net 2,541,677 2,493,457
Construction-in-process 905,505 893,198
Operating leases right of use 22,770 23,411
Finance leases right of use $ 4,277 $ 3,806
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) 59,705,941 56,095,918
Common stock, shares outstanding (in shares) 59,705,941 56,095,918
Treasury stock, shares (in shares) 258,667 258,667
Senior Secured Notes [Member]    
Deferred financing costs $ 9,447 $ 10,272
Senior Unsecured Bonds [Member]    
Deferred financing costs 3,436 2,995
Convertible Senior Notes [Member]    
Deferred financing costs 9,874 10,445
Variable Interest Entity, Primary Beneficiary [Member]    
Property, plant and equipment, net 2,424,774 2,326,491
Construction-in-process 366,928 360,508
Operating leases right of use 9,494 9,662
Finance leases right of use $ 52 $ 75
v3.23.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenues:    
Revenue $ 185,232 $ 183,710
Cost of revenues:    
Cost of revenues 109,163 113,805
Gross profit 76,069 69,905
Operating expenses:    
Research and development expenses 1,288 1,064
Selling and marketing expenses 3,948 4,365
General and administrative expenses 17,667 17,572
Write-off of Energy Storage projects and assets 0 1,826
Operating income 53,166 45,078
Other income (expense):    
Interest income 1,851 342
Interest expense, net (23,631) (21,081)
Derivatives and foreign currency transaction gains (losses) (1,937) 260
Income attributable to sale of tax benefits 12,566 7,705
Other non-operating income, net 60 75
Income from operations before income tax and equity in earnings of investees 42,075 32,379
Income tax provision (8,885) (10,163)
Equity in earnings of investees 271 577
Net income 33,461 22,793
Net income attributable to noncontrolling interest (4,432) (4,363)
Net income attributable to the Company's stockholders 29,029 18,430
Comprehensive income:    
Net income 33,461 22,793
Other comprehensive income (loss), net of related taxes:    
Change in foreign currency translation adjustments (696) (1,156)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge (1,014) 3,902
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge (5,403) (1,905)
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax) 0 (101)
Other changes in comprehensive income 14 15
Total other comprehensive income (loss), net of related taxes: (7,099) 755
Comprehensive income 26,362 23,548
Comprehensive income attributable to noncontrolling interest (4,042) (4,064)
Comprehensive income attributable to the Company's stockholders $ 22,320 $ 19,484
Earnings per share attributable to the Company's stockholders:    
Basic: (in dollars per share) $ 0.51 $ 0.33
Diluted: (in dollars per share) $ 0.51 $ 0.33
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:    
Basic (in shares) 56,710 56,063
Diluted (in shares) 57,104 56,366
Electricity [Member]    
Revenues:    
Revenue $ 170,310 $ 162,525
Cost of revenues:    
Cost of revenues 94,758 94,521
Product [Member]    
Revenues:    
Revenue 10,042 14,628
Cost of revenues:    
Cost of revenues 9,351 13,613
Energy Storage and Management Services [Member]    
Revenues:    
Revenue 4,880 6,557
Cost of revenues:    
Cost of revenues $ 5,054 $ 5,671
v3.23.1
Condensed Consolidated Statements of Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Cross Currency Interest Rate Contract [Member]
Common Stock [Member]
Cross Currency Interest Rate Contract [Member]
Additional Paid-in Capital [Member]
Cross Currency Interest Rate Contract [Member]
Treasury Stock, Common [Member]
Cross Currency Interest Rate Contract [Member]
Retained Earnings [Member]
Cross Currency Interest Rate Contract [Member]
AOCI Attributable to Parent [Member]
Cross Currency Interest Rate Contract [Member]
Parent [Member]
Cross Currency Interest Rate Contract [Member]
Noncontrolling Interest [Member]
Cross Currency Interest Rate Contract [Member]
Common Stock Outstanding [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Treasury Stock, Common [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Parent [Member]
Noncontrolling Interest [Member]
Total
Balance (in shares) at Dec. 31, 2021                 56,056                
Balance at Dec. 31, 2021                   $ 56 $ 1,271,925 $ 0 $ 585,209 $ (2,191) $ 1,854,999 $ 143,462 $ 1,998,461
Stock-based compensation                   0 2,814 0 0 0 2,814 0 2,814
Exercise of stock-based awards by employees and directors (*) (in shares) [1]                 16                
Exercise of stock-based awards by employees and directors (*) [1]                   0 99 0 0 0 99 0 99
Cash paid to noncontrolling interest                   0 0 0 0 0 0 (3,088) (3,088)
Cash dividend declared                   0 0 0 (6,727) 0 (6,727) 0 (6,727)
Net income                   0 0 0 18,430 0 18,430 4,105 22,535
Change in foreign currency translation adjustments                   0 0 0 0 (857) (857) (299) (1,156)
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge                   0 0 0 0 3,902 3,902 0 3,902
Change in respect of derivative instruments designated for cash flow hedge $ 0 $ 0 $ 0 $ 0 $ (1,905) $ (1,905) $ 0 $ (1,905)                 (1,905)
Other                   0 0 0 0 15 15 0 15
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax)                   0 0 0 0 (101) (101) 0 (101)
Balance (in shares) at Mar. 31, 2022                 56,072                
Balance at Mar. 31, 2022                   56 1,274,838 0 596,912 (1,137) 1,870,669 144,180 2,014,849
Balance (in shares) at Dec. 31, 2022                 56,096                
Balance at Dec. 31, 2022                   56 1,259,072 (17,964) 623,907 2,500 1,867,571 153,404 2,020,975
Stock-based compensation                   0 2,990 0 0 0 2,990 0 2,990
Exercise of stock-based awards by employees and directors (*)                   0 27 0 0 0 27 0 27
Cash paid to noncontrolling interest                   0 0 0 0 0 0 (2,360) (2,360)
Cash dividend declared                   0 0 0 (6,732) 0 (6,732) 0 (6,732)
Net income                   0 0 0 29,029 0 29,029 4,235 33,264
Change in foreign currency translation adjustments                   0 0 0 0 (306) (306) (390) (696)
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge                   0 0 0 0 (1,014) (1,014) 0 (1,014)
Change in respect of derivative instruments designated for cash flow hedge $ 0 $ 0 $ 0 $ 0 $ (5,403) $ (5,403) $ 0 $ (5,403)                 (5,403)
Other                   0 0 0 0 14 14 0 14
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax)                                 0
Issuance of common stock (in shares)                 3,600                
Issuance of common stock                   4 297,117 0 0 0 297,121 0 297,121
Change in noncontrolling interest rights                   0 1,239 0 0 0 1,239 (2,396) (1,157)
Balance (in shares) at Mar. 31, 2023                 59,696                
Balance at Mar. 31, 2023                   $ 60 $ 1,560,445 $ (17,964) $ 646,204 $ (4,209) $ 2,184,536 $ 152,493 $ 2,337,029
[1] Resulted in an amount lower than $1 thousand.
v3.23.1
Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Retained Earnings [Member]    
Cash dividend declared, per share (in dollars per share) $ 0.12 $ 0.12
Change in unrealized gains or losses on marketable securities available-for-sale, tax   $ 0
v3.23.1
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 33,461 $ 22,793
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 53,161 48,108
Accretion of asset retirement obligation 1,532 1,230
Stock-based compensation 2,990 2,814
Income attributable to sale of tax benefits, net of interest expense (7,645) (4,603)
Equity in earnings of investees (271) (577)
Mark-to-market of derivative instruments 993 277
Disposal of property, plant and equipment (123) (109)
Write-off of Energy Storage projects and assets 0 1,826
Loss (gain) on severance pay fund asset (116) 161
Deferred income tax provision 501 2,805
Liability for unrecognized tax benefits 22 304
Other 0 328
Changes in operating assets and liabilities, net of businesses acquired:    
Receivables (26,626) 5,127
Costs and estimated earnings in excess of billings on uncompleted contracts (731) (1,830)
Inventories (22,615) (4,443)
Prepaid expenses and other (15,903) (7,179)
Change in operating lease right of use asset 720 692
Deposits and other (22) 839
Accounts payable and accrued expenses 22,226 13,082
Billings in excess of costs and estimated earnings on uncompleted contracts 15,866 1,716
Liabilities for severance pay (439) (142)
Change in operating lease liabilities (289) (547)
Other long-term liabilities (236) (896)
Net cash provided by operating activities 56,456 81,776
Cash flows from investing activities:    
Purchase of marketable securities 0 (19,192)
Maturities of marketable securities 0 19,290
Capital expenditures (106,877) (137,246)
Investment in unconsolidated companies (4,235) (2,157)
Decrease (increase) in severance pay fund asset, net of payments made to retired employees (65) (27)
Net cash used in investing activities (111,177) (139,332)
Cash flows from financing activities:    
Proceeds from long-term loans, net of transaction costs 99,850 0
Proceeds from exercise of options by employees 27 99
Cash received from noncontrolling interest 7,341 5,443
Repayments of long-term debt (42,814) (39,058)
Proceeds from issuance of common stock, net of related costs 297,121 0
Cash paid to noncontrolling interest (2,985) (3,374)
Payments under finance lease obligations (570) (828)
Deferred debt issuance costs (857) (276)
Cash dividends paid (6,732) (6,727)
Net cash provided by (used in) financing activities 350,381 (44,721)
Effect of exchange rate changes (14) (34)
Net change in cash and cash equivalents and restricted cash and cash equivalents 295,646 (102,311)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 226,676 343,444
Cash and cash equivalents and restricted cash and cash equivalents at end of period 522,322 241,133
Supplemental non-cash investing and financing activities:    
Increase (decrease) in accounts payable related to purchases of property, plant and equipment (1,221) 8,448
Right of use assets obtained in exchange for new lease liabilities $ 1,028 $ 1,313
v3.23.1
Note 1 - General and Basis of Presentation
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 1 — GENERAL AND BASIS OF PRESENTATION

 

These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, they do not contain all information and notes required by U.S. GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated financial position as of March 31, 2023, the condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2023 and 2022 and the condensed consolidated statements of cash flows and the condensed consolidated statements of equity for the three months ended March 31, 2023 and 2022.

 

The financial data and other information disclosed in the notes to the condensed consolidated financial statements related to these periods are unaudited. The results for the periods presented are not necessarily indicative of the results to be expected for the year.

 

These condensed unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The condensed consolidated balance sheet data as of December 31, 2022 was derived from the Company’s audited consolidated financial statements for the year ended December 31, 2022 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.

 

Hapoalim Bank Loan

 

On February 27, 2023, the Company entered into a definitive loan agreement (the "BHI Loan Agreement") with Bank Hapoalim B.M. (“Hapoalim Bank”). The BHI Loan Agreement provides for a loan by Hapoalim Bank to the Company in an aggregate principal amount of $100 million (the “BHI Loan” or “Hapoalim Loan 2023”). The outstanding principal amount of the BHI Loan will be repaid in 20 semi-annual payments of $5.0 million each, commencing on August 27, 2023. The duration of the BHI Loan is 10 years. The BHI Loan bears interest at a fixed rate of 6.45% per annum, payable semi-annually. The BHI Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount (as shown on its consolidated financial statements) of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%. The BHI Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default.

 

Stockholders' equity offering

 

On March 14, 2023, the Company entered into an underwriting agreement with Goldman Sachs & Co. LLC, as the sole underwriter (the “Underwriter”), in connection with a public offering, pursuant to which the Company agreed to issue and sell 3,600,000 shares of common stock, par value $0.001 per share, and the Underwriter agreed to purchase these shares at a price of $82.60 per share. In addition, the Company granted the Underwriter a 30-day option to purchase up to an additional 540,000 shares of common stock at the same price per share, which was fully exercised by the Underwriters on April 3, 2023. The total net proceeds from the offering, including the option, were approximately $341.7 million, after deducting offering expenses.

 

Write-offs of unsuccessful exploration activities

 

During the three months ended March 31, 2023 and 2022, there were no write-offs of unsuccessful exploration activities.

 

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

 

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

 

  

March 31,

  

December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Cash and cash equivalents

 $414,856  $95,872 

Restricted cash and cash equivalents

  107,466   130,804 

Total Cash and cash equivalents and restricted cash and cash equivalents

 $522,322  $226,676 

 

Concentration of credit risk

 

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

 

The Company places its cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At March 31, 2023 and December 31, 2022, the Company had deposits totaling $171.3 million and $10.0 million, respectively, in ten U.S. financial institutions that were federally insured up to $250,000 per account. At March 31, 2023 and December 31, 2022, the Company’s deposits in foreign countries amounted to approximately $128.7 million and $64.3 million, respectively.

 

At March 31, 2023 and December 31, 2022, accounts receivable related to operations in foreign countries amounted to approximately $102.9 million and $78.9 million, respectively. At March 31, 2023 and December 31, 2022, accounts receivable from the Company’s primary customers, which each accounted for revenues in excess of 10% of total consolidated revenues for the related period, amounted to approximately 59% and 60% of the Company’s trade receivables, respectively. The aggregate amount of notes receivable exceeding 10% of total receivables as of March 31, 2023 and December 31, 2022 is $100.0 million and $89.8 million, respectively.

 

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

 

  

Three Months Ended

March 31,

 
  

2023

  

2022

 

Southern California Public Power Authority (“SCPPA”)

  26.7%  21.9%

Sierra Pacific Power Company and Nevada Power Company

  18.9   19.5 

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

  14.5   14.1 

 

 

The Company has historically been able to collect on substantially all of its receivable balances. As of March 31, 2023, the amount overdue from KPLC in Kenya was $36.9 million of which $9.8 million was paid in April 2023. The Company believes it will be able to collect all past due amounts in Kenya. This belief is supported by the fact that in addition to KPLC's obligations under its power purchase agreement, the Company holds a support letter from the Government of Kenya that covers certain cases of KPLC non-payment (such as were caused by government actions and/or political events).

 

In Honduras, as of March 31, 2023, the total amount overdue from Empresa Nacional de Energía Eléctrica ("ENEE") was $16.6 million of which $5.9 million was paid in April 2023. In addition, due to the financial situation in Honduras, the Company may experience further delays in collection. The Company believes it will be able to collect all past due amounts in Honduras.

 

Allowance for credit losses

 

The Company performs an analysis of potential credit losses related to its financial instruments that are within the scope of ASU 2018-19, Codification Improvements to Topic 325, Financial Instruments – Credit Losses, primarily cash and cash equivalents, restricted cash and cash equivalents, investment in marketable securities, receivables (excluding those accounted under lease accounting) and costs and estimated earnings in excess of billings on uncompleted contracts, based on classes of financing receivables which share the same or similar risk characteristics such as customer type and geographic location, among others. The Company estimates the expected credit losses for each class of financing receivables by applying the related corporate default rate which corresponds to the credit rating of the specific customer or class of financing receivables. For trade receivables, the Company applied this methodology using aging schedules reflecting how long the receivables have been outstanding. The Company has also considered the existence of credit enhancement arrangements that may mitigate the credit risk of its financial receivables in estimating the applicable corporate default rate.

 

The following table describes the changes in the allowance for expected credit losses for the three months ended March 31, 2023 and 2022 (all related to trade receivables):

 

  

Three Months Ended March 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Beginning balance of the allowance for expected credit losses

 $90  $90 

Change in the provision for expected credit losses for the period

  —   — 

Ending balance of the allowance for expected credit losses

 $90  $90 

 

Revenues from contracts with customers

 

Contract assets related to our Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of March 31, 2023 and December 31, 2022 are as follows:

 

  

March 31,

  

December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Contract assets (*)

 $17,136  $16,405 

Contract liabilities (*)

 $(24,651) $(8,785)

 

 

(*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet fully recognized as product revenues during the three months ended March 31, 2023 as a result of performance obligations having not been fully satisfied yet.

 

On March 31, 2023, the Company had approximately $146.4 million of remaining performance obligations not yet satisfied or partly satisfied related to our Product segment. The Company expects to recognize approximately 100% of this amount as Product revenues during the next 24 months.

 

Disaggregated revenues from contracts with customers for the three months ended March 31, 2023 and 2022 are disclosed under Note 8 - Business Segments, to the condensed consolidated financial statements.

 

Leases in which the Company is a lessor

 

The table below presents lease income recognized as a lessor:

 

  

Three Months Ended March 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Lease income relating to lease payments from operating leases

 $137,621  $139,681 

 

Marketable securities

 

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

 

Derivative instruments

 

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

 

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

 

Transferable production and investment tax credits

 

The Inflation Reduction Act (“IRA”) was signed into law in August 2022 and introduces a transferability provision for certain tax credits related to the clean production of energy. Under this provision, a reporting entity can monetize such credits through sale to a third party. The option for transferability of credits applies to taxable years beginning after December 31, 2022. Several of the Company’s projects that are not currently part of a tax monetization transaction generate eligible tax credits, such as investment tax credits (“ITCs”) and production tax credits (“PTCs”), that are eligible to be transferred to a third-party under the provisions of the IRA. The Company accounts for ITCs under ASC 740 through the “Income tax (provision) benefit” line in the consolidated statement of operations and comprehensive income. PTC’s are accounted similarly to refundable or direct-pay credits outside of the tax line with income recognized in the “Income attributable to sale of tax benefits” line in the consolidated statement of operations and comprehensive income. Income recognized related to such transferable PTC’s during the three months ended March 31, 2023 was $1.8 million, net of discount.

 
v3.23.1
Note 2 - New Accounting Pronouncements
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Accounting Standards Update and Change in Accounting Principle [Text Block]

NOTE 2 — NEW ACCOUNTING PRONOUNCEMENTS

 

New accounting pronouncements effective in the three months ended March 31, 2023

 

Revenue Contracts Acquired in a Business Combination

 

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

 

New accounting pronouncements effective in future periods

 

Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

 

In March 2023, the FASB issued ASU 2023-02 “Investments - Equity Method and Joint Ventures (Topic 323),” which permits reporting entities to elect to account for tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The amendments in ASU 2023-02 are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The amendments in this update should be applied on either a modified retrospective or a retrospective basis. The Company is still evaluating the potential impact of this guidance on its consolidated financial statements, however, it anticipates that the adoption of ASU 2023-02 will not have an impact on its condensed consolidated financial statements.

 
v3.23.1
Note 3 - Inventories
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Inventory Disclosure [Text Block]

NOTE 3 — INVENTORIES

 

Inventories consist of the following:

 

   

March 31,

    

December 31,

  
   

2023

    

2022

  
   

(Dollars in thousands)

  

Raw materials and purchased parts for assembly

   $ 25,422     $ 10,629  

Self-manufactured assembly parts and finished products

     20,025       12,203  

Total inventories

   $ 45,447     $ 22,832  

 
v3.23.1
Note 4 - Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

NOTE 4— 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, 2023 and December 31, 2022 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, 2023

 
      

Fair Value

 
  

Carrying

Value at

March 31,

2023

   Total     Level 1    Level 2   Level 3 
  

(Dollars in thousands)

 

Assets:

                    

Current assets:

                    

Cash equivalents (including restricted cash accounts)

 $40,401  $40,401  $40,401  $—  $— 

Marketable securities (3)

  138   138   138   —   — 

Long-term Assets:

                    

Cross currency swap (2)

  9   9   —   9   — 

Liabilities:

                    

Current liabilities:

                    

Derivatives:

                    

Cross currency swap (2)

  (4,043)  (4,043)  —   (4,043)  — 

Currency forward contracts (1)

  (1,793)  (1,793)  —   (1,793)  — 

Long term liabilities:

                    

Cross currency swap (2)

  (8,067)  (8,067)  —   (8,067)  — 
  $26,644  $26,644  $40,539  $(13,894) $— 

 

      

December 31, 2022

 
      

Fair Value

 
  

Carrying

Value at

December 31,

2022

  

Total

  

Level 1

  

Level 2

  

Level 3

 
  

(Dollars in thousands)

 

Assets

                    

Current assets:

                    

Cash equivalents (including restricted cash accounts)

 $34,832  $34,832  $34,832  $—  $— 

Marketable securities (3)

  136   136   136   —   — 

Derivatives:

                    

Long-term assets:

                    

Cross currency swap (2)

  3,029   3,029   —   3,029   — 

Liabilities:

                    

Current liabilities:

                    

Derivatives:

                    

Currency forward contracts (1)

  (800)  (800)  —   (800)  — 

Cross currency swap (2)

  (2,777)  (2,777)  —   (2,777)  — 
                     
  $34,420  $34,420  $34,968  $(548) $— 

 

 

1.

These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Receivables, other” or “Accounts payable and accrued expenses”, as applicable, in the condensed consolidated balance sheets on March 31, 2023 and December 31, 2022, with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income.

 

 

2.

These amounts relate to cross currency swap contracts valued primarily based on the present value of the cross currency swap future settlement prices for U.S. Dollar (“USD”) and New Israeli Shekel (“NIS”) zero yield curves and the applicable exchange rate as of March 31, 2023 and December 31, 2022, as applicable. These amounts are included within “Prepaid expenses and other”, “Deposits and other”, "Accounts payable and accrued expenses", or “Other long-term liabilities”, as applicable, in the condensed consolidated balance sheets on March 31, 2023 and December 31, 2022. There are no cash collateral deposits on March 31, 2023 and December 31, 2022.

 

 

3.

Presented under “Cash and cash equivalents” in the condensed consolidated balance sheets.

 

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

 

    Amount of recognized 
    

gain (loss)

 
Derivatives not designated as Location of recognized gain Three Months Ended 

hedging instruments

 

(loss)

 

March 31,

 
    

2023

  

2022

 
    

(Dollars in thousands)

 

Currency forward contracts (1)

 

Derivative and foreign currency transaction gains (losses)

 $(1,656) $(208)
           

Derivatives designated as cash flow hedging instruments

          
           

Cross currency swap (2)

 

Derivative and foreign currency transaction gains (losses)

 $(6,792) $(6,682)

 

 

(1) The foregoing currency forward transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income.

 

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

 

There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during the three months ended March 31, 2023 and 2022.

 

The following table presents the effect of derivative instruments designated as cash flow hedges on the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2023 and 2022:

 

  Three Months Ended March 31, 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Cross currency swap cash flow hedge:

        

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

 $3,920  $5,745 

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

  1,389   (8,587)

Amount reclassified from Other comprehensive income (loss) into earnings

  (6,792)  6,682 

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

 $(1,483) $3,840 

 

 

The estimated net amount of existing gain (loss) that is reported in "Accumulated other comprehensive income (loss)" as of March 31, 2023 that is expected to be reclassified into earnings within the next 12 months is immaterial. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flow is from the transaction commencement date through June 2031.

 

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

 

  

Fair Value

  

Carrying Amount (*)

 
  March 31,  December 31,  March 31,  December 31, 
  

2023

  

2022

  

2023

  

2022

 
  

(Dollars in millions)

  

(Dollars in millions)

 

Mizrahi Loan

 $71.4  $71.4  $70.3  $70.3 

Convertible Senior Notes

  485.4   505.3   431.3   431.3 

HSBC Loan

  36.6   40.3   39.3   42.9 

Hapoalim Loan

  92.4   91.1   98.2   98.2 

Hapoalim Loan 2023

  100.0   —   100.0   — 

Discount Loan

  74.5   81.1   81.3   87.5 

Finance liability - Dixie Valley

  213.3   219.8   236.1   242.0 

Olkaria III Loan - DFC

  129.7   134.2   134.2   138.7 

Olkaria III plant 4 Loan - DEG 2

  26.9   26.5   27.5   27.5 

Olkaria III plant 1 Loan - DEG 3

  23.7   23.3   24.0   24.0 

Platanares Loan - DFC

  78.0   80.2   77.8   79.9 

Amatitlan Loan

  13.8   14.7   14.9   15.8 

OFC 2 LLC ("OFC 2")

  145.0   149.8   153.3   158.0 

Don A. Campbell 1 ("DAC 1")

  55.8   57.4   61.1   62.7 

USG Prudential - NV

  23.5   23.7   24.8   25.0 

USG Prudential - ID

  54.6   56.8   59.8   61.6 

USG DOE

  31.1   32.8   31.4   32.8 

Senior Unsecured Bonds

  232.1   235.1   249.0   255.8 

Senior Unsecured Loan

  156.1   166.4   166.4   174.8 

Plumstriker

  10.9   11.2   11.1   11.4 

Other long-term debt

  8.8   9.2   9.4   10.4 

 

(*) Carrying amount value excludes the related deferred financing costs.

 

The fair value of the long-term debt is determined by a valuation model, which is based on a conventional discounted cash flow methodology and utilizes assumptions of current borrowing rates, except for the fair value of the Convertible Senior Notes for which the fair value was estimated based on a quoted bid price of the Notes in an over-the-counter market on the last trading day of the reporting period. A hypothetical change in the quoted bid price will result in a corresponding change in the estimated fair value of the Notes.

 

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

 

The following table presents the fair value of financial instruments as of March 31, 2023:

 

  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 

Mizrahi Loan

 $—  $—  $71.4  $71.4 

Convertible Senior Notes

  —   485.4   —   485.4 

HSBC Loan

  —   —   36.6   36.6 

Hapoalim Loan

  —   —   92.4   92.4 

Hapoalim Loan 2023

  —   —   100.0   100.0 

Discount Loan

  —   —   74.5   74.5 

Finance liability - Dixie Valley

  —   —   213.3   213.3 

Olkaria III Loan - DFC

  —   —   129.7   129.7 

Olkaria III plant 4 Loan - DEG 2

  —   —   26.9   26.9 

Olkaria III plant 1 Loan - DEG 3

  —   —   23.7   23.7 

Platanares Loan - DFC

  —   —   78.0   78.0 

Amatitlan Loan

  —   13.8   —   13.8 

OFC 2 Senior Secured Notes

  —   —   145.0   145.0 

DAC 1 Senior Secured Notes

  —   —   55.8   55.8 

USG Prudential - NV

  —   —   23.5   23.5 

USG Prudential - ID

  —   —   54.6   54.6 

USG DOE

  —   —   31.1   31.1 

Senior Unsecured Bonds

  —   —   232.1   232.1 

Senior Unsecured Loan

  —   —   156.1   156.1 

Plumstriker

  —   10.9   —   10.9 

Other long-term debt

  —   —   8.8   8.8 

Deposits

  13.9   —   —   13.9 

 

The following table presents the fair value of financial instruments as of December 31, 2022:

 

  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 
Mizrahi Loan $—  $—  $71.4  $71.4 
Convertible Senior Notes  —   505.3   —   505.3 

HSBC Loan

  —   —   40.3   40.3 

Hapoalim Loan

  —   —   91.1   91.1 

Discount Loan

  —   —   81.1   81.1 

Financing Liability - Dixie Valley

  —   —   219.8   219.8 

Olkaria III Loan - DFC

  —   —   134.2   134.2 

Olkaria IV - DEG 2

  —   —   26.5   26.5 

Olkaria IV - DEG 3

  —   —   23.3   23.3 

Platanares Loan - DFC

  —   —   80.2   80.2 

Amatitlan Loan

  —   14.7   —   14.7 

OFC 2 Senior Secured Notes

  —   —   149.8   149.8 

DAC 1 Senior Secured Notes

  —   —   57.4   57.4 

USG Prudential - NV

  —   —   23.7   23.7 

USG Prudential - ID

  —   —   56.8   56.8 

USG DOE

  —   —   32.8   32.8 

Senior Unsecured Bonds

  —   —   235.1   235.1 

Senior Unsecured Loan

  —   —   166.4   166.4 

Plumstriker

  —   11.2   —   11.2 

Other long-term debt

  —   —   9.2   9.2 

Deposits

  13.9   —   —   13.9 

 
v3.23.1
Note 5 - Stock-based Compensation
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

NOTE 5 — STOCK-BASED COMPENSATION

 

In March 2023, the Company granted certain members of its management and employees an aggregate of 174,422 restricted stock units ("RSUs") and 35,081 performance stock units ("PSUs") under the Company’s 2018 Incentive Compensation Plan. The RSUs and PSUs have vesting periods of between 1 to 4 years from the grant date.

 

The fair value of each RSU and PSU on the grant date was $79.9 and $79.6, respectively. The Company calculated the fair value of each RSU and PSU on the grant date using the complex lattice, tree-based option-pricing model based on the following assumptions:

 

Risk-free interest rates

 3.86%-4.68% 

Expected life (in years)

 2-5.75 

Dividend yield

  0.59  

Expected volatility (weighted average)

 36.0%-42.2% 

 

There were no other significant grants that were made by the Company during the three months ended March 31, 2023.

 
v3.23.1
Note 6 - Interest Expense, Net
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Interest Expense Disclosure [Text Block]

NOTE 6 — INTEREST EXPENSE, NET

 

The components of interest expense are as follows:

 

   

Three Months Ended

March 31,

  
   

2023

    

2022

  
   

(Dollars in thousands)

  

Interest related to sale of tax benefits

   $ 3,342     $ 3,431  

Interest expense

     24,620       22,486  

Less — amount capitalized

     (4,330 )     (4,836 )

Total interest expense, net

   $ 23,631     $ 21,081  

 
v3.23.1
Note 7 - Earnings Per Share
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 7 — EARNINGS PER SHARE

 

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

 

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

 

   

Three Months Ended

March 31,

  
   

2023

    

2022

  
                 

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

     56,710       56,063  

Additional shares from the assumed exercise of employee stock awards

     394       303  

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

     57,104       56,366  

 

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 106.3 thousand and 207.4 thousand for the three months ended March 31, 2023 and 2022, respectively.

 

As per ASU 2020-06, the if-converted method is required for calculating any potential dilutive effect from convertible instruments. For the three months ended March 31, 2023, the average price of the Company's common stock did not exceed the per share conversion price of the Notes of $90.27, and other requirements for the Notes to be convertible were not met and as such, there was no dilutive effect from the Notes in respect with the aforementioned periods.

 
v3.23.1
Note 8 - Business Segments
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 8 — BUSINESS SEGMENTS

 

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

 

 

•

Under the Electricity segment, the Company builds, owns and operates geothermal, solar PV and recovered energy-based power plants ("REG") in the United States and geothermal power plants in foreign countries, and sell the electricity generated by those power plants.

 

 

•

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

 

 

•

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

 

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

 

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

 

  

Electricity

  

Product

  

Energy

Storage

  

Consolidated

 
  

(Dollars in thousands)

 

Three Months Ended March 31, 2023:

                

Revenues from external customers:

                

United States (1)

 $122,411  $1,441  $4,880  $128,732 

Foreign (2)

  47,899   8,601   —   56,500 

Net revenue from external customers

  170,310   10,042   4,880   185,232 

Intersegment revenues (4)

  —   7,772   —   — 

Operating income (loss)

  57,008   (1,505)  (2,337)  53,166 

Segment assets at period end (3) (*)

  4,648,303   161,428   205,539   5,015,270 

* Including unconsolidated investments

  119,185   —   —   119,185 
                 

Three Months Ended March 31, 2022:

                

Revenues from external customers:

                

United States (1)

 $116,109  $535  $6,557  $123,201 

Foreign (2)

  46,416   14,093   —   60,509 

Net revenue from external customers

  162,525   14,628   6,557   183,710 

Intersegment revenues (4)

  —   20,903   —   — 

Operating income (loss)

  47,575   (1,575)  (922)  45,078 

Segment assets at period end (3) (*)

  4,093,759   140,957   179,473   4,414,189 

* Including unconsolidated investments

  112,522   —   —   112,522 

 

 

 

(1)

Electricity segment revenues in the United States are all accounted under lease accounting except for $32.7 million for the three months ended March 31, 2023, and $22.8 million for the three months ended March 31, 2022, respectively, that are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606.

 

 

(2)

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

 

 

(3)

Electricity segment assets include goodwill in the amount of $85.8 million and $86.0 million as of March 31, 2023 and 2022, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 million as of March 31, 2023 and 2022, respectively. No goodwill is included in the Product segment assets as of March 31, 2023 and 2022.

 

 

(4)

Intersegment revenues are fully eliminated in consolidation.

 

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

 

  

Three Months Ended

March 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Revenues:

        

Total segment revenues

 $185,232  $183,710 

Intersegment revenues

  7,772   20,903 

Elimination of intersegment revenues

  (7,772)  (20,903)

Total consolidated revenues

 $185,232  $183,710 
         

Operating income:

        

Operating income

 $53,166  $45,078 

Interest income

  1,851   342 

Interest expense, net

  (23,631)  (21,081)

Derivatives and foreign currency transaction gains (losses)

  (1,937)  260 

Income attributable to sale of tax benefits

  12,566   7,705 

Other non-operating income, net

  60   75 

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

 $42,075  $32,379 

 
v3.23.1
Note 9 - Commitments and Contingencies
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

NOTE 9 — COMMITMENTS AND CONTINGENCIES

 

 

•

On December 15, 2021, the Center for Biological Diversity and the Fallon Paiute-Shoshone Tribe (the “Plaintiffs”) filed a lawsuit in the U.S. District Court for the State of Nevada against the U.S. Department of the Interior, the Bureau of Land Management (“the BLM”) and Jake Vialpando, in his official capacity as a field manager of the BLM, alleging that the defendants violated the National Environmental Protection Act and other federal laws by approving the Company’s Dixie Meadows project and the associated environmental assessment and Finding of No Significant Impact (“FONSI”). Plaintiffs additionally alleged that the project threatens the Dixie Valley Toad and infringes on the tribe’s enjoyment of a religious sacred site.  Plaintiffs sought for the court to vacate and set aside the environmental assessment, FONSI and the BLM’s authorizations for the project and to enjoin project construction. The Company intervened in the action on January 4, 2022. On January 14, 2022, the court granted a temporary, 90-day injunction pausing construction of the project while it ruled on the merits of the case.  The Ninth Circuit subsequently set aside the temporary injunction, pending a hearing on June 15, 2022, and construction began in February 2022. On August 1, 2022 the Ninth Circuit issued an order in The Company’s favor, affirming the District Court’s ruling that an injunction after 90-days was not warranted. On April 4, 2022, the U.S. Fish and Wildlife Services (“FWS”) emergency listed the Dixie Valley Toad under the Endangered Species Act of 1973 (the “ESA”).  On July 6, 2022, Plaintiffs amended their complaint to add causes of action related to the ESA listing against the Company. The Company is currently working with the BLM and FWS in the Section 7 Consultation process including discussion and identification of potential additional mitigation measures, and has agreed to temporarily pause construction of the facility. The Company requested that the BLM amend the Decision Record to limit the scope of the project to the first planned phase of development, a single power plant of approximately 12 MW and the BLM granted that request. The Company further requested that the Court stay the litigation until the Section 7 Consultation process was complete, and the Court granted the motion to stay on February 14, 2023. The Company believes it has strong legal defenses against the present claims, however, there can be no assurances regarding the resolution of these proceedings. Any additional construction delays imposed by the court, any mitigation or other measures arising from the Dixie Valley Toad’s emergency listing or any combination thereof could cause the Company to incur additional project costs, delay or impede the completion of the project and thus the eventual generation of revenues from the project and/or result in the renegotiation of the PPA for the project on less favorable terms. As a result, at this time, the Company cannot reasonably predict the ultimate outcome of this litigation or regulatory process or estimate the possible loss or range of loss it may bear, if any. As of March 31, 2023, the aggregated net book value of the Dixie Meadows project was approximately $84.3 million, which was included under "construction-in-process" in the consolidated balance sheets.

 

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

 

Other matters

 

On March 2, 2021, the Company's board of directors established a special committee of independent directors (the "Special Committee") to investigate, among other things, certain claims made in a report published by a short seller regarding the Company’s compliance with anti-corruption laws. The Special Committee is working with outside legal counsel to investigate the claims made. All members of the Special Committee are “independent” in accordance with the Company's Corporate Governance Guidelines, the NYSE listing standards and SEC rules applicable to boards of directors in general. The Company is also providing information as requested by the SEC and Department of Justice ("DOJ") related to the claims.

 

In Kenya, a task force was appointed by the President to review and analyze PPAs entered into between various independent power producers and KPLC, including the Company's long term PPA for the Olkaria complex. In September 2021 the task force recommended to the President that KPLC review its contracts and attempt renegotiation with Independent Power Producers to secure reductions in PPA tariffs within existing contractual arrangements. The Company was approached by the task force following release of the report. Discussions are continuing.

 
v3.23.1
Note 10 - Income Taxes
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

NOTE 10 — INCOME TAXES

 

The Company’s effective tax rate provision for the three months ended March 31, 2023 and 2022 was 21.1% and 31.4%, respectively. The effective rate differs from the federal statutory rate of 21% primarily due to the jurisdictional mix of earnings at differing tax rates and generation of investment tax credits.

 

On August 16, 2022, the Inflation Reduction Act ("IRA") was signed into law in the United States. The Company believes that the construction and operations of its geothermal power plants, recovered energy-based power plants, battery energy storage systems and solar PV will benefit in the future from the IRA and enhance the economic feasibility of projects in the United States. PTC’s can be generated from 2.75 cents per kWh, once the Wages & Apprenticeship rules are met, and if bonus credit requirements are met the credit could rise up to 3.30 cents per kWh. ITC’s can be earned on investments from 30.0%, once the Wages & Apprenticeship rules are met, and if bonus credit requirements are met the credit could rise up to 50.0%. Battery Energy Storage Systems are eligible for ITC for projects placed-in-service after December 31, 2022. In addition, the Company can now monetize PTC’s and ITC’s earned by transferring the credits to a third party without having to enter into a tax equity transaction. The Company views the enactment of the IRA as favorable for the overall business climate for its sector.

 
v3.23.1
Note 11 - Subsequent Events
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 11 — SUBSEQUENT EVENTS

 

Cash Dividend

 

On May 9, 2023, the Board of Directors of the Company declared, approved and authorized payment of a quarterly dividend of $6.7 million ($0.12 per share) to all holders of the Company’s issued and outstanding shares of common stock on May 23, 2023, payable on June 6, 2023.

 

Stockholders' equity offering

 

As described under Note 1 to the condensed consolidated financial statements, on April 3, 2023, Goldman Sachs & Co. LLC, the Underwriter of the stockholders' equity offering, fully exercised its option to purchase up to an additional 540,000 shares of common stock at a price of $82.60 per share.

 

Plumstriker Loan

 

On April 4, 2023, the Company had voluntarily fully prepaid the Plumstriker Loan in the amount of $11.1 million.

 
v3.23.1
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]

These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, they do not contain all information and notes required by U.S. GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated financial position as of March 31, 2023, the condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2023 and 2022 and the condensed consolidated statements of cash flows and the condensed consolidated statements of equity for the three months ended March 31, 2023 and 2022.

 

The financial data and other information disclosed in the notes to the condensed consolidated financial statements related to these periods are unaudited. The results for the periods presented are not necessarily indicative of the results to be expected for the year.

 

These condensed unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The condensed consolidated balance sheet data as of December 31, 2022 was derived from the Company’s audited consolidated financial statements for the year ended December 31, 2022 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.

 
Bank Loan [Policy Text Block]

Hapoalim Bank Loan

 

On February 27, 2023, the Company entered into a definitive loan agreement (the "BHI Loan Agreement") with Bank Hapoalim B.M. (“Hapoalim Bank”). The BHI Loan Agreement provides for a loan by Hapoalim Bank to the Company in an aggregate principal amount of $100 million (the “BHI Loan” or “Hapoalim Loan 2023”). The outstanding principal amount of the BHI Loan will be repaid in 20 semi-annual payments of $5.0 million each, commencing on August 27, 2023. The duration of the BHI Loan is 10 years. The BHI Loan bears interest at a fixed rate of 6.45% per annum, payable semi-annually. The BHI Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount (as shown on its consolidated financial statements) of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%. The BHI Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default.

 
Stockholders' Equity, Policy [Policy Text Block]

Stockholders' equity offering

 

On March 14, 2023, the Company entered into an underwriting agreement with Goldman Sachs & Co. LLC, as the sole underwriter (the “Underwriter”), in connection with a public offering, pursuant to which the Company agreed to issue and sell 3,600,000 shares of common stock, par value $0.001 per share, and the Underwriter agreed to purchase these shares at a price of $82.60 per share. In addition, the Company granted the Underwriter a 30-day option to purchase up to an additional 540,000 shares of common stock at the same price per share, which was fully exercised by the Underwriters on April 3, 2023. The total net proceeds from the offering, including the option, were approximately $341.7 million, after deducting offering expenses.

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

Write-offs of unsuccessful exploration activities

 

During the three months ended March 31, 2023 and 2022, there were no write-offs of unsuccessful exploration activities.

 
Cash and Cash Equivalents, Policy [Policy Text Block]

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

 

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

 

  

March 31,

  

December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Cash and cash equivalents

 $414,856  $95,872 

Restricted cash and cash equivalents

  107,466   130,804 

Total Cash and cash equivalents and restricted cash and cash equivalents

 $522,322  $226,676 

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

Concentration of credit risk

 

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

 

The Company places its cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At March 31, 2023 and December 31, 2022, the Company had deposits totaling $171.3 million and $10.0 million, respectively, in ten U.S. financial institutions that were federally insured up to $250,000 per account. At March 31, 2023 and December 31, 2022, the Company’s deposits in foreign countries amounted to approximately $128.7 million and $64.3 million, respectively.

 

At March 31, 2023 and December 31, 2022, accounts receivable related to operations in foreign countries amounted to approximately $102.9 million and $78.9 million, respectively. At March 31, 2023 and December 31, 2022, accounts receivable from the Company’s primary customers, which each accounted for revenues in excess of 10% of total consolidated revenues for the related period, amounted to approximately 59% and 60% of the Company’s trade receivables, respectively. The aggregate amount of notes receivable exceeding 10% of total receivables as of March 31, 2023 and December 31, 2022 is $100.0 million and $89.8 million, respectively.

 

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

 

  

Three Months Ended

March 31,

 
  

2023

  

2022

 

Southern California Public Power Authority (“SCPPA”)

  26.7%  21.9%

Sierra Pacific Power Company and Nevada Power Company

  18.9   19.5 

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

  14.5   14.1 

 

 

The Company has historically been able to collect on substantially all of its receivable balances. As of March 31, 2023, the amount overdue from KPLC in Kenya was $36.9 million of which $9.8 million was paid in April 2023. The Company believes it will be able to collect all past due amounts in Kenya. This belief is supported by the fact that in addition to KPLC's obligations under its power purchase agreement, the Company holds a support letter from the Government of Kenya that covers certain cases of KPLC non-payment (such as were caused by government actions and/or political events).

 

In Honduras, as of March 31, 2023, the total amount overdue from Empresa Nacional de Energía Eléctrica ("ENEE") was $16.6 million of which $5.9 million was paid in April 2023. In addition, due to the financial situation in Honduras, the Company may experience further delays in collection. The Company believes it will be able to collect all past due amounts in Honduras.

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

Allowance for credit losses

 

The Company performs an analysis of potential credit losses related to its financial instruments that are within the scope of ASU 2018-19, Codification Improvements to Topic 325, Financial Instruments – Credit Losses, primarily cash and cash equivalents, restricted cash and cash equivalents, investment in marketable securities, receivables (excluding those accounted under lease accounting) and costs and estimated earnings in excess of billings on uncompleted contracts, based on classes of financing receivables which share the same or similar risk characteristics such as customer type and geographic location, among others. The Company estimates the expected credit losses for each class of financing receivables by applying the related corporate default rate which corresponds to the credit rating of the specific customer or class of financing receivables. For trade receivables, the Company applied this methodology using aging schedules reflecting how long the receivables have been outstanding. The Company has also considered the existence of credit enhancement arrangements that may mitigate the credit risk of its financial receivables in estimating the applicable corporate default rate.

 

The following table describes the changes in the allowance for expected credit losses for the three months ended March 31, 2023 and 2022 (all related to trade receivables):

 

  

Three Months Ended March 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Beginning balance of the allowance for expected credit losses

 $90  $90 

Change in the provision for expected credit losses for the period

  —   — 

Ending balance of the allowance for expected credit losses

 $90  $90 

 
Revenue [Policy Text Block]

Revenues from contracts with customers

 

Contract assets related to our Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of March 31, 2023 and December 31, 2022 are as follows:

 

  

March 31,

  

December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Contract assets (*)

 $17,136  $16,405 

Contract liabilities (*)

 $(24,651) $(8,785)

 

 

(*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet fully recognized as product revenues during the three months ended March 31, 2023 as a result of performance obligations having not been fully satisfied yet.

 

On March 31, 2023, the Company had approximately $146.4 million of remaining performance obligations not yet satisfied or partly satisfied related to our Product segment. The Company expects to recognize approximately 100% of this amount as Product revenues during the next 24 months.

 

Disaggregated revenues from contracts with customers for the three months ended March 31, 2023 and 2022 are disclosed under Note 8 - Business Segments, to the condensed consolidated financial statements.

 
Lessor, Leases [Policy Text Block]

Leases in which the Company is a lessor

 

The table below presents lease income recognized as a lessor:

 

  

Three Months Ended March 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Lease income relating to lease payments from operating leases

 $137,621  $139,681 

 
Marketable Securities, Policy [Policy Text Block]

Marketable securities

 

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

 
Derivatives, Policy [Policy Text Block]

Derivative instruments

 

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

 

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

 
Transferable Production and Investment Tax Credits [Policy Text Block]

Transferable production and investment tax credits

 

The Inflation Reduction Act (“IRA”) was signed into law in August 2022 and introduces a transferability provision for certain tax credits related to the clean production of energy. Under this provision, a reporting entity can monetize such credits through sale to a third party. The option for transferability of credits applies to taxable years beginning after December 31, 2022. Several of the Company’s projects that are not currently part of a tax monetization transaction generate eligible tax credits, such as investment tax credits (“ITCs”) and production tax credits (“PTCs”), that are eligible to be transferred to a third-party under the provisions of the IRA. The Company accounts for ITCs under ASC 740 through the “Income tax (provision) benefit” line in the consolidated statement of operations and comprehensive income. PTC’s are accounted similarly to refundable or direct-pay credits outside of the tax line with income recognized in the “Income attributable to sale of tax benefits” line in the consolidated statement of operations and comprehensive income. Income recognized related to such transferable PTC’s during the three months ended March 31, 2023 was $1.8 million, net of discount.

 
v3.23.1
Note 1 - General and Basis of Presentation (Tables)
 3 Months Ended
Mar. 31, 2023
Notes Tables  
Schedule of Cash and Cash Equivalents [Table Text Block]
  

March 31,

  

December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Cash and cash equivalents

 $414,856  $95,872 

Restricted cash and cash equivalents

  107,466   130,804 

Total Cash and cash equivalents and restricted cash and cash equivalents

 $522,322  $226,676 
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]
  

Three Months Ended

March 31,

 
  

2023

  

2022

 

Southern California Public Power Authority (“SCPPA”)

  26.7%  21.9%

Sierra Pacific Power Company and Nevada Power Company

  18.9   19.5 

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

  14.5   14.1 
Accounts Receivable, Allowance for Credit Loss [Table Text Block]
  

Three Months Ended March 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Beginning balance of the allowance for expected credit losses

 $90  $90 

Change in the provision for expected credit losses for the period

  —   — 

Ending balance of the allowance for expected credit losses

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

March 31,

  

December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Contract assets (*)

 $17,136  $16,405 

Contract liabilities (*)

 $(24,651) $(8,785)
Operating Lease, Lease Income [Table Text Block]
  

Three Months Ended March 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Lease income relating to lease payments from operating leases

 $137,621  $139,681 
v3.23.1
Note 3 - Inventories (Tables)
 3 Months Ended
Mar. 31, 2023
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
   

March 31,

    

December 31,

  
   

2023

    

2022

  
   

(Dollars in thousands)

  

Raw materials and purchased parts for assembly

   $ 25,422     $ 10,629  

Self-manufactured assembly parts and finished products

     20,025       12,203  

Total inventories

   $ 45,447     $ 22,832  
v3.23.1
Note 4 - Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
Notes Tables  
Fair Value, by Balance Sheet Grouping [Table Text Block]
      

March 31, 2023

 
      

Fair Value

 
  

Carrying

Value at

March 31,

2023

   Total     Level 1    Level 2   Level 3 
  

(Dollars in thousands)

 

Assets:

                    

Current assets:

                    

Cash equivalents (including restricted cash accounts)

 $40,401  $40,401  $40,401  $—  $— 

Marketable securities (3)

  138   138   138   —   — 

Long-term Assets:

                    

Cross currency swap (2)

  9   9   —   9   — 

Liabilities:

                    

Current liabilities:

                    

Derivatives:

                    

Cross currency swap (2)

  (4,043)  (4,043)  —   (4,043)  — 

Currency forward contracts (1)

  (1,793)  (1,793)  —   (1,793)  — 

Long term liabilities:

                    

Cross currency swap (2)

  (8,067)  (8,067)  —   (8,067)  — 
  $26,644  $26,644  $40,539  $(13,894) $— 
      

December 31, 2022

 
      

Fair Value

 
  

Carrying

Value at

December 31,

2022

  

Total

  

Level 1

  

Level 2

  

Level 3

 
  

(Dollars in thousands)

 

Assets

                    

Current assets:

                    

Cash equivalents (including restricted cash accounts)

 $34,832  $34,832  $34,832  $—  $— 

Marketable securities (3)

  136   136   136   —   — 

Derivatives:

                    

Long-term assets:

                    

Cross currency swap (2)

  3,029   3,029   —   3,029   — 

Liabilities:

                    

Current liabilities:

                    

Derivatives:

                    

Currency forward contracts (1)

  (800)  (800)  —   (800)  — 

Cross currency swap (2)

  (2,777)  (2,777)  —   (2,777)  — 
                     
  $34,420  $34,420  $34,968  $(548) $— 
Derivative Instruments, Gain (Loss) [Table Text Block]
    Amount of recognized 
    

gain (loss)

 
Derivatives not designated as Location of recognized gain Three Months Ended 

hedging instruments

 

(loss)

 

March 31,

 
    

2023

  

2022

 
    

(Dollars in thousands)

 

Currency forward contracts (1)

 

Derivative and foreign currency transaction gains (losses)

 $(1,656) $(208)
           

Derivatives designated as cash flow hedging instruments

          
           

Cross currency swap (2)

 

Derivative and foreign currency transaction gains (losses)

 $(6,792) $(6,682)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
  Three Months Ended March 31, 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Cross currency swap cash flow hedge:

        

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

 $3,920  $5,745 

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

  1,389   (8,587)

Amount reclassified from Other comprehensive income (loss) into earnings

  (6,792)  6,682 

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

 $(1,483) $3,840 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
  

Fair Value

  

Carrying Amount (*)

 
  March 31,  December 31,  March 31,  December 31, 
  

2023

  

2022

  

2023

  

2022

 
  

(Dollars in millions)

  

(Dollars in millions)

 

Mizrahi Loan

 $71.4  $71.4  $70.3  $70.3 

Convertible Senior Notes

  485.4   505.3   431.3   431.3 

HSBC Loan

  36.6   40.3   39.3   42.9 

Hapoalim Loan

  92.4   91.1   98.2   98.2 

Hapoalim Loan 2023

  100.0   —   100.0   — 

Discount Loan

  74.5   81.1   81.3   87.5 

Finance liability - Dixie Valley

  213.3   219.8   236.1   242.0 

Olkaria III Loan - DFC

  129.7   134.2   134.2   138.7 

Olkaria III plant 4 Loan - DEG 2

  26.9   26.5   27.5   27.5 

Olkaria III plant 1 Loan - DEG 3

  23.7   23.3   24.0   24.0 

Platanares Loan - DFC

  78.0   80.2   77.8   79.9 

Amatitlan Loan

  13.8   14.7   14.9   15.8 

OFC 2 LLC ("OFC 2")

  145.0   149.8   153.3   158.0 

Don A. Campbell 1 ("DAC 1")

  55.8   57.4   61.1   62.7 

USG Prudential - NV

  23.5   23.7   24.8   25.0 

USG Prudential - ID

  54.6   56.8   59.8   61.6 

USG DOE

  31.1   32.8   31.4   32.8 

Senior Unsecured Bonds

  232.1   235.1   249.0   255.8 

Senior Unsecured Loan

  156.1   166.4   166.4   174.8 

Plumstriker

  10.9   11.2   11.1   11.4 

Other long-term debt

  8.8   9.2   9.4   10.4 
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]
  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 

Mizrahi Loan

 $—  $—  $71.4  $71.4 

Convertible Senior Notes

  —   485.4   —   485.4 

HSBC Loan

  —   —   36.6   36.6 

Hapoalim Loan

  —   —   92.4   92.4 

Hapoalim Loan 2023

  —   —   100.0   100.0 

Discount Loan

  —   —   74.5   74.5 

Finance liability - Dixie Valley

  —   —   213.3   213.3 

Olkaria III Loan - DFC

  —   —   129.7   129.7 

Olkaria III plant 4 Loan - DEG 2

  —   —   26.9   26.9 

Olkaria III plant 1 Loan - DEG 3

  —   —   23.7   23.7 

Platanares Loan - DFC

  —   —   78.0   78.0 

Amatitlan Loan

  —   13.8   —   13.8 

OFC 2 Senior Secured Notes

  —   —   145.0   145.0 

DAC 1 Senior Secured Notes

  —   —   55.8   55.8 

USG Prudential - NV

  —   —   23.5   23.5 

USG Prudential - ID

  —   —   54.6   54.6 

USG DOE

  —   —   31.1   31.1 

Senior Unsecured Bonds

  —   —   232.1   232.1 

Senior Unsecured Loan

  —   —   156.1   156.1 

Plumstriker

  —   10.9   —   10.9 

Other long-term debt

  —   —   8.8   8.8 

Deposits

  13.9   —   —   13.9 
  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 
Mizrahi Loan $—  $—  $71.4  $71.4 
Convertible Senior Notes  —   505.3   —   505.3 

HSBC Loan

  —   —   40.3   40.3 

Hapoalim Loan

  —   —   91.1   91.1 

Discount Loan

  —   —   81.1   81.1 

Financing Liability - Dixie Valley

  —   —   219.8   219.8 

Olkaria III Loan - DFC

  —   —   134.2   134.2 

Olkaria IV - DEG 2

  —   —   26.5   26.5 

Olkaria IV - DEG 3

  —   —   23.3   23.3 

Platanares Loan - DFC

  —   —   80.2   80.2 

Amatitlan Loan

  —   14.7   —   14.7 

OFC 2 Senior Secured Notes

  —   —   149.8   149.8 

DAC 1 Senior Secured Notes

  —   —   57.4   57.4 

USG Prudential - NV

  —   —   23.7   23.7 

USG Prudential - ID

  —   —   56.8   56.8 

USG DOE

  —   —   32.8   32.8 

Senior Unsecured Bonds

  —   —   235.1   235.1 

Senior Unsecured Loan

  —   —   166.4   166.4 

Plumstriker

  —   11.2   —   11.2 

Other long-term debt

  —   —   9.2   9.2 

Deposits

  13.9   —   —   13.9 
v3.23.1
Note 5 - Stock-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2023
Notes Tables  
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

Risk-free interest rates

 3.86%-4.68% 

Expected life (in years)

 2-5.75 

Dividend yield

  0.59  

Expected volatility (weighted average)

 36.0%-42.2% 
v3.23.1
Note 6 - Interest Expense, Net (Tables)
 3 Months Ended
Mar. 31, 2023
Notes Tables  
Schedule of Other Nonoperating Expense, by Component [Table Text Block]
   

Three Months Ended

March 31,

  
   

2023

    

2022

  
   

(Dollars in thousands)

  

Interest related to sale of tax benefits

   $ 3,342     $ 3,431  

Interest expense

     24,620       22,486  

Less — amount capitalized

     (4,330 )     (4,836 )

Total interest expense, net

   $ 23,631     $ 21,081  
v3.23.1
Note 7 - Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2023
Notes Tables  
Schedule of Weighted Average Number of Shares [Table Text Block]
   

Three Months Ended

March 31,

  
   

2023

    

2022

  
                 

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

     56,710       56,063  

Additional shares from the assumed exercise of employee stock awards

     394       303  

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

     57,104       56,366  
v3.23.1
Note 8 - Business Segments (Tables)
 3 Months Ended
Mar. 31, 2023
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
  

Electricity

  

Product

  

Energy

Storage

  

Consolidated

 
  

(Dollars in thousands)

 

Three Months Ended March 31, 2023:

                

Revenues from external customers:

                

United States (1)

 $122,411  $1,441  $4,880  $128,732 

Foreign (2)

  47,899   8,601   —   56,500 

Net revenue from external customers

  170,310   10,042   4,880   185,232 

Intersegment revenues (4)

  —   7,772   —   — 

Operating income (loss)

  57,008   (1,505)  (2,337)  53,166 

Segment assets at period end (3) (*)

  4,648,303   161,428   205,539   5,015,270 

* Including unconsolidated investments

  119,185   —   —   119,185 
                 

Three Months Ended March 31, 2022:

                

Revenues from external customers:

                

United States (1)

 $116,109  $535  $6,557  $123,201 

Foreign (2)

  46,416   14,093   —   60,509 

Net revenue from external customers

  162,525   14,628   6,557   183,710 

Intersegment revenues (4)

  —   20,903   —   — 

Operating income (loss)

  47,575   (1,575)  (922)  45,078 

Segment assets at period end (3) (*)

  4,093,759   140,957   179,473   4,414,189 

* Including unconsolidated investments

  112,522   —   —   112,522 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]
  

Three Months Ended

March 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Revenues:

        

Total segment revenues

 $185,232  $183,710 

Intersegment revenues

  7,772   20,903 

Elimination of intersegment revenues

  (7,772)  (20,903)

Total consolidated revenues

 $185,232  $183,710 
         

Operating income:

        

Operating income

 $53,166  $45,078 

Interest income

  1,851   342 

Interest expense, net

  (23,631)  (21,081)

Derivatives and foreign currency transaction gains (losses)

  (1,937)  260 

Income attributable to sale of tax benefits

  12,566   7,705 

Other non-operating income, net

  60   75 

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

 $42,075  $32,379 
v3.23.1
Note 1 - General and Basis of Presentation 1 (Details Textual)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 03, 2023
$ / shares
shares
Mar. 14, 2023
USD ($)
$ / shares
shares
Feb. 27, 2023
USD ($)
Apr. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
$ / shares
Mar. 31, 2022
USD ($)
Dec. 31, 2022
USD ($)
$ / shares
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares   $ 0.001     $ 0.001   $ 0.001
Proceeds from Issuance of Common Stock         $ 297,121 $ 0  
Cash, FDIC Insured Amount         171,300   $ 10,000
Cash, Uninsured Amount         128,700   64,300
Accounts Receivable, after Allowance for Credit Loss, Current         144,199   $ 128,818
Income Related to Transferable Production Tax Credits         1,800    
Kenya Power and Lighting Co Limited [Member]              
Accounts Receivable, Past Due         36,900    
Kenya Power and Lighting Co Limited [Member] | Subsequent Event [Member]              
Proceeds, Overdue Accounts Receivable       $ 9,800      
ENEE [Member]              
Accounts Receivable, Past Due         $ 16,600    
ENEE [Member] | Subsequent Event [Member]              
Proceeds, Overdue Accounts Receivable       $ 5,900      
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member]              
Concentration Risk, Percentage         59.00%   60.00%
Total Receivables [Member] | Customer Concentration Risk [Member]              
Financing Receivable, after Allowance for Credit Loss         $ 100,000   $ 89,800
Non-US [Member]              
Accounts Receivable, after Allowance for Credit Loss, Current         $ 102,900   $ 78,900
Goldman Sachs & Co. LLC [Member]              
Proceeds from Issuance of Common Stock   $ 341,700          
Goldman Sachs & Co. LLC [Member] | Subsequent Event [Member]              
Stock Issued During Period, Shares, New Issues (in shares) | shares 540,000            
Shares Issued, Price Per Share (in dollars per share) | $ / shares $ 82.60            
Public Offering [Member] | Goldman Sachs & Co. LLC [Member]              
Stock Issued During Period, Shares, New Issues (in shares) | shares   3,600,000          
Shares Issued, Price Per Share (in dollars per share) | $ / shares   $ 82.60          
Over-Allotment Option [Member] | Goldman Sachs & Co. LLC [Member]              
Stock Issued During Period, Shares, New Issues (in shares) | shares   540,000          
BHI Loan Agreement [Member]              
Debt Instrument, Face Amount     $ 100,000        
Debt Instrument, Number of Repayment Installment     20        
Debt Instrument, Periodic Payment     $ 5,000        
Debt Instrument, Term (Year)     10 years        
Debt Instrument, Interest Rate, Stated Percentage     6.45%        
Debt Instrument, Covenant, Minimum Equity Capital     $ 750,000        
BHI Loan Agreement [Member] | Maximum [Member]              
Debt Instrument, Covenant, Debt to Adjusted EBITDA Ratio     6.00%        
BHI Loan Agreement [Member] | Minimum [Member]              
Debt Instrument, Covenant, Equity Capital to Total Assets Ratio     25.00%        
v3.23.1
Note 1 - General and Basis of Presentation 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 - Product [Member]
$ in Millions
Mar. 31, 2023
USD ($)
Revenue, Remaining Performance Obligation, Amount $ 146.4
Revenue, Remaining Performance Obligation, Percentage 100.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) 24 months
v3.23.1
Note 1 - General and Basis of Presentation - Cash and Restricted Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Cash and cash equivalents $ 414,856 $ 95,872    
Restricted cash and cash equivalents 107,466 130,804    
Total Cash and cash equivalents and restricted cash and cash equivalents $ 522,322 $ 226,676 $ 241,133 $ 343,444
v3.23.1
Note 1 - General and Basis of Presentation - Customers as a Percentage of Total Revenues (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member]
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Southern California Public Power Authority [Member]    
Percent of revenues 26.70% 21.90%
Sierra Pacific Power Company And Nevada Power Company [Member]    
Percent of revenues 18.90% 19.50%
Kenya Power and Lighting Co LTD [Member]    
Percent of revenues 14.50% 14.10%
v3.23.1
Note 1 - General and Basis of Presentation - Changes in the Allowance for Expected Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Beginning balance of the allowance for expected credit losses $ 90  
Ending balance of the allowance for expected credit losses 90  
Accounting Standards Update 2016-13 [Member]    
Beginning balance of the allowance for expected credit losses 90 $ 90
Change in the provision for expected credit losses for the period 0 0
Ending balance of the allowance for expected credit losses $ 90 $ 90
v3.23.1
Note 1 - General and Basis of Presentation - Contract Assets (Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Contract assets (*) [1] $ 17,136 $ 16,405
Contract liabilities (*) [1] $ (24,651) $ (8,785)
[1] Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet fully recognized as product revenues during the three months ended March 31, 2023 as a result of performance obligations having not been fully satisfied yet.
v3.23.1
Note 1 - General and Basis of Presentation - Lease Income as Lessor (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Lease income relating to lease payments from operating leases $ 137,621 $ 139,681
v3.23.1
Note 3 - Inventories - Inventories (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Raw materials and purchased parts for assembly $ 25,422 $ 10,629
Self-manufactured assembly parts and finished products 20,025 12,203
Total inventories $ 45,447 $ 22,832
v3.23.1
Note 4 - Fair Value of Financial Instruments (Details Textual) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Cross Currency Interest Rate Contract [Member] | Prepaid Expenses and Other and Deposits and Other [Member]    
Derivatives, Cash Collateral Deposits $ 0 $ 0
v3.23.1
Note 4 - Fair Value of Financial Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Reported Value Measurement [Member]    
Cash equivalents (including restricted cash accounts) $ 40,401,000 $ 34,832,000
Marketable securities (3) 138,000 [1] 136,000
Fair Value, Net Asset (Liability) 26,644,000 34,420,000
Reported Value Measurement [Member] | Cross Currency Interest Rate Contract [Member]    
Derivative Asset, noncurrent 9,000 [2] (2,777,000) [1]
Derivative Liability, Current [2] (4,043,000)  
Derivatives, noncurrent [2] (8,067)  
Derivative Assets, current [1]   3,029,000
Reported Value Measurement [Member] | Currency Forward Contracts [Member]    
Derivative Liability, Current [3] (1,793,000)  
Derivative Assets, current [2]   (800,000)
Estimate of Fair Value Measurement [Member]    
Cash equivalents (including restricted cash accounts) 40,401,000 34,832,000
Marketable securities (3) 138,000 [1] 136,000
Fair Value, Net Asset (Liability) 26,644,000 34,420,000
Estimate of Fair Value Measurement [Member] | Cross Currency Interest Rate Contract [Member]    
Derivative Asset, noncurrent 9,000 [2] (2,777,000) [1]
Derivative Liability, Current [2] (4,043,000)  
Derivatives, noncurrent [2] (8,067)  
Derivative Assets, current [1]   3,029,000
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member]    
Derivative Liability, Current [3] (1,793,000)  
Derivative Assets, current [2]   (800,000)
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Cash equivalents (including restricted cash accounts) 40,401,000 34,832,000
Marketable securities (3) 138,000 [1] 136,000
Fair Value, Net Asset (Liability) 40,539,000 34,968,000
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Cross Currency Interest Rate Contract [Member]    
Derivative Asset, noncurrent 0 [2] 0 [1]
Derivative Liability, Current [2] 0  
Derivatives, noncurrent [2] 0  
Derivative Assets, current [1]   0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Currency Forward Contracts [Member]    
Derivative Liability, Current [3] 0  
Derivative Assets, current [2]   0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Cash equivalents (including restricted cash accounts) 0 0
Marketable securities (3) 0 [1] 0
Fair Value, Net Asset (Liability) (13,894,000) (548,000)
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Cross Currency Interest Rate Contract [Member]    
Derivative Asset, noncurrent 9,000 [2] (2,777,000) [1]
Derivative Liability, Current [2] (4,043,000)  
Derivatives, noncurrent [2] (8,067)  
Derivative Assets, current [1]   3,029,000
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Forward Contracts [Member]    
Derivative Liability, Current [3] (1,793,000)  
Derivative Assets, current [2]   (800,000)
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Cash equivalents (including restricted cash accounts) 0 0
Marketable securities (3) 0 [1] 0
Fair Value, Net Asset (Liability) 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Cross Currency Interest Rate Contract [Member]    
Derivative Asset, noncurrent 0 [2] 0 [1]
Derivative Liability, Current [2] 0  
Derivatives, noncurrent [2] 0  
Derivative Assets, current [1]   0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Currency Forward Contracts [Member]    
Derivative Liability, Current [3] $ 0  
Derivative Assets, current [2]   $ 0
[1] Presented under “Cash and cash equivalents” in the condensed consolidated balance sheets.
[2] These amounts relate to cross currency swap contracts valued primarily based on the present value of the cross currency swap future settlement prices for U.S. Dollar (“USD”) and New Israeli Shekel (“NIS”) zero yield curves and the applicable exchange rate as of March 31, 2023 and December 31, 2022, as applicable. These amounts are included within “Prepaid expenses and other”, “Deposits and other”, "Accounts payable and accrued expenses", or “Other longterm liabilities”, as applicable, in the condensed consolidated balance sheets on March 31, 2023 and December 31, 2022. There are no cash collateral deposits on March 31, 2023 and December 31, 2022.
[3] These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Receivables, other” or “Accounts payable and accrued expenses”, as applicable, in the condensed consolidated balance sheets on March 31, 2023 and December 31, 2022, with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income.
v3.23.1
Note 4 - Fair Value of Financial Instruments - Amounts of Gain (Loss) Recognized in Condensed Consolidated Statements on Derivative Instruments Not Designated as Hedges (Details) - Derivatives and Foreign Currency Transaction Gains (Losses) [Member] - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Amount of gain (loss) recognized $ 2,023 $ 2,022
Currency Forward Contracts [Member]    
Amount of gain (loss) recognized [1] (1,656) (208)
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member]    
Amount of gain (loss) recognized [2] $ (6,792) $ (6,682)
[1] The foregoing currency forward and price swap transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income. The price swap transaction was related to a hedging agreement with a third party that was effective January 1, 2021 under which the Company fixed the price per MWh on a portion of RRS provided by its Rabbit Hill storage facility, as described under Note 1 to the consolidated financial statements. The price swap transaction was terminated effective April 1, 2021.
[2] The foregoing cross currency swap transactions were designated as a cash flow hedge as further described under Note 1 to the consolidated financial statements. The changes in the cross currency swap fair value are initially recorded in "Other comprehensive income (loss)" and a corresponding amount is reclassified out of "Accumulated other comprehensive income (loss)" to "Derivatives and foreign currency transaction gains (losses)" to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the consolidated statements of operations and comprehensive income.
v3.23.1
Note 4 - Fair Value of Financial Instruments - Effect of Cash Flow Hedge on Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Balance $ 2,020,975 $ 1,998,461
Balance 2,337,029 2,014,849
Cross Currency Swap [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member]    
Balance 3,920 5,745
Gain or (loss) recognized in Other comprehensive income (loss) [1] 1,389 (8,587)
Amount reclassified from Other comprehensive income (loss) into earnings (6,792) 6,682
Balance $ (1,483) $ 3,840
[1] The amount of gain or (loss) recognized in Other comprehensive income (loss) for the years ended December 31, 2022, 2021 and 2020 is net of tax of $0.5 million, $0.8 million and $1.1 million, respectively.
v3.23.1
Note 4 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Finance liability - Dixie Valley $ 213.3 $ 219.8
Mizrahi Loan Agreement [Member]    
Loans 71.4 71.4
Convertible Senior Notes [Member]    
Notes 485.4 505.3
HSBC Loan Agreement [Member]    
Loans 36.6 40.3
Hapoalim Loan Agreement [Member]    
Loans 92.4 91.1
Hapoalim Loan Agreement 2023 [Member]    
Loans 100.0  
Discount Loan Agreement [Member]    
Loans 74.5 81.1
Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 26.9 26.5
Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 23.7 23.3
Platanares Loan - OPIC [Member]    
Loans 78.0 80.2
Amatitlan Loan [Member]    
Loans 13.8 14.7
Don A. Campbell 1 ("DAC1") [Member]    
Notes 55.8 57.4
USG Prudential - NV [Member]    
Notes 23.5 23.7
USG Prudential - ID [Member]    
Notes 54.6 56.8
USG DOE [Member]    
Notes 31.1 32.8
Senior Unsecured Bonds [Member]    
Senior Unsecured debt 232.1 235.1
Senior Unsecured Loan [Member]    
Senior Unsecured debt 156.1 166.4
Plumstriker Loan Agreement [Member]    
Loans 10.9 11.2
Estimate of Fair Value Measurement [Member]    
Finance liability - Dixie Valley 213.3 219.8
Other long-term debt 8.8 9.2
Estimate of Fair Value Measurement [Member] | Mizrahi Loan Agreement [Member]    
Loans 71.4 71.4
Estimate of Fair Value Measurement [Member] | Convertible Senior Notes [Member]    
Notes 485.4 505.3
Estimate of Fair Value Measurement [Member] | HSBC Loan Agreement [Member]    
Loans 36.6 40.3
Estimate of Fair Value Measurement [Member] | Hapoalim Loan Agreement [Member]    
Loans 92.4 91.1
Estimate of Fair Value Measurement [Member] | Hapoalim Loan Agreement 2023 [Member]    
Loans 100.0 0.0
Estimate of Fair Value Measurement [Member] | Discount Loan Agreement [Member]    
Loans 74.5 81.1
Estimate of Fair Value Measurement [Member] | Olkaria III OPIC [Member]    
Loans 129.7 134.2
Estimate of Fair Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 26.9 26.5
Estimate of Fair Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 23.7 23.3
Estimate of Fair Value Measurement [Member] | Platanares Loan - OPIC [Member]    
Loans 78.0 80.2
Estimate of Fair Value Measurement [Member] | Amatitlan Loan [Member]    
Loans 13.8 14.7
Estimate of Fair Value Measurement [Member] | OFC Two Senior Secured Notes [Member]    
Notes 145.0 149.8
Estimate of Fair Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 55.8 57.4
Estimate of Fair Value Measurement [Member] | USG Prudential - NV [Member]    
Notes 23.5 23.7
Estimate of Fair Value Measurement [Member] | USG Prudential - ID [Member]    
Notes 54.6 56.8
Estimate of Fair Value Measurement [Member] | USG DOE [Member]    
Notes 31.1 32.8
Estimate of Fair Value Measurement [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 232.1 235.1
Estimate of Fair Value Measurement [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 156.1 166.4
Estimate of Fair Value Measurement [Member] | Plumstriker Loan Agreement [Member]    
Loans 10.9 11.2
Reported Value Measurement [Member]    
Finance liability - Dixie Valley [1] 236.1 242.0
Other long-term debt [1] 9.4 10.4
Reported Value Measurement [Member] | Mizrahi Loan Agreement [Member]    
Loans [1] 70.3 70.3
Reported Value Measurement [Member] | Convertible Senior Notes [Member]    
Notes [1] 431.3 431.3
Reported Value Measurement [Member] | HSBC Loan Agreement [Member]    
Loans [1] 39.3 42.9
Reported Value Measurement [Member] | Hapoalim Loan Agreement [Member]    
Loans [1] 98.2 98.2
Reported Value Measurement [Member] | Hapoalim Loan Agreement 2023 [Member]    
Loans 100.0 0.0
Reported Value Measurement [Member] | Discount Loan Agreement [Member]    
Loans [1] 81.3 87.5
Reported Value Measurement [Member] | Olkaria III OPIC [Member]    
Loans [1] 134.2 138.7
Reported Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans [1] 27.5 27.5
Reported Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans [1] 24.0 24.0
Reported Value Measurement [Member] | Platanares Loan - OPIC [Member]    
Loans [1] 77.8 79.9
Reported Value Measurement [Member] | Amatitlan Loan [Member]    
Loans [1] 14.9 15.8
Reported Value Measurement [Member] | OFC Two Senior Secured Notes [Member]    
Notes [1] 153.3 158.0
Reported Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes [1] 61.1 62.7
Reported Value Measurement [Member] | USG Prudential - NV [Member]    
Notes [1] 24.8 25.0
Reported Value Measurement [Member] | USG Prudential - ID [Member]    
Notes [1] 59.8 61.6
Reported Value Measurement [Member] | USG DOE [Member]    
Notes [1] 31.4 32.8
Reported Value Measurement [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt [1] 249.0 255.8
Reported Value Measurement [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt [1] 166.4 174.8
Reported Value Measurement [Member] | Plumstriker Loan Agreement [Member]    
Loans [1] $ 11.1 $ 11.4
[1] Carrying amount value excludes the related deferred financing costs.
v3.23.1
Note 4 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Finance liability - Dixie Valley $ 213.3 $ 219.8
Deposits 13.9 13.9
Mizrahi Loan Agreement [Member]    
Loans 71.4 71.4
Convertible Senior Notes [Member]    
Notes 485.4 505.3
HSBC Loan Agreement [Member]    
Loans 36.6 40.3
Hapoalim Loan Agreement [Member]    
Loans 92.4 91.1
Hapoalim Loan Agreement 2023 [Member]    
Loans 100.0  
Discount Loan Agreement [Member]    
Loans 74.5 81.1
Olkaria III Loan DFC [Member]    
Loans 129.7 134.2
Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 26.9 26.5
Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 23.7 23.3
Platanares Loan - OPIC [Member]    
Loans 78.0 80.2
Amatitlan Loan [Member]    
Loans 13.8 14.7
OFC Senior Secured Notes [Member]    
Notes 145.0 149.8
Don A. Campbell 1 ("DAC1") [Member]    
Notes 55.8 57.4
USG Prudential - NV [Member]    
Notes 23.5 23.7
USG Prudential - ID [Member]    
Notes 54.6 56.8
USG DOE [Member]    
Notes 31.1 32.8
Senior Unsecured Bonds [Member]    
Senior Unsecured debt 232.1 235.1
Senior Unsecured Loan [Member]    
Senior Unsecured debt 156.1 166.4
Plumstriker Loan Agreement [Member]    
Loans 10.9 11.2
Other Long-term Debt [Member]    
Senior Unsecured debt 8.8 9.2
Fair Value, Inputs, Level 1 [Member]    
Finance liability - Dixie Valley 0.0 0.0
Deposits 13.9 13.9
Fair Value, Inputs, Level 1 [Member] | Mizrahi Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Convertible Senior Notes [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | HSBC Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Hapoalim Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Hapoalim Loan Agreement 2023 [Member]    
Loans 0.0  
Fair Value, Inputs, Level 1 [Member] | Discount Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Olkaria III Loan DFC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Platanares Loan - OPIC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Amatitlan Loan [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | OFC Senior Secured Notes [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | USG Prudential - NV [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | USG Prudential - ID [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | USG DOE [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Plumstriker Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Other Long-term Debt [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 2 [Member]    
Finance liability - Dixie Valley 0.0 0.0
Deposits 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Mizrahi Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Convertible Senior Notes [Member]    
Notes 485.4 505.3
Fair Value, Inputs, Level 2 [Member] | HSBC Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Hapoalim Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Hapoalim Loan Agreement 2023 [Member]    
Loans 0.0  
Fair Value, Inputs, Level 2 [Member] | Discount Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Olkaria III Loan DFC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Platanares Loan - OPIC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Amatitlan Loan [Member]    
Loans 13.8 14.7
Fair Value, Inputs, Level 2 [Member] | OFC Senior Secured Notes [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | USG Prudential - NV [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | USG Prudential - ID [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | USG DOE [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Plumstriker Loan Agreement [Member]    
Loans 10.9 11.2
Fair Value, Inputs, Level 2 [Member] | Other Long-term Debt [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 3 [Member]    
Finance liability - Dixie Valley 213.3 219.8
Deposits 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | Mizrahi Loan Agreement [Member]    
Loans 71.4 71.4
Fair Value, Inputs, Level 3 [Member] | Convertible Senior Notes [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | HSBC Loan Agreement [Member]    
Loans 36.6 40.3
Fair Value, Inputs, Level 3 [Member] | Hapoalim Loan Agreement [Member]    
Loans 92.4 91.1
Fair Value, Inputs, Level 3 [Member] | Hapoalim Loan Agreement 2023 [Member]    
Loans 100.0  
Fair Value, Inputs, Level 3 [Member] | Discount Loan Agreement [Member]    
Loans 74.5 81.1
Fair Value, Inputs, Level 3 [Member] | Olkaria III Loan DFC [Member]    
Loans 129.7 134.2
Fair Value, Inputs, Level 3 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 26.9 26.5
Fair Value, Inputs, Level 3 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 23.7 23.3
Fair Value, Inputs, Level 3 [Member] | Platanares Loan - OPIC [Member]    
Loans 78.0 80.2
Fair Value, Inputs, Level 3 [Member] | Amatitlan Loan [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | OFC Senior Secured Notes [Member]    
Notes 145.0 149.8
Fair Value, Inputs, Level 3 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 55.8 57.4
Fair Value, Inputs, Level 3 [Member] | USG Prudential - NV [Member]    
Notes 23.5 23.7
Fair Value, Inputs, Level 3 [Member] | USG Prudential - ID [Member]    
Notes 54.6 56.8
Fair Value, Inputs, Level 3 [Member] | USG DOE [Member]    
Notes 31.1 32.8
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 232.1 235.1
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 156.1 166.4
Fair Value, Inputs, Level 3 [Member] | Plumstriker Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | Other Long-term Debt [Member]    
Senior Unsecured debt $ 8.8 $ 9.2
v3.23.1
Note 5 - Stock-based Compensation (Details Textual) - The 2018 Incentive Compensation Plan [Member]
 1 Months Ended
Mar. 31, 2023
$ / shares
shares
Restricted Stock Units (RSUs) [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares 174,422
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares $ 79.9
Restricted Stock Units (RSUs) [Member] | Minimum [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) 1 year
Restricted Stock Units (RSUs) [Member] | Maximum [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) 4 years
Performance Stock Units (PSU) [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares 35,081
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares $ 79.6
Performance Stock Units (PSU) [Member] | Minimum [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) 1 year
Performance Stock Units (PSU) [Member] | Maximum [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) 4 years
v3.23.1
Note 5 - Stock-based Compensation - Fair Value of Stock-based Award on the Date of Grant (Details) - Restricted Stock Units (RSUs), and Performance Stock Units (PSU) [Member]
 3 Months Ended
Mar. 31, 2023
Dividend yield 0.59%
Minimum [Member]  
Risk-free interest rates 3.86%
Expected life (in years) (Year) 2 years
Expected volatility (weighted average) 36.00%
Maximum [Member]  
Risk-free interest rates 4.68%
Expected life (in years) (Year) 5 years 9 months
Expected volatility (weighted average) 42.20%
v3.23.1
Note 6 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest related to sale of tax benefits $ 3,342 $ 3,431
Interest expense 24,620 22,486
Less — amount capitalized (4,330) (4,836)
Total interest expense, net $ 23,631 $ 21,081
v3.23.1
Note 7 - Earnings Per Share (Details Textual) - $ / shares
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 106,300 207,400
Convertible Senior Notes [Member]    
Debt Instrument, Convertible, Conversion Price (in dollars per share) $ 90.27  
v3.23.1
Note 7 - Earnings Per Share - Shares Used to Calculate Earnings Per Share (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Weighted average number of shares used in computation of basic earnings per share: (in shares) 56,710 56,063
Additional shares from the assumed exercise of employee stock awards (in shares) 394 303
Weighted average number of shares used in computation of diluted earnings per share (in shares) 57,104 56,366
v3.23.1
Note 8 - Business Segments (Details Textual)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Dec. 31, 2022
USD ($)
Number of Reportable Segments 3    
Revenue from Contract with Customer, Including Assessed Tax $ 185,232 $ 183,710  
Goodwill 90,446   $ 90,325
Electricity Segment [Member]      
Revenue from Contract with Customer, Including Assessed Tax 170,310 162,525  
Goodwill 85,800 86,000  
Electricity Segment [Member] | Accounted for Under ASC 606 [Member]      
Revenue from Contract with Customer, Including Assessed Tax 32,700 22,800  
Energy Storage and Management Services [Member]      
Goodwill 4,600 4,600  
Product Segment [Member]      
Revenue from Contract with Customer, Including Assessed Tax 10,042 14,628  
Goodwill $ 0 $ 0  
v3.23.1
Note 8 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Revenue $ 185,232 $ 183,710  
Operating income (loss) 53,166 45,078  
Segment assets at period end 5,015,270 [1],[2] 4,414,189 [1],[2] $ 4,611,579
Segment Reconciling Items [Member]      
Revenue [3] 0 0  
Segment assets at period end 119,185 112,522  
Electricity Segment [Member]      
Revenue 170,310 162,525  
Operating income (loss) 57,008 47,575  
Segment assets at period end [1],[2] 4,648,303 4,093,759  
Electricity Segment [Member] | Segment Reconciling Items [Member]      
Revenue [3] 0 0  
Segment assets at period end 119,185 112,522  
Product Segment [Member]      
Revenue 10,042 14,628  
Operating income (loss) (1,505) (1,575)  
Segment assets at period end [1],[2] 161,428 140,957  
Product Segment [Member] | Segment Reconciling Items [Member]      
Revenue [3] 7,772 20,903  
Segment assets at period end 0 0  
Other Segments [Member]      
Revenue 4,880 6,557  
Operating income (loss) (2,337) (922)  
Segment assets at period end [1],[2] 205,539 179,473  
Other Segments [Member] | Segment Reconciling Items [Member]      
Revenue [3] 0 0  
Segment assets at period end 0 0  
UNITED STATES      
Revenue [4] 128,732 123,201  
UNITED STATES | Electricity Segment [Member]      
Revenue [4] 122,411 116,109  
UNITED STATES | Product Segment [Member]      
Revenue [4] 1,441 535  
UNITED STATES | Other Segments [Member]      
Revenue [4] 4,880 6,557  
Non-US [Member]      
Revenue [5] 56,500 60,509  
Non-US [Member] | Electricity Segment [Member]      
Revenue [5] 47,899 46,416  
Non-US [Member] | Product Segment [Member]      
Revenue [5] 8,601 14,093  
Non-US [Member] | Other Segments [Member]      
Revenue [5] $ 0 $ 0  
[1] Electricity segment assets include goodwill in the amount of $85.8 million and $86.0 million as of March 31, 2023 and 2022, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 as of March 31, 2023 and 2022, respectively. No goodwill is included in the Product segment assets as of March 31, 2023 and 2022.
[2] Including unconsolidated investments
[3] Intersegment revenues are fully eliminated in consolidation.
[4] Electricity segment revenues in the United States are all accounted under lease accounting except for $32.7 million for the three months ended March 31, 2023, and $22.8 million for the three months ended March 31, 2022, respectively, that are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606.
[5] Electricity segment revenues in foreign countries are all accounted under lease accounting. Product segment revenues in foreign countries are accounted under ASC 606.
v3.23.1
Note 8 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenue $ 185,232 $ 183,710
Operating income (loss) 53,166 45,078
Interest income 1,851 342
Interest expense, net (23,631) (21,081)
Derivatives and foreign currency transaction gains (losses) (1,937) 260
Income attributable to sale of tax benefits 12,566 7,705
Other non-operating income, net 60 75
Total consolidated income before income taxes and equity in income of investees 42,075 32,379
Intersegment Eliminations [Member]    
Revenue 7,772 20,903
Consolidation, Eliminations [Member]    
Revenue $ (7,772) $ (20,903)
v3.23.1
Note 9 - Commitments and Contingencies (Details Textual) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Construction in Progress, Gross $ 905,505 $ 893,198
Dixie Meadows PPA [Member]    
Construction in Progress, Gross $ 84,300  
v3.23.1
Note 10 - Income Taxes (Details Textual)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Effective Income Tax Rate Reconciliation, Percent 21.10% 31.40%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00%  
v3.23.1
Note 11 - Subsequent Events (Details Textual) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
May 09, 2023
Apr. 04, 2023
Apr. 03, 2023
Mar. 31, 2023
Mar. 31, 2022
Dividends, Common Stock, Total       $ 6,732 $ 6,727
Repayments of Long-Term Debt       $ 42,814 $ 39,058
Subsequent Event [Member]          
Dividends, Common Stock, Total $ 6,700        
Common Stock, Dividends, Per Share, Declared (in dollars per share) $ 0.12        
Dividends Payable, Date of Record May 23, 2023        
Dividends Payable, Date to be Paid Jun. 06, 2023        
Subsequent Event [Member] | Plumstriker Loan Agreement [Member]          
Repayments of Long-Term Debt   $ 11,100      
Subsequent Event [Member] | Goldman Sachs & Co. LLC [Member]          
Stock Issued During Period, Shares, New Issues (in shares)     540,000    
Shares Issued, Price Per Share (in dollars per share)     $ 82.60