ORMAT TECHNOLOGIES, INC., 10-Q filed on 5/8/2019
Quarterly Report
v3.19.1
Document And Entity Information - shares
 3 Months Ended
Mar. 31, 2019
May 06, 2019
Document Information [Line Items]    
Entity Registrant Name ORMAT TECHNOLOGIES, INC.  
Entity Central Index Key 0001296445  
Trading Symbol ora  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Current Reporting Status Yes  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Common Stock, Shares Outstanding (in shares)   50,752,101
Document Type 10-Q  
Document Period End Date Mar. 31, 2019  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.19.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 79,366 $ 98,802
Restricted cash and cash equivalents (primarily related to VIEs) 93,098 78,693
Receivables:    
Trade 139,870 137,581
Other 18,319 19,393
Inventories 42,982 45,024
Costs and estimated earnings in excess of billings on uncompleted contracts [1] 29,762 42,130
Prepaid expenses and other 18,224 51,441
Total current assets 421,621 473,064
Investment in an unconsolidated company 71,885 71,983
Deposits and other 18,154 18,209
Deferred income taxes 109,821 113,760
Property, plant and equipment, net 1,962,580 1,959,578
Construction-in-process 266,083 261,690
Operating leases right of use 60,656
Finance leases right of use 14,433
Deferred financing and lease costs, net 1,733 3,242
Intangible assets, net 196,125 199,874
Goodwill 20,123 19,950
Total assets 3,143,214 [2] 3,121,350
Current liabilities:    
Accounts payable and accrued expenses 108,309 116,362
Short term revolving credit lines with banks (full recourse) 60,900 159,000
Billings in excess of costs and estimated earnings on uncompleted contracts 15,508 18,402
Current portion of long-term debt:    
Senior secured notes 33,639 33,493
Other loans 29,687 29,687
Full recourse 9,368 5,000
Operating lease liabilities 7,532
Finance lease liabilities 3,147
Total current liabilities 268,090 361,944
Long-term debt, net of current portion:    
Senior secured notes (less deferred financing costs of $7,149 and $7,434, respectively) 367,142 375,337
Other loans (less deferred financing costs of $9,262 and $9,354, respectively) 312,779 320,242
Senior unsecured bonds (less deferred financing costs of $706 and $758, respectively) 353,626 303,575
Other loans (less deferred financing costs of $1,483 and $921, respectively) 78,149 41,579
Operating lease liabilities 17,667
Finance lease liabilities 11,954
Liability associated with sale of tax benefits 68,852 69,893
Deferred lease income 47,658 48,433
Deferred income taxes 68,005 61,323
Liability for unrecognized tax benefits 12,482 11,769
Liabilities for severance pay 18,400 17,994
Asset retirement obligation 41,246 39,475
Other long-term liabilities 5,464 16,087
Total liabilities 1,671,514 1,667,651
Commitments and contingencies (Note 10)
Redeemable noncontrolling interest 8,705 8,603
Equity:    
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 50,752,101 and 50,699,781 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively 51 51
Additional paid-in capital 903,723 901,363
Retained earnings 442,531 422,222
Accumulated other comprehensive income (loss) (5,956) (3,799)
Total stockholders' equity attributable to Company's stockholders 1,340,349 1,319,837
Noncontrolling interest 122,646 125,259
Total equity 1,462,995 1,445,096
Total liabilities, redeemable noncontrolling interest and equity $ 3,143,214 $ 3,121,350
[1] Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheet.
[2] Electricity segment assets include goodwill in the amount of $20.1 million and $7.8 million as of March 31, 2019 and 2018, respectively. Other segment assets include goodwill in the amount of $13.5 million as of March 31, 2018. No goodwill is included in the Other segments assets as of March 31, 2019.
v3.19.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Property, plant and equipment, net $ 1,962,580 $ 1,959,578
Construction-in-process 266,083 261,690
Finance leases right of use $ 14,433
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares issued (in shares) 50,752,101 50,699,781
Common stock, shares outstanding (in shares) 50,752,101 50,699,781
Senior Secured Notes [Member]    
Deferred financing costs $ 7,149 $ 7,434
Other Loans, Limited and Non-recourse [Member]    
Deferred financing costs 9,262 9,354
Senior Unsecured Bonds [Member]    
Deferred financing costs 706 758
Other Loans, Full Recourse [Member]    
Deferred financing costs 1,483 921
Variable Interest Entity, Primary Beneficiary [Member]    
Property, plant and equipment, net 1,843,823 1,859,228
Construction-in-process 110,907 $ 104,085
Finance leases right of use $ 8,396  
v3.19.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenues:    
Revenues $ 199,038 $ 184,023
Cost of revenues:    
Cost of revenues 124,859 110,651
Gross profit 74,179 73,372
Operating expenses:    
Research and development expenses 900 1,108
Selling and marketing expenses 3,865 3,699
General and administrative expenses 15,689 13,849
Write-off of unsuccessful exploration activities 0 123
Operating income 53,725 54,593
Other income (expense):    
Interest income 293 113
Interest expense, net (21,223) (14,344)
Derivatives and foreign currency transaction gains (losses) 472 (1,599)
Income attributable to sale of tax benefits 7,764 7,361
Other non-operating income (expense), net 91 (20)
Income from operations before income tax and equity in earnings (losses) of investees 41,122 46,104
Income tax (provision) benefit (14,039) 26,942
Equity in earnings (losses) of investees, net 1,047 1,210
Net income 28,130 74,256
Net income attributable to noncontrolling interest (2,184) (4,748)
Net income attributable to the Company's stockholders 25,946 69,508
Comprehensive income:    
Net income 28,130 74,256
Other comprehensive income (loss), net of related taxes:    
Change in foreign currency translation adjustments (1,348) 1,528
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment (1,145) 2,634
Loss in respect of derivative instruments designated for cash flow hedge 22 20
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge (8) (15)
Comprehensive income 25,651 78,423
Comprehensive income attributable to noncontrolling interest (1,862) (5,118)
Comprehensive income attributable to the Company's stockholders $ 23,789 $ 73,305
Basic:    
Net income (in dollars per share) $ 0.51 $ 1.37
Diluted:    
Net income (in dollars per share) $ 0.51 $ 1.36
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:    
Basic (in shares) 50,709 50,614
Diluted (in shares) 51,012 51,051
Electricity [Member]    
Revenues:    
Revenue $ 142,908 $ 132,489
Cost of revenues:    
Cost of revenues 77,543 73,482
Product [Member]    
Revenues:    
Revenue 52,128 48,672
Cost of revenues:    
Cost of revenues 42,106 33,726
Other Revenue [Member]    
Revenues:    
Revenue 4,002 2,862
Cost of revenues:    
Cost of revenues $ 5,210 $ 3,443
v3.19.1
Condensed Consolidated Statements of Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Parent [Member]
Noncontrolling Interest [Member]
Total
Balance (in shares) at Dec. 31, 2017 50,609            
Balance at Dec. 31, 2017 $ 51 $ 888,778 $ 327,255 $ (4,706) $ 1,211,378 $ 84,322 $ 1,295,700
Cumulative effect of changes in accounting principles at Dec. 31, 2017 25,635 25,635 25,635
Adjusted balance as of the beginning of the year at Dec. 31, 2017 51 888,778 352,890 (4,706) 1,237,013 84,322 1,321,335
Stock-based compensation 1,707 1,707 1,707
Exercise of options by employees and directors (in shares) 8            
Exercise of options by employees and directors
Cash paid to noncontrolling interest (4,674) (4,674)
Cash dividend declared (11,640) (11,640) (11,640)
Net income 69,508 69,508 4,482 73,990
Currency translation adjustment 1,158 1,158 370 1,528
Loss in respect of derivative instruments designated for cash flow hedge 20 20 20
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment 2,634 2,634 2,634
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge (15) (15) (15)
Balance (in shares) at Mar. 31, 2018 50,617            
Balance at Mar. 31, 2018 $ 51 890,485 410,758 (909) 1,300,385 84,500 1,384,885
Balance (in shares) at Dec. 31, 2018 50,700            
Balance at Dec. 31, 2018 $ 51 901,363 422,222 (3,799) 1,319,837 125,259 1,445,096
Cumulative effect of changes in accounting principles at Dec. 31, 2018 (58) (58) (58)
Adjusted balance as of the beginning of the year at Dec. 31, 2018 51 901,363 422,164 (3,799) 1,319,779 125,259 1,445,038
Stock-based compensation 2,360 2,360 2,360
Exercise of options by employees and directors (in shares) 52            
Exercise of options by employees and directors
Cash paid to noncontrolling interest (4,146) (4,146)
Cash dividend declared (5,579) (5,579) (5,579)
Net income 25,946 25,946 1,855 27,801
Currency translation adjustment (1,026) (1,026) (322) (1,348)
Loss in respect of derivative instruments designated for cash flow hedge 22 22 22
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment (1,145) (1,145) (1,145)
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge (8) (8) (8)
Balance (in shares) at Mar. 31, 2019 50,752            
Balance at Mar. 31, 2019 $ 51 $ 903,723 $ 442,531 $ (5,956) $ 1,340,349 $ 122,646 $ 1,462,995
v3.19.1
Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Retained Earnings [Member]    
Cash dividend declared, per share (in dollars per share) $ 0.11 $ 0.23
Amortization of unrealized gains, tax $ 18 $ 9
Loss in respect of derivative instruments designated for cash flow hedge, related tax 24 13
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment, tax. $ 0 $ 0
v3.19.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income $ 28,130 $ 74,256
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 36,901 30,553
Accretion of asset retirement obligation 651 529
Stock-based compensation 2,360 1,707
Amortization of deferred lease income (775) (775)
Income attributable to sale of tax benefits, net of interest expense (4,314) (6,295)
Equity in losses (earnings) of investees (1,047) (1,210)
Mark-to-market of derivative instruments (1,209) 962
Loss on disposal of property, plant and equipment 377
Write-off of unsuccessful exploration activities 0 123
Loss (gain) on severance pay fund asset (330) 129
Deferred income tax provision 10,469 (29,467)
Liability for unrecognized tax benefits 713 184
Changes in operating assets and liabilities, net of businesses acquired:    
Receivables (1,119) 9,777
Costs and estimated earnings in excess of billings on uncompleted contracts 12,368 (189)
Inventories 2,018 (503)
Prepaid expenses and other (2,105) (2,005)
Operating lease right of use asset 1,698
Deposits and other 26 62
Accounts payable and accrued expenses (4,271) (49,027)
Billings in excess of costs and estimated earnings on uncompleted contracts (2,894) (9,783)
Liabilities for severance pay 406 (267)
Other long-term liabilities (616) 1,008
Net cash provided by operating activities 77,437 19,769
Cash flows from investing activities:    
Capital expenditures (51,303) (66,962)
Investment in unconsolidated companies (1,275)
Decrease (increase) in severance pay fund asset, net of payments made to retired employees 359 203
Net cash used in investing activities (50,944) (68,034)
Cash flows from financing activities:    
Proceeds from long-term loans, net of transaction costs 91,500 100,000
Proceeds from revolving credit lines with banks 914,700 860,800
Repayment of revolving credit lines with banks (1,012,800) (873,800)
Cash received from noncontrolling interest 3,346 4,134
Repayments of long-term debt (15,757) (16,687)
Cash paid to noncontrolling interest (4,459) (4,674)
Payments of finance leases (767) (436)
Deferred debt issuance costs (1,223) (1,020)
Cash dividends paid (5,579) (11,640)
Net cash provided by (used in) financing activities (31,039) 56,677
Effect of exchange rate changes (485)
Net change in cash and cash equivalents and restricted cash and cash equivalents (5,031) 8,412
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 177,495 96,643
Cash and cash equivalents and restricted cash and cash equivalents at end of period 172,464 105,055
Supplemental non-cash investing and financing activities:    
Increase (decrease) in accounts payable related to purchases of property, plant and equipment 153 (1,673)
Accrued liabilities related to financing activities $ 2,154
v3.19.1
Note 1 - General and Basis of Presentation
 3 Months Ended
Mar. 31, 2019
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 consolidated financial position as of
March 31, 2019,
the consolidated results of operations and comprehensive income (loss), consolidated statements of equity and consolidated statements of cash flows for the
three
-month periods ended
March 31, 2019
and
2018.
 
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,
2018.
The condensed consolidated balance sheet data as of
December 
31,
2018
was derived from the Company’s audited consolidated financial statements for the year ended
December 
31,
2018
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.
 
Puna
 
 
 On
May 3, 2018,
the Kilauea volcano located in close proximity to our Puna
38
MW geothermal power plant in the Puna district of Hawaii's Big Island erupted following a significant increase in seismic activity in the area. Before it stopped flowing, the lava covered the wellheads of
three
geothermal wells, monitoring wells and the substation of the Puna complex and an adjacent warehouse that stored a drilling rig that was also consumed by the lava. The insurance policy coverage for property and business interruption is provided by a consortium of insurers. All the insurers accepted and started paying for the costs to rebuild the destroyed substation, and during the
first
quarter of
2019,
we received an additional
$1.5
million of such proceeds. However only some of the insurers accepted that the business interruption coverage started in
May 2018
and during the
first
quarter of
2019,
we recorded an additional
$1.3
million of such proceeds which were included under cost of revenues in the condensed consolidated statements of operations and comprehensive income for the
three
months ended
March 31, 2019.
The Company is still in discussions to reach an understanding with all insurers to start paying for the business interruption as of
May 2018.
In
April 2019
the Company reached an agreement with another insurance company and received an additional
$4.1
million for current and future business interruption loss. The business interruption coverage compensates the Company for the loss of profits that resulted from the inability of the on-surface property to generate electricity.
 
The Company is still assessing the damages in the Puna facilities and continue to coordinate with Hawaii Electric Light Company (“HELCO”) and local authorities to bring the power plant back to operation. The Company continues to assess the accounting implications of this event on the assets and liabilities on its balance sheet and whether an impairment will be required. Any significant damage to the geothermal resource or continued shut-down following the lava event at the Puna facilities could have an adverse impact on the power plant's electricity generation and availability, which in turn could have a material adverse impact on our business and results of operations. 
 
DEG
3
Loan
 
On
January 4, 2019,
an indirect subsidiary of the Company (“OrPower
4”
) entered into an additional
$41.5
million subordinated loan agreement with DEG (the “DEG
3
Loan Agreement”) and on
February 28, 2019,
OrPower
4
completed a drawdown of the full loan amount, with a fixed interest rate of
6.04%
for the duration of the loan (the “DEG
3
Loan”). The DEG
3
Loan will be repaid in
19
equal semi-annual principal installments commencing
June 21, 2019,
with a final maturity date of 
June 21, 2028.
Proceeds of the DEG
3
Loan were used by OrPower
4
to refinance upgrades to Plant
1
of the Olkaria III Complex, which were originally financed using equity. The DEG
3
Loan is subordinated to the senior loan provided by OPIC for Plants
1
-
3
of the Olkaria III Complex. The DEG
3
Loan is guaranteed by the Company.
 
Migdal Senior Unsecured Loan
 
On
March 25, 2019,
the Company entered into a
first
addendum (“First Addendum”) to the loan agreement (the "Migdal Loan Agreement") with Migdal Insurance Company Ltd., Migdal Makefet Pension and Provident Funds Ltd. and Yozma Pension Fund of Self-Employed Ltd., all entities within the Migdal Group, a leading insurance company and institutional investor in Israel dated
March 22, 2018.
The First Addendum provides for an additional loan by the lenders to the Company in an aggregate principal amount of
$50.0
million (the “Additional Migdal Loan”). The Additional Migdal Loan will be repaid in
15
semi-annual payments of
$2.1
million each, commencing on
September 15, 2021,
with a final payment of
$18.5
million on
March 15, 2029.
The Additional Migdal Loan bears interest at a fixed rate of
4.6%
per annum, payable semi-annually, subject to adjustment in certain circumstances as described below.
 
The Additional Migdal Loan was entered into under substantially the same terms and conditions of the Migdal Loan Agreement as disclosed in the Company’s Form
10
-K for the year ended
December 31, 2018.
 
Write-offs of unsuccessful exploration activities
 
There were
no
write-offs of unsuccessful exploration activities for the
three
months ended
March 31, 2019.
Write-offs of unsuccessful exploration activities for the
three
months ended
March 31, 2018
were
$0.1
million.
 
Reconciliation of Cash and cash equivalents and Restricted cash and cash equivalents
 
The following table provides a reconciliation of Cash and cash equivalents and Restricted cash and cash equivalents reported on the balance sheet that sum to the total of the same amounts shown on the statement of cash flows:
 
   
March 31,
    
December 31,
    
March 31,
  
   
2019
    
2018
    
2018
  
   
(Dollars in thousands)
    
 
 
 
Cash and cash equivalents
   $
79,366
     $
98,802
     $
54,723
  
Restricted cash and cash equivalents
    
93,098
      
78,693
     $
50,332
  
Total Cash and cash equivalents and restricted cash and cash equivalents
   $
172,464
     $
177,495
     $
105,055
  
 
Concentration of credit risk
 
Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of temporary cash investments and accounts receivable.
 
The Company places its temporary cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At
March 31, 2019
and
December 31, 2018,
the Company had deposits totaling
$28.6
million and
$31.3
million, respectively, in
ten
U.S. financial institutions that were federally insured up to
$250,000
per account. At
March 31, 2019
and
December 31, 2018,
the Company’s deposits in foreign countries amounted to approximately
$75.9
million and
$93.9
million, respectively.
 
At
March 31, 2019
and
December 31, 2018,
accounts receivable related to operations in foreign countries amounted to approximately
$106.8
million and
$102.0
million, respectively. At
March 31, 2019
and
December 31, 2018,
accounts receivable from the Company’s primary customers amounted to approximately
55%
and
56%
of the Company’s accounts receivable, respectively.
 
Sierra Pacific Power Company and Nevada Power Company (subsidiaries of NV Energy, Inc.) accounted for
18.2%
and
17.4%
of the Company’s total revenues for the
three
months ended
March 31, 2019
and
2018,
respectively.
 
Southern California Public Power Authority (“SCPPA”) accounted for
19.4%
and
16.3%
of the Company’s total revenues for the
three
months ended
March 31, 2019
and
2018,
respectively.
 
Kenya Power and Lighting Co. Ltd. accounted for
15.3%
and
15.1%
of the Company’s total revenues for the
three
months ended
March 31, 2019
and
2018,
respectively.
 
We have historically been able to collect on substantially all of our receivable balances. Recently, we have been receiving late payments from KPLC in Kenya related to our Olkaria Complex and from ENNE in Honduras related to our Platanares power plant. As of
March 31, 2019,
the amounts overdue are
$29.4
million and
$18.0
million related to KPLC and ENNE, respectively, of which
$
20.4
million and
$3.0
million, respectively, were paid during
April 2019.
As we believe we will be able to collect all past due amounts,
no
provision for doubtful accounts has been recorded.
 
Additionally, Pacific Gas and Electric Corporation (“PG&E Corporation”) and its subsidiary Pacific Gas and Electric Company (“PG&E”), which accounts for
1.2%
of our total revenues for the
three
months ended
March 31, 2019,
are facing extraordinary challenges relating to a series of catastrophic wildfires that occurred in Northern California in
2017
and
2018.
As a result, on
January 
29,
2019,
PG&E Corporation and its subsidiary, PG&E, voluntarily filed for reorganization under Chapter
11
of the U.S. Bankruptcy Code. We are closely monitoring our PG&E account to ensure cash receipts are received timely each month. Our monthly invoice relating to
January 2019
was
not
paid as it occurred before PG&E filed for reorganization under Chapter
11
bankruptcy, but cash was received for the
February
and
March
invoices.
 
 
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 our Product segment reflect payments received in advance of the satisfaction of performance under the contract. We receive payments from customers based on the terms established in our contracts. Total contract assets and contract liabilities as of
March 31, 2019
and
December 31, 2018
are as follows:
 
   
March 31,
    
December 31,
  
   
2019
   
2018
 
   
(Dollars in thousands)
  
Contract assets (*)
   $
29,762
     $
42,130
  
Contract liabilities (*)
    
(15,508
 )    
(18,402
 )
Contract assets, net
   $
14,254
     $
23,728
  
 
(*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheets.
 
On
March 31, 2019,
we had approximately
$226.1
million of remaining performance obligations
not
yet satisfied or partly satisfied related to our Product segment. We expect to recognize approximately
100%
of this amount as Product revenues during the next
24
months.
v3.19.1
Note 2 - New Accounting Pronouncements
 3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
NOTE
2
— NEW ACCOUNTING PRONOUNCEMENTS
 
New accounting pronouncements effective in the
three
-month period ended
March 31, 2019
 
Leases
 
 In
February 2016,
the FASB issued ASU
2016
-
02,
Leases (Topic
842
). This new standard introduced a number of changes and simplified previous guidance, primarily the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. The new standard retained the distinction between finance leases and operating leases and the classification criteria between the
two
types remains substantially similar. Also, lessor accounting remained largely unchanged from previous guidance. However, key aspects of the new standard were aligned with the revenue recognition guidance in Topic
606.
Additionally, the new standard defined a lease as a contract, or part of a contract, that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control over the use of the identified asset means that the customer has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. The Company adopted this new standard as of
January 1, 2019
using the modified retrospective approach and accordingly recognized a cumulative-effect adjustment to the opening balance of retained earnings, which was an immaterial amount, with
no
restatement of comparative information.
 
In accordance with the new standard, for agreements in which the Company is the lessee, the Company applies a unified accounting model by which it recognizes a right-of-use asset ("ROU") and a lease liability at the commencement date of the lease contract for all the leases in which the Company has a right to control identified assets for a specified period of time. The classification of the lease as a finance lease or an operating lease determines the subsequent accounting for the lease arrangement.
 
Upon the adoption of the new standard the Company, both as a lessee and as a lessor, chose to apply the following permitted practical expedients:
 
 
1.
Not
reassess whether any existing contracts are or contain a lease;
 
 
2.
Not
reassess the classification of leases that commenced before the effective date (for example, all existing leases that were classified as operating leases in accordance with Topic
840
will continue to be classified as operating leases, and all existing leases that were classified as capital leases in accordance with Topic
840
will continue to be classified as finance leases);
 
 
3.
Exclude initial direct costs from measurement of the ROU asset at the date of initial application;
 
 
4.
Applying the practical expedient (for a lessor) to
not
separate non-lease components accounted for under Topic
606
from lease components and, instead, to account for each separate lease component and the non-lease components associated with that lease component as a single component. If the non-lease components are the predominant components, the Company will account for the combined component as a single performance obligation entirely in accordance with Topic
606.
Otherwise, the combined component will be accounted as an operating lease entirely in accordance with the new standard.
 
 
5.
Applying the practical expedient (for a lessee) regarding the recognition and measurement of short-term leases, for leases for a period of up to
12
months from the commencement date. Instead, the Company will continue to recognize the lease payments for those leases in statement of operations on a straight-line basis over the lease term.
 
Since the Company elected to apply the practical expedients above, it applied the new standard to all contracts entered into before
January 1, 2019
and identified as leases in accordance with Topic
840.
 
The new significant accounting policies regarding leases that were applied as from
January 1, 2019
following the application of the new standard are as follows:
 
 
1.
Determining whether an arrangement contains a lease
 
On the inception date of the lease, the Company determines whether the arrangement is a lease or contains a lease, while examining if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
 
 
2.
The Company as a lessee
 
 
a.
Lease classification:
 
At the commencement date, a lease is a finance lease if it meets any
one
of the criteria below; otherwise the lease is an operating lease:
 
 
●
The lease transfers ownership of the underlying asset to the lessee by the end of the lease term.
 
●
The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise.
 
●
The lease term is for the major part of the remaining economic life of the underlying asset.
 
●
The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is
not
already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset.
 
●
The underlying asset is of such a specialized nature that it is expected to have
no
alternative use to the lessor at the end of lease term.
 
 
b.
Leased assets and lease liabilities - initial recognition
 
Upon initial recognition, the Company recognizes a liability at the present value of the lease payments to be made over the lease term, and concurrently recognizes a ROU asset at the same amount of the liability, adjusted for any prepaid or accrued lease payments, plus initial direct costs incurred in respect of the lease. Since the interest rate implicit in the lease is
not
readily determinable, the incremental borrowing rate of the Company is used. The subsequent measurement depends of whether the lease is classified as a finance lease or an operating lease.
 
 
c.
The lease term
 
The lease term is the non-cancellable period of the lease plus periods covered by an extension or termination option if it is reasonably certain that the Company will exercise the option.
 
 
d.
Subsequent measurement of operating leases
 
After lease commencement, the Company measures the lease liability at the present value of the remaining lease payments using the discount rate determined at lease commencement (as long as the discount rate hasn’t been updated as a result of a reassessment event).
 
The Company subsequently measures the ROU asset at the present value of the remaining lease payments, adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term and any unamortized initial direct costs.
 
Further, the Company will recognize lease expense on a straight-line basis over the lease term.
 
 
e.
Subsequent measurement of finance leases
 
After lease commencement, the Company measures the lease liability by increasing the carrying amount to reflect interest on the lease liability and reducing the carrying amount to reflect the lease payments made during the period. The Company shall determine the interest on the lease liability in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements.
 
After lease commencement, the Company measures the ROU assets at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. The Company amortizes the ROU asset on a straight-line basis, unless another systematic basis better represents the pattern in which the Company expects to consume the ROU asset’s future economic benefits. The ROU asset is amortized over the shorter of the lease term or the useful life of the ROU asset as follows:
 
    (in years)  
Land
  
1
-
35
  
Automobiles
  
 
5
 
  
Building
  
 
15
 
  
 
The total periodic expense (the sum of interest and amortization expense) of a finance lease is typically higher in the early periods and lower in the later periods.
 
 
f.
Variable lease payments:
 
Variable lease payments that depend on an index or a rate
 
On the commencement date, the lease payments shall include variable lease payments that depend on an index or a rate (such as the Consumer Price Index or a market interest rate), initially measured using the index or rate at the commencement date.
 
The Company does
not
remeasure the lease liability for changes in future lease payments arising from changes in an index or rate unless the lease liability is remeasured for another reason. Therefore, after initial recognition, such variable lease payments are recognized in profit or loss as they are incurred.
 
Other variable lease payments:
 
Variable payments that depends on performance or use of the underlying asset are
not
included in the lease payments. Such variable payments are recognized in profit or loss in the period in which the event or condition that triggers the payment occurs.
 
 
3.
The Company as a lessor
 
At lease commencement, the Company as a lessor classifies leases as either finance or operating leases. Finance leases are further classified as a sales-type lease or as a direct financing lease.
 
Under an operating lease, the Company recognizes the lease payment as income over the lease term, generally on a straight-line basis.
 
 
4.
Impact of the new standard
 
 
a)
Effects of the initial application of the new standard on the Company's consolidated balance sheet as of
January 1, 2019:
 
   
According to
the previous
accounting
policy
    
The
change
    
As presented
according to
Topic 842
  
   
(Dollars in thousands)
  
                         
As of January 1, 2019:
  
 
 
 
  
 
 
 
  
 
 
 
                         
Prepaid expenses and other
   $
51,441
     $
(35,385
 )   $
16,056
  
Deferred financing and lease costs, net
    
3,242
      
(1,659
 )    
1,583
  
Property, plant and equipment, net
    
1,959,578
      
(12,855
 )    
1,946,723
  
Operating leases right of use
    
-
      
62,244
      
62,244
  
Finance leases right of use
    
-
      
13,476
      
13,476
  
                         
Accounts payable and accrued expenses
    
116,362
      
(2,860
 )    
113,502
  
Current maturity of operating lease liabilities
    
-
      
7,532
      
7,532
  
Current maturity of finance lease liabilities
    
-
      
2,841
      
2,841
  
                         
Other long-term liabilities
    
16,087
      
(9,970
 )    
6,117
  
Long term portion of operating lease liabilities
    
-
      
17,668
      
17,668
  
Long term portion of finance lease liabilities
    
-
      
10,668
      
10,668
  
                         
Retained earnings
    
422,222
      
(58
 )    
422,164
  
 
 
The Operating leases right of use is higher than the related lease liabilities as a result of prepayments of leases, including the Puna lease and deferred financing lease costs.
 
 
b)
A weighted-average nominal incremental interest rate of
5%
and
7%
was used to discount future lease payments in the calculation of the operating and finance lease liabilities, respectively.
 
Derivatives and Hedging
 
In
August 2017,
the FASB issued ASU
2017
-
12,
Targeted Improvements to Accounting for Hedging Activities. The amendments in this update better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amendments in this update are effective for fiscal years beginning after
December 15, 2018,
and interim periods within those fiscal years. The adoption of this guidance did
not
have an impact on the Company’s consolidated financial statements.
 
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
 
In
February 2018,
the FASB issued ASU
2018
-
02,
Income Statement – Reporting Comprehensive Income (Topic
220
). The amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of
2017
(the “Tax Act”). The guidance is effective for the fiscal years beginning after
December 15, 2018,
and interim periods within those fiscal years. The adoption of this guidance did
not
have an impact on the Company’s consolidated financial statements.
 
New accounting pronouncements effective in future periods 
 
Financial Instruments—Credit Losses
 
In
June 2016,
the FASB issued ASU
2016
-
13
“Financial Instruments—Credit Losses—Measurement of Credit Losses on Financial Instruments.” This guidance replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance will be effective beginning on
January 1, 2020,
including interim periods within that year. The Company is currently evaluating the potential effect on its consolidated financial statements. 
v3.19.1
Note 3 - Inventories
 3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Inventory Disclosure [Text Block]
NOTE
3
— INVENTORIES
 
Inventories consist of the following:
 
   
March 31,
    
December 31,
  
   
2019
   
2018
 
   
(Dollars in thousands)
  
Raw materials and purchased parts for assembly
   $
28,749
     $
26,914
  
Self-manufactured assembly parts and finished products
    
14,233
      
18,110
  
Total
   $
42,982
     $
45,024
  
 
v3.19.1
Note 4 - Leases
 3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Leases of Lessee and Lessor Disclosure [Text Block]
NOTE
4
—
LEASES
 
A.
Leases in which the Company is a lessee
 
The table below presents the effects on the amounts relating to the Company’s total lease cost:
 
   
Three months ended
March 31,
  
   
2019
  
   
(Dollars in thousands)
  
Lease cost
  
 
 
 
Finance lease cost:
        
Amortization of right-of-use assets
   $
787
  
Interest on lease liabilities
    
306
  
Operating lease cost
    
2,134
  
Variable lease cost
    
278
  
Total lease cost
   $
3,505
  
         
Other information
 
 
 
 
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows from finance leases
   $
-
  
Operating cash flows from operating leases
    
1,012
  
Financing cash flows from finance leases
    
767
  
Right-of-use assets obtained in exchange for new finance lease liabilities
    
2,154
  
Right-of-use assets obtained in exchange for new operating lease liabilities
    
-
  
Weighted-average remaining lease term — finance leases
    
4.0
  
Weighted-average remaining lease term — operating leases
    
5.7
  
 
 
Future minimum lease payments under non-cancellable leases as of
March 31, 2019
were as follows:
 
   
Operating Leases
    
Finance Leases
  
   
(Dollars in thousands)
  
Year ending December 31,
  
 
 
 
  
 
 
 
2019 (excluding the three months ended March 31, 2019)
   $
7,513
     $
3,400
  
2020
    
4,109
      
3,715
  
2021
    
3,400
      
2,720
  
2022
    
2,419
      
2,421
  
2023
    
1,590
      
1,834
  
Thereafter
    
12,061
      
2,692
  
Total future minimum lease payments
    
31,092
      
16,782
  
Less imputed interest
    
5,893
      
1,681
  
Total
   $
25,199
     $
15,101
  
 
 
 
Future minimum lease payments under non-cancellable leases as of
December 31, 2018,
under ASC
840,
Leases were as follows:
 
   
(Dollars in thousands)
  
Year ending December 31,
  
 
 
 
2019
   $
10,889
  
2020
    
7,515
  
2021
    
5,758
  
2022
    
4,415
  
2023
    
2,910
  
Thereafter
    
9,292
  
Total
   $
40,779
  
 
  
B.
Leases in which the Company is a lessor
 
The table below presents the revenues accounted under ASC
842,
Leases, as lessors:
 
 
  
Three months ended March 31, 2019
  
   
(Dollars in thousands)
  
Revenues accounted under ASC 842, Leases
    
125,908
  
Lease income relating to variable lease payments not included in the measurement of the lease
    
-
  
Total
    
125,908
  
 
v3.19.1
Note 5 - Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Fair Value Disclosures [Text Block]
NOTE
5—
FAIR VALUE OF FINANCIAL INSTRUMENTS
 
The fair value measurement guidance clarifies that fair value is an exit price, representing the amount that would be received upon selling an asset or paid upon transferring a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level
1
measurements) and the lowest priority to unobservable inputs (Level
3
measurements). The
three
levels of the fair value hierarchy under the fair value measurement guidance are described below:
 
Level
1
— Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.
 
Level
2
— Quoted prices in markets that are
not
active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability.
 
Level
3
— Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or
no
market activity).
 
The following table sets forth certain fair value information at
March 31, 2019
and
December 31, 2018
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, 2019
  
   
 
 
 
  
Fair Value
  
   
Carrying
Value at
March 31,
2019
    
Total
    
Level 1
    
Level 2
    
Level 3
  
   
(Dollars in thousands)
  
Assets:
                                        
Current assets:
                                        
Cash equivalents (including restricted cash accounts)
   $
21,552
     $
21,552
     $
21,552
     $
—
     $
—
  
Derivatives:
                                        
Contingent receivable
(1)
    
101
      
101
      
—
      
—
      
101
  
Currency forward contracts
(2)
    
169
      
169
      
—
      
169
      
—
  
Liabilities:
                                        
Current liabilities:
                                        
Derivatives:
                                        
Contingent payable 
(1)
    
(3,351
 )    
(3,351
 )    
—
      
—
      
(3,351
 )
    $
18,471
     $
18,471
     $
21,552
     $
169
     $
(3,250
 )
 
 
 
   
 
 
 
  
December 31, 2018
  
   
 
 
 
  
Fair Value
  
   
Carrying
Value at
December 31,
2018
    
Total
    
Level 1
    
Level 2
    
Level 3
  
   
(Dollars in thousands)
  
Assets
                                        
Current assets:
                                        
Cash equivalents (including restricted cash accounts)
   $
18,787
     $
18,787
     $
18,787
     $
—
     $
—
  
Derivatives:
                                        
Contingent receivable
(1)
    
104
      
104
      
—
      
—
      
104
  
Liabilities:
                                        
Current liabilities:
                                        
Derivatives:
                                        
Contingent payable 
(1)
    
(3,424
 )    
(3,424
 )    
—
      
—
      
(3,424
 )
Currency forward contracts
(2)
    
(1,040
 )    
(1,040
 )    
—
      
(1,040
 )    
—
  
    $
14,427
     $
14,427
     $
18,787
     $
(1,040
 )   $
(3,320
 )
 
(
1
)
These amounts relate to contingent receivables and payables relating to acquisition of the Guadeloupe power plant, valued primarily based on unobservable inputs and are included within “Prepaid expenses and other”, “Accounts payable and accrued expenses” and “Other long-term liabilities” on
March 31, 2019
and
December 31, 2018
in the consolidated balance sheets with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the consolidated statement of operations and comprehensive income.
 
(
2
)
 
These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Prepaid expenses and other” and “Accounts payable and accrued expenses”, as applicable, on
March 31, 2019
and
December 31, 2018,
in the consolidated balance sheet with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the consolidated statement of operations and comprehensive income.
 
The amounts set forth in the tables above include investments in debt instruments and money market funds (which are included in cash equivalents). Those securities and deposits are classified within Level
1
of the fair value hierarchy because they are valued using quoted market prices in an active market.
 
 
The following table presents the amounts of gain (loss) recognized in the consolidated statements of operations and comprehensive income on derivative instruments
not
designated as hedges (in thousands):
 
       
Amount of recognized gain (loss)
  
Derivatives not designated as
hedging instruments
  
Location of recognized gain
(loss)
  
Three Months Ended March 31,
  
   
 
  
2019
    
2018
  
                     
                     
Currency forward contracts
  
Derivative and foreign currency and transaction gains (losses)
   $
1,083
     $
(546
 )
   
 
   $
1,083
     $
(546
 )
 
The foregoing forward transactions were
not
designated as hedge transactions and are marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)”.
 
There were
no
transfers of assets or liabilities between Level 
1,
Level
2
and Level 
3
during the
three
months ended
March 31, 2019.
 
The fair value of the Company’s long-term debt approximates its carrying amount, except for the following:
 
   
Fair Value
    
Carrying Amount
  
   
March 31,
2019
    
December 31,
2018
    
March 31,
2019
    
December 31,
2018
  
   
(Dollars in millions)
    
(Dollars in millions)
  
Olkaria III Loan - OPIC
    
210.0
      
211.8
      
206.1
      
210.6
  
Olkaria IV Loan - DEG 2
    
48.6
      
47.2
      
47.5
      
47.5
  
Olkaria IV Loan - DEG 3
    
42.5
      
—
      
41.5
      
—
  
Platanares Loan - OPIC
    
118.5
      
119.1
      
110.6
      
112.7
  
Amatitlan Loan
    
29.0
      
29.9
      
28.9
      
29.8
  
Senior Secured Notes:
                                
OrCal Geothermal Inc. ("OrCal")
  
 
19.2
    
 
19.0
      
18.7
      
18.7
  
OFC 2 LLC ("OFC 2")
    
213.4
      
214.5
      
213.2
      
217.8
  
Don A. Campbell 1 ("DAC 1")
    
78.6
      
78.8
      
81.7
      
83.3
  
USG Prudential - NV
    
29.9
      
29.4
      
27.8
      
27.8
  
USG Prudential - ID
    
18.0
      
18.6
      
18.4
      
18.9
  
USG DOE
    
47.3
      
48.3
      
49.8
      
51.4
  
Senior Unsecured Bonds
    
199.3
      
199.4
      
204.3
      
204.3
  
Senior Unsecured Loan
    
153.6
      
102.2
      
150.0
      
100.0
  
Other long-term debt
    
5.3
      
5.4
      
6.2
      
6.2
  
 
 
The fair value of the long-term debt is determined by a valuation model, which is based on a conventional discounted cash flow methodology and utilizes assumptions of current borrowing rates. The fair value of revolving lines of credit is determined using a comparison of market-based price sources that are reflective of similar credit ratings to those of the Company.
 
The carrying value of financial instruments such as revolving lines of credit and deposits approximates fair value.
 
The following table presents the fair value of financial instruments as of
March 31, 2019:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
   
(Dollars in millions)
  
Olkaria III - OPIC
    
—
      
—
      
210.0
      
210.0
  
Olkaria IV - DEG 2
    
—
      
—
      
48.6
      
48.6
  
Olkaria IV Loan - DEG 3    
—
      
—
      
42.5
      
42.5
  
Platanares Loan - OPIC
    
—
      
—
      
118.5
      
118.5
  
Amatitlan Loan
    
—
      
29.0
      
—
      
29.0
  
Senior Secured Notes:
                                
OrCal Senior Secured Notes
    
—
      
—
      
19.2
      
19.2
  
OFC 2 Senior Secured Notes
    
—
      
—
      
213.4
      
213.4
  
DAC 1 Senior Secured Notes
    
—
      
—
      
78.6
      
78.6
  
USG Prudential - NV
    
—
      
—
      
29.9
      
29.9
  
USG Prudential - ID
    
—
      
—
      
18.0
      
18.0
  
USG DOE
    
—
      
—
      
47.3
      
47.3
  
Senior Unsecured Bonds
    
—
      
—
      
199.3
      
199.3
  
Senior Unsecured Loan
    
—
      
—
      
153.6
      
153.6
  
Other long-term debt
    
—
      
—
      
5.3
      
5.3
  
Revolving lines of credit
    
—
      
60.9
      
—
      
60.9
  
Deposits
    
11.9
      
—
      
—
      
11.9
  
 
 
The following table presents the fair value of financial instruments as of
December 
31,
2018:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
   
(Dollars in millions)
  
Olkaria III Loan - OPIC
    
—
      
—
      
211.8
      
211.8
  
Olkaria IV - DEG 2
    
—
      
—
      
47.2
      
47.2
  
Platanares Loan - OPIC
    
—
      
—
      
119.1
      
119.1
  
Amatitlan Loan
    
—
      
29.9
      
—
      
29.9
  
Senior Secured Notes:
                                
OrCal Senior Secured Notes
    
—
      
—
      
19.0
      
19.0
  
OFC 2 Senior Secured Notes
    
—
      
—
      
214.5
      
214.5
  
DAC 1 Senior Secured Notes
    
—
      
—
      
78.8
      
78.8
  
USG Prudential - NV
    
—
      
—
      
29.4
      
29.4
  
USG Prudential - ID
    
—
      
—
      
18.6
      
18.6
  
USG DOE
    
—
      
—
      
48.3
      
48.3
  
Senior Unsecured Bonds
    
—
      
—
      
199.4
      
199.4
  
Senior Unsecured Loan    
—
      
—
      
102.2
      
102.2
  
Other long-term debt
    
—
      
—
      
5.4
      
5.4
  
Revolving lines of credit
    
—
      
159.0
      
—
      
159.0
  
Deposits
    
12.0
      
—
      
—
      
12.0
  
v3.19.1
Note 6 - Stock-based Compensation
 3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]
NOTE
6
— STOCK-BASED COMPENSATION
 
No
material grants were provided under the
2018
Incentive Plan during the
first
quarter of
2019.
v3.19.1
Note 7 - Interest Expense, Net
 3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Interest Expense Disclosure [Text Block]
NOTE 
7
 — INTEREST EXPENSE, NET
 
The components of interest expense are as follows:
 
   
Three Months Ended March
31,
  
   
2019
   
2018
 
   
(Dollars in thousands)
  
Interest related to sale of tax benefits
   $
3,661
     $
1,409
  
Interest expense
    
17,562
      
13,306
  
Less — amount capitalized
    
—
      
(371
 )
    $
21,223
     $
14,344
  
 
v3.19.1
Note 8 - Earnings Per Share
 3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Earnings Per Share [Text Block]
NOTE
8
— EARNINGS PER SHARE
 
Basic earnings per share attributable to the Company’s stockholders is computed by dividing net income or loss attributable to the Company’s stockholders by the weighted average number of shares of common stock outstanding for the period. The Company does
not
have any equity instruments that are dilutive, except for employee stock-based awards.
 
The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share (in thousands):
 
   
Three Months Ended March
31,
  
   
2019
   
2018
 
                 
Weighted average number of shares used in computation of basic earnings per share
    
50,709
      
50,614
  
Add:
                
Additional shares from the assumed exercise of employee stock options
    
303
      
437
  
                 
Weighted average number of shares used in computation of diluted earnings per share
    
51,012
      
51,051
  
 
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
249,908
and
62,409
for the
three
months ended
March 31, 2019
and
2018,
respectively.
 
v3.19.1
Note 9 - Business Segments
 3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
NOTE
9
— BUSINESS SEGMENTS
 
The Company has
three
reporting segments: the Electricity segment, the Product segment and the Other segment. These segments are managed and reported separately as each offers different products and serves different markets. The Electricity segment is engaged in the sale of electricity from the Company’s power plants pursuant to PPAs. The Product segment is engaged in the manufacture, including design and development, of turbines and power units for the supply of electrical energy and in the associated construction of power plants utilizing the power units manufactured by the Company to supply energy from geothermal fields and other alternative energy sources. The Other segment is engaged in management of curtailable customer loads under contracts with U.S. retail energy providers and directly with large commercial and industrial customers as well as battery storage as a service.
 
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:
 
   
Electricity
    
Product
    
Other
    
Consolidated
 
   
(Dollars in thousands)
  
Three Months Ended March 31, 2019:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Revenues from external customers:
                                
United States
(1)
   $
91,528
     $
11,243
     $
4,002
     $
106,773
  
Foreign
(2)
    
51,380
      
40,885
      
—
      
92,265
  
Net revenues from external customers
    
142,908
      
52,128
      
4,002
      
199,038
  
Intersegment revenues
    
—
      
18,261
      
—
      
18,261
  
Operating income (loss)
    
51,551
      
4,252
      
(2,078
 )    
53,725
  
Segment assets at period end
(3) (*)
    
2,950,444
      
125,248
      
67,522
      
3,143,214
  
* Including unconsolidated investments
    
71,885
      
—
      
—
      
71,885
  
                                 
Three Months Ended March 31, 2018:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Revenues from external customers:
                                
United States
(1)
   $
83,683
     $
194
     $
2,862
     $
86,739
  
Foreign
(2)
    
48,806
      
48,478
      
—
      
97,284
  
Net revenues from external customers
    
132,489
      
48,672
      
2,862
      
184,023
  
Intersegment revenues
    
—
      
24,827
      
—
      
24,827
  
Operating income
    
46,412
      
9,553
      
(1,372
 )    
54,593
  
Segment assets at period end
(3) (*)
    
2,542,154
      
114,815
      
53,848
      
2,710,817
  
* Including unconsolidated investments
    
63,109
      
—
      
—
      
63,109
  
 
 
 
(
1
)
 
 Electricity segment revenues in the United States are all accounted under ASC
842,
Leases, except for
$17.0
million in the
three
months ended
March 31, 2019
that are accounted under ASC
606.
For the
three
months ended
March 31, 2018,
Electricity segment revenues in the United States are all accounted under ASC
840,
Leases, except for
$6.7
million that are accounted under ASC
606.
     
 
(
2
)
 
 For the
three
months ended
March 31, 2019,
Electricity segment revenues in foreign countries are all accounted under ASC
842,
Leases, and Product revenues in foreign countries are accounted under ASC
606.
For the
three
months ended
March 31, 2018,
Electricity segment revenues in foreign countries are all accounted under ASC
840,
Leases, and Product revenues in foreign countries are accounted under ASC
606.
     
 
(
3
)
 
 Electricity segment assets include goodwill in the amount of
$20.1
million and
$7.8
million as of
March 31, 2019
and
2018,
respectively. Other segment assets include goodwill in the amount of
$13.5
million as of
March 31, 2018.
No
goodwill is included in the Other segments assets as of
March 31, 2019.
 
Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table:
 
   
Three Months Ended March 31,
  
   
2019
   
2018
 
     
(Dollars in thousands)
  
Revenue:
                
Total segment revenue
   $
199,038
     $
184,023
  
Intersegment revenue
    
18,261
      
24,827
  
Elimination of intersegment revenue
    
(18,261
 )    
(24,827
 )
Total consolidated revenue
   $
199,038
     $
184,023
  
                 
Operating income:
                
Operating income
   $
53,725
     $
54,593
  
Interest income
    
293
      
113
  
Interest expense, net
    
(21,223
 )    
(14,344
 )
Derivatives and foreign currency transaction gains (losses)
    
472
      
(1,599
 )
Income attributable to sale of tax benefits
    
7,764
      
7,361
  
Other non-operating income (expense), net
    
91
      
(20
 )
Total consolidated income from operations before income taxes and equity in earnings of investees
   $
41,122
     $
46,104
  
 
v3.19.1
Note 10 - Commitments and Contingencies
 3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]
NOTE
10
— COMMITMENTS AND CONTINGENCIES
 
 
●
On
May 21, 2018,
a motion to certify a class action was filed in Tel Aviv District Court against Ormat Technologies, Inc. and
11
officers and directors.  The alleged class is defined as "All persons who purchased Ormat shares on the Tel Aviv Stock Exchange between
August 3, 2017
and
May 13, 2018".
The motion alleges that the Company violated  Sections
31
(a)(
1
) and
38C
of the Israeli Securities Law because it allegedly: (
1
) misled investors by stating in its financial statements that it maintains effective internal controls over its accounting policies and procedures, however the Company's internal controls had material weaknesses which led to erroneous accounting in its
2017
unaudited quarterly reports that had to be restated, including adjustments to the Company’s net income and shareholders’ equity; and (
2
) failed to issue an immediate report in Israel until
May 16, 2018,
analogous to the report that was released in the United States on
May 11, 2018
stating, inter alia, that the errors in its financial reports affected its balance sheet and would be remedied in its
2017
annual report. The Company filed an agreed motion to the Tel Aviv District Court to stay the proceedings in Israel until a final decision in the U.S. case (Mac Costas) is adjudicated.
 
 
●
On
June 11, 2018,
a putative class action was filed by Mac Costas on behalf of alleged shareholders that purchased or acquired the Company's ordinary shares between
August 8, 2017
and
May 15, 2018
was commenced in the U.S. District Court for the District of Nevada against the Company and its Chief Executive Officer and Chief Financial Officer.  The complaint asserts claim against all defendants pursuant to Section
10
(b) of the Exchange Act, as amended, and Rule
10b
-
5
thereunder and against its officers pursuant to Section
20
(a) of the Exchange Act.  The complaint alleges that the Company's Form
10
-K for the years ended
December 31, 2016
and
2017,
and Form
10
-Qs for each of the quarters in the
nine
months ended
September 30, 2017
contained material misstatements or omissions, among other things, with respect to the Company’s tax provisions and the effectiveness of its internal control over financial reporting, and that, as a result of such alleged misstatements and omissions, the plaintiffs suffered damages. Following the Mac Costas filing and in accordance with the terms of the Private Securities Litigation Reform Act of
1995
(“PSLRA”), a number of law firms filed applications on behalf of entities purporting to hold shares in the Company, seeking to be appointed as lead plaintiff and lead counsel in the action. On
March 12, 2019
the court appointed Phoenix Insurance Company Ltd. (“Phoenix Insurance”) as lead plaintiff and approved their selection of lead counsel. Pursuant to a scheduling stipulation entered between the parties, Phoenix Insurance must file a consolidated amended complaint by
May 13, 2019,
the Company’s motion to dismiss must be filed by
July 12, 2019,
Phoenix Insurance must file their Opposition by
August 26, 2019,
and the Company must file their reply by
September 25, 2019.
The Company believes that it has valid defenses under law and intends to defend itself vigorously. 
 
 
●
On
September 11, 2018,
the Klein derivative action (“Klein Action”) was filed against the Company, our board and our Chief Executive Officer and Chief Financial Officer in the U.S. District Court for the District of Nevada, and on
October 22, 2018,
the Matthew derivative action (“Matthew Action”) was filed against the company, certain named present and former board members (Barniv, Beck, Boehm, Clark, Falk, Freeland, Granot, Joyal, Nishigori, Sharir, Stern and Wong) in the U.S. District Court, District of Nevada.  The Klein complaint asserts
four
derivative causes of action generally arising from Ormat's restatement of its financial statements: (i) the individual defendants allegedly breached their fiduciary duties by allowing the company to improperly report its financials; (ii) the individual defendants allegedly were unjustly enriched by being compensated while breaching their fiduciary duties; (iii) the individual defendants allegedly committed corporate waste in paying officers and directors and by incurring legal costs and potential liability; and (iv) the director defendants allegedly breached Section
14
(a) of the Exchange Act in connection with the issuance of
2018
proxy. The Matthew complaint similarly alleges derivatively a breach of fiduciary duties, abuse of control, gross mismanagement, and corporate waste by the named directors. On
January 24, 2019,
the Nevada Court entered an order consolidating the Klein Action and Matthew Action, and staying all deadlines and hearings in the consolidated action pending entry of an order on the motion to dismiss in the Mac Costas putative class action. Within
thirty
days of entry of an order on the motion to dismiss in the Mac Costas putative class action, the parties are required to meet and confer and to submit a proposed schedule for further proceedings in the consolidated action.
 
 
●
Following the announcement of the Company’s acquisition of U.S. Geothermal Inc. (“USG”), a number of putative shareholder class action complaints were initially filed on behalf of USG shareholders between
March 8, 2018
and
March 30, 2018
against USG and the individual members of the USG board of directors.  All of the purported class action suits filed in Federal Court in Idaho have been voluntarily dismissed.  The single remaining class action complaint is a purported class action filed in the Delaware Chancery Court, entitled Riche v. Pappas, et al., Case
No.
2018
-
0177
(Del. Ch.,
Mar. 12, 2018).
An amended complaint was filed on
May 24, 2018
under seal, under a confidentiality agreement that was executed by plaintiff.   The amended Riche complaint alleges state law claims for breach of fiduciary duty against former USG directors and seeks post-closing damages. The Company believes that it has valid defenses under law and intends to defend itself vigorously.
 
 
●
On
August 5, 2016,
George Douvris, Stephanie Douvris, Michael Hale, Cheryl Cacocci, Hillary E. Wilt and Christina Bryan, acting for themselves and on behalf of all other similarly situated residents of the lower Puna District, filed a complaint in the Third Circuit Court for the State of Hawaii seeking certification of a class action for preliminary and permanent injunctive relief, consequential and punitive damages, attorney’s fees and statutory interest against Puna Geothermal Venture (“PGV”) and other presently unknown defendants. HELCO and other parties were later joined as co-defendants. The Parties have reached an amicable settlement in an immaterial amount which, on
April 4, 2019,
was recorded by the Court, and the claim dismissed.
 
 
●
On
March 29, 2016,
a former local sales representative in Chile, Aquavant, S.A., filed a claim on the basis of unjust enrichment against Ormat’s subsidiaries in the
27th
Civil Court of Santiago, Chile. The claim requests that the court order Ormat to pay Aquavant
$4.6
million in connection with its activities in Chile, including the EPC contract for the Cerro Pabellon project and various geothermal concessions, plus
3.75%
of Ormat geothermal products sales in Chile over the next
10
years. Pursuant to various motions submitted by the defendants and the plaintiffs to various courts, including the Court of Appeals, the case was removed from the original court and then refiled before the
11th
Civil Court of Santiago.   The Civil Court has heard oral testimonies and the “factual” stage of the proceedings are completed. The Company believes that it has valid defenses under law and intends to defend itself vigorously.
 
 
 
In addition, from time to time, the Company is named as a party to various other lawsuits, claims and other legal and regulatory proceedings that arise in the ordinary course of our business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract, property damage, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to such lawsuits, claims and proceedings, the Company accrues reserves when a loss is probable, and the amount of such loss can be reasonably estimated. It is the opinion of the Company’s management that the outcome of these proceedings, individually and collectively, will
not
be material to the Company’s consolidated financial statements as a whole.
v3.19.1
Note 11 - Income Taxes
 3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
NOTE
11
— INCOME TAXES
 
The Company’s effective tax rate expense (benefit) for the
three
months ended
March 31, 2019
and
2018
was
34.1%
and (
58.4
)%, respectively. The effective rate differs from the federal statutory rate of
21%
for the
three
months ended
March 31, 2019
due to: (i) the impact of the recently enacted global intangible low tax income (“GILTI”); (ii) the increase in the valuation allowance on the deferred tax assets related to the limitation on interest expense under the recently enacted IRC section
163
(j); (iii) withholding taxes on future dividend distributions; (iv) mix of business in various countries with higher and lower statutory rates than the federal rate; partially offset by (v) forecasted generation of production tax credits.
 
The Company is required by the Tax Act to include in U.S. taxable income amounts on related to GILTI. The Company elected as an accounting policy in
2018
to treat taxes due on future U.S, inclusions in taxable income under GILTI as a period cost when incurred. The Company has elected and applied the tax law ordering approach when considering GILTI as part of the Company’s valuation allowance.
 
As a result of the Tax Act, the Company is also subject to certain statutory restrictions on its interest deductions under IRC section
163
(j) which limits the interest deductions to business interest income plus
30%
of adjusted taxable income. Disallowed interest expense does
not
expire but can only be utilized in future years when an adjusted taxable income provides excess limitation. The Company is projecting an
$8.8
million interest expense carryforward attribute which has a full valuation allowance.
v3.19.1
Note 12 - Subsequent Events
 3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Subsequent Events [Text Block]
NOTE
12
— SUBSEQUENT EVENTS
 
Cash dividend
 
On
May 6, 2019
,
the Board of Directors of the Company declared, approved and authorized payment of a quarterly dividend of
$5.6
million (
$0.11
per share) to all holders of the Company’s issued and outstanding shares of common stock on
May 20, 2019
,
payable on
May 28, 2019
.
 
v3.19.1
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Debt, Policy [Policy Text Block]
Puna
 
 
 On
May 3, 2018,
the Kilauea volcano located in close proximity to our Puna
38
MW geothermal power plant in the Puna district of Hawaii's Big Island erupted following a significant increase in seismic activity in the area. Before it stopped flowing, the lava covered the wellheads of
three
geothermal wells, monitoring wells and the substation of the Puna complex and an adjacent warehouse that stored a drilling rig that was also consumed by the lava. The insurance policy coverage for property and business interruption is provided by a consortium of insurers. All the insurers accepted and started paying for the costs to rebuild the destroyed substation, and during the
first
quarter of
2019,
we received an additional
$1.5
million of such proceeds. However only some of the insurers accepted that the business interruption coverage started in
May 2018
and during the
first
quarter of
2019,
we recorded an additional
$1.3
million of such proceeds which were included under cost of revenues in the condensed consolidated statements of operations and comprehensive income for the
three
months ended
March 31, 2019.
The Company is still in discussions to reach an understanding with all insurers to start paying for the business interruption as of
May 2018.
In
April 2019
the Company reached an agreement with another insurance company and received an additional
$4.1
million for current and future business interruption loss. The business interruption coverage compensates the Company for the loss of profits that resulted from the inability of the on-surface property to generate electricity.
 
The Company is still assessing the damages in the Puna facilities and continue to coordinate with Hawaii Electric Light Company (“HELCO”) and local authorities to bring the power plant back to operation. The Company continues to assess the accounting implications of this event on the assets and liabilities on its balance sheet and whether an impairment will be required. Any significant damage to the geothermal resource or continued shut-down following the lava event at the Puna facilities could have an adverse impact on the power plant's electricity generation and availability, which in turn could have a material adverse impact on our business and results of operations. 
 
DEG
3
Loan
 
On
January 4, 2019,
an indirect subsidiary of the Company (“OrPower
4”
) entered into an additional
$41.5
million subordinated loan agreement with DEG (the “DEG
3
Loan Agreement”) and on
February 28, 2019,
OrPower
4
completed a drawdown of the full loan amount, with a fixed interest rate of
6.04%
for the duration of the loan (the “DEG
3
Loan”). The DEG
3
Loan will be repaid in
19
equal semi-annual principal installments commencing
June 21, 2019,
with a final maturity date of 
June 21, 2028.
Proceeds of the DEG
3
Loan were used by OrPower
4
to refinance upgrades to Plant
1
of the Olkaria III Complex, which were originally financed using equity. The DEG
3
Loan is subordinated to the senior loan provided by OPIC for Plants
1
-
3
of the Olkaria III Complex. The DEG
3
Loan is guaranteed by the Company.
 
Migdal Senior Unsecured Loan
 
On
March 25, 2019,
the Company entered into a
first
addendum (“First Addendum”) to the loan agreement (the "Migdal Loan Agreement") with Migdal Insurance Company Ltd., Migdal Makefet Pension and Provident Funds Ltd. and Yozma Pension Fund of Self-Employed Ltd., all entities within the Migdal Group, a leading insurance company and institutional investor in Israel dated
March 22, 2018.
The First Addendum provides for an additional loan by the lenders to the Company in an aggregate principal amount of
$50.0
million (the “Additional Migdal Loan”). The Additional Migdal Loan will be repaid in
15
semi-annual payments of
$2.1
million each, commencing on
September 15, 2021,
with a final payment of
$18.5
million on
March 15, 2029.
The Additional Migdal Loan bears interest at a fixed rate of
4.6%
per annum, payable semi-annually, subject to adjustment in certain circumstances as described below.
 
The Additional Migdal Loan was entered into under substantially the same terms and conditions of the Migdal Loan Agreement as disclosed in the Company’s Form
10
-K for the year ended
December 31, 2018.
Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block]
Write-offs of unsuccessful exploration activities
 
There were
no
write-offs of unsuccessful exploration activities for the
three
months ended
March 31, 2019.
Write-offs of unsuccessful exploration activities for the
three
months ended
March 31, 2018
were
$0.1
million.
Cash and Cash Equivalents, Policy [Policy Text Block]
Reconciliation of Cash and cash equivalents and Restricted cash and cash equivalents
 
The following table provides a reconciliation of Cash and cash equivalents and Restricted cash and cash equivalents reported on the balance sheet that sum to the total of the same amounts shown on the statement of cash flows:
 
   
March 31,
    
December 31,
    
March 31,
  
   
2019
    
2018
    
2018
  
   
(Dollars in thousands)
    
 
 
 
Cash and cash equivalents
   $
79,366
     $
98,802
     $
54,723
  
Restricted cash and cash equivalents
    
93,098
      
78,693
     $
50,332
  
Total Cash and cash equivalents and restricted cash and cash equivalents
   $
172,464
     $
177,495
     $
105,055
  
Concentration Risk, Credit Risk, Policy [Policy Text Block]
Concentration of credit risk
 
Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of temporary cash investments and accounts receivable.
 
The Company places its temporary cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At
March 31, 2019
and
December 31, 2018,
the Company had deposits totaling
$28.6
million and
$31.3
million, respectively, in
ten
U.S. financial institutions that were federally insured up to
$250,000
per account. At
March 31, 2019
and
December 31, 2018,
the Company’s deposits in foreign countries amounted to approximately
$75.9
million and
$93.9
million, respectively.
 
At
March 31, 2019
and
December 31, 2018,
accounts receivable related to operations in foreign countries amounted to approximately
$106.8
million and
$102.0
million, respectively. At
March 31, 2019
and
December 31, 2018,
accounts receivable from the Company’s primary customers amounted to approximately
55%
and
56%
of the Company’s accounts receivable, respectively.
 
Sierra Pacific Power Company and Nevada Power Company (subsidiaries of NV Energy, Inc.) accounted for
18.2%
and
17.4%
of the Company’s total revenues for the
three
months ended
March 31, 2019
and
2018,
respectively.
 
Southern California Public Power Authority (“SCPPA”) accounted for
19.4%
and
16.3%
of the Company’s total revenues for the
three
months ended
March 31, 2019
and
2018,
respectively.
 
Kenya Power and Lighting Co. Ltd. accounted for
15.3%
and
15.1%
of the Company’s total revenues for the
three
months ended
March 31, 2019
and
2018,
respectively.
 
We have historically been able to collect on substantially all of our receivable balances. Recently, we have been receiving late payments from KPLC in Kenya related to our Olkaria Complex and from ENNE in Honduras related to our Platanares power plant. As of
March 31, 2019,
the amounts overdue are
$29.4
million and
$18.0
million related to KPLC and ENNE, respectively, of which
$
20.4
million and
$3.0
million, respectively, were paid during
April 2019.
As we believe we will be able to collect all past due amounts,
no
provision for doubtful accounts has been recorded.
 
Additionally, Pacific Gas and Electric Corporation (“PG&E Corporation”) and its subsidiary Pacific Gas and Electric Company (“PG&E”), which accounts for
1.2%
of our total revenues for the
three
months ended
March 31, 2019,
are facing extraordinary challenges relating to a series of catastrophic wildfires that occurred in Northern California in
2017
and
2018.
As a result, on
January 
29,
2019,
PG&E Corporation and its subsidiary, PG&E, voluntarily filed for reorganization under Chapter
11
of the U.S. Bankruptcy Code. We are closely monitoring our PG&E account to ensure cash receipts are received timely each month. Our monthly invoice relating to
January 2019
was
not
paid as it occurred before PG&E filed for reorganization under Chapter
11
bankruptcy, but cash was received for the
February
and
March
invoices.
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 our Product segment reflect payments received in advance of the satisfaction of performance under the contract. We receive payments from customers based on the terms established in our contracts. Total contract assets and contract liabilities as of
March 31, 2019
and
December 31, 2018
are as follows:
 
   
March 31,
    
December 31,
  
   
2019
   
2018
 
   
(Dollars in thousands)
  
Contract assets (*)
   $
29,762
     $
42,130
  
Contract liabilities (*)
    
(15,508
 )    
(18,402
 )
Contract assets, net
   $
14,254
     $
23,728
  
 
(*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheets.
 
On
March 31, 2019,
we had approximately
$226.1
million of remaining performance obligations
not
yet satisfied or partly satisfied related to our Product segment. We expect to recognize approximately
100%
of this amount as Product revenues during the next
24
months.
v3.19.1
Note 1 - General and Basis of Presentation (Tables)
 3 Months Ended
Mar. 31, 2019
Notes Tables  
Schedule of Cash and Cash Equivalents [Table Text Block]
   
March 31,
    
December 31,
    
March 31,
  
   
2019
    
2018
    
2018
  
   
(Dollars in thousands)
    
 
 
 
Cash and cash equivalents
   $
79,366
     $
98,802
     $
54,723
  
Restricted cash and cash equivalents
    
93,098
      
78,693
     $
50,332
  
Total Cash and cash equivalents and restricted cash and cash equivalents
   $
172,464
     $
177,495
     $
105,055
  
Contract with Customer, Asset and Liability [Table Text Block]
   
March 31,
    
December 31,
  
   
2019
   
2018
 
   
(Dollars in thousands)
  
Contract assets (*)
   $
29,762
     $
42,130
  
Contract liabilities (*)
    
(15,508
 )    
(18,402
 )
Contract assets, net
   $
14,254
     $
23,728
  
v3.19.1
Note 2 - New Accounting Pronouncements (Tables)
 3 Months Ended
Mar. 31, 2019
Notes Tables  
Schedule Of Estimated Useful Lives [Table Text Block]
    (in years)  
Land
  
1
-
35
  
Automobiles
  
 
5
 
  
Building
  
 
15
 
  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]
   
According to
the previous
accounting
policy
    
The
change
    
As presented
according to
Topic 842
  
   
(Dollars in thousands)
  
                         
As of January 1, 2019:
  
 
 
 
  
 
 
 
  
 
 
 
                         
Prepaid expenses and other
   $
51,441
     $
(35,385
 )   $
16,056
  
Deferred financing and lease costs, net
    
3,242
      
(1,659
 )    
1,583
  
Property, plant and equipment, net
    
1,959,578
      
(12,855
 )    
1,946,723
  
Operating leases right of use
    
-
      
62,244
      
62,244
  
Finance leases right of use
    
-
      
13,476
      
13,476
  
                         
Accounts payable and accrued expenses
    
116,362
      
(2,860
 )    
113,502
  
Current maturity of operating lease liabilities
    
-
      
7,532
      
7,532
  
Current maturity of finance lease liabilities
    
-
      
2,841
      
2,841
  
                         
Other long-term liabilities
    
16,087
      
(9,970
 )    
6,117
  
Long term portion of operating lease liabilities
    
-
      
17,668
      
17,668
  
Long term portion of finance lease liabilities
    
-
      
10,668
      
10,668
  
                         
Retained earnings
    
422,222
      
(58
 )    
422,164
  
v3.19.1
Note 3 - Inventories (Tables)
 3 Months Ended
Mar. 31, 2019
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
   
March 31,
    
December 31,
  
   
2019
   
2018
 
   
(Dollars in thousands)
  
Raw materials and purchased parts for assembly
   $
28,749
     $
26,914
  
Self-manufactured assembly parts and finished products
    
14,233
      
18,110
  
Total
   $
42,982
     $
45,024
  
v3.19.1
Note 4 - Leases (Tables)
 3 Months Ended
Mar. 31, 2019
Notes Tables  
Lease, Cost [Table Text Block]
   
Three months ended
March 31,
  
   
2019
  
   
(Dollars in thousands)
  
Lease cost
  
 
 
 
Finance lease cost:
        
Amortization of right-of-use assets
   $
787
  
Interest on lease liabilities
    
306
  
Operating lease cost
    
2,134
  
Variable lease cost
    
278
  
Total lease cost
   $
3,505
  
         
Other information
 
 
 
 
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows from finance leases
   $
-
  
Operating cash flows from operating leases
    
1,012
  
Financing cash flows from finance leases
    
767
  
Right-of-use assets obtained in exchange for new finance lease liabilities
    
2,154
  
Right-of-use assets obtained in exchange for new operating lease liabilities
    
-
  
Weighted-average remaining lease term — finance leases
    
4.0
  
Weighted-average remaining lease term — operating leases
    
5.7
  
Lessee, Lease Liability, Maturity [Table Text Block]
   
Operating Leases
    
Finance Leases
  
   
(Dollars in thousands)
  
Year ending December 31,
  
 
 
 
  
 
 
 
2019 (excluding the three months ended March 31, 2019)
   $
7,513
     $
3,400
  
2020
    
4,109
      
3,715
  
2021
    
3,400
      
2,720
  
2022
    
2,419
      
2,421
  
2023
    
1,590
      
1,834
  
Thereafter
    
12,061
      
2,692
  
Total future minimum lease payments
    
31,092
      
16,782
  
Less imputed interest
    
5,893
      
1,681
  
Total
   $
25,199
     $
15,101
  
Schedule of Future Minimum Rental Payments for Operating and Capital Leases [Table Text Block]
   
(Dollars in thousands)
  
Year ending December 31,
  
 
 
 
2019
   $
10,889
  
2020
    
7,515
  
2021
    
5,758
  
2022
    
4,415
  
2023
    
2,910
  
Thereafter
    
9,292
  
Total
   $
40,779
  
Operating Lease, Lease Income [Table Text Block]
 
  
Three months ended March 31, 2019
  
   
(Dollars in thousands)
  
Revenues accounted under ASC 842, Leases
    
125,908
  
Lease income relating to variable lease payments not included in the measurement of the lease
    
-
  
Total
    
125,908
  
v3.19.1
Note 5 - Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2019
Notes Tables  
Fair Value, by Balance Sheet Grouping [Table Text Block]
   
 
 
 
  
March 31, 2019
  
   
 
 
 
  
Fair Value
  
   
Carrying
Value at
March 31,
2019
    
Total
    
Level 1
    
Level 2
    
Level 3
  
   
(Dollars in thousands)
  
Assets:
                                        
Current assets:
                                        
Cash equivalents (including restricted cash accounts)
   $
21,552
     $
21,552
     $
21,552
     $
—
     $
—
  
Derivatives:
                                        
Contingent receivable
(1)
    
101
      
101
      
—
      
—
      
101
  
Currency forward contracts
(2)
    
169
      
169
      
—
      
169
      
—
  
Liabilities:
                                        
Current liabilities:
                                        
Derivatives:
                                        
Contingent payable 
(1)
    
(3,351
 )    
(3,351
 )    
—
      
—
      
(3,351
 )
    $
18,471
     $
18,471
     $
21,552
     $
169
     $
(3,250
 )
   
 
 
 
  
December 31, 2018
  
   
 
 
 
  
Fair Value
  
   
Carrying
Value at
December 31,
2018
    
Total
    
Level 1
    
Level 2
    
Level 3
  
   
(Dollars in thousands)
  
Assets
                                        
Current assets:
                                        
Cash equivalents (including restricted cash accounts)
   $
18,787
     $
18,787
     $
18,787
     $
—
     $
—
  
Derivatives:
                                        
Contingent receivable
(1)
    
104
      
104
      
—
      
—
      
104
  
Liabilities:
                                        
Current liabilities:
                                        
Derivatives:
                                        
Contingent payable 
(1)
    
(3,424
 )    
(3,424
 )    
—
      
—
      
(3,424
 )
Currency forward contracts
(2)
    
(1,040
 )    
(1,040
 )    
—
      
(1,040
 )    
—
  
    $
14,427
     $
14,427
     $
18,787
     $
(1,040
 )   $
(3,320
 )
Derivative Instruments, Gain (Loss) [Table Text Block]
       
Amount of recognized gain (loss)
  
Derivatives not designated as
hedging instruments
  
Location of recognized gain
(loss)
  
Three Months Ended March 31,
  
   
 
  
2019
    
2018
  
                     
                     
Currency forward contracts
  
Derivative and foreign currency and transaction gains (losses)
   $
1,083
     $
(546
 )
   
 
   $
1,083
     $
(546
 )
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
   
Fair Value
    
Carrying Amount
  
   
March 31,
2019
    
December 31,
2018
    
March 31,
2019
    
December 31,
2018
  
   
(Dollars in millions)
    
(Dollars in millions)
  
Olkaria III Loan - OPIC
    
210.0
      
211.8
      
206.1
      
210.6
  
Olkaria IV Loan - DEG 2
    
48.6
      
47.2
      
47.5
      
47.5
  
Olkaria IV Loan - DEG 3
    
42.5
      
—
      
41.5
      
—
  
Platanares Loan - OPIC
    
118.5
      
119.1
      
110.6
      
112.7
  
Amatitlan Loan
    
29.0
      
29.9
      
28.9
      
29.8
  
Senior Secured Notes:
                                
OrCal Geothermal Inc. ("OrCal")
  
 
19.2
    
 
19.0
      
18.7
      
18.7
  
OFC 2 LLC ("OFC 2")
    
213.4
      
214.5
      
213.2
      
217.8
  
Don A. Campbell 1 ("DAC 1")
    
78.6
      
78.8
      
81.7
      
83.3
  
USG Prudential - NV
    
29.9
      
29.4
      
27.8
      
27.8
  
USG Prudential - ID
    
18.0
      
18.6
      
18.4
      
18.9
  
USG DOE
    
47.3
      
48.3
      
49.8
      
51.4
  
Senior Unsecured Bonds
    
199.3
      
199.4
      
204.3
      
204.3
  
Senior Unsecured Loan
    
153.6
      
102.2
      
150.0
      
100.0
  
Other long-term debt
    
5.3
      
5.4
      
6.2
      
6.2
  
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]
   
Level 1
    
Level 2
    
Level 3
    
Total
  
   
(Dollars in millions)
  
Olkaria III - OPIC
    
—
      
—
      
210.0
      
210.0
  
Olkaria IV - DEG 2
    
—
      
—
      
48.6
      
48.6
  
Olkaria IV Loan - DEG 3    
—
      
—
      
42.5
      
42.5
  
Platanares Loan - OPIC
    
—
      
—
      
118.5
      
118.5
  
Amatitlan Loan
    
—
      
29.0
      
—
      
29.0
  
Senior Secured Notes:
                                
OrCal Senior Secured Notes
    
—
      
—
      
19.2
      
19.2
  
OFC 2 Senior Secured Notes
    
—
      
—
      
213.4
      
213.4
  
DAC 1 Senior Secured Notes
    
—
      
—
      
78.6
      
78.6
  
USG Prudential - NV
    
—
      
—
      
29.9
      
29.9
  
USG Prudential - ID
    
—
      
—
      
18.0
      
18.0
  
USG DOE
    
—
      
—
      
47.3
      
47.3
  
Senior Unsecured Bonds
    
—
      
—
      
199.3
      
199.3
  
Senior Unsecured Loan
    
—
      
—
      
153.6
      
153.6
  
Other long-term debt
    
—
      
—
      
5.3
      
5.3
  
Revolving lines of credit
    
—
      
60.9
      
—
      
60.9
  
Deposits
    
11.9
      
—
      
—
      
11.9
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
   
(Dollars in millions)
  
Olkaria III Loan - OPIC
    
—
      
—
      
211.8
      
211.8
  
Olkaria IV - DEG 2
    
—
      
—
      
47.2
      
47.2
  
Platanares Loan - OPIC
    
—
      
—
      
119.1
      
119.1
  
Amatitlan Loan
    
—
      
29.9
      
—
      
29.9
  
Senior Secured Notes:
                                
OrCal Senior Secured Notes
    
—
      
—
      
19.0
      
19.0
  
OFC 2 Senior Secured Notes
    
—
      
—
      
214.5
      
214.5
  
DAC 1 Senior Secured Notes
    
—
      
—
      
78.8
      
78.8
  
USG Prudential - NV
    
—
      
—
      
29.4
      
29.4
  
USG Prudential - ID
    
—
      
—
      
18.6
      
18.6
  
USG DOE
    
—
      
—
      
48.3
      
48.3
  
Senior Unsecured Bonds
    
—
      
—
      
199.4
      
199.4
  
Senior Unsecured Loan    
—
      
—
      
102.2
      
102.2
  
Other long-term debt
    
—
      
—
      
5.4
      
5.4
  
Revolving lines of credit
    
—
      
159.0
      
—
      
159.0
  
Deposits
    
12.0
      
—
      
—
      
12.0
  
v3.19.1
Note 7 - Interest Expense, Net (Tables)
 3 Months Ended
Mar. 31, 2019
Notes Tables  
Schedule of Other Nonoperating Expense, by Component [Table Text Block]
   
Three Months Ended March
31,
  
   
2019
   
2018
 
   
(Dollars in thousands)
  
Interest related to sale of tax benefits
   $
3,661
     $
1,409
  
Interest expense
    
17,562
      
13,306
  
Less — amount capitalized
    
—
      
(371
 )
    $
21,223
     $
14,344
  
v3.19.1
Note 8 - Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2019
Notes Tables  
Schedule of Weighted Average Number of Shares [Table Text Block]
   
Three Months Ended March
31,
  
   
2019
   
2018
 
                 
Weighted average number of shares used in computation of basic earnings per share
    
50,709
      
50,614
  
Add:
                
Additional shares from the assumed exercise of employee stock options
    
303
      
437
  
                 
Weighted average number of shares used in computation of diluted earnings per share
    
51,012
      
51,051
  
v3.19.1
Note 9 - Business Segments (Tables)
 3 Months Ended
Mar. 31, 2019
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
   
Electricity
    
Product
    
Other
    
Consolidated
 
   
(Dollars in thousands)
  
Three Months Ended March 31, 2019:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Revenues from external customers:
                                
United States
(1)
   $
91,528
     $
11,243
     $
4,002
     $
106,773
  
Foreign
(2)
    
51,380
      
40,885
      
—
      
92,265
  
Net revenues from external customers
    
142,908
      
52,128
      
4,002
      
199,038
  
Intersegment revenues
    
—
      
18,261
      
—
      
18,261
  
Operating income (loss)
    
51,551
      
4,252
      
(2,078
 )    
53,725
  
Segment assets at period end
(3) (*)
    
2,950,444
      
125,248
      
67,522
      
3,143,214
  
* Including unconsolidated investments
    
71,885
      
—
      
—
      
71,885
  
                                 
Three Months Ended March 31, 2018:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Revenues from external customers:
                                
United States
(1)
   $
83,683
     $
194
     $
2,862
     $
86,739
  
Foreign
(2)
    
48,806
      
48,478
      
—
      
97,284
  
Net revenues from external customers
    
132,489
      
48,672
      
2,862
      
184,023
  
Intersegment revenues
    
—
      
24,827
      
—
      
24,827
  
Operating income
    
46,412
      
9,553
      
(1,372
 )    
54,593
  
Segment assets at period end
(3) (*)
    
2,542,154
      
114,815
      
53,848
      
2,710,817
  
* Including unconsolidated investments
    
63,109
      
—
      
—
      
63,109
  
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]
   
Three Months Ended March 31,
  
   
2019
   
2018
 
     
(Dollars in thousands)
  
Revenue:
                
Total segment revenue
   $
199,038
     $
184,023
  
Intersegment revenue
    
18,261
      
24,827
  
Elimination of intersegment revenue
    
(18,261
 )    
(24,827
 )
Total consolidated revenue
   $
199,038
     $
184,023
  
                 
Operating income:
                
Operating income
   $
53,725
     $
54,593
  
Interest income
    
293
      
113
  
Interest expense, net
    
(21,223
 )    
(14,344
 )
Derivatives and foreign currency transaction gains (losses)
    
472
      
(1,599
 )
Income attributable to sale of tax benefits
    
7,764
      
7,361
  
Other non-operating income (expense), net
    
91
      
(20
 )
Total consolidated income from operations before income taxes and equity in earnings of investees
   $
41,122
     $
46,104
  
v3.19.1
Note 1 - General and Basis of Presentation 1 (Details Textual) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 25, 2019
Apr. 30, 2019
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Jan. 04, 2019
Exploration Abandonment and Impairment Expense     $ 0 $ 123    
Accounts Receivable, after Allowance for Credit Loss, Current, Total     139,870   $ 137,581  
Product [Member]            
Revenue, Remaining Performance Obligation, Amount     226,100      
Kenya Power and Lighting Co LTD [Member]            
Accounts Receivable, Past Due     29,400      
ENNE [Member]            
Accounts Receivable, Past Due     $ 18,000      
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member]            
Concentration Risk, Percentage     55.00%   56.00%  
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Sierra Pacific Power Company And Nevada Power Company [Member]            
Concentration Risk, Percentage     18.20% 17.40%    
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Southern California Public Power Authority [Member]            
Concentration Risk, Percentage     19.40% 16.30%    
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Kenya Power and Lighting Co LTD [Member]            
Concentration Risk, Percentage     15.30% 15.10%    
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Pacific Gas & Electric [Member]            
Concentration Risk, Percentage     1.20%      
UNITED STATES            
Cash, Cash Equivalents, and Short-term Investments, Total     $ 28,600   $ 31,300  
Foreign Countries [Member]            
Cash, Cash Equivalents, and Short-term Investments, Total     75,900   93,900  
Accounts Receivable, after Allowance for Credit Loss, Current, Total     106,800   $ 102,000  
DEG 3 Loan Agreement [Member]            
Debt Instrument, Interest Rate, Stated Percentage           6.04%
DEG 3 Loan Agreement [Member] | OrPower 4, Inc [Member]            
Debt Instrument, Face Amount           $ 41,500
Additional Migdal Loan [Member]            
Debt Instrument, Face Amount $ 50,000          
Debt Instrument, Interest Rate, Stated Percentage 4.60%          
Debt Instrument, Periodic Payment, Total $ 2,100          
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid $ 18,500          
Subsequent Event [Member] | Kenya Power and Lighting Co LTD [Member]            
Proceeds, Overdue Accounts Receivable   $ 20,400        
Subsequent Event [Member] | ENNE [Member]            
Proceeds, Overdue Accounts Receivable   3,000        
Electricity Segment [Member] | Puna Geothermal Power Plant [Member]            
Proceeds from Insurance Settlement, Operating Activities     1,500      
Electricity Segment [Member] | Puna Geothermal Power Plant [Member] | Subsequent Event [Member]            
Proceeds from Insurance Settlement, Operating Activities   $ 4,100        
Electricity Segment [Member] | Puna Geothermal Power Plant [Member] | Cost of Sales [Member]            
Proceeds from Insurance Settlement, Operating Activities     $ 1,300      
v3.19.1
Note 1 - General and Basis of Presentation 2 (Details Textual) - Product [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-31
Mar. 31, 2019
Revenue, Remaining Performance Obligation, Percentage 100.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 2 years
v3.19.1
Note 1 - General and Basis of Presentation - Cash and Restricted Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Mar. 31, 2018
Dec. 31, 2017
Cash and cash equivalents $ 79,366 $ 98,802 $ 54,723  
Restricted cash and cash equivalents 93,098 78,693 50,332  
Total Cash and cash equivalents and restricted cash and cash equivalents $ 172,464 $ 177,495 $ 105,055 $ 96,643
v3.19.1
Note 1 - General and Basis of Presentation - Contract Assets (Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Contract assets (*) [1] $ 29,762 $ 42,130
Contract liabilities (*) [1] (15,508) (18,402)
Contract assets, net $ 14,254 $ 23,728
[1] Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheet.
v3.19.1
Note 2 - New Accounting Pronouncements (Details Textual)
Mar. 31, 2019
Operating Lease, Weighted Average Discount Rate, Percent 5.00%
Finance Lease, Weighted Average Discount Rate, Percent 7.00%
v3.19.1
Note 2 - New Accounting Pronouncements - ROU Assets Useful Life (Details)
 3 Months Ended
Mar. 31, 2019
Automobiles [Member]  
Property, plant, and equipment estimated useful lives (Year) 5 years
Building [Member]  
Property, plant, and equipment estimated useful lives (Year) 15 years
Minimum [Member] | Land [Member]  
Property, plant, and equipment estimated useful lives (Year) 1 year
Maximum [Member] | Land [Member]  
Property, plant, and equipment estimated useful lives (Year) 35 years
v3.19.1
Note 2 - New Accounting Pronouncements - Effect of the Initial Application of New Standard in the Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Prepaid expenses and other $ 18,224 $ 16,056 $ 51,441
Deferred financing and lease costs, net 1,733 1,583 3,242
Property, plant and equipment, net 1,962,580 1,946,723 1,959,578
Operating leases right of use 60,656 62,244
Finance leases right of use 14,433 13,476
Accounts payable and accrued expenses 108,309 113,502 116,362
Current maturity of operating lease liabilities 7,532 7,532
Finance lease liabilities 3,147 2,841
Other long-term liabilities 5,464 6,117 16,087
Long term portion of operating lease liabilities 17,667 17,668
Long term portion of finance lease liabilities 11,954 10,668
Retained earnings $ 442,531 422,164 $ 422,222
Accounting Standards Update 2016-02 [Member]      
Prepaid expenses and other   (35,385)  
Deferred financing and lease costs, net   (1,659)  
Property, plant and equipment, net   (12,855)  
Operating leases right of use   62,244  
Finance leases right of use   13,476  
Accounts payable and accrued expenses   (2,860)  
Current maturity of operating lease liabilities   7,532  
Finance lease liabilities   2,841  
Other long-term liabilities   (9,970)  
Long term portion of operating lease liabilities   17,668  
Long term portion of finance lease liabilities   10,668  
Retained earnings   $ (58)  
v3.19.1
Note 3 - Inventories - Inventories, Current (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Raw materials and purchased parts for assembly $ 28,749 $ 26,914
Self-manufactured assembly parts and finished products 14,233 18,110
Total $ 42,982 $ 45,024
v3.19.1
Note 4 - Leases - Lessee's Total Lease Cost (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
USD ($)
Lease cost  
Amortization of right-of-use assets $ 787
Interest on lease liabilities 306
Operating lease cost 2,134
Variable lease cost 278
Total lease cost 3,505
Operating cash flows from finance leases
Operating cash flows from operating leases 1,012
Financing cash flows from finance leases 767
Right-of-use assets obtained in exchange for new finance lease liabilities 2,154
Right-of-use assets obtained in exchange for new operating lease liabilities
Weighted-average remaining lease term — finance leases (Year) 4 years
Weighted-average remaining lease term — operating leases (Year) 5 years 255 days
v3.19.1
Note 4 - Leases - Lessee Future Minimum Lease Payments (Details)
$ in Thousands
Mar. 31, 2019
USD ($)
2019 (excluding the three months ended March 31, 2019), operating leases $ 7,513
2019 (excluding the three months ended March 31, 2019), finance leases 3,400
2020, operating leases 4,109
2020, finance leases 3,715
2021, operating leases 3,400
2021, finance leases 2,720
2022, operating leases 2,419
2022, finance leases 2,421
2023, operating leases 1,590
2023, finance leases 1,834
Thereafter, operating leases 12,061
Thereafter, finance leases 2,692
Total future minimum lease payments, operating leases 31,092
Total future minimum lease payments, finance leases 16,782
Less imputed interest, operating leases 5,893
Less imputed interest, finance leases 1,681
Total, operating leases 25,199
Total, finance leases $ 15,101
v3.19.1
Note 4 - Leases - Future Minimum Lease Payments Under Non-cancellable Leases (Details)
$ in Thousands
Dec. 31, 2018
USD ($)
2019 $ 10,889
2020 7,515
2021 5,758
2022 4,415
2023 2,910
Thereafter 9,292
Total $ 40,779
v3.19.1
Note 4 - Leases - Lease Income Recognized (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
USD ($)
Revenues accounted under ASC 842, Leases $ 125,908
Lease income relating to variable lease payments not included in the measurement of the lease
Total $ 125,908
v3.19.1
Note 5 - Fair Value of Financial Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Reported Value Measurement [Member]    
Cash equivalents (including restricted cash accounts) $ 21,552  
18,471 $ 14,427
Cash equivalents (including restricted cash accounts)   18,787
Reported Value Measurement [Member] | Contingent Receivable [Member]    
Derivative Asset, Current [1] 101 104
Reported Value Measurement [Member] | Currency Forward Contracts [Member]    
Derivative Asset, Current [2] 169  
Derivative Liability, Current [2]   (1,040)
Reported Value Measurement [Member] | Contingent Payable [Member]    
Derivative Liability, Current [1] (3,351) (3,424)
Estimate of Fair Value Measurement [Member]    
Cash equivalents (including restricted cash accounts) 21,552  
18,471 14,427
Cash equivalents (including restricted cash accounts)   18,787
Estimate of Fair Value Measurement [Member] | Contingent Receivable [Member]    
Derivative Asset, Current [1] 101 104
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member]    
Derivative Asset, Current [2] 169  
Derivative Liability, Current [2]   (1,040)
Estimate of Fair Value Measurement [Member] | Contingent Payable [Member]    
Derivative Liability, Current [1] (3,351) (3,424)
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Cash equivalents (including restricted cash accounts) 21,552  
21,552 18,787
Cash equivalents (including restricted cash accounts)   18,787
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Receivable [Member]    
Derivative Asset, Current [1]
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Currency Forward Contracts [Member]    
Derivative Asset, Current [2]  
Derivative Liability, Current [2]  
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Payable [Member]    
Derivative Liability, Current [1]
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Cash equivalents (including restricted cash accounts)  
169 (1,040)
Cash equivalents (including restricted cash accounts)  
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Receivable [Member]    
Derivative Asset, Current [1]
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Forward Contracts [Member]    
Derivative Asset, Current [2] 169  
Derivative Liability, Current [2]   (1,040)
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Payable [Member]    
Derivative Liability, Current [1]
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Cash equivalents (including restricted cash accounts)  
(3,250) (3,320)
Cash equivalents (including restricted cash accounts)  
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Receivable [Member]    
Derivative Asset, Current [1] 101 104
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Currency Forward Contracts [Member]    
Derivative Asset, Current [2]  
Derivative Liability, Current [2]  
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Payable [Member]    
Derivative Liability, Current [1] $ (3,351) $ (3,424)
[1] These amounts relate to contingent receivables and payables relating to acquisition of the Guadeloupe power plant, valued primarily based on unobservable inputs and are included within "Prepaid expenses and other", "Accounts payable and accrued expenses" and "Other long-term liabilities" on March 31, 2019 and December 31, 2018 in the consolidated balance sheets with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the consolidated statement of operations and comprehensive income.
[2] These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within "Prepaid expenses and other" and "Accounts payable and accrued expenses", as applicable, on March 31, 2019 and December 31, 2018, in the consolidated balance sheet with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the consolidated statement of operations and comprehensive income.
v3.19.1
Note 5 - Fair Value of Financial Instruments - Amounts of Gain (Loss) Recognized in Condensed Consolidated Statements on Derivative Instruments Not Designated as Hedges (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Amount of gain (loss) recognized $ 1,083 $ (546)
Foreign Currency Gain (Loss) [Member] | Currency Forward Contracts [Member]    
Amount of gain (loss) recognized $ 1,083 $ (546)
v3.19.1
Note 5 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Estimate of Fair Value Measurement [Member]    
Other long-term debt $ 5.3 $ 5.4
Reported Value Measurement [Member]    
Other long-term debt 6.2 6.2
Olkaria III OPIC [Member]    
Loans 210.0 211.8
Olkaria III OPIC [Member] | Estimate of Fair Value Measurement [Member]    
Loans 210.0 211.8
Olkaria III OPIC [Member] | Reported Value Measurement [Member]    
Loans 206.1 210.6
Olkaria IV Loan - DEG 2 [Member]    
Loans 48.6  
Olkaria IV Loan - DEG 2 [Member] | Estimate of Fair Value Measurement [Member]    
Loans 48.6 47.2
Olkaria IV Loan - DEG 2 [Member] | Reported Value Measurement [Member]    
Loans 47.5 47.5
Olkaria IV Loan - DEG 3 [Member]    
Loans 42.5  
Olkaria IV Loan - DEG 3 [Member] | Estimate of Fair Value Measurement [Member]    
Loans 42.5
Olkaria IV Loan - DEG 3 [Member] | Reported Value Measurement [Member]    
Loans 41.5
Platanares Loan - OPIC [Member]    
Loans 118.5 119.1
Platanares Loan - OPIC [Member] | Estimate of Fair Value Measurement [Member]    
Loans 118.5 119.1
Platanares Loan - OPIC [Member] | Reported Value Measurement [Member]    
Loans 110.6 112.7
Amatitlan Loan [Member]    
Loans 29.0 29.9
Amatitlan Loan [Member] | Estimate of Fair Value Measurement [Member]    
Loans 29.0 29.9
Amatitlan Loan [Member] | Reported Value Measurement [Member]    
Loans 28.9 29.8
OrCal Geothermal Inc [Member]    
Notes 19.2 19.0
OrCal Geothermal Inc [Member] | Estimate of Fair Value Measurement [Member]    
Notes 19.2 19.0
OrCal Geothermal Inc [Member] | Reported Value Measurement [Member]    
Notes 18.7 18.7
OFC Two Senior Secured Notes [Member] | Estimate of Fair Value Measurement [Member]    
Notes 213.4 214.5
OFC Two Senior Secured Notes [Member] | Reported Value Measurement [Member]    
Notes 213.2 217.8
Don A. Campbell 1 ("DAC1") [Member]    
Notes 78.6 78.8
Don A. Campbell 1 ("DAC1") [Member] | Estimate of Fair Value Measurement [Member]    
Notes 78.6 78.8
Don A. Campbell 1 ("DAC1") [Member] | Reported Value Measurement [Member]    
Notes 81.7 83.3
USG Prudential - NV [Member]    
Notes 29.9 29.4
USG Prudential - NV [Member] | Estimate of Fair Value Measurement [Member]    
Notes 29.9 29.4
USG Prudential - NV [Member] | Reported Value Measurement [Member]    
Notes 27.8 27.8
USG Prudential - ID [Member]    
Notes 18.0 18.6
USG Prudential - ID [Member] | Estimate of Fair Value Measurement [Member]    
Notes 18.0 18.6
USG Prudential - ID [Member] | Reported Value Measurement [Member]    
Notes 18.4 18.9
USG DOE [Member]    
Notes 47.3 48.3
USG DOE [Member] | Estimate of Fair Value Measurement [Member]    
Notes 47.3 48.3
USG DOE [Member] | Reported Value Measurement [Member]    
Notes 49.8 51.4
Senior Unsecured Bonds [Member]    
Senior Unsecured debt 199.3 199.4
Senior Unsecured Bonds [Member] | Estimate of Fair Value Measurement [Member]    
Senior Unsecured debt 199.3 199.4
Senior Unsecured Bonds [Member] | Reported Value Measurement [Member]    
Senior Unsecured debt 204.3 204.3
Senior Unsecured Loan [Member]    
Senior Unsecured debt 153.6 102.2
Senior Unsecured Loan [Member] | Estimate of Fair Value Measurement [Member]    
Senior Unsecured debt 153.6 102.2
Senior Unsecured Loan [Member] | Reported Value Measurement [Member]    
Senior Unsecured debt $ 150.0 $ 100.0
v3.19.1
Note 5 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Revolving lines of credit $ 60.9 $ 159.0
Deposits 11.9 12.0
Olkaria III OPIC [Member]    
Loans 210.0 211.8
Olkaria IV Loan - DEG 2 [Member]    
Loans 48.6  
Olkaria IV Loan - DEG 3 [Member]    
Loans 42.5  
Platanares Loan - OPIC [Member]    
Loans 118.5 119.1
Amatitlan Loan [Member]    
Loans 29.0 29.9
OrCal Geothermal Inc [Member]    
Notes 19.2 19.0
OFC Senior Secured Notes [Member]    
Notes 213.4 214.5
Don A. Campbell 1 ("DAC1") [Member]    
Notes 78.6 78.8
USG Prudential - NV [Member]    
Notes 29.9 29.4
USG Prudential - ID [Member]    
Notes 18.0 18.6
USG DOE [Member]    
Notes 47.3 48.3
Senior Unsecured Bonds [Member]    
Senior Unsecured debt 199.3 199.4
Senior Unsecured Loan [Member]    
Senior Unsecured debt 153.6 102.2
Other Long-term Debt [Member]    
Senior Unsecured debt 5.3 5.4
Fair Value, Inputs, Level 1 [Member]    
Revolving lines of credit
Deposits 11.9 12.0
Fair Value, Inputs, Level 1 [Member] | Olkaria III OPIC [Member]    
Loans
Fair Value, Inputs, Level 1 [Member] | Olkaria IV Loan - DEG 2 [Member]    
Loans
Fair Value, Inputs, Level 1 [Member] | Olkaria IV Loan - DEG 3 [Member]    
Loans  
Fair Value, Inputs, Level 1 [Member] | Platanares Loan - OPIC [Member]    
Loans
Fair Value, Inputs, Level 1 [Member] | Amatitlan Loan [Member]    
Loans
Fair Value, Inputs, Level 1 [Member] | OrCal Geothermal Inc [Member]    
Notes
Fair Value, Inputs, Level 1 [Member] | OFC Senior Secured Notes [Member]    
Notes
Fair Value, Inputs, Level 1 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes
Fair Value, Inputs, Level 1 [Member] | USG Prudential - NV [Member]    
Notes
Fair Value, Inputs, Level 1 [Member] | USG Prudential - ID [Member]    
Notes
Fair Value, Inputs, Level 1 [Member] | USG DOE [Member]    
Notes
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt
Fair Value, Inputs, Level 1 [Member] | Other Long-term Debt [Member]    
Senior Unsecured debt
Fair Value, Inputs, Level 2 [Member]    
Revolving lines of credit 60.9 159.0
Deposits
Fair Value, Inputs, Level 2 [Member] | Olkaria III OPIC [Member]    
Loans
Fair Value, Inputs, Level 2 [Member] | Olkaria IV Loan - DEG 2 [Member]    
Loans
Fair Value, Inputs, Level 2 [Member] | Olkaria IV Loan - DEG 3 [Member]    
Loans  
Fair Value, Inputs, Level 2 [Member] | Platanares Loan - OPIC [Member]    
Loans
Fair Value, Inputs, Level 2 [Member] | Amatitlan Loan [Member]    
Loans 29.0 29.9
Fair Value, Inputs, Level 2 [Member] | OrCal Geothermal Inc [Member]    
Notes
Fair Value, Inputs, Level 2 [Member] | OFC Senior Secured Notes [Member]    
Notes
Fair Value, Inputs, Level 2 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes
Fair Value, Inputs, Level 2 [Member] | USG Prudential - NV [Member]    
Notes
Fair Value, Inputs, Level 2 [Member] | USG Prudential - ID [Member]    
Notes
Fair Value, Inputs, Level 2 [Member] | USG DOE [Member]    
Notes
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt
Fair Value, Inputs, Level 2 [Member] | Other Long-term Debt [Member]    
Senior Unsecured debt
Fair Value, Inputs, Level 3 [Member]    
Revolving lines of credit
Deposits
Fair Value, Inputs, Level 3 [Member] | Olkaria III OPIC [Member]    
Loans 210.0 211.8
Fair Value, Inputs, Level 3 [Member] | Olkaria IV Loan - DEG 2 [Member]    
Loans 48.6 47.2
Fair Value, Inputs, Level 3 [Member] | Olkaria IV Loan - DEG 3 [Member]    
Loans 42.5  
Fair Value, Inputs, Level 3 [Member] | Platanares Loan - OPIC [Member]    
Loans 118.5 119.1
Fair Value, Inputs, Level 3 [Member] | Amatitlan Loan [Member]    
Loans
Fair Value, Inputs, Level 3 [Member] | OrCal Geothermal Inc [Member]    
Notes 19.2 19.0
Fair Value, Inputs, Level 3 [Member] | OFC Senior Secured Notes [Member]    
Notes 213.4 214.5
Fair Value, Inputs, Level 3 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 78.6 78.8
Fair Value, Inputs, Level 3 [Member] | USG Prudential - NV [Member]    
Notes 29.9 29.4
Fair Value, Inputs, Level 3 [Member] | USG Prudential - ID [Member]    
Notes 18.0 18.6
Fair Value, Inputs, Level 3 [Member] | USG DOE [Member]    
Notes 47.3 48.3
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 199.3 199.4
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 153.6 102.2
Fair Value, Inputs, Level 3 [Member] | Other Long-term Debt [Member]    
Senior Unsecured debt $ 5.3 $ 5.4
v3.19.1
Note 6 - Stock-based Compensation (Details Textual)
shares in Thousands
Mar. 31, 2019
shares
The 2012 and 2004 Incentive Plan [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant 0
v3.19.1
Note 7 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Interest related to sale of tax benefits $ 3,661 $ 1,409
Interest expense 17,562 13,306
Less — amount capitalized (371)
$ 21,223 $ 14,344
v3.19.1
Note 8 - Earnings Per Share (Details Textual) - shares
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 249,908 62,409
v3.19.1
Note 8 - Earnings Per Share - Shares Used to Calculate Earnings Per Share (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Weighted average number of shares used in computation of basic earnings per share (in shares) 50,709 50,614
Additional shares from the assumed exercise of employee stock options (in shares) 303 437
Weighted average number of shares used in computation of diluted earnings per share (in shares) 51,012 51,051
v3.19.1
Note 9 - Business Segments (Details Textual)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
USD ($)
Mar. 31, 2018
USD ($)
Dec. 31, 2018
USD ($)
Number of Reportable Segments 3    
Goodwill, Ending Balance $ 20,123   $ 19,950
Electricity Segment [Member]      
Goodwill, Ending Balance 20,100 $ 7,800  
Other Segments [Member]      
Goodwill, Ending Balance 0 13,500  
Accounting Standards Update 2014-09 [Member] | Electricity Revenues [Member]      
Revenue from Contract with Customer, Including Assessed Tax $ 17,000 $ 6,700  
v3.19.1
Note 9 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Revenues $ 199,038 $ 184,023  
Operating income (loss) 53,725 54,593  
Segment assets at period end 3,143,214 [1] 2,710,817 [1] $ 3,121,350
Unconsolidated Investments [Member]      
Segment assets at period end 71,885 63,109  
Intersegment Eliminations [Member]      
Revenues 18,261 24,827  
Electricity Segment [Member]      
Revenues 142,908 132,489  
Operating income (loss) 51,551 46,412  
Segment assets at period end [1] 2,950,444 2,542,154  
Electricity Segment [Member] | Unconsolidated Investments [Member]      
Segment assets at period end 71,885 63,109  
Electricity Segment [Member] | Intersegment Eliminations [Member]      
Revenues  
Product Segment [Member]      
Revenues 52,128 48,672  
Operating income (loss) 4,252 9,553  
Segment assets at period end [1] 125,248 114,815  
Product Segment [Member] | Unconsolidated Investments [Member]      
Segment assets at period end  
Product Segment [Member] | Intersegment Eliminations [Member]      
Revenues 18,261 24,827  
Other Segments [Member]      
Revenues 4,002 2,862  
Operating income (loss) (2,078) (1,372)  
Segment assets at period end [1] 67,522 53,848  
Other Segments [Member] | Unconsolidated Investments [Member]      
Segment assets at period end  
Other Segments [Member] | Intersegment Eliminations [Member]      
Revenues  
UNITED STATES      
Revenues [2] 106,773 86,739  
UNITED STATES | Electricity Segment [Member]      
Revenues [2] 91,528 83,683  
UNITED STATES | Product Segment [Member]      
Revenues [2] 11,243 194  
UNITED STATES | Other Segments [Member]      
Revenues [2] 4,002 2,862  
Foreign Countries [Member]      
Revenues [3] 92,265 97,284  
Foreign Countries [Member] | Electricity Segment [Member]      
Revenues [3] 51,380 48,806  
Foreign Countries [Member] | Product Segment [Member]      
Revenues [3] 40,885 48,478  
Foreign Countries [Member] | Other Segments [Member]      
Revenues [3]  
[1] Electricity segment assets include goodwill in the amount of $20.1 million and $7.8 million as of March 31, 2019 and 2018, respectively. Other segment assets include goodwill in the amount of $13.5 million as of March 31, 2018. No goodwill is included in the Other segments assets as of March 31, 2019.
[2] Electricity segment revenues in the United States are all accounted under ASC 842, Leases, except for $17.0 million in the three months ended March 31, 2019 that are accounted under ASC 606. For the three months ended March 31, 2018, Electricity segment revenues in the United States are all accounted under ASC 840, Leases, except for $6.7 million that are accounted under ASC 606.
[3] For the three months ended March 31, 2019, Electricity segment revenues in foreign countries are all accounted under ASC 842, Leases, and Product revenues in foreign countries are accounted under ASC 606. For the three months ended March 31, 2018, Electricity segment revenues in foreign countries are all accounted under ASC 840, Leases, and Product revenues in foreign countries are accounted under ASC 606.
v3.19.1
Note 9 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenues $ 199,038 $ 184,023
Operating income (loss) 53,725 54,593
Interest income 293 113
Interest expense, net (21,223) (14,344)
Derivatives and foreign currency transaction gains (losses) 472 (1,599)
Income attributable to sale of tax benefits 7,764 7,361
Other non-operating income (expense), net 91 (20)
Total consolidated income from operations before income taxes and equity in earnings of investees 41,122 46,104
Intersegment Eliminations [Member]    
Revenues 18,261 24,827
Consolidation, Eliminations [Member]    
Revenues $ (18,261) $ (24,827)
v3.19.1
Note 10 - Commitments and Contingencies (Details Textual) - Former Local Sales Representative vs. Ormat [Member] - Pending Litigation [Member]
$ in Millions
Mar. 29, 2016
USD ($)
Loss Contingency, Damages Sought, Value $ 4.6
Loss Contingency, Additional Damages Sought for Ormat Geothermal Products Sales in Chile, Percent 3.75%
Loss Contingency, Damages Sought, Ormat Geothermal Products Sales in Chile, Period 10 years
v3.19.1
Note 11 - Income Taxes (Details Textual) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Effective Income Tax Rate Reconciliation, Percent, Total 34.10% (58.40%)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00%  
Tax Cuts and Jobs Act, Interest Deduction Limits, Percentage of Adjusted Taxable Income Allowed 30.00%  
Deferred Tax Asset, Interest Carryforward $ 8.8  
v3.19.1
Note 12 - Subsequent Events (Details Textual) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
May 06, 2019
Mar. 31, 2019
Mar. 31, 2018
Dividends, Common Stock, Total   $ 5,579 $ 11,640
Subsequent Event [Member]      
Dividends, Common Stock, Total $ 5,600    
Common Stock, Dividends, Per Share, Declared $ 0.11    
Dividends Payable, Date Declared May 06, 2019    
Dividends Payable, Date of Record May 20, 2019    
Dividends Payable, Date to be Paid May 28, 2019