ORMAT TECHNOLOGIES, INC., 10-Q filed on 5/10/2024
Quarterly Report
v3.24.1.1.u2
Document And Entity Information - shares
 3 Months Ended
Mar. 31, 2024
May 01, 2024
Document Information [Line Items]    
Entity Central Index Key 0001296445  
Entity Registrant Name ORMAT TECHNOLOGIES, INC.  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2024  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Document Transition Report false  
Entity File Number 001-32347  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 88-0326081  
Entity Address, Address Line One 6140 Plumas Street  
Entity Address, City or Town Reno  
Entity Address, State or Province NV  
Entity Address, Postal Zip Code 89519-6075  
City Area Code 775  
Local Phone Number 356-9029  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   60,421,682
Title of 12(b) Security Common Stock  
Trading Symbol ORA  
Security Exchange Name NYSE  
v3.24.1.1.u2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 201,506 $ 195,808
Restricted cash and cash equivalents (primarily related to VIEs) 97,455 91,962
Receivables:    
Trade less allowance for credit losses of $163 and $90 respectively (primarily related to VIEs) 154,557 208,704
Other 33,916 44,530
Inventories 53,874 45,037
Costs and estimated earnings in excess of billings on uncompleted contracts [1] 23,616 18,367
Prepaid expenses and other 44,311 41,595
Total current assets 609,235 646,003
Investment in unconsolidated companies 127,386 125,439
Deposits and other 43,832 44,631
Deferred income taxes 173,627 152,570
Property, plant and equipment, net ($3,010,086 and $2,802,920 related to VIEs, respectively) 3,220,246 2,998,949
Construction-in-process 837,205 814,967
Operating leases right of use 27,318 24,057
Finance leases right of use 3,216 3,510
Intangible assets, net 323,657 307,609
Goodwill 151,122 90,544
Total assets 5,516,844 [2],[3] 5,208,279
Current liabilities:    
Accounts payable and accrued expenses 197,035 214,518
Commercial paper (less deferred financing costs of $28 and $29, respectively) 99,972 99,971
Billings in excess of costs and estimated earnings on uncompleted contracts 21,376 18,669
Current portion of long-term debt:    
Limited and non-recourse (primarily related to VIEs) 68,211 57,207
Full recourse 150,835 116,864
Financing liability 3,620 5,141
Operating lease liabilities 3,914 3,329
Finance lease liabilities 1,291 1,313
Total current liabilities 546,254 537,012
Long-term debt, net of current portion:    
Financing liability 219,682 220,619
Operating lease liabilities 22,273 19,790
Finance lease liabilities 1,979 2,238
Liability associated with sale of tax benefits 175,586 184,612
Deferred income taxes 74,967 66,748
Liability for unrecognized tax benefits 9,255 8,673
Liabilities for severance pay 10,703 11,844
Asset retirement obligation 123,087 114,370
Other long-term liabilities 28,954 22,107
Total liabilities 3,030,213 2,756,693
Commitments and contingencies (Note 9)
Redeemable noncontrolling interest 10,112 10,599
Equity:    
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,421,682 and 60,358,887 issued and outstanding as of March 31, 2024 and December 31, 2022, respectively 60 60
Additional paid-in capital 1,619,593 1,614,769
Treasury stock, at cost (258,667 shares held as of March 31, 2024 and December 31, 2023, respectively) (17,964) (17,964)
Retained earnings 751,238 719,894
Accumulated other comprehensive income (loss) (843) (1,332)
Total stockholders' equity attributable to Company's stockholders 2,352,084 2,315,427
Noncontrolling interest 124,435 125,560
Total equity 2,476,519 2,440,987
Total liabilities, redeemable noncontrolling interest and equity 5,516,844 5,208,279
Senior Secured Notes [Member]    
Long-term debt, net of current portion:    
Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $9,128 and $7,889, respectively) 557,946 447,389
Senior Unsecured Bonds [Member]    
Long-term debt, net of current portion:    
Full recourse (less deferred financing costs of $4,877 and $3,056, respectively) 835,841 698,187
Convertible Senior Notes [Member]    
Long-term debt, net of current portion:    
Convertible senior notes (less deferred financing costs of $7,564 and $8,146, respectively) 423,686 423,104
Revolving Credit Facility [Member]    
Current liabilities:    
Short term revolving credit lines with banks (full recourse) $ 0 $ 20,000
[1] Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet fully recognized as product revenues during the three months ended March 31, 2023 as a result of performance obligations having not been fully satisfied yet.
[2] Electricity segment assets include goodwill in the amount of $146.5 million and $85.8 million as of March 31, 2024 and 2023, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 million as of March 31, 2024 and 2023, respectively. No goodwill is included in the Product segment assets as of March 31, 2024 and 2023.
[3] Intersegment revenues are fully eliminated in consolidation.
v3.24.1.1.u2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Trade, allowance for credit losses $ 163 $ 90
Property, plant and equipment, net 3,220,246 2,998,949
Construction-in-process 837,205 814,967
Operating leases right of use 27,318 24,057
Finance leases right of use 3,216 3,510
Deferred financing costs, current $ 28 $ 29
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) 60,421,682 60,358,887
Common stock, shares outstanding (in shares) 60,421,682 60,358,887
Treasury stock, shares (in shares) 258,667 258,667
Senior Secured Notes [Member]    
Deferred financing costs $ 9,128 $ 7,889
Senior Unsecured Bonds [Member]    
Deferred financing costs 4,877 3,056
Convertible Senior Notes [Member]    
Deferred financing costs 7,564 8,146
Variable Interest Entity, Primary Beneficiary [Member]    
Property, plant and equipment, net 3,010,086 2,802,920
Construction-in-process 349,731 376,602
Operating leases right of use 10,334 9,326
Finance leases right of use $ 0 $ 0
v3.24.1.1.u2
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenues:    
Revenue $ 224,166 $ 185,232
Cost of revenues:    
Cost of revenues 145,356 109,163
Gross profit 78,810 76,069
Operating expenses:    
Research and development expenses 1,564 1,288
Selling and marketing expenses 5,126 3,948
General and administrative expenses 19,537 17,667
Operating income 52,583 53,166
Other income (expense):    
Interest income 1,839 1,851
Interest expense, net (30,968) (23,631)
Derivatives and foreign currency transaction gains (losses) (1,582) (1,937)
Income attributable to sale of tax benefits 17,476 12,566
Other non-operating income, net 26 60
Income from operations before income tax and equity in earnings of investees 39,374 42,075
Income tax (provision) benefit 147 (8,885)
Equity in earnings of investees 829 271
Net income 40,350 33,461
Net income attributable to noncontrolling interest (1,763) (4,432)
Net income attributable to the Company's stockholders 38,587 29,029
Comprehensive income:    
Net income 40,350 33,461
Other comprehensive income (loss), net of related taxes:    
Change in foreign currency translation adjustments (2,163) (696)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge 510 (1,014)
Other changes in comprehensive income 53 14
Total other comprehensive income (loss), net of related taxes: 27 (7,099)
Comprehensive income 40,377 26,362
Comprehensive income attributable to noncontrolling interest (1,301) (4,042)
Comprehensive income attributable to the Company's stockholders $ 39,076 $ 22,320
Earnings per share attributable to the Company's stockholders:    
Basic: (in dollars per share) $ 0.64 $ 0.51
Diluted: (in dollars per share) $ 0.64 $ 0.51
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:    
Basic (in shares) 60,386 56,710
Diluted (in shares) 60,536 57,104
Cross Currency Swap [Member]    
Other comprehensive income (loss), net of related taxes:    
Change in unrealized gains or lossesderivative instrument that qualifies as a cash flow hedge $ 561 $ (5,403)
Interest Rate Swap [Member]    
Other comprehensive income (loss), net of related taxes:    
Change in unrealized gains or lossesderivative instrument that qualifies as a cash flow hedge 1,066 0
Electricity [Member]    
Revenues:    
Revenue 191,253 170,310
Cost of revenues:    
Cost of revenues 116,730 94,758
Product [Member]    
Revenues:    
Revenue 24,832 10,042
Cost of revenues:    
Cost of revenues 21,154 9,351
Energy Storage and Management Services [Member]    
Revenues:    
Revenue 8,081 4,880
Cost of revenues:    
Cost of revenues $ 7,472 $ 5,054
v3.24.1.1.u2
Condensed Consolidated Statements of Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Cross Currency Swap [Member]
Common Stock [Member]
Cross Currency Swap [Member]
Additional Paid-in Capital [Member]
Cross Currency Swap [Member]
Treasury Stock, Common [Member]
Cross Currency Swap [Member]
Retained Earnings [Member]
Cross Currency Swap [Member]
AOCI Attributable to Parent [Member]
Cross Currency Swap [Member]
Parent [Member]
Cross Currency Swap [Member]
Noncontrolling Interest [Member]
Cross Currency Swap [Member]
Interest Rate Swap [Member]
Common Stock [Member]
Interest Rate Swap [Member]
Additional Paid-in Capital [Member]
Interest Rate Swap [Member]
Treasury Stock, Common [Member]
Interest Rate Swap [Member]
Retained Earnings [Member]
Interest Rate Swap [Member]
AOCI Attributable to Parent [Member]
Interest Rate Swap [Member]
Parent [Member]
Interest Rate Swap [Member]
Noncontrolling Interest [Member]
Interest Rate Swap [Member]
Common Stock Outstanding [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Treasury Stock, Common [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Parent [Member]
Noncontrolling Interest [Member]
Total
Balance (in shares) at Dec. 31, 2022                                 56,096                
Balance in Accumulated other comprehensive income (loss) beginning of period at Dec. 31, 2022                                   $ 56 $ 1,259,072 $ (17,964) $ 623,907 $ 2,500 $ 1,867,571 $ 153,404 $ 2,020,975
Stock-based compensation                                   0 2,990 0 0 0 2,990 0 2,990
Exercise of stock-based awards by employees and directors (*) (in shares) [1]                                 0                
Exercise of stock-based awards by employees and directors (*) [1]                                   0 27 0 0 0 27 0 27
Issuance of common stock (in shares)                                 3,600                
Issuance of common stock                                   4 297,117 0 0 0 297,121 0 297,121
Cash paid to noncontrolling interest                                   0 0 0 0 0 0 (2,360) (2,360)
Cash dividend declared                                   0 0 0 (6,732) 0 (6,732) 0 (6,732)
Change in noncontrolling interest                                   0 1,239 0 0 1,239 (2,396) (1,157)
Net income                                   0 0 0 29,029 0 29,029 4,235 33,264
Change in foreign currency translation adjustments                                   0 0 0 0 (306) (306) (390) (696)
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of an unconsolidated investment that qualifies as a cash flow hedge                                   0 0 0 0 (1,014) (1,014) 0 (1,014)
Change in respect of derivative instruments designated for cash flow hedge $ 0 $ 0 $ 0 $ 0 $ (5,403) $ (5,403) $ 0 $ (5,403)               $ 0                  
Other                                   0 0 0 0 14 14 0 14
Balance (in shares) at Mar. 31, 2023                                 59,696                
Balance in Accumulated other comprehensive income (loss) end of period at Mar. 31, 2023                                   60 1,560,445 (17,964) 646,204 (4,209) 2,184,536 152,493 2,337,029
Balance (in shares) at Dec. 31, 2023                                 60,359                
Balance in Accumulated other comprehensive income (loss) beginning of period at Dec. 31, 2023                                   60 1,614,769 (17,964) 719,894 (1,332) 2,315,427 125,560 2,440,987
Stock-based compensation                                   0 4,769 0 0 0 4,769 0 4,769
Exercise of stock-based awards by employees and directors (*) (in shares)                                 63                
Exercise of stock-based awards by employees and directors (*)                                   0 55 0 0 0 55 0 55
Cash paid to noncontrolling interest                                   0 0 0 0 0 0 (2,587) (2,587)
Cash dividend declared                                   0 0 0 (7,243) 0 (7,243) 0 (7,243)
Net income                                   0 0 0 38,587 0 38,587 1,924 40,511
Change in foreign currency translation adjustments                                   0 0 0 0 (1,701) (1,701) (462) (2,163)
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of an unconsolidated investment that qualifies as a cash flow hedge                                   0 0 0 0 510 510 0 510
Change in respect of derivative instruments designated for cash flow hedge $ 0 $ 0 $ 0 $ 0 $ 561 $ 561 $ 0 $ 561 $ 0 $ 0 $ 0 $ 0 $ 1,066 $ 1,066 $ 0 $ 1,066                  
Other                                   0 0 0 0 53 53 0 53
Balance (in shares) at Mar. 31, 2024                                 60,422                
Balance in Accumulated other comprehensive income (loss) end of period at Mar. 31, 2024                                   $ 60 $ 1,619,594 $ (17,964) $ 751,118 $ (723) $ 2,352,084 $ 124,435 $ 2,476,519
[1] Resulted in an amount lower than $1 thousand.
v3.24.1.1.u2
Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals)
 3 Months Ended
Mar. 31, 2023
$ / shares
Retained Earnings [Member]  
Cash dividend declared, per share (in dollars per share) $ 0.12
v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 40,350 $ 33,461
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 62,351 53,161
Accretion of asset retirement obligation 1,910 1,532
Stock-based compensation 4,769 2,990
Income attributable to sale of tax benefits, net of interest expense (8,627) (7,645)
Equity in earnings of investees (829) (271)
Mark-to-market of derivative instruments 813 993
Disposal of property, plant and equipment (312) (123)
Gain on severance pay fund asset (97) (116)
Loss on foreign currency exchange rates 741 0
Deferred income tax provision (9,683) 501
Liability for unrecognized tax benefits 582 22
Changes in operating assets and liabilities, net of businesses acquired:    
Receivables 57,193 (26,626)
Costs and estimated earnings in excess of billings on uncompleted contracts (5,249) (731)
Inventories (8,837) (22,615)
Prepaid expenses and other (3,710) (15,903)
Change in operating lease right of use asset 935 720
Deposits and other 262 (22)
Accounts payable and accrued expenses (16,333) 22,226
Billings in excess of costs and estimated earnings on uncompleted contracts 2,707 15,866
Liabilities for severance pay (1,141) (439)
Change in operating lease liabilities (816) (289)
Other long-term liabilities (1,770) (236)
Net cash provided by operating activities 115,209 56,456
Cash flows from investing activities:    
Capital expenditures (103,386) (106,877)
Investment in unconsolidated companies (608) (4,235)
Cash paid for business acquisition, net of cash acquired (274,631) 0
Decrease (increase) in severance pay fund asset, net of payments made to retired employees 791 (65)
Net cash used in investing activities (377,834) (111,177)
Cash flows from financing activities:    
Proceeds from long-term loans, net of transaction costs 331,345 99,850
Proceeds from exercise of options by employees 55 27
Proceeds from revolving credit lines with banks 40,000 0
Repayment of revolving credit lines with banks (60,000) 0
Cash received from noncontrolling interest 12,251 7,341
Repayments of long-term debt (37,826) (42,814)
Proceeds from issuance of common stock, net of related costs 0 297,121
Cash paid to noncontrolling interest (3,168) (2,985)
Payments under finance lease obligations (352) (570)
Deferred debt issuance costs (1,118) (857)
Cash dividends paid (7,243) (6,732)
Net cash provided by financing activities 273,944 350,381
Effect of exchange rate changes (128) (14)
Net change in cash and cash equivalents and restricted cash and cash equivalents 11,191 295,646
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 287,770 226,676
Cash and cash equivalents and restricted cash and cash equivalents at end of period 298,961 522,322
Supplemental non-cash investing and financing activities:    
Change in accounts payable related to purchases of property, plant and equipment (3,158) (1,221)
Right of use assets obtained in exchange for new lease liabilities $ 1,897 $ 1,028
v3.24.1.1.u2
Note 1 - General and Basis of Presentation
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 1 — GENERAL AND BASIS OF PRESENTATION

 

These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, they do not contain all information and notes required by U.S. GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated financial position as of March 31, 2024, the condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2024 and 2023 and the condensed consolidated statements of cash flows and the condensed consolidated statements of equity for the three months ended March 31, 2024 and 2023.

 

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

 

These condensed unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The condensed consolidated balance sheet data as of December 31, 2023 was derived from the Company’s audited consolidated financial statements for the year ended December 31, 2023 but does not include all disclosures required by U.S. GAAP. 

 

Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000.

 

Business combination - Enel purchase transaction

 

On January 4, 2024, the Company closed a purchase transaction with Enel Green Power North America ("EGPNA"), a subsidiary of Enel SpA (ENEL.MI) to acquire a portfolio of assets which includes two contracted geothermal power plants, one triple hybrid power plant which consists of geothermal, solar PV and solar thermal units, two stand alone solar power plants, and two greenfield development assets, for a total cash consideration of $274.6 million (including customary post-closing working capital adjustment to the purchase price, based on the levels of net working capital of the acquired companies) for 100% of the equity interests in the entities holding those assets.

 

The geothermal power plants include the Cove Fort power plant located in Beaver County, Utah, which sells electricity under a long-term power purchase agreement with Salt River Project and the Salt Wells power plant located in Churchill County, Nevada, which sells electricity under a long-term power purchase agreement ("PPA") with NV Energy. The Stillwater triple hybrid geothermal, solar PV and solar thermal power plant is located in Churchill County, Nevada, and sells electricity to NV Energy under a power purchase agreement. The Solar assets of Stillwater Solar PV II in Churchill County, Nevada, and Woods Hill in Windham County, Connecticut, sell their electricity under power purchase agreements, respectively.

 

As a result of the acquisition, the Company expanded its overall generation capacity and expects to improve the profitability of the purchased assets through cost reduction, synergies and development of the greenfield assets. The Company accounted for the transaction in accordance with Accounting Standard Codification ("ASC") 805, Business Combinations, and following the transaction, the Company consolidates the power plants and all other assets included in the transaction in accordance with ASC 810, Consolidation.

 

In the first quarter of 2024, and during annual 2023, the Company incurred $1.3 million and $1.1 million of acquisition-related costs, respectively. Such costs are included under "General and administrative expenses" in the consolidated statements of operations and comprehensive income for the respective periods. Accounting guidance provides that the allocation of the purchase price may be adjusted for up to one year from the date of the acquisition to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. The primary area of the purchase price allocation that is not yet finalized is related to intangible assets, property, plant and equipment, and certain tax matters and the related impact on goodwill.

 

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

 

Trade receivables and others (1)

 $4.4 

Deferred income taxes

  3.1 

Property, plant and equipment and construction-in-process (2)

  197.7 

Operating lease right of use

  1.2 

Other long-term assets

  0.2 

Intangible assets (3)

  23.6 

Goodwill (4)

  60.7 

Total assets acquired

 $290.9 
     

Accounts payable, accrued expenses and others

 $1.5 

Other current liabilities

  1.8 

Operating lease liabilities

  1.2 

Other long-term liabilities

  5.0 

Asset retirement obligation

  6.8 

Total liabilities assumed

 $16.3 
     

Total assets acquired, and liabilities assumed, net

 $274.6 
     

 

(1) The gross amount of trade receivables was fully collected subsequent to acquisition date.

(2) The fair value of Property, Plant and equipment was estimated by applying the income approach and utilizing the discounted cash flow method. This methodology assesses the value of tangible assets by computing the anticipated cash flows expected to be generated by the respective assets.

(3) Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs. The fair value of the intangible assets was estimated by applying the income approach and utilizing the With and Without method.

(4) Goodwill is primarily related to the expected synergies, potential cost savings in operations as a result of the purchase transaction as well as potential future development of the greenfield assets. The goodwill is allocated to the Electricity segment and is deductible for tax purposes.

 

For the period from acquisition date to March 31, 2024, the acquired portfolio of assets contributed $9.4 million to the Company's Electricity revenues, and $3.3 million to the Company's earnings, which were included in the Company’s condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2024.

 

The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business combination had occurred on January 1, 2023. The pro forma results below include the impact of certain adjustments related to the depreciation of property plant and equipment, amortization of intangible assets, transaction-related costs, and the related income tax effects. This pro forma presentation does not include any impact from transaction synergies or any other material, nonrecurring adjustments directly attributable to the business combination.

 

  

Pro forma for the Three

Months Ended March 31,

 
  

2024

  

2023

 
  

(Dollars in millions)

 

Electricity revenues

 $191.3  $179.8 

Total revenues

 $224.2  $194.7 

Net income attributable to the Company's stockholders

 $39.9  $27.7 

 

Hapoalim 2024 Loan

 

Concurrently with the purchase transaction with EGPNA, on January 2, 2024, the Company entered into a definitive loan agreement (the "BHI Loan Agreement 2024") with Hapoalim Bank. The BHI Loan Agreement 2024 provides for a loan by Hapoalim Bank to the Company in an aggregate principal amount of $75 million (the “Hapoalim 2024 Loan”). The outstanding principal amount of the Hapoalim 2024 Loan will be repaid in 32 quarterly payments of $2.3 million each, commencing on April 1, 2024. The duration of the Hapoalim 2024 Loan is 8 years and it bears interest of 6.6%, payable every three months. The BHI Loan Agreement 2024 includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%. The BHI Loan Agreement includes other customary affirmative and negative covenants, including nonpayment and noncompliance events of default.

 

HSBC Bank 2024 Loan

 

Concurrently with the purchase transaction with EGPNA, on January 2, 2024, the Company entered into a definitive loan agreement (the "HSBC Loan Agreement 2024") with HSBC Bank. The HSBC Loan Agreement 2024 provides for a loan by HSBC Bank to the Company in an aggregate principal amount of $125 million (the “HSBC Bank 2024 Loan”). The outstanding principal amount of the HSBC Bank 2024 Loan will be repaid in 7 semi-annual payments of $12.5 million each, commencing on July 1, 2024, and an additional final principal payment on January 1, 2028 of $37.5 million. The duration of the HSBC Bank 2024 Loan is 4 years and it bears interest of 3-month Secured Overnight Financing Rate ("SOFR") plus 2.25%, payable quarterly. The HSBC Loan Agreement 2024 includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million, and (iii) an equity capital  to total assets ratio of not less than 25%. The HSBC Loan Agreement 2024 includes other customary affirmative and negative covenants, including nonpayment and noncompliance events of default.

 

Interest Rate Swap

 

Concurrently with the issuance of the HSBC Bank 2024 Loan, the Company entered into a long-term interest rate swap ("IR Swap") transaction with the objective of hedging the variable interest rate fluctuations related to the HSBC Bank 2024 Loan at a fixed 3-month SOFR of 3.9%. The terms of the IR Swap match those of the HSBC Bank 2024 Loan, including the notional amount of the principal and interest payment dates. The Company designated the IR Swap as a cash flow hedge as per ASC 815, Derivatives and Hedging, and accordingly measures the IR Swap instrument at fair value. The changes in the IR Swap fair value are initially recorded in Other Comprehensive Income (Loss) and reclassified to Interest expense, net in the same period or periods during which the hedged transaction affects earnings. The hedged transaction and the IR Swap effect in earnings are presented in the same line item in the consolidated statements of operations and comprehensive income.

 

Mammoth Senior Secured Notes

 

On March 28, 2024, Mammoth Pacific, LLC (the “Issuer”), a wholly owned indirect subsidiary of the Company, entered into a note purchase agreement with the Prudential Insurance Company of America, pursuant to which the Issuer issued approximately $135.1 million principal amount of senior secured notes (the “Mammoth Senior Secured Notes”). The note purchase agreement also includes an approximately $9 million tranche of floating rate notes to be issued in the event of a shortfall in debt service with respect to the Mammoth Senior Secured Notes. The Issuer shall pay a commitment fee on the revolving note tranche at a rate of 0.5% per annum. If drawn, the revolving notes shall bear interest at a rate equal to Term SOFR plus 1.25%. The Mammoth Senior Secured Notes are secured by the equity interests in the Issuer, and by the Issuer’s 100% ownership interests in its project subsidiaries including four geothermal power plants known as the G1, G2, G3 and CD4 projects.  The remaining classes of ownership interests in CD4 are owned by an unrelated third party and are not part of the collateral security package for the Mammoth Senior Secured Notes. The Mammoth Senior Secured Notes will be repaid in 46 semi-annual payments, commencing on November 30, 2024. The Mammoth Senior Secured Notes bear interest at a fixed rate of 6.73% per annum and have a final maturity date of July 14, 2047. The Company has provided a limited guarantee with respect to certain obligations of the Issuer as a member of CD4.

 

There are various restrictive covenants under the Mammoth Senior Secured Notes, including limitations on additional indebtedness of the Issuer and its subsidiaries. Failure to comply with these and other covenants will, subject to customary cure rights, constitute an event of default by the Issuer. In addition, there are restrictions on the ability of the Issuer to make distributions to its shareholders. Among other things, the distribution restrictions include both a historical and projected minimum debt service coverage ratio requirement. As part of the security package, the note purchase agreement states the Issuer shall establish and maintain customary reserve accounts which include a debt service reserve account, a make-up well reserve account and a maintenance reserve account.

 

War in Israel

 

On October 7, 2023, Hamas terrorists and members of other terrorist organizations infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets, including widespread killings and kidnappings. They also launched extensive rocket attacks on the Israeli civilian population. Shortly following the attack, Israel declared war against Hamas. The majority of the Company's senior management and its main Product segment production and manufacturing facilities are located in Israel approximately 26 miles from the border with the Gaza Strip. More recently, the Houthi movement, which controls parts of Yemen, launched a number of attacks on marine vessels in the Red Sea. The Red Sea is an important maritime route for international trade. These disruptions have resulted, and may continue to result in, delayed deliveries of several key components used in the manufacturing of the Company's products and could impact its ability to timely deliver products to its customers under the Product Segment. This has also resulted in an increase in insurance premium costs for shipments into and out of the sea port.

 

As of the date of these condensed consolidated financial statements, none of the Company's facilities or infrastructure have been damaged nor have its supply chains been significantly impacted since the war broke out. However, a prolonged war could result in further military reserve duty call-ups as well as irregularities to the Company's supply chain and to its ability to ship its products from Israel, which could disrupt the operations of the Company's Product segment and potentially delay some of its growth plans in the Electricity segment. Management continuously monitors the effect of the war on the Company's financial position and results of operations.

 

Equity Offering

 

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

 

Write-offs of unsuccessful exploration activities

 

There were no write-offs of unsuccessful exploration activities during the three months ended March 31, 2024 and 2023.

 

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

 

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

 

  

March 31,

  

December 31,

 
  

2024

  

2023

 
  

(Dollars in thousands)

 

Cash and cash equivalents

 $201,506  $195,808 

Restricted cash and cash equivalents

  97,455   91,962 

Total Cash and cash equivalents and restricted cash and cash equivalents

 $298,961  $287,770 

 

Concentration of credit risk

 

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

 

The Company places its cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At March 31, 2024 and December 31, 2023, the Company had deposits totaling $68.2 million and $43.2 million, respectively, in ten U.S. financial institutions that were federally insured up to $250,000 per account. At March 31, 2024 and December 31, 2023, the Company’s deposits in foreign countries amounted to approximately $55.9 million and $57.5 million, respectively.

 

At March 31, 2024 and December 31, 2023, accounts receivable related to operations in foreign countries amounted to approximately $98.1 million and $152.2 million, respectively. At March 31, 2024 and December 31, 2023, accounts receivable from the Company’s primary customers, which each accounted for revenues in excess of 10% of total consolidated revenues for the related period, amounted to approximately 61% and 57% of the Company’s trade receivables, respectively. The aggregate amount of notes receivable exceeding 10% of total receivables as of March 31, 2024 and December 31, 2023 is $85.3 million and $161.0 million, respectively.

 

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

 

  

Three Months Ended March 31,

 
  

2024

  

2023

 

Southern California Public Power Authority (“SCPPA”)

  24.7%  26.7%

Sierra Pacific Power Company and Nevada Power Company

  16.8   18.9 

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

  12.2   14.5 

 

The Company has historically been able to collect on substantially all of its receivable balances. As of March 31, 2024, the amount overdue from KPLC in Kenya was $40.0 million of which $12.4 million was paid in April 2024.  The Company believes it will be able to collect all past due amounts in Kenya. This belief is supported by the fact that in addition to KPLC's obligations under its power purchase agreement, the Company holds a support letter from the Government of Kenya that covers certain cases of KPLC non-payment (such as non-payments that are caused by government actions and/or political events).

 

In Honduras, as of March 31, 2024, the total amount overdue from Empresa Nacional de Energía Eléctrica ("ENEE") was $16.9 million of which none was paid to date. In addition, due to the financial situation in Honduras, the Company may experience further delays in collection. The Company believes it will be able to collect all past due amounts in Honduras.

 

Allowance for credit losses

 

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

 

The following table describes the changes in the allowance for expected credit losses for the three months ended March 31, 2024 and 2023 (all related to trade receivables):

 

  

Three Months Ended March 31,

 
  

2024

  

2023

 
  

(Dollars in thousands)

 

Beginning balance of the allowance for expected credit losses

 $90  $90 

Change in the provision for expected credit losses for the period

  73   — 

Ending balance of the allowance for expected credit losses

 $163  $90 

 

Revenues from contracts with customers

 

Contract assets related to our Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of March 31, 2024 and December 31, 2023 are as follows:

 

  

March 31,

  

December 31,

 
  

2024

  

2023

 
  

(Dollars in thousands)

 

Contract assets (*)

 $23,616  $18,367 

Contract liabilities (*)

 $(21,376) $(18,669)

 

(*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet fully recognized as product revenues during the three months ended March 31, 2024 as a result of performance obligations having not been fully satisfied yet.

 

On March 31, 2024, the Company had approximately $128.7 million of remaining performance obligations not yet satisfied or partly satisfied related to our Product segment. The Company expects to recognize approximately 100% of this amount as Product revenues during the next 24 months.

 

Disaggregated revenues from contracts with customers for the three months ended March 31, 2024 and 2023 are disclosed under Note 8 - Business Segments, to the condensed consolidated financial statements.

 

Leases in which the Company is a lessor

 

The table below presents lease income recognized as a lessor:

 

  

Three Months Ended March 31,

 
  

2024

  

2023

 
  

(Dollars in thousands)

 

Lease income relating to lease payments from operating leases

 $147,101  $137,621 

 

Derivative instruments 

 

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

 

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

 

Transferable production and investment tax credits

 

The Inflation Reduction Act (“IRA”) was signed into law in August 2022 and introduces a transferability provision for certain tax credits related to the clean production of energy. Under this provision, a reporting entity can monetize such credits through sale to a third party. The option for transferability of credits applies to taxable years beginning after December 31, 2022. Several of the Company’s projects, that are not currently part of a tax monetization transaction, generate eligible tax credits, such as investment tax credits (“ITCs”) and production tax credits (“PTCs”), that are eligible to be transferred to a third-party under the provisions of the IRA. The Company accounts for ITCs under ASC 740 through the “Income tax (provision) benefit” line in the condensed consolidated statement of operations and comprehensive income. PTC’s are accounted similarly to refundable or direct-pay credits outside of the “Income tax (provision) benefit” line with income recognized in the “Income attributable to sale of tax benefits” line in the consolidated statement of operations and comprehensive income. Income recognized related to the expected sale of such transferable PTC’s during the three months ended March 31, 2024, and 2023 was $4.4 million and $1.8 million, net of discount, respectively. Tax benefits recognized related to such transferable ITC’s during the three months ended March 31, 2024, and 2023 was $11.5 million and $1.6 million, net of discount, respectively.
v3.24.1.1.u2
Note 2 - New Accounting Pronouncements
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Accounting Standards Update and Change in Accounting Principle [Text Block]

NOTE 2 — NEW ACCOUNTING PRONOUNCEMENTS

 

New accounting pronouncements effective in the three months ended March 31, 2024

 

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

 

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

 

New accounting pronouncements effective in future periods

 

Improvements to Reportable Segments Disclosures

 

In November 2023, the FASB issued ASU 2023-07 “Segment Reporting–Improvements to Reportable Segments Disclosures (Topic 280)” to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU (1) require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss; (2) require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition; (3) require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods; (4) clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures; and (5) require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure or measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all periods presented. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of these amendments on its consolidated financial statements.

 

Improvements to Income Tax Disclosures

 

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740)–Improvements to Income Tax Disclosures” to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. The amendments in this ASU require that public entities, on an annual basis, disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This ASU also requires that all entities disclose, on an annual basis, (1) the amount of income taxes paid disaggregated by federal, state, and foreign taxes, (2) the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid, (3) income or loss from continuing operations before income tax expense or benefit disaggregated between domestic and foreign, and (4) income tax expense or benefit from continuing operations disaggregated by federal, state, and foreign. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis with the option to apply retrospectively. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of the adoption of these amendments on its consolidated financial statements.
v3.24.1.1.u2
Note 3 - Inventories
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Inventory Disclosure [Text Block]

NOTE 3 — INVENTORIES

 

Inventories consist of the following:

 

   

March 31,

    

December 31,

  
   

2024

    

2023

  
   

(Dollars in thousands)

  

Raw materials and purchased parts for assembly

   $ 18,945     $ 20,588  

Self-manufactured assembly parts and finished products

     34,929       24,449  

Total inventories

   $ 53,874     $ 45,037  

 
v3.24.1.1.u2
Note 4 - Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

NOTE 4— FAIR VALUE OF FINANCIAL INSTRUMENTS

 

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

 

Level 1 — unadjusted observable inputs that reflect quoted prices for identical assets or liabilities in active markets; 

Level 2 — inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly; 

Level 3 — unobservable inputs.

 

The following table sets forth certain fair value information at March 31, 2024 and December 31, 2023 for financial assets and liabilities measured at fair value by level within the fair value hierarchy, as well as cost or amortized cost. As required by the fair value measurement guidance, assets and liabilities are classified in their entirety based on the lowest level of inputs that is significant to the fair value measurement.

 

      

March 31, 2024

 
      

Fair Value

 
  

Carrying

Value at

March 31,

2024

  

Total

  

Level 1

  

Level 2

  

Level 3

 
  

(Dollars in thousands)

 

Assets:

                    

Current assets:

                    

Cash equivalents (including restricted cash accounts)

 $55,316  $55,316  $55,316  $—  $— 

Derivatives:

                    

Interest rate swap (3)

  1,502   1,502   —   1,502   — 

Currency forward contracts (2)

  593   593   —   593   — 

Liabilities:

                    

Current liabilities:

                    

Derivatives:

                    

Cross currency swap (1)

  (4,323)  (4,323)  —   (4,323)  — 

Long term liabilities:

                    

Cross currency swap (1)

  (10,174)  (10,174)  —   (10,174)  — 
  $42,914  $42,914  $55,316  $(12,402) $— 

 

      

December 31, 2023

 
      

Fair Value

 
  

Carrying

Value at

December 31,

2023

  

Total

  

Level 1

  

Level 2

  

Level 3

 
  

(Dollars in thousands)

 

Assets

                    

Current assets:

                    

Cash equivalents (including restricted cash accounts)

 $53,877  $53,877  $53,877  $—  $— 

Derivatives:

                    

Currency forward contracts (2)

  1,406   1,406   —   1,406   — 

Liabilities:

                    

Current liabilities:

                    

Derivatives:

                    

Cross currency swap (1)

  (3,686)  (3,686)  —   (3,686)  — 

Long-term liabilities:

                    

Cross currency swap (1)

  (8,137)  (8,137)  —   (8,137)  — 
                     
  $43,461  $43,461  $53,877  $(10,416) $— 

 

 

1.

These amounts relate to cross currency swap contracts valued primarily based on the present value of the cross currency swap future settlement prices for U.S. Dollar (“USD”) and New Israeli Shekel (“NIS”) zero yield curves and the applicable exchange rate as of March 31, 2024 and December 31, 2023, as applicable. These amounts are included within “Accounts payable and accrued expenses” or “Other long-term liabilities”, as applicable, in the condensed consolidated balance sheets on March 31, 2024 and December 31, 2023. Cash collateral deposits in the amount of $10.4 million and $10.6 million as of March 31, 2024, and December 31, 2023, respectively, are presented under “Other receivables” in the condensed consolidated balance sheets.

 

 

2.

These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Receivables, other” or “Accounts payable and accrued expenses”, as applicable, in the condensed consolidated balance sheets on March 31, 2024 and December 31, 2023, with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income.

 

 

3.

This amount relates to interest rate swap contracts valued primarily based on the present value of the interest rate swap future settlement prices based on USD zero yield curve as of March 31, 2024. This amount is included within “Accounts payable and accrued expenses” in the condensed consolidated balance sheets on March 31, 2024. There are no cash collateral deposits on March 31, 2024.

 

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

 

    

Amount of recognized gain (loss)

 
Derivative instruments 

Location of recognized gain (loss)

 

Three Months Ended March 31,

 
    

2024

  

2023

 
    

(Dollars in thousands)

 
Derivatives not designated as hedging instruments     

Currency forward contracts (1)

 

Derivative and foreign currency transaction gains (losses)

 $1,078  $(1,656)
           

Derivatives designated as cash flow hedging instruments

          

Cross currency swap (2)

 

Derivative and foreign currency transaction gains (losses)

 $(3,236) $(6,792)

Interest rate swap (2)

 

Interest expense, net

 $457  $— 

 

 

1.

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

 

 

2.

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

 

There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during the three months ended March 31, 2024 and 2023.

 

The following table presents the effect of derivative instruments designated as cash flow hedges on the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2024 and 2023:

 

  

Three Months Ended March 31,

 
  

2024

  

2023

 
  

(Dollars in thousands)

 

Cash flow hedges:

        

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

 $(318) $3,920 

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

        

Cross currency swap

  (2,675)  1,389 

Interest rate swap

  1,523   — 

Amount reclassified from Other comprehensive income (loss) into earnings

        

Cross currency swap

  3,236   (6,792)

Interest rate swap

  (457)  — 

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

 $1,309  $(1,483)

 

The estimated net amount of existing gain (loss) that is reported in "Accumulated other comprehensive income (loss)" as of March 31, 2024 that is expected to be reclassified into earnings within the next 12 months is immaterial. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flow is from the transaction commencement date through June 2031.

 

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

 

  

Fair Value

  

Carrying Amount (*)

 
  

March 31,

2024

  

December 31,

2023

  

March 31,

2024

  

December 31,

2023

 
  

(Dollars in millions)

  

(Dollars in millions)

 

Hapoalim 2024 Loan

 $75.9  $—  $75.0  $— 

HSBC Bank 2024 Loan

  126.5   —   125.0   — 

Mammoth Senior Secured Notes

  137.4   —   135.1   — 

Mizrahi Loan

  61.2   61.4   60.9   60.9 

Mizrahi Loan 2023

  51.8   52.0   50.0   50.0 

Convertible Senior Notes

  417.4   444.6   431.3   431.3 

HSBC Loan

  30.1   33.8   32.1   35.7 

Hapoalim Loan

  76.0   75.0   80.4   80.4 

Hapoalim Loan 2023

  93.5   99.7   90.0   95.0 

Discount Loan

  63.2   69.9   68.8   75.0 

Finance liability - Dixie Valley

  224.2   207.2   223.3   225.8 

Olkaria III Loan - DFC

  111.6   116.4   116.2   120.7 

Olkaria III plant 4 Loan - DEG 2

  22.0   21.6   22.5   22.5 

Olkaria III plant 1 Loan - DEG 3

 

19.3

  

19.0

  

19.7

  

19.7

 

Platanares Loan - DFC

  68.8   71.3   69.6   71.7 

OFC 2 LLC ("OFC 2")

  128.9   134.2   142.5   142.5 

Don A. Campbell 1 ("DAC 1")

  50.5   52.3   55.8   57.4 

USG Prudential - NV

  22.0   22.3   23.8   23.9 

USG Prudential - ID Refinancing

  51.2   54.1   57.2   58.9 

USG DOE

  28.2   30.0   28.7   30.2 

Senior Unsecured Bonds

  198.5   202.8   217.3   220.6 

Senior Unsecured Loan

  139.7   150.4   149.6   158.0 

Other long-term debt

  6.7   6.8   6.8   7.7 

 

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

 

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

 

Recently, interest rates for both short-term and long-term debt have increased sharply which may have a direct impact on the fair value of the Company's long-term debt presented above, should this trend continues.

 

The following table presents the fair value of financial instruments as of March 31, 2024:

 

 

  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 

Hapoalim 2024 Loan

 $—  $—  $75.9  $75.9 

HSBC Bank 2024 Loan

  —   —   126.5   126.5 

Mammoth Senior Secured Notes

  —   —   137.4   137.4 

Mizrahi Loan

  —   —   61.2   61.2 

Mizrahi Loan 2023

  —   —   51.8   51.8 

Convertible Senior Notes

  —   417.4   —   417.4 

HSBC Loan

  —   —   30.1   30.1 

Hapoalim Loan

  —   —   76.0   76.0 

Hapoalim Loan 2023

  —   —   93.5   93.5 

Discount Loan

  —   —   63.2   63.2 

Finance liability - Dixie Valley

  —   —   224.2   224.2 

Olkaria III Loan - DFC

  —   —   111.6   111.6 

Olkaria III plant 4 Loan - DEG 2

  —   —   22.0   22.0 

Olkaria III plant 1 Loan - DEG 3

  —   —   19.3   19.3 

Platanares Loan - DFC

  —   —   68.8   68.8 

OFC 2 Senior Secured Note

  —   —   128.9   128.9 

DAC 1 Senior Secured Note

  —   —   50.5   50.5 

USG Prudential - N

  —   —   22.0   22.0 

USG Prudential - I

  —   —   51.2   51.2 

USG DO

  —   —   28.2   28.2 

Senior Unsecured Bond

  —   —   198.5   198.5 

Senior Unsecured Loa

  —   —   139.7   139.7 

Other long-term deb

  —   —   6.7   6.7 

Deposit

 

20.0

   —   —   20.0 

 

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

 

  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 

Mizrahi Loan

 $—  $—  $61.4  $61.4 

Mizrahi Loan 2023

  —   —   52.0   52.0 

Convertible Senior Notes

  —   444.6   —   444.6 

HSBC Loan

  —   —   33.8   33.8 

Hapoalim Loan

  —   —   75.0   75.0 

Hapoalim Loan 2023

  —   —   99.7   99.7 

Discount Loan

  —   —   69.9   69.9 

Financing Liability - Dixie Valley

  —   —   207.2   207.2 

Olkaria III Loan - DFC

  —   —   116.4   116.4 

Olkaria IV - DEG 2

  —   —   21.6   21.6 

Olkaria IV - DEG 3

  —   —   19.0   19.0 

Platanares Loan - DFC

  —   —   71.3   71.3 

OFC 2 Senior Secured Notes

  —   —   134.2   134.2 

DAC 1 Senior Secured Notes

  —   —   52.3   52.3 

USG Prudential - NV

  —   —   22.3   22.3 

USG Prudential - ID

  —   —   54.1   54.1 

USG DOE

  —   —   30.0   30.0 

Senior Unsecured Bonds

  —   —   202.8   202.8 

Senior Unsecured Loan

  —   —   150.4   150.4 

Other long-term debt

  —   —   6.8   6.8 

Deposits

 

20.9

   —   —   20.9 

  
v3.24.1.1.u2
Note 5 - Stock-based Compensation
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

NOTE 5 — STOCK-BASED COMPENSATION

 

In March 2024, the Company granted certain members of its management and employees an aggregate of 209,563 restricted stock units ("RSUs") and 61,197 performance stock units ("PSUs") under the Company’s 2018 Incentive Compensation Plan. The RSUs and PSUs have vesting periods of between 1 to 3 years from the grant date.

 

The fair value of each RSU and PSU on the grant date was $64.9 and $64.0, respectively. The Company calculated the fair value of each RSU and PSU on the grant date using the complex lattice, tree-based option-pricing model, and the Monte Carlo simulation, based on the following assumptions:

 

Risk-free interest rates

     4.27%     —       4.94%  

Expected life (in years)

     1     —       3  
Dividend yield     0.73%  

Expected volatility (weighted average)

     28.0%     —       34.0%  

 

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

 

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

 

Risk-free interest rates         

  

3.86%

—

4.68%

Expected life (in years)         

  

2

—

5.75

Dividend yield         

  

0.59%

Expected volatility (weighted average)         

  

36%

—

42.20%

 

There were no other significant grants that were made by the Company during the three months ended March 31, 2024 and 2023.
v3.24.1.1.u2
Note 6 - Interest Expense, Net
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Interest Expense Disclosure [Text Block]

NOTE 6 — INTEREST EXPENSE, NET

 

The components of interest expense are as follows:

 

   

Three Months Ended March 31,

  
   

2024

    

2023

  
   

(Dollars in thousands)

  

Interest related to sale of tax benefits

   $ 4,896     $ 3,342  

Interest expense

     29,124       24,620  

Less — amount capitalized

     (3,052 )     (4,330 )

Total interest expense, net

   $ 30,968     $ 23,631  

 
v3.24.1.1.u2
Note 7 - Earnings Per Share
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 7 — EARNINGS PER SHARE

 

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

 

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

 

   

Three Months Ended March 31,

  
   

2024

    

2023

  
                 

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

     60,386       56,710  

Additional shares from the assumed exercise of employee stock awards

     150       394  

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

     60,536       57,104  

 

 

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 196.7 thousand and 106.3 thousand for the three months ended March 31, 2024 and 2023, respectively.

 

As per ASU 2020-06, the if-converted method is required for calculating any potential dilutive effect from convertible instruments. For the three months ended March 31, 2024, the average price of the Company's common stock did not exceed the per share conversion price of the Notes of $90.27, and other requirements for the Notes to be convertible were not met and as such, there was no dilutive effect from the Notes in respect with the aforementioned periods.

 
v3.24.1.1.u2
Note 8 - Business Segments
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 8 — BUSINESS SEGMENTS

 

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

 

 

•

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

 

 

•

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

 

 

•

Under the Energy Storage segment, the Company provides battery energy storage systems ("BESS") as a service as well as related services.

 

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

 

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

 

  

Electricity

  

Product

  

Energy

Storage

  

Consolidated

 
  

(Dollars in thousands)

 

Three Months Ended March 31, 2024:

                

Revenues from external customers:

                

United States (1)

 $143,816  $876  $8,081  $152,773 

Foreign (2)

  47,437   23,956   —   71,393 

Net revenue from external customers

  191,253   24,832   8,081   224,166 

Intersegment revenues (4)

  —   20,597   —   — 

Operating income (loss)

  52,681   842   (940)  52,583 

Segment assets at period end (3) (*)

  4,961,483   190,210   365,151   5,516,844 

* Including unconsolidated investments

  127,386   —   —   127,386 
                 

Three Months Ended March 31, 2023:

                

Revenues from external customers:

                

United States (1)

 $122,411  $1,441  $4,880  $128,732 

Foreign (2)

  47,899   8,601   —   56,500 

Net revenue from external customers

  170,310   10,042   4,880   185,232 

Intersegment revenues (4)

  —   7,772   —   — 

Operating income (loss)

  57,008   (1,505)  (2,337)  53,166 

Segment assets at period end (3) (*)

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

* Including unconsolidated investments

  119,185   —   —   119,185 

 

 

(1)

Electricity segment revenues in the United States are all accounted for under lease accounting except for $44.8 million in three months ended March 31, 2024, and $32.7 million for the three months ended March 31, 2023, that are accounted for under ASC 606. Product and Energy Storage segment revenues in the United States are accounted for under ASC 606, Revenue from Contracts with Customers ("ASC 606"), except for Energy Storage revenues of $0.7 million for the three months ended March 31, 2024, and none for the three months ended March 31, 2023, that are accounted for under lease accounting.

 

 

(2)

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

 

 

(3)

Electricity segment assets include goodwill in the amount of $146.5 million and $85.8 million as of March 31, 2024 and 2023, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 million as of March 31, 2024 and 2023, respectively. No goodwill is included in the Product segment assets as of March 31, 2024 and 2023.

 

 

(4)

Intersegment revenues are fully eliminated in consolidation.

 

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

 

  

Three Months Ended March 31,

 
  

2024

  

2023

 
  

(Dollars in thousands)

 

Revenues:

        

Total segment revenues

 $224,166  $185,232 

Intersegment revenues

  20,597   7,772 

Elimination of intersegment revenues

  (20,597)  (7,772)

Total consolidated revenues

 $224,166  $185,232 
         

Operating income:

        

Operating income

 $52,583  $53,166 

Interest income

  1,839   1,851 

Interest expense, net

  (30,968)  (23,631)

Derivatives and foreign currency transaction gains (losses)

  (1,582)  (1,937)

Income attributable to sale of tax benefits

  17,476   12,566 

Other non-operating income, net

  26   60 

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

 $39,374  $42,075 

 
v3.24.1.1.u2
Note 9 - Commitments and Contingencies
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

NOTE 9 — COMMITMENTS AND CONTINGENCIES

 

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

 

Other matters

 

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

 

Additionally, see Note 11 – Subsequent Events, to the condensed consolidated financial statements for additional information.

 
v3.24.1.1.u2
Note 10 - Income Taxes
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

NOTE 10 — INCOME TAXES

 

The Company’s effective tax rate provision for the three months ended March 31, 2024 and 2023 was (0.4)% and 21.1%, respectively. The effective rate differs from the federal statutory rate of 21% primarily due to the generation of investment tax credits, and the jurisdictional mix of earnings at differing tax rates.

 

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

 

The Organization for Economic Co-operation and Development (OECD) has a framework to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar 2), with certain aspects of Pillar 2 becoming effective January 1, 2024, and other aspects becoming effective January 1, 2025. Currently, the Company does not meet the revenue threshold requirements. The Company does anticipate being subject to Pillar 2 in the near future years based on its anticipated growth projections. We will continue to evaluate the impact of proposed and enacted legislative changes to our effective tax rate and cash flows as new guidance becomes available.

 

Additionally, see Note 11 – Subsequent Events, to the condensed consolidated financial statements for tax investigation in Kenya.
v3.24.1.1.u2
Note 11 - Subsequent Events
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 11 — SUBSEQUENT EVENTS

 

Cash Dividend

 

On May 8, 2024, the Board of Directors of the Company declared, approved and authorized payment of a quarterly dividend of $7.2 million ($0.12 per share) to all holders of the Company’s issued and outstanding shares of common stock on May 22, 2024, payable on June 5, 2024.

 

DEG 4 Loan

 

On April 4, 2024, the Company, through one of the its wholly owned subsidiaries, entered into a new $30 million subordinated loan agreement with Deutsche Investitions-und Entwicklungsgesellschaft mbH ("DEG") and on April 18, 2024, it completed a drawdown of the full loan amount of $30 million (the “DEG 4 Loan”). The DEG 4 Loan bears a fixed interest rate of 7.79% and will be repaid in 6 equal semi-annual principal installments commencing on December 21, 2028, with a final maturity date of June 21, 2031.

 

Tax Investigation in Kenya

 

On April 23, 2024, the Company's branch in Kenya received a Letter of Preliminary Investigation Findings ("Letter") from the Kenya Revenue Authority (“KRA”) relating to tax years 2017-2022. The Letter sets forth a demand for approximately $79.0 million before any potential interest and penalties. Based on a preliminary review of the Letter, the Company and its advisors believe that these preliminary findings have no merit and that the Company has strong arguments against these preliminary findings raised in the KRA Letter.
v3.24.1.1.u2
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
Insider Trading Arr Line Items  
Material Terms of Trading Arrangement [Text Block]

 

ITEM 5. OTHER INFORMATION

 

(a) None.

 

(b) None

 

(c) During the fiscal quarter ended September 30, 2023, none of our directors or officers adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

  
Rule 10b5-1 Arrangement Adopted [Flag] false
Non-Rule 10b5-1 Arrangement Adopted [Flag] false
Rule 10b5-1 Arrangement Terminated [Flag] false
Non-Rule 10b5-1 Arrangement Terminated [Flag] false
v3.24.1.1.u2
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]

These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, they do not contain all information and notes required by U.S. GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated financial position as of March 31, 2024, the condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2024 and 2023 and the condensed consolidated statements of cash flows and the condensed consolidated statements of equity for the three months ended March 31, 2024 and 2023.

 

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

 

These condensed unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The condensed consolidated balance sheet data as of December 31, 2023 was derived from the Company’s audited consolidated financial statements for the year ended December 31, 2023 but does not include all disclosures required by U.S. GAAP. 

 

Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000.

 
Business Combinations Policy [Policy Text Block]

Business combination - Enel purchase transaction

 

On January 4, 2024, the Company closed a purchase transaction with Enel Green Power North America ("EGPNA"), a subsidiary of Enel SpA (ENEL.MI) to acquire a portfolio of assets which includes two contracted geothermal power plants, one triple hybrid power plant which consists of geothermal, solar PV and solar thermal units, two stand alone solar power plants, and two greenfield development assets, for a total cash consideration of $274.6 million (including customary post-closing working capital adjustment to the purchase price, based on the levels of net working capital of the acquired companies) for 100% of the equity interests in the entities holding those assets.

 

The geothermal power plants include the Cove Fort power plant located in Beaver County, Utah, which sells electricity under a long-term power purchase agreement with Salt River Project and the Salt Wells power plant located in Churchill County, Nevada, which sells electricity under a long-term power purchase agreement ("PPA") with NV Energy. The Stillwater triple hybrid geothermal, solar PV and solar thermal power plant is located in Churchill County, Nevada, and sells electricity to NV Energy under a power purchase agreement. The Solar assets of Stillwater Solar PV II in Churchill County, Nevada, and Woods Hill in Windham County, Connecticut, sell their electricity under power purchase agreements, respectively.

 

As a result of the acquisition, the Company expanded its overall generation capacity and expects to improve the profitability of the purchased assets through cost reduction, synergies and development of the greenfield assets. The Company accounted for the transaction in accordance with Accounting Standard Codification ("ASC") 805, Business Combinations, and following the transaction, the Company consolidates the power plants and all other assets included in the transaction in accordance with ASC 810, Consolidation.

 

In the first quarter of 2024, and during annual 2023, the Company incurred $1.3 million and $1.1 million of acquisition-related costs, respectively. Such costs are included under "General and administrative expenses" in the consolidated statements of operations and comprehensive income for the respective periods. Accounting guidance provides that the allocation of the purchase price may be adjusted for up to one year from the date of the acquisition to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. The primary area of the purchase price allocation that is not yet finalized is related to intangible assets, property, plant and equipment, and certain tax matters and the related impact on goodwill.

 

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

 

Trade receivables and others (1)

 $4.4 

Deferred income taxes

  3.1 

Property, plant and equipment and construction-in-process (2)

  197.7 

Operating lease right of use

  1.2 

Other long-term assets

  0.2 

Intangible assets (3)

  23.6 

Goodwill (4)

  60.7 

Total assets acquired

 $290.9 
     

Accounts payable, accrued expenses and others

 $1.5 

Other current liabilities

  1.8 

Operating lease liabilities

  1.2 

Other long-term liabilities

  5.0 

Asset retirement obligation

  6.8 

Total liabilities assumed

 $16.3 
     

Total assets acquired, and liabilities assumed, net

 $274.6 
     

 

(1) The gross amount of trade receivables was fully collected subsequent to acquisition date.

(2) The fair value of Property, Plant and equipment was estimated by applying the income approach and utilizing the discounted cash flow method. This methodology assesses the value of tangible assets by computing the anticipated cash flows expected to be generated by the respective assets.

(3) Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs. The fair value of the intangible assets was estimated by applying the income approach and utilizing the With and Without method.

(4) Goodwill is primarily related to the expected synergies, potential cost savings in operations as a result of the purchase transaction as well as potential future development of the greenfield assets. The goodwill is allocated to the Electricity segment and is deductible for tax purposes.

 

For the period from acquisition date to March 31, 2024, the acquired portfolio of assets contributed $9.4 million to the Company's Electricity revenues, and $3.3 million to the Company's earnings, which were included in the Company’s condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2024.

 

The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business combination had occurred on January 1, 2023. The pro forma results below include the impact of certain adjustments related to the depreciation of property plant and equipment, amortization of intangible assets, transaction-related costs, and the related income tax effects. This pro forma presentation does not include any impact from transaction synergies or any other material, nonrecurring adjustments directly attributable to the business combination.

 

  

Pro forma for the Three

Months Ended March 31,

 
  

2024

  

2023

 
  

(Dollars in millions)

 

Electricity revenues

 $191.3  $179.8 

Total revenues

 $224.2  $194.7 

Net income attributable to the Company's stockholders

 $39.9  $27.7 

 
Debt, Policy [Policy Text Block]

Hapoalim 2024 Loan

 

Concurrently with the purchase transaction with EGPNA, on January 2, 2024, the Company entered into a definitive loan agreement (the "BHI Loan Agreement 2024") with Hapoalim Bank. The BHI Loan Agreement 2024 provides for a loan by Hapoalim Bank to the Company in an aggregate principal amount of $75 million (the “Hapoalim 2024 Loan”). The outstanding principal amount of the Hapoalim 2024 Loan will be repaid in 32 quarterly payments of $2.3 million each, commencing on April 1, 2024. The duration of the Hapoalim 2024 Loan is 8 years and it bears interest of 6.6%, payable every three months. The BHI Loan Agreement 2024 includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%. The BHI Loan Agreement includes other customary affirmative and negative covenants, including nonpayment and noncompliance events of default.

 

HSBC Bank 2024 Loan

 

Concurrently with the purchase transaction with EGPNA, on January 2, 2024, the Company entered into a definitive loan agreement (the "HSBC Loan Agreement 2024") with HSBC Bank. The HSBC Loan Agreement 2024 provides for a loan by HSBC Bank to the Company in an aggregate principal amount of $125 million (the “HSBC Bank 2024 Loan”). The outstanding principal amount of the HSBC Bank 2024 Loan will be repaid in 7 semi-annual payments of $12.5 million each, commencing on July 1, 2024, and an additional final principal payment on January 1, 2028 of $37.5 million. The duration of the HSBC Bank 2024 Loan is 4 years and it bears interest of 3-month Secured Overnight Financing Rate ("SOFR") plus 2.25%, payable quarterly. The HSBC Loan Agreement 2024 includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million, and (iii) an equity capital  to total assets ratio of not less than 25%. The HSBC Loan Agreement 2024 includes other customary affirmative and negative covenants, including nonpayment and noncompliance events of default.

 

Interest Rate Swap

 

Concurrently with the issuance of the HSBC Bank 2024 Loan, the Company entered into a long-term interest rate swap ("IR Swap") transaction with the objective of hedging the variable interest rate fluctuations related to the HSBC Bank 2024 Loan at a fixed 3-month SOFR of 3.9%. The terms of the IR Swap match those of the HSBC Bank 2024 Loan, including the notional amount of the principal and interest payment dates. The Company designated the IR Swap as a cash flow hedge as per ASC 815, Derivatives and Hedging, and accordingly measures the IR Swap instrument at fair value. The changes in the IR Swap fair value are initially recorded in Other Comprehensive Income (Loss) and reclassified to Interest expense, net in the same period or periods during which the hedged transaction affects earnings. The hedged transaction and the IR Swap effect in earnings are presented in the same line item in the consolidated statements of operations and comprehensive income.

 

Mammoth Senior Secured Notes

 

On March 28, 2024, Mammoth Pacific, LLC (the “Issuer”), a wholly owned indirect subsidiary of the Company, entered into a note purchase agreement with the Prudential Insurance Company of America, pursuant to which the Issuer issued approximately $135.1 million principal amount of senior secured notes (the “Mammoth Senior Secured Notes”). The note purchase agreement also includes an approximately $9 million tranche of floating rate notes to be issued in the event of a shortfall in debt service with respect to the Mammoth Senior Secured Notes. The Issuer shall pay a commitment fee on the revolving note tranche at a rate of 0.5% per annum. If drawn, the revolving notes shall bear interest at a rate equal to Term SOFR plus 1.25%. The Mammoth Senior Secured Notes are secured by the equity interests in the Issuer, and by the Issuer’s 100% ownership interests in its project subsidiaries including four geothermal power plants known as the G1, G2, G3 and CD4 projects.  The remaining classes of ownership interests in CD4 are owned by an unrelated third party and are not part of the collateral security package for the Mammoth Senior Secured Notes. The Mammoth Senior Secured Notes will be repaid in 46 semi-annual payments, commencing on November 30, 2024. The Mammoth Senior Secured Notes bear interest at a fixed rate of 6.73% per annum and have a final maturity date of July 14, 2047. The Company has provided a limited guarantee with respect to certain obligations of the Issuer as a member of CD4.

 

There are various restrictive covenants under the Mammoth Senior Secured Notes, including limitations on additional indebtedness of the Issuer and its subsidiaries. Failure to comply with these and other covenants will, subject to customary cure rights, constitute an event of default by the Issuer. In addition, there are restrictions on the ability of the Issuer to make distributions to its shareholders. Among other things, the distribution restrictions include both a historical and projected minimum debt service coverage ratio requirement. As part of the security package, the note purchase agreement states the Issuer shall establish and maintain customary reserve accounts which include a debt service reserve account, a make-up well reserve account and a maintenance reserve account.

 
Catastrophe [Policy Text Block]

War in Israel

 

On October 7, 2023, Hamas terrorists and members of other terrorist organizations infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets, including widespread killings and kidnappings. They also launched extensive rocket attacks on the Israeli civilian population. Shortly following the attack, Israel declared war against Hamas. The majority of the Company's senior management and its main Product segment production and manufacturing facilities are located in Israel approximately 26 miles from the border with the Gaza Strip. More recently, the Houthi movement, which controls parts of Yemen, launched a number of attacks on marine vessels in the Red Sea. The Red Sea is an important maritime route for international trade. These disruptions have resulted, and may continue to result in, delayed deliveries of several key components used in the manufacturing of the Company's products and could impact its ability to timely deliver products to its customers under the Product Segment. This has also resulted in an increase in insurance premium costs for shipments into and out of the sea port.

 

As of the date of these condensed consolidated financial statements, none of the Company's facilities or infrastructure have been damaged nor have its supply chains been significantly impacted since the war broke out. However, a prolonged war could result in further military reserve duty call-ups as well as irregularities to the Company's supply chain and to its ability to ship its products from Israel, which could disrupt the operations of the Company's Product segment and potentially delay some of its growth plans in the Electricity segment. Management continuously monitors the effect of the war on the Company's financial position and results of operations.

 
Stockholders' Equity, Policy [Policy Text Block]

Equity Offering

 

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

 
Oil and Gas, Capitalized Exploratory Well Cost [Policy Text Block]

Write-offs of unsuccessful exploration activities

 

There were no write-offs of unsuccessful exploration activities during the three months ended March 31, 2024 and 2023.

 
Cash and Cash Equivalents, Policy [Policy Text Block]

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

 

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

 

  

March 31,

  

December 31,

 
  

2024

  

2023

 
  

(Dollars in thousands)

 

Cash and cash equivalents

 $201,506  $195,808 

Restricted cash and cash equivalents

  97,455   91,962 

Total Cash and cash equivalents and restricted cash and cash equivalents

 $298,961  $287,770 

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

Concentration of credit risk

 

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

 

The Company places its cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At March 31, 2024 and December 31, 2023, the Company had deposits totaling $68.2 million and $43.2 million, respectively, in ten U.S. financial institutions that were federally insured up to $250,000 per account. At March 31, 2024 and December 31, 2023, the Company’s deposits in foreign countries amounted to approximately $55.9 million and $57.5 million, respectively.

 

At March 31, 2024 and December 31, 2023, accounts receivable related to operations in foreign countries amounted to approximately $98.1 million and $152.2 million, respectively. At March 31, 2024 and December 31, 2023, accounts receivable from the Company’s primary customers, which each accounted for revenues in excess of 10% of total consolidated revenues for the related period, amounted to approximately 61% and 57% of the Company’s trade receivables, respectively. The aggregate amount of notes receivable exceeding 10% of total receivables as of March 31, 2024 and December 31, 2023 is $85.3 million and $161.0 million, respectively.

 

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

 

  

Three Months Ended March 31,

 
  

2024

  

2023

 

Southern California Public Power Authority (“SCPPA”)

  24.7%  26.7%

Sierra Pacific Power Company and Nevada Power Company

  16.8   18.9 

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

  12.2   14.5 

 

The Company has historically been able to collect on substantially all of its receivable balances. As of March 31, 2024, the amount overdue from KPLC in Kenya was $40.0 million of which $12.4 million was paid in April 2024.  The Company believes it will be able to collect all past due amounts in Kenya. This belief is supported by the fact that in addition to KPLC's obligations under its power purchase agreement, the Company holds a support letter from the Government of Kenya that covers certain cases of KPLC non-payment (such as non-payments that are caused by government actions and/or political events).

 

In Honduras, as of March 31, 2024, the total amount overdue from Empresa Nacional de Energía Eléctrica ("ENEE") was $16.9 million of which none was paid to date. In addition, due to the financial situation in Honduras, the Company may experience further delays in collection. The Company believes it will be able to collect all past due amounts in Honduras.

 
Credit Loss, Financial Instrument [Policy Text Block]

Allowance for credit losses

 

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

 

The following table describes the changes in the allowance for expected credit losses for the three months ended March 31, 2024 and 2023 (all related to trade receivables):

 

  

Three Months Ended March 31,

 
  

2024

  

2023

 
  

(Dollars in thousands)

 

Beginning balance of the allowance for expected credit losses

 $90  $90 

Change in the provision for expected credit losses for the period

  73   — 

Ending balance of the allowance for expected credit losses

 $163  $90 

 
Revenue [Policy Text Block]

Revenues from contracts with customers

 

Contract assets related to our Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of March 31, 2024 and December 31, 2023 are as follows:

 

  

March 31,

  

December 31,

 
  

2024

  

2023

 
  

(Dollars in thousands)

 

Contract assets (*)

 $23,616  $18,367 

Contract liabilities (*)

 $(21,376) $(18,669)

 

(*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet fully recognized as product revenues during the three months ended March 31, 2024 as a result of performance obligations having not been fully satisfied yet.

 

On March 31, 2024, the Company had approximately $128.7 million of remaining performance obligations not yet satisfied or partly satisfied related to our Product segment. The Company expects to recognize approximately 100% of this amount as Product revenues during the next 24 months.

 

Disaggregated revenues from contracts with customers for the three months ended March 31, 2024 and 2023 are disclosed under Note 8 - Business Segments, to the condensed consolidated financial statements.

 
Lessor, Leases [Policy Text Block]

Leases in which the Company is a lessor

 

The table below presents lease income recognized as a lessor:

 

  

Three Months Ended March 31,

 
  

2024

  

2023

 
  

(Dollars in thousands)

 

Lease income relating to lease payments from operating leases

 $147,101  $137,621 

 
Derivatives, Policy [Policy Text Block]

Derivative instruments 

 

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

 

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

 
Transferable Production and Investment Tax Credits [Policy Text Block]

Transferable production and investment tax credits

 

The Inflation Reduction Act (“IRA”) was signed into law in August 2022 and introduces a transferability provision for certain tax credits related to the clean production of energy. Under this provision, a reporting entity can monetize such credits through sale to a third party. The option for transferability of credits applies to taxable years beginning after December 31, 2022. Several of the Company’s projects, that are not currently part of a tax monetization transaction, generate eligible tax credits, such as investment tax credits (“ITCs”) and production tax credits (“PTCs”), that are eligible to be transferred to a third-party under the provisions of the IRA. The Company accounts for ITCs under ASC 740 through the “Income tax (provision) benefit” line in the condensed consolidated statement of operations and comprehensive income. PTC’s are accounted similarly to refundable or direct-pay credits outside of the “Income tax (provision) benefit” line with income recognized in the “Income attributable to sale of tax benefits” line in the consolidated statement of operations and comprehensive income. Income recognized related to the expected sale of such transferable PTC’s during the three months ended March 31, 2024, and 2023 was $4.4 million and $1.8 million, net of discount, respectively. Tax benefits recognized related to such transferable ITC’s during the three months ended March 31, 2024, and 2023 was $11.5 million and $1.6 million, net of discount, respectively.
v3.24.1.1.u2
Note 1 - General and Basis of Presentation (Tables)
 3 Months Ended
Mar. 31, 2024
Notes Tables  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Trade receivables and others (1)

 $4.4 

Deferred income taxes

  3.1 

Property, plant and equipment and construction-in-process (2)

  197.7 

Operating lease right of use

  1.2 

Other long-term assets

  0.2 

Intangible assets (3)

  23.6 

Goodwill (4)

  60.7 

Total assets acquired

 $290.9 
     

Accounts payable, accrued expenses and others

 $1.5 

Other current liabilities

  1.8 

Operating lease liabilities

  1.2 

Other long-term liabilities

  5.0 

Asset retirement obligation

  6.8 

Total liabilities assumed

 $16.3 
     

Total assets acquired, and liabilities assumed, net

 $274.6 
     
Business Acquisition, Pro Forma Information [Table Text Block]
  

Pro forma for the Three

Months Ended March 31,

 
  

2024

  

2023

 
  

(Dollars in millions)

 

Electricity revenues

 $191.3  $179.8 

Total revenues

 $224.2  $194.7 

Net income attributable to the Company's stockholders

 $39.9  $27.7 
Schedule of Cash and Cash Equivalents [Table Text Block]
  

March 31,

  

December 31,

 
  

2024

  

2023

 
  

(Dollars in thousands)

 

Cash and cash equivalents

 $201,506  $195,808 

Restricted cash and cash equivalents

  97,455   91,962 

Total Cash and cash equivalents and restricted cash and cash equivalents

 $298,961  $287,770 
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]
  

Three Months Ended March 31,

 
  

2024

  

2023

 

Southern California Public Power Authority (“SCPPA”)

  24.7%  26.7%

Sierra Pacific Power Company and Nevada Power Company

  16.8   18.9 

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

  12.2   14.5 
Accounts Receivable, Allowance for Credit Loss [Table Text Block]
  

Three Months Ended March 31,

 
  

2024

  

2023

 
  

(Dollars in thousands)

 

Beginning balance of the allowance for expected credit losses

 $90  $90 

Change in the provision for expected credit losses for the period

  73   — 

Ending balance of the allowance for expected credit losses

 $163  $90 
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]
  

March 31,

  

December 31,

 
  

2024

  

2023

 
  

(Dollars in thousands)

 

Contract assets (*)

 $23,616  $18,367 

Contract liabilities (*)

 $(21,376) $(18,669)
Operating Lease, Lease Income [Table Text Block]
  

Three Months Ended March 31,

 
  

2024

  

2023

 
  

(Dollars in thousands)

 

Lease income relating to lease payments from operating leases

 $147,101  $137,621 
v3.24.1.1.u2
Note 3 - Inventories (Tables)
 3 Months Ended
Mar. 31, 2024
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
   

March 31,

    

December 31,

  
   

2024

    

2023

  
   

(Dollars in thousands)

  

Raw materials and purchased parts for assembly

   $ 18,945     $ 20,588  

Self-manufactured assembly parts and finished products

     34,929       24,449  

Total inventories

   $ 53,874     $ 45,037  
v3.24.1.1.u2
Note 4 - Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Notes Tables  
Fair Value, by Balance Sheet Grouping [Table Text Block]
      

March 31, 2024

 
      

Fair Value

 
  

Carrying

Value at

March 31,

2024

  

Total

  

Level 1

  

Level 2

  

Level 3

 
  

(Dollars in thousands)

 

Assets:

                    

Current assets:

                    

Cash equivalents (including restricted cash accounts)

 $55,316  $55,316  $55,316  $—  $— 

Derivatives:

                    

Interest rate swap (3)

  1,502   1,502   —   1,502   — 

Currency forward contracts (2)

  593   593   —   593   — 

Liabilities:

                    

Current liabilities:

                    

Derivatives:

                    

Cross currency swap (1)

  (4,323)  (4,323)  —   (4,323)  — 

Long term liabilities:

                    

Cross currency swap (1)

  (10,174)  (10,174)  —   (10,174)  — 
  $42,914  $42,914  $55,316  $(12,402) $— 
      

December 31, 2023

 
      

Fair Value

 
  

Carrying

Value at

December 31,

2023

  

Total

  

Level 1

  

Level 2

  

Level 3

 
  

(Dollars in thousands)

 

Assets

                    

Current assets:

                    

Cash equivalents (including restricted cash accounts)

 $53,877  $53,877  $53,877  $—  $— 

Derivatives:

                    

Currency forward contracts (2)

  1,406   1,406   —   1,406   — 

Liabilities:

                    

Current liabilities:

                    

Derivatives:

                    

Cross currency swap (1)

  (3,686)  (3,686)  —   (3,686)  — 

Long-term liabilities:

                    

Cross currency swap (1)

  (8,137)  (8,137)  —   (8,137)  — 
                     
  $43,461  $43,461  $53,877  $(10,416) $— 
Derivative Instruments, Gain (Loss) [Table Text Block]
    

Amount of recognized gain (loss)

 
Derivative instruments 

Location of recognized gain (loss)

 

Three Months Ended March 31,

 
    

2024

  

2023

 
    

(Dollars in thousands)

 
Derivatives not designated as hedging instruments     

Currency forward contracts (1)

 

Derivative and foreign currency transaction gains (losses)

 $1,078  $(1,656)
           

Derivatives designated as cash flow hedging instruments

          

Cross currency swap (2)

 

Derivative and foreign currency transaction gains (losses)

 $(3,236) $(6,792)

Interest rate swap (2)

 

Interest expense, net

 $457  $— 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
  

Three Months Ended March 31,

 
  

2024

  

2023

 
  

(Dollars in thousands)

 

Cash flow hedges:

        

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

 $(318) $3,920 

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

        

Cross currency swap

  (2,675)  1,389 

Interest rate swap

  1,523   — 

Amount reclassified from Other comprehensive income (loss) into earnings

        

Cross currency swap

  3,236   (6,792)

Interest rate swap

  (457)  — 

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

 $1,309  $(1,483)
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
  

Fair Value

  

Carrying Amount (*)

 
  

March 31,

2024

  

December 31,

2023

  

March 31,

2024

  

December 31,

2023

 
  

(Dollars in millions)

  

(Dollars in millions)

 

Hapoalim 2024 Loan

 $75.9  $—  $75.0  $— 

HSBC Bank 2024 Loan

  126.5   —   125.0   — 

Mammoth Senior Secured Notes

  137.4   —   135.1   — 

Mizrahi Loan

  61.2   61.4   60.9   60.9 

Mizrahi Loan 2023

  51.8   52.0   50.0   50.0 

Convertible Senior Notes

  417.4   444.6   431.3   431.3 

HSBC Loan

  30.1   33.8   32.1   35.7 

Hapoalim Loan

  76.0   75.0   80.4   80.4 

Hapoalim Loan 2023

  93.5   99.7   90.0   95.0 

Discount Loan

  63.2   69.9   68.8   75.0 

Finance liability - Dixie Valley

  224.2   207.2   223.3   225.8 

Olkaria III Loan - DFC

  111.6   116.4   116.2   120.7 

Olkaria III plant 4 Loan - DEG 2

  22.0   21.6   22.5   22.5 

Olkaria III plant 1 Loan - DEG 3

 

19.3

  

19.0

  

19.7

  

19.7

 

Platanares Loan - DFC

  68.8   71.3   69.6   71.7 

OFC 2 LLC ("OFC 2")

  128.9   134.2   142.5   142.5 

Don A. Campbell 1 ("DAC 1")

  50.5   52.3   55.8   57.4 

USG Prudential - NV

  22.0   22.3   23.8   23.9 

USG Prudential - ID Refinancing

  51.2   54.1   57.2   58.9 

USG DOE

  28.2   30.0   28.7   30.2 

Senior Unsecured Bonds

  198.5   202.8   217.3   220.6 

Senior Unsecured Loan

  139.7   150.4   149.6   158.0 

Other long-term debt

  6.7   6.8   6.8   7.7 
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]
  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 

Hapoalim 2024 Loan

 $—  $—  $75.9  $75.9 

HSBC Bank 2024 Loan

  —   —   126.5   126.5 

Mammoth Senior Secured Notes

  —   —   137.4   137.4 

Mizrahi Loan

  —   —   61.2   61.2 

Mizrahi Loan 2023

  —   —   51.8   51.8 

Convertible Senior Notes

  —   417.4   —   417.4 

HSBC Loan

  —   —   30.1   30.1 

Hapoalim Loan

  —   —   76.0   76.0 

Hapoalim Loan 2023

  —   —   93.5   93.5 

Discount Loan

  —   —   63.2   63.2 

Finance liability - Dixie Valley

  —   —   224.2   224.2 

Olkaria III Loan - DFC

  —   —   111.6   111.6 

Olkaria III plant 4 Loan - DEG 2

  —   —   22.0   22.0 

Olkaria III plant 1 Loan - DEG 3

  —   —   19.3   19.3 

Platanares Loan - DFC

  —   —   68.8   68.8 

OFC 2 Senior Secured Note

  —   —   128.9   128.9 

DAC 1 Senior Secured Note

  —   —   50.5   50.5 

USG Prudential - N

  —   —   22.0   22.0 

USG Prudential - I

  —   —   51.2   51.2 

USG DO

  —   —   28.2   28.2 

Senior Unsecured Bond

  —   —   198.5   198.5 

Senior Unsecured Loa

  —   —   139.7   139.7 

Other long-term deb

  —   —   6.7   6.7 

Deposit

 

20.0

   —   —   20.0 
  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 

Mizrahi Loan

 $—  $—  $61.4  $61.4 

Mizrahi Loan 2023

  —   —   52.0   52.0 

Convertible Senior Notes

  —   444.6   —   444.6 

HSBC Loan

  —   —   33.8   33.8 

Hapoalim Loan

  —   —   75.0   75.0 

Hapoalim Loan 2023

  —   —   99.7   99.7 

Discount Loan

  —   —   69.9   69.9 

Financing Liability - Dixie Valley

  —   —   207.2   207.2 

Olkaria III Loan - DFC

  —   —   116.4   116.4 

Olkaria IV - DEG 2

  —   —   21.6   21.6 

Olkaria IV - DEG 3

  —   —   19.0   19.0 

Platanares Loan - DFC

  —   —   71.3   71.3 

OFC 2 Senior Secured Notes

  —   —   134.2   134.2 

DAC 1 Senior Secured Notes

  —   —   52.3   52.3 

USG Prudential - NV

  —   —   22.3   22.3 

USG Prudential - ID

  —   —   54.1   54.1 

USG DOE

  —   —   30.0   30.0 

Senior Unsecured Bonds

  —   —   202.8   202.8 

Senior Unsecured Loan

  —   —   150.4   150.4 

Other long-term debt

  —   —   6.8   6.8 

Deposits

 

20.9

   —   —   20.9 
v3.24.1.1.u2
Note 5 - Stock-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2024
Notes Tables  
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

Risk-free interest rates

     4.27%     —       4.94%  

Expected life (in years)

     1     —       3  
Dividend yield     0.73%  

Expected volatility (weighted average)

     28.0%     —       34.0%  

Risk-free interest rates         

  

3.86%

—

4.68%

Expected life (in years)         

  

2

—

5.75

Dividend yield         

  

0.59%

Expected volatility (weighted average)         

  

36%

—

42.20%
v3.24.1.1.u2
Note 6 - Interest Expense, Net (Tables)
 3 Months Ended
Mar. 31, 2024
Notes Tables  
Schedule of Other Nonoperating Expense, by Component [Table Text Block]
   

Three Months Ended March 31,

  
   

2024

    

2023

  
   

(Dollars in thousands)

  

Interest related to sale of tax benefits

   $ 4,896     $ 3,342  

Interest expense

     29,124       24,620  

Less — amount capitalized

     (3,052 )     (4,330 )

Total interest expense, net

   $ 30,968     $ 23,631  
v3.24.1.1.u2
Note 7 - Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2024
Notes Tables  
Schedule of Weighted Average Number of Shares [Table Text Block]
   

Three Months Ended March 31,

  
   

2024

    

2023

  
                 

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

     60,386       56,710  

Additional shares from the assumed exercise of employee stock awards

     150       394  

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

     60,536       57,104  
v3.24.1.1.u2
Note 8 - Business Segments (Tables)
 3 Months Ended
Mar. 31, 2024
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
  

Electricity

  

Product

  

Energy

Storage

  

Consolidated

 
  

(Dollars in thousands)

 

Three Months Ended March 31, 2024:

                

Revenues from external customers:

                

United States (1)

 $143,816  $876  $8,081  $152,773 

Foreign (2)

  47,437   23,956   —   71,393 

Net revenue from external customers

  191,253   24,832   8,081   224,166 

Intersegment revenues (4)

  —   20,597   —   — 

Operating income (loss)

  52,681   842   (940)  52,583 

Segment assets at period end (3) (*)

  4,961,483   190,210   365,151   5,516,844 

* Including unconsolidated investments

  127,386   —   —   127,386 
                 

Three Months Ended March 31, 2023:

                

Revenues from external customers:

                

United States (1)

 $122,411  $1,441  $4,880  $128,732 

Foreign (2)

  47,899   8,601   —   56,500 

Net revenue from external customers

  170,310   10,042   4,880   185,232 

Intersegment revenues (4)

  —   7,772   —   — 

Operating income (loss)

  57,008   (1,505)  (2,337)  53,166 

Segment assets at period end (3) (*)

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

* Including unconsolidated investments

  119,185   —   —   119,185 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]
  

Three Months Ended March 31,

 
  

2024

  

2023

 
  

(Dollars in thousands)

 

Revenues:

        

Total segment revenues

 $224,166  $185,232 

Intersegment revenues

  20,597   7,772 

Elimination of intersegment revenues

  (20,597)  (7,772)

Total consolidated revenues

 $224,166  $185,232 
         

Operating income:

        

Operating income

 $52,583  $53,166 

Interest income

  1,839   1,851 

Interest expense, net

  (30,968)  (23,631)

Derivatives and foreign currency transaction gains (losses)

  (1,582)  (1,937)

Income attributable to sale of tax benefits

  17,476   12,566 

Other non-operating income, net

  26   60 

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

 $39,374  $42,075 
v3.24.1.1.u2
Note 1 - General and Basis of Presentation 1 (Details Textual)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 28, 2024
USD ($)
Jan. 04, 2024
USD ($)
Jan. 02, 2024
USD ($)
Mar. 14, 2023
USD ($)
$ / shares
shares
Apr. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
$ / shares
Mar. 31, 2024
USD ($)
$ / shares
Mar. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
$ / shares
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares       $ 0.001   $ 0.001 $ 0.001   $ 0.001
Proceeds from Issuance of Common Stock           $ 0   $ 297,121  
Energy Storage Projects and Assets, Write-off, Including Unsuccessful Exploration Activities and Storage Assets           0   0  
Cash, FDIC Insured Amount           68,200 $ 68,200   $ 43,200
Cash, Uninsured Amount           55,900 55,900   57,500
Accounts Receivable, after Allowance for Credit Loss, Current           154,557 154,557   $ 208,704
Income Related to Transferable Production Tax Credits           4,400   1,800  
Income Related to Transferable Investment Tax Credits           11,500   $ 1,600  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]   Secured Overnight Financing Rate (SOFR) [Member]            
Kenya Power and Lighting Co LTD [Member]                  
Accounts Receivable, Past Due           40,000 40,000    
Kenya Power and Lighting Co LTD [Member] | Subsequent Event [Member]                  
Proceeds, Overdue Accounts Receivable         $ 12,400        
ENEE [Member]                  
Accounts Receivable, Past Due           $ 16,900 16,900    
ENEE [Member] | Subsequent Event [Member]                  
Proceeds, Overdue Accounts Receivable         $ 0        
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member]                  
Concentration Risk, Percentage           61.00%     57.00%
Total Receivables [Member] | Customer Concentration Risk [Member]                  
Financing Receivable, after Allowance for Credit Loss           $ 85,300 85,300   $ 161,000
Non-US [Member]                  
Accounts Receivable, after Allowance for Credit Loss, Current           98,100 98,100   152,200
Goldman Sachs & Co. LLC [Member]                  
Proceeds from Issuance of Common Stock       $ 341,700          
Public Offering [Member] | Goldman Sachs & Co. LLC [Member]                  
Stock Issued During Period, Shares, New Issues (in shares) | shares       3,600,000          
Shares Issued, Price Per Share (in dollars per share) | $ / shares       $ 82.6          
Over-Allotment Option [Member] | Goldman Sachs & Co. LLC [Member]                  
Stock Issued During Period, Shares, New Issues (in shares) | shares       540,000          
Mammoth Pacific [Member] | Project Subsidiaries [Member]                  
Subsidiary, Ownership Percentage, Parent 100.00%                
Hapoalim 2024 Loan Agreement [Member]                  
Debt Instrument, Face Amount     $ 75,000            
Debt Instrument Number of Quarterly Payments     32            
Debt Instrument, Periodic Payment, Principal     $ 2,300            
Debt Instrument, Term (Year)     8 years            
Debt Instrument, Interest Rate, Stated Percentage     6.60%            
Hapoalim 2024 Loan Agreement [Member] | Maximum [Member]                  
Debt Instrument, Covenant, Debt to Adjusted EBITDA Ratio     6.00%            
Debt Instrument, Covenant, Minimum Equity Capital, Amount     $ 750,000            
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent     25.00%            
HSBC 2024 Loan Agreement [Member]                  
Debt Instrument, Face Amount     $ 125,000            
Debt Instrument, Periodic Payment, Principal     $ 12,500            
Debt Instrument, Term (Year)     4 years            
Debt Instrument, Number of Semi-annual Payments     7            
Debt Instrument, Periodic Payment Terms, Final Princiapl Payment to be Paid     $ 37,500            
Debt Instrument, Basis Spread on Variable Rate     2.25%            
HSBC 2024 Loan Agreement [Member] | Interest Rate Swap [Member]                  
Derivative, Basis Spread on Variable Rate     3.90%            
HSBC 2024 Loan Agreement [Member] | Maximum [Member]                  
Debt Instrument, Covenant, Debt to Adjusted EBITDA Ratio     6.00%            
Debt Instrument, Covenant, Minimum Equity Capital, Amount     $ 750,000            
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent     25.00%            
Mammoth Senior Secured Notes [Member] | Mammoth Pacific [Member]                  
Debt Instrument, Face Amount $ 135,100                
Debt Instrument, Interest Rate, Stated Percentage 6.73%                
Debt Instrument, Number of Semi-annual Payments 46                
Debt Instrument, Basis Spread on Variable Rate 1.25%                
Debt Instrument, Floating Rate Notes to be Issued $ 9,000                
Debt Instrument, Commitment Fee, Percentage 0.50%                
Purchase Agreement With Enel Green Power North America [Member]                  
Payments to Acquire Businesses, Gross   $ 274,600              
Business Acquisition, Percentage of Voting Interests Acquired   100.00%              
Purchase Agreement With Enel Green Power North America [Member] | Electricity Segment [Member]                  
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual             9,400    
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual             $ 3,300    
Purchase Agreement With Enel Green Power North America [Member] | General and Administrative Expense [Member]                  
Business Combination, Acquisition Related Costs           $ 1,300     $ 1,100
v3.24.1.1.u2
Note 1 - General and Basis of Presentation 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
$ in Millions
Mar. 31, 2024
USD ($)
Revenue, Remaining Performance Obligation, Amount $ 128.7
Product [Member]  
Revenue, Remaining Performance Obligation, Percentage 100.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) 24 months
v3.24.1.1.u2
Note 1 - General and Basis of Presentation - Fair Value of Amounts of Identified Assets and Liabilities Assumed in a Business Combination (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Jan. 04, 2024
Dec. 31, 2023
Goodwill $ 151,122   $ 90,544
Purchase Agreement With Enel Green Power North America [Member]      
Trade receivables and others (1) [1]   $ 4,400  
Deferred income taxes   3,100  
Property, plant and equipment and construction-in-process (2) [2]   197,700  
Operating lease right of use   1,200  
Other long-term assets   200  
Intangible assets (3) [3]   23,600  
Goodwill [4]   60,700  
Total assets acquired   290,900  
Accounts payable, accrued expenses and others   1,500  
Other current liabilities   1,800  
Operating lease liabilities   1,200  
Other long-term liabilities   5,000  
Asset retirement obligation   6,800  
Total liabilities assumed   16,300  
Total assets acquired, and liabilities assumed, net   $ 274,600  
[1] The gross amount of trade receivables was fully collected subsequent to acquisition date.
[2] The fair value of Property, Plant and equipment was estimated by applying the income approach and utilizing the discounted cash flow method. This methodology assesses the value of tangible assets by computing the anticipated cash flows expected to be generated by the respective assets.
[3] Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs. The fair value of the intangible assets was estimated by applying the income approach and utilizing the Comparative Method of discounted cash flow.
[4] Goodwill is primarily related to the expected synergies, potential cost savings in operations as a result of the purchase transaction as well as potential future development of the greenfield assets. The goodwill is allocated to the Electricity segment and is deductible for tax purposes.
v3.24.1.1.u2
Note 1 - General and Basis of Presentation - Summary of Pro Forma Information Related to a Business Combination (Details) - Purchase Agreement With Enel Green Power North America [Member] - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Business Acquisition, Pro Forma Revenue $ 224.2 $ 194.7
Net income attributable to the Company's stockholders 39.9 27.7
Electricity Segment [Member]    
Business Acquisition, Pro Forma Revenue $ 191.3 $ 179.8
v3.24.1.1.u2
Note 1 - General and Basis of Presentation - Cash and Restricted Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Cash and cash equivalents $ 201,506 $ 195,808    
Restricted cash and cash equivalents 97,455 91,962    
Total Cash and cash equivalents and restricted cash and cash equivalents $ 298,961 $ 287,770 $ 522,322 $ 226,676
v3.24.1.1.u2
Note 1 - General and Basis of Presentation - Customers as a Percentage of Total Revenues (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member]
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Southern California Public Power Authority [Member]    
Percent of revenues 24.70% 26.70%
Sierra Pacific Power Company And Nevada Power Company [Member]    
Percent of revenues 16.80% 18.90%
Kenya Power and Lighting Co LTD [Member]    
Percent of revenues 12.20% 14.50%
v3.24.1.1.u2
Note 1 - General and Basis of Presentation - Changes in the Allowance for Expected Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Beginning balance of the allowance for expected credit losses $ 90  
Ending balance of the allowance for expected credit losses 163  
Accounting Standards Update 2016-13 [Member]    
Beginning balance of the allowance for expected credit losses 90 $ 90
Change in the provision for expected credit losses for the period 73 0
Ending balance of the allowance for expected credit losses $ 163 $ 90
v3.24.1.1.u2
Note 1 - General and Basis of Presentation - Contract Assets (Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Contract assets (*) [1] $ 23,616 $ 18,367
Contract liabilities (*) [1] $ (21,376) $ (18,669)
[1] Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet fully recognized as product revenues during the three months ended March 31, 2023 as a result of performance obligations having not been fully satisfied yet.
v3.24.1.1.u2
Note 1 - General and Basis of Presentation - Lease Income as Lessor (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Lease income relating to lease payments from operating leases $ 147,101 $ 137,621
v3.24.1.1.u2
Note 3 - Inventories - Inventories (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Raw materials and purchased parts for assembly $ 18,945 $ 20,588
Self-manufactured assembly parts and finished products 34,929 24,449
Total inventories $ 53,874 $ 45,037
v3.24.1.1.u2
Note 4 - Fair Value of Financial Instruments (Details Textual) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Cross Currency Interest Rate Contract [Member] | Prepaid Expenses and Other and Deposits and Other [Member]    
Derivatives, Cash Collateral Deposits $ 10,400 $ 10,600
Interest Rate Swap [Member] | Other long-term Liabilities [Member]    
Derivatives, Cash Collateral Deposits $ 0 $ 0
v3.24.1.1.u2
Note 4 - Fair Value of Financial Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Reported Value Measurement [Member]    
Cash equivalents (including restricted cash accounts) $ 55,316 $ 53,877
Fair Value, Net Asset (Liability) 42,914 43,461
Reported Value Measurement [Member] | Interest Rate Swap [Member]    
Derivative asset, current [1] 1,502  
Reported Value Measurement [Member] | Currency Forward Contracts [Member]    
Derivative asset, current [2] 593 1,406
Reported Value Measurement [Member] | Cross Currency Swap [Member]    
Cross currency swap (1) [3] (4,323) (3,686)
Cross currency swap (1) [3] (10,174) (8,137)
Estimate of Fair Value Measurement [Member]    
Cash equivalents (including restricted cash accounts) 55,316 53,877
Fair Value, Net Asset (Liability) 42,914 43,461
Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member]    
Derivative asset, current 1,502  
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member]    
Derivative asset, current [2] 593 1,406
Estimate of Fair Value Measurement [Member] | Cross Currency Swap [Member]    
Cross currency swap (1) [3] (4,323) (3,686)
Cross currency swap (1) [3] (10,174) (8,137)
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Cash equivalents (including restricted cash accounts) 55,316 53,877
Fair Value, Net Asset (Liability) 55,316 53,877
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member]    
Derivative asset, current 0  
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Currency Forward Contracts [Member]    
Derivative asset, current [2] 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Cross Currency Swap [Member]    
Cross currency swap (1) [3] 0 0
Cross currency swap (1) [3] 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Cash equivalents (including restricted cash accounts) 0 0
Fair Value, Net Asset (Liability) (12,402) (10,416)
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]    
Derivative asset, current 1,502  
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Forward Contracts [Member]    
Derivative asset, current [2] 593 1,406
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Cross Currency Swap [Member]    
Cross currency swap (1) [3] (4,323) (3,686)
Cross currency swap (1) [3] (10,174) (8,137)
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Cash equivalents (including restricted cash accounts) 0 0
Fair Value, Net Asset (Liability) 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member]    
Derivative asset, current 0  
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Currency Forward Contracts [Member]    
Derivative asset, current [2] 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Cross Currency Swap [Member]    
Cross currency swap (1) [3] 0 0
Cross currency swap (1) [3] $ 0 $ 0
[1] This amount relates to interest rate swap contracts valued primarily based on the present value of the interest rate swap future settlement prices based on USD zero yield curve as of March 31, 2024. This amount is included within “Prepaid expenses and other”, “Deposits and other”, "Accounts payable and accrued expenses", or “Other long-term liabilities”, as applicable, in the condensed consolidated balance sheets on March 31, 2024. There are no cash collateral deposits on March 31, 2024 and December 31, 2023.
[2] These amounts relate to cross currency swap contracts valued primarily based on the present value of the cross currency swap future settlement prices for U.S. Dollar (“USD”) and New Israeli Shekel (“NIS”) zero yield curves and the applicable exchange rate as of March 31, 2024 and December 31, 2023, as applicable. These amounts are included within “Prepaid expenses and other”, “Deposits and other”, "Accounts payable and accrued expenses", or “Other long-term liabilities”, as applicable, in the condensed consolidated balance sheets on March 31, 2024 and December 31, 2023. Cash collateral deposits in the amount of $10.4 million and $10.6 million as of March 31, 2024, and December 31, 2023, respectively, are presented under “Other receivables” in the condensed consolidated balance sheets.
[3] These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Receivables, other” or “Accounts payable and accrued expenses”, as applicable, in the condensed consolidated balance sheets on March 31, 2024 and December 31, 2023, with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income.
v3.24.1.1.u2
Note 4 - Fair Value of Financial Instruments - Amounts of Gain (Loss) Recognized in Condensed Consolidated Statements on Derivative Instruments Not Designated as Hedges (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Currency Forward Contracts [Member]    
Amount of gain (loss) recognized [1] $ 1,078 $ (1,656)
Cross Currency Swap [Member] | Designated as Hedging Instrument [Member]    
Amount of gain (loss) recognized [2] (3,236) (6,792)
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]    
Amount of gain (loss) recognized $ 457 $ 0
[1] The foregoing currency forward and price swap transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income. The price swap transaction was related to a hedging agreement with a third party that was effective January 1, 2021 under which the Company fixed the price per MWh on a portion of RRS provided by its Rabbit Hill storage facility, as described under Note 1 to the consolidated financial statements. The price swap transaction was terminated effective April 1, 2021.
[2] The foregoing cross currency swap transactions were designated as a cash flow hedge as further described under Note 1 to the consolidated financial statements. The changes in the cross currency swap fair value are initially recorded in "Other comprehensive income (loss)" and a corresponding amount is reclassified out of "Accumulated other comprehensive income (loss)" to "Derivatives and foreign currency transaction gains (losses)" to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the consolidated statements of operations and comprehensive income.
v3.24.1.1.u2
Note 4 - Fair Value of Financial Instruments - Effect of Cash Flow Hedge on Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Balance in Accumulated other comprehensive income (loss) beginning of period $ 2,440,987 $ 2,020,975
Balance in Accumulated other comprehensive income (loss) end of period 2,476,519 2,337,029
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member]    
Balance in Accumulated other comprehensive income (loss) beginning of period (318) 3,920
Balance in Accumulated other comprehensive income (loss) end of period 1,309 (1,483)
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | Cross Currency Swap [Member]    
Gain or (loss) recognized in Other comprehensive income (loss) (2,675) 1,389
Amount reclassified from Other comprehensive income (loss) into earnings 3,236 (6,792)
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]    
Gain or (loss) recognized in Other comprehensive income (loss) 1,523 0
Amount reclassified from Other comprehensive income (loss) into earnings $ (457) $ 0
v3.24.1.1.u2
Note 4 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Finance liability - Dixie Valley $ 224.2 $ 207.2
HSBC 2024 Loan Agreement [Member]    
Loans 126.5  
Mammoth Senior Secured Notes [Member]    
Loans 137.4  
Mizrahi Loan Agreement [Member]    
Loans 61.2 61.4
Mizrahi Loan Agreement 2023 [Member]    
Loans 51.8 52.0
Convertible Senior Notes [Member]    
Notes 417.4 444.6
HSBC Loan Agreement [Member]    
Loans 30.1 33.8
Hapoalim Loan Agreement [Member]    
Loans 76.0 75.0
Hapoalim Loan Agreement 2023 [Member]    
Loans 93.5 99.7
Discount Loan Agreement [Member]    
Loans 63.2 69.9
Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 22.0 21.6
Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 19.3 19.0
Platanares Loan - OPIC [Member]    
Loans 68.8 71.3
OFC Senior Secured Notes [Member]    
Notes 128.9 134.2
Don A. Campbell 1 ("DAC1") [Member]    
Notes 50.5 52.3
USG Prudential - NV [Member]    
Notes 22.0 22.3
USG Prudential - ID [Member]    
Notes 51.2 54.1
USG DOE [Member]    
Notes 28.2 30.0
Senior Unsecured Bonds [Member]    
Senior Unsecured Bond 198.5 202.8
Senior Unsecured Loan [Member]    
Senior Unsecured Bond 139.7 150.4
Estimate of Fair Value Measurement [Member]    
Finance liability - Dixie Valley 224.2 207.2
Other long-term debt 6.7 6.8
Estimate of Fair Value Measurement [Member] | Hapoalim Loan Agreement 2024 [Member]    
Loans 75.9 0.0
Estimate of Fair Value Measurement [Member] | HSBC 2024 Loan Agreement [Member]    
Loans 126.5 0.0
Estimate of Fair Value Measurement [Member] | Mammoth Senior Secured Notes [Member]    
Loans 137.4 0.0
Estimate of Fair Value Measurement [Member] | Mizrahi Loan Agreement [Member]    
Loans 61.2 61.4
Estimate of Fair Value Measurement [Member] | Mizrahi Loan Agreement 2023 [Member]    
Loans 51.8 52.0
Estimate of Fair Value Measurement [Member] | Convertible Senior Notes [Member]    
Notes 417.4 444.6
Estimate of Fair Value Measurement [Member] | HSBC Loan Agreement [Member]    
Loans 30.1 33.8
Estimate of Fair Value Measurement [Member] | Hapoalim Loan Agreement [Member]    
Loans 76.0 75.0
Estimate of Fair Value Measurement [Member] | Hapoalim Loan Agreement 2023 [Member]    
Loans 93.5 99.7
Estimate of Fair Value Measurement [Member] | Discount Loan Agreement [Member]    
Loans 63.2 69.9
Estimate of Fair Value Measurement [Member] | Olkaria III OPIC [Member]    
Loans 111.6 116.4
Estimate of Fair Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 22.0 21.6
Estimate of Fair Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 19.3 19.0
Estimate of Fair Value Measurement [Member] | Platanares Loan - OPIC [Member]    
Loans 68.8 71.3
Estimate of Fair Value Measurement [Member] | OFC Senior Secured Notes [Member]    
Notes 128.9 134.2
Estimate of Fair Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 50.5 52.3
Estimate of Fair Value Measurement [Member] | USG Prudential - NV [Member]    
Notes 22.0 22.3
Estimate of Fair Value Measurement [Member] | USG Prudential - ID [Member]    
Notes 51.2 54.1
Estimate of Fair Value Measurement [Member] | USG DOE [Member]    
Notes 28.2 30.0
Estimate of Fair Value Measurement [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured Bond 198.5 202.8
Estimate of Fair Value Measurement [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured Bond 139.7 150.4
Reported Value Measurement [Member]    
Finance liability - Dixie Valley 223.3 225.8
Other long-term debt [1] 6.8 7.7
Reported Value Measurement [Member] | Hapoalim Loan Agreement 2024 [Member]    
Loans [1] 75.0 0.0
Reported Value Measurement [Member] | HSBC 2024 Loan Agreement [Member]    
Loans 125.0 0.0
Reported Value Measurement [Member] | Mammoth Senior Secured Notes [Member]    
Loans 135.1 0.0
Reported Value Measurement [Member] | Mizrahi Loan Agreement [Member]    
Loans [1] 60.9 60.9
Reported Value Measurement [Member] | Mizrahi Loan Agreement 2023 [Member]    
Loans 50.0 50.0
Reported Value Measurement [Member] | Convertible Senior Notes [Member]    
Notes [1] 431.3 431.3
Reported Value Measurement [Member] | HSBC Loan Agreement [Member]    
Loans [1] 32.1 35.7
Reported Value Measurement [Member] | Hapoalim Loan Agreement [Member]    
Loans 80.4 80.4
Reported Value Measurement [Member] | Hapoalim Loan Agreement 2023 [Member]    
Loans 90.0 95.0
Reported Value Measurement [Member] | Discount Loan Agreement [Member]    
Loans [1] 68.8 75.0
Reported Value Measurement [Member] | Olkaria III OPIC [Member]    
Loans [1] 116.2 120.7
Reported Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans [1] 22.5 22.5
Reported Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans [1] 19.7 19.7
Reported Value Measurement [Member] | Platanares Loan - OPIC [Member]    
Loans [1] 69.6 71.7
Reported Value Measurement [Member] | OFC Senior Secured Notes [Member]    
Notes 142.5 142.5
Reported Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 55.8 57.4
Reported Value Measurement [Member] | USG Prudential - NV [Member]    
Notes [1] 23.8 23.9
Reported Value Measurement [Member] | USG Prudential - ID [Member]    
Notes 57.2 58.9
Reported Value Measurement [Member] | USG DOE [Member]    
Notes [1] 28.7 30.2
Reported Value Measurement [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured Bond [1] 217.3 220.6
Reported Value Measurement [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured Bond [1] $ 149.6 $ 158.0
[1] Carrying amount value excludes the related deferred financing costs.
v3.24.1.1.u2
Note 4 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Finance liability - Dixie Valley $ 224.2 $ 207.2
Deposit 20.0 20.9
Hapoalim 2024 Loan Agreement [Member]    
Loans 75.9  
Mizrahi Loan Agreement [Member]    
Loans 61.2 61.4
HSBC 2024 Loan Agreement [Member]    
Loans 126.5  
Mizrahi Loan Agreement 2023 [Member]    
Loans 51.8 52.0
Mammoth Senior Secured Notes [Member]    
Loans 137.4  
Convertible Senior Notes [Member]    
Notes 417.4 444.6
HSBC Loan Agreement [Member]    
Loans 30.1 33.8
Hapoalim Loan Agreement [Member]    
Loans 76.0 75.0
Hapoalim Loan Agreement 2023 [Member]    
Loans 93.5 99.7
Discount Loan Agreement [Member]    
Loans 63.2 69.9
Olkaria III Loan DFC [Member]    
Loans 111.6 116.4
Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 22.0 21.6
Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 19.3 19.0
Platanares Loan - OPIC [Member]    
Loans 68.8 71.3
OFC Senior Secured Notes [Member]    
Notes 128.9 134.2
Don A. Campbell 1 ("DAC1") [Member]    
Notes 50.5 52.3
USG Prudential - NV [Member]    
Notes 22.0 22.3
USG Prudential - ID [Member]    
Notes 51.2 54.1
USG DOE [Member]    
Notes 28.2 30.0
Senior Unsecured Bonds [Member]    
Senior Unsecured Bond 198.5 202.8
Senior Unsecured Loan [Member]    
Senior Unsecured Bond 139.7 150.4
Other Long-term Debt [Member]    
Senior Unsecured Bond 6.7 6.8
Fair Value, Inputs, Level 1 [Member]    
Finance liability - Dixie Valley 0.0 0.0
Deposit 20.0 20.9
Fair Value, Inputs, Level 1 [Member] | Hapoalim 2024 Loan Agreement [Member]    
Loans 0.0  
Fair Value, Inputs, Level 1 [Member] | Mizrahi Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | HSBC 2024 Loan Agreement [Member]    
Loans 0.0  
Fair Value, Inputs, Level 1 [Member] | Mizrahi Loan Agreement 2023 [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Mammoth Senior Secured Notes [Member]    
Loans 0.0  
Fair Value, Inputs, Level 1 [Member] | Convertible Senior Notes [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | HSBC Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Hapoalim Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Hapoalim Loan Agreement 2023 [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Discount Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Olkaria III Loan DFC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Platanares Loan - OPIC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | OFC Senior Secured Notes [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | USG Prudential - NV [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | USG Prudential - ID [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | USG DOE [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured Bond 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured Bond 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Other Long-term Debt [Member]    
Senior Unsecured Bond 0.0 0.0
Fair Value, Inputs, Level 2 [Member]    
Finance liability - Dixie Valley 0.0 0.0
Deposit 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Hapoalim 2024 Loan Agreement [Member]    
Loans 0.0  
Fair Value, Inputs, Level 2 [Member] | Mizrahi Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | HSBC 2024 Loan Agreement [Member]    
Loans 0.0  
Fair Value, Inputs, Level 2 [Member] | Mizrahi Loan Agreement 2023 [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Mammoth Senior Secured Notes [Member]    
Loans 0.0  
Fair Value, Inputs, Level 2 [Member] | Convertible Senior Notes [Member]    
Notes 417.4 444.6
Fair Value, Inputs, Level 2 [Member] | HSBC Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Hapoalim Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Hapoalim Loan Agreement 2023 [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Discount Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Olkaria III Loan DFC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Platanares Loan - OPIC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | OFC Senior Secured Notes [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | USG Prudential - NV [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | USG Prudential - ID [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | USG DOE [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured Bond 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured Bond 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Other Long-term Debt [Member]    
Senior Unsecured Bond 0.0 0.0
Fair Value, Inputs, Level 3 [Member]    
Finance liability - Dixie Valley 224.2 207.2
Deposit 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | Hapoalim 2024 Loan Agreement [Member]    
Loans 75.9  
Fair Value, Inputs, Level 3 [Member] | Mizrahi Loan Agreement [Member]    
Loans 61.2 61.4
Fair Value, Inputs, Level 3 [Member] | HSBC 2024 Loan Agreement [Member]    
Loans 126.5  
Fair Value, Inputs, Level 3 [Member] | Mizrahi Loan Agreement 2023 [Member]    
Loans 51.8 52.0
Fair Value, Inputs, Level 3 [Member] | Mammoth Senior Secured Notes [Member]    
Loans 137.4  
Fair Value, Inputs, Level 3 [Member] | Convertible Senior Notes [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | HSBC Loan Agreement [Member]    
Loans 30.1 33.8
Fair Value, Inputs, Level 3 [Member] | Hapoalim Loan Agreement [Member]    
Loans 76.0 75.0
Fair Value, Inputs, Level 3 [Member] | Hapoalim Loan Agreement 2023 [Member]    
Loans 93.5 99.7
Fair Value, Inputs, Level 3 [Member] | Discount Loan Agreement [Member]    
Loans 63.2 69.9
Fair Value, Inputs, Level 3 [Member] | Olkaria III Loan DFC [Member]    
Loans 111.6 116.4
Fair Value, Inputs, Level 3 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 22.0 21.6
Fair Value, Inputs, Level 3 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 19.3 19.0
Fair Value, Inputs, Level 3 [Member] | Platanares Loan - OPIC [Member]    
Loans 68.8 71.3
Fair Value, Inputs, Level 3 [Member] | OFC Senior Secured Notes [Member]    
Notes 128.9 134.2
Fair Value, Inputs, Level 3 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 50.5 52.3
Fair Value, Inputs, Level 3 [Member] | USG Prudential - NV [Member]    
Notes 22.0 22.3
Fair Value, Inputs, Level 3 [Member] | USG Prudential - ID [Member]    
Notes 51.2 54.1
Fair Value, Inputs, Level 3 [Member] | USG DOE [Member]    
Notes 28.2 30.0
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured Bond 198.5 202.8
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured Bond 139.7 150.4
Fair Value, Inputs, Level 3 [Member] | Other Long-term Debt [Member]    
Senior Unsecured Bond $ 6.7 $ 6.8
v3.24.1.1.u2
Note 5 - Stock-based Compensation (Details Textual) - The 2018 Incentive Compensation Plan [Member] - $ / shares
 1 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Restricted Stock Units (RSUs) [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) 209,563 174,422
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) $ 64.9 $ 79.9
Restricted Stock Units (RSUs) [Member] | Minimum [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) 1 year 1 year
Restricted Stock Units (RSUs) [Member] | Maximum [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) 3 years 4 years
Performance Stock Units (PSU) [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) 61,197 35,081
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) $ 64 $ 79.6
v3.24.1.1.u2
Note 5 - Stock-based Compensation - Fair Value of Stock-based Award on the Date of Grant (Details) - Restricted Stock Units (RSUs), and Performance Stock Units (PSU) [Member]
 1 Months Ended 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dividend yield 0.73% 0.59%
Minimum [Member]    
Risk-free interest rates 4.27% 3.86%
Expected life (in years) (Year) 1 year 2 years
Expected volatility (weighted average) 28.00% 36.00%
Maximum [Member]    
Risk-free interest rates 4.94% 4.68%
Expected life (in years) (Year) 3 years 5 years 9 months
Expected volatility (weighted average) 34.00% 42.20%
v3.24.1.1.u2
Note 6 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest related to sale of tax benefits $ 4,896 $ 3,342
Interest expense 29,124 24,620
Less — amount capitalized (3,052) (4,330)
Total interest expense, net $ 30,968 $ 23,631
v3.24.1.1.u2
Note 7 - Earnings Per Share (Details Textual) - $ / shares
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 196.7 106.3
Convertible Senior Notes [Member]    
Debt Instrument, Convertible, Conversion Price (in dollars per share) $ 90.27  
v3.24.1.1.u2
Note 7 - Earnings Per Share - Shares Used to Calculate Earnings Per Share (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Weighted average number of shares used in computation of basic earnings per share: (in shares) 60,386 56,710
Additional shares from the assumed exercise of employee stock awards (in shares) 150 394
Weighted average number of shares used in computation of diluted earnings per share (in shares) 60,536 57,104
v3.24.1.1.u2
Note 8 - Business Segments (Details Textual)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
Number of Reportable Segments 3    
Revenue from Contract with Customer, Including Assessed Tax $ 224,166 $ 185,232  
Goodwill 151,122   $ 90,544
Electricity Segment [Member]      
Revenue from Contract with Customer, Including Assessed Tax 191,253 170,310  
Goodwill 146,500 85,800  
Electricity Segment [Member] | Accounted for Under ASC 606 [Member]      
Revenue from Contract with Customer, Including Assessed Tax 44,800 32,700  
Energy Storage and Management Services [Member]      
Goodwill 4,600 4,600  
Energy Storage and Management Services [Member] | Accounted for Under Lease Accounting [Member]      
Revenue from Contract with Customer, Including Assessed Tax 700 0  
Product Segment [Member]      
Revenue from Contract with Customer, Including Assessed Tax 24,832 10,042  
Goodwill $ 0 $ 0  
v3.24.1.1.u2
Note 8 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Revenue $ 224,166 $ 185,232  
Operating income (loss) 52,583 53,166  
Segment assets at period end 5,516,844 [1],[2] 5,015,270 [1],[2] $ 5,208,279
Investment in unconsolidated companies 127,386 119,185 $ 125,439
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]      
Revenue [2] 0 0  
Electricity Segment [Member]      
Revenue 191,253 170,310  
Operating income (loss) 52,681 57,008  
Segment assets at period end [1],[2] 4,961,483 4,648,303  
Investment in unconsolidated companies 127,386 119,185  
Electricity Segment [Member] | Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]      
Revenue [2] 0 0  
Product Segment [Member]      
Revenue 24,832 10,042  
Operating income (loss) 842 (1,505)  
Segment assets at period end [1],[2] 190,210 161,428  
Investment in unconsolidated companies 0 0  
Product Segment [Member] | Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]      
Revenue [2] 20,597 7,772  
Energy Storage Segment [Member]      
Revenue 8,081 4,880  
Operating income (loss) (940) (2,337)  
Segment assets at period end [1],[2] 365,151 205,539  
Investment in unconsolidated companies 0 0  
Energy Storage Segment [Member] | Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]      
Revenue [2] 0 0  
UNITED STATES      
Revenue [3] 152,773 128,732  
UNITED STATES | Electricity Segment [Member]      
Revenue [3] 143,816 122,411  
UNITED STATES | Product Segment [Member]      
Revenue [3] 876 1,441  
UNITED STATES | Energy Storage Segment [Member]      
Revenue [3] 8,081 4,880  
Non-US [Member]      
Revenue [4] 71,393 56,500  
Non-US [Member] | Electricity Segment [Member]      
Revenue [4] 47,437 47,899  
Non-US [Member] | Product Segment [Member]      
Revenue [4] 23,956 8,601  
Non-US [Member] | Energy Storage Segment [Member]      
Revenue [4] $ 0 $ 0  
[1] Electricity segment assets include goodwill in the amount of $146.5 million and $85.8 million as of March 31, 2024 and 2023, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 million as of March 31, 2024 and 2023, respectively. No goodwill is included in the Product segment assets as of March 31, 2024 and 2023.
[2] Intersegment revenues are fully eliminated in consolidation.
[3] Electricity segment revenues in the United States are all accounted for under lease accounting except for $44.8 million in three months ended March 31, 2024, and $32.7 million for the three months ended March 31, 2023, that are accounted for under ASC 606. Product and Energy Storage segment revenues in the United States are accounted for under ASC 606, Revenue from Contracts with Customers ("ASC 606"), except for Energy Storage revenues of $0.7 million for the three months ended March 31, 2024, and none for the three months ended March 31, 2023, that are accounted for under lease accounting.
[4] Electricity segment revenues in foreign countries are all accounted for under lease accounting. Product segment revenues in foreign countries are all accounted for under ASC 606.
v3.24.1.1.u2
Note 8 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenue $ 224,166 $ 185,232
Operating income (loss) 52,583 53,166
Interest income 1,839 1,851
Interest expense, net (30,968) (23,631)
Derivatives and foreign currency transaction gains (losses) (1,582) (1,937)
Income attributable to sale of tax benefits 17,476 12,566
Other non-operating income, net 26 60
Total consolidated income before income taxes and equity in income of investees 39,374 42,075
Intersegment Eliminations [Member]    
Revenue 20,597 7,772
Consolidation, Eliminations [Member]    
Revenue $ (20,597) $ (7,772)
v3.24.1.1.u2
Note 10 - Income Taxes (Details Textual)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Effective Income Tax Rate Reconciliation, Percent 0.40% 21.10%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00%  
v3.24.1.1.u2
Note 11 - Subsequent Events (Details Textual) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended
May 08, 2024
Apr. 23, 2024
Apr. 18, 2024
Mar. 31, 2024
Mar. 31, 2023
Apr. 04, 2024
Dividends, Common Stock       $ 7,243 $ 6,732  
Common Stock, Dividends, Per Share, Declared (in dollars per share)       $ 0.12    
Subsequent Event [Member]            
Dividends, Common Stock $ 7,200          
Common Stock, Dividends, Per Share, Declared (in dollars per share) $ 0.12          
Dividends Payable, Date to be Paid Jun. 05, 2024          
Subsequent Event [Member] | Kenya Revenue Authority [Member] | Foreign Tax Jurisdiction [Member]            
Income Tax Examination, Estimate of Possible Loss   $ 79,000        
Subsequent Event [Member] | Kenya Revenue Authority [Member] | Foreign Tax Jurisdiction [Member] | Minimum [Member]            
Income Tax Examination, Year under Examination   2017        
Subsequent Event [Member] | Kenya Revenue Authority [Member] | Foreign Tax Jurisdiction [Member] | Maximum [Member]            
Income Tax Examination, Year under Examination   2022        
Subsequent Event [Member] | DEG [Member]            
Debt Instrument, Face Amount           $ 30,000
Proceeds from Issuance of Debt     $ 30,000      
Debt Instrument, Interest Rate, Stated Percentage     7.79%      
Debt Instrument, Number of Semi-annual Payments     6