Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 26, 2020 | Jun. 30, 2019 | |
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 | FY | ||
Document Fiscal Year Focus | 2019 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
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 | ||
Title of 12(b) Security | Common Stock $0.001 Par Value | ||
Trading Symbol | ORA | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 2,527,613,074 | ||
Entity Common Stock, Shares Outstanding | 51,031,652 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |||
Current assets: | |||||
Cash and cash equivalents | $ 71,173 | $ 98,802 | |||
Restricted cash and cash equivalents (primarily related to VIEs) | 81,937 | 78,693 | |||
Receivables: | |||||
Trade (primarily related to VIEs) | 154,525 | 137,581 | |||
Other | 22,048 | 19,393 | |||
Inventories | 34,949 | 45,024 | |||
Costs and estimated earnings in excess of billings on uncompleted contracts | [1] | 38,365 | 42,130 | ||
Prepaid expenses and other | 12,667 | 51,441 | |||
Total current assets | 415,664 | 473,064 | |||
Investment in unconsolidated companies | 81,140 | 71,983 | |||
Deposits and other | 38,284 | 18,209 | |||
Deferred income taxes | 129,510 | 113,760 | |||
Property, plant and equipment, net | 1,971,415 | 1,959,578 | |||
Construction-in-process | 376,555 | 261,690 | |||
Operating leases right of use | 17,405 | 0 | |||
Finance leases right of use | 14,161 | 0 | |||
Deferred financing and lease costs, net | 0 | 3,242 | |||
Intangible assets, net | 186,220 | 199,874 | |||
Goodwill | 20,140 | 19,950 | |||
Total assets | [2] | 3,250,494 | [3] | 3,121,350 | [4] |
Current liabilities: | |||||
Accounts payable and accrued expenses | 141,857 | 116,362 | |||
Short term revolving credit lines with banks (full recourse) | 40,550 | 159,000 | |||
Commercial paper | 50,000 | 0 | |||
Billings in excess of costs and estimated earnings on uncompleted contracts | 2,755 | 18,402 | |||
Current portion of long-term debt: | |||||
Senior secured notes | 24,473 | 33,493 | |||
Other loans | 34,458 | 29,687 | |||
Full recourse | 76,572 | 5,000 | |||
Operating lease liabilities | 2,743 | 0 | |||
Finance lease liabilities | 3,068 | 0 | |||
Total current liabilities | 376,476 | 361,944 | |||
Long-term debt, net of current portion: | |||||
Senior secured notes (less deferred financing costs of $6,317 and $7,434, respectively) | 339,336 | 375,337 | |||
Other loans (less deferred financing costs of $10,482 and $9,354, respectively) | 317,395 | 320,242 | |||
Senior unsecured bonds (less deferred financing costs of $675 and $758, respectively) | 286,453 | 303,575 | |||
Other loans (less deferred financing costs of $1,519 and $921, respectively) | 68,747 | 41,579 | |||
Operating lease liabilities | 14,008 | 0 | |||
Finance lease liabilities | 11,209 | 0 | |||
Liability associated with sale of tax benefits | 123,468 | 69,893 | |||
Deferred lease income | 1,201 | 48,433 | |||
Deferred income taxes | 97,126 | 61,323 | |||
Liability for unrecognized tax benefits | 14,643 | 11,769 | |||
Liabilities for severance pay | 18,751 | 17,994 | |||
Asset retirement obligation | 50,183 | 39,475 | |||
Other long-term liabilities | 6,838 | 16,087 | |||
Total liabilities | 1,725,834 | 1,667,651 | |||
Commitments and contingencies (Note 22) | |||||
Redeemable noncontrolling interest | 9,250 | 8,603 | |||
Equity: | |||||
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 51,031,652 and 50,699,781 issued and outstanding as of December 31, 2019 and December 31, 2018, respectively | 51 | 51 | |||
Additional paid-in capital | 913,150 | 901,363 | |||
Retained earnings | 487,873 | 422,222 | |||
Accumulated other comprehensive loss | (8,654) | (3,799) | |||
Total stockholders' equity attributable to Company's stockholders | 1,392,420 | 1,319,837 | |||
Noncontrolling interest | 122,990 | 125,259 | |||
Total equity | 1,515,410 | 1,445,096 | |||
Total liabilities, redeemable noncontrolling interest and equity | $ 3,250,494 | $ 3,121,350 | |||
[1] | Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheets. The contract liabilities balance at the beginning of the year was fully recognized as product revenues during the years ended December 31, 2019 and 2018 as a result of performance obligations satisfied. | ||||
[2] | Electricity segment assets include goodwill in the amount of $20.1 million, $20.0 million and $7.6 as of December 31, 2019, 2018 and 2017, respectively. No goodwill is included in the Product and Energy Storage and Management Services segment assets as of December 31, 2019 and 2018. Energy Storage and Management Services segment assets as December 31, 2017 include goodwill in the amount of $13.5 million. For further information on goodwill, see Note 9 - Intangible assets and goodwill to the consolidated financial statements. | ||||
[3] | Including unconsolidated investments 81,140 — — 81,140 | ||||
[4] | Including unconsolidated investments 34,084 — — 34,084 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, plant and equipment, net | $ 1,971,415 | $ 1,959,578 |
Construction-in-process | 376,555 | 261,690 |
Operating leases right of use | 17,405 | 0 |
Finance leases right of use | $ 14,161 | $ 0 |
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) | 51,031,652 | 50,699,781 |
Common stock, shares outstanding (in shares) | 51,031,652 | 50,699,781 |
Senior Secured Notes [Member] | ||
Deferred financing costs | $ 6,317 | $ 7,434 |
Other Loans, Limited and Non-recourse [Member] | ||
Deferred financing costs | 10,482 | 9,354 |
Senior Unsecured Bonds [Member] | ||
Deferred financing costs | 675 | 758 |
Other Loans, Full Recourse [Member] | ||
Deferred financing costs | 1,519 | 921 |
Variable Interest Entity [Member] | ||
Property, plant and equipment, net | 1,880,547 | 1,859,228 |
Construction-in-process | 149,830 | $ 104,085 |
Operating leases right of use | 4,688 | |
Finance leases right of use | $ 8,479 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenues: | ||||
Revenue | [1] | $ 746,044 | $ 719,267 | $ 692,812 |
Cost of revenues: | ||||
Cost of revenues | 476,721 | 448,832 | 424,360 | |
Gross profit | 269,323 | 270,435 | 268,452 | |
Operating expenses: | ||||
Research and development expenses | 4,647 | 4,183 | 3,157 | |
Selling and marketing expenses | 15,047 | 19,802 | 15,600 | |
General and administrative expenses | 55,833 | 47,750 | 42,881 | |
Impairment charge | 0 | 13,464 | 0 | |
Write-off of unsuccessful exploration activities | 0 | 126 | 1,796 | |
Operating income | 193,796 | 185,110 | 205,018 | |
Other income (expense): | ||||
Interest income | 1,515 | 974 | 988 | |
Interest expense, net | (80,384) | (70,924) | (54,142) | |
Derivatives and foreign currency transaction gains (losses) | 624 | (4,761) | 2,654 | |
Income attributable to sale of tax benefits | 20,872 | 19,003 | 17,878 | |
Other non-operating income (expense), net | 880 | 7,779 | (1,666) | |
Income from operations before income tax and equity in earnings (losses) of investees | 137,303 | 137,181 | 170,730 | |
Income tax (provision) benefit | (45,613) | (34,733) | (21,664) | |
Equity in earnings (losses) of investees, net | 1,853 | 7,663 | (1,957) | |
Net income | 93,543 | 110,111 | 147,109 | |
Net income attributable to noncontrolling interest | (5,448) | (12,145) | (14,695) | |
Net income attributable to the Company's stockholders | 88,095 | 97,966 | 132,414 | |
Comprehensive income: | ||||
Net income | 93,543 | 110,111 | 147,109 | |
Other comprehensive income (loss), net of related taxes: | ||||
Change in foreign currency translation adjustments | (1,810) | (1,831) | 3,440 | |
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment | (3,417) | 2,235 | 804 | |
Change in respect of derivative instruments designated for cash flow hedge | 75 | 81 | 135 | |
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (31) | (57) | (73) | |
Comprehensive income | 88,360 | 110,539 | 151,415 | |
Comprehensive income attributable to noncontrolling interest | (5,120) | (11,666) | (15,532) | |
Comprehensive income attributable to the Company's stockholders | $ 83,240 | $ 98,873 | $ 135,883 | |
Basic: | ||||
Net income (in dollars per share) | $ 1.73 | $ 1.93 | $ 2.64 | |
Diluted: | ||||
Net income (in dollars per share) | $ 1.72 | $ 1.92 | $ 2.61 | |
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: | ||||
Basic (in shares) | 50,867 | 50,643 | 50,110 | |
Diluted (in shares) | 51,227 | 50,969 | 50,769 | |
Electricity [Member] | ||||
Revenues: | ||||
Revenue | $ 540,333 | $ 509,879 | $ 465,593 | |
Cost of revenues: | ||||
Cost of revenues | 312,835 | 298,255 | 266,840 | |
Product [Member] | ||||
Revenues: | ||||
Revenue | 191,009 | 201,743 | 224,483 | |
Cost of revenues: | ||||
Cost of revenues | 145,974 | 140,697 | 152,094 | |
Energy Storage and Management Services [Member] | ||||
Revenues: | ||||
Revenue | 14,702 | 7,645 | 2,736 | |
Cost of revenues: | ||||
Cost of revenues | $ 17,912 | $ 9,880 | $ 5,426 | |
[1] | Revenues as reported in the geographic area in which they originate. |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | ORTP Class B Membership [Member]Common Stock [Member] | ORTP Class B Membership [Member]Additional Paid-in Capital [Member] | ORTP Class B Membership [Member]Retained Earnings [Member] | ORTP Class B Membership [Member]AOCI Attributable to Parent [Member] | ORTP Class B Membership [Member]Parent [Member] | ORTP Class B Membership [Member]Noncontrolling Interest [Member] | ORTP Class B Membership [Member] | OPC Class B Membership [Member]Common Stock [Member] | OPC Class B Membership [Member]Additional Paid-in Capital [Member] | OPC Class B Membership [Member]Retained Earnings [Member] | OPC Class B Membership [Member]AOCI Attributable to Parent [Member] | OPC Class B Membership [Member]Parent [Member] | OPC Class B Membership [Member]Noncontrolling Interest [Member] | OPC Class B Membership [Member] | Guadeloupe 1 [Member]Common Stock [Member] | Guadeloupe 1 [Member]Additional Paid-in Capital [Member] | Guadeloupe 1 [Member]Retained Earnings [Member] | Guadeloupe 1 [Member]AOCI Attributable to Parent [Member] | Guadeloupe 1 [Member]Parent [Member] | Guadeloupe 1 [Member]Noncontrolling Interest [Member] | Guadeloupe 1 [Member] | Tungsten [Member]Common Stock [Member] | Tungsten [Member]Additional Paid-in Capital [Member] | Tungsten [Member]Retained Earnings [Member] | Tungsten [Member]AOCI Attributable to Parent [Member] | Tungsten [Member]Parent [Member] | Tungsten [Member]Noncontrolling Interest [Member] | Tungsten [Member] | McGinness Hills Phase III [Member]Common Stock [Member] | McGinness Hills Phase III [Member]Additional Paid-in Capital [Member] | McGinness Hills Phase III [Member]Retained Earnings [Member] | McGinness Hills Phase III [Member]AOCI Attributable to Parent [Member] | McGinness Hills Phase III [Member]Parent [Member] | McGinness Hills Phase III [Member]Noncontrolling Interest [Member] | McGinness Hills Phase III [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 49,667 | |||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2016 | $ 50 | $ 869,463 | $ 215,352 | $ (8,175) | $ 1,076,690 | $ 91,582 | $ 1,168,272 | |||||||||||||||||||||||||||||||||||
Stock-based compensation | $ 0 | 8,760 | 0 | 0 | 8,760 | 0 | 8,760 | |||||||||||||||||||||||||||||||||||
Exercise of options by employees and directors (in shares) | 942 | |||||||||||||||||||||||||||||||||||||||||
Exercise of options by employees and directors | $ 1 | 16,111 | 0 | 0 | 16,112 | 0 | 16,112 | |||||||||||||||||||||||||||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | (21,313) | (21,313) | |||||||||||||||||||||||||||||||||||
Cash dividend declared | 0 | 0 | (20,511) | 0 | (20,511) | 0 | (20,511) | |||||||||||||||||||||||||||||||||||
Buyout of Class B membership | $ 0 | $ 2,913 | $ 0 | $ 0 | $ 2,913 | $ (6,964) | $ (4,051) | $ 0 | $ (8,469) | $ 0 | $ 0 | $ (8,469) | $ 6,537 | $ (1,932) | ||||||||||||||||||||||||||||
Net income | 0 | 0 | 132,414 | 0 | 132,414 | 13,643 | 146,057 | |||||||||||||||||||||||||||||||||||
Change in foreign currency translation adjustments | 0 | 0 | 0 | 2,603 | 2,603 | 837 | 3,440 | |||||||||||||||||||||||||||||||||||
Change in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | 135 | 135 | 0 | 135 | |||||||||||||||||||||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 0 | 0 | 0 | 804 | 804 | 0 | 804 | |||||||||||||||||||||||||||||||||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | $ 0 | 0 | 0 | (73) | (73) | 0 | (73) | |||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2017 | 50,609 | |||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2017 | $ 51 | 888,778 | 327,255 | (4,706) | 1,211,378 | 84,322 | 1,295,700 | |||||||||||||||||||||||||||||||||||
Stock-based compensation | $ 0 | 10,218 | 0 | 0 | 10,218 | 0 | 10,218 | |||||||||||||||||||||||||||||||||||
Exercise of options by employees and directors (in shares) | 91 | |||||||||||||||||||||||||||||||||||||||||
Exercise of options by employees and directors | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | (10,972) | (10,972) | |||||||||||||||||||||||||||||||||||
Cash dividend declared | 0 | 0 | (26,834) | 0 | (26,834) | 0 | (26,834) | |||||||||||||||||||||||||||||||||||
Net income | 0 | 0 | 97,966 | 0 | 97,966 | 11,155 | 109,121 | |||||||||||||||||||||||||||||||||||
Change in foreign currency translation adjustments | 0 | 0 | 0 | (1,352) | (1,352) | (479) | (1,831) | |||||||||||||||||||||||||||||||||||
Change in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | 81 | 81 | 0 | 81 | |||||||||||||||||||||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 0 | 0 | 0 | 2,235 | 2,235 | 0 | 2,235 | |||||||||||||||||||||||||||||||||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | (57) | (57) | 0 | (57) | |||||||||||||||||||||||||||||||||||
Cumulative effect of changes in accounting principles at Dec. 31, 2017 | 0 | 0 | 23,835 | 0 | 23,835 | 0 | 23,835 | |||||||||||||||||||||||||||||||||||
Adjusted balance as of the beginning of the year at Dec. 31, 2017 | 51 | 888,778 | 351,090 | (4,706) | 1,235,213 | 84,322 | 1,319,535 | |||||||||||||||||||||||||||||||||||
Increase in noncontrolling interest | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 5,339 | $ 5,339 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 996 | $ 996 | ||||||||||||||||||||||||||||
Tax effect of partnership interest buyout | 0 | 2,367 | 0 | 0 | 2,367 | 0 | 2,367 | |||||||||||||||||||||||||||||||||||
Purchase of U.S. Geothermal | $ 0 | 0 | 0 | 0 | 0 | 34,898 | 34,898 | |||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2018 | 50,700 | |||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2018 | $ 51 | 901,363 | 422,222 | (3,799) | 1,319,837 | 125,259 | 1,445,096 | |||||||||||||||||||||||||||||||||||
Stock-based compensation | $ 0 | 9,358 | 0 | 0 | 9,358 | 0 | 9,358 | |||||||||||||||||||||||||||||||||||
Exercise of options by employees and directors (in shares) | 332 | |||||||||||||||||||||||||||||||||||||||||
Exercise of options by employees and directors | $ 0 | 2,429 | 0 | 0 | 2,429 | 0 | 2,429 | |||||||||||||||||||||||||||||||||||
Cash paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | (8,329) | (8,329) | |||||||||||||||||||||||||||||||||||
Cash dividend declared | 0 | 0 | (22,386) | 0 | (22,386) | 0 | (22,386) | |||||||||||||||||||||||||||||||||||
Net income | 0 | 0 | 88,095 | 0 | 88,095 | 4,316 | 92,411 | |||||||||||||||||||||||||||||||||||
Change in foreign currency translation adjustments | 0 | 0 | 0 | (1,482) | (1,482) | (328) | (1,810) | |||||||||||||||||||||||||||||||||||
Change in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | 75 | 75 | 0 | 75 | |||||||||||||||||||||||||||||||||||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment | 0 | 0 | 0 | (3,417) | (3,417) | 0 | (3,417) | |||||||||||||||||||||||||||||||||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | 0 | 0 | 0 | (31) | (31) | 0 | (31) | |||||||||||||||||||||||||||||||||||
Cumulative effect of changes in accounting principles at Dec. 31, 2018 | 0 | 0 | (58) | 0 | (58) | 0 | (58) | |||||||||||||||||||||||||||||||||||
Adjusted balance as of the beginning of the year at Dec. 31, 2018 | $ 51 | 901,363 | 422,164 | (3,799) | 1,319,779 | 125,259 | 1,445,038 | |||||||||||||||||||||||||||||||||||
Increase in noncontrolling interest | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 2,072 | $ 2,072 | |||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2019 | 51,032 | |||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2019 | $ 51 | $ 913,150 | $ 487,873 | $ (8,654) | $ 1,392,420 | $ 122,990 | $ 1,515,410 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retained Earnings [Member] | |||
Cash dividend declared, per share (in dollars per share) | $ 0.44 | $ 0.53 | $ 0.41 |
Amortization of unrealized gains, tax | $ 18 | $ 46 | |
Cash dividend declared, per share (in dollars per share) | $ 0.44 | $ 0.53 | $ 0.44 |
Loss in respect of derivative instruments designated for cash flow hedge, related tax | $ 24 | ||
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment, tax | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Cash flows from operating activities: | |||
Net income | $ 93,543 | $ 110,111 | $ 147,109 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 148,761 | 132,233 | 115,146 |
Accretion of asset retirement obligation | 2,709 | 2,474 | 1,874 |
Stock-based compensation | 9,358 | 10,218 | 8,760 |
Amortization of deferred lease income | (2,685) | (2,685) | (2,685) |
Income attributable to sale of tax benefits, net of interest expense | (10,084) | (8,609) | (11,956) |
Equity in losses (earnings) of investees, net | (1,853) | (7,663) | 1,957 |
Mark-to-market of derivative instruments | (1,402) | 2,032 | (1,473) |
Write-off of unsuccessful exploration activities | 0 | 126 | 1,796 |
Goodwill, Impairment Loss | 0 | 13,464 | 0 |
Loss (gain) on severance pay fund asset | (1,016) | 1,186 | (1,746) |
Deferred income tax provision | 27,896 | 19,360 | (41,147) |
Liability for unrecognized tax benefits | 2,874 | 2,879 | 3,270 |
Deferred lease revenues | (574) | (402) | (356) |
Gain from insurance recoveries | 0 | (4,463) | 0 |
Other | 914 | 100 | 737 |
Changes in operating assets and liabilities, net of businesses acquired: | |||
Receivables | (15,133) | (29,928) | (24,040) |
Costs and estimated earnings in excess of billings on uncompleted contracts | 3,765 | (1,185) | 11,253 |
Inventories | 5,500 | (9,318) | (1,070) |
Prepaid expenses and other | 3,452 | (11,172) | 208 |
Change in operating lease right of use asset | 8,167 | 0 | 0 |
Deposits and other | (22,525) | 18 | (2,570) |
Accounts payable and accrued expenses | 8,738 | (56,724) | 51,641 |
Billings in excess of costs and estimated earnings on uncompleted contracts | (15,647) | (1,839) | (11,389) |
Liabilities for severance pay | 757 | (3,147) | 2,541 |
Change in operating lease liabilities | (8,405) | 0 | 0 |
Other liabilities, net | (617) | (11,244) | (2,285) |
Net cash provided by operating activities | 236,493 | 145,822 | 245,575 |
Cash flows from investing activities: | |||
Capital expenditures | (279,986) | (258,521) | (259,234) |
Cash received from insurance recoveries | 35,435 | 10,427 | 0 |
Investment in unconsolidated companies | (10,674) | (3,800) | (46,318) |
Buyout of Class B membership in ORTP | 0 | 0 | (2,400) |
Buyout of Class B membership in OPC | 0 | 2,367 | (1,932) |
Cash paid for acquisition of controlling interest in a subsidiary, net of cash acquired | 0 | (95,093) | (35,300) |
Intangible assets acquired | 0 | 0 | (868) |
Decrease (increase) in severance pay fund asset, net of payments made to retired employees | 687 | 2,186 | 526 |
Net cash used in investing activities | (254,538) | (342,434) | (345,526) |
Cash flows from financing activities: | |||
Proceeds from sale of membership interests to noncontrolling interest, net of transaction costs | 0 | 3,174 | 0 |
Proceeds from long-term loans, net of transaction costs | 132,847 | 214,700 | 0 |
Proceeds from exercise of options by employees | 2,429 | 0 | 16,111 |
Proceeds from the sale of limited liability company interest, net of transaction costs | 58,289 | 32,175 | 0 |
Prepayment of long-term debt | (21,073) | 0 | (14,270) |
Proceeds from issuance of commercial paper | 50,000 | 0 | 0 |
Proceeds from revolving credit lines with banks | 1,450,850 | 4,097,000 | 1,097,500 |
Repayment of revolving credit lines with banks | (1,569,300) | (3,989,500) | (1,046,000) |
Cash received from noncontrolling interest | 3,346 | 4,134 | 2,017 |
Cash paid for achievement of production threshold in GB | 0 | 0 | (8,032) |
Repayments of long-term debt | (72,708) | (62,774) | (66,223) |
Cash paid to noncontrolling interest | (9,730) | (13,106) | (21,313) |
Payments under finance lease obligations | (3,164) | (2,551) | (1,871) |
Deferred debt issuance costs | (5,165) | (5,287) | (5,290) |
Cash dividends paid | (22,386) | (26,834) | (20,511) |
Net cash provided by (used in) financing activities | (5,765) | 251,131 | (67,882) |
Effect of exchange rate changes | (575) | (660) | 0 |
Net change in cash and cash equivalents and restricted cash and cash equivalents | (24,385) | 53,859 | (167,833) |
Restricted cash and cash equivalents acquired in a business combination | 0 | 26,993 | 0 |
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period | 177,495 | 96,643 | 264,476 |
Cash and cash equivalents and restricted cash and cash equivalents at end of period | 153,110 | 177,495 | 96,643 |
Supplemental disclosure of cash flow information: | |||
Interest, net of interest capitalized | 61,628 | 53,864 | 40,484 |
Income taxes, net | 1,649 | 18,028 | 21,878 |
Supplemental non-cash investing and financing activities: | |||
Increase (decrease) in accounts payable related to purchases of property, plant and equipment | 9,423 | (6,878) | 4,484 |
Right of use assets obtained in exchange for new lease liabilities | 11,626 | 8,584 | 0 |
Increase in asset retirement cost and asset retirement obligation | $ 8,334 | $ 881 | $ 1,888 |
Note 1 - Business and Significa
Note 1 - Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 Business The Company is primarily engaged in the geothermal and recovered energy business, including the supply of equipment that is manufactured by the Company and the design and construction of power plants for projects owned by the Company or for third Most of the Company’s domestic power plant facilities are Qualifying Facilities under the PURPA. The Power Purchase Agreements ("PPAs") for certain of such facilities are dependent upon their maintaining Qualifying Facility status. Management believes that all of the facilities located in the United States were in compliance with Qualifying Facility status requirements as of December 31, 2019. Cash dividends During the years ended December 31, 2019, 2018 2017, Rounding Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000, Basis of presentation The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and of all majority-owned subsidiaries in which the Company exercises control over operating and financial policies, and variable interest entities in which the Company has an interest and is the primary beneficiary. Intercompany accounts and transactions have been eliminated in consolidation. Investments in less-than-majority-owned entities or other entities in which the Company exercises significant influence over operating and financial policies are accounted for using the equity method of accounting or consolidated if they are a variable interest entity in which the Company has an interest and is the primary beneficiary. Under the equity method, original investments are recorded at cost and adjusted by the Company’s share of undistributed earnings or losses of such companies. The Company’s earnings or losses in investments accounted for under the equity method have been reflected as “equity in earnings (losses) of investees, net” on the Company’s consolidated statements of operations and comprehensive income (loss). Cash and cash equivalents The Company considers all highly liquid instruments, with an original maturity of three Restricted cash, cash equivalents, and marketable securities Under the terms of certain long-term debt agreements, the Company is required to maintain certain debt service reserves, cash collateral and operating fund accounts that have been classified as restricted cash and cash equivalents. Funds that will be used to satisfy obligations due during the next 12 Reconciliation of cash and cash equivalents and restricted cash and cash equivalents The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported on the balance sheet that sum to the total of the same amounts shown on the statement of cash flows: December 31, 2019 2018 2017 (Dollars in thousands) Cash and cash equivalents $ 71,173 $ 98,802 $ 47,818 Restricted cash and cash equivalents 81,937 78,693 48,825 Total cash and cash equivalents and restricted cash and cash equivalents $ 153,110 $ 177,495 $ 96,643 Concentration of credit risk Financial instruments which potentially subject the Company to concentration of credit risk consist principally of temporary cash investments and accounts receivable. The Company places its temporary cash investments with high credit quality financial institutions located in the U.S. and in foreign countries. At December 31, 2019 2018, ten $250,000 December 31, 2019 2018, not At December 31, 2019 2018, December 31, 2019 2018, 19 The Company has historically been able to collect substantially all of its receivable balances. As of December 31, 2019, January February 2020. September 30, 2019. May 2019, December 31, 2019, October 2018 April 2019 none Additionally, Pacific Gas and Electric Corporation (“PG&E Corporation”) and its subsidiary Pacific Gas and Electric Company (“PG&E”), which accounted for 1.5%, 1.9% and 2.0% of the Company's total revenues for the years ended December 31, 2019, 2018 2017, 2017 2018. January 29, 2019, 11 December 31, 2019, December 2019 January 2020. Inventories Inventories consist primarily of raw material parts and sub-assemblies for power units and are stated at the lower of cost or net realizable value, using the weighted-average cost method. Inventories are reduced by a provision for slow-moving and obsolete inventories. This provision was not December 31, 2019 2018. Deposits and other Deposits and other consist primarily of performance bonds for construction projects, long-term insurance contract and receivables, certain deferred costs and derivative instruments. Property, plant and equipment, net Property, plant and equipment are stated at cost. All costs associated with the acquisition, development and construction of power plants operated by the Company are capitalized. Major improvements are capitalized and repairs and maintenance (including major maintenance) costs are expensed. Power plants operated by the Company, which include geothermal wells and exploration and resource development costs, are depreciated using the straight-line method over their estimated useful lives, which range from 15 to 30 years. The other assets are depreciated using the straight-line method over the following estimated useful lives of the assets: Buildings (in years) 25 Leasehold improvements (in years) 15 - 20 Machinery and equipment — manufacturing and drilling (in years) 10 Machinery and equipment — computers (in years) 3 - 5 Office equipment — furniture and fixtures (in years) 5 - 15 Office equipment — other (in years) 5 - 10 Vehicles (in years) 5 - 7 The cost and accumulated depreciation of items sold or retired are removed from the accounts. Any resulting gain or loss is recognized currently and recorded in the accompanying statements of operations. The Company capitalizes interest costs as part of constructing power plant facilities. Such capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Capitalized interest costs amounted to $3.3 million, $3.7 million, and $7.2 million for the years ended December 31, 2019, 2018 2017, Exploration and development costs The Company capitalizes costs incurred in connection with the exploration and development of geothermal resources once it acquires land rights to the potential geothermal resource. Prior to acquiring land rights, the Company makes an initial assessment that an economically feasible geothermal reservoir is probable on that land. The Company determines the economic feasibility of potential geothermal resources internally, with all available data and external assessments vetted through the exploration department and occasionally using outside service providers. Costs associated with the initial assessment are expensed and included in cost of electricity revenues in the consolidated statements of operations and comprehensive income (loss). Such costs were immaterial during the years ended December 31, 2019, 2018 2017. two three may In most cases, the Company obtains the right to conduct the geothermal development and operations on land owned by the Bureau of Land Management ("BLM"), various states or with private parties. The up-front bonus payments and other related costs, such as legal fees, are capitalized and included in construction-in-process. The annual land lease payments made during the exploration, development and construction phase are expensed as incurred and included in “electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss). Upon commencement of power generation on the leased land, the Company begins to pay the lessor’s long-term royalty payments based on the utilization of the geothermal resources as defined in the respective agreements. Such payments are expensed when the related revenues are earned and included in “electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss). Following the acquisition of land rights to the potential geothermal resource, the Company conducts further studies and surveys, including water and soil analyses, among others, and augments its database with the results of these studies. The Company then initiates a suite of geophysical surveys to assess the resource and determine drilling locations. If the results of these activities support the initial assessment of the feasibility of the geothermal resource, the Company then proceeds to exploratory drilling and other related activities which may may not When deciding whether to continue holding lease rights and/or to pursue exploration activity, the Company diligently prioritizes prospective investments, taking into account resource and probability assessments in order to make informed decisions about whether a particular project will support commercial operation. As a result, write-off of unsuccessful activities for the years ended December 31, 2019, 2018 2017 2017, no Grants received from the U.S. DOE are offset against the related exploration and development costs. There were no December 31, 2019, 2018 2017. All exploration and development costs that are being capitalized, including the up-front bonus payments made to secure land leases, will be depreciated over their estimated useful lives when the related geothermal power plant is substantially complete and ready for use. A geothermal power plant is substantially complete and ready for use when electricity generation commences. Asset retirement obligation The Company records the fair value of a legal liability for an asset retirement obligation in the period in which it is incurred. The Company’s legal liabilities include plugging wells and post-closure costs of power producing sites. When a new liability for asset retirement obligations is recorded, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. The Company periodically reassess the assumptions used to estimate the expected cash flows required to settle the asset retirement obligation, including changes in estimated probabilities, amounts, and timing of the settlement of the asset retirement obligation, as well as changes in the legal requirements of an obligation and revises the previously recorded asset retirement obligation accordingly. At retirement, the obligation is settled for its recorded amount at a gain or loss. Deferred financing costs Deferred financing costs are presented as a direct deduction from the carrying value of the associated debt liability or under deferred financing if associated with lines of credit. Such deferred costs are amortized over the term of the related obligation using the effective interest method or ratably, as applicable. Amortization of deferred financing costs is presented as interest expense in the consolidated statements of operations and comprehensive income (loss). Accumulated amortization related to deferred financing costs amounted to $19.5 million and $21.8 million at December 31, 2019 2018, December 31, 2019, 2018 2017 December 31, 2019, 2018 2017, Goodwill Goodwill represents the excess of the fair value of consideration transferred in the business combination transactions of Guadeloupe and USG over the fair value of tangible and intangible assets acquired, net of the fair value of liabilities assumed and the fair value of any noncontrolling interest in the acquisitions. Goodwill is not December 31 not first not no one not first January 2017, 2017 04, 350 2018, two two 2017 04, one not 9 Intangible assets Intangible assets consist of allocated acquisition costs of PPAs, which are amortized using the straight-line method over the 13 to 29-year terms of the agreements (see Note 9 may not no no not Impairment of long-lived assets and long-lived assets to be disposed of The Company evaluates long-lived assets, such as property, plant and equipment and construction-in-process for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not not not The Company tests its operating plants that are operated together as a complex for impairment at the complex level because the cash flows of such plants result from significant shared operating activities. For example, the operating power plants in a complex are managed under a combined operation management generally with one one not not not Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset. The significant assumptions that the Company uses in estimating its undiscounted future cash flows include: (i) projected generating capacity of the complex or power plant and rates to be received under the respective PPAs and expected market rates thereafter and (ii) projected operating expenses of the relevant complex or power plant. Estimates of future cash flows used to test recoverability of a long-lived asset under development also include cash flows associated with all future expenditures necessary to develop the asset. If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Management believes that no impairment exists for long-lived assets; however, estimates as to the recoverability of such assets may may 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. All changes in the fair value of derivatives are recognized in earnings unless specific hedge criteria are met, which requires a company to formally document, designate and assess the effectiveness of transactions that receive hedge accounting. The Company maintains a risk management strategy that may not Foreign currency translation The U.S. dollar is the functional currency for all of the Company’s consolidated operations and those of its equity affiliates except for the Guadeloupe power plant and the Company's operations in New Zealand. For those entities, all gains and losses from currency translations are included within the line item “Derivatives and foreign currency transaction gains (losses)” within the consolidated statements of operations and comprehensive income (loss). The Euro and New Zealand Dollar are the functional currencies of the Guadeloupe power plant and the Company's operations in New Zealand, respectively, and thus gains and losses from currency translation adjustments in those locations are included as currency translation adjustments in accumulated other comprehensive income in the consolidated statements of equity and in comprehensive income. The accumulated currency translation adjustments amounted to $1.5 million and $0.0 million as of December 31, 2019 2018, Comprehensive income (loss) reporting Comprehensive income (loss) includes net income or loss plus other comprehensive income (loss), which for the Company consists of changes in unrealized gains or losses in respect of the Company’s share in derivatives instruments of an unconsolidated investment, foreign currency translation adjustments and changes in respect of derivative instruments designated as a cash flow hedge. The changes in foreign currency translation adjustments and gains or losses in respect of derivative instruments designated as a cash flow hedge during the years ended December 31, 2019, 2018 2017 5 Revenues and cost of revenues Upon adoption of ASU 2014 09, 606 January 1, 2018, 1 2 3 4 5 Revenues are primarily related to: (i) sale of electricity from geothermal and recovered energy-based power plants owned and operated by the Company; (ii) geothermal and recovered energy-based power plant equipment engineering, sale, construction and installation, and operating services and (iii) energy storage, demand-response and energy management related services as well as services relating to the engineering, procurement, construction, operation and maintenance of energy storage units. Electricity segment revenues July 1, 2003, five 8 606, 30 60 Product segment revenues third not not no one two In contracts for which the Company determines that control is not Accounting for product contracts that are satisfied over time includes use of several estimates such as variable consideration related to bonuses and penalties and total estimated cost for completing the contract. The estimated amount of variable consideration will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not The nature of the Company's product contracts give rise to several modifications or change requests by its customers. Substantially all of the modifications are treated as cumulative catch-ups to revenues since the additional goods are not one Energy Storage and Management Services segment revenues 606 may The Company's accounting policy for revenues included under the 2017 Revenues related to the sale of electricity from geothermal and recovered energy-based power plants and capacity payments are recorded based upon output delivered and capacity provided at rates specified under relevant contract terms. For PPAs agreed to, modified, or acquired in business combinations on or after July 1, 2003, five 8 Revenues from engineering, operating services, and parts and product sales are recorded upon providing the service or delivery of the products and parts and when collectability is reasonably assured. Revenues from the supply and/or construction of geothermal and recovered energy-based power plant equipment and other equipment to third may In specific instances where there is a lack of dependable estimates or inherent risks that may Contract assets related to the Company's Product segment reflect revenues 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 December 31, 2019 2018 December 31, December 31, 2019 2018 (Dollars in thousands) Contract assets (*) $ 38,365 $ 42,130 Contract liabilities (*) (2,755 ) (18,402 ) Contract assets, net $ 35,610 $ 23,728 (*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheets. The contract liabilities balance at the beginning of the year was fully recognized as product revenues during the years ended December 31, 2019 2018 The following table presents the significant changes in the contract assets and contract liabilities for the years ended December 31, 2019 2018: Years Ended December 31, 2019 2018 Contract assets Contract liabilities Contract assets Contract liabilities (Dollars in thousands) Recognition of contract liabilities as revenue as a result of performance obligations satisfied $ — $ 12,675 $ — $ 33,349 Cash received in advance for which revenues have not yet recognized, net of expenditures made — (3,323 ) — (38,162 ) Reduction of contract assets as a result of rights to consideration becoming unconditional (130,918 ) — (128,659 ) — Contract assets recognized, net of recognized receivables 133,448 — 136,496 — Net change in contract assets and contract liabilities $ 2,530 $ 9,352 $ 7,837 $ (4,813 ) The timing of revenue recognition, billings and cash collections results in accounts receivable, contract assets and contract liabilities on the consolidated balance sheet. In the Company's Products segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, or upon achievement of contractual milestones. Generally, billing occurs subsequent to the recognition of revenue, resulting in contract assets. However, the Company sometimes receives advances or deposits from its customers before revenue can be recognized, resulting in contract liabilities. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. The timing of billing its customers and receiving advance payments vary from contract to contract. The majority of payments are received no On December 31, 2019, not The following schedule reconciles revenues accounted under lease accounting, and ASC 606, December 31, 2019 2018: Year Ended December 31, 2019 2018 (Dollars in thousands) Electricity Revenues accounted under lease accounting $ 479,059 $ 481,619 Electricity, Product and Energy Storage and Management Services revenues accounted under ASC 606 266,985 237,648 Total consolidated revenues $ 746,044 $ 719,267 Disaggregated revenues from contracts with customers for the years ended December 31, 2019 2018 19 Termination fee Fees to terminate PPAs are recognized in the period incurred as selling and marketing expenses. During 2018, 2 2018. 2019 2017, no Warranty on products sold The Company generally provides a one two December 31, 2019, 2018 2017. Research and development Research and development costs incurred by the Company for the development of existing and new geothermal and recovered energy power plants as well as storage related technologies are expensed as incurred. Grants received from the DOE are offset against the related research and development expenses. There were no December 31, 2019, 2018 2017. Stock-based compensation The Company accounts for stock-based compensation using the fair value method whereby compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite employee service period (generally the vesting period of the grant). The Company uses the Exercise Multiple-Based Lattice SAR-Pricing Model to value the stock-based compensation awards to reflect accumulated historic data retained of behavioral parameters. Tax monetization Transactions The Company has three 3 13 2017 13. 470. 810. 835 7. Income taxes Income taxes are accounted for using the asset and liability approach, which requires the recognition of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. The measurement of current and deferred tax assets and liabilities are based on provisions of the enacted tax law. The Company accounts for investment tax credits and production tax credits as a reduction to income taxes in the year in which the credit arises. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are more likely than not not Earnings per share Basic earnings per share attributable to the Company’s stockholders (“earnings per share”) 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 The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share: Year Ended December 31, 2019 2018 2017 (In thousands) Weighted average number of shares used in computation of basic earnings per share 50,867 50,643 50,110 Add: Additional shares from the assumed exercise of employee stock options 360 326 659 Weighted average number of shares used in computation of diluted earnings per share 51,227 50,969 50,769 The number of stock-based awards that could potentially dilute future earnings per share and were not December 31, 2019, 2018 2017. Use of estimates in preparation of financial statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of such financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant estimates with regard to the Company’s consolidated financial statements relate to the useful lives of property, plant and equipment, impairment of goodwill and long-lived assets, including intangible assets, revenue recognition of product sales using the percentage of completion method, asset retirement obligations, and the provision for income taxes. Redeemable noncontrolling interest Changes in the carrying amount of the Company's Redeemable noncontrolling interest were as follows: 2019 2018 (Dollars in thousands) Redeemable noncontrolling interest as of January 1, $ 8,603 $ 6,416 Redeemable noncontrolling interest in results of operation of a consolidated subsidiary 1,132 990 Cash paid to noncontrolling interest (252 ) — Increase in share of redeemable noncontrolling interest — 1,528 Currency translation adjustments (233 ) (331 ) Redeemable noncontrolling interest as of December 31, $ 9,250 $ 8,603 Puna Power Plant On May 3, 2018, 38 three 2019, May 2018 2019, December 31, 2019. not As of February 2020, first 2020. one second 2020. third 2020 The Company continues to assess the accounting implications of this event on the assets and liabilities on its balance sheet and whether an impairment will be required. Any significant damage to the geothermal resource or continued shut-down following the lava event at the Puna facilities could have an adverse impact on the power plant's electricity generation and availability, which in turn could have a material adverse impact on the Company's business and results of operations. New Accounting Pronouncements New accounting pronouncements effective in the year ended December 31, 2019 Leases In February 2016, 2016 02, 842 two 606. January 1, 2019 no The Company is a lessee in operating lease transactions primarily consisting of land leases for its exploration and development activities as further described under Exploration and development costs above and the Puna power plant transaction as further described under Note 12 842, In accordance with the new standard, for agreements in which the Company is the lessee, the Company applies a unified accounting model by which it recognizes a right-of-use asset ("ROU") and a lease liability at the commencement date of the lease contract for all the leases in which the Company has a right to control identified assets for a specified period of time. The classification of the lease as a finance lease or an operating lease determines the subsequent accounting for the lease arrangement. Upon the adoption of the new standard the Company, both as a lessee and as a lessor, chose to apply the following permitted practical expedients: 1. Not 2. Not 840 840 3. Exclude initial direct costs from measurement of the ROU asset at the date of initial application; 4. Applying the practical expedient (for a lessor) to not 606 606. 5. Applying the practical expedient (for a lessee) regarding the recognition and measurement of short-term leases, for leases for a period of up to 12 Since the Company elected to apply the practical expedients above, it applied the new standard to all contracts entered into before January 1, 2019 840. The new significant accounting policies regarding leases that were applied as from January 1, 2019 1. Determining whether an arrangement contains a lease On the inception date of the lease, the Company determines whether the arrangement is a lease or contains a lease, while examining if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 2. The Company as a lessee a. Lease classification: At the commencement date, a lease is a finance lease if it meets any one • The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. • The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise. • The lease term is for the major part of the remaining economic life of the underlying asset. • The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not • The underlying asset is of such a specialized nature that it is expected to have no b. Leased assets and lease liabilities - initial recognition Upon initial recognition, the Company recognizes a liability at the present value of the lease payments to be made over the lease term, and concurrently recognizes a ROU asset at the same amount of the liability, adjusted for any prepaid or accrued lease payments, plus initial direct costs incurred in respect of the lease. Since the interest rate implicit in the lease is not c. The lease term The lease term is the non-cancellable period of the lease plus periods covered by an extension or termination option if it is reasonably certain that the Company will exercise the option. d. Subsequent measurement of operating leases After lease commencement, the Company measures the lease liability at the present value of the remaining lease payments using the discount rate determined at lease commencement (as long as the discount rate has not The Company subsequently measures the ROU asset at the present value of the remaining lease payments, adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term and any unamortized initial direct costs. Further, the Company will recognize lease expense on a straight-line basis over the lease term. e. Subsequent measurement of finance leases After lease commencement, the Company measures the lease liability by increasing the carrying amount to reflect interest on the lease liability and reducing the carrying amount to reflect the lease payments made during the period. The Company shall determine the interest on the lease liability in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements. After lease commencement, the Company measures the ROU assets at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. The Company amortizes the ROU asset on a straight-line basis, unless another systematic basis better represents the pattern in which the Company expects to consume the ROU asset’s future economic benefits. The ROU asset is amortized over the shorter of the lease term or the useful life of the ROU asset as follows: (in years) Land 1 - 35 Vehicles 5 Building 15 The total periodic expense (the sum of interest and amortization expense) of a finance lease is typically higher in the early periods and lower in the later periods. f. Variable lease payments: Variable lease payments that depend on an index or a rate On the commencement date, the lease payments shall include variable lease payments that depend on an index or a rate (such as the Consumer Price Index or a market interest rate), initially measured using the index or rate at the commencement date. The Company does not Other variable lease payments: Variable payments that depends on performance or use of the underlying asset are not 3. The Company as a lessor At lease commencement, the Company as a lessor classifies leases as either finance or operating leases. Finance leases are further classified as a sales-type lease or as a direct financing lease. Under an operating lease, the Company recognizes the lease payment as income over the lease term, generally on a straight-line basis or as earned. 4. Impact of the new standard a) The effects of the initial application of the new standard on the Company's cons |
Note 2 - Business Acquisitions
Note 2 - Business Acquisitions and Others | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 2 Ijen transaction On July 2, 2019, fourth 2019, 323 USG transaction On April 24, 2018, • three 38 • development assets which include a project at the Geysers, California; a second As a result of the acquisition, the Company expanded its overall generation capacity and improved the profitability of the purchased assets through cost reduction and synergies. The Company accounted for the transaction in accordance with Accounting Standard Codification ASC 805, 810, The following table summarizes the purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions): Cash and cash equivalents and restricted cash $ 37.9 Property, plant and equipment and construction-in-process 77.3 Intangible assets (1) 127.0 Goodwill (2) 12.7 Deferred taxes 1.7 Total assets acquired $ 256.6 Other working capital $ (8.2 ) Long-term term debt (98.3 ) Asset retirement obligation (9.0 ) Noncontrolling interest (34.9 ) Total liabilities assumed $ (150.4 ) Total assets acquired, and liabilities assumed, net $ 106.2 ( 1 Intangible assets are primarily related to long-term electricity power purchase agreements and depreciated over an average of 19 years. ( 2 Goodwill is primarily related to the expected synergies in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and not The fair value of the noncontrolling interest of $34.9 million reflects the 40% minority interests in the Neal Hot Springs project that was evaluated using the income approach. The fair value of the noncontrolling interest was based on the following significant inputs: (i) forecasted cash flows assumed to be generated in correspondence with the remaining life of the related power purchase agreement which is approximately 20 years; (ii) revenues were estimated in accordance with the price and generation capacity of the related power purchase agreement; (iii) assumed terminal value based on the realizable value of the project at the end of the power purchase agreement term; and (iv) assumed discount rate of approximately 9%. Total Electricity revenues and operating profit related to the three December 31, 2018 December 31, 2018. January 1, 2017: Pro forma for the Pro forma for the year ended December 31, 2018 year ended December 31, 2017 (Dollars in thousands) Electricity revenues $ 521,175 $ 497,650 Total revenues 730,563 724,869 Income from continuing operations before income taxes and equity in losses of investees 134,142 169,546 Viridity transaction On March 15, 2017, 2017 2020. first 2017 not December 31, 2018 second 2020 not 2017 2018, The Company accounted for the transaction in accordance with Accounting Standard Codification 805, 810, In 2018, 9 |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 Inventories consist of the following: December 31, 2019 2018 (Dollars in thousands) Raw materials and purchased parts for assembly $ 21,942 $ 26,914 Self-manufactured assembly parts and finished products 13,007 18,110 Total $ 34,949 $ 45,024 |
Note 4 - Cost and Estimated Ear
Note 4 - Cost and Estimated Earnings on Uncompleted Contracts | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Long-term Contracts or Programs Disclosure [Text Block] | NOTE 4 Cost and estimated earnings on uncompleted contracts consist of the following: December 31, 2019 2018 (Dollars in thousands) Costs and estimated earnings incurred on uncompleted contracts $ 196,550 $ 278,797 Less billings to date (160,940 ) (255,069 ) Total $ 35,610 $ 23,728 These amounts are included in the consolidated balance sheets under the following captions: December 31, 2019 2018 (Dollars in thousands) Costs and estimated earnings in excess of billings on uncompleted contracts $ 38,365 $ 42,130 Billings in excess of costs and estimated earnings on uncompleted contracts (2,755 ) (18,402 ) Total $ 35,610 $ 23,728 The completion costs of the Company’s construction contracts are subject to estimation. Due to uncertainties inherent in the estimation process, it is reasonably possible that estimated contract earnings will be further revised in the near term. |
Note 5 - Investment in an Uncon
Note 5 - Investment in an Unconsolidated Company | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 5 Investment in unconsolidated companies mainly consists of the following: December 31, 2019 2018 (Dollars in thousands) Sarulla $ 70,589 $ 71,983 Ijen 10,551 — Total investment in unconsolidated companies $ 81,140 $ 71,983 The Sarulla Complex The Company holds a 12.75% equity interest in a consortium that developed the 330 MW Sarulla geothermal power plant project in Tapanuli Utara, North Sumatra, Indonesia. The Sarulla project is comprised of three separately constructed 110 MW units, the most recent of which, NIL 2, April 2018. April 4, 2013. During the years ended December 31, 2019 2018, The Sarulla consortium entered into interest rate swap agreements with various international banks, effective as of June 4, 2014, Year Ended December 31, 2019 2018 (Dollars in thousands) Change, net of deferred tax, in unrealized gains (losses) in respect of the Company’s share in derivative instruments of unconsolidated investment $ (3,417 ) $ 2,235 The related accumulated loss recorded by the Company under accumulated other comprehensive income (loss) as of December 31, 2019 2018 The Ijen Project For details on the Ijen project, please see Note 2 |
Note 6 - Variable Interest Enti
Note 6 - Variable Interest Entities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Disclosure Of Variable Interest Entities [Text Block] | NOTE 6 The Company’s overall methodology for evaluating transactions and relationships under the variable interest entity (“VIE”) accounting and disclosure requirements includes the following two In performing the first • The design of the entity, including the nature of its risks and the purpose for which the entity was created, to determine the variability that the entity was designed to create and distribute to its interest holders; • The nature of the Company’s involvement with the entity; • Whether control of the entity may not • Whether there is sufficient equity investment at risk to finance the activities of the entity; and • Whether parties other than the equity holders have the obligation to absorb expected losses or the right to receive residual returns. If the Company identifies a VIE based on the above considerations, it then performs the second • Whether the Company has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and • Whether the Company has the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company’s VIEs include certain of its wholly owned subsidiaries that own one not may The tables below detail the assets and liabilities (excluding intercompany balances which are eliminated in consolidation) for the Company’s VIEs, combined by VIE classifications, that were included in the consolidated balance sheets as of December 31, 2019 2018: December 31, 2019 Project Debt PPAs (Dollars in thousands) Assets: Restricted cash and cash equivalents $ 81,522 $ 20 Other current assets 164,386 29,076 Property, plant and equipment, net 1,211,656 668,891 Construction-in-process 10,188 139,642 Other long-term assets 162,995 40,138 Total assets $ 1,630,747 $ 877,767 Liabilities: Accounts payable and accrued expenses 25,361 13,201 Long-term debt 794,214 — Other long-term liabilities 126,851 32,790 Total liabilities 946,426 45,991 December 31, 2018 Project Debt PPAs (Dollars in thousands) Assets: Restricted cash and cash equivalents $ 76,019 2,304 Other current assets 213,007 9,698 Property, plant and equipment, net 1,552,408 306,820 Construction-in-process 90,812 13,273 Other long-term assets 177,723 9,104 Total assets $ 2,109,969 341,199 Liabilities: Accounts payable and accrued expenses $ 24,245 2,651 Long-term debt 805,850 — Other long-term liabilities 125,769 12,483 Total liabilities $ 955,864 15,134 |
Note 7 - Fair Value of Financia
Note 7 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 7— 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 3 three Level 1 Level 2 not Level 3 no The following table sets forth certain fair value information at December 31, 2019 2018 December 31, 2019 Fair Value Carrying Value at December 31, 2019 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 28,316 $ 28,316 $ 28,316 $ — $ — Derivatives: Contingent receivable (1) 102 102 — — 102 Currency forward contracts (2) 362 362 — 362 — Liabilities: Current liabilities: Derivatives: Contingent payables (1) (3,359 ) (3,359 ) — — (3,359 ) $ 25,421 $ 25,421 $ 28,316 $ 362 $ (3,257 ) December 31, 2018 Fair Value Carrying Value at December 31, 2018 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets Current assets: Cash equivalents (including restricted cash accounts) $ 18,787 $ 18,787 $ 18,787 $ — $ — Derivatives: Contingent receivable (1) 104 104 — — 104 Liabilities: Current liabilities: Derivatives: Contingent payables (1) (3,424 ) (3,424 ) — — (3,424 ) Currency forward contracts (2) (1,040 ) (1,040 ) — (1,040 ) — $ 14,427 $ 14,427 $ 18,787 $ (1,040 ) $ (3,320 ) ( 1 December 31, 2019 2018 ( 2 December 31, 2019 December 31, 2018, The amounts set forth in the tables above include investments in debt instruments and money market funds (which are included in cash equivalents). Those securities and deposits are classified within Level 1 The following table presents the amounts of gain (loss) recognized in the consolidated statements of operations and comprehensive income (loss) on derivative instruments not Derivatives not designated as hedging instruments Location of recognized gain (loss) Amount of recognized gain (loss) 2019 2018 2017 (Dollars in thousands) Put options on natural gas price Derivative and foreign currency transaction gains (losses) $ — $ — $ (350 ) Contingent considerations Derivative and foreign currency transaction gains (losses) — 170 (129 ) Contingent considerations General and administrative expenses — 10,322 2,048 Currency forward contracts Derivative and foreign currency transaction gains (losses) 2,556 (3,081 ) 3,699 $ 2,556 $ 7,411 $ 5,268 In January 2017, January 26, 2017 November 27, 2017 The foregoing forward and put options transactions have not There were no 1, 2 3 December 31, 2019. The fair value of the Company’s long-term debt approximates its fair value, except for the following: Fair Value Carrying Amount 2019 2018 2019 2018 (Dollars in millions) (Dollars in millions) Olkaria III Loan - OPIC $ 202.1 $ 211.8 $ 192.6 $ 210.6 Olkaria III plant 4 Loan - DEG 2 43.8 47.2 42.5 47.5 Olkaria III plant 1 Loan - DEG 3 38.8 — 37.1 — Platanares Loan - OPIC 115.3 119.1 104.5 112.7 Amatitlan Loan 26.4 29.9 26.3 29.8 Senior Secured Notes: OrCal Geothermal Inc. ("OrCal") — 19.0 — 18.7 OFC 2 LLC ("OFC 2") 210.9 214.5 203.0 217.8 Don A. Campbell 1 ("DAC 1") 78.5 78.8 78.2 83.3 USG Prudential - NV 30.6 29.4 28.4 27.8 USG Prudential - ID 18.6 18.6 19.6 18.9 USG DOE 45.0 48.3 40.8 51.4 Senior Unsecured Bonds 205.7 199.4 204.3 204.3 Senior Unsecured Loan 161.3 102.2 150.0 100.0 Plumstriker 21.7 — 21.6 — Other long-term debt 16.3 5.4 17.4 6.2 The fair value of the long-term debt is determined by a valuation model, which is based on a conventional discounted cash flow methodology and utilizes assumptions of current borrowing rates.The fair value of revolving lines of credit is determined using a comparison of market-based price sources that are reflective of similar credit ratings to those of the Company. The carrying value of other financial instruments, such as revolving lines of credit, commercial paper and deposits approximates fair value. The following table presents the fair value of financial instruments as of December 31, 2019: Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III - OPIC $ — $ — $ 202.1 $ 202.1 Olkaria III plant 4 - DEG 2 — — 43.8 43.8 Olkaria III plant 1 - DEG 3 — — 38.8 38.8 Platanares Loan - OPIC — — 115.3 115.3 Amatitlan Loan — 26.4 — 26.4 Senior Secured Notes: OFC 2 Senior Secured Notes — — 210.9 210.9 DAC 1 Senior Secured Notes — — 78.5 78.5 USG Prudential - NV — — 30.6 30.6 USG Prudential - ID — — 18.6 18.6 USG DOE — — 45.0 45.0 Senior Unsecured Bonds — — 205.7 205.7 Senior Unsecured Loan — — 161.3 161.3 Plumstriker — 21.7 — 21.7 Other long-term debt — — 16.3 16.3 Commercial paper — 50.0 — 50.0 Revolving lines of credit — 40.6 — 40.6 Deposits 12.2 — — 12.2 The following table presents the fair value of financial instruments as of December 31, 2018: Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III Loan - OPIC $ — $ — $ 211.8 $ 211.8 Olkaria III plant 4 - DEG 2 — — 47.2 47.2 Platanares Loan - OPIC — — 119.1 119.1 Amatitlan Loan — 29.9 — 29.9 Senior Secured Notes: OrCal Senior Secured Notes — — 19.0 19.0 OFC 2 Senior Secured Notes — — 214.5 214.5 DAC 1 Senior Secured Notes — — 78.8 78.8 USG Prudential - NV — — 29.4 29.4 USG Prudential - ID — — 18.6 18.6 USG DOE — — 48.3 48.3 Senior Unsecured Bonds — — 199.4 199.4 Senior Unsecured Loan — — 102.2 102.2 Other long-term debt — — 5.4 5.4 Revolving lines of credit — 159.0 — 159.0 Deposits 12.0 — — 12.0 |
Note 8 - Property, Plant and Eq
Note 8 - Property, Plant and Equipment and Construction-in-process | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 8 Property, plant and equipment Property, plant and equipment, net, consist of the following: December 31, 2019 2018 (Dollars in thousands) Land owned by the Company where the geothermal resource is located $ 38,049 $ 38,060 Leasehold improvements 7,757 5,718 Machinery and equipment 230,465 208,646 Land, buildings and office equipment 39,099 35,708 Vehicles 8,021 22,074 Geothermal and recovered energy generation power plants, including geothermal wells and exploration and resource development costs: United States of America, net of cash grants 2,160,910 2,065,377 Foreign countries 721,824 710,775 Asset retirement cost 19,824 11,448 3,225,949 3,097,806 Less accumulated depreciation (1,254,534 ) (1,138,228 ) Property, plant and equipment, net $ 1,971,415 $ 1,959,578 Depreciation expense for the years ended December 31, 2019, 2018 2017 December 31, 2019, 2018, 2017 U.S. Operations The net book value of the property, plant and equipment, including construction-in-process, located in the United States was approximately $1,841.4 million and $1,696.4 million as of December 31, 2019 2018, December 31, 2019 2018 Foreign Operations The net book value of property, plant and equipment, including construction-in-process, located outside of the United States was approximately $506.6 million and $524.8 million as of December 31, 2019 2018, The Company, through its wholly owned subsidiary, OrPower 4, 4” December 31, 2019 2018, 2033 2036 The Company, through its wholly owned subsidiary, Orzunil I de Electricidad, Limitada (Orzunil), owns a power plant in Guatemala. On January 22, 2014, 2019 2034. December 31, 2019 2018, The Company, through its wholly owned subsidiary, Ortitlan, Limitada (“Ortitlan”), owns a power plant in Guatemala. The net book value of the assets related to the power plant was $42.8 million and $43.5 million at December 31, 2019 2018, The Company, through its wholly owned subsidiary, GeoPlatanares, signed a BOT contract for the Platanares geothermal project in Honduras with ELCOSA, a privately owned Honduran energy company, for 15 years from the commercial operation date, which expires in 2047. December 31, 2019 2018, The Company, through its subsidiary, GB, owns a power plant in Guadeloupe. The net book value of the assets related to the power plant was $24.5 million and $23.9 million at December 31, 2019 2018, Construction-in-process Construction-in-process consists of the following: December 31, 2019 2018 (Dollars in thousands) Projects under exploration and development: Up-front bonus costs $ 17,018 $ 17,018 Exploration and development costs 66,916 53,237 Interest capitalized 703 703 84,637 70,958 Projects under construction: Up-front bonus costs 27,473 27,473 Drilling and construction costs 258,484 160,398 Interest capitalized 5,961 2,861 291,918 190,732 Total $ 376,555 $ 261,690 Projects under exploration and development Up-front Bonus Costs Exploration and Development Costs Interest Capitalized Total (Dollars in thousands) Balance at December 31, 2016 $ 17,385 $ 36,359 $ 703 $ 54,447 Cost incurred during the year — 11,224 — 11,224 Write off of unsuccessful exploration costs (367 ) (1,429 ) — (1,796 ) Balance at December 31, 2017 17,018 46,154 703 63,875 Cost incurred during the year — 7,209 — 7,209 Write off of unsuccessful exploration costs — (126 ) — (126 ) Balance at December 31, 2018 17,018 53,237 703 70,958 Cost incurred during the year — 17,215 — 17,215 Transfer of projects under exploration and development to projects under construction — (3,536 ) — (3,536 ) Balance at December 31, 2019 $ 17,018 $ 66,916 $ 703 $ 84,637 Projects under construction Up-front Bonus Drilling and Construction Costs Interest Capitalized Total (Dollars in thousands) Balance at December 31, 2016 $ 37,713 $ 202,211 $ 12,338 $ 252,262 Cost incurred during the year — 231,926 7,300 239,226 Transfer of completed projects to property, plant and equipment (10,240 ) (235,194 ) (16,387 ) (261,821 ) Balance at December 31, 2017 27,473 198,943 3,251 229,667 Cost incurred during the year — 219,610 — 219,610 Cost write off — (1,380 ) — (1,380 ) Fair value of projects under construction acquired in a business combination — 4,668 — 4,668 Transfer of completed projects to property, plant and equipment — (261,443 ) (390 ) (261,833 ) Balance at December 31, 2018 27,473 160,398 2,861 190,732 Cost incurred during the year — 264,137 3,100 267,237 Transfer of projects under exploration and development to projects under construction — 3,536 — 3,536 Insurance recoveries — (35,435 ) — (35,435 ) Transfer of completed projects to property, plant and equipment — (134,152 ) — (134,152 ) Balance at December 31, 2019 $ 27,473 $ 258,484 $ 5,961 $ 291,918 |
Note 9 - Intangible Assets and
Note 9 - Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 9 Intangible assets amounting to $186.2 million and $199.9 million consist mainly of the Company’s PPAs acquired in business combinations and its storage activities, net of accumulated amortization of $74.1 million and $61.5 million as of December 31, 2019 2018, December 31, 2019 2018 December 31, 2019, 2018 2017 December 31, 2019, 2018 2017, 2018 2017 December 2019 2018 may not no 2019, 2018 2017. Estimated future amortization expense for the intangible assets as of December 31, 2019 (Dollars in thousands) Year ending December 31: 2020 $ 12,983 2021 12,983 2022 12,729 2023 12,610 2024 11,255 Thereafter 123,660 Total $ 186,220 Goodwill Goodwill amounting to $20.1 million and $20.0 million as of December 31, 2019 2018, During the fourth 2018, one 1 fourth 2018. December 31, 2018. 3 Except as noted above, for the years 2019, 2018 2017 no Changes in the carrying amount of the Company’s goodwill for the years ended December 31, 2019 2018 2019 2018 (Dollars in thousands) Goodwill as of January 1, $ 19,950 $ 21,037 Goodwill acquired — 12,710 Goodwill impairment charge — (13,464 ) Translation differences 190 (333 ) Goodwill as of December 31, $ 20,140 $ 19,950 |
Note 10 - Accounts Payable and
Note 10 - Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 10 Accounts payable and accrued expenses consist of the following: December 31, 2019 2018 (Dollars in thousands) Trade payable $ 73,271 $ 56,299 Salaries and other payroll costs 24,364 20,188 Customer advances 2,092 918 Accrued interest 6,321 5,914 Income tax payable 11,344 8,436 Property tax payable 3,033 2,999 Scheduling and transmission 2,264 595 Royalty accrual 6,457 4,610 Deferred revenues — 2,300 Warranty accrual 3,245 4,552 Other 9,466 9,551 Total $ 141,857 $ 116,362 |
Note 11 - Long-term Debt, Credi
Note 11 - Long-term Debt, Credit Agreements and Commercial Paper | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 11 Long-term debt consists of notes payable under the following agreements: December 31, 2019 2018 (Dollars in thousands) Limited and non-recourse agreements: Loans: Non-recourse: Other loans $ 8,997 $ 6,241 Limited recourse: Loan agreement with OPIC (the Olkaria III power plant) 192,646 210,641 Loan agreement with OPIC (the Platanares power plant) 104,459 112,652 Loan agreement with Banco Industrial S.A. and Westrust Bank (International) Limited 26,250 29,750 Loan agreement with a global industrial company (the Plumstriker battery energy storage projects) 21,615 — Other loans 8,367 — Senior Secured Notes: Non-recourse: OrCal Senior Secured Notes — 18,652 DAC 1 Senior Secured Notes 78,247 83,319 Limited recourse: OFC 2 Senior Secured Notes 203,040 217,810 Other loans 88,840 96,482 Total limited and non-recourse agreements 732,461 775,547 Less current portion (58,932 ) (63,180 ) Non current portion $ 673,529 $ 712,367 Full recourse agreements: Senior Unsecured Bonds 204,332 204,332 Senior Unsecured Loan (Migdal) 150,000 100,000 Loan agreements with DEG (the Olkaria III and power plants 4 and 1 upgrade) 79,632 47,500 Revolving credit lines with banks 40,550 159,000 Total full recourse agreements 474,514 510,832 Less current portion (117,122 ) (164,000 ) Non current portion $ 357,392 $ 346,832 Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited On July 31, 2015, 20 The loan is payable in 48 September 30, 2015. per annum March 30, June 30, September 30 December 30 not may eighth There are various restrictive covenants under the Amatitlan credit agreement. These include, among other things, (i) a financial covenant to maintain a Debt Service Coverage Ratio (as defined in the credit agreement) of not 1.00 not 1.00 four December 31, 2019, The loan is collateralized by substantially all the assets of the borrower and a pledge of all of the membership interests of the borrower. The Company has guaranteed payment of all obligations under the credit agreement and related financing documents. The guaranty is limited in the sense that the Company is only required to pay the guaranteed obligations if a “trigger event” occurs. A trigger event is the occurrence and continuation of a default by INDE in its payment obligations under the PPA for the Amatitlàn power plant or a refusal by INDE to receive capacity and energy sold under that PPA. The Company’s obligations under the guaranty may As of December 31, 2019, Finance Agreement with OPIC (the Olkaria III Complex) On August 23, 2012, 4, November 9, 2012. The OPIC Loan is comprised of up to three • Tranche I in an aggregate principal amount of $85.0 million, which was drawn in November 2012, • Tranche II in an aggregate principal amount of $180.0 million was used to fund the construction and well field drilling for the expansion of the Olkaria III geothermal power complex (“Plant 2” November 2012, February 2013, • Tranche III in an aggregate principal amount of $45.0 million was used to fund the construction of Plant 3 November 2013, In July 2013, December 31, 2019 December 15, 2030, December 31, 2019 June 15, 2030, November 2013, December 31, 2019 December 15, 2030, OrPower 4 first two 2 third 2 not 1.7. The OPIC Loan is collateralized by substantially all of OrPower 4’s 4. The finance agreement includes customary events of default, including failure to pay any principal, interest or other amounts when due, failure to comply with covenants, breach of representations and warranties, non-payment or acceleration of other debt of OrPower 4, 4 4, There are various restrictive covenants under the OPIC Loan, which include a required historical and projected 12 not March 15, June 15, September 15 December 15 4 1.1, 4. December 15, 2014. December 31, 2019, As of December 31, 2019, Debt service reserve As required under the terms of the OPIC Loan, OrPower 4 may six December 31, 2019 2018, December 31, 2019, 22 Well drilling reserve As required under the terms of the OPIC Loan, OrPower 4 may may Finance Agreement with OPIC (the Platanares power plant) On April 30, 2018, 35 October 2018. Tranche I in an aggregate principal amount of $114.7 million was drawn in October 2018, September 2032. 2020 Under the Finance Agreement, Platanares may, first second third no fourth The OPIC Loan is also subject to customary mandatory prepayment upon the occurrence of certain events, including, among others, (i) receipt by Platanares of compensation or damages following a dispute that results in a material adverse change to the primary power purchase agreement for the Project, (ii) receipt by Platanares of a termination or indemnity payment from a third The OPIC Loan will be secured by a first no 1; not 1. December 31, 2019, The Finance Agreement also contains customary events of default, including, among others, failure to pay principal, interest or other amounts when due, non-payment or acceleration of other indebtedness of Platanares, the occurrence of a change of control of Platanares without the prior approval of OPIC, expropriation, judgments rendered against Platanares in excess of a certain threshold, failure to comply with covenants, a voluntary abandonment of the Project and the occurrence of certain bankruptcy events, subject to various exceptions and applicable notice, cure and grace periods. As of December 31, 2019, Debt service reserve As required under the terms of the Platanares Loan, Platanares maintains an account which may six nine December 31, 2019, 22 Well drilling reserve As required under the terms of the Finance Agreement, Platanares is required to maintain an account which may December 31, 2019, 22 OrCal Senior Secured Notes In December 2005, December 30, 2020. October 2019, OFC 2 In September 2011, 2, 2’s 2 2 2 2 December 31, 2034. Subject to the fulfillment of customary and other specified conditions precedent, the OFC 2 may six 2 2 2 not December 31, 2034. ten 2 1705 2005, 2 2 On October 31, 2011, 2 2032 March, June, September December On June 20, 2014, 1 On August 29, 2014, 2 2 second 1705 2005. December 2032, The OFC 2 2 2. 2 2 2. 2 Among other things, the distribution restrictions include a historical debt service coverage ratio requirement of at least 1.2 (on a blended basis for all OFC 2 two six 2 two six December 31, 2019, As of December 31, 2019, 2 The Company provided a guaranty in connection with the issuance of the Series A Notes and Series C Notes. The guaranty may 2 2 may 2 2 2 2 2 not Debt service reserve; other restricted funds Under the terms of the OFC 2 2 (i) A debt service reserve account which may 2 six December 31, 2019, 22 (ii) A performance level reserve account, intended to provide additional security for the OFC 2 may December 31, 2019, zero no (iii) Under the terms of the OFC 2 2 may (iv) A performance level reserve account for McGinness Hills Phase II, intended to provide additional security for the OFC 2 may December 31, 2019, no Don A. Campbell Senior Secured Notes — Non-Recourse On November 29, 2016, 47 47” 47 47 September 27, 2033 ( 1 1933, 47 first 1” The net proceeds from the sale of the DAC 1 47 1 ORNI 47 1 December 27, 2016 27th March, June, September December, 1 The DAC 1 47 47. 47 47 may 1 may 1 100% 47 47 1 101% not 1 may 47 1 100% 47 47 47 47 47 not four December 31, 2019, As of December 31, 2019, 1 Loans assumed with the acquisition of USG On April 24, 2018, Prudential Capital Group – Idaho non-recourse In May 2016, two $20.0 first seven seven December 31, 2019, U.S. Department of Energy – non-recourse On August 31, 2011, first February 23, 2011. No 13 first December 31, 2019, Prudential Capital Group – Nevada non-recourse On September 26, 2013, December 31, 2019, Senior Unsecured Bonds In September 2016, two 2 3 2 2 3 September 29, 2016 August 1, 2017. The Series 2 September 2020 3 September 2022 2 3 Senior Unsecured Loan On March 22, 2018 15 September 15, 2021, March 15, 2029. The Loan is subject to early redemption by the Company prior to maturity from time to time (but not no no 4.5, The Migdal Loan constitutes senior unsecured indebtedness of the Company and will rank equally in right of payment with any existing and future senior unsecured indebtedness of the Company, and effectively junior to any existing and future secured indebtedness, to the extent of the security therefore. The Migdal Loan Agreement includes various affirmative and negative covenants, including a covenant that the Company maintain (i) a debt to adjusted EBITDA ratio below 6, not not 25%. one not March 27, 2018 On March 25, 2019, first March 22, 2018. 15 September 15, 2021, March 15, 2029. Loan Agreements with DEG (the Olkaria III Complex) On October 20, 2016, 4 2 December 21, 2016, 4 2 2 20 December 21, 2018, June 21, 2028. 2 4 4 2 1 3 2 Under the DEG 2 4 may 2 may 2 100% 4 2 100% 2 4 2 As of December 31, 2019, 2 DEG 3 On January 4, 2019, 4 3 February 28, 2019, 4 3 3 19 June 21, 2019, June 21, 2028. 3 4 1 3 1 3 3 As of December 31, 2019, 3 Plumstriker Loan On May 4, 2019, two two 20 On May 30, 2019, three 29 14 June 30, 2019. May 30, 2026. not As of December 31, 2019, Société Géneralé Loan On April 9, 2019, April 29, 2019, 1.52%. 28 July 29, 2019. April 29, 2026. one As of December 31, 2019, Bpifrance Loan On April 4, 2019, April 29, 2019, 1.93%. 20 June 30, 2021. March 31, 2026. not As of December 31, 2019, Revolving credit lines with commercial banks As of December 31, 2019, eight one one March 2020 July 2022. As of December 31, 2019, Credit Agreements Credit agreement with Union Bank In February 2012, June 30, 2020. December 31, 2019, may, There are various restrictive covenants under the credit agreement, which include a requirement to comply with the following financial ratios, which are measured quarterly: (i) a 12 not 4.5; 12 not 1.35; not 2.0. December 31, 2019: ( 12 2.1; 12 2.87; 1.0. As of December 31, 2019, Credit agreement with HSBC In May 2013, one October 31, 2020. December 31, 2019, may may, There are various restrictive covenants under the credit agreement, including a requirement to comply with the following financial ratios, which are measured quarterly: (i) a 12 not 4.5; 12 not 1.35; not 2.0. December 31, 2019: ( 12 2.1; 12 2.87; 1.0. As of December 31, 2019, CHUBB Surety Bond In May 2017, may may no may twenty not December 31, 2019, Short-term commercial paper On June 27, 2019, July 3, 2019, 90 five three 90 As of December 31, 2019, Restrictive covenants The Company’s obligations under the credit agreements, the loan agreements, and the trust instrument governing the bonds, described above, are unsecured, but are subject to a negative pledge in favor of the banks and the other lenders and certain other restrictive covenants. These include, among other things, a prohibition on: (i) creating any floating charge or any permanent pledge, charge or lien over the Company's assets without obtaining the prior written approval of the lender; (ii) guaranteeing the liabilities of any third third no 12 not 6; not December 31, 2019: ( 12 2.99. December 31, 2019, Future minimum payments Future minimum payments under long-term debt as of December 31, 2019 (Dollars in thousands) Year ending December 31: 2020 $ 135,504 2021 76,259 2022 220,677 2023 98,982 2024 78,600 Thereafter 557,890 Total $ 1,167,912 |
Note 12 - Puna Power Plant Tran
Note 12 - Puna Power Plant Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Projected [Member] | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | NOTE 12 In 2005, In December 2019, 2052 46 no 227,000 227,000 December 31, 2019. In connection with the execution of the amended and restated PPA, the Company paid $20.5 million to effectively terminate the lease transactions involving the original power plant which gives the Company the ability to satisfy its obligations under the new PPA. The Company recorded this payment under deposits and other in its consolidated balance sheets as an incremental cost in obtaining the new amended and restated PPA as described above. As a result, the Company has no December 31, 2019. Prior to the amended and restated PPA, PGV leased the Puna Power Plant to an unrelated company under a 31-year head lease (the “Head Lease”) in return for prepaid lease payments in the total amount of $83.0 million (the “Deferred Lease Income”). The unrelated company (the “Lessor”) simultaneously leased back the Puna Power Plant to PGV under a 23-year lease (the “Project Lease”). PGV’s rent obligations under the Project Lease were paid solely from revenues generated by the Puna Power Plant under a PPA that PGV had with HELCO. The Head Lease and the Project Lease were non-recourse lease obligations to the Company. PGV’s rights in the geothermal resource and the related PPA were not The Head Lease and the Project Lease were accounted for separately. Each was classified as an operating lease in accordance with the accounting standards for leases. The Project Lease transaction was included in the initial recognition of operating leases right of use asset and liability on the consolidated balance sheets as of January 1, 2019 1 31 23 December 31, 2018 |
Note 13 - Tax Monetization Tran
Note 13 - Tax Monetization Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Disclosure Of Investments In And Advances To Affiliates [Text Block] | NOTE 13 McGinness Hills 3 On August 14, 2019, one 3 3 Pursuant to the transaction documents, prior to December 31, 2027 ( one 3 not On the Target Flip Date, the Company, through one Tungsten Mountain partnership transaction On May 17, 2018, one Under the transaction documents, prior to December 31, 2026 ( not On the Target Flip Date, Ormat Nevada has the option to purchase the private investor’s interests at the then-current fair market value, plus an amount that causes the private investor to reach its target return, if needed. If Ormat Nevada exercises this purchase option, it will become the sole owner of the project again. Opal Geo Transaction On December 16, 2016, December 16, 2016, five In connection with the transactions contemplated by the Equity Contribution Agreement and the LLC Agreement, Ormat Nevada transferred its indirect ownership interest in the McGinness Hills (Phase I and Phase II), Tuscarora, Jersey Valley and second 2” 2 Pursuant to the Equity Contribution Agreement, JPM contributed approximately $62.1 million to Opal Geo in exchange for 100% of the Class B Membership Interests of Opal Geo. JPM also agreed to make deferred capital contributions to Opal Geo based on the amount of electricity generated by the DAC 2 December 31, 2022. Under the LLC Agreement, until December 31, 2022, December 31, 2022 Under the LLC Agreement, all items of Opal Geo income and loss, gain, deduction and credit (including the federal production tax credits relating to the operation of the two two no two Under the LLC Agreement, OrLeaf, which owns 100% of the Class A Membership Interests in Opal Geo, will serve as the managing member of Opal Geo and control the day-to-day management of Opal Geo and its portfolio of five may five 2 five The LLC Agreement contains certain customary restrictions on transfer applicable to both OrLeaf and JPM with respect to their respective Membership Interests in Opal Geo, and also provides OrLeaf with a right of first may December 31, 2022 9 Pursuant to the Equity Contribution Agreement, the Company has provided a guaranty for the benefit of JPM of certain of OrLeaf’s indemnification obligations to JPM under the LLC Agreement. In addition, Ormat Nevada also provided a guaranty for the benefit of JPM of all present and future payment and performance obligations of OrLeaf under the LLC Agreement and each ancillary document to which OrLeaf is a party. JPM’s approximately $62.1 1. 2 Other completed tax monetization transactions On May 31, 2017, October 31, 2017, In March 2017, July 10, 2017, |
Note 14 - Asset Retirement Obli
Note 14 - Asset Retirement Obligation | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | NOTE 14 The following table presents a reconciliation of the beginning and ending aggregate carrying amount of asset retirement obligation for the years presented below: Year Ended December 31, 2019 2018 (Dollars in thousands) Balance at beginning of year $ 39,475 $ 27,110 Revision in estimated cash flows (335 ) (258 ) Liabilities incurred and acquired 8,334 10,149 Accretion expense 2,709 2,474 Balance at end of year $ 50,183 $ 39,475 |
Note 15 - Stock-based Compensat
Note 15 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 15 The Company makes an estimate of expected forfeitures and recognizes compensation costs only for those stock-based awards expected to vest. As of December 31, 2019, During the years ended December 31, 2019, 2018 2017, Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Cost of revenues $ 3,633 $ 3,488 $ 3,369 Selling and marketing expenses 4,810 792 452 General and administrative expenses 916 5,938 4,939 Total stock-based compensation expense 9,359 10,218 8,760 Tax effect on stock-based compensation expense 736 668 604 Net effect of stock-based compensation expense $ 8,623 $ 9,550 $ 8,156 During the fourth 2019, 2018 2017, Valuation assumptions The Company estimates the fair value of the stock-based awards using the Exercise Multiple-Based Lattice Model as it enables a degree of accounting for the complexities of option valuation and reduces the probability of a measurement error. The dividend yield forecast is expected to be 20% of the Company’s yearly net profit, which is equivalent to a 0.7% yearly weighted average dividend rate in the year ended December 31, 2019. The Company calculated the fair value of each stock-based award on the date of grant based on the following assumptions: Year Ended December 31, 2019 2018 2017 For stock based awards issued by the Company: Risk-free interest rates 1.8 % 2.8 % 1.9 % Expected lives (in weighted average years) 3.5 3.5 3.1 Dividend yield 0.7 % 0.9 % 0.62 % Expected volatility (weighted average) 25.1 % 25.5 % 27.2 % The Company estimated the forfeiture rate (on a weighted average basis) as follows: Year Ended December 31, 2019 2018 2017 Weighted average forfeiture rate 8.6 % 3.1 % — % Stock-based awards The 2012 In May 2012, 2012 2012 2012 2012 one first third fourth six ten 2012 2012 May 2018 2018 “2018 2012 The 2018 In May 2018, 2018 2018 2018 2018 2018 second third fourth 2018 first six ten 2018 On November 7, 2019, 2018 six first The fair value of each SAR and RSU for the directors on the grant date was $19.8 and $76.4, respectively. The Company calculated the fair value of each SAR on the grant date using the Exercise Multiple-Based Lattice Pricing model based on the following assumptions: Risk-free interest rate 1.79 % Expected life (in years) 3.5 Dividend yield 0.57 % Expected volatility 24.80 % Forfeiture rate for directors 0.0 % Sub-Optimal Exercise Factor for directors 2.8 Information on the awards outstanding and the related weighted average exercise price as of and for the years ended December 31, 2019, 2018 2017 Year Ended December 31, 2019 2018 2017 Awards (In thousands) Weighted Average Exercise Price Awards (In thousands) Weighted Average Exercise Price Awards (In thousands) Weighted Average Exercise Price Outstanding at beginning of year 2,527 $ 46.77 1,548 $ 41.35 2,565 $ 33.36 Granted, at fair value: Stock Options — — — — 30 57.97 SARs* 38 69.13 1,172 53.87 132 62.55 RSUs** 9 — 74 — 23 — Exercised (711 ) 37.83 (203 ) 29.75 (1,181 ) 25.92 Forfeited (71 ) 50.59 (64 ) 45.73 (21 ) 46.15 Expired — — — — — — Outstanding at end of year 1,792 50.39 2,527 46.77 1,548 41.35 Options and SARs exercisable at end of year 479 48.35 846 42.06 431 32.61 Weighted-average fair value of options and SARs granted during the year $ 29.24 $ 16.45 $ 22.82 * Upon exercise, SARs entitle the recipient to receive shares of common stock equal to the increase in value of the award between the grant date and the exercise date. ** An RSU represents the right to receive one As of December 31, 2019, 2018 2012 The following table summarizes information about stock-based awards outstanding at December 31, 2019 ( Awards Outstanding Awards Exercisable Exercise Price Number of Stock-based Awards Outstanding Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Number of Stock-based Awards Exercisable Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value $ — 59 1.5 $ 4,369 — — $ — 42.87 427 2.5 13,517 230 2.5 7,295 47.46 15 3.9 406 15 3.9 406 51.71 8 5.0 182 — — — 53.16 35 4.9 756 15 4.9 329 53.44 783 4.5 16,498 — — — 55.16 296 3.9 5,724 131 3.9 2,527 57.97 30 4.6 497 30 4.6 497 58.79 12 2.5 187 6 2.5 94 63.35 98 3.9 1,094 52 3.9 581 71.71 4 5.6 11 — — — 72.14 15 5.7 36 — — — 76.43 10 5.9 — — — — 1,792 3.8 $ 43,277 479 3.2 $ 11,729 The following table summarizes information about stock-based awards outstanding at December 31, 2018 ( Awards Outstanding Awards Exercisable Exercise Price Number of Stock-based Awards Outstanding Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Number of Stock-based Awards Exercisable Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value $ — 75 1.8 $ 3,933 — — $ — 20.13 29 0.3 924 29 0.3 924 23.34 99 0.4 2,897 99 0.4 2,897 35.15 15 4.1 257 15 4.1 257 38.24 15 3.8 211 15 3.8 211 42.87 942 3.5 8,879 521 3.5 4,918 47.46 38 4.9 182 38 4.9 182 53.16 35 5.9 — — — — 53.44 828 5.5 — — — — 55.16 296 4.9 — 66 4.9 — 57.97 30 5.6 — 30 5.6 — 58.79 16 3.5 — — — — 63.35 109 4.9 — 33 4.9 — 2,527 4.3 $ 17,283 846 3.3 $ 9,389 The aggregate intrinsic value in the above tables represents the total pretax intrinsic value, based on the Company’s stock price of $74.52 and $52.30 as of December 31, 2019 2018, December 31, 2019 2018 The total pretax intrinsic value of options exercised during the year ended December 31, 2019 2018 December 31, 2019 2018, December 31, 2019 2018 $75.14 $52.30, |
Note 16 - Power Purchase Agreem
Note 16 - Power Purchase Agreements | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Leases of Lessor Disclosure [Text Block] | NOTE 16 Substantially all of the Company’s electricity revenues are recognized pursuant to PPAs in the United States and in various foreign countries, including Kenya, Guatemala, Guadeloupe and Honduras. These PPAs generally provide for the payment of energy payments or both energy and capacity payments through their respective terms which expire in varying periods from 2022 2047. not first first fourth 2019, one Pursuant to the terms of certain of the PPAs, the Company may not not may |
Note 17 - Interest Expense, Net
Note 17 - Interest Expense, Net | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Interest Expense Disclosure [Text Block] | NOTE 17 The components of interest expense are as follows: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Interest related to sale of tax benefits $ 11,786 $ 11,284 $ 6,985 Interest expense 71,883 63,368 54,381 Less — amount capitalized (3,285 ) (3,728 ) (7,224 ) $ 80,384 $ 70,924 $ 54,142 |
Note 18 - Income Taxes
Note 18 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 18 U.S. and foreign components of income from continuing operations, before income taxes and equity in income (losses) of investees consisted of: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) U.S $ 14,187 $ 14,097 $ 13,680 Non-U.S. (foreign) 123,116 123,084 157,050 Total income from continuing operations, before income taxes and equity in losses $ 137,303 $ 137,181 $ 170,730 The components of the provision (benefit) for income taxes, net are as follows: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Current: Federal $ — $ 0 $ 43,935 State 172 381 43 Foreign 16,969 14,992 11,186 Total current income tax expense $ 17,141 $ 15,373 $ 55,164 Deferred: Federal (12,179 ) (6,886 ) (55,718 ) State 4,671 (2,595 ) (3,284 ) Foreign 35,980 28,841 25,502 Total deferred tax provision (benefit) 28,472 19,360 (33,500 ) Total Income tax provision $ 45,613 $ 34,733 $ 21,664 Reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2019 2018 2017 U.S. federal statutory tax rate 21.0 % 21.0 % 35.0 % Impact of federal tax reform 0.0 2.6 (12.4 ) Transition tax inclusion — (5.7 ) 42.1 Foreign tax credits (22.8 ) (4.2 ) (50.5 ) Withholding tax 10.4 5.9 34.1 Valuation allowance - U.S (3.7 ) (17.2 ) (22.6 ) State income tax, net of federal benefit 3.7 1.0 1.1 Uncertain tax positions 2.1 2.1 — Effect of foreign income tax, net 9.7 5.6 (10.7 ) Production tax credits (5.0 ) (3.1 ) (1.2 ) Subpart F income 0.5 0.5 1.7 Tax on global intangible low-tax income 16.9 18.6 — Intra-entity transfers of assets other than inventory 0.3 (2.1 ) — Other, net 0.1 0.3 (3.9 ) Effective tax rate 33.2 % 25.3 % 12.7 % The net deferred tax assets and liabilities consist of the following: December 31, 2019 2018 (Dollars in thousands) Deferred tax assets (liabilities): Net foreign deferred taxes, primarily depreciation $ (88,508 ) $ (57,202 ) Depreciation (21,958 ) (30,500 ) Intangible drilling costs (1,405 ) 7,370 Net operating loss carryforward - U.S. 45,307 65,020 Tax monetization transaction (30,964 ) (17,104 ) Right-of-use assets (3,715 ) — Lease liabilities 3,755 — State and Investment tax credits 813 813 Production tax credits 100,524 90,913 Foreign tax credits 92,497 58,072 Withholding tax (15,539 ) (8,052 ) Stock options amortization 1,409 1,440 Basis difference in partnership interest (39,622 ) (36,516 ) Excess business interest 6,189 — Accrued liabilities and other 1,013 624 49,796 74,878 Less - valuation allowance (17,412 ) (22,441 ) Total $ 32,384 $ 52,437 The following table presents a reconciliation of the beginning and ending valuation allowance: 2019 2018 2017 (Dollars in thousands) Balance at beginning of the year $ 22,441 $ 77,571 $ 116,234 Additions to valuation allowance 15,437 4,747 46,560 Release of valuation allowance (20,466 ) (59,877 ) (85,223 ) Balance at end of the year $ 17,412 $ 22,441 $ 77,571 At December 31, 2019, 2018 2032 2037. 2017 At December 31, 2019, 2022 2039. December 31, 2019, 2022. At December 31, 2019, 2025 2039 December 31, 2019, The Company has recorded deferred tax assets for net operating losses, foreign tax credits, and production tax credits. Realization of the deferred tax assets and tax credits is dependent on generating sufficient taxable income in appropriate jurisdictions prior to expiration of the NOL carryforwards and tax credits. Based upon available evidence of the Company’s ability to generate additional taxable income in the future and historical losses in prior years, a valuation allowance in the amount of $17.4 million and $22.4 million is recorded against the U.S. deferred tax assets as of December 31, 2019 2018, not not December 31, 2018, $17.4 On April 24, 2018, 382, not not On December 22, 2017, not 1 2 3 one December 31, 2017; ( 4 5 6 December 31, 2017. The FASB released guidance Staff Q&A, Topic 740, No. 5, The following table presents the deferred taxes on the balance sheet as of the dates indicated: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Non-current deferred tax assets $ 129,510 $ 113,760 $ 57,337 Non-current deferred tax liabilities (97,126 ) (61,323 ) (61,961 ) Non-current deferred tax assets, net 32,384 52,437 (4,624 ) Uncertain tax benefit offset (1) (95 ) (95 ) (95 ) $ 32,289 $ 52,342 $ (4,719 ) ( 1 2013 11, At December 31, 2019, no 2019, At December 31, 2018, not During 2017, December 2017 December 2018. 2018 2017 15% Uncertain tax positions The Company is subject to income taxes in the United States (federal and state) and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company's tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which additional taxes will be due. These reserves are established when the Company believes that certain positions might be challenged despite evidence supporting the position. The Company adjusts these reserves in light of changing facts and circumstances, such as the outcome of tax audits. The provision for income taxes includes the impact of reserve positions and changes to reserves that are considered probable. At December 31, 2019 2018, A reconciliation of the Company's unrecognized tax benefits is as follows: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Balance at beginning of year $ 8,820 $ 6,357 $ 4,609 Additions based on tax positions taken in prior years 104 293 5 Additions based on tax positions taken in the current year 2,314 2,446 2,580 Reduction based on tax positions taken in prior years (615 ) (276 ) (837 ) Balance at end of year $ 10,623 $ 8,820 $ 6,357 The Company and its U.S. subsidiaries file consolidated income tax returns for federal and state (where applicable) purposes. As of December 31, 2019, not The Company remains open to examination by the Internal Revenue Service for the years 2002 2019 2004 2019. may The Company’s foreign subsidiaries remain open to examination by the local income tax authorities in the following countries for the years indicated: Israel 2015 - 2019 Kenya 2013 - 2019 Guatemala 2015 - 2019 Honduras 2015 - 2019 Guadeloupe 2017 - 2019 New Zealand 2012 - 2019 Management believes that the liability for unrecognized tax benefits is adequate for all open tax years based on its assessment of many factors, including among others, past experience and interpretations of local income tax regulations. This assessment relies on estimates and assumptions and may not twelve Tax benefits in the United States The U.S. government encourages production of electricity from geothermal resources through certain tax subsidies. On February 9, 2018 2018 2018. December 20, 2019, 2021 first 10 may 1 20 If the Company claims the ITC, the Company’s “tax base” in the plant that it can recover through bonus or accelerated depreciation (if elected) must be reduced by half of the ITC. If the Company claims the PTC, there is no September 27, 2017, first ● 80% for property placed in service after Dec. 31, 2022 Jan. 1, 2024. ● 60% for property placed in service after Dec. 31, 2023 Jan. 1, 2025. ● 40% for property placed in service after Dec. 31, 2024 Jan. 1, 2026. ● 20% for property placed in service after Dec. 31, 2025 Jan. 1, 2027. The Company could also elect in lieu of bonus deprecation to depreciate most of its "tax base" in the plant for tax purposes over five may first Income taxes related to foreign operations Guatemala ten August 2017. August 2017, Israel 2017 2018 1959 two January 2011, 2014 2011. 2004 2008. may may Kenya September 11, 2015, 2015. 17B 15 4 15 5 January 1, 2016 January 1, 2015 15 4 15 5 Tax audit in Kenya The Company received three 2013 2017 The first March 2019, June 2019 two 2014 2017. July 2019, one two The Company received the second July 2019, 2013 2017. August 2019, December 2019, 2013 2017 January 2020, 2013 2017 The Company received the third December 2019 not January 2020, The Company is currently at different stages of discussions with the KRA on the matters included in the KRA letters of assessment and preliminary findings as described above and believes its tax positions for the issues raised during the audit period is more-likely-than- not December 31, 2019, not first Guadeloupe 2017, 2018, 2019, 2020, 2021 2022. Honduras first ten |
Note 19 - Business Segments
Note 19 - Business Segments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 19 In 2018, 280, 2019, two 2018 2018 Transfer prices between the operating segments were determined on current market values or cost plus markup of the seller’s business segment. Summarized financial information concerning the Company’s reportable segments is shown in the following tables, including, as further described under Note 1 606: Electricity Product ESMS Consolidated (Dollars in thousands) Year Ended December 31, 2019: Revenues from external customers: United States (1) $ 333,797 $ 30,562 $ 13,597 $ 377,956 Foreign (2) 206,536 160,447 1,105 368,088 Net revenues from external customers 540,333 191,009 14,702 746,044 Intersegment revenues — 84,614 — 84,614 Depreciation and amortization expense 138,426 5,308 5,027 148,761 Operating income (loss) 177,192 23,180 (6,576 ) 193,796 Segment assets at period end (3) (*) 3,044,909 126,018 79,567 3,250,494 Expenditures for long-lived assets 259,898 9,156 10,932 279,986 * Including unconsolidated investments 81,140 — — 81,140 Year Ended December 31, 2018: Revenues from external customers: United States (1) 305,962 14,999 7,645 328,606 Foreign (2) 203,917 186,744 — 390,661 Net revenues from external customers $ 509,879 $ 201,743 $ 7,645 $ 719,267 Intersegment revenues — 48,817 — 48,817 Depreciation and amortization expense 126,181 4,311 1,741 132,233 Operating income (loss) 155,546 38,083 (8,519 ) 185,110 Segment assets at period end (3) (*) 2,896,938 156,942 67,470 3,121,350 Expenditures for long-lived assets 219,803 9,993 28,725 258,521 * Including unconsolidated investments 71,983 — — 71,983 Year Ended December 31, 2017: Revenues from external customers $ 465,593 $ 224,483 $ 2,736 $ 692,812 Intersegment revenues — 109,040 — 109,040 Depreciation and amortization expense 109,928 3,470 1,748 115,146 Operating income (loss) 157,613 50,543 (3,138 ) 205,018 Segment assets at period end (3) (*) 2,457,514 115,713 50,637 2,623,864 Expenditures for long-lived assets 252,581 6,653 — 259,234 * Including unconsolidated investments 34,084 — — 34,084 ( 1 Electricity segment revenues in the United States are all accounted under lease accounting, except for $61.3 million and $26.9 million for the years December 31, 2019 2018 606 2018. 606, 1 ( 2 Electricity segment revenues in foreign countries are all accounted under lease accounting. Product and Energy Storage and Management Services segment revenues in foreign countries are accounted under ASC 606 1 ( 3 Electricity segment assets include goodwill in the amount of $20.1 million, $20.0 million and $7.6 as of December 31, 2019, 2018 2017, No December 31, 2019 2018. December 31, 2017 9 Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Revenues: Total segment revenues $ 746,044 $ 719,267 $ 692,812 Intersegment revenues 84,614 48,817 109,040 Elimination of intersegment revenues (84,614 ) (48,817 ) (109,040 ) Total consolidated revenues $ 746,044 $ 719,267 $ 692,812 Operating income: Operating income $ 193,796 $ 185,110 $ 205,018 Interest income 1,515 974 988 Interest expense, net (80,384 ) (70,924 ) (54,142 ) Derivatives and foreign currency transaction gains (losses) 624 (4,761 ) 2,654 Income attributable to sale of tax benefits 20,872 19,003 17,878 Other non-operating income (expense), net 880 7,779 (1,666 ) Total consolidated income before income taxes and equity in earnings of investees $ 137,303 $ 137,181 $ 170,730 The Company sells electricity, products and energy storage and other related services mainly to the geographical areas set forth below based on the location of the customer. The following tables present certain data by geographic area: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Revenues from external customers attributable to: (1) United States $ 377,956 $ 328,606 $ 301,132 Indonesia — 4,379 28,968 Kenya 121,661 119,094 110,243 Turkey 88,938 168,699 125,166 Chile 25,540 980 8,895 Guatemala 28,624 27,975 27,991 New Zealand 31,222 10,451 33,395 Honduras 34,446 34,355 10,151 Other foreign countries 37,657 24,728 46,871 Consolidated total $ 746,044 $ 719,267 $ 692,812 ( 1 Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Long-lived assets (primarily power plants and related assets) located in: United States $ 1,870,335 $ 1,696,439 $ 1,510,986 Kenya 284,526 301,956 340,970 Other foreign countries 224,676 222,872 281,333 Consolidated total $ 2,379,537 $ 2,221,267 $ 2,133,289 The following table presents revenues from major customers: Year Ended December 31, 2019 2018 2017 Revenues % Revenues % Revenues % (Dollars in thousands) (Dollars in thousands) (Dollars in thousands) Southern California Public Power (1) $ 133,725 17.9 $ 109,208 15.2 $ 70,100 10.1 Sierra Pacific Power Company and Nevada Power Company (1)(2) 125,486 16.8 116,149 16.1 125,424 18.1 KPLC (1) 121,661 16.3 119,094 16.6 110,243 15.9 ( 1 ( 2 |
Note 20 - Transactions With Rel
Note 20 - Transactions With Related Entities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 20 There were no |
Note 21 - Employee Benefit Plan
Note 21 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 21 401 The Company has a 401 60 2019, 2018 2017, one December 31, 2019, 2018 2017, Severance plan The Company, through Ormat Systems, provides limited non-pension benefits to all current employees in Israel who are entitled to benefits in the event of termination or retirement in accordance with the Israeli Government sponsored programs. These plans generally obligate the Company to pay one no December 31, 2019 2018, not may not December 31, 2019, 2018 2017 The Company expects to pay the following future benefits to its employees upon their reaching normal retirement age: (Dollars in thousands) Year ending December 31: 2020 $ 4,780 2021 1,434 2022 1,768 2023 89 2024 500 2025-2043 11,232 Total $ 19,803 The above amounts were determined based on the employees’ current salary rates and the number of years’ service that will have been accumulated at their retirement date. These amounts do not |
Note 22 - Commitments and Conti
Note 22 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 22 Geothermal resources The Company, through its project subsidiaries in the United States, controls certain rights to geothermal fluids through certain leases with the BLM or through private leases. Royalties on the utilization of the geothermal resources are computed and paid to the lessors as defined in the respective agreements. Royalty expense under the geothermal resource agreements were $21.7 million, $21.6 million and $19.4 million for the years ended December 31, 2019, 2018 2017, Letters of credit In the ordinary course of business with customers, vendors, and lenders, the Company is contingently liable for performance under letters of credit totaling $213.8 million at December 31, 2019. not not Purchase commitments The Company purchases raw materials for inventories, construction-in-process and services from a variety of vendors. During the normal course of business, in order to manage manufacturing lead times and help assure adequate supply, the Company enters into agreements with contract manufacturers and suppliers that either allow them to procure goods and services based upon specifications defined by the Company, or that establish parameters defining the Company’s requirements. At December 31, 2019, 2019. Grants and royalties The Company, through Ormat Systems, had historically, through December 31, 2003, No December 31, 2019, 2018 2017. not not December 31, 2019 2018, Lease commitments The Company's lease commitments are detailed under Note 23, Contingencies ● On May 21, 2018, 11 August 3, 2017 May 13, 2018". 31 1 38C 1 2017 2 May 16, 2018, May 11, 2018 2017 ● On June 11, 2018, August 8, 2017 May 15, 2018 May 13, 2019. 10 10b 5 20 10 December 31, 2016 2017, 10 nine September 30, 2017 December 6, 2019 ● On September 11, 2018, October 22, 2018, four 14 2018 January 24, 2019, ● Following the announcement of the Company’s acquisition of USG, a number of putative shareholder class action complaints were initially filed on behalf of USG shareholders between March 8, 2018 March 30, 2018 No. 2018 0177 Mar. 12, 2018). May 24, 2018 ● On August 5, 2016, April 4, 2019, ● On March 29, 2016, 27th 11th In addition, from time to time, the Company is named as a party to various other lawsuits, claims and other legal and regulatory proceedings that arise in the ordinary course of the Company’s business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract, property damage, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to such lawsuits, claims and proceedings, the Company accrues reserves when a loss is probable and the amount of such loss can be reasonably estimated. It is the opinion of the Company’s management that the outcome of these proceedings, individually and collectively, will not |
Note 23 - Leases
Note 23 - Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Leases of Lessee and Lessor Disclosure [Text Block] | NOTE 23 The Company is a lessee in operating lease transactions primarily consisting of land leases for its exploration and development activities. Additionally, the Company was a lessee under an operating lease in relation to the Puna power plant transaction which was terminated in December 2019 12 1 A. Leases in which the Company is a lessee The table below presents the effects on the amounts relating to total lease cost: Year Ended December 31, 2019 (Dollars in thousands) Lease cost Finance lease cost: Amortization of right-of-use assets $ 3,273 Interest on lease liabilities 1,330 Operating lease cost 8,057 Variable lease cost 1,647 Short-term lease cost — Total lease cost $ 14,307 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 1,330 Operating cash flows for operating leases 9,004 Financing cash flows for finance leases 3,164 Right-of-use assets obtained in exchange for new finance lease liabilities 5,262 Right-of-use assets obtained in exchange for new operating lease liabilities 6,364 December 31, Additional information as of December 31, 2019: 2019 Weighted-average remaining lease term — finance leases (in years) 4.0 Weighted-average remaining lease term — operating leases (in years) 7.3 Weighted-average discount rate (in percentage) 5 % Future minimum lease payments under non-cancellable leases as of December 31, 2019 Operating Leases Finance Leases (Dollars in thousands) Year ending December 31, 2020 $ 2,742 $ 4,251 2021 2,701 3,948 2022 2,079 3,873 2023 1,524 2,758 2024 1,275 906 Thereafter 10,635 4,118 Total future minimum lease payments 20,956 19,854 Less imputed interest 4,205 5,577 Total $ 16,751 $ 14,277 Future minimum lease payments under non-cancellable leases as of December 31, 2018, 840, (Dollars in thousands) Year ending December 31, 2019 $ 10,889 2020 7,515 2021 5,758 2022 4,415 2023 2,910 Thereafter 9,292 Total $ 40,779 B. Leases in which the Company is a lessor The table below presents the lease income recognized for lessors: Year Ended December 31, 2019 (Dollars in thousands) Lease income relating to lease payments of operating leases $ 479,059 Lease income relating to variable lease payments not included in the measurement of the lease — Total $ 479,059 |
Note 24 - Quarterly Financial I
Note 24 - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 24 Three Months Ended Mar. 31, 2018 June 30, 2018 Sept. 30, 2018 Dec. 31, 2018 Mar. 31, 2019 June 30, 2019 Sept. 30, 2019 Dec. 31, 2019 (Dollars in thousands, except per share amounts) Revenues: Electricity $ 132,489 $ 122,179 $ 116,891 $ 138,320 $ 142,908 $ 129,079 $ 123,978 $ 144,368 Product 48,672 54,915 48,439 49,717 52,128 52,030 43,037 43,814 Energy storage and management services 2,862 1,205 1,150 2,428 4,002 2,956 3,484 4,260 Total revenues 184,023 178,299 166,480 190,465 199,038 184,065 170,499 192,442 Cost of revenues: Electricity 73,482 81,236 79,845 63,692 77,543 73,775 80,124 81,393 Product 33,726 37,573 35,669 33,729 42,106 41,316 31,073 31,479 Energy storage and management services 3,443 2,028 2,174 2,235 5,210 3,827 3,807 5,068 Total cost of revenues 110,651 120,837 117,688 99,656 124,859 118,918 115,004 117,940 Gross profit 73,372 57,462 48,792 90,809 74,179 65,147 55,495 74,502 Operating expenses: Research and development expenses 1,108 1,251 706 1,118 900 810 1,062 1,875 Selling and marketing expenses 3,699 3,712 8,578 3,813 3,865 3,276 3,783 4,123 General and administrative expenses 13,849 15,866 13,606 4,429 15,689 14,181 11,931 14,032 Impairment charge — — — 13,464 — — — — Write-off of unsuccessful exploration activities 123 — — 3 — — — — Operating income 54,593 36,633 25,902 67,982 53,725 46,880 38,719 54,472 Other income (expense): Interest income 113 189 214 458 293 420 482 320 Interest expense, net (14,344 ) (15,846 ) (18,700 ) (22,034 ) (21,223 ) (21,517 ) (20,076 ) (17,568 ) Derivatives and foreign currency transaction gains (losses) (1,599 ) (529 ) (383 ) (2,250 ) 472 19 205 (72 ) Income attributable to sale of tax benefits 7,361 3,556 4,066 4,020 7,764 4,637 4,056 4,415 Other non-operating income (expense), net (20 ) 7,373 309 117 91 1,027 244 (482 ) Income from operations before income tax and equity in earnings (losses) of investees 46,104 31,376 11,408 48,293 41,122 31,466 23,630 41,085 Income tax (provision) 26,942 (29,105 ) (1,184 ) (31,386 ) (14,039 ) 3,529 (9,626 ) (25,477 ) Equity in earnings (losses) of investees, net 1,210 388 (117 ) 6,182 1,047 1,202 1,085 (1,481 ) Net income 74,256 2,659 10,107 23,089 28,130 36,197 15,089 14,127 Net loss (income) attributable to noncontrolling interest (4,748 ) (3,002 ) 474 (4,869 ) (2,184 ) (2,259 ) 516 (1,521 ) Net income (loss) attributable to the Company's stockholders $ 69,508 $ (343 ) $ 10,581 $ 18,220 $ 25,946 $ 33,938 $ 15,605 $ 12,606 Earnings (loss) per share attributable to the Company's stockholders Basic: Net income $ 1.37 $ (0.01 ) $ 0.21 $ 0.36 $ 0.51 $ 0.67 $ 0.31 $ 0.25 Diluted: Net income $ 1.36 $ (0.01 ) $ 0.21 $ 0.36 $ 0.51 $ 0.66 $ 0.30 $ 0.24 Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: Basic 50,614 50,623 50,645 50,691 50,709 50,800 50,933 51,017 Diluted 51,051 50,958 50,963 50,936 51,012 51,094 51,334 51,511 |
Note 25 - Subsequent Events
Note 25 - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 25 Cash dividend On February 25, 2020, March 12, 2020, March 26, 2020. Energy storage assets portfolio purchase transaction On February 28, 2020, third one one second 2020, 2020 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Description Of Business [Policy Text Block] | Business The Company is primarily engaged in the geothermal and recovered energy business, including the supply of equipment that is manufactured by the Company and the design and construction of power plants for projects owned by the Company or for third Most of the Company’s domestic power plant facilities are Qualifying Facilities under the PURPA. The Power Purchase Agreements ("PPAs") for certain of such facilities are dependent upon their maintaining Qualifying Facility status. Management believes that all of the facilities located in the United States were in compliance with Qualifying Facility status requirements as of December 31, 2019. |
Dividend Declared [Policy Text Block] | Cash dividends During the years ended December 31, 2019, 2018 2017, |
Rounding [Policy Text Block] | Rounding Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000, |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and of all majority-owned subsidiaries in which the Company exercises control over operating and financial policies, and variable interest entities in which the Company has an interest and is the primary beneficiary. Intercompany accounts and transactions have been eliminated in consolidation. Investments in less-than-majority-owned entities or other entities in which the Company exercises significant influence over operating and financial policies are accounted for using the equity method of accounting or consolidated if they are a variable interest entity in which the Company has an interest and is the primary beneficiary. Under the equity method, original investments are recorded at cost and adjusted by the Company’s share of undistributed earnings or losses of such companies. The Company’s earnings or losses in investments accounted for under the equity method have been reflected as “equity in earnings (losses) of investees, net” on the Company’s consolidated statements of operations and comprehensive income (loss). |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents The Company considers all highly liquid instruments, with an original maturity of three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash, cash equivalents, and marketable securities Under the terms of certain long-term debt agreements, the Company is required to maintain certain debt service reserves, cash collateral and operating fund accounts that have been classified as restricted cash and cash equivalents. Funds that will be used to satisfy obligations due during the next 12 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash [Policy Text Block] | Reconciliation of cash and cash equivalents and restricted cash and cash equivalents The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported on the balance sheet that sum to the total of the same amounts shown on the statement of cash flows: December 31, 2019 2018 2017 (Dollars in thousands) Cash and cash equivalents $ 71,173 $ 98,802 $ 47,818 Restricted cash and cash equivalents 81,937 78,693 48,825 Total cash and cash equivalents and restricted cash and cash equivalents $ 153,110 $ 177,495 $ 96,643 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk Financial instruments which potentially subject the Company to concentration of credit risk consist principally of temporary cash investments and accounts receivable. The Company places its temporary cash investments with high credit quality financial institutions located in the U.S. and in foreign countries. At December 31, 2019 2018, ten $250,000 December 31, 2019 2018, not At December 31, 2019 2018, December 31, 2019 2018, 19 The Company has historically been able to collect substantially all of its receivable balances. As of December 31, 2019, January February 2020. September 30, 2019. May 2019, December 31, 2019, October 2018 April 2019 none Additionally, Pacific Gas and Electric Corporation (“PG&E Corporation”) and its subsidiary Pacific Gas and Electric Company (“PG&E”), which accounted for 1.5%, 1.9% and 2.0% of the Company's total revenues for the years ended December 31, 2019, 2018 2017, 2017 2018. January 29, 2019, 11 December 31, 2019, December 2019 January 2020. |
Inventory, Policy [Policy Text Block] | Inventories Inventories consist primarily of raw material parts and sub-assemblies for power units and are stated at the lower of cost or net realizable value, using the weighted-average cost method. Inventories are reduced by a provision for slow-moving and obsolete inventories. This provision was not December 31, 2019 2018. |
Deposit Contracts, Policy [Policy Text Block] | Deposits and other Deposits and other consist primarily of performance bonds for construction projects, long-term insurance contract and receivables, certain deferred costs and derivative instruments. |
Property, Plant and Equipment, Impairment [Policy Text Block] | Property, plant and equipment, net Property, plant and equipment are stated at cost. All costs associated with the acquisition, development and construction of power plants operated by the Company are capitalized. Major improvements are capitalized and repairs and maintenance (including major maintenance) costs are expensed. Power plants operated by the Company, which include geothermal wells and exploration and resource development costs, are depreciated using the straight-line method over their estimated useful lives, which range from 15 to 30 years. The other assets are depreciated using the straight-line method over the following estimated useful lives of the assets: Buildings (in years) 25 Leasehold improvements (in years) 15 - 20 Machinery and equipment — manufacturing and drilling (in years) 10 Machinery and equipment — computers (in years) 3 - 5 Office equipment — furniture and fixtures (in years) 5 - 15 Office equipment — other (in years) 5 - 10 Vehicles (in years) 5 - 7 The cost and accumulated depreciation of items sold or retired are removed from the accounts. Any resulting gain or loss is recognized currently and recorded in the accompanying statements of operations. The Company capitalizes interest costs as part of constructing power plant facilities. Such capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Capitalized interest costs amounted to $3.3 million, $3.7 million, and $7.2 million for the years ended December 31, 2019, 2018 2017, |
Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block] | Exploration and development costs The Company capitalizes costs incurred in connection with the exploration and development of geothermal resources once it acquires land rights to the potential geothermal resource. Prior to acquiring land rights, the Company makes an initial assessment that an economically feasible geothermal reservoir is probable on that land. The Company determines the economic feasibility of potential geothermal resources internally, with all available data and external assessments vetted through the exploration department and occasionally using outside service providers. Costs associated with the initial assessment are expensed and included in cost of electricity revenues in the consolidated statements of operations and comprehensive income (loss). Such costs were immaterial during the years ended December 31, 2019, 2018 2017. two three may In most cases, the Company obtains the right to conduct the geothermal development and operations on land owned by the Bureau of Land Management ("BLM"), various states or with private parties. The up-front bonus payments and other related costs, such as legal fees, are capitalized and included in construction-in-process. The annual land lease payments made during the exploration, development and construction phase are expensed as incurred and included in “electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss). Upon commencement of power generation on the leased land, the Company begins to pay the lessor’s long-term royalty payments based on the utilization of the geothermal resources as defined in the respective agreements. Such payments are expensed when the related revenues are earned and included in “electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss). Following the acquisition of land rights to the potential geothermal resource, the Company conducts further studies and surveys, including water and soil analyses, among others, and augments its database with the results of these studies. The Company then initiates a suite of geophysical surveys to assess the resource and determine drilling locations. If the results of these activities support the initial assessment of the feasibility of the geothermal resource, the Company then proceeds to exploratory drilling and other related activities which may may not When deciding whether to continue holding lease rights and/or to pursue exploration activity, the Company diligently prioritizes prospective investments, taking into account resource and probability assessments in order to make informed decisions about whether a particular project will support commercial operation. As a result, write-off of unsuccessful activities for the years ended December 31, 2019, 2018 2017 2017, no Grants received from the U.S. DOE are offset against the related exploration and development costs. There were no December 31, 2019, 2018 2017. All exploration and development costs that are being capitalized, including the up-front bonus payments made to secure land leases, will be depreciated over their estimated useful lives when the related geothermal power plant is substantially complete and ready for use. A geothermal power plant is substantially complete and ready for use when electricity generation commences. |
Asset Retirement Obligation [Policy Text Block] | Asset retirement obligation The Company records the fair value of a legal liability for an asset retirement obligation in the period in which it is incurred. The Company’s legal liabilities include plugging wells and post-closure costs of power producing sites. When a new liability for asset retirement obligations is recorded, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. The Company periodically reassess the assumptions used to estimate the expected cash flows required to settle the asset retirement obligation, including changes in estimated probabilities, amounts, and timing of the settlement of the asset retirement obligation, as well as changes in the legal requirements of an obligation and revises the previously recorded asset retirement obligation accordingly. At retirement, the obligation is settled for its recorded amount at a gain or loss. |
Deferred Financing And Lease Transaction Costs [Policy Text Block] | Deferred financing costs Deferred financing costs are presented as a direct deduction from the carrying value of the associated debt liability or under deferred financing if associated with lines of credit. Such deferred costs are amortized over the term of the related obligation using the effective interest method or ratably, as applicable. Amortization of deferred financing costs is presented as interest expense in the consolidated statements of operations and comprehensive income (loss). Accumulated amortization related to deferred financing costs amounted to $19.5 million and $21.8 million at December 31, 2019 2018, December 31, 2019, 2018 2017 December 31, 2019, 2018 2017, |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of the fair value of consideration transferred in the business combination transactions of Guadeloupe and USG over the fair value of tangible and intangible assets acquired, net of the fair value of liabilities assumed and the fair value of any noncontrolling interest in the acquisitions. Goodwill is not December 31 not first not no one not first January 2017, 2017 04, 350 2018, two two 2017 04, one not 9 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible assets Intangible assets consist of allocated acquisition costs of PPAs, which are amortized using the straight-line method over the 13 to 29-year terms of the agreements (see Note 9 may not no no not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets and long-lived assets to be disposed of The Company evaluates long-lived assets, such as property, plant and equipment and construction-in-process for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not not not The Company tests its operating plants that are operated together as a complex for impairment at the complex level because the cash flows of such plants result from significant shared operating activities. For example, the operating power plants in a complex are managed under a combined operation management generally with one one not not not Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset. The significant assumptions that the Company uses in estimating its undiscounted future cash flows include: (i) projected generating capacity of the complex or power plant and rates to be received under the respective PPAs and expected market rates thereafter and (ii) projected operating expenses of the relevant complex or power plant. Estimates of future cash flows used to test recoverability of a long-lived asset under development also include cash flows associated with all future expenditures necessary to develop the asset. If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Management believes that no impairment exists for long-lived assets; however, estimates as to the recoverability of such assets may may |
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. All changes in the fair value of derivatives are recognized in earnings unless specific hedge criteria are met, which requires a company to formally document, designate and assess the effectiveness of transactions that receive hedge accounting. The Company maintains a risk management strategy that may not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation The U.S. dollar is the functional currency for all of the Company’s consolidated operations and those of its equity affiliates except for the Guadeloupe power plant and the Company's operations in New Zealand. For those entities, all gains and losses from currency translations are included within the line item “Derivatives and foreign currency transaction gains (losses)” within the consolidated statements of operations and comprehensive income (loss). The Euro and New Zealand Dollar are the functional currencies of the Guadeloupe power plant and the Company's operations in New Zealand, respectively, and thus gains and losses from currency translation adjustments in those locations are included as currency translation adjustments in accumulated other comprehensive income in the consolidated statements of equity and in comprehensive income. The accumulated currency translation adjustments amounted to $1.5 million and $0.0 million as of December 31, 2019 2018, |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income (loss) reporting Comprehensive income (loss) includes net income or loss plus other comprehensive income (loss), which for the Company consists of changes in unrealized gains or losses in respect of the Company’s share in derivatives instruments of an unconsolidated investment, foreign currency translation adjustments and changes in respect of derivative instruments designated as a cash flow hedge. The changes in foreign currency translation adjustments and gains or losses in respect of derivative instruments designated as a cash flow hedge during the years ended December 31, 2019, 2018 2017 5 |
Revenue [Policy Text Block] | Revenues and cost of revenues Upon adoption of ASU 2014 09, 606 January 1, 2018, 1 2 3 4 5 Revenues are primarily related to: (i) sale of electricity from geothermal and recovered energy-based power plants owned and operated by the Company; (ii) geothermal and recovered energy-based power plant equipment engineering, sale, construction and installation, and operating services and (iii) energy storage, demand-response and energy management related services as well as services relating to the engineering, procurement, construction, operation and maintenance of energy storage units. Electricity segment revenues July 1, 2003, five 8 606, 30 60 Product segment revenues third not not no one two In contracts for which the Company determines that control is not Accounting for product contracts that are satisfied over time includes use of several estimates such as variable consideration related to bonuses and penalties and total estimated cost for completing the contract. The estimated amount of variable consideration will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not The nature of the Company's product contracts give rise to several modifications or change requests by its customers. Substantially all of the modifications are treated as cumulative catch-ups to revenues since the additional goods are not one Energy Storage and Management Services segment revenues 606 may The Company's accounting policy for revenues included under the 2017 Revenues related to the sale of electricity from geothermal and recovered energy-based power plants and capacity payments are recorded based upon output delivered and capacity provided at rates specified under relevant contract terms. For PPAs agreed to, modified, or acquired in business combinations on or after July 1, 2003, five 8 Revenues from engineering, operating services, and parts and product sales are recorded upon providing the service or delivery of the products and parts and when collectability is reasonably assured. Revenues from the supply and/or construction of geothermal and recovered energy-based power plant equipment and other equipment to third may In specific instances where there is a lack of dependable estimates or inherent risks that may Contract assets related to the Company's Product segment reflect revenues 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 December 31, 2019 2018 December 31, December 31, 2019 2018 (Dollars in thousands) Contract assets (*) $ 38,365 $ 42,130 Contract liabilities (*) (2,755 ) (18,402 ) Contract assets, net $ 35,610 $ 23,728 (*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheets. The contract liabilities balance at the beginning of the year was fully recognized as product revenues during the years ended December 31, 2019 2018 The following table presents the significant changes in the contract assets and contract liabilities for the years ended December 31, 2019 2018: Years Ended December 31, 2019 2018 Contract assets Contract liabilities Contract assets Contract liabilities (Dollars in thousands) Recognition of contract liabilities as revenue as a result of performance obligations satisfied $ — $ 12,675 $ — $ 33,349 Cash received in advance for which revenues have not yet recognized, net of expenditures made — (3,323 ) — (38,162 ) Reduction of contract assets as a result of rights to consideration becoming unconditional (130,918 ) — (128,659 ) — Contract assets recognized, net of recognized receivables 133,448 — 136,496 — Net change in contract assets and contract liabilities $ 2,530 $ 9,352 $ 7,837 $ (4,813 ) The timing of revenue recognition, billings and cash collections results in accounts receivable, contract assets and contract liabilities on the consolidated balance sheet. In the Company's Products segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, or upon achievement of contractual milestones. Generally, billing occurs subsequent to the recognition of revenue, resulting in contract assets. However, the Company sometimes receives advances or deposits from its customers before revenue can be recognized, resulting in contract liabilities. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. The timing of billing its customers and receiving advance payments vary from contract to contract. The majority of payments are received no On December 31, 2019, not The following schedule reconciles revenues accounted under lease accounting, and ASC 606, December 31, 2019 2018: Year Ended December 31, 2019 2018 (Dollars in thousands) Electricity Revenues accounted under lease accounting $ 479,059 $ 481,619 Electricity, Product and Energy Storage and Management Services revenues accounted under ASC 606 266,985 237,648 Total consolidated revenues $ 746,044 $ 719,267 Disaggregated revenues from contracts with customers for the years ended December 31, 2019 2018 19 |
Termination fee [Policy Text Block] | Termination fee Fees to terminate PPAs are recognized in the period incurred as selling and marketing expenses. During 2018, 2 2018. 2019 2017, no |
Standard Product Warranty, Policy [Policy Text Block] | Warranty on products sold The Company generally provides a one two December 31, 2019, 2018 2017. |
Research and Development Expense, Policy [Policy Text Block] | Research and development Research and development costs incurred by the Company for the development of existing and new geothermal and recovered energy power plants as well as storage related technologies are expensed as incurred. Grants received from the DOE are offset against the related research and development expenses. There were no December 31, 2019, 2018 2017. |
Share-based Payment Arrangement [Policy Text Block] | Stock-based compensation The Company accounts for stock-based compensation using the fair value method whereby compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite employee service period (generally the vesting period of the grant). The Company uses the Exercise Multiple-Based Lattice SAR-Pricing Model to value the stock-based compensation awards to reflect accumulated historic data retained of behavioral parameters. |
Tax Monetization Transactions Policy [Policy Text Block] | Tax monetization Transactions The Company has three 3 13 2017 13. 470. 810. 835 7. |
Income Tax, Policy [Policy Text Block] | Income taxes Income taxes are accounted for using the asset and liability approach, which requires the recognition of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. The measurement of current and deferred tax assets and liabilities are based on provisions of the enacted tax law. The Company accounts for investment tax credits and production tax credits as a reduction to income taxes in the year in which the credit arises. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are more likely than not not |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share Basic earnings per share attributable to the Company’s stockholders (“earnings per share”) 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 The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share: Year Ended December 31, 2019 2018 2017 (In thousands) Weighted average number of shares used in computation of basic earnings per share 50,867 50,643 50,110 Add: Additional shares from the assumed exercise of employee stock options 360 326 659 Weighted average number of shares used in computation of diluted earnings per share 51,227 50,969 50,769 The number of stock-based awards that could potentially dilute future earnings per share and were not December 31, 2019, 2018 2017. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates in preparation of financial statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of such financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant estimates with regard to the Company’s consolidated financial statements relate to the useful lives of property, plant and equipment, impairment of goodwill and long-lived assets, including intangible assets, revenue recognition of product sales using the percentage of completion method, asset retirement obligations, and the provision for income taxes. |
Redeemable Noncontrolling Interest, Policy [Policy Text Block] | Redeemable noncontrolling interest Changes in the carrying amount of the Company's Redeemable noncontrolling interest were as follows: 2019 2018 (Dollars in thousands) Redeemable noncontrolling interest as of January 1, $ 8,603 $ 6,416 Redeemable noncontrolling interest in results of operation of a consolidated subsidiary 1,132 990 Cash paid to noncontrolling interest (252 ) — Increase in share of redeemable noncontrolling interest — 1,528 Currency translation adjustments (233 ) (331 ) Redeemable noncontrolling interest as of December 31, $ 9,250 $ 8,603 |
Puna Power Plant, Policy [Policy Text Block] | Puna Power Plant On May 3, 2018, 38 three 2019, May 2018 2019, December 31, 2019. not As of February 2020, first 2020. one second 2020. third 2020 The Company continues to assess the accounting implications of this event on the assets and liabilities on its balance sheet and whether an impairment will be required. Any significant damage to the geothermal resource or continued shut-down following the lava event at the Puna facilities could have an adverse impact on the power plant's electricity generation and availability, which in turn could have a material adverse impact on the Company's business and results of operations. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements New accounting pronouncements effective in the year ended December 31, 2019 Leases In February 2016, 2016 02, 842 two 606. January 1, 2019 no The Company is a lessee in operating lease transactions primarily consisting of land leases for its exploration and development activities as further described under Exploration and development costs above and the Puna power plant transaction as further described under Note 12 842, In accordance with the new standard, for agreements in which the Company is the lessee, the Company applies a unified accounting model by which it recognizes a right-of-use asset ("ROU") and a lease liability at the commencement date of the lease contract for all the leases in which the Company has a right to control identified assets for a specified period of time. The classification of the lease as a finance lease or an operating lease determines the subsequent accounting for the lease arrangement. Upon the adoption of the new standard the Company, both as a lessee and as a lessor, chose to apply the following permitted practical expedients: 1. Not 2. Not 840 840 3. Exclude initial direct costs from measurement of the ROU asset at the date of initial application; 4. Applying the practical expedient (for a lessor) to not 606 606. 5. Applying the practical expedient (for a lessee) regarding the recognition and measurement of short-term leases, for leases for a period of up to 12 Since the Company elected to apply the practical expedients above, it applied the new standard to all contracts entered into before January 1, 2019 840. The new significant accounting policies regarding leases that were applied as from January 1, 2019 1. Determining whether an arrangement contains a lease On the inception date of the lease, the Company determines whether the arrangement is a lease or contains a lease, while examining if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 2. The Company as a lessee a. Lease classification: At the commencement date, a lease is a finance lease if it meets any one • The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. • The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise. • The lease term is for the major part of the remaining economic life of the underlying asset. • The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not • The underlying asset is of such a specialized nature that it is expected to have no b. Leased assets and lease liabilities - initial recognition Upon initial recognition, the Company recognizes a liability at the present value of the lease payments to be made over the lease term, and concurrently recognizes a ROU asset at the same amount of the liability, adjusted for any prepaid or accrued lease payments, plus initial direct costs incurred in respect of the lease. Since the interest rate implicit in the lease is not c. The lease term The lease term is the non-cancellable period of the lease plus periods covered by an extension or termination option if it is reasonably certain that the Company will exercise the option. d. Subsequent measurement of operating leases After lease commencement, the Company measures the lease liability at the present value of the remaining lease payments using the discount rate determined at lease commencement (as long as the discount rate has not The Company subsequently measures the ROU asset at the present value of the remaining lease payments, adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term and any unamortized initial direct costs. Further, the Company will recognize lease expense on a straight-line basis over the lease term. e. Subsequent measurement of finance leases After lease commencement, the Company measures the lease liability by increasing the carrying amount to reflect interest on the lease liability and reducing the carrying amount to reflect the lease payments made during the period. The Company shall determine the interest on the lease liability in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements. After lease commencement, the Company measures the ROU assets at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. The Company amortizes the ROU asset on a straight-line basis, unless another systematic basis better represents the pattern in which the Company expects to consume the ROU asset’s future economic benefits. The ROU asset is amortized over the shorter of the lease term or the useful life of the ROU asset as follows: (in years) Land 1 - 35 Vehicles 5 Building 15 The total periodic expense (the sum of interest and amortization expense) of a finance lease is typically higher in the early periods and lower in the later periods. f. Variable lease payments: Variable lease payments that depend on an index or a rate On the commencement date, the lease payments shall include variable lease payments that depend on an index or a rate (such as the Consumer Price Index or a market interest rate), initially measured using the index or rate at the commencement date. The Company does not Other variable lease payments: Variable payments that depends on performance or use of the underlying asset are not 3. The Company as a lessor At lease commencement, the Company as a lessor classifies leases as either finance or operating leases. Finance leases are further classified as a sales-type lease or as a direct financing lease. Under an operating lease, the Company recognizes the lease payment as income over the lease term, generally on a straight-line basis or as earned. 4. Impact of the new standard a) The effects of the initial application of the new standard on the Company's consolidated balance sheet as of January 1, 2019 According to the previous accounting policy The change As presented according to Topic 842 (Dollars in thousands) As of January 1, 2019: Prepaid expenses and other $ 51,441 $ (35,385 ) $ 16,056 Deferred financing and lease costs, net 3,242 (1,659 ) 1,583 Property, plant and equipment, net 1,959,578 (12,855 ) 1,946,723 Operating leases right of use — 62,244 62,244 Finance leases right of use — 13,476 13,476 Accounts payable and accrued expenses 116,362 (2,860 ) 113,502 Current maturity of operating lease liabilities — 7,532 7,532 Current maturity of finance lease liabilities — 2,841 2,841 Other long-term liabilities 16,087 (9,970 ) 6,117 Long term portion of operating lease liabilities — 17,668 17,668 Long term portion of finance lease liabilities — 10,668 10,668 Retained earnings 422,222 (58 ) 422,164 The operating leases right of use is higher than the related lease liabilities as a result of prepayments of leases, including the Puna lease and deferred financing lease costs. b) A weighted-average nominal incremental interest rate of 5% and 7% was used to discount future lease payments in the calculation of the lease liabilities in respect of operating leases and in respect of finance leases, respectively. Derivatives and Hedging In August 2017, 2017 12, December 15, 2018, not Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, 2018 02, 220 2017 December 15, 2018, not New accounting pronouncements effective in future periods Financial Instruments - Credit Losses In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 . November 2018, 2018 19, 326, 2018 19 not January 1, 2020, not Accounting for Income Taxes In December 2019, 2019 12, 740 2019 12 740. December 15, 2020 not 2019 12 December 31, 2019. not 2019 12 |
Note 1 - Business and Signifi_2
Note 1 - Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | December 31, 2019 2018 2017 (Dollars in thousands) Cash and cash equivalents $ 71,173 $ 98,802 $ 47,818 Restricted cash and cash equivalents 81,937 78,693 48,825 Total cash and cash equivalents and restricted cash and cash equivalents $ 153,110 $ 177,495 $ 96,643 |
Schedule Of Estimated Useful Lives [Table Text Block] | Buildings (in years) 25 Leasehold improvements (in years) 15 - 20 Machinery and equipment — manufacturing and drilling (in years) 10 Machinery and equipment — computers (in years) 3 - 5 Office equipment — furniture and fixtures (in years) 5 - 15 Office equipment — other (in years) 5 - 10 Vehicles (in years) 5 - 7 |
Contract with Customer, Asset and Liability [Table Text Block] | December 31, December 31, 2019 2018 (Dollars in thousands) Contract assets (*) $ 38,365 $ 42,130 Contract liabilities (*) (2,755 ) (18,402 ) Contract assets, net $ 35,610 $ 23,728 Years Ended December 31, 2019 2018 Contract assets Contract liabilities Contract assets Contract liabilities (Dollars in thousands) Recognition of contract liabilities as revenue as a result of performance obligations satisfied $ — $ 12,675 $ — $ 33,349 Cash received in advance for which revenues have not yet recognized, net of expenditures made — (3,323 ) — (38,162 ) Reduction of contract assets as a result of rights to consideration becoming unconditional (130,918 ) — (128,659 ) — Contract assets recognized, net of recognized receivables 133,448 — 136,496 — Net change in contract assets and contract liabilities $ 2,530 $ 9,352 $ 7,837 $ (4,813 ) |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Year Ended December 31, 2019 2018 (Dollars in thousands) Electricity Revenues accounted under lease accounting $ 479,059 $ 481,619 Electricity, Product and Energy Storage and Management Services revenues accounted under ASC 606 266,985 237,648 Total consolidated revenues $ 746,044 $ 719,267 According to the previous accounting policy The change As presented according to Topic 842 (Dollars in thousands) As of January 1, 2019: Prepaid expenses and other $ 51,441 $ (35,385 ) $ 16,056 Deferred financing and lease costs, net 3,242 (1,659 ) 1,583 Property, plant and equipment, net 1,959,578 (12,855 ) 1,946,723 Operating leases right of use — 62,244 62,244 Finance leases right of use — 13,476 13,476 Accounts payable and accrued expenses 116,362 (2,860 ) 113,502 Current maturity of operating lease liabilities — 7,532 7,532 Current maturity of finance lease liabilities — 2,841 2,841 Other long-term liabilities 16,087 (9,970 ) 6,117 Long term portion of operating lease liabilities — 17,668 17,668 Long term portion of finance lease liabilities — 10,668 10,668 Retained earnings 422,222 (58 ) 422,164 |
Schedule of Weighted Average Number of Shares [Table Text Block] | Year Ended December 31, 2019 2018 2017 (In thousands) Weighted average number of shares used in computation of basic earnings per share 50,867 50,643 50,110 Add: Additional shares from the assumed exercise of employee stock options 360 326 659 Weighted average number of shares used in computation of diluted earnings per share 51,227 50,969 50,769 |
Redeemable Noncontrolling Interest [Table Text Block] | 2019 2018 (Dollars in thousands) Redeemable noncontrolling interest as of January 1, $ 8,603 $ 6,416 Redeemable noncontrolling interest in results of operation of a consolidated subsidiary 1,132 990 Cash paid to noncontrolling interest (252 ) — Increase in share of redeemable noncontrolling interest — 1,528 Currency translation adjustments (233 ) (331 ) Redeemable noncontrolling interest as of December 31, $ 9,250 $ 8,603 |
ROA Asset [Member] | |
Notes Tables | |
Schedule Of Estimated Useful Lives [Table Text Block] | (in years) Land 1 - 35 Vehicles 5 Building 15 |
Note 2 - Business Acquisition_2
Note 2 - Business Acquisitions and Others (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash and cash equivalents and restricted cash $ 37.9 Property, plant and equipment and construction-in-process 77.3 Intangible assets (1) 127.0 Goodwill (2) 12.7 Deferred taxes 1.7 Total assets acquired $ 256.6 Other working capital $ (8.2 ) Long-term term debt (98.3 ) Asset retirement obligation (9.0 ) Noncontrolling interest (34.9 ) Total liabilities assumed $ (150.4 ) Total assets acquired, and liabilities assumed, net $ 106.2 |
Business Acquisition, Pro Forma Information [Table Text Block] | Pro forma for the Pro forma for the year ended December 31, 2018 year ended December 31, 2017 (Dollars in thousands) Electricity revenues $ 521,175 $ 497,650 Total revenues 730,563 724,869 Income from continuing operations before income taxes and equity in losses of investees 134,142 169,546 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2019 2018 (Dollars in thousands) Raw materials and purchased parts for assembly $ 21,942 $ 26,914 Self-manufactured assembly parts and finished products 13,007 18,110 Total $ 34,949 $ 45,024 |
Note 4 - Cost and Estimated E_2
Note 4 - Cost and Estimated Earnings on Uncompleted Contracts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Cost And Estimated Earnings On Uncompleted Contracts [Table Text Block] | December 31, 2019 2018 (Dollars in thousands) Costs and estimated earnings incurred on uncompleted contracts $ 196,550 $ 278,797 Less billings to date (160,940 ) (255,069 ) Total $ 35,610 $ 23,728 |
Cost and Estimated Earnings on Uncompleted Contracts Included in Consolidated Balance Sheets [Table Text Block] | December 31, 2019 2018 (Dollars in thousands) Costs and estimated earnings in excess of billings on uncompleted contracts $ 38,365 $ 42,130 Billings in excess of costs and estimated earnings on uncompleted contracts (2,755 ) (18,402 ) Total $ 35,610 $ 23,728 |
Note 5 - Investment in an Unc_2
Note 5 - Investment in an Unconsolidated Company (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, 2019 2018 (Dollars in thousands) Sarulla $ 70,589 $ 71,983 Ijen 10,551 — Total investment in unconsolidated companies $ 81,140 $ 71,983 |
Other Comprehensive Income (Loss) from Equity Method Investments[Table Text Block] | Year Ended December 31, 2019 2018 (Dollars in thousands) Change, net of deferred tax, in unrealized gains (losses) in respect of the Company’s share in derivative instruments of unconsolidated investment $ (3,417 ) $ 2,235 |
Note 6 - Variable Interest En_2
Note 6 - Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | December 31, 2019 Project Debt PPAs (Dollars in thousands) Assets: Restricted cash and cash equivalents $ 81,522 $ 20 Other current assets 164,386 29,076 Property, plant and equipment, net 1,211,656 668,891 Construction-in-process 10,188 139,642 Other long-term assets 162,995 40,138 Total assets $ 1,630,747 $ 877,767 Liabilities: Accounts payable and accrued expenses 25,361 13,201 Long-term debt 794,214 — Other long-term liabilities 126,851 32,790 Total liabilities 946,426 45,991 December 31, 2018 Project Debt PPAs (Dollars in thousands) Assets: Restricted cash and cash equivalents $ 76,019 2,304 Other current assets 213,007 9,698 Property, plant and equipment, net 1,552,408 306,820 Construction-in-process 90,812 13,273 Other long-term assets 177,723 9,104 Total assets $ 2,109,969 341,199 Liabilities: Accounts payable and accrued expenses $ 24,245 2,651 Long-term debt 805,850 — Other long-term liabilities 125,769 12,483 Total liabilities $ 955,864 15,134 |
Note 7 - Fair Value of Financ_2
Note 7 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2019 Fair Value Carrying Value at December 31, 2019 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 28,316 $ 28,316 $ 28,316 $ — $ — Derivatives: Contingent receivable (1) 102 102 — — 102 Currency forward contracts (2) 362 362 — 362 — Liabilities: Current liabilities: Derivatives: Contingent payables (1) (3,359 ) (3,359 ) — — (3,359 ) $ 25,421 $ 25,421 $ 28,316 $ 362 $ (3,257 ) December 31, 2018 Fair Value Carrying Value at December 31, 2018 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets Current assets: Cash equivalents (including restricted cash accounts) $ 18,787 $ 18,787 $ 18,787 $ — $ — Derivatives: Contingent receivable (1) 104 104 — — 104 Liabilities: Current liabilities: Derivatives: Contingent payables (1) (3,424 ) (3,424 ) — — (3,424 ) Currency forward contracts (2) (1,040 ) (1,040 ) — (1,040 ) — $ 14,427 $ 14,427 $ 18,787 $ (1,040 ) $ (3,320 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivatives not designated as hedging instruments Location of recognized gain (loss) Amount of recognized gain (loss) 2019 2018 2017 (Dollars in thousands) Put options on natural gas price Derivative and foreign currency transaction gains (losses) $ — $ — $ (350 ) Contingent considerations Derivative and foreign currency transaction gains (losses) — 170 (129 ) Contingent considerations General and administrative expenses — 10,322 2,048 Currency forward contracts Derivative and foreign currency transaction gains (losses) 2,556 (3,081 ) 3,699 $ 2,556 $ 7,411 $ 5,268 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair Value Carrying Amount 2019 2018 2019 2018 (Dollars in millions) (Dollars in millions) Olkaria III Loan - OPIC $ 202.1 $ 211.8 $ 192.6 $ 210.6 Olkaria III plant 4 Loan - DEG 2 43.8 47.2 42.5 47.5 Olkaria III plant 1 Loan - DEG 3 38.8 — 37.1 — Platanares Loan - OPIC 115.3 119.1 104.5 112.7 Amatitlan Loan 26.4 29.9 26.3 29.8 Senior Secured Notes: OrCal Geothermal Inc. ("OrCal") — 19.0 — 18.7 OFC 2 LLC ("OFC 2") 210.9 214.5 203.0 217.8 Don A. Campbell 1 ("DAC 1") 78.5 78.8 78.2 83.3 USG Prudential - NV 30.6 29.4 28.4 27.8 USG Prudential - ID 18.6 18.6 19.6 18.9 USG DOE 45.0 48.3 40.8 51.4 Senior Unsecured Bonds 205.7 199.4 204.3 204.3 Senior Unsecured Loan 161.3 102.2 150.0 100.0 Plumstriker 21.7 — 21.6 — Other long-term debt 16.3 5.4 17.4 6.2 |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III - OPIC $ — $ — $ 202.1 $ 202.1 Olkaria III plant 4 - DEG 2 — — 43.8 43.8 Olkaria III plant 1 - DEG 3 — — 38.8 38.8 Platanares Loan - OPIC — — 115.3 115.3 Amatitlan Loan — 26.4 — 26.4 Senior Secured Notes: OFC 2 Senior Secured Notes — — 210.9 210.9 DAC 1 Senior Secured Notes — — 78.5 78.5 USG Prudential - NV — — 30.6 30.6 USG Prudential - ID — — 18.6 18.6 USG DOE — — 45.0 45.0 Senior Unsecured Bonds — — 205.7 205.7 Senior Unsecured Loan — — 161.3 161.3 Plumstriker — 21.7 — 21.7 Other long-term debt — — 16.3 16.3 Commercial paper — 50.0 — 50.0 Revolving lines of credit — 40.6 — 40.6 Deposits 12.2 — — 12.2 Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III Loan - OPIC $ — $ — $ 211.8 $ 211.8 Olkaria III plant 4 - DEG 2 — — 47.2 47.2 Platanares Loan - OPIC — — 119.1 119.1 Amatitlan Loan — 29.9 — 29.9 Senior Secured Notes: OrCal Senior Secured Notes — — 19.0 19.0 OFC 2 Senior Secured Notes — — 214.5 214.5 DAC 1 Senior Secured Notes — — 78.8 78.8 USG Prudential - NV — — 29.4 29.4 USG Prudential - ID — — 18.6 18.6 USG DOE — — 48.3 48.3 Senior Unsecured Bonds — — 199.4 199.4 Senior Unsecured Loan — — 102.2 102.2 Other long-term debt — — 5.4 5.4 Revolving lines of credit — 159.0 — 159.0 Deposits 12.0 — — 12.0 |
Note 8 - Property, Plant and _2
Note 8 - Property, Plant and Equipment and Construction-in-process (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2019 2018 (Dollars in thousands) Land owned by the Company where the geothermal resource is located $ 38,049 $ 38,060 Leasehold improvements 7,757 5,718 Machinery and equipment 230,465 208,646 Land, buildings and office equipment 39,099 35,708 Vehicles 8,021 22,074 Geothermal and recovered energy generation power plants, including geothermal wells and exploration and resource development costs: United States of America, net of cash grants 2,160,910 2,065,377 Foreign countries 721,824 710,775 Asset retirement cost 19,824 11,448 3,225,949 3,097,806 Less accumulated depreciation (1,254,534 ) (1,138,228 ) Property, plant and equipment, net $ 1,971,415 $ 1,959,578 |
Construction In Progress [Table Text Block] | December 31, 2019 2018 (Dollars in thousands) Projects under exploration and development: Up-front bonus costs $ 17,018 $ 17,018 Exploration and development costs 66,916 53,237 Interest capitalized 703 703 84,637 70,958 Projects under construction: Up-front bonus costs 27,473 27,473 Drilling and construction costs 258,484 160,398 Interest capitalized 5,961 2,861 291,918 190,732 Total $ 376,555 $ 261,690 |
Rollforward Of Construction In Process [Table Text Block] | Projects under exploration and development Up-front Bonus Costs Exploration and Development Costs Interest Capitalized Total (Dollars in thousands) Balance at December 31, 2016 $ 17,385 $ 36,359 $ 703 $ 54,447 Cost incurred during the year — 11,224 — 11,224 Write off of unsuccessful exploration costs (367 ) (1,429 ) — (1,796 ) Balance at December 31, 2017 17,018 46,154 703 63,875 Cost incurred during the year — 7,209 — 7,209 Write off of unsuccessful exploration costs — (126 ) — (126 ) Balance at December 31, 2018 17,018 53,237 703 70,958 Cost incurred during the year — 17,215 — 17,215 Transfer of projects under exploration and development to projects under construction — (3,536 ) — (3,536 ) Balance at December 31, 2019 $ 17,018 $ 66,916 $ 703 $ 84,637 Projects under construction Up-front Bonus Drilling and Construction Costs Interest Capitalized Total (Dollars in thousands) Balance at December 31, 2016 $ 37,713 $ 202,211 $ 12,338 $ 252,262 Cost incurred during the year — 231,926 7,300 239,226 Transfer of completed projects to property, plant and equipment (10,240 ) (235,194 ) (16,387 ) (261,821 ) Balance at December 31, 2017 27,473 198,943 3,251 229,667 Cost incurred during the year — 219,610 — 219,610 Cost write off — (1,380 ) — (1,380 ) Fair value of projects under construction acquired in a business combination — 4,668 — 4,668 Transfer of completed projects to property, plant and equipment — (261,443 ) (390 ) (261,833 ) Balance at December 31, 2018 27,473 160,398 2,861 190,732 Cost incurred during the year — 264,137 3,100 267,237 Transfer of projects under exploration and development to projects under construction — 3,536 — 3,536 Insurance recoveries — (35,435 ) — (35,435 ) Transfer of completed projects to property, plant and equipment — (134,152 ) — (134,152 ) Balance at December 31, 2019 $ 27,473 $ 258,484 $ 5,961 $ 291,918 |
Note 9 - Intangible Assets an_2
Note 9 - Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (Dollars in thousands) Year ending December 31: 2020 $ 12,983 2021 12,983 2022 12,729 2023 12,610 2024 11,255 Thereafter 123,660 Total $ 186,220 |
Schedule of Goodwill [Table Text Block] | 2019 2018 (Dollars in thousands) Goodwill as of January 1, $ 19,950 $ 21,037 Goodwill acquired — 12,710 Goodwill impairment charge — (13,464 ) Translation differences 190 (333 ) Goodwill as of December 31, $ 20,140 $ 19,950 |
Note 10 - Accounts Payable an_2
Note 10 - Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2019 2018 (Dollars in thousands) Trade payable $ 73,271 $ 56,299 Salaries and other payroll costs 24,364 20,188 Customer advances 2,092 918 Accrued interest 6,321 5,914 Income tax payable 11,344 8,436 Property tax payable 3,033 2,999 Scheduling and transmission 2,264 595 Royalty accrual 6,457 4,610 Deferred revenues — 2,300 Warranty accrual 3,245 4,552 Other 9,466 9,551 Total $ 141,857 $ 116,362 |
Note 11 - Long-term Debt, Cre_2
Note 11 - Long-term Debt, Credit Agreements and Commercial Paper (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2019 2018 (Dollars in thousands) Limited and non-recourse agreements: Loans: Non-recourse: Other loans $ 8,997 $ 6,241 Limited recourse: Loan agreement with OPIC (the Olkaria III power plant) 192,646 210,641 Loan agreement with OPIC (the Platanares power plant) 104,459 112,652 Loan agreement with Banco Industrial S.A. and Westrust Bank (International) Limited 26,250 29,750 Loan agreement with a global industrial company (the Plumstriker battery energy storage projects) 21,615 — Other loans 8,367 — Senior Secured Notes: Non-recourse: OrCal Senior Secured Notes — 18,652 DAC 1 Senior Secured Notes 78,247 83,319 Limited recourse: OFC 2 Senior Secured Notes 203,040 217,810 Other loans 88,840 96,482 Total limited and non-recourse agreements 732,461 775,547 Less current portion (58,932 ) (63,180 ) Non current portion $ 673,529 $ 712,367 Full recourse agreements: Senior Unsecured Bonds 204,332 204,332 Senior Unsecured Loan (Migdal) 150,000 100,000 Loan agreements with DEG (the Olkaria III and power plants 4 and 1 upgrade) 79,632 47,500 Revolving credit lines with banks 40,550 159,000 Total full recourse agreements 474,514 510,832 Less current portion (117,122 ) (164,000 ) Non current portion $ 357,392 $ 346,832 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (Dollars in thousands) Year ending December 31: 2020 $ 135,504 2021 76,259 2022 220,677 2023 98,982 2024 78,600 Thereafter 557,890 Total $ 1,167,912 |
Note 14 - Asset Retirement Ob_2
Note 14 - Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Asset Retirement Obligations [Table Text Block] | Year Ended December 31, 2019 2018 (Dollars in thousands) Balance at beginning of year $ 39,475 $ 27,110 Revision in estimated cash flows (335 ) (258 ) Liabilities incurred and acquired 8,334 10,149 Accretion expense 2,709 2,474 Balance at end of year $ 50,183 $ 39,475 |
Note 15 - Stock-based Compens_2
Note 15 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Cost of revenues $ 3,633 $ 3,488 $ 3,369 Selling and marketing expenses 4,810 792 452 General and administrative expenses 916 5,938 4,939 Total stock-based compensation expense 9,359 10,218 8,760 Tax effect on stock-based compensation expense 736 668 604 Net effect of stock-based compensation expense $ 8,623 $ 9,550 $ 8,156 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2019 2018 2017 For stock based awards issued by the Company: Risk-free interest rates 1.8 % 2.8 % 1.9 % Expected lives (in weighted average years) 3.5 3.5 3.1 Dividend yield 0.7 % 0.9 % 0.62 % Expected volatility (weighted average) 25.1 % 25.5 % 27.2 % Year Ended December 31, 2019 2018 2017 Weighted average forfeiture rate 8.6 % 3.1 % — % |
Schedule of Share-based Payment Award, Equity Awards Other than Options, Valuation Assumptions [Table Text Block] | Risk-free interest rate 1.79 % Expected life (in years) 3.5 Dividend yield 0.57 % Expected volatility 24.80 % Forfeiture rate for directors 0.0 % Sub-Optimal Exercise Factor for directors 2.8 |
Share-based Payment Arrangement, Option and Stock Appreciation Rights, Activity [Table Text Block] | Year Ended December 31, 2019 2018 2017 Awards (In thousands) Weighted Average Exercise Price Awards (In thousands) Weighted Average Exercise Price Awards (In thousands) Weighted Average Exercise Price Outstanding at beginning of year 2,527 $ 46.77 1,548 $ 41.35 2,565 $ 33.36 Granted, at fair value: Stock Options — — — — 30 57.97 SARs* 38 69.13 1,172 53.87 132 62.55 RSUs** 9 — 74 — 23 — Exercised (711 ) 37.83 (203 ) 29.75 (1,181 ) 25.92 Forfeited (71 ) 50.59 (64 ) 45.73 (21 ) 46.15 Expired — — — — — — Outstanding at end of year 1,792 50.39 2,527 46.77 1,548 41.35 Options and SARs exercisable at end of year 479 48.35 846 42.06 431 32.61 Weighted-average fair value of options and SARs granted during the year $ 29.24 $ 16.45 $ 22.82 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Awards Outstanding Awards Exercisable Exercise Price Number of Stock-based Awards Outstanding Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Number of Stock-based Awards Exercisable Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value $ — 59 1.5 $ 4,369 — — $ — 42.87 427 2.5 13,517 230 2.5 7,295 47.46 15 3.9 406 15 3.9 406 51.71 8 5.0 182 — — — 53.16 35 4.9 756 15 4.9 329 53.44 783 4.5 16,498 — — — 55.16 296 3.9 5,724 131 3.9 2,527 57.97 30 4.6 497 30 4.6 497 58.79 12 2.5 187 6 2.5 94 63.35 98 3.9 1,094 52 3.9 581 71.71 4 5.6 11 — — — 72.14 15 5.7 36 — — — 76.43 10 5.9 — — — — 1,792 3.8 $ 43,277 479 3.2 $ 11,729 Awards Outstanding Awards Exercisable Exercise Price Number of Stock-based Awards Outstanding Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Number of Stock-based Awards Exercisable Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value $ — 75 1.8 $ 3,933 — — $ — 20.13 29 0.3 924 29 0.3 924 23.34 99 0.4 2,897 99 0.4 2,897 35.15 15 4.1 257 15 4.1 257 38.24 15 3.8 211 15 3.8 211 42.87 942 3.5 8,879 521 3.5 4,918 47.46 38 4.9 182 38 4.9 182 53.16 35 5.9 — — — — 53.44 828 5.5 — — — — 55.16 296 4.9 — 66 4.9 — 57.97 30 5.6 — 30 5.6 — 58.79 16 3.5 — — — — 63.35 109 4.9 — 33 4.9 — 2,527 4.3 $ 17,283 846 3.3 $ 9,389 |
Note 17 - Interest Expense, N_2
Note 17 - Interest Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Interest related to sale of tax benefits $ 11,786 $ 11,284 $ 6,985 Interest expense 71,883 63,368 54,381 Less — amount capitalized (3,285 ) (3,728 ) (7,224 ) $ 80,384 $ 70,924 $ 54,142 |
Note 18 - Income Taxes (Tables)
Note 18 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 2019 2018 2017 (Dollars in thousands) U.S $ 14,187 $ 14,097 $ 13,680 Non-U.S. (foreign) 123,116 123,084 157,050 Total income from continuing operations, before income taxes and equity in losses $ 137,303 $ 137,181 $ 170,730 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Current: Federal $ — $ 0 $ 43,935 State 172 381 43 Foreign 16,969 14,992 11,186 Total current income tax expense $ 17,141 $ 15,373 $ 55,164 Deferred: Federal (12,179 ) (6,886 ) (55,718 ) State 4,671 (2,595 ) (3,284 ) Foreign 35,980 28,841 25,502 Total deferred tax provision (benefit) 28,472 19,360 (33,500 ) Total Income tax provision $ 45,613 $ 34,733 $ 21,664 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2019 2018 2017 U.S. federal statutory tax rate 21.0 % 21.0 % 35.0 % Impact of federal tax reform 0.0 2.6 (12.4 ) Transition tax inclusion — (5.7 ) 42.1 Foreign tax credits (22.8 ) (4.2 ) (50.5 ) Withholding tax 10.4 5.9 34.1 Valuation allowance - U.S (3.7 ) (17.2 ) (22.6 ) State income tax, net of federal benefit 3.7 1.0 1.1 Uncertain tax positions 2.1 2.1 — Effect of foreign income tax, net 9.7 5.6 (10.7 ) Production tax credits (5.0 ) (3.1 ) (1.2 ) Subpart F income 0.5 0.5 1.7 Tax on global intangible low-tax income 16.9 18.6 — Intra-entity transfers of assets other than inventory 0.3 (2.1 ) — Other, net 0.1 0.3 (3.9 ) Effective tax rate 33.2 % 25.3 % 12.7 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2019 2018 (Dollars in thousands) Deferred tax assets (liabilities): Net foreign deferred taxes, primarily depreciation $ (88,508 ) $ (57,202 ) Depreciation (21,958 ) (30,500 ) Intangible drilling costs (1,405 ) 7,370 Net operating loss carryforward - U.S. 45,307 65,020 Tax monetization transaction (30,964 ) (17,104 ) Right-of-use assets (3,715 ) — Lease liabilities 3,755 — State and Investment tax credits 813 813 Production tax credits 100,524 90,913 Foreign tax credits 92,497 58,072 Withholding tax (15,539 ) (8,052 ) Stock options amortization 1,409 1,440 Basis difference in partnership interest (39,622 ) (36,516 ) Excess business interest 6,189 — Accrued liabilities and other 1,013 624 49,796 74,878 Less - valuation allowance (17,412 ) (22,441 ) Total $ 32,384 $ 52,437 |
Summary of Valuation Allowance [Table Text Block] | 2019 2018 2017 (Dollars in thousands) Balance at beginning of the year $ 22,441 $ 77,571 $ 116,234 Additions to valuation allowance 15,437 4,747 46,560 Release of valuation allowance (20,466 ) (59,877 ) (85,223 ) Balance at end of the year $ 17,412 $ 22,441 $ 77,571 |
Schedule of Deferred Taxes Classified in Balance Sheet [Table Text Block] | Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Non-current deferred tax assets $ 129,510 $ 113,760 $ 57,337 Non-current deferred tax liabilities (97,126 ) (61,323 ) (61,961 ) Non-current deferred tax assets, net 32,384 52,437 (4,624 ) Uncertain tax benefit offset (1) (95 ) (95 ) (95 ) $ 32,289 $ 52,342 $ (4,719 ) |
Summary of Income Tax Contingencies [Table Text Block] | Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Balance at beginning of year $ 8,820 $ 6,357 $ 4,609 Additions based on tax positions taken in prior years 104 293 5 Additions based on tax positions taken in the current year 2,314 2,446 2,580 Reduction based on tax positions taken in prior years (615 ) (276 ) (837 ) Balance at end of year $ 10,623 $ 8,820 $ 6,357 |
Summary of Income Tax Examinations [Table Text Block] | Israel 2015 - 2019 Kenya 2013 - 2019 Guatemala 2015 - 2019 Honduras 2015 - 2019 Guadeloupe 2017 - 2019 New Zealand 2012 - 2019 |
Note 19 - Business Segments (Ta
Note 19 - Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Electricity Product ESMS Consolidated (Dollars in thousands) Year Ended December 31, 2019: Revenues from external customers: United States (1) $ 333,797 $ 30,562 $ 13,597 $ 377,956 Foreign (2) 206,536 160,447 1,105 368,088 Net revenues from external customers 540,333 191,009 14,702 746,044 Intersegment revenues — 84,614 — 84,614 Depreciation and amortization expense 138,426 5,308 5,027 148,761 Operating income (loss) 177,192 23,180 (6,576 ) 193,796 Segment assets at period end (3) (*) 3,044,909 126,018 79,567 3,250,494 Expenditures for long-lived assets 259,898 9,156 10,932 279,986 * Including unconsolidated investments 81,140 — — 81,140 Year Ended December 31, 2018: Revenues from external customers: United States (1) 305,962 14,999 7,645 328,606 Foreign (2) 203,917 186,744 — 390,661 Net revenues from external customers $ 509,879 $ 201,743 $ 7,645 $ 719,267 Intersegment revenues — 48,817 — 48,817 Depreciation and amortization expense 126,181 4,311 1,741 132,233 Operating income (loss) 155,546 38,083 (8,519 ) 185,110 Segment assets at period end (3) (*) 2,896,938 156,942 67,470 3,121,350 Expenditures for long-lived assets 219,803 9,993 28,725 258,521 * Including unconsolidated investments 71,983 — — 71,983 Year Ended December 31, 2017: Revenues from external customers $ 465,593 $ 224,483 $ 2,736 $ 692,812 Intersegment revenues — 109,040 — 109,040 Depreciation and amortization expense 109,928 3,470 1,748 115,146 Operating income (loss) 157,613 50,543 (3,138 ) 205,018 Segment assets at period end (3) (*) 2,457,514 115,713 50,637 2,623,864 Expenditures for long-lived assets 252,581 6,653 — 259,234 * Including unconsolidated investments 34,084 — — 34,084 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Revenues: Total segment revenues $ 746,044 $ 719,267 $ 692,812 Intersegment revenues 84,614 48,817 109,040 Elimination of intersegment revenues (84,614 ) (48,817 ) (109,040 ) Total consolidated revenues $ 746,044 $ 719,267 $ 692,812 Operating income: Operating income $ 193,796 $ 185,110 $ 205,018 Interest income 1,515 974 988 Interest expense, net (80,384 ) (70,924 ) (54,142 ) Derivatives and foreign currency transaction gains (losses) 624 (4,761 ) 2,654 Income attributable to sale of tax benefits 20,872 19,003 17,878 Other non-operating income (expense), net 880 7,779 (1,666 ) Total consolidated income before income taxes and equity in earnings of investees $ 137,303 $ 137,181 $ 170,730 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Revenues from external customers attributable to: (1) United States $ 377,956 $ 328,606 $ 301,132 Indonesia — 4,379 28,968 Kenya 121,661 119,094 110,243 Turkey 88,938 168,699 125,166 Chile 25,540 980 8,895 Guatemala 28,624 27,975 27,991 New Zealand 31,222 10,451 33,395 Honduras 34,446 34,355 10,151 Other foreign countries 37,657 24,728 46,871 Consolidated total $ 746,044 $ 719,267 $ 692,812 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Long-lived assets (primarily power plants and related assets) located in: United States $ 1,870,335 $ 1,696,439 $ 1,510,986 Kenya 284,526 301,956 340,970 Other foreign countries 224,676 222,872 281,333 Consolidated total $ 2,379,537 $ 2,221,267 $ 2,133,289 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Year Ended December 31, 2019 2018 2017 Revenues % Revenues % Revenues % (Dollars in thousands) (Dollars in thousands) (Dollars in thousands) Southern California Public Power (1) $ 133,725 17.9 $ 109,208 15.2 $ 70,100 10.1 Sierra Pacific Power Company and Nevada Power Company (1)(2) 125,486 16.8 116,149 16.1 125,424 18.1 KPLC (1) 121,661 16.3 119,094 16.6 110,243 15.9 |
Note 21 - Employee Benefit Pl_2
Note 21 - Employee Benefit Plan (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Expected Benefit Payments [Table Text Block] | (Dollars in thousands) Year ending December 31: 2020 $ 4,780 2021 1,434 2022 1,768 2023 89 2024 500 2025-2043 11,232 Total $ 19,803 |
Note 23 - Leases (Tables)
Note 23 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended December 31, 2019 (Dollars in thousands) Lease cost Finance lease cost: Amortization of right-of-use assets $ 3,273 Interest on lease liabilities 1,330 Operating lease cost 8,057 Variable lease cost 1,647 Short-term lease cost — Total lease cost $ 14,307 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 1,330 Operating cash flows for operating leases 9,004 Financing cash flows for finance leases 3,164 Right-of-use assets obtained in exchange for new finance lease liabilities 5,262 Right-of-use assets obtained in exchange for new operating lease liabilities 6,364 December 31, Additional information as of December 31, 2019: 2019 Weighted-average remaining lease term — finance leases (in years) 4.0 Weighted-average remaining lease term — operating leases (in years) 7.3 Weighted-average discount rate (in percentage) 5 % |
Lessee, Lease Liability, Maturity [Table Text Block] | Operating Leases Finance Leases (Dollars in thousands) Year ending December 31, 2020 $ 2,742 $ 4,251 2021 2,701 3,948 2022 2,079 3,873 2023 1,524 2,758 2024 1,275 906 Thereafter 10,635 4,118 Total future minimum lease payments 20,956 19,854 Less imputed interest 4,205 5,577 Total $ 16,751 $ 14,277 |
Schedule of Future Minimum Rental Payments for Operating and Capital Leases [Table Text Block] | (Dollars in thousands) Year ending December 31, 2019 $ 10,889 2020 7,515 2021 5,758 2022 4,415 2023 2,910 Thereafter 9,292 Total $ 40,779 |
Operating Lease, Lease Income [Table Text Block] | Year Ended December 31, 2019 (Dollars in thousands) Lease income relating to lease payments of operating leases $ 479,059 Lease income relating to variable lease payments not included in the measurement of the lease — Total $ 479,059 |
Note 24 - Quarterly Financial_2
Note 24 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Three Months Ended Mar. 31, 2018 June 30, 2018 Sept. 30, 2018 Dec. 31, 2018 Mar. 31, 2019 June 30, 2019 Sept. 30, 2019 Dec. 31, 2019 (Dollars in thousands, except per share amounts) Revenues: Electricity $ 132,489 $ 122,179 $ 116,891 $ 138,320 $ 142,908 $ 129,079 $ 123,978 $ 144,368 Product 48,672 54,915 48,439 49,717 52,128 52,030 43,037 43,814 Energy storage and management services 2,862 1,205 1,150 2,428 4,002 2,956 3,484 4,260 Total revenues 184,023 178,299 166,480 190,465 199,038 184,065 170,499 192,442 Cost of revenues: Electricity 73,482 81,236 79,845 63,692 77,543 73,775 80,124 81,393 Product 33,726 37,573 35,669 33,729 42,106 41,316 31,073 31,479 Energy storage and management services 3,443 2,028 2,174 2,235 5,210 3,827 3,807 5,068 Total cost of revenues 110,651 120,837 117,688 99,656 124,859 118,918 115,004 117,940 Gross profit 73,372 57,462 48,792 90,809 74,179 65,147 55,495 74,502 Operating expenses: Research and development expenses 1,108 1,251 706 1,118 900 810 1,062 1,875 Selling and marketing expenses 3,699 3,712 8,578 3,813 3,865 3,276 3,783 4,123 General and administrative expenses 13,849 15,866 13,606 4,429 15,689 14,181 11,931 14,032 Impairment charge — — — 13,464 — — — — Write-off of unsuccessful exploration activities 123 — — 3 — — — — Operating income 54,593 36,633 25,902 67,982 53,725 46,880 38,719 54,472 Other income (expense): Interest income 113 189 214 458 293 420 482 320 Interest expense, net (14,344 ) (15,846 ) (18,700 ) (22,034 ) (21,223 ) (21,517 ) (20,076 ) (17,568 ) Derivatives and foreign currency transaction gains (losses) (1,599 ) (529 ) (383 ) (2,250 ) 472 19 205 (72 ) Income attributable to sale of tax benefits 7,361 3,556 4,066 4,020 7,764 4,637 4,056 4,415 Other non-operating income (expense), net (20 ) 7,373 309 117 91 1,027 244 (482 ) Income from operations before income tax and equity in earnings (losses) of investees 46,104 31,376 11,408 48,293 41,122 31,466 23,630 41,085 Income tax (provision) 26,942 (29,105 ) (1,184 ) (31,386 ) (14,039 ) 3,529 (9,626 ) (25,477 ) Equity in earnings (losses) of investees, net 1,210 388 (117 ) 6,182 1,047 1,202 1,085 (1,481 ) Net income 74,256 2,659 10,107 23,089 28,130 36,197 15,089 14,127 Net loss (income) attributable to noncontrolling interest (4,748 ) (3,002 ) 474 (4,869 ) (2,184 ) (2,259 ) 516 (1,521 ) Net income (loss) attributable to the Company's stockholders $ 69,508 $ (343 ) $ 10,581 $ 18,220 $ 25,946 $ 33,938 $ 15,605 $ 12,606 Earnings (loss) per share attributable to the Company's stockholders Basic: Net income $ 1.37 $ (0.01 ) $ 0.21 $ 0.36 $ 0.51 $ 0.67 $ 0.31 $ 0.25 Diluted: Net income $ 1.36 $ (0.01 ) $ 0.21 $ 0.36 $ 0.51 $ 0.66 $ 0.30 $ 0.24 Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: Basic 50,614 50,623 50,645 50,691 50,709 50,800 50,933 51,017 Diluted 51,051 50,958 50,963 50,936 51,012 51,094 51,334 51,511 |
Note 1 - Business and Signifi_3
Note 1 - Business and Significant Accounting Policies 1 (Details Textual) $ / shares in Units, $ in Thousands | May 03, 2018USD ($) | Mar. 15, 2017 | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares |
Dividends, Common Stock, Cash | $ 22,400 | $ 26,800 | $ 20,500 | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.44 | $ 0.53 | $ 0.44 | ||||||||||
Cash, FDIC Insured Amount | $ 12,900 | $ 31,300 | $ 12,900 | $ 31,300 | |||||||||
Cash, Uninsured Amount | 84,800 | 93,900 | 84,800 | 93,900 | |||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 154,525 | 137,581 | 154,525 | 137,581 | |||||||||
Interest Costs Capitalized | 3,285 | 3,728 | $ 7,224 | ||||||||||
Exploration Abandonment and Impairment Expense | 0 | $ 0 | $ 0 | $ 0 | 3 | $ 0 | $ 0 | $ 123 | 0 | 126 | 1,796 | ||
Accumulated Amortization, Debt Issuance Costs | 19,500 | 21,800 | 19,500 | 21,800 | |||||||||
Amortization of Debt Issuance Costs | 5,400 | 4,600 | 5,700 | ||||||||||
Write off of Deferred Debt Issuance Cost | 0 | 0 | 600 | ||||||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Ending Balance | $ 1,500 | 0 | 1,500 | 0 | |||||||||
Grants Received to Offset Exploration and Development Costs Incurred | $ 0 | $ 0 | $ 0 | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 360,500 | 176,400 | 42,900 | ||||||||||
Insured Event, Gain (Loss) | $ 0 | $ 4,463 | $ 0 | ||||||||||
Operating Lease, Weighted Average Discount Rate, Percent | 5.00% | 5.00% | |||||||||||
Finance Lease, Weighted Average Discount Rate, Percent | 7.00% | 7.00% | |||||||||||
Galena 2 Power Purchase Agreement [Member] | |||||||||||||
Termination Fees | $ 0 | $ 5,000 | $ 0 | ||||||||||
Product [Member] | |||||||||||||
Revenue, Remaining Performance Obligation, Amount | $ 139,300 | $ 139,300 | |||||||||||
Viridity Energy, Inc. [Member] | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 19 years | 19 years | |||||||||||
Minimum [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 13 years | ||||||||||||
Maximum [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 29 years | ||||||||||||
Power Plants [Member] | Minimum [Member] | |||||||||||||
Property, Plant and Equipment, Useful Life | 15 years | ||||||||||||
Power Plants [Member] | Maximum [Member] | |||||||||||||
Property, Plant and Equipment, Useful Life | 30 years | ||||||||||||
Puna Geothermal Power Plant [Member] | |||||||||||||
Insured Event, Gain (Loss) | $ 1,100 | $ 9,300 | |||||||||||
Pacific Gas & Electric [Member] | |||||||||||||
Percentage of Total Revenue | 1.50% | 1.90% | 2.00% | ||||||||||
Kenya Power and Lighting Co LTD [Member] | |||||||||||||
Accounts Receivable, Past Due | $ 40,700 | $ 40,700 | |||||||||||
Proceeds, Overdue Accounts Receivable | $ 24,200 | ||||||||||||
Accounts Receivable, Past Due, Average Number of Days Overdue | 70 | 70 | |||||||||||
Accounts Receivable, Past Due, Average Number of Days Overdue, Number of Days Increase During Period | 10 | ||||||||||||
ENNE [Member] | |||||||||||||
Accounts Receivable, Past Due | $ 20,100 | $ 20,100 | |||||||||||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 0 | ||||||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member] | |||||||||||||
Concentration Risk, Percentage | 58.00% | 56.00% | |||||||||||
Non-US [Member] | |||||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 118,800 | $ 102,000 | $ 118,800 | $ 102,000 |
Note 1 - Business and Signifi_4
Note 1 - Business and Significant Accounting Policies 2 (Details Textual) - Product [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Dec. 31, 2019 |
Revenue, Remaining Performance Obligation, Percentage | 100.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 24 months |
Note 1 - Business and Signifi_5
Note 1 - Business and Significant Accounting Policies - Cash and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | $ 71,173 | $ 98,802 | $ 47,818 | |
Restricted cash and cash equivalents | 81,937 | 78,693 | 48,825 | |
Total cash and cash equivalents and restricted cash and cash equivalents | $ 153,110 | $ 177,495 | $ 96,643 | $ 264,476 |
Note 1 - Business and Signifi_6
Note 1 - Business and Significant Accounting Policies - Property, Plant, and Equipment Estimated Useful Life (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Building [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 25 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 15 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 20 years |
Machinery And Equipment - Manufacturing And Drilling [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 10 years |
Machinery and Equipment - Computers [Member] | Minimum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 3 years |
Machinery and Equipment - Computers [Member] | Maximum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 5 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 15 years |
Office Equipment - Other [Member] | Minimum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 5 years |
Office Equipment - Other [Member] | Maximum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 10 years |
Vehicles [Member] | Minimum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 5 years |
Vehicles [Member] | Maximum [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 7 years |
Note 1 - Business and Signifi_7
Note 1 - Business and Significant Accounting Policies - Contract Assets (Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Contract assets (*) | [1] | $ 38,365 | $ 42,130 |
Contract liabilities (*) | [1] | (2,755) | (18,402) |
Contract assets, net | 35,610 | 23,728 | |
Recognition of contract liabilities as revenue as a result of performance obligations satisfied | 12,675 | 33,349 | |
Cash received in advance for which revenues have not yet recognized, net of expenditures made | (3,323) | (38,162) | |
Reduction of contract assets as a result of rights to consideration becoming unconditional | (130,918) | (128,659) | |
Contract assets recognized, net of recognized receivables | 133,448 | 136,496 | |
Net change in contract assets and contract liabilities | 2,530 | 7,837 | |
Net change in contract assets and contract liabilities | $ 9,352 | $ (4,813) | |
[1] | Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheets. The contract liabilities balance at the beginning of the year was fully recognized as product revenues during the years ended December 31, 2019 and 2018 as a result of performance obligations satisfied. |
Note 1 - Business and Signifi_8
Note 1 - Business and Significant Accounting Policies - Impact of Adoption (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | ||
Revenue | [1] | $ 746,044 | $ 719,267 | $ 692,812 | |||||||||
Prepaid expenses and other | $ 12,667 | $ 51,441 | 12,667 | 51,441 | $ 16,056 | ||||||||
Deferred financing and lease costs, net | 0 | 3,242 | 0 | 3,242 | 1,583 | ||||||||
Property, plant and equipment, net | 1,971,415 | 1,959,578 | 1,971,415 | 1,959,578 | 1,946,723 | ||||||||
Operating leases right of use | 17,405 | 0 | 17,405 | 0 | 62,244 | ||||||||
Finance leases right of use | 14,161 | 0 | 14,161 | 0 | 13,476 | ||||||||
Accounts payable and accrued expenses | 141,857 | 116,362 | 141,857 | 116,362 | 113,502 | ||||||||
Current maturity of operating lease liabilities | 2,743 | 0 | 2,743 | 0 | 7,532 | ||||||||
Current maturity of finance lease liabilities | 3,068 | 0 | 3,068 | 0 | 2,841 | ||||||||
Other long-term liabilities | 6,838 | 16,087 | 6,838 | 16,087 | 6,117 | ||||||||
Long term portion of operating lease liabilities | 14,008 | 0 | 14,008 | 0 | 17,668 | ||||||||
Long term portion of finance lease liabilities | 11,209 | 0 | 11,209 | 0 | 10,668 | ||||||||
Retained earnings | 487,873 | 422,222 | 487,873 | 422,222 | 422,164 | ||||||||
Accounting Standards Update 2016-02 [Member] | |||||||||||||
Prepaid expenses and other | (35,385) | ||||||||||||
Deferred financing and lease costs, net | (1,659) | ||||||||||||
Property, plant and equipment, net | (12,855) | ||||||||||||
Operating leases right of use | 62,244 | ||||||||||||
Finance leases right of use | 13,476 | ||||||||||||
Accounts payable and accrued expenses | (2,860) | ||||||||||||
Current maturity of operating lease liabilities | 7,532 | ||||||||||||
Current maturity of finance lease liabilities | 2,841 | ||||||||||||
Other long-term liabilities | (9,970) | ||||||||||||
Long term portion of operating lease liabilities | 17,668 | ||||||||||||
Long term portion of finance lease liabilities | 10,668 | ||||||||||||
Retained earnings | $ (58) | ||||||||||||
Electricity [Member] | |||||||||||||
Revenue | $ 144,368 | $ 123,978 | $ 129,079 | $ 142,908 | $ 138,320 | $ 116,891 | $ 122,179 | $ 132,489 | 540,333 | 509,879 | $ 465,593 | ||
Electricity [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||||||
Revenue | 479,059 | 481,619 | |||||||||||
Electricity and Product Revenue [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||||
Revenue | $ 266,985 | $ 237,648 | |||||||||||
[1] | Revenues as reported in the geographic area in which they originate. |
Note 1 - Business and Signifi_9
Note 1 - Business and Significant Accounting Policies - Shares Used to Calculate Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted average number of shares used in computation of basic earnings per share (in shares) | 51,017 | 50,933 | 50,800 | 50,709 | 50,691 | 50,645 | 50,623 | 50,614 | 50,867 | 50,643 | 50,110 |
Additional shares from the assumed exercise of employee stock options (in shares) | 360 | 326 | 659 | ||||||||
Weighted average number of shares used in computation of diluted earnings per share (in shares) | 51,511 | 51,334 | 51,094 | 51,012 | 50,936 | 50,963 | 50,958 | 51,051 | 51,227 | 50,969 | 50,769 |
Note 1 - Business and Signif_10
Note 1 - Business and Significant Accounting Policies - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Redeemable noncontrolling interest as of January 1, | $ 8,603 | $ 6,416 |
Redeemable noncontrolling interest in results of operation of a consolidated subsidiary | 1,132 | 990 |
Cash paid to noncontrolling interest | (252) | 0 |
Increase in share of redeemable noncontrolling interest | 0 | 1,528 |
Currency translation adjustments | (233) | (331) |
Redeemable noncontrolling interest as of December 31, | $ 9,250 | $ 8,603 |
Note 1 - Business and Signif_11
Note 1 - Business and Significant Accounting Policies - ROU Assets Useful Life (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Automobiles [Member] | ROA Asset [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 5 years |
Building [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 25 years |
Building [Member] | ROA Asset [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 15 years |
Minimum [Member] | Land [Member] | ROA Asset [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 1 year |
Maximum [Member] | Land [Member] | ROA Asset [Member] | |
Property, plant, and equipment estimated useful lives (Year) | 35 years |
Note 2 - Business Acquisition_3
Note 2 - Business Acquisitions and Others (Details Textual) $ in Thousands | Jul. 02, 2019USD ($) | Apr. 24, 2018USD ($)MWh | Mar. 15, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Payments to Acquire Equity Method Investments | $ 10,674 | $ 3,800 | $ 46,318 | |||||
Goodwill, Ending Balance | $ 20,140 | $ 20,140 | 19,950 | 21,037 | ||||
U.S. Geothermal [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 110,000 | |||||||
Current Power Generation | MWh | 38 | |||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 21,400 | |||||||
Business Acquisition, Pro Forma Operating Income (Loss) since Acquisition Date, Actual | 2,500 | |||||||
Business Combination, Consideration Transferred, Total | $ 110,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | [1] | 127,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Working Capital | (8,200) | |||||||
Goodwill, Ending Balance | [2] | $ 12,700 | ||||||
U.S. Geothermal [Member] | Long-term Electricity Power Purchase Agreements [Member] | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 19 years | |||||||
Viridity Energy, Inc. [Member] | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 19 years | 19 years | ||||||
Business Combination, Consideration Transferred, Total | $ 35,300 | |||||||
Business Combination, Contingent Consideration, Liability, Total | 12,400 | $ 10,300 | $ 600 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 34,700 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Working Capital | 400 | |||||||
Goodwill, Ending Balance | $ 13,500 | |||||||
Neal Hot Springs [Member] | U.S. Geothermal [Member] | ||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 34,900 | |||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Percent | 40.00% | |||||||
Neal Hot Springs [Member] | U.S. Geothermal [Member] | Measurement Input, Expected Term [Member] | ||||||||
Noncontrolling Interest, Measurement Input | 20 | |||||||
Neal Hot Springs [Member] | U.S. Geothermal [Member] | Measurement Input, Discount Rate [Member] | ||||||||
Noncontrolling Interest, Measurement Input | 0.09 | |||||||
Subsidiary of Medco Power [Member] | Ijen Geothermal Project Company [Member] | ||||||||
Ownership Percentage Of Common Shares Outstanding | 51.00% | |||||||
Ormat Nevada Inc. [Member] | U.S. Geothermal [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 106,000 | |||||||
Heit vs Ormat Technologies, Inc. [Member] | U.S. Geothermal [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 4,000 | |||||||
Ijen Geothermal Project Company [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 49.00% | |||||||
Payments to Acquire Equity Method Investments | $ 2,700 | $ 7,400 | ||||||
[1] | Intangible assets are primarily related to long-term electricity power purchase agreements and depreciated over an average of 19 years. | |||||||
[2] | Goodwill is primarily related to the expected synergies in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and not deductible for tax purposes. |
Note 2 - Business Acquisition_4
Note 2 - Business Acquisitions and Others - Fair Value of Amounts of Identified Assets and Liabilities Assumed in a Business Combination (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 24, 2018 | Dec. 31, 2017 | |
Goodwill (2) | $ 20,140 | $ 19,950 | $ 21,037 | ||
U.S. Geothermal [Member] | |||||
Cash and cash equivalents and restricted cash | $ 37,900 | ||||
Property, plant and equipment and construction-in-process | 77,300 | ||||
Intangible assets (1) | [1] | 127,000 | |||
Goodwill (2) | [2] | 12,700 | |||
Deferred taxes | 1,700 | ||||
Total assets acquired | 256,600 | ||||
Other working capital | (8,200) | ||||
Long-term term debt | (98,300) | ||||
Asset retirement obligation | (9,000) | ||||
Noncontrolling interest | (34,900) | ||||
Total liabilities assumed | (150,400) | ||||
Total assets acquired, and liabilities assumed, net | $ 106,200 | ||||
[1] | Intangible assets are primarily related to long-term electricity power purchase agreements and depreciated over an average of 19 years. | ||||
[2] | Goodwill is primarily related to the expected synergies in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and not deductible for tax purposes. |
Note 2 - Business Acquisition_5
Note 2 - Business Acquisitions and Others - Summary of Pro Forma Information Related to a Business Combination (Details) - U.S. Geothermal [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition, Pro Forma Revenue | $ 730,563 | $ 724,869 |
Income from continuing operations before income taxes and equity in losses of investees | 134,142 | 169,546 |
Electricity Segment [Member] | ||
Business Acquisition, Pro Forma Revenue | $ 521,175 | $ 497,650 |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories, Current (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Raw materials and purchased parts for assembly | $ 21,942 | $ 26,914 |
Self-manufactured assembly parts and finished products | 13,007 | 18,110 |
Total | $ 34,949 | $ 45,024 |
Note 4 - Cost and Estimated E_3
Note 4 - Cost and Estimated Earnings on Uncompleted Contracts - Cost and Estimated Earnings on Uncompleted Contracts (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Costs and estimated earnings incurred on uncompleted contracts | $ 196,550 | $ 278,797 |
Less billings to date | (160,940) | (255,069) |
Total | $ 35,610 | $ 23,728 |
Note 4 - Cost and Estimated E_4
Note 4 - Cost and Estimated Earnings on Uncompleted Contracts - Cost and Estimated Earnings on Uncompleted Contracts Included in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Costs and estimated earnings in excess of billings on uncompleted contracts | $ 38,365 | $ 42,130 |
Billings in excess of costs and estimated earnings on uncompleted contracts | (2,755) | (18,402) |
Total | $ 35,610 | $ 23,728 |
Note 5 - Investment in an Unc_3
Note 5 - Investment in an Unconsolidated Company (Details Textual) - Sarulla [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)MWh | Dec. 31, 2018USD ($) | |
Jointly Owned Utility Plant, Proportionate Ownership Share | 12.75% | |
Expected Power Generating Capacity | MWh | 330 | |
Number of Phases of Construction | 3 | |
Power Utilization | MWh | 110 | |
Power Plant Usage Agreement Term | 30 years | |
Payments to Acquire Projects | $ 0 | $ 3,800 |
Accumulated Cash Contributions to Acquire Projects | 62,000 | |
Interest Rate Swap [Member] | ||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax, Ending Balance | $ 6,300 | $ 2,900 |
Note 5 - Investment in an Unc_4
Note 5 - Investment in an Unconsolidated Company - Unconsolidated Investments Mainly in Power Plants (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Total investment in unconsolidated companies | $ 81,140 | $ 71,983 |
Sarulla [Member] | ||
Total investment in unconsolidated companies | 70,589 | 71,983 |
Ijen Geothermal Project Company [Member] | ||
Total investment in unconsolidated companies | $ 10,551 | $ 0 |
Note 5 - Investment in an Unc_5
Note 5 - Investment in an Unconsolidated Company - Unrealized Gain (Loss) on Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Rate Swap [Member] | Sarulla [Member] | ||
Change, net of deferred tax, in unrealized gains (losses) in respect of the Company’s share in derivative instruments of unconsolidated investment | $ (3,417) | $ 2,235 |
Note 6 - Variable Interest En_3
Note 6 - Variable Interest Entities - Assets and Liabilities for the Company's 2015 Variable Interest Entity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Restricted cash and cash equivalents (primarily related to VIEs) | $ 81,937 | $ 78,693 | ||||||
Property, plant and equipment, net | 1,971,415 | 1,959,578 | ||||||
Construction-in-process | 376,555 | 261,690 | ||||||
Total assets | [1] | 3,250,494 | [2] | 3,121,350 | [3] | $ 2,623,864 | [3] | |
Accounts payable and accrued expenses | 141,857 | $ 113,502 | 116,362 | |||||
Long-term debt | 1,167,912 | |||||||
Other long-term liabilities | 6,838 | 6,117 | 16,087 | |||||
Total liabilities | 1,725,834 | 1,667,651 | ||||||
Assets: | ||||||||
Restricted cash and cash equivalents | 81,937 | 78,693 | 48,825 | |||||
Property, plant and equipment, net | 1,971,415 | 1,959,578 | ||||||
Construction-in-process | 376,555 | 261,690 | ||||||
Total assets | [1] | 3,250,494 | [2] | 3,121,350 | [3] | $ 2,623,864 | [3] | |
Liabilities: | ||||||||
Accounts payable and accrued expenses | 141,857 | 113,502 | 116,362 | |||||
Long-term debt | 1,167,912 | |||||||
Other long-term liabilities | 6,838 | $ 6,117 | 16,087 | |||||
Total liabilities | 1,725,834 | 1,667,651 | ||||||
Variable Interest Entity [Member] | ||||||||
Construction-in-process | 149,830 | 104,085 | ||||||
Assets: | ||||||||
Construction-in-process | 149,830 | 104,085 | ||||||
Variable Interest Entity [Member] | Project Debt [Member] | ||||||||
Restricted cash and cash equivalents (primarily related to VIEs) | 81,522 | |||||||
Other current assets | 213,007 | |||||||
Property, plant and equipment, net | 1,211,656 | 1,552,408 | ||||||
Construction-in-process | 10,188 | 90,812 | ||||||
Other long-term assets | 162,995 | 177,723 | ||||||
Total assets | 1,630,747 | 2,109,969 | ||||||
Accounts payable and accrued expenses | 25,361 | 24,245 | ||||||
Long-term debt | 794,214 | 805,850 | ||||||
Other long-term liabilities | 126,851 | 125,769 | ||||||
Total liabilities | 946,426 | 955,864 | ||||||
Assets: | ||||||||
Restricted cash and cash equivalents | 76,019 | |||||||
Other current assets | 213,007 | |||||||
Property, plant and equipment, net | 1,211,656 | 1,552,408 | ||||||
Construction-in-process | 10,188 | 90,812 | ||||||
Other long-term assets | 162,995 | 177,723 | ||||||
Total assets | 1,630,747 | 2,109,969 | ||||||
Liabilities: | ||||||||
Accounts payable and accrued expenses | 25,361 | 24,245 | ||||||
Long-term debt | 794,214 | 805,850 | ||||||
Other long-term liabilities | 126,851 | 125,769 | ||||||
Total liabilities | 946,426 | 955,864 | ||||||
Variable Interest Entity [Member] | Power Purchase Agreement [Member] | ||||||||
Restricted cash and cash equivalents (primarily related to VIEs) | 20 | |||||||
Other current assets | 29,076 | |||||||
Assets: | ||||||||
Other current assets | 29,076 | |||||||
Variable Interest Entity [Member] | Power Purchase Agreements [Member] | ||||||||
Other current assets | 9,698 | |||||||
Property, plant and equipment, net | 668,891 | 306,820 | ||||||
Construction-in-process | 139,642 | 13,273 | ||||||
Other long-term assets | 40,138 | 9,104 | ||||||
Total assets | 877,767 | 341,199 | ||||||
Accounts payable and accrued expenses | 13,201 | 2,651 | ||||||
Long-term debt | 0 | 0 | ||||||
Other long-term liabilities | 32,790 | 12,483 | ||||||
Total liabilities | 45,991 | 15,134 | ||||||
Assets: | ||||||||
Restricted cash and cash equivalents | 2,304 | |||||||
Other current assets | 9,698 | |||||||
Property, plant and equipment, net | 668,891 | 306,820 | ||||||
Construction-in-process | 139,642 | 13,273 | ||||||
Other long-term assets | 40,138 | 9,104 | ||||||
Total assets | 877,767 | 341,199 | ||||||
Liabilities: | ||||||||
Accounts payable and accrued expenses | 13,201 | 2,651 | ||||||
Long-term debt | 0 | 0 | ||||||
Other long-term liabilities | 32,790 | 12,483 | ||||||
Total liabilities | 45,991 | $ 15,134 | ||||||
Variable Interest Entity [Member] | Projected [Member] | ||||||||
Other current assets | 164,386 | |||||||
Assets: | ||||||||
Other current assets | $ 164,386 | |||||||
[1] | Electricity segment assets include goodwill in the amount of $20.1 million, $20.0 million and $7.6 as of December 31, 2019, 2018 and 2017, respectively. No goodwill is included in the Product and Energy Storage and Management Services segment assets as of December 31, 2019 and 2018. Energy Storage and Management Services segment assets as December 31, 2017 include goodwill in the amount of $13.5 million. For further information on goodwill, see Note 9 - Intangible assets and goodwill to the consolidated financial statements. | |||||||
[2] | Including unconsolidated investments 81,140 — — 81,140 | |||||||
[3] | Including unconsolidated investments 34,084 — — 34,084 |
Note 7 - Fair Value of Financ_3
Note 7 - Fair Value of Financial Instruments (Details Textual) - Henry Hub Natural Gas Future ("NG") Contracts [Member] - Put Option [Member] $ in Millions | Jan. 12, 2017USD ($)MMBTU$ / BTU |
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 4.1 |
Derivative, Price Risk Option Strike Price | $ / BTU | 3 |
Payments for Derivative Instrument, Investing Activities | $ | $ 0.7 |
Note 7 - Fair Value of Financ_4
Note 7 - Fair Value of Financial Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Reported Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | $ 28,316 | $ 18,787 | |
25,421 | 14,427 | ||
Cash equivalents (including restricted cash accounts) | 28,316 | 18,787 | |
Reported Value Measurement [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 102 | 104 |
Reported Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | 362 | |
Derivative Liability, Current | [2] | (1,040) | |
Reported Value Measurement [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | (3,359) | (3,424) |
Estimate of Fair Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | 28,316 | 18,787 | |
25,421 | 14,427 | ||
Cash equivalents (including restricted cash accounts) | 28,316 | 18,787 | |
Estimate of Fair Value Measurement [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 102 | 104 |
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | 362 | |
Derivative Liability, Current | [2] | (1,040) | |
Estimate of Fair Value Measurement [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | (3,359) | (3,424) |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents (including restricted cash accounts) | 28,316 | 18,787 | |
28,316 | 18,787 | ||
Cash equivalents (including restricted cash accounts) | 28,316 | 18,787 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | 0 | |
Derivative Liability, Current | [2] | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash equivalents (including restricted cash accounts) | 0 | 0 | |
362 | (1,040) | ||
Cash equivalents (including restricted cash accounts) | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | 362 | |
Derivative Liability, Current | [2] | (1,040) | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash equivalents (including restricted cash accounts) | 0 | 0 | |
(3,257) | (3,320) | ||
Cash equivalents (including restricted cash accounts) | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [1] | 102 | 104 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [2] | 0 | |
Derivative Liability, Current | [2] | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [1] | $ (3,359) | $ (3,424) |
[1] | These amounts relate to contingent receivables and payables and warrants pertaining to the Guadeloupe power plant purchase transaction, valued primarily based on unobservable inputs and are included within "Prepaid expenses and other", "Accounts payable and accrued expenses" and "Other long-term liabilities" on December 31, 2019 and 2018 in the consolidated balance sheets with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the consolidated statement of operations and comprehensive income. | ||
[2] | These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within "Receivables, other" and "Accounts payable and accrued expenses", as applicable, on December 31, 2019 and December 31, 2018, in the consolidated balance sheet with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the consolidated statement of operations and comprehensive income. |
Note 7 - Fair Value of Financ_5
Note 7 - 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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amount of gain (loss) recognized | $ 2,556 | $ 7,411 | $ 5,268 |
Foreign Currency Gain (Loss) [Member] | Put Options on Natural Gas Price [Member] | |||
Amount of gain (loss) recognized | 0 | 0 | (350) |
Foreign Currency Gain (Loss) [Member] | Contingent Considerations [Member] | |||
Amount of gain (loss) recognized | 0 | 170 | (129) |
Foreign Currency Gain (Loss) [Member] | Currency Forward Contracts [Member] | |||
Amount of gain (loss) recognized | 2,556 | (3,081) | 3,699 |
General and Administrative Expense [Member] | Currency Forward Contracts [Member] | |||
Amount of gain (loss) recognized | $ 0 | $ 10,322 | $ 2,048 |
Note 7 - Fair Value of Financ_6
Note 7 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Estimate of Fair Value Measurement [Member] | ||
Other long-term debt | $ 16.3 | $ 5.4 |
Reported Value Measurement [Member] | ||
Other long-term debt | 17.4 | 6.2 |
Olkaria III OPIC [Member] | ||
Loans | 202.1 | 211.8 |
Olkaria III OPIC [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 202.1 | 211.8 |
Olkaria III OPIC [Member] | Reported Value Measurement [Member] | ||
Loans | 192.6 | 210.6 |
Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 43.8 | |
Olkaria III Plant 4 Loan - DEG 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 43.8 | 47.2 |
Olkaria III Plant 4 Loan - DEG 2 [Member] | Reported Value Measurement [Member] | ||
Loans | 42.5 | 47.5 |
Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 38.8 | |
Olkaria III plant 1 Loan - DEG 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 38.8 | 0 |
Olkaria III plant 1 Loan - DEG 3 [Member] | Reported Value Measurement [Member] | ||
Loans | 37.1 | 0 |
Platanares Loan - OPIC [Member] | ||
Loans | 115.3 | 119.1 |
Platanares Loan - OPIC [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 115.3 | 119.1 |
Platanares Loan - OPIC [Member] | Reported Value Measurement [Member] | ||
Loans | 104.5 | 112.7 |
Amatitlan Loan [Member] | ||
Loans | 26.4 | 29.9 |
Amatitlan Loan [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 26.4 | 29.9 |
Amatitlan Loan [Member] | Reported Value Measurement [Member] | ||
Loans | 26.3 | 29.8 |
OrCal Geothermal Inc [Member] | ||
Notes | 19 | |
OrCal Geothermal Inc [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 0 | 19 |
OrCal Geothermal Inc [Member] | Reported Value Measurement [Member] | ||
Notes | 0 | 18.7 |
OFC Two Senior Secured Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 210.9 | 214.5 |
OFC Two Senior Secured Notes [Member] | Reported Value Measurement [Member] | ||
Notes | 203 | 217.8 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 78.5 | 78.8 |
Don A. Campbell 1 ("DAC1") [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 78.5 | 78.8 |
Don A. Campbell 1 ("DAC1") [Member] | Reported Value Measurement [Member] | ||
Notes | 78.2 | 83.3 |
USG Prudential - NV [Member] | ||
Notes | 30.6 | 29.4 |
USG Prudential - NV [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 30.6 | 29.4 |
USG Prudential - NV [Member] | Reported Value Measurement [Member] | ||
Notes | 28.4 | 27.8 |
USG Prudential - ID [Member] | ||
Notes | 18.6 | 18.6 |
USG Prudential - ID [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 18.6 | 18.6 |
USG Prudential - ID [Member] | Reported Value Measurement [Member] | ||
Notes | 19.6 | 18.9 |
USG DOE [Member] | ||
Notes | 45 | 48.3 |
USG DOE [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 45 | 48.3 |
USG DOE [Member] | Reported Value Measurement [Member] | ||
Notes | 40.8 | 51.4 |
Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 205.7 | 199.4 |
Senior Unsecured Bonds [Member] | Estimate of Fair Value Measurement [Member] | ||
Senior Unsecured debt | 205.7 | 199.4 |
Senior Unsecured Bonds [Member] | Reported Value Measurement [Member] | ||
Senior Unsecured debt | 204.3 | 204.3 |
Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 161.3 | 102.2 |
Senior Unsecured Loan [Member] | Estimate of Fair Value Measurement [Member] | ||
Senior Unsecured debt | 161.3 | 102.2 |
Senior Unsecured Loan [Member] | Reported Value Measurement [Member] | ||
Senior Unsecured debt | 150 | 100 |
Plumstriker Loan Agreement [Member] | ||
Loans | 21.7 | |
Plumstriker Loan Agreement [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 21.7 | 0 |
Plumstriker Loan Agreement [Member] | Reported Value Measurement [Member] | ||
Loans | $ 21.6 | $ 0 |
Note 7 - Fair Value of Financ_7
Note 7 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Revolving lines of credit | $ 40.6 | $ 159 |
Deposits | 12.2 | 12 |
Commercial Paper [Member] | ||
Commercial paper | 50 | |
Olkaria III OPIC [Member] | ||
Loans | 202.1 | 211.8 |
Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 43.8 | |
Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 38.8 | |
Platanares Loan - OPIC [Member] | ||
Loans | 115.3 | 119.1 |
Amatitlan Loan [Member] | ||
Loans | 26.4 | 29.9 |
OrCal Geothermal Inc [Member] | ||
Notes | 19 | |
OFC Senior Secured Notes [Member] | ||
Notes | 210.9 | 214.5 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 78.5 | 78.8 |
USG Prudential - NV [Member] | ||
Notes | 30.6 | 29.4 |
USG Prudential - ID [Member] | ||
Notes | 18.6 | 18.6 |
USG DOE [Member] | ||
Notes | 45 | 48.3 |
Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 205.7 | 199.4 |
Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 161.3 | 102.2 |
Plumstriker Loan Agreement [Member] | ||
Loans | 21.7 | |
Other Long-term Debt [Member] | ||
Senior Unsecured debt | 16.3 | 5.4 |
Fair Value, Inputs, Level 1 [Member] | ||
Revolving lines of credit | 0 | 0 |
Deposits | 12.2 | 12 |
Fair Value, Inputs, Level 1 [Member] | Commercial Paper [Member] | ||
Commercial paper | 0 | |
Fair Value, Inputs, Level 1 [Member] | Olkaria III OPIC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 1 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Amatitlan Loan [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | OrCal Geothermal Inc [Member] | ||
Notes | 0 | |
Fair Value, Inputs, Level 1 [Member] | OFC Senior Secured Notes [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | USG Prudential - NV [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | USG Prudential - ID [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | USG DOE [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 1 [Member] | Other Long-term Debt [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Revolving lines of credit | 40.6 | 159 |
Deposits | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ||
Commercial paper | 50 | |
Fair Value, Inputs, Level 2 [Member] | Olkaria III OPIC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Amatitlan Loan [Member] | ||
Loans | 26.4 | 29.9 |
Fair Value, Inputs, Level 2 [Member] | OrCal Geothermal Inc [Member] | ||
Notes | 0 | |
Fair Value, Inputs, Level 2 [Member] | OFC Senior Secured Notes [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | USG Prudential - NV [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | USG Prudential - ID [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | USG DOE [Member] | ||
Notes | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | 21.7 | |
Fair Value, Inputs, Level 2 [Member] | Other Long-term Debt [Member] | ||
Senior Unsecured debt | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Revolving lines of credit | 0 | 0 |
Deposits | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Commercial Paper [Member] | ||
Commercial paper | 0 | |
Fair Value, Inputs, Level 3 [Member] | Olkaria III OPIC [Member] | ||
Loans | 202.1 | 211.8 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member] | ||
Loans | 43.8 | 47.2 |
Fair Value, Inputs, Level 3 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member] | ||
Loans | 38.8 | |
Fair Value, Inputs, Level 3 [Member] | Platanares Loan - OPIC [Member] | ||
Loans | 115.3 | 119.1 |
Fair Value, Inputs, Level 3 [Member] | Amatitlan Loan [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | OrCal Geothermal Inc [Member] | ||
Notes | 19 | |
Fair Value, Inputs, Level 3 [Member] | OFC Senior Secured Notes [Member] | ||
Notes | 210.9 | 214.5 |
Fair Value, Inputs, Level 3 [Member] | Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 78.5 | 78.8 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - NV [Member] | ||
Notes | 30.6 | 29.4 |
Fair Value, Inputs, Level 3 [Member] | USG Prudential - ID [Member] | ||
Notes | 18.6 | 18.6 |
Fair Value, Inputs, Level 3 [Member] | USG DOE [Member] | ||
Notes | 45 | 48.3 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Bonds [Member] | ||
Senior Unsecured debt | 205.7 | 199.4 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Loan [Member] | ||
Senior Unsecured debt | 161.3 | 102.2 |
Fair Value, Inputs, Level 3 [Member] | Plumstriker Loan Agreement [Member] | ||
Loans | 0 | |
Fair Value, Inputs, Level 3 [Member] | Other Long-term Debt [Member] | ||
Senior Unsecured debt | $ 16.3 | $ 5.4 |
Note 8 - Property, Plant and _3
Note 8 - Property, Plant and Equipment and Construction-in-process (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 22, 2014 | |
Depreciation, Total | $ 126.7 | $ 114.4 | $ 98.8 | |
Depreciation Net Of Amortization Of Cash Grant | 7.3 | 6.4 | $ 5.5 | |
Property, Plant and Equipment Including Construction In Progress, Net | 1,841.4 | 1,696.4 | ||
Property, Plant and Equipment, Cash Grant, Net | 162.3 | 179.7 | ||
Geotermica Platanares [Member] | ||||
Property, Plant and Equipment Including Construction In Progress, Net | $ 96.1 | 105.7 | ||
Power Plant Usage Agreement Term | 15 years | |||
Geothermie Bouillante SA (“GB”) [Member] | ||||
Property, Plant and Equipment Including Construction In Progress, Net | $ 24.5 | 23.9 | ||
Orzunil I de Electricidad, Limitada [Member] | ||||
Property, Plant and Equipment Including Construction In Progress, Net | 10.3 | 14.6 | ||
Ortitlan Limitada [Member] | ||||
Property, Plant and Equipment Including Construction In Progress, Net | $ 42.8 | 43.5 | ||
Kenya Power and Lighting Co Limited [Member] | ||||
Power Purchase Agreements Term | 20 years | |||
Zunil Power Plant In Guatemala [Member] | Instituto Nacional de Electrificacion (INDE) [Member] | Orzunil I de Electricidad, Limitada [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 3.00% | |||
ENEE [Member] | Geotermica Platanares [Member] | ||||
Power Plant Usage Agreement Term | 30 years | |||
EDF [Member] | Geothermie Bouillante SA (“GB”) [Member] | ||||
Power Purchase Agreements Term | 15 years | |||
Foreign Countries [Member] | ||||
Property, Plant and Equipment Including Construction In Progress, Net | $ 506.6 | 524.8 | ||
KENYA | Power Plants [Member] | ||||
Property, Plant and Equipment Including Construction In Progress, Net | $ 284.5 | $ 302 |
Note 8 - Property, Plant and _4
Note 8 - Property, Plant and Equipment and Construction-in-process - Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, plant and equipment | $ 3,225,949 | $ 3,097,806 |
Asset retirement cost | 19,824 | 11,448 |
Less accumulated depreciation | (1,254,534) | (1,138,228) |
Property, plant and equipment, net | 1,971,415 | 1,959,578 |
Land [Member] | ||
Property, plant and equipment | 38,049 | 38,060 |
Leasehold Improvements [Member] | ||
Property, plant and equipment | 7,757 | 5,718 |
Machinery and Equipment [Member] | ||
Property, plant and equipment | 230,465 | 208,646 |
Office Equipment [Member] | ||
Property, plant and equipment | 39,099 | 35,708 |
Vehicles [Member] | ||
Property, plant and equipment | 8,021 | 22,074 |
Geothermal And Recovered Energy Generation Power Plants [Member] | UNITED STATES | ||
Property, plant and equipment | 2,160,910 | 2,065,377 |
Geothermal And Recovered Energy Generation Power Plants [Member] | Foreign Countries [Member] | ||
Property, plant and equipment | $ 721,824 | $ 710,775 |
Note 8 - Property, Plant and _5
Note 8 - Property, Plant and Equipment and Construction-in-process - Construction-in-process (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Construction-in-process | $ 376,555 | $ 261,690 | ||
Projects Under Exploration and Development [Member] | ||||
Construction-in-process | 84,637 | 70,958 | $ 63,875 | $ 54,447 |
Projects Under Exploration and Development [Member] | Up-front Bonus Lease Costs [Member] | ||||
Construction-in-process | 17,018 | 17,018 | 17,018 | 17,385 |
Projects Under Exploration and Development [Member] | Exploration and Development Costs [Member] | ||||
Construction-in-process | 66,916 | 53,237 | 46,154 | 36,359 |
Projects Under Exploration and Development [Member] | Interest Capitalized [Member] | ||||
Construction-in-process | 703 | 703 | $ 703 | $ 703 |
Projects Under Construction [Member] | ||||
Construction-in-process | 291,918 | 190,732 | ||
Projects Under Construction [Member] | Up-front Bonus Lease Costs [Member] | ||||
Construction-in-process | 27,473 | 27,473 | ||
Projects Under Construction [Member] | Interest Capitalized [Member] | ||||
Construction-in-process | 5,961 | 2,861 | ||
Projects Under Construction [Member] | Drilling And Construction Costs [Member] | ||||
Construction-in-process | $ 258,484 | $ 160,398 |
Note 8 - Property, Plant and _6
Note 8 - Property, Plant and Equipment and Construction-in-process - Activity in Construction and Development (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance | $ 261,690 | $ 261,690 | |||||||||
Write off of unsuccessful exploration costs | $ 0 | $ 0 | $ 0 | 0 | $ (3) | $ 0 | $ 0 | $ (123) | 0 | $ (126) | $ (1,796) |
Balance | 376,555 | 261,690 | 376,555 | 261,690 | |||||||
Projects Under Exploration and Development [Member] | |||||||||||
Balance | 70,958 | 63,875 | 70,958 | 63,875 | 54,447 | ||||||
Cost incurred during the year | 17,215 | 7,209 | 11,224 | ||||||||
Write off of unsuccessful exploration costs | (126) | (1,796) | |||||||||
Transfer of projects under exploration and development to projects under construction | (3,536) | ||||||||||
Balance | 84,637 | 70,958 | 84,637 | 70,958 | 63,875 | ||||||
Projects Under Exploration and Development [Member] | Up-front Bonus Lease Costs [Member] | |||||||||||
Balance | 17,018 | 17,018 | 17,018 | 17,018 | 17,385 | ||||||
Cost incurred during the year | 0 | 0 | 0 | ||||||||
Write off of unsuccessful exploration costs | 0 | (367) | |||||||||
Transfer of projects under exploration and development to projects under construction | 0 | ||||||||||
Balance | 17,018 | 17,018 | 17,018 | 17,018 | 17,018 | ||||||
Projects Under Exploration and Development [Member] | Exploration and Development Costs [Member] | |||||||||||
Balance | 53,237 | 46,154 | 53,237 | 46,154 | 36,359 | ||||||
Cost incurred during the year | 17,215 | 7,209 | 11,224 | ||||||||
Write off of unsuccessful exploration costs | (126) | (1,429) | |||||||||
Transfer of projects under exploration and development to projects under construction | (3,536) | ||||||||||
Balance | 66,916 | 53,237 | 66,916 | 53,237 | 46,154 | ||||||
Projects Under Exploration and Development [Member] | Interest Capitalized [Member] | |||||||||||
Balance | 703 | 703 | 703 | 703 | 703 | ||||||
Cost incurred during the year | 0 | 0 | 0 | ||||||||
Write off of unsuccessful exploration costs | 0 | 0 | |||||||||
Transfer of projects under exploration and development to projects under construction | 0 | ||||||||||
Balance | 703 | 703 | 703 | 703 | 703 | ||||||
Construction in Progress [Member] | |||||||||||
Balance | 190,732 | 229,667 | 190,732 | 229,667 | 252,262 | ||||||
Cost incurred during the year | 267,237 | 219,610 | 239,226 | ||||||||
Transfer of projects under exploration and development to projects under construction | 3,536 | ||||||||||
Balance | 291,918 | 190,732 | 291,918 | 190,732 | 229,667 | ||||||
Transfer of completed projects to property, plant and equipment | (134,152) | (261,833) | (261,821) | ||||||||
Cost write off | (1,380) | ||||||||||
Fair value of projects under construction acquired in a business combination | 4,668 | ||||||||||
Insurance recoveries | (35,435) | ||||||||||
Construction in Progress [Member] | Up-front Bonus Lease Costs [Member] | |||||||||||
Balance | 27,473 | 27,473 | 27,473 | 27,473 | 37,713 | ||||||
Cost incurred during the year | 0 | 0 | 0 | ||||||||
Transfer of projects under exploration and development to projects under construction | 0 | ||||||||||
Balance | 27,473 | 27,473 | 27,473 | 27,473 | 27,473 | ||||||
Transfer of completed projects to property, plant and equipment | 0 | 0 | (10,240) | ||||||||
Cost write off | 0 | ||||||||||
Fair value of projects under construction acquired in a business combination | 0 | ||||||||||
Insurance recoveries | 0 | ||||||||||
Construction in Progress [Member] | Drilling And Construction Costs [Member] | |||||||||||
Balance | 160,398 | 198,943 | 160,398 | 198,943 | 202,211 | ||||||
Cost incurred during the year | 264,137 | 219,610 | 231,926 | ||||||||
Transfer of projects under exploration and development to projects under construction | 3,536 | ||||||||||
Balance | 258,484 | 160,398 | 258,484 | 160,398 | 198,943 | ||||||
Transfer of completed projects to property, plant and equipment | (134,152) | (261,443) | (235,194) | ||||||||
Cost write off | (1,380) | ||||||||||
Fair value of projects under construction acquired in a business combination | 4,668 | ||||||||||
Insurance recoveries | (35,435) | ||||||||||
Construction in Progress [Member] | Interest Capitalized [Member] | |||||||||||
Balance | $ 2,861 | $ 3,251 | 2,861 | 3,251 | 12,338 | ||||||
Cost incurred during the year | 3,100 | 0 | 7,300 | ||||||||
Transfer of projects under exploration and development to projects under construction | 0 | ||||||||||
Balance | $ 5,961 | $ 2,861 | 5,961 | 2,861 | 3,251 | ||||||
Transfer of completed projects to property, plant and equipment | 0 | (390) | $ (16,387) | ||||||||
Cost write off | 0 | ||||||||||
Fair value of projects under construction acquired in a business combination | $ 0 | ||||||||||
Insurance recoveries | $ 0 |
Note 9 - Intangible Assets an_3
Note 9 - Intangible Assets and Goodwill (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 186,220 | $ 186,220 | |||||||||
Amortization of Intangible Assets, Total | 13,300 | $ 11,200 | $ 6,900 | ||||||||
Increase (Decrease) in Intangible Assets, Current | 0 | 127,000 | 35,600 | ||||||||
Finite Lived Intangible Assets, Write off | 0 | $ 0 | 0 | 0 | 0 | ||||||
Goodwill, Ending Balance | 20,140 | 19,950 | 20,140 | 19,950 | 21,037 | ||||||
Goodwill, Impairment Loss | 0 | $ 0 | $ 0 | $ 0 | 13,464 | $ 0 | $ 0 | $ 0 | 0 | 13,464 | 0 |
Storage and Energy Management Service [Member] | |||||||||||
Goodwill, Impairment Loss | 13,500 | ||||||||||
Other Segments [Member] | |||||||||||
Goodwill, Impairment Loss | 0 | 0 | $ 0 | ||||||||
Power Purchase Agreements and Intangible Assets Related to Storage Activities [Member] | |||||||||||
Finite-Lived Intangible Assets, Net, Ending Balance | 186,200 | 199,900 | 186,200 | 199,900 | |||||||
Finite-Lived Intangible Assets, Accumulated Amortization | 74,100 | 61,500 | 74,100 | 61,500 | |||||||
Intangible Assets Related to Storage Activities [Member] | |||||||||||
Finite-Lived Intangible Assets, Net, Ending Balance | 30,200 | 32,200 | 30,200 | 32,200 | |||||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 5,400 | $ 3,400 | $ 5,400 | $ 3,400 |
Note 9 - Intangible Assets an_4
Note 9 - Intangible Assets and Goodwill - Estimated Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 12,983 |
2021 | 12,983 |
2022 | 12,729 |
2023 | 12,610 |
2024 | 11,255 |
Thereafter | 123,660 |
Total | $ 186,220 |
Note 9 - Intangible Assets an_5
Note 9 - Intangible Assets and Goodwill - Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill | $ 19,950 | $ 21,037 | $ 19,950 | $ 21,037 | |||||||
Goodwill acquired | 0 | 12,710 | |||||||||
Goodwill impairment charge | $ 0 | $ 0 | $ 0 | $ 0 | $ (13,464) | $ 0 | $ 0 | $ 0 | 0 | (13,464) | $ 0 |
Translation differences | 190 | (333) | |||||||||
Goodwill | $ 20,140 | $ 19,950 | $ 20,140 | $ 19,950 | $ 21,037 |
Note 10 - Accounts Payable an_3
Note 10 - Accounts Payable and Accrued Expenses - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Trade payable | $ 73,271 | $ 56,299 | |
Salaries and other payroll costs | 24,364 | 20,188 | |
Customer advances | 2,092 | 918 | |
Accrued interest | 6,321 | 5,914 | |
Income tax payable | 11,344 | 8,436 | |
Property tax payable | 3,033 | 2,999 | |
Scheduling and transmission | 2,264 | 595 | |
Royalty accrual | 6,457 | 4,610 | |
Deferred revenues | 2,755 | 18,402 | |
Warranty accrual | 3,245 | 4,552 | |
Other | 9,466 | 9,551 | |
Total | 141,857 | $ 113,502 | 116,362 |
Deferred Revenue [Member] | |||
Deferred revenues | $ 0 | $ 2,300 |
Note 11 - Long-term Debt, Cre_3
Note 11 - Long-term Debt, Credit Agreements and Commercial Paper (Details Textual) $ in Thousands | Jul. 03, 2019USD ($) | May 30, 2019 | Mar. 25, 2019USD ($) | Mar. 22, 2018USD ($) | Dec. 21, 2016USD ($) | Nov. 29, 2016USD ($) | Jul. 31, 2015USD ($)MWh | Nov. 30, 2013USD ($) | Sep. 26, 2013 | Feb. 28, 2013USD ($) | Nov. 30, 2012USD ($) | Feb. 29, 2012 | Oct. 31, 2019USD ($) | Oct. 31, 2018USD ($)MWh | May 31, 2016USD ($) | Jun. 30, 2014USD ($) | May 31, 2013USD ($) | Nov. 30, 2012USD ($) | Oct. 31, 2011USD ($) | Aug. 31, 2011USD ($) | Dec. 31, 2005USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | May 04, 2019USD ($) | Apr. 29, 2019 | Apr. 09, 2019USD ($) | Apr. 04, 2019USD ($) | Jan. 04, 2019USD ($) | May 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 20, 2016USD ($) | Sep. 30, 2016 | Aug. 29, 2014USD ($) | Aug. 23, 2012USD ($) | Sep. 30, 2011USD ($) |
Letters of Credit Outstanding, Amount | $ 213,800 | ||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 2.99 | ||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Commercial Paper | $ 50,000 | $ 50,000 | $ 0 | $ 0 | |||||||||||||||||||||||||||||||||
Commercial Paper | 50,000 | 0 | |||||||||||||||||||||||||||||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 1,392,420 | 1,319,837 | |||||||||||||||||||||||||||||||||||
Percentage Of Company Assets | 46.60% | ||||||||||||||||||||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $ 1,515,410 | 1,445,096 | $ 1,295,700 | $ 1,168,272 | |||||||||||||||||||||||||||||||||
Payments of Dividends, Total | 22,400 | ||||||||||||||||||||||||||||||||||||
Commercial Paper [Member] | |||||||||||||||||||||||||||||||||||||
Commercial Paper | $ 50,000 | ||||||||||||||||||||||||||||||||||||
Covenant Requirement Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Amount Available For Dividend Distribution Percent Of Cumulative Net Income | 35 | ||||||||||||||||||||||||||||||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 600,000 | ||||||||||||||||||||||||||||||||||||
Percentage Of Company Assets | 25.00% | ||||||||||||||||||||||||||||||||||||
Minimum [Member] | Commercial Paper [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 90 days | ||||||||||||||||||||||||||||||||||||
Maximum [Member] | Commercial Paper [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||||||||||||||||||||||||||
Maximum [Member] | Covenant Requirement Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 6 | ||||||||||||||||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Commercial Paper [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||||||||||||||||||||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 12 years | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 42,000 | ||||||||||||||||||||||||||||||||||||
Power Utilization | MWh | 20 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Payment Frequency | 144 months | ||||||||||||||||||||||||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | Covenant Requirement Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Debt Services, Coverage Ratio | 1.15 | ||||||||||||||||||||||||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | Covenant Required to not Limit Dividends [Member] | |||||||||||||||||||||||||||||||||||||
Debt Services, Coverage Ratio | 1.25 | ||||||||||||||||||||||||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Prepayment Premium Percentage | 0.50% | ||||||||||||||||||||||||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Prepayment Premium Percentage | 1.00% | ||||||||||||||||||||||||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Guaranteed [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.35% | ||||||||||||||||||||||||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Not Guaranteed [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.75% | ||||||||||||||||||||||||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||||||||||||||||||||||||||||||
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 310,000 | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | $ 26,300 | ||||||||||||||||||||||||||||||||||||
Loan Agreement With OPIC [Member] | |||||||||||||||||||||||||||||||||||||
Debt Services, Coverage Ratio | 1.7 | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | $ 192,600 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Prepayment Premium, First Two Years, Percentage | 2.00% | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Prepayment Premium, After Year 3, Percentage | 1.00% | ||||||||||||||||||||||||||||||||||||
Restricted Cash and Cash Equivalents, Current, Total | $ 2,500 | $ 2,600 | |||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 15,600 | ||||||||||||||||||||||||||||||||||||
Loan Agreement With OPIC [Member] | Tranche One [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 85,000 | $ 85,000 | |||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 51,900 | ||||||||||||||||||||||||||||||||||||
Prepayment Deposit On Debt | 20,500 | ||||||||||||||||||||||||||||||||||||
Loan Agreement With OPIC [Member] | Tranche Two [Member] | |||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 135,000 | 135,000 | $ 111,200 | ||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 45,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.29% | ||||||||||||||||||||||||||||||||||||
Loan Agreement With OPIC [Member] | Tranche Three [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 45,000 | 45,000 | |||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | $ 29,600 | ||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 45,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.12% | ||||||||||||||||||||||||||||||||||||
Loan Agreement With OPIC [Member] | Threshold For Loan Default [Member] | |||||||||||||||||||||||||||||||||||||
Debt Services, Coverage Ratio | 1.1 | ||||||||||||||||||||||||||||||||||||
Loan Agreement With OPIC [Member] | Minimum [Member] | Historical [Member] | |||||||||||||||||||||||||||||||||||||
Debt Services, Coverage Ratio | 1.4 | ||||||||||||||||||||||||||||||||||||
Olkaria III DEG [Member] | Tranche One [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 180,000 | $ 180,000 | |||||||||||||||||||||||||||||||||||
Prepayment Penalty Charges | $ 1,500 | ||||||||||||||||||||||||||||||||||||
Platanares Finance Agreement [Member] | OPIC [Member] | |||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | $ 104,500 | ||||||||||||||||||||||||||||||||||||
Prepayment Deposit On Debt | $ 5,000 | ||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 114,700 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.02% | ||||||||||||||||||||||||||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 124,700 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Prepayment Premium Percentage, First or Second Year | 2.00% | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Prepayment Premium Percentage, Third Year | 1.00% | ||||||||||||||||||||||||||||||||||||
Platanares Finance Agreement [Member] | Historical [Member] | OPIC [Member] | |||||||||||||||||||||||||||||||||||||
Debt Services, Coverage Ratio | 1.1 | ||||||||||||||||||||||||||||||||||||
Platanares Finance Agreement [Member] | Debt Service Reserve [Member] | OPIC [Member] | |||||||||||||||||||||||||||||||||||||
Restricted Cash and Cash Equivalents, Current, Total | $ 3,600 | ||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 8,100 | ||||||||||||||||||||||||||||||||||||
Platanares Finance Agreement [Member] | Well Drilling Reserve [Member] | OPIC [Member] | |||||||||||||||||||||||||||||||||||||
Restricted Cash and Cash Equivalents, Current, Total | 0 | ||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | $ 2,000 | ||||||||||||||||||||||||||||||||||||
Platanares Finance Agreement [Member] | Threshold For Loan Default [Member] | OPIC [Member] | |||||||||||||||||||||||||||||||||||||
Debt Services, Coverage Ratio | 1.2 | ||||||||||||||||||||||||||||||||||||
Platanares Finance Agreement [Member] | Maximum [Member] | Forecast [Member] | OPIC [Member] | |||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 10,000 | ||||||||||||||||||||||||||||||||||||
Platanares [Member] | |||||||||||||||||||||||||||||||||||||
Current Power Generation | MWh | 35 | ||||||||||||||||||||||||||||||||||||
OrCal Senior Secured Notes [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 165,000 | ||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 161,100 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.21% | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Issuance Costs | $ 3,900 | ||||||||||||||||||||||||||||||||||||
Repayments of Secured Debt | $ 15,000 | ||||||||||||||||||||||||||||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 400 | ||||||||||||||||||||||||||||||||||||
OFC Two Senior Secured Notes [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 350,000 | ||||||||||||||||||||||||||||||||||||
Government Guarantee Percent | 80.00% | ||||||||||||||||||||||||||||||||||||
Debtor-in-Possession Financing, Letters of Credit Outstanding | $ 19,500 | ||||||||||||||||||||||||||||||||||||
OFC Two Senior Secured Notes [Member] | Senior Notes [Member] | |||||||||||||||||||||||||||||||||||||
Secured Debt, Total | 203,000 | ||||||||||||||||||||||||||||||||||||
OFC Two Senior Secured Notes [Member] | Wholly Owned Subsidiaries With Project Debt [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 140,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.61% | ||||||||||||||||||||||||||||||||||||
OFC Two Senior Secured Notes [Member] | Phase One Series A Senior Notes [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 151,700 | ||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 141,100 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.687% | ||||||||||||||||||||||||||||||||||||
Repayments of Long-term Debt, Total | $ 4,300 | ||||||||||||||||||||||||||||||||||||
Other Reserves | $ 0 | $ 28,000 | |||||||||||||||||||||||||||||||||||
OFC Two Senior Secured Notes [Member] | Maximum [Member] | Historical [Member] | |||||||||||||||||||||||||||||||||||||
Debt Services, Coverage Ratio | 1.2 | ||||||||||||||||||||||||||||||||||||
OFC Two Senior Secured Notes [Member] | Maximum [Member] | Projected [Member] | |||||||||||||||||||||||||||||||||||||
Debt Services, Coverage Ratio | 1.5 | ||||||||||||||||||||||||||||||||||||
Don A. Cambell Senior Secured Notes [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 92,500 | ||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 87,100 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.03% | ||||||||||||||||||||||||||||||||||||
Secured Debt, Total | $ 78,200 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Minimum Prepay Amount | $ 2,000 | ||||||||||||||||||||||||||||||||||||
Don A. Cambell Senior Secured Notes [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Debt Services, Coverage Ratio | 1.20 | ||||||||||||||||||||||||||||||||||||
Prudential Capital Group Agreement [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 7 years | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 20,000 | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 18,300 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | ||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Remaining Balance | $ 16,000 | ||||||||||||||||||||||||||||||||||||
DOE Loan Guarantee [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 21 years 6 months | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 44,900 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.60% | ||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 96,800 | ||||||||||||||||||||||||||||||||||||
Prudential Capital Purchase Agreement [member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 24 years | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 27,100 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ||||||||||||||||||||||||||||||||||||
Senior Unsecured Bonds [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 67,000 | ||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Unsecured Debt | 250,000 | ||||||||||||||||||||||||||||||||||||
Senior Unsecured Bonds [Member] | Series 3 Bonds [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 137,000 | ||||||||||||||||||||||||||||||||||||
Senior Unsecured Bonds, Series 2 [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | ||||||||||||||||||||||||||||||||||||
Senior Unsecured Bonds, Series 3 [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.45% | ||||||||||||||||||||||||||||||||||||
Migdal Loan [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 100,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 4,200 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 37,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument Increase in Stated Interest Rate if Rating is Downgraded to ILA Negative | 0.50% | ||||||||||||||||||||||||||||||||||||
Debt Instrument Increase in Stated Interest Rate Each Additional Downgrade | 0.25% | ||||||||||||||||||||||||||||||||||||
Debt Instrument Decrease in Stated Interest Rate for Each Rating Upgrade | 0.25% | ||||||||||||||||||||||||||||||||||||
Debt to EBITDA Ratio Threshold for Rate Increase | 4.5 | ||||||||||||||||||||||||||||||||||||
Debt Instrument Increase in Stated Interest Rate if Debt to EBITDA Ratio Exceeds Threshold | 0.50% | ||||||||||||||||||||||||||||||||||||
Debt to EBITDA Ratio Requirement | 6 | ||||||||||||||||||||||||||||||||||||
Stockholders Equity, Debt Covenant, Minimum Threshold | $ 650,000 | ||||||||||||||||||||||||||||||||||||
Stockholders Equity to Total Assets, Ratio | 25.00% | ||||||||||||||||||||||||||||||||||||
Stockholders Equity, Debt Covenant, Minimum Threshold to Pay Dividends | $ 800,000 | ||||||||||||||||||||||||||||||||||||
Dividends to Net Income, Ratio | 50.00% | ||||||||||||||||||||||||||||||||||||
Migdal Loan [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | ||||||||||||||||||||||||||||||||||||
Migdal Loan [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Increase in Stated Interest Rate | 1.00% | ||||||||||||||||||||||||||||||||||||
Additional Migdal Loan [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 50,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.60% | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 2,100 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 18,500 | ||||||||||||||||||||||||||||||||||||
DEG 2 Facility Agreement [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.28% | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Minimum Prepay Amount | $ 5,000 | ||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | ||||||||||||||||||||||||||||||||||||
Proceeds from Lines of Credit, Total | $ 50,000 | ||||||||||||||||||||||||||||||||||||
Long-term Line of Credit, Total | 42,500 | ||||||||||||||||||||||||||||||||||||
DEG 3 Loan Agreement [Member] | |||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 37,100 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.04% | ||||||||||||||||||||||||||||||||||||
DEG 3 Loan Agreement [Member] | OrPower 4, Inc [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 41,500 | ||||||||||||||||||||||||||||||||||||
Plumstriker Loan Agreement [Member] | Plumstriker and its Two Subsidiaries [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 23,500 | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 21,600 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Equal Quarterly Principal Installments, Percentage of Loan | 1.25% | ||||||||||||||||||||||||||||||||||||
Plumstriker Loan Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Plumstriker and its Two Subsidiaries [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||||||||||||||||||||||||||||||||
Loan Agreement with Société Général [Member] | Guadeloupe 1 [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 8,900 | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 8,400 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.52% | ||||||||||||||||||||||||||||||||||||
Loan Agreement with Bpifrance [Member] | Guadeloupe 1 [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 8,900 | ||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 9,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.93% | ||||||||||||||||||||||||||||||||||||
Credit Agreements With Eight Commercial Banks [Member] | |||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 213,700 | ||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 505,000 | ||||||||||||||||||||||||||||||||||||
Long-term Line of Credit, Total | 40,600 | ||||||||||||||||||||||||||||||||||||
Credit Agreements With Eight Commercial Banks [Member] | Extensions of Credit in The Form of Loans and/or Letters of Credit [Member] | |||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 260,000 | ||||||||||||||||||||||||||||||||||||
Credit Agreements With Eight Commercial Banks [Member] | Letter of Credit [Member] | |||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 245,000 | ||||||||||||||||||||||||||||||||||||
Credit Agreements With Eight Commercial Banks [Member] | Union Bank, N.A. [Member] | |||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 60,000 | ||||||||||||||||||||||||||||||||||||
Credit Agreements With Eight Commercial Banks [Member] | HSBC Bank USA, N.A. [Member] | |||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | ||||||||||||||||||||||||||||||||||||
Union Bank, N.A. [Member] | |||||||||||||||||||||||||||||||||||||
Debt Services, Coverage Ratio | 2.87 | ||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | $ 59,500 | ||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 60,000 | ||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 2.1 | ||||||||||||||||||||||||||||||||||||
Amount Available For Dividend Distribution Percent Of Cumulative Net Income | 2 | 1 | |||||||||||||||||||||||||||||||||||
Union Bank, N.A. [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Debt Services, Coverage Ratio | 1.35 | ||||||||||||||||||||||||||||||||||||
Union Bank, N.A. [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 4.5 | ||||||||||||||||||||||||||||||||||||
HSBC Bank USA, N.A. [Member] | |||||||||||||||||||||||||||||||||||||
Debt Services, Coverage Ratio | 2.87 | ||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | $ 25,500 | ||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | ||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 2.1 | ||||||||||||||||||||||||||||||||||||
Amount Available For Dividend Distribution Percent Of Cumulative Net Income | 1 | ||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Borrowing Capacity Increase | $ 10,000 | ||||||||||||||||||||||||||||||||||||
HSBC Bank USA, N.A. [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 1.35 | ||||||||||||||||||||||||||||||||||||
HSBC Bank USA, N.A. [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio | 4.5 | ||||||||||||||||||||||||||||||||||||
Amount Available For Dividend Distribution Percent Of Cumulative Net Income | 2 | ||||||||||||||||||||||||||||||||||||
Surety Agreement [Member] | Chubb [Member] | |||||||||||||||||||||||||||||||||||||
Surety Bonds Available | $ 200,000 | ||||||||||||||||||||||||||||||||||||
Surety Bonds Outstanding | $ 144,800 |
Note 11 - Long-term Debt, Cre_4
Note 11 - Long-term Debt, Credit Agreements and Commercial Paper - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Limited Resource | $ 732,461 | $ 775,547 |
Less current portion | (58,932) | (63,180) |
Non current portion | 673,529 | 712,367 |
Recourse Debt | 474,514 | 510,832 |
Less current portion | (117,122) | (164,000) |
Non current portion | 357,392 | 346,832 |
Other Loans, Limited and Non-recourse [Member] | ||
Non-Recourse Debt | 8,997 | 6,241 |
Loan Agreement With OPIC the Olkaria III Power Plant [Member] | ||
Non-Recourse Debt | 192,646 | 210,641 |
Platanares Loan - OPIC [Member] | ||
Non-Recourse Debt | 104,459 | 112,652 |
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited [Member] | ||
Non-Recourse Debt | 26,250 | 29,750 |
Plumstriker Loan Agreement [Member] | ||
Non-Recourse Debt | 21,615 | 0 |
Other Loans, Limited Resource [Member] | ||
Non-Recourse Debt | 8,367 | 0 |
Limited Resource | 88,840 | 96,482 |
OrCal Geothermal Inc [Member] | ||
Non-Recourse Debt | 18,652 | |
Don A. Campbell 1 ("DAC1") [Member] | ||
Non-Recourse Debt | 78,247 | 83,319 |
Ormat Funding Corp [Member] | ||
Limited Resource | 203,040 | 217,810 |
Senior Unsecured Bonds [Member] | ||
Recourse Debt | 204,332 | 204,332 |
Migdal Loan [Member] | ||
Recourse Debt | 150,000 | 100,000 |
Olkaria III DEG [Member] | ||
Recourse Debt | 79,632 | 47,500 |
Revolving Credit Lines With Banks [Member] | ||
Recourse Debt | $ 40,550 | $ 159,000 |
Note 11 - Long-term Debt, Cre_5
Note 11 - Long-term Debt, Credit Agreements and Commercial Paper - Future Minimum Payments Under Long-term Obligations (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 135,504 |
2021 | 76,259 |
2022 | 220,677 |
2023 | 98,982 |
2024 | 78,600 |
Thereafter | 557,890 |
Total | $ 1,167,912 |
Note 12 - Puna Power Plant Tr_2
Note 12 - Puna Power Plant Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2005 | Dec. 31, 2018 | |
Lease Term | 31 years | ||
Deferred Lease Income, before Accumulated Amortization | $ 83,000 | ||
Lease Payment Term | 23 years | ||
Deferred Costs, Leasing, Gross | $ 4,200 | ||
Capital Leases, Balance Sheet, Assets by Major Class, Net, Total | 19,700 | ||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | $ 33,100 | ||
Puna Geothermal Power Plant [Member] | |||
Operating Leases, Future Minimum Payments Due, Total | $ 0 | ||
Amended and Restated PPA [Member] | |||
Price Per MWh Under 227,000 MWh | $ 70 | ||
Price Per MWh Over 227,000 MWh | $ 40 | ||
Long-term Contract for Purchase of Electric Power, Estimated Annual Cost | $ 19,500 | ||
Loss on Contract Termination | $ 20,500 |
Note 13 - Tax Monetization Tr_2
Note 13 - Tax Monetization Transactions (Details Textual) $ in Thousands | Dec. 31, 2022 | Aug. 14, 2019USD ($)MWh | May 17, 2018USD ($)MWh | Oct. 31, 2017USD ($) | Jul. 10, 2017USD ($) | Dec. 16, 2016USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2022USD ($) |
Proceeds from Noncontrolling Interests | $ 3,346 | $ 4,134 | $ 2,017 | |||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 0 | 0 | 2,400 | |||||||
OPC LLC [Member] | ||||||||||
Noncontrolling Interest, Decrease (Increase) from Redemptions or Purchase of Interests | 6,500 | |||||||||
Adjustment to Additional Paid in Capital, from Redemptions or Purchase of Interests | $ 8,500 | |||||||||
Ormat Nevada ORTP LLC [Member] | ||||||||||
Noncontrolling Interest, Decrease (Increase) from Redemptions or Purchase of Interests | 7,000 | |||||||||
Adjustment to Additional Paid in Capital, from Redemptions or Purchase of Interests | $ 2,900 | |||||||||
Opal Geo LLC [Member] | ||||||||||
Percentage Of Distributable Cash to Controlling Interest | 97.50% | |||||||||
Percentage of Income (Loss), Gain, Deduction and Credit Allocated to Controlling Interests | 1.00% | |||||||||
Percentage of Income (Loss), Gain, Deduction and Credit Allocated to Controlling Interests, PTCs Not Available | 95.00% | |||||||||
Opal Geo LLC [Member] | Forecast [Member] | ||||||||||
Percentage of Income (Loss), Gain, Deduction and Credit Allocated to Controlling Interests | 95.00% | |||||||||
Opal Geo LLC [Member] | Capital Unit, Class A [Member] | ||||||||||
Percentage Of Ownership Interests | 100.00% | |||||||||
Opal Geo LLC [Member] | JPM Capital Corporation [Member] | ||||||||||
Proceeds from Noncontrolling Interests | $ 62,100 | |||||||||
Percentage Of Distributable Cash to Nontrolling Interests | 2.50% | |||||||||
Percentage of Income (Loss), Gain, Deduction and Credit Allocated to Noncontrolling Interests | 99.00% | |||||||||
Percentage of Income (Loss), Gain, Deduction and Credit Allocated to Noncontrolling Interests, PTCs Not Available | 5.00% | |||||||||
Opal Geo LLC [Member] | JPM Capital Corporation [Member] | Noncontrolling Interest [Member] | ||||||||||
Proceeds from Noncontrolling Interests | $ 3,700 | |||||||||
Opal Geo LLC [Member] | JPM Capital Corporation [Member] | Allocation to Liability Associated With Sale of Tax Benefits [Member] | ||||||||||
Proceeds from Noncontrolling Interests | $ 58,500 | |||||||||
Opal Geo LLC [Member] | JPM Capital Corporation [Member] | Forecast [Member] | ||||||||||
Proceeds from Noncontrolling Interests | $ 21,000 | |||||||||
Percentage Of Distributable Cash to Nontrolling Interests | 100.00% | |||||||||
Percentage of Income (Loss), Gain, Deduction and Credit Allocated to Noncontrolling Interests | 5.00% | |||||||||
Opal Geo LLC [Member] | JPM Capital Corporation [Member] | Capital Unit, Class B [Member] | ||||||||||
Percentage of Equity Interest Sold | 100.00% | |||||||||
Ormat Nevada ORTP LLC [Member] | ORTP Transaction [Member] | ||||||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 1,900 | |||||||||
Payments to Acquire Interest in Joint Venture | $ 2,400 | |||||||||
DAC 2 [Member] | ||||||||||
Percentage Of Ownership Interests | 63.25% | |||||||||
Other Geothermal Power Plants [Member] | ||||||||||
Percentage Of Ownership Interests | 100.00% | |||||||||
OPC LLC [Member] | JPM Capital Corporation [Member] | Capital Unit, Class B [Member] | ||||||||||
Fair Value of Equity Interest Sold | $ 3,000 | |||||||||
Tungsten Mountain [Member] | ||||||||||
Power Generated Under Contract | MWh | 26 | |||||||||
Parternship Agreement, Initial Purchase Price | $ 33,400 | |||||||||
Partnership Agreement, Expected Additional Installments | $ 13,000 | |||||||||
Partnership Agreement, Percentage of Distributable Cash Flow Generated | 97.50% | |||||||||
Partnership Agreement, Percentage of Taxable Income | 95.00% | |||||||||
Partnership Agreement, Percentage of Distributable Cash Flow Generated to Private Investor if Target Return Not Reached | 100.00% | |||||||||
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached | 99.00% | |||||||||
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached, No Longer Generating PTCs | 5.00% | |||||||||
McGinness Plant [Member] | ||||||||||
Power Generated Under Contract | MWh | 48 | |||||||||
Parternship Agreement, Initial Purchase Price | $ 59,300 | |||||||||
Partnership Agreement, Expected Additional Installments | $ 9,000 | |||||||||
Partnership Agreement, Percentage of Distributable Cash Flow Generated | 97.50% | |||||||||
Partnership Agreement, Percentage of Taxable Income | 95.00% | |||||||||
Partnership Agreement, Percentage of Distributable Cash Flow Generated to Private Investor if Target Return Not Reached | 100.00% | |||||||||
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached | 99.00% | |||||||||
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached, No Longer Generating PTCs | 5.00% | |||||||||
McGinness Plant [Member] | Maximum [Member] | ||||||||||
Partnership Agreement, Expected Additional Installments | $ 22,000 |
Note 14 - Asset Retirement Ob_3
Note 14 - Asset Retirement Obligations - Reconciliation of the Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance at beginning of year | $ 39,475 | $ 27,110 | |
Revision in estimated cash flows | (335) | (258) | |
Liabilities incurred and acquired | 8,334 | 10,149 | |
Accretion expense | 2,709 | 2,474 | $ 1,874 |
Balance at end of year | $ 50,183 | $ 39,475 | $ 27,110 |
Note 15 - Stock-based Compens_3
Note 15 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Nov. 07, 2019 | May 07, 2018 | May 31, 2012 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 8.4 | $ 8.4 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 2 months 12 days | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Annual Forfeiture Rate | 10.70% | 5.30% | 1.10% | |||||
Increase (Decrease) In Stock Based Compensation Expense Due To Forfeitures, Percent | 101.90% | 381.80% | (89.30%) | |||||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Dividends Growth Rate | 20.00% | |||||||
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Weighted Average Expected Dividend Rate | 0.70% | |||||||
Share Price | $ 74.52 | $ 52.30 | $ 74.52 | $ 52.30 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 479,402 | 846,215 | 479,402 | 846,215 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 19.3 | $ 5.2 | ||||||
Weighted Average [Member] | ||||||||
Share Price | $ 65.04 | $ 55.58 | $ 65.04 | $ 55.58 | ||||
2012 Stock Incentive Plan [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 6 years | |||||||
2012 Stock Incentive Plan [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,000,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 24 months | |||||||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Payment Arrangement, Tranche One [Member] | Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||||||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 36 months | |||||||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 48 months | |||||||
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche Four [Member] | Senior Management [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||
2012 Stock Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | Non Employee Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||||
The 2018 Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,000,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,584,485 | 3,584,485 | ||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 6 years | |||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-based Payment Arrangement, Tranche One [Member] | Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-based Payment Arrangement, Tranche One [Member] | Employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||
The 2018 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 6 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 11,495 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercise Price | $ 76.87 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 19.8 | |||||||
The 2018 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 9,420 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 76.4 | |||||||
The 2012 and 2004 Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | 0 |
Note 15 - Stock-based Compens_4
Note 15 - Stock-based Compensation - Compensation Related to Stock-based Awards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total stock-based compensation expense | $ 9,359 | $ 10,218 | $ 8,760 |
Tax effect on stock-based compensation expense | 736 | 668 | 604 |
Net effect of stock-based compensation expense | 8,623 | 9,550 | 8,156 |
Cost of Sales [Member] | |||
Total stock-based compensation expense | 3,633 | 3,488 | 3,369 |
Selling and Marketing Expense [Member] | |||
Total stock-based compensation expense | 4,810 | 792 | 452 |
General and Administrative Expense [Member] | |||
Total stock-based compensation expense | $ 916 | $ 5,938 | $ 4,939 |
Note 15 - Stock-based Compens_5
Note 15 - Stock-based Compensation - Fair Value of Stock-based Award on the Date of Grant (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Risk-free interest rates | 1.80% | 2.80% | 1.90% |
Expected lives (in weighted average years) (Year) | 3 years 6 months | 3 years 6 months | 3 years 1 month 6 days |
Dividend yield | 0.70% | 0.90% | 0.62% |
Expected volatility (weighted average) | 25.10% | 25.50% | 27.20% |
Forfeiture rate for directors | 8.60% | 3.10% |
Note 15 - Stock-based Compens_6
Note 15 - Stock-based Compensation - Fair Value of Stock-based Award Using Exercise Multiple-based Lattice SAR Pricing Model Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Risk-free interest rate | 1.80% | 2.80% | 1.90% |
Expected life (in years) (Year) | 3 years 6 months | 3 years 6 months | 3 years 1 month 6 days |
Dividend yield | 0.70% | 0.90% | 0.62% |
Expected volatility | 25.10% | 25.50% | 27.20% |
Forfeiture rate for directors | 8.60% | 3.10% | |
Director [Member] | The 2018 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | |||
Risk-free interest rate | 1.79% | ||
Expected life (in years) (Year) | 3 years 6 months | ||
Dividend yield | 0.57% | ||
Expected volatility | 24.80% | ||
Forfeiture rate for directors | 0.00% | ||
Sub-Optimal Exercise Factor for directors | 2.8 |
Note 15 - Stock-based Compens_7
Note 15 - Stock-based Compensation - Summary of the Status of the 2012 Incentive Plan (Details) - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Outstanding at beginning of year (in shares) | 2,527 | |||
Outstanding at end of year (in shares) | 1,792 | 2,527 | ||
2012 Incentive Plan [Member] | ||||
Outstanding at beginning of year (in shares) | 2,527 | 1,548 | 2,565 | |
Outstanding at beginning of year (in dollars per share) | $ 46.77 | $ 41.35 | $ 33.36 | |
Stock Options (in shares) | 0 | 0 | 30 | |
Stock Options (in dollars per share) | $ 0 | $ 0 | $ 57.97 | |
Exercised (in shares) | (711) | (203) | (1,181) | |
Exercised (in dollars per share) | $ 37.83 | $ 29.75 | $ 25.92 | |
Forfeited (in shares) | (71) | (64) | (21) | |
Forfeited (in dollars per share) | $ 50.59 | $ 45.73 | $ 46.15 | |
Expired (in shares) | 0 | 0 | 0 | |
Expired (in dollars per share) | $ 0 | $ 0 | $ 0 | |
Outstanding at end of year (in shares) | 1,792 | 2,527 | 1,548 | |
Outstanding at end of year (in dollars per share) | $ 50.39 | $ 46.77 | $ 41.35 | |
Options and SARs exercisable at end of year (in shares) | 479 | 846 | 431 | |
Options and SARs exercisable at end of year (in dollars per share) | $ 48.35 | $ 42.06 | $ 32.61 | |
Weighted-average fair value of options and SARs granted during the year (in dollars per share) | $ 29.24 | $ 16.45 | $ 22.82 | |
2012 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | ||||
Other than Options (in shares) | [1] | 38 | 1,172 | 132 |
Other than Options (in dollars per share) | [1] | $ 69.13 | $ 53.87 | $ 62.55 |
2012 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Other than Options (in shares) | [2] | 9 | 74 | 23 |
Other than Options (in dollars per share) | [2] | $ 0 | $ 0 | $ 0 |
[1] | Upon exercise, SARs entitle the recipient to receive shares of common stock equal to the increase in value of the award between the grant date and the exercise date. | |||
[2] | An RSU represents the right to receive one share of common stock once certain vesting conditions are met. The value of an RSU is identical to the value of the underlying stock. |
Note 15 - Stock-based Compens_8
Note 15 - Stock-based Compensation - Summary of Information About Stock-based Awards Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Number of shares outstanding (in shares) | 1,792 | 2,527 |
Weighted average remaining contractual life in years, options outstanding (Year) | 3 years 9 months 18 days | 4 years 3 months 18 days |
Aggregate intrinsic value, options outstanding | $ 43,277 | $ 17,283 |
Number of shares exercisable (in shares) | 479 | 846 |
Aggregate intrinsic value, options exercisable | $ 11,729 | $ 9,389 |
Weighted average remaining contractual life in years, options exercisable (Year) | 3 years 2 months 12 days | 3 years 3 months 18 days |
Exercise Price 1 [Member] | ||
Number of shares outstanding (in shares) | 59 | 75 |
Weighted average remaining contractual life in years, options outstanding (Year) | 1 year 6 months | 1 year 9 months 18 days |
Aggregate intrinsic value, options outstanding | $ 4,369 | $ 3,933 |
Number of shares exercisable (in shares) | 0 | 0 |
Aggregate intrinsic value, options exercisable | $ 0 | $ 0 |
Exercise price (in dollars per share) | $ 0 | |
Exercise Price 2 [Member] | ||
Number of shares outstanding (in shares) | 427 | 29 |
Weighted average remaining contractual life in years, options outstanding (Year) | 2 years 6 months | 3 months 18 days |
Aggregate intrinsic value, options outstanding | $ 13,517 | $ 924 |
Number of shares exercisable (in shares) | 230 | 29 |
Aggregate intrinsic value, options exercisable | $ 7,295 | $ 924 |
Exercise price (in dollars per share) | $ 42.87 | $ 20.13 |
Weighted average remaining contractual life in years, options exercisable (Year) | 2 years 6 months | 3 months 18 days |
Exercise Price 3 [Member] | ||
Number of shares outstanding (in shares) | 15 | 99 |
Weighted average remaining contractual life in years, options outstanding (Year) | 3 years 10 months 24 days | 4 months 24 days |
Aggregate intrinsic value, options outstanding | $ 406 | $ 2,897 |
Number of shares exercisable (in shares) | 15 | 99 |
Aggregate intrinsic value, options exercisable | $ 406 | $ 2,897 |
Exercise price (in dollars per share) | $ 47.46 | $ 23.34 |
Weighted average remaining contractual life in years, options exercisable (Year) | 3 years 10 months 24 days | 4 months 24 days |
Exercise Price 4 [Member] | ||
Number of shares outstanding (in shares) | 8 | 15 |
Weighted average remaining contractual life in years, options outstanding (Year) | 5 years | 4 years 1 month 6 days |
Aggregate intrinsic value, options outstanding | $ 182 | $ 257 |
Number of shares exercisable (in shares) | 0 | 15 |
Aggregate intrinsic value, options exercisable | $ 0 | $ 257 |
Exercise price (in dollars per share) | $ 51.71 | $ 35.15 |
Weighted average remaining contractual life in years, options exercisable (Year) | 4 years 1 month 6 days | |
Exercise Price 5 [Member] | ||
Number of shares outstanding (in shares) | 35 | 15 |
Weighted average remaining contractual life in years, options outstanding (Year) | 4 years 10 months 24 days | 3 years 9 months 18 days |
Aggregate intrinsic value, options outstanding | $ 756 | $ 211 |
Number of shares exercisable (in shares) | 15 | 15 |
Aggregate intrinsic value, options exercisable | $ 329 | $ 211 |
Exercise price (in dollars per share) | $ 53.16 | $ 38.24 |
Weighted average remaining contractual life in years, options exercisable (Year) | 4 years 10 months 24 days | 3 years 9 months 18 days |
Exercise Price 6 [Member] | ||
Number of shares outstanding (in shares) | 783 | 942 |
Weighted average remaining contractual life in years, options outstanding (Year) | 4 years 6 months | 3 years 6 months |
Aggregate intrinsic value, options outstanding | $ 16,498 | $ 8,879 |
Number of shares exercisable (in shares) | 0 | 521 |
Aggregate intrinsic value, options exercisable | $ 0 | $ 4,918 |
Exercise price (in dollars per share) | $ 53.44 | $ 42.87 |
Weighted average remaining contractual life in years, options exercisable (Year) | 3 years 6 months | |
Exercise Price 7 [Member] | ||
Number of shares outstanding (in shares) | 296 | 38 |
Weighted average remaining contractual life in years, options outstanding (Year) | 3 years 10 months 24 days | 4 years 10 months 24 days |
Aggregate intrinsic value, options outstanding | $ 5,724 | $ 182 |
Number of shares exercisable (in shares) | 131 | 38 |
Aggregate intrinsic value, options exercisable | $ 2,527 | $ 182 |
Exercise price (in dollars per share) | $ 55.16 | $ 47.46 |
Weighted average remaining contractual life in years, options exercisable (Year) | 3 years 10 months 24 days | 4 years 10 months 24 days |
Exercise Price 8 [Member] | ||
Number of shares outstanding (in shares) | 30 | 35 |
Weighted average remaining contractual life in years, options outstanding (Year) | 4 years 7 months 6 days | 5 years 10 months 24 days |
Aggregate intrinsic value, options outstanding | $ 497 | $ 0 |
Number of shares exercisable (in shares) | 30 | 0 |
Aggregate intrinsic value, options exercisable | $ 497 | $ 0 |
Exercise price (in dollars per share) | $ 57.97 | $ 53.16 |
Weighted average remaining contractual life in years, options exercisable (Year) | 4 years 7 months 6 days | |
Exercise Price 9 [Member] | ||
Number of shares outstanding (in shares) | 12 | 828 |
Weighted average remaining contractual life in years, options outstanding (Year) | 2 years 6 months | 5 years 6 months |
Aggregate intrinsic value, options outstanding | $ 187 | $ 0 |
Number of shares exercisable (in shares) | 6 | 0 |
Aggregate intrinsic value, options exercisable | $ 94 | $ 0 |
Exercise price (in dollars per share) | $ 58.79 | $ 53.44 |
Weighted average remaining contractual life in years, options exercisable (Year) | 2 years 6 months | |
Exercise Price 10 [Member] | ||
Number of shares outstanding (in shares) | 98 | 296 |
Weighted average remaining contractual life in years, options outstanding (Year) | 3 years 10 months 24 days | 4 years 10 months 24 days |
Aggregate intrinsic value, options outstanding | $ 1,094 | $ 0 |
Number of shares exercisable (in shares) | 52 | 66 |
Aggregate intrinsic value, options exercisable | $ 581 | $ 0 |
Exercise price (in dollars per share) | $ 63.35 | $ 55.16 |
Weighted average remaining contractual life in years, options exercisable (Year) | 3 years 10 months 24 days | 4 years 10 months 24 days |
Exercise Price 11 [Member] | ||
Number of shares outstanding (in shares) | 4 | 30 |
Weighted average remaining contractual life in years, options outstanding (Year) | 5 years 7 months 6 days | 5 years 7 months 6 days |
Aggregate intrinsic value, options outstanding | $ 11 | $ 0 |
Number of shares exercisable (in shares) | 0 | 30 |
Aggregate intrinsic value, options exercisable | $ 0 | $ 0 |
Exercise price (in dollars per share) | $ 71.71 | $ 57.97 |
Weighted average remaining contractual life in years, options exercisable (Year) | 5 years 7 months 6 days | |
Exercise Price 12 [Member] | ||
Number of shares outstanding (in shares) | 15 | 16 |
Weighted average remaining contractual life in years, options outstanding (Year) | 5 years 8 months 12 days | 3 years 6 months |
Aggregate intrinsic value, options outstanding | $ 36 | $ 0 |
Number of shares exercisable (in shares) | 0 | 0 |
Aggregate intrinsic value, options exercisable | $ 0 | $ 0 |
Exercise price (in dollars per share) | $ 72.14 | $ 58.79 |
Exercise Price 13 [Member] | ||
Number of shares outstanding (in shares) | 10 | 109 |
Weighted average remaining contractual life in years, options outstanding (Year) | 5 years 10 months 24 days | 4 years 10 months 24 days |
Aggregate intrinsic value, options outstanding | $ 0 | $ 0 |
Number of shares exercisable (in shares) | 0 | 33 |
Aggregate intrinsic value, options exercisable | $ 0 | $ 0 |
Exercise price (in dollars per share) | $ 76.43 | $ 63.35 |
Weighted average remaining contractual life in years, options exercisable (Year) | 4 years 10 months 24 days |
Note 17 - Interest Expense, N_3
Note 17 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest related to sale of tax benefits | $ 11,786 | $ 11,284 | $ 6,985 | ||||||||
Interest expense | 71,883 | 63,368 | 54,381 | ||||||||
Less — amount capitalized | (3,285) | (3,728) | (7,224) | ||||||||
$ 17,568 | $ 20,076 | $ 21,517 | $ 21,223 | $ 22,034 | $ 18,700 | $ 15,846 | $ 14,344 | $ 80,384 | $ 70,924 | $ 54,142 |
Note 18 - Income Taxes (Details
Note 18 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Apr. 24, 2018 | Sep. 11, 2015 | Dec. 31, 2019 | Jul. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2014 | Dec. 31, 2016 | |
Deferred Tax Assets, Tax Credit Carryforwards, General Business | $ 100,524 | $ 90,913 | $ 100,524 | $ 90,913 | ||||||||||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 92,497 | 58,072 | 92,497 | 58,072 | ||||||||||||
Deferred Tax Assets, Investments | 813 | 813 | 813 | 813 | ||||||||||||
Deferred Tax Assets, Valuation Allowance, Total | 17,412 | 22,441 | $ 77,571 | 17,412 | $ 22,441 | $ 77,571 | $ 116,234 | |||||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (5,000) | |||||||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% | |||||||||||||
Uncertain Tax Benefit, Reudction to Deferred Tax Asset | [1] | 95 | 95 | 95 | $ 95 | $ 95 | $ 95 | |||||||||
Deferred Tax Liabilities, Gross, Total | 97,126 | 61,323 | 61,961 | 97,126 | 61,323 | 61,961 | ||||||||||
Foreign Earnings Repatriated | 300,000 | 396,000 | ||||||||||||||
Distribution of Earnings in Foreign Subsidiaries | 96,000 | |||||||||||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 14,600 | 11,800 | $ 14,600 | 11,800 | ||||||||||||
Depreciation Bonus Permitted Write Off Equipment Cost Percentage | 100.00% | |||||||||||||||
Placed in Service After December 31, 2022 and Before January 1, 2024 [Member] | ||||||||||||||||
Depreciation Bonus Permitted Write Off Equipment Cost Percentage | 80.00% | |||||||||||||||
Placed in Service After December 31, 2023 and Before January 1, 2025 [Member] | ||||||||||||||||
Depreciation Bonus Permitted Write Off Equipment Cost Percentage | 60.00% | |||||||||||||||
Placed in Service After December 31, 2024 and Before January 1, 2026 [Member] | ||||||||||||||||
Depreciation Bonus Permitted Write Off Equipment Cost Percentage | 40.00% | |||||||||||||||
Placed in Service After December 31, 2025 and Before January 1, 2027 [Member] | ||||||||||||||||
Depreciation Bonus Permitted Write Off Equipment Cost Percentage | 20.00% | |||||||||||||||
Accounting Standards Update 2013-11 [Member] | ||||||||||||||||
Uncertain Tax Benefit, Reudction to Deferred Tax Asset | $ 100 | $ 100 | ||||||||||||||
U.S. Geothermal [Member] | ||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||
Business Combination, Consideration Transferred, Total | $ 110,000 | |||||||||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets (Liabilities), Net | 1,700 | |||||||||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 1,700 | |||||||||||||||
Deferred Taxes, Business Combination, Valuation Allowance, Available to Reduce Deferred Tax Asset | 2,100 | |||||||||||||||
General Business Tax Credit Carryforward [Member] | ||||||||||||||||
Deferred Tax Assets, Tax Credit Carryforwards, General Business | 100,500 | $ 100,500 | ||||||||||||||
Tax Credit Carryforward Expiration Period | 20 years | |||||||||||||||
Minimum [Member] | General Business Tax Credit Carryforward [Member] | ||||||||||||||||
Tax Credit Carryforward Expiration Year | 2022 | |||||||||||||||
Maximum [Member] | General Business Tax Credit Carryforward [Member] | ||||||||||||||||
Tax Credit Carryforward Expiration Year | 2039 | |||||||||||||||
Domestic Tax Authority [Member] | ||||||||||||||||
Operating Loss Carryforwards, Total | 132,700 | $ 132,700 | ||||||||||||||
Operating Loss Carryforwards Expiring Amount | 127,900 | 127,900 | ||||||||||||||
Operating Loss Carryforwards Available For Indefinite Period | 4,800 | $ 4,800 | ||||||||||||||
Open Tax Year | 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 | |||||||||||||||
Domestic Tax Authority [Member] | U.S. Geothermal [Member] | ||||||||||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 115,200 | |||||||||||||||
Domestic Tax Authority [Member] | Minimum [Member] | ||||||||||||||||
Tax Credit Carryforward Expiration Year | 2032 | |||||||||||||||
Domestic Tax Authority [Member] | Maximum [Member] | ||||||||||||||||
Tax Credit Carryforward Expiration Year | 2037 | |||||||||||||||
Foreign Tax Authority [Member] | ||||||||||||||||
Tax Credit Carryforward Expiration Year | 2022 | |||||||||||||||
Tax Credit Carryforward Expiration Period | 10 years | |||||||||||||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 92,500 | $ 92,500 | ||||||||||||||
Foreign Tax Authority [Member] | Israel Tax Authority [Member] | ||||||||||||||||
Foreign Income Tax Expense (Benefit), Continuing Operations, Total | $ 13,900 | 14,400 | ||||||||||||||
Deferred Tax Liabilities, Gross, Total | $ 0 | $ 0 | ||||||||||||||
National Corporate Tax Rate | 23.00% | 23.00% | 24.00% | |||||||||||||
Foreign Tax Authority [Member] | Israel Tax Authority [Member] | Ormat Systems Ltd [Member] | ||||||||||||||||
Effective Income Tax Rate, Year Four and Thereafter | 16.00% | |||||||||||||||
Tax Rate on Exempt Income, in Event of Distribution | 25.00% | |||||||||||||||
Deferred Tax Liability, Rate, Respect of Tax Exempt Income | 25.00% | |||||||||||||||
Foreign Tax Authority [Member] | Tax Authority of Guatemala in Guatemala [Member] | ||||||||||||||||
National Corporate Tax Rate | 25.00% | |||||||||||||||
Tax Exemption Period | 10 years | |||||||||||||||
Effective Income Tax Rate | 7.00% | |||||||||||||||
Foreign Tax Authority [Member] | Kenya Revenue Authority [Member] | ||||||||||||||||
National Corporate Tax Rate | 37.50% | |||||||||||||||
Investment Deduction Percentage | 150.00% | |||||||||||||||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | 0 | $ 0 | ||||||||||||||
Foreign Tax Authority [Member] | Kenya Revenue Authority [Member] | Tax Years 2014-2017 [Member] | ||||||||||||||||
Income Tax Examination, Settlement Demanded Including Accrued Interest and Penalties | $ 5,600 | |||||||||||||||
Income Tax Examination, Interest Accrued and Waiver Requested | $ 4,400 | |||||||||||||||
Foreign Tax Authority [Member] | Kenya Revenue Authority [Member] | Tax Years 2013-2017 [Member] | ||||||||||||||||
Income Tax Examination, Settlement Demanded Including Accrued Interest and Penalties | 17,000 | $ 205,000 | ||||||||||||||
Foreign Tax Authority [Member] | Ministry of the Economy, Finance and Industry, France [Member] | ||||||||||||||||
National Corporate Tax Rate | 34.43% | |||||||||||||||
Corporate Income Tax Rate, Taxable Income Exceeding Euro 0.5 Million | 31.00% | 33.30% | ||||||||||||||
Foreign Tax Authority [Member] | Ministry of the Economy, Finance and Industry, France [Member] | Forecast [Member] | ||||||||||||||||
National Corporate Tax Rate | 25.00% | 26.50% | 28.00% | |||||||||||||
Foreign Tax Authority [Member] | Sistema de Administración de Rentas [Member] | ||||||||||||||||
Income Taxes Exempt Period | 10 years | |||||||||||||||
Foreign Tax Authority [Member] | Minimum [Member] | Kenya Revenue Authority [Member] | ||||||||||||||||
Tax Losses Carryforward Period | 5 years | |||||||||||||||
Foreign Tax Authority [Member] | Maximum [Member] | Kenya Revenue Authority [Member] | ||||||||||||||||
Tax Losses Carryforward Period | 10 years | |||||||||||||||
State and Local Jurisdiction [Member] | ||||||||||||||||
Operating Loss Carryforwards, Total | 277,900 | $ 277,900 | ||||||||||||||
Operating Loss Carryforwards Expiring Amount | 275,500 | 275,500 | ||||||||||||||
Operating Loss Carryforwards Available For Indefinite Period | 2,400 | 2,400 | ||||||||||||||
Deferred Tax Assets, Investments | $ 800 | $ 800 | ||||||||||||||
Open Tax Year | 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 | |||||||||||||||
State and Local Jurisdiction [Member] | U.S. Geothermal [Member] | ||||||||||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | $ 49,900 | |||||||||||||||
State and Local Jurisdiction [Member] | Minimum [Member] | ||||||||||||||||
Tax Credit Carryforward Expiration Year | 2025 | |||||||||||||||
State and Local Jurisdiction [Member] | Maximum [Member] | ||||||||||||||||
Tax Credit Carryforward Expiration Year | 2039 | |||||||||||||||
[1] | The non-current deferred tax asset has been reduced by the uncertain tax benefit of $0.1 million in accordance with ASU 2013-11, Income Taxes. |
Note 18 - Income Taxes - Income
Note 18 - Income Taxes - Income From Continuing Operations Before Income Taxes and Equity in Income (Losses) of Investees (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S | $ 14,187 | $ 14,097 | $ 13,680 | ||||||||
Non-U.S. (foreign) | 123,116 | 123,084 | 157,050 | ||||||||
Income from operations before income tax and equity in earnings (losses) of investees | $ 41,085 | $ 23,630 | $ 31,466 | $ 41,122 | $ 48,293 | $ 11,408 | $ 31,376 | $ 46,104 | $ 137,303 | $ 137,181 | $ 170,730 |
Note 18 - Income Taxes - Compon
Note 18 - Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||||||||||
Federal | $ 0 | $ 0 | $ 43,935 | ||||||||
State | 172 | 381 | 43 | ||||||||
Foreign | 16,969 | 14,992 | 11,186 | ||||||||
Total current income tax expense | 17,141 | 15,373 | 55,164 | ||||||||
Deferred: | |||||||||||
Federal | (12,179) | (6,886) | (55,718) | ||||||||
State | 4,671 | (2,595) | (3,284) | ||||||||
Foreign | 35,980 | 28,841 | 25,502 | ||||||||
Total deferred tax provision (benefit) | 28,472 | 19,360 | (33,500) | ||||||||
Total Income tax provision | $ 25,477 | $ 9,626 | $ (3,529) | $ 14,039 | $ 31,386 | $ 1,184 | $ 29,105 | $ (26,942) | $ 45,613 | $ 34,733 | $ 21,664 |
Note 18 - Income Taxes - Differ
Note 18 - Income Taxes - Difference Between US Federal Statutory Tax Rate and Company's Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. federal statutory tax rate | 21.00% | 21.00% | 35.00% |
Impact of federal tax reform | 0.00% | 2.60% | (12.40%) |
Transition tax inclusion | (5.70%) | 42.10% | |
Foreign tax credits | (22.80%) | (4.20%) | (50.50%) |
Withholding tax | 10.40% | 5.90% | 34.10% |
State income tax, net of federal benefit | 3.70% | 1.00% | 1.10% |
Uncertain tax positions | 2.10% | 2.10% | |
Effect of foreign income tax, net | 9.70% | 5.60% | (10.70%) |
Production tax credits | (5.00%) | (3.10%) | (1.20%) |
Subpart F income | 0.50% | 0.50% | 1.70% |
Tax on global intangible low-tax income | 16.90% | 18.60% | |
Intra-entity transfers of assets other than inventory | 0.30% | (2.10%) | |
Other, net | 0.10% | 0.30% | (3.90%) |
Effective tax rate | 33.20% | 25.30% | 12.70% |
Domestic Tax Authority [Member] | |||
Valuation allowance | (3.70%) | (17.20%) | (22.60%) |
Note 18 - Income Taxes - Net De
Note 18 - Income Taxes - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets (liabilities): | ||||
Net foreign deferred taxes, primarily depreciation | $ (88,508) | $ (57,202) | ||
Depreciation, deferred tax liability | (21,958) | (30,500) | ||
Intangible drilling costs, liability | (1,405) | |||
Intangible drilling costs, asset | 7,370 | |||
Net operating loss carryforward - U.S. | 45,307 | 65,020 | ||
Tax monetization transaction | (30,964) | (17,104) | ||
Right-of-use assets | (3,715) | 0 | ||
Lease liabilities | 3,755 | 0 | ||
State and Investment tax credits | 813 | 813 | ||
Production tax credits | 100,524 | 90,913 | ||
Foreign tax credits | 92,497 | 58,072 | ||
Withholding tax | (15,539) | (8,052) | ||
Stock options amortization | 1,409 | 1,440 | ||
Basis difference in partnership interest | (39,622) | (36,516) | ||
Excess business interest | 6,189 | 0 | ||
Accrued liabilities and other | 1,013 | 624 | ||
49,796 | 74,878 | |||
Less - valuation allowance | (17,412) | (22,441) | $ (77,571) | $ (116,234) |
Total | $ 32,384 | $ 52,437 |
Note 18 - Income Taxes - Reconc
Note 18 - Income Taxes - Reconciliation of Beginning and Ending Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Balance at beginning of the year | $ 22,441 | $ 77,571 | $ 116,234 | |
Additions to valuation allowance | 15,437 | 4,747 | 46,560 | |
Release of valuation allowance | (20,466) | (59,877) | (85,223) | |
Balance at end of the year | $ 22,441 | $ 77,571 | $ 116,234 | $ 17,412 |
Note 18 - Income Taxes - Balanc
Note 18 - Income Taxes - Balance Sheet Presentation of Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Non-current deferred tax assets | $ 129,510 | $ 113,760 | $ 57,337 | |
Non-current deferred tax liabilities | (97,126) | (61,323) | (61,961) | |
Non-current deferred tax assets, net | 32,384 | 52,437 | ||
Non-current deferred tax liabilities, net | (4,624) | |||
Uncertain tax benefit offset (1) | [1] | (95) | (95) | (95) |
$ 32,289 | $ 52,342 | $ (4,719) | ||
[1] | The non-current deferred tax asset has been reduced by the uncertain tax benefit of $0.1 million in accordance with ASU 2013-11, Income Taxes. |
Note 18 - Income Taxes - Reco_2
Note 18 - Income Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance at beginning of year | $ 8,820 | $ 6,357 | $ 4,609 |
Additions based on tax positions taken in prior years | 104 | 293 | 5 |
Additions based on tax positions taken in the current year | 2,314 | 2,446 | 2,580 |
Reduction based on tax positions taken in prior years | (615) | (276) | (837) |
Balance at end of year | $ 10,623 | $ 8,820 | $ 6,357 |
Note 18 - Income Taxes - Foreig
Note 18 - Income Taxes - Foreign Subsidiaries Income Tax Years Open to Examination (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Earliest Tax Year [Member] | ISRAEL | |
Countries | 2015 |
Earliest Tax Year [Member] | KENYA | |
Countries | 2013 |
Earliest Tax Year [Member] | GUATEMALA | |
Countries | 2015 |
Earliest Tax Year [Member] | HONDURAS | |
Countries | 2015 |
Earliest Tax Year [Member] | GUADELOUPE | |
Countries | 2017 |
Earliest Tax Year [Member] | NEW ZEALAND | |
Countries | 2012 |
Latest Tax Year [Member] | ISRAEL | |
Countries | 2019 |
Latest Tax Year [Member] | KENYA | |
Countries | 2019 |
Latest Tax Year [Member] | GUATEMALA | |
Countries | 2019 |
Latest Tax Year [Member] | HONDURAS | |
Countries | 2019 |
Latest Tax Year [Member] | GUADELOUPE | |
Countries | 2019 |
Latest Tax Year [Member] | NEW ZEALAND | |
Countries | 2019 |
Note 19 - Business Segments (De
Note 19 - Business Segments (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | ||
Number of Reportable Segments | 3 | |||
Revenue from Contract with Customer, Including Assessed Tax | [1] | $ 746,044 | $ 719,267 | $ 692,812 |
Goodwill, Ending Balance | 20,140 | 19,950 | 21,037 | |
Electricity Segment [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 540,333 | 509,879 | 465,593 | |
Goodwill, Ending Balance | 20,100 | 20,000 | 7,600 | |
Electricity Segment [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 61,300 | 26,900 | ||
Product and Energy Storage and Management Services Segments [Member] | ||||
Goodwill, Ending Balance | $ 0 | $ 0 | $ 13,500 | |
[1] | Revenues as reported in the geographic area in which they originate. |
Note 19 - Business Segments - S
Note 19 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||||
Revenues | [1] | $ 746,044 | $ 719,267 | $ 692,812 | |||||||||||||
Depreciation and amortization expense | 148,761 | 132,233 | 115,146 | ||||||||||||||
Operating income (loss) | $ 54,472 | $ 38,719 | $ 46,880 | $ 53,725 | $ 67,982 | $ 25,902 | $ 36,633 | $ 54,593 | 193,796 | 185,110 | 205,018 | ||||||
Segment assets at period end | [2] | 3,250,494 | [3] | 3,121,350 | [4] | 3,250,494 | [3] | 3,121,350 | [4] | 2,623,864 | [4] | ||||||
Expenditures for long-lived assets | 279,986 | 258,521 | 259,234 | ||||||||||||||
Intersegment Eliminations [Member] | |||||||||||||||||
Revenues | 84,614 | 48,817 | 109,040 | ||||||||||||||
Segment Reconciling Items [Member] | |||||||||||||||||
Segment assets at period end | 81,140 | 71,983 | 81,140 | 71,983 | 34,084 | ||||||||||||
Electricity Segment [Member] | |||||||||||||||||
Revenues | 540,333 | 509,879 | 465,593 | ||||||||||||||
Depreciation and amortization expense | 138,426 | 126,181 | 109,928 | ||||||||||||||
Operating income (loss) | 177,192 | 155,546 | 157,613 | ||||||||||||||
Segment assets at period end | [2] | 3,044,909 | [3] | 2,896,938 | [4] | 3,044,909 | [3] | 2,896,938 | [4] | 2,457,514 | [4] | ||||||
Expenditures for long-lived assets | 259,898 | 219,803 | 252,581 | ||||||||||||||
Electricity Segment [Member] | Intersegment Eliminations [Member] | |||||||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||||||
Electricity Segment [Member] | Segment Reconciling Items [Member] | |||||||||||||||||
Segment assets at period end | 81,140 | 71,983 | 81,140 | 71,983 | 34,084 | ||||||||||||
Product Segment [Member] | |||||||||||||||||
Revenues | 191,009 | 201,743 | 224,483 | ||||||||||||||
Depreciation and amortization expense | 5,308 | 4,311 | 3,470 | ||||||||||||||
Operating income (loss) | 23,180 | 38,083 | 50,543 | ||||||||||||||
Segment assets at period end | [2] | 126,018 | [3] | 156,942 | [4] | 126,018 | [3] | 156,942 | [4] | 115,713 | [4] | ||||||
Expenditures for long-lived assets | 9,156 | 9,993 | 6,653 | ||||||||||||||
Product Segment [Member] | Intersegment Eliminations [Member] | |||||||||||||||||
Revenues | 84,614 | 48,817 | 109,040 | ||||||||||||||
Product Segment [Member] | Segment Reconciling Items [Member] | |||||||||||||||||
Segment assets at period end | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Other Segments [Member] | |||||||||||||||||
Revenues | 14,702 | 7,645 | 2,736 | ||||||||||||||
Depreciation and amortization expense | 5,027 | 1,741 | 1,748 | ||||||||||||||
Operating income (loss) | (6,576) | (8,519) | (3,138) | ||||||||||||||
Segment assets at period end | [2] | 79,567 | [3] | 67,470 | [4] | 79,567 | [3] | 67,470 | [4] | 50,637 | [4] | ||||||
Expenditures for long-lived assets | 10,932 | 28,725 | 0 | ||||||||||||||
Other Segments [Member] | Intersegment Eliminations [Member] | |||||||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||||||
Other Segments [Member] | Segment Reconciling Items [Member] | |||||||||||||||||
Segment assets at period end | $ 0 | $ 0 | 0 | 0 | 0 | ||||||||||||
UNITED STATES | |||||||||||||||||
Revenues | [1] | 377,956 | [5] | 328,606 | [5] | $ 301,132 | |||||||||||
UNITED STATES | Electricity Segment [Member] | |||||||||||||||||
Revenues | [5] | 333,797 | 305,962 | ||||||||||||||
UNITED STATES | Product Segment [Member] | |||||||||||||||||
Revenues | [5] | 30,562 | 14,999 | ||||||||||||||
UNITED STATES | Other Segments [Member] | |||||||||||||||||
Revenues | [5] | 13,597 | 7,645 | ||||||||||||||
Non-US [Member] | |||||||||||||||||
Revenues | [6] | 368,088 | 390,661 | ||||||||||||||
Non-US [Member] | Electricity Segment [Member] | |||||||||||||||||
Revenues | [6] | 206,536 | 203,917 | ||||||||||||||
Non-US [Member] | Product Segment [Member] | |||||||||||||||||
Revenues | [6] | 160,447 | 186,744 | ||||||||||||||
Non-US [Member] | Other Segments [Member] | |||||||||||||||||
Revenues | [6] | $ 1,105 | $ 0 | ||||||||||||||
[1] | Revenues as reported in the geographic area in which they originate. | ||||||||||||||||
[2] | Electricity segment assets include goodwill in the amount of $20.1 million, $20.0 million and $7.6 as of December 31, 2019, 2018 and 2017, respectively. No goodwill is included in the Product and Energy Storage and Management Services segment assets as of December 31, 2019 and 2018. Energy Storage and Management Services segment assets as December 31, 2017 include goodwill in the amount of $13.5 million. For further information on goodwill, see Note 9 - Intangible assets and goodwill to the consolidated financial statements. | ||||||||||||||||
[3] | Including unconsolidated investments 81,140 — — 81,140 | ||||||||||||||||
[4] | Including unconsolidated investments 34,084 — — 34,084 | ||||||||||||||||
[5] | Electricity segment revenues in the United States are all accounted under lease accounting, except for $61.3 million and $26.9 million for the years December 31, 2019 and 2018 that are accounted under ASC 606 starting in 2018. Product and Energy Storage and Management Services segment revenues in the United States are accounted under ASC 606, as further described under Note 1 to the consolidated financial statements. | ||||||||||||||||
[6] | Electricity segment revenues in foreign countries are all accounted under lease accounting. Product and Energy Storage and Management Services segment revenues in foreign countries are accounted under ASC 606 as further described under Note 1 to the consolidated financial statements. |
Note 19 - Business Segments - R
Note 19 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenue | [1] | $ 746,044 | $ 719,267 | $ 692,812 | ||||||||
Operating income (loss) | $ 54,472 | $ 38,719 | $ 46,880 | $ 53,725 | $ 67,982 | $ 25,902 | $ 36,633 | $ 54,593 | 193,796 | 185,110 | 205,018 | |
Interest income | 320 | 482 | 420 | 293 | 458 | 214 | 189 | 113 | 1,515 | 974 | 988 | |
Interest expense, net | (17,568) | (20,076) | (21,517) | (21,223) | (22,034) | (18,700) | (15,846) | (14,344) | (80,384) | (70,924) | (54,142) | |
Derivatives and foreign currency transaction gains (losses) | (72) | 205 | 19 | 472 | (2,250) | (383) | (529) | (1,599) | 624 | (4,761) | 2,654 | |
Income attributable to sale of tax benefits | 4,415 | 4,056 | 4,637 | 7,764 | 4,020 | 4,066 | 3,556 | 7,361 | 20,872 | 19,003 | 17,878 | |
Other non-operating income (expense), net | (482) | 244 | 1,027 | 91 | 117 | 309 | 7,373 | (20) | 880 | 7,779 | (1,666) | |
Income from operations before income tax and equity in earnings (losses) of investees | $ 41,085 | $ 23,630 | $ 31,466 | $ 41,122 | $ 48,293 | $ 11,408 | $ 31,376 | $ 46,104 | 137,303 | 137,181 | 170,730 | |
Intersegment Eliminations [Member] | ||||||||||||
Revenue | 84,614 | 48,817 | 109,040 | |||||||||
Consolidation, Eliminations [Member] | ||||||||||||
Revenue | $ (84,614) | $ (48,817) | $ (109,040) | |||||||||
[1] | Revenues as reported in the geographic area in which they originate. |
Note 19 - Business Segments -_2
Note 19 - Business Segments - Revenues as Reported in the Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Revenue | [1] | $ 746,044 | $ 719,267 | $ 692,812 | ||
UNITED STATES | ||||||
Revenue | [1] | 377,956 | [2] | 328,606 | [2] | 301,132 |
INDONESIA | ||||||
Revenue | [1] | 0 | 4,379 | 28,968 | ||
KENYA | ||||||
Revenue | [1] | 121,661 | 119,094 | 110,243 | ||
TURKEY | ||||||
Revenue | [1] | 88,938 | 168,699 | 125,166 | ||
CHILE | ||||||
Revenue | [1] | 25,540 | 980 | 8,895 | ||
GUATEMALA | ||||||
Revenue | [1] | 28,624 | 27,975 | 27,991 | ||
NEW ZEALAND | ||||||
Revenue | [1] | 31,222 | 10,451 | 33,395 | ||
HONDURAS | ||||||
Revenue | [1] | 34,446 | 34,355 | 10,151 | ||
Other Foreign Countries [Member] | ||||||
Revenue | [1] | $ 37,657 | $ 24,728 | $ 46,871 | ||
[1] | Revenues as reported in the geographic area in which they originate. | |||||
[2] | Electricity segment revenues in the United States are all accounted under lease accounting, except for $61.3 million and $26.9 million for the years December 31, 2019 and 2018 that are accounted under ASC 606 starting in 2018. Product and Energy Storage and Management Services segment revenues in the United States are accounted under ASC 606, as further described under Note 1 to the consolidated financial statements. |
Note 19 - Business Segments - L
Note 19 - Business Segments - Long Lived Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Long Lived Assets, Geographic Area | $ 2,379,537 | $ 2,221,267 | $ 2,133,289 |
UNITED STATES | |||
Long Lived Assets, Geographic Area | 1,870,335 | 1,696,439 | 1,510,986 |
KENYA | |||
Long Lived Assets, Geographic Area | 284,526 | 301,956 | 340,970 |
Other Foreign Countries [Member] | |||
Long Lived Assets, Geographic Area | $ 224,676 | $ 222,872 | $ 281,333 |
Note 19 - Business Segments -_3
Note 19 - Business Segments - Revenue From Major Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenue | [1] | $ 746,044 | $ 719,267 | $ 692,812 |
Southern California Public Power Authority [Member] | ||||
Revenue | [2] | $ 133,725 | $ 109,208 | $ 70,100 |
Percentage of revenues | [2] | 17.90% | 15.20% | 10.10% |
Sierra Pacific Power Company And Nevada Power Company [Member] | ||||
Revenue | [2],[3] | $ 125,486 | $ 116,149 | $ 125,424 |
Percentage of revenues | [2],[3] | 16.80% | 16.10% | 18.10% |
Kenya Power and Lighting Co LTD [Member] | ||||
Revenue | [2] | $ 121,661 | $ 119,094 | $ 110,243 |
Percentage of revenues | [2] | 16.30% | 16.60% | 15.90% |
[1] | Revenues as reported in the geographic area in which they originate. | |||
[2] | Revenues reported in Electricity segment. | |||
[3] | Subsidiaries of NV Energy, Inc. |
Note 21 - Employee Benefit Pl_3
Note 21 - Employee Benefit Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 60.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | 4.00% | 3.00% |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,600 | $ 1,600 | $ 1,400 |
Deposits And Other Assets Noncurrent | 38,284 | 18,209 | |
Severance Costs | 3,500 | 3,000 | 3,200 |
Gain (Loss) Of Severance Fund | 1,000 | (1,100) | $ 1,800 |
Israeli Severance Funds [Member] | |||
Deposits And Other Assets Noncurrent | $ 10,800 | $ 10,600 |
Note 21 - Employee Benefit Pl_4
Note 21 - Employee Benefit Plan - Expected Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 4,780 |
2021 | 1,434 |
2022 | 1,768 |
2023 | 89 |
2024 | 500 |
2025-2043 | 11,232 |
Total | $ 19,803 |
Note 22 - Commitments and Con_2
Note 22 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Mar. 29, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Letters of Credit Outstanding, Amount | $ 213.8 | |||
Recorded Unconditional Purchase Obligation, Total | 185 | |||
Royalty Cap Amount | 2.1 | $ 2 | ||
Royalty Cap Amount LIBOR Rate | $ 1.1 | 1 | ||
Former Local Sales Representative vs. Ormat [Member] | Pending Litigation [Member] | ||||
Loss Contingency, Damages Sought, Value | $ 4.6 | |||
Loss Contingency, Additional Damages Sought for Ormat Geothermal Products Sales in Chile, Percent | 3.75% | |||
Loss Contingency, Damages Sought, Ormat Geothermal Products Sales in Chile, Period | 10 years | |||
Minimum [Member] | ||||
Percentage For Royalty To Be Paid | 3.50% | |||
Maximum [Member] | ||||
Percentage For Royalty To Be Paid | 5.00% | |||
Construction In Process [Member] | ||||
Recorded Unconditional Purchase Obligation, Total | $ 59.5 | |||
Geothermal Resource Agreement [Member] | ||||
Royalty Expense | $ 21.7 | $ 21.6 | $ 19.4 |
Note 23 - Leases - Lessee's Tot
Note 23 - Leases - Lessee's Total Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lease cost | |||
Amortization of right-of-use assets | $ 3,273 | ||
Interest on lease liabilities | 1,330 | ||
Operating lease cost | 8,057 | ||
Variable lease cost | 1,647 | ||
Short-term lease cost | 0 | ||
Total lease cost | 14,307 | ||
Operating cash flows for finance leases | 1,330 | ||
Operating cash flows for operating leases | 9,004 | ||
Financing cash flows for finance leases | 3,164 | $ 2,551 | $ 1,871 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 5,262 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 6,364 | ||
Weighted-average remaining lease term — finance leases (in years) (Year) | 4 years | ||
Weighted-average remaining lease term — operating leases (in years) (Year) | 7 years 3 months 18 days | ||
Weighted-average discount rate (in percentage) | 5.00% |
Note 23 - Leases - Lessee Futur
Note 23 - Leases - Lessee Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020, operating leases | $ 2,742 |
2020, finance leases | 4,251 |
2021, operating leases | 2,701 |
2021, finance leases | 3,948 |
2022, operating leases | 2,079 |
2022, finance leases | 3,873 |
2023, operating leases | 1,524 |
2023, finance leases | 2,758 |
2024, operating leases | 1,275 |
2024, finance leases | 906 |
Thereafter, operating leases | 10,635 |
Thereafter, finance leases | 4,118 |
Total future minimum lease payments, operating leases | 20,956 |
Total future minimum lease payments, finance leases | 19,854 |
Less imputed interest, operating leases | 4,205 |
Less imputed interest, finance leases | 5,577 |
Total, operating leases | 16,751 |
Total, finance leases | $ 14,277 |
Note 23 - Leases - Future Minim
Note 23 - Leases - Future Minimum Lease Payments Under Non-cancellable Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 10,889 |
2020 | 7,515 |
2021 | 5,758 |
2022 | 4,415 |
2023 | 2,910 |
Thereafter | 9,292 |
Total | $ 40,779 |
Note 23 - Leases - Lease Income
Note 23 - Leases - Lease Income Recognized (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lease income relating to lease payments of operating leases | $ 479,059 |
Lease income relating to variable lease payments not included in the measurement of the lease | 0 |
Total | $ 479,059 |
Note 24 - Quarterly Financial_3
Note 24 - Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenue | [1] | $ 746,044 | $ 719,267 | $ 692,812 | ||||||||
Revenues | $ 192,442 | $ 170,499 | $ 184,065 | $ 199,038 | $ 190,465 | $ 166,480 | $ 178,299 | $ 184,023 | ||||
Cost of revenues | 117,940 | 115,004 | 118,918 | 124,859 | 99,656 | 117,688 | 120,837 | 110,651 | 476,721 | 448,832 | 424,360 | |
Gross profit | 74,502 | 55,495 | 65,147 | 74,179 | 90,809 | 48,792 | 57,462 | 73,372 | 269,323 | 270,435 | 268,452 | |
Research and development expenses | 1,875 | 1,062 | 810 | 900 | 1,118 | 706 | 1,251 | 1,108 | 4,647 | 4,183 | 3,157 | |
Selling and marketing expenses | 4,123 | 3,783 | 3,276 | 3,865 | 3,813 | 8,578 | 3,712 | 3,699 | 15,047 | 19,802 | 15,600 | |
General and administrative expenses | 14,032 | 11,931 | 14,181 | 15,689 | 4,429 | 13,606 | 15,866 | 13,849 | 55,833 | 47,750 | 42,881 | |
Impairment charge | 0 | 0 | 0 | 0 | 13,464 | 0 | 0 | 0 | 0 | 13,464 | 0 | |
Write-off of unsuccessful exploration activities | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 123 | 0 | 126 | 1,796 | |
Operating income (loss) | 54,472 | 38,719 | 46,880 | 53,725 | 67,982 | 25,902 | 36,633 | 54,593 | 193,796 | 185,110 | 205,018 | |
Interest income | 320 | 482 | 420 | 293 | 458 | 214 | 189 | 113 | 1,515 | 974 | 988 | |
Interest expense, net | (17,568) | (20,076) | (21,517) | (21,223) | (22,034) | (18,700) | (15,846) | (14,344) | (80,384) | (70,924) | (54,142) | |
Derivatives and foreign currency transaction gains (losses) | (72) | 205 | 19 | 472 | (2,250) | (383) | (529) | (1,599) | 624 | (4,761) | 2,654 | |
Income attributable to sale of tax benefits | 4,415 | 4,056 | 4,637 | 7,764 | 4,020 | 4,066 | 3,556 | 7,361 | 20,872 | 19,003 | 17,878 | |
Other non-operating income (expense), net | (482) | 244 | 1,027 | 91 | 117 | 309 | 7,373 | (20) | 880 | 7,779 | (1,666) | |
Income from operations before income tax and equity in earnings (losses) of investees | 41,085 | 23,630 | 31,466 | 41,122 | 48,293 | 11,408 | 31,376 | 46,104 | 137,303 | 137,181 | 170,730 | |
Income tax (provision) benefit | (25,477) | (9,626) | 3,529 | (14,039) | (31,386) | (1,184) | (29,105) | 26,942 | (45,613) | (34,733) | (21,664) | |
Equity in earnings (losses) of investees, net | (1,481) | 1,085 | 1,202 | 1,047 | 6,182 | (117) | 388 | 1,210 | 1,853 | 7,663 | (1,957) | |
Net income | 14,127 | 15,089 | 36,197 | 28,130 | 23,089 | 10,107 | 2,659 | 74,256 | ||||
Net loss (income) attributable to noncontrolling interest | (1,521) | 516 | (2,259) | (2,184) | (4,869) | 474 | (3,002) | (4,748) | (5,448) | (12,145) | (14,695) | |
Net income (loss) attributable to the Company's stockholders | $ 12,606 | $ 15,605 | $ 33,938 | $ 25,946 | $ 18,220 | $ 10,581 | $ (343) | $ 69,508 | $ 88,095 | $ 97,966 | $ 132,414 | |
Net income (in dollars per share) | $ 0.25 | $ 0.31 | $ 0.67 | $ 0.51 | $ 0.36 | $ 0.21 | $ (0.01) | $ 1.37 | $ 1.73 | $ 1.93 | $ 2.64 | |
Net income (in dollars per share) | $ 0.24 | $ 0.30 | $ 0.66 | $ 0.51 | $ 0.36 | $ 0.21 | $ (0.01) | $ 1.36 | $ 1.72 | $ 1.92 | $ 2.61 | |
Basic (in shares) | 51,017 | 50,933 | 50,800 | 50,709 | 50,691 | 50,645 | 50,623 | 50,614 | 50,867 | 50,643 | 50,110 | |
Diluted (in shares) | 51,511 | 51,334 | 51,094 | 51,012 | 50,936 | 50,963 | 50,958 | 51,051 | 51,227 | 50,969 | 50,769 | |
Electricity [Member] | ||||||||||||
Revenue | $ 144,368 | $ 123,978 | $ 129,079 | $ 142,908 | $ 138,320 | $ 116,891 | $ 122,179 | $ 132,489 | $ 540,333 | $ 509,879 | $ 465,593 | |
Cost of revenues | 81,393 | 80,124 | 73,775 | 77,543 | 63,692 | 79,845 | 81,236 | 73,482 | 312,835 | 298,255 | 266,840 | |
Product [Member] | ||||||||||||
Revenue | 43,814 | 43,037 | 52,030 | 52,128 | 49,717 | 48,439 | 54,915 | 48,672 | 191,009 | 201,743 | 224,483 | |
Cost of revenues | 31,479 | 31,073 | 41,316 | 42,106 | 33,729 | 35,669 | 37,573 | 33,726 | 145,974 | 140,697 | 152,094 | |
Energy Storage and Management Services [Member] | ||||||||||||
Revenue | 4,260 | 3,484 | 2,956 | 4,002 | 2,428 | 1,150 | 1,205 | 2,862 | 14,702 | 7,645 | 2,736 | |
Cost of revenues | $ 5,068 | $ 3,807 | $ 3,827 | $ 5,210 | $ 2,235 | $ 2,174 | $ 2,028 | $ 3,443 | $ 17,912 | $ 9,880 | $ 5,426 | |
[1] | Revenues as reported in the geographic area in which they originate. |
Note 25 - Subsequent Events (De
Note 25 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Feb. 26, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Dividends, Common Stock, Total | $ 22,386 | $ 26,834 | $ 20,511 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.44 | $ 0.53 | $ 0.44 | ||
AltaGas Power Holdings [Member] | Forecast [Member] | |||||
Payments to Acquire Businesses, at Closing | $ 51,000 | ||||
AltaGas Power Holdings [Member] | Forecast [Member] | Maximum [Member] | |||||
Payments to Acquire Businesses, Gross | $ 65,000 | ||||
Subsequent Event [Member] | |||||
Dividends, Common Stock, Total | $ 5,600 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.11 |