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Business Segment Information
 6 Months Ended
Jun. 30, 2020
Business Segment Information [Abstract]  
Business Segment Information
Note 17—Business Segment Information

 

The Company has 4 reportable business segments: GRE, GRE International, GES and GOGAS. GRE owns and operates REPs, including IDT Energy, Residents Energy, TSE, and Mirabito. Its REP businesses resell electricity and natural gas to residential and small business customers in the Eastern and Midwestern United States. GRE International, operates REPs in Japan, Finland and Sweden and manages the Company's share in operations of Shoreditch in the U.K. GES designs, manufactures and distributes solar panels, and also offers energy brokerage and advisory services. The GOGAS segment is comprised of the Company’s 86.1% interest in Afek, an oil and gas exploration project in the Golan Heights in Northern Israel, whose operations have been suspended. GOGAS segment also owns inactive oil shale projects and the Company's equity investment in Atid 613. Corporate costs include unallocated compensation, consulting fees, legal fees, business development expenses and other corporate-related general and administrative expenses. Corporate does not generate any revenues, nor does it incur any cost of revenues.


The Company’s reportable segments are distinguished by types of service, customers and methods used to provide their services. The operating results of these business segments are regularly reviewed by the Company’s chief operating decision-maker.

 

The accounting policies of the segments are the same as the accounting policies of the Company as a whole. The Company evaluates the performance of its business segments based primarily on income (loss) from operations. There are no significant asymmetrical allocations to segments.

 

Operating results for the business segments of the Company were as follows:


(in thousands)

 

GRE



GRE International

 

 

GES

 

 

GOGAS

 

 

Corporate

 

 

Total

 

Three Months Ended June 30, 2020























Revenues
$ 66,472

$ 5,037

$ 4,566

$ —

$ —

$ 76,075
Income (loss) from operations

5,957


(607 )

(1,113 )

(172 )

(1,335 )

2,730
Impairment of assets

—


—


801


—


—


801
Equity in the net (loss) income of equity method investees

—


(1,502 )

—


224


105


(1,173 )

























Three Months Ended June 30, 2019























Revenues
$ 54,431

$ 2,870

$ 3,708

$ —

$ —

$ 61,009
Loss from operations

(5,418 )

(1,607 )

(682 )

(381 )

(1,188 )

(9,276 )
Equity in net loss of equity method investees

—


(867 )

—


(204 )

—


(1,071 )

























Six Months Ended June 30, 2020

 

 

 





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

145,617



$ 11,990

 

 

$

22,519

 

 

$

—

 

 

$

—

 

 

$

180,126

 

Income (loss) from operations

 

 

18,974


(3,127 )

 

 

(771

 )

 

 

(395

 )

 

 

(2,738

 )

 

 

11,943
Impairment of assets

—


—


993


—


—


993

Equity in the net loss of equity method investees

 

 

—




(1,502 )

 

 

—

 

 

 

(36

 )

 

 

(14

 )

 

 

(1,552

 )

 

 

 

 





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2019

 

 

 





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

130,949



$ 7,713

 

 

$

8,964

 

 

$

—

 

 

$

—

 

 

$

147,626

 

Income (loss) from operations

 

 

8,085


(3,350 )

 

 

(914

 )

 

 

(545

 )

 

 

(2,718

 )

 

 

558

Equity in net the (loss) income of equity method investees

 

 

—




(1,938 )

 

 

—

 

 

 

70

 

 

 

—

 

 

 

(1,868

 )


Total assets for the business segments of the Company were as follows:

 

(in thousands)

 

GRE



GRE International

 

 

GES

 

 

GOGAS

 

 

Corporate

 

 

Total

 

Total assets:

 

 





 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2020

 

$

107,780



$ 10,745

 

 

$

7,124

 

 

$

12,957

 

 

$

3,815

 

 

$

142,421

 

December 31, 2019

 

  

105,937




11,468

 

 

  

19,383

 

 


10,873

 

 

  

8,583

 

 

  

156,244