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Significant Accounting Policies (Policies) | 12 Months Ended
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Dec. 31, 2017
Accounting Policies [Abstract] |
Description Of Business [Policy Text Block] | Business Ormat Technologies, Inc. (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 parties. The Company owns and operates geothermal and recovered energy-based power plants in various countries, including the United States of America (“U.S.”), Kenya, Guatemala, Guadeloupe and Honduras. The Company ’s equipment manufacturing operations are located in Israel. Most of the Company ’s domestic power plant facilities are Qualifying Facilities under the Public Utility Regulatory Policies Act of 1978 (“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 U.S. were in compliance with Qualifying Facility status requirements as of December 31, 2017.
Reclassification, Policy [Policy Text Block] | Restatement of previously issued consolidated financial statements As described further in Note 18, in the second quarter of 2017, the Company partially released its valuation allowance against its U.S. deferred tax assets. During the first quarter of 2018, the Company concluded that there were material tax provision and related balance sheet errors in its previously issued 2017 financial statements, primarily relating to the Company’s ability to utilize Federal tax credits in the U.S. prior to their expiration starting in 2027 and the resulting impact on the Company’s deferred tax asset valuation allowance, and the inappropriate netting of certain deferred income tax assets and deferred income tax liabilities across different tax jurisdictions that was not permissible under U.S. generally accepted accounting principles. In addition, there were other immaterial prior period errors, including an out-of-period adjustment that had been previously recorded for the correction of an understated liability for unrecognized tax benefits related to intercompany interest. The error in the deferred tax asset valuation allowance resulted in an understatement of the income tax provision and net income in the previously reported 2017 consolidated statement of operations and comprehensive income of $23.1 million (see also Note 23 for the impact of such error on the 2017 unaudited quarterly financial statements). The impact of the errors on the previously reported December 31, 2017 consolidated balance sheet was an understatement of deferred tax liabilities and deferred tax assets of $62.0 million, for the error in netting certain deferred income tax assets and liabilities across different tax jurisdictions, offset by an overstatement in deferred tax assets of $24.8 million, primarily related to the valuation allowance errors described above, resulting in a net understatement in deferred tax assets of $37.2 million. In addition, previously reported December 31, 2017 retained earnings was overstated by $24.4 million and accumulated other comprehensive loss was understated by $0.4 million, representing the impact of all tax and tax-related errors dating back to 2013. As a result of such errors, the Company concluded that the previously issued 2017 consolidated financial statements were materially misstated and has restated these financial statements. Revision of previously issued consolidated financial statements The Company had previously identified certain other tax errors, including a prior period error related to the translation of deferred tax liabilities in the Company’s Kenyan subsidiary, which were previously determined to be immaterial. Accordingly, those amounts are also being corrected and reflected in the appropriate periods. The Company assessed the materiality of these tax and tax related errors impacting 2015 and 2016 in accordance with the SEC’s Staff Accounting Bulletin (“SAB”) Topic 1.M, Materiality, codified in ASC Topic 250, Presentation of Financial Statements (“ASC 250” ), and concluded that the previously issued 2016 and 2015 consolidated financial statements were not materially misstated; however, in order to correctly reflect the adjustments as described above in the appropriate period, management has elected to revise the affected previously issued financial statements in this Form 10 -K/A filing. As a result, the revised 2015 consolidated financial statements reflect a $0.8 million increase in the tax benefit, net income and comprehensive income and the revised 2016 consolidated financial statements reflect a $5.2 million increase in the tax provision and a corresponding reduction in net income and comprehensive income. Certain of these errors originated in years prior to 2015, and accordingly retained earnings as of January 1, 2015 has been increased by $3.1 million to correct for those errors originating prior to 2015. The effects of the 2017 restatement and the 2016 revision on the line items within the Company's consolidated balance sheets as of December 31, 2017 and 2016 are as follows (in thousands):
|  | December 31, 2017 |  |  | December 31, 2016 |
|  | As originally reported |  |  | Adjustments |  |  | As Restated |  |  | As originally reported |  |  | Adjustments |  |  | As Revised |
Deferred income tax assets |  |  | 20,135 |  |  |  | 37,202 |  |  |  | 57,337 |  |  |  | - |  |  |  | - |  |  |  | - |
Total assets |  |  | 2,586,662 |  |  |  | 37,202 |  |  |  | 2,623,864 |  |  |  | 2,461,569 |  |  |  | - |  |  |  | 2,461,569 |
Deferred income tax liabilities |  |  | - |  |  |  | 61,961 |  |  |  | 61,961 |  |  |  | 35,382 |  |  |  | 1,029 |  |  |  | 36,411 |
Liability for unrecognized tax benefits |  |  | 8,890 |  |  |  | - |  |  |  | 8,890 |  |  |  | 5,738 |  |  |  | 706 |  |  |  | 6,444 |
Total liabilities |  |  | 1,259,787 |  |  |  | 61,961 |  |  |  | 1,321,748 |  |  |  | 1,286,790 |  |  |  | 1,735 |  |  |  | 1,288,525 |
Retained earnings |  |  | 351,622 |  |  |  | (24,367 | ) |  |  | 327,255 |  |  |  | 216,644 |  |  |  | (1,292 | ) |  |  | 215,352 |
Accumulated other comprehensive loss |  |  | (4,314 | ) |  |  | (392 | ) |  |  | (4,706 | ) |  |  | (7,732 | ) |  |  | (443 | ) |  |  | (8,175 | )
Total stockholders’ equity attributable to the Company’s stockholders |  |  | 1,236,137 |  |  |  | (24,759 | ) |  |  | 1,211,378 |  |  |  | 1,078,425 |  |  |  | (1,735 | ) |  |  | 1,076,690 |
Total equity |  |  | 1,320,459 |  |  |  | (24,759 | ) |  |  | 1,295,700 |  |  |  | 1,170,007 |  |  |  | (1,735 | ) |  |  | 1,168,272 |
The effects of the restatement and revision on the line items within the Company's consolidated statements of operations and comprehensive income for the years ended December 31, 2017, 2016 and 2015 are as follows (in thousands):
|  | Year ended December 31, 2017 |  |  | Year ended December 31, 2016 |  |  | Year ended December 31, 2015 |
|  | As originally reported |  |  | Adjustments |  |  | As Restated |  |  | As originally reported |  |  | Adjustments |  |  | As Revised |  |  | As originally reported |  |  | Adjustments |  |  | As Revised |
Income tax (provision) benefit |  | $ | 1,411 |  |  | $ | (23,075 | ) |  | $ | (21,664 | ) |  | $ | (31,837 | ) |  | $ | (5,222 | ) |  | $ | (37,059 | ) |  | $ | 15,258 |  |  | $ | 799 |  |  | $ | 16,057 |
Income from continuing operations |  |  | 170,184 |  |  |  | (23,075 | ) |  |  | 147,109 |  |  |  | 101,516 |  |  |  | (5,222 | ) |  |  | 96,294 |  |  |  | 123,349 |  |  |  | 799 |  |  |  | 124,148 |
Net income attributable to the Company’s Stockholders |  |  | 155,489 |  |  |  | (23,075 | ) |  |  | 132,414 |  |  |  | 93,930 |  |  |  | (5,222 | ) |  |  | 88,708 |  |  |  | 119,573 |  |  |  | 799 |  |  |  | 120,372 |
Loss in respect of derivative instruments designated for cash flow hedge |  |  | 84 |  |  |  | 51 |  |  |  | 135 |  |  |  | 87 |  |  |  | 54 |  |  |  | 141 |  |  |  | 91 |  |  |  | 56 |  |  |  | 147 |
Comprehensive income |  |  | 174,439 |  |  |  | (23,024 | ) |  |  | 151,415 |  |  |  | 101,044 |  |  |  | (5,168 | ) |  |  | 95,876 |  |  |  | 124,350 |  |  |  | 855 |  |  |  | 125,205 |
Comprehensive income attributable to the Company’s stockholders |  |  | 158,907 |  |  |  | (23,024 | ) |  |  | 135,883 |  |  |  | 93,865 |  |  |  | (5,168 | ) |  |  | 88,697 |  |  |  | 120,574 |  |  |  | 855 |  |  |  | 121,429 |
Earnings per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  | 3.10 |  |  |  | (0.46 | ) |  |  | 2.64 |  |  |  | 1.90 |  |  |  | (0.11 | ) |  |  | 1.79 |  |  |  | 2.46 |  |  |  | 0.02 |  |  |  | 2.48 |
Diluted: |  |  | 3.06 |  |  |  | (0.45 | ) |  |  | 2.61 |  |  |  | 1.87 |  |  |  | (0.10 | ) |  |  | 1.77 |  |  |  | 2.43 |  |  |  | 0.02 |  |  |  | 2.45 |
The effects of the restatement and revision on the line items within the Company’s consolidated statements of equity for the years ended December 31, 2017, 2016 and 2015 are as follows (in thousands):
|  | As originally reported |  |  | Adjustments |  |  | As Revised |
Balance as of December 31, 2014: |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  | $ | 41,539 |  |  | $ | 3,131 |  |  | $ | 44,670 |
Accumulated other comprehensive loss |  |  | (8,668 | ) |  |  | (553 | ) |  |  | (9,221 | )
Total stockholders’ equity attributable to the Company’s stockholders |  |  | 774,923 |  |  |  | 2,578 |  |  |  | 777,501 |
Total equity |  |  | 786,746 |  |  |  | 2,578 |  |  |  | 789,324 |
Net income for the year ended December 31, 2015 |  |  | 123,349 |  |  |  | 799 |  |  |  | 124,148 |
Net income attributable to the Company’s stockholders for the year ended December 31, 2015 |  |  | 119,573 |  |  |  | 799 |  |  |  | 120,372 |
Loss in respect of derivative instruments designated for cash flow hedge for the year ended December 31, 2015 |  |  | 91 |  |  |  | 56 |  |  |  | 147 |
Balance as of December 31, 2015: |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 148,396 |  |  |  | 3,930 |  |  |  | 152,326 |
Accumulated other comprehensive loss |  |  | (7,667 | ) |  |  | (497 | ) |  |  | (8,164 | )
Total stockholders’ equity attributable to the Company’s stockholders |  |  | 990,001 |  |  |  | 3,433 |  |  |  | 993,434 |
Total equity |  |  | 1,083,874 |  |  |  | 3,433 |  |  |  | 1,087,307 |
Net income for the year ended December 31, 2016 |  |  | 101,232 |  |  |  | (5,222 | ) |  |  | 96,010 |
Net income attributable to the Company’s stockholders for the year ended December 31, 2016 |  |  | 93,930 |  |  |  | (5,222 | ) |  |  | 88,708 |
Loss in respect of derivative instruments designated for cash flow hedge for the year ended December 31, 2016 |  |  | 87 |  |  |  | 54 |  |  |  | 141 |
Balance as of December 31, 2016: |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 216,644 |  |  |  | (1,292 | ) |  |  | 215,352 |
Accumulated other comprehensive loss |  |  | (7,732 | ) |  |  | (443 | ) |  |  | (8,175 | )
Total stockholders’ equity attributable to the Company's stockholders |  |  | 1,078,425 |  |  |  | (1,735 | ) |  |  | 1,076,690 |
Total equity |  |  | 1,170,007 |  |  |  | (1,735 | ) |  |  | 1,168,272 |
|  | As originally reported |  |  | Adjustments |  |  | As Restated |
Net income for the year ended December 31, 2017 |  | $ | 169,132 |  |  | $ | (23,075 | ) |  | $ | 146,057 |
Net income attributable to the Company’s stockholders for the year ended December 31, 2017 |  |  | 155,489 |  |  |  | (23,075 | ) |  |  | 132,414 |
Loss in respect of derivative instruments designated for cash flow hedge for the year ended December 31, 2017 |  |  | 84 |  |  |  | 51 |  |  |  | 135 |
Balance as of December 31, 2017: |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 351,622 |  |  |  | (24,367 | ) |  |  | 327,255 |
Accumulated other comprehensive loss |  |  | (4,314 | ) |  |  | (392 | ) |  |  | (4,706 | )
Total stockholders’ equity attributable to the Company’s stockholders |  |  | 1,236,137 |  |  |  | (24,759 | ) |  |  | 1,211,378 |
Total equity |  |  | 1,320,459 |  |  |  | (24,759 | ) |  |  | 1,295,700 |
Although there was no impact to net cash provided by operating activities, net cash used in investing activities or net cash used in financing activities, the effects of the restatement and revision on the line items within the consolidated statements of cash flows for the years ended December 31, 2017, 2016 and 2015 are as follows (in thousands):
|  | Year ended December 31, 2017 |  |  | Year ended December 31, 2016 |  |  | Year ended December 31, 2015 |
|  | As originnally reported |  |  | Adjustments |  |  | As Restated |  |  | As originally reported |  |  | Adjustments |  |  | As Revised |  |  | As originally reported |  |  | Adjustments |  |  | As Revised |
Net income |  | $ | 170,184 |  |  | $ | (23,075 | ) |  | $ | 147,109 |  |  | $ | 101,516 |  |  | $ | (5,222 | ) |  | $ | 96,294 |  |  | $ | 123,349 |  |  | $ | 799 |  |  | $ | 124,148 |
Deferred income tax provision |  |  | (64,104 | ) |  |  | 22,957 |  |  |  | (41,147 | ) |  |  | 18,473 |  |  |  | 4,749 |  |  |  | 23,222 |  |  |  | (39,530 | ) |  |  | (432 | ) |  |  | (39,962 | )
Liability for unrecognized tax benefits |  |  | 3,152 |  |  |  | 118 |  |  |  | 3,270 |  |  |  | (4,647 | ) |  |  | 473 |  |  |  | (4,174 | ) |  |  | 2,874 |  |  |  | 233 |  |  |  | 3,107 |
Accounts payable and accrued expenses |  |  | 51,641 |  |  |  | - |  |  |  | 51,641 |  |  |  | (1,375 | ) |  |  | - |  |  |  | (1,375 | ) |  |  | (339 | ) |  |  | (600 | ) |  |  | (939 | )
Net cash provided by operating activities |  |  | 245,575 |  |  |  | - |  |  |  | 245,575 |  |  |  | 159,285 |  |  |  | - |  |  |  | 159,285 |  |  |  | 190,025 |  |  |  | - |  |  |  | 190,025 |
The impacts of the restatement and revision have been reflected throughout the financial statements, including the applicable footnotes, as appropriate. This resulted in changes to the components of the income tax provision (benefit), including the significant components of the deferred tax provision (benefit), the income tax rate reconciliation, the components of deferred tax assets and liabilities and the schedules of changes in the valuation allowance and unrecognized tax benefits, together with other disclosures in Note 18 and changes to segment assets in Note 19.
Dividend Declared [Policy Text Block] | Cash dividends During the years ended December 31, 2017, 2016, and 2015, the Company’s Board of Directors (the “Board”) declared, approved, and authorized the payment of cash dividends in the aggregate amount of $20.5 million ( $0.41 per share), $25.7 million ( $0.52 per share), and $12.7 million ( $0.26 per share), respectively. Such dividends were paid in the years declared.
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, unless otherwise indicated.
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 months or less, to be cash equivalents .
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 twelve months are classified as current restricted cash and cash equivalents, with the remainder classified as non-current restricted cash and cash equivalents. Such amounts were invested primarily in money market accounts and commercial paper with a minimum investment grade of “AA”.
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, 2017 and 2016, the Company had deposits totaling $21.2 million and $72.5 million, respectively, in seven U.S. financial institutions that were federally insured up to $250,000 per account. At December 31, 2017 and 2016, the Company ’s deposits in foreign countries of approximately $32.8 million and $166.2 million, respectively, were not insured. At December 31, 2017 and 2016, accounts receivable related to operations in foreign countries amounted to approximately $78.1 million and $53.3 million, respectively. At December 31, 2017, and 2016, accounts receivable from the Company’s major customers (see Note 19 ) amounted to approximately 57% and 60%, respectively, of the Company’s accounts receivable. The Company has historically been able to collect on substantially all of its receivable balances, and believes it will continue to be able to collect all amounts due. Accordingly, no provision for doubtful accounts has been made.
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 material at December 31, 2017 and 2016.
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, and derivative instruments.
Deferred Charges, Policy [Policy Text Block] | Deferred charges Deferred charges represent prepaid income taxes on intercompany sales. Such amounts are amortized using the straight-line method and included in income tax provision over the life of the related property, plant and equipment. The Company has not elected to adopt Accounting Standards Update 2016 - 16, Income Taxes on Intercompany Transfers early. For additional information on the new accounting standard related to tax effects associated with intercompany transfers of assets please see "New accounting pronouncements effective in future periods" in Note 1 to our consolidated financial statements set forth in Item 8 of this annual report.
Property, Plant and Equipment, Policy [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 |
Automobiles (in years) |  | 5 | - | 7 |
The cost and accumulated depreciation of items sold or retired are removed from the accounts. Any resulting gain or loss recognized currently and is 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 $7.2 million, $3.3 million, and $4.1 million for the years ended December 31, 2017, 2016, and 2015, respectively.
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, 2017, 2016, and 2015. It normally takes two to three years from the time active exploration of a particular geothermal resource begins to the time a production well is in operation, assuming the resource is commercially viable. However, in certain sites the process may take longer due to permitting delays, transmission constrains or any other commercial milestones that are required to be reached in order to pursue the development process. 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. In consideration for certain of these leases, the Company may pay an up-front bonus payment which is a component of the competitive lease process. 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 to the lessors 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 include drilling of temperature gradient holes, drilling of slim holes, building access roads to drilling locations, drilling full size production and/or injection wells and flow tests. If the slim hole supports a conclusion that the geothermal resource will support a commercially viable power plant, it may be converted to a full-size commercial well, used either for extraction or re-injection or geothermal fluids, or be used as an observation well to monitor and define the geothermal resource. Costs associated with these activities and other directly attributable costs, including interest once physical exploration activities begin and permitting costs are capitalized and included in “construction-in-process”. If the Company concludes that a geothermal resource will not support commercial operations, capitalized costs are expensed in the period such determination is made. When deciding whether to continue holding lease rights and/or to pursue exploration activity, we diligently prioritize our 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 year ended December 31, 2017, 2016 and 2015 was $1.8 million, $3.0 million, and $1.6 million. In 2017, the write-offs included exploration costs related to the Company’s exploration activities in Oregon, and in 2016, the write-offs included the exploration costs related to the Company’s exploration activities in Nevada and Chile, after which the Company determined that the applicable sites would no longer support commercial operation. Grants received from the U.S. Department of Energy (“DOE”) are offset against the related exploration and development costs. Such grants amounted to $0.0 million, $0.3 million, and $0.8 million for the years ended December 31, 2017, 2016, and 2015, respectively. 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. 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 and lease transaction costs Deferred financing costs are amortized over the term of the related obligation using the effective interest method. 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 $31.0 million and $31.1 million at December 31, 2017 and 2016, respectively. Amortization expense for the years ended December 31, 2017, 2016, and 2015 amounted to $5.7 million, $6.9 million, and $8.8 million, respectively. During the years ended December 31, 2017, 2016 and 2015, amounts of $0.6 million, $0.1 million and $0.5 million, respectively, were written-off as a result of the extinguishment of liability. Deferred transaction costs relating to the Puna operating lease (see Note 12 ) in the amount of $4.2 million are amortized using the straight-line method over the 23 -year term of the lease. Amortization of deferred transaction costs is presented in cost of revenues in the consolidated statements of operations and comprehensive income (loss). Accumulated amortization related to deferred lease costs amounted to $2.3 million and $2.1 million at December 31, 2017 and 2016, respectively. Amortization expense for each of the years ended December 31, 2017, 2016, and 2015 amounted to $0.2 million.
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 Viridity 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 amortized but rather subject to a periodic impairment testing on an annual basis or if an event occurs or circumstances change that would more likely than not reduce the fair value of reporting unit below its carrying amount. Additionally, an entity is permitted to first assess qualitative factors to determine whether a quantitative goodwill impairment test is necessary. Further testing is only required if the entity determines, based on the qualitative assessment, that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. Otherwise, no further impairment testing is required. An entity has the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to step one of the quantitative goodwill impairment test. This would not preclude the entity from performing the qualitative assessment in any subsequent period. The first step compares the fair value of the reporting unit to its carrying value, including goodwill. If the fair value of the reporting unit is less than its carrying amount, the second step of the impairment test must be performed in order to determine the amount of impairment loss, if any. The second step compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that good will. If the carrying amount of the reporting unit’s goodwill exceeds its implied fair value, an impairment charge is recognized in an amount equal to that excess. The loss recognized cannot exceed the carrying amount of goodwill. For the years 2017 and 2016, our impairment analysis did not result of impairment to goodwill.
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 25 -year terms of the agreements (see Note 9 ) as well as acquisition cost allocation related to Viridity’s storage activities that are amortized over a weighted average amortization period of 19 years. Intangible assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. In case there is no such event or change in circumstances, there is no need to perform the impairment testing. The recoverability is tested by comparing the net carrying value of the intangible assets to the undiscounted net cash flows to be generated from the use and eventual disposition of that asset. If the carrying amount of a long-lived asset (or asset group) is not recoverable, the fair value of the asset (asset group) is measured and if the carrying amount exceeds the fair value, an impairment loss is recognized.
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 be recoverable. Factors which could trigger an impairment include, among others, significant underperformance relative to historical or projected future operating results, significant changes in the Company ’s use of assets or its overall business strategy, negative industry or economic trends, a determination that an exploration project will not support commercial operations, a determination that a suspended project is not likely to be completed, a significant increase in costs necessary to complete a project, legal factors relating to its business or when it concludes that it is more likely than not that an asset will be disposed of or sold. 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 central control room that controls all of the power plants in a complex and one maintenance group that services all of the power plants in a complex. As a result, the cash flows from individual plants within a complex are not largely independent of the cash flows of other plants within the complex. The Company tests for impairment its operating plants which are not operated as a complex as well as its projects under exploration, development or construction that are not part of an existing complex at the plant or project level. To the extent an operating plant becomes part of a complex, the Company will test for impairment at the complex level. 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 PPA(s) 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 change based on revised circumstances. If actual cash flows differ significantly from the Company ’s current estimates, a material impairment charge may be required in the future.
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 incorporates the use of swap contracts and put options on oil and natural gas prices, forward exchange contracts, interest rate swaps, and interest rate caps to minimize significant fluctuation in cash flows and/or earnings that are caused by oil and natural gas prices, exchange rate or interest rate volatility. Gains or losses on contracts that initially qualify for cash flow hedge accounting, net of related taxes, are included as a component of other comprehensive income or loss and accumulated other comprehensive income or loss are subsequently reclassified into earnings when the hedged forecasted transaction affects earnings. Gains or losses on contracts that are not designated as a cash flow hedge are included currently in earnings.
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. 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 is the functional currency of the Guadeloupe power plant and thus gains and losses from currency translation adjustments related to Guadeloupe 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 $1.4 million and $1.2 million as of December 31, 2017 and 2016, respectively.
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 unconsolidated investment, foreign currency translation adjustments and amortization of unrealized gains in respect of derivative instruments designated as a cash flow hedge. For the years ended December 31, 2017, 2016 and 2015, the Company reclassified $11,000 , $9,000 and $27,000 , respectively, from other comprehensive income, of which $16,000 , $12,000 and $44,000 , respectively, were recorded to reduce interest expense and $5,000 , $3,000 and $17,000 , respectively, were recorded against the income tax provision, in the consolidated statements of operations and comprehensive income (loss).
Revenue Recognition, Policy [Policy Text Block] | Revenues and cost of revenues Revenues are primarily related to: (i) sale of electricity from geothermal and recovered energy-based power plants owned and operated by the Company and (ii) geothermal and recovered energy-based power plant equipment engineering, sale, construction and installation, and operating services. 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, the Company determines whether such PPAs contain a lease element requiring lease accounting. Revenue from such PPAs are accounted for in electricity revenues. The lease element of the PPAs is also assessed in accordance with the revenue arrangements with multiple deliverables guidance, which requires that revenues be allocated to the separate earnings processes based on their relative fair value. PPAs with minimum lease rentals which vary over time are generally recognized on the straight-line basis over the term of the PPAs. PPAs with contingent rentals are recognized when earned. In the electricity segment, revenues for all but two power plants are accounted for under ASC 840 (Leases) as operating leases, and therefore equipment related to geothermal and recovered energy generation power plants as described in Note 8 is considered held for leasing. 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 parties are recognized using the percentage-of-completion method. Revenue is recognized based on the percentage relationship that incurred costs bear to total estimated costs. Costs include direct material, labor, and indirect costs. Selling, marketing, general, and administrative costs are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, may result in revisions to costs and revenues and are recognized in the period in which the revisions are determined . In specific instances where there is a lack of dependable estimates or inherent risks cause forecast to be doubtful, then the completed-contract method is followed. Revenue is recognized when the contract is substantially complete and when collectability is reasonably assured. Costs that are closely associated with the project are deferred as contract costs and recognized similarly to the associated revenues.
Standard Product Warranty, Policy [Policy Text Block] | Warranty on products sold The Company generally provides a one -year warranty against defects in workmanship and materials related to the sale of products for electricity generation. Estimated future warranty obligations are included in operating expenses in the period in which the related revenue is recognized. Such charges are immaterial for the years ended December 31, 2017, 2016, and 2015 .
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, recovered energy and remote power technologies are expensed as incurred. Grants received from the DOE are offset against the related research and development expenses. There were no such grants for the years ended December 31, 2017, 2016, and 2015 .
Share-based Compensation, Option and Incentive Plans Policy [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). Prior to 2016, the Company used the Black-Scholes formula to estimate the fair value of the stock-based compensation. Starting 2016, the Company used 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 had three tax monetization transactions, OPC, ORTP and Opal Geo, of which OPC and ORTP closed during 2017 upon the Company ’s partners reaching their target after-tax yield on their investment, as further described in Note 13. The purpose of these transactions is to form tax partnerships, whereby investors provide cash in exchange for equity interests that provide the holder a right to the majority of tax benefits associated with a renewable energy project. We account for a portion of the proceeds from the transaction as debt under ASC 470. Given that a portion of these transactions is structured as a purchase of an equity interest we also classify a portion as noncontrolling interest consistent with guidance in ASC 810. The portion recorded to noncontrolling interest is initially measured as the fair value of the discounted Tax Attributes and cash distributions which represents the partner's residual economic interest. The residual proceeds are recognized as the initial carrying value of the debt which is classified as a liability associated with sale tax benefits. We apply the effective interest rate method to the liability associated with the tax monetization transaction component as described by ASC 835 and CON 7. The tax benefits and cash distributions realized by the partner each period are treated as the debt servicing amounts, giving rise to income attributable to the sale of tax benefits. The deferred transaction costs have been capitalized and amortized using the effective interest method.
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. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, ( 1 ) reducing the U.S. federal corporate tax rate from 35 percent to 21 percent; ( 2 ) requiring companies to include in taxable income an amount on certain repatriated earnings of foreign subsidiaries; ( 3 ) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; ( 4 ) requiring a current inclusion in U.S. federal taxable income of certain earnings of controlled foreign corporations; ( 5 ) eliminating the corporate alternative minimum tax (AMT) and changing how existing AMT credits can be realized; ( 6 ) creating the base erosion anti-abuse tax (BEAT), a new minimum tax; ( 7 ) creating a new limitation on deductible interest expense; and ( 8 ) changing rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017. See Note 18 to the consolidated financial statements for further details regarding the Company's income tax provision and the Tax Cuts and Jobs Act. 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 not, more likely than not expected to be realized. A partial valuation allowance has been established to offset the Company’s U.S. deferred tax assets. Tax benefits from uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Interest and penalties assessed by taxing authorities on an underpayment of income taxes are included as a component of income tax provision in the consolidated statements of operations and comprehensive income.
Earnings Per Share, Policy [Policy Text Block] | Earnings (loss) per share Basic earnings (loss) per share attributable to the Company ’s stockholders (“earnings (loss) 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 have any equity instruments that are dilutive, except for stock-based awards. The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share :
|  | Year Ended December 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
|  | (In thousands) |
Weighted average number of shares used in computation of basic earnings per share |  |  | 50,110 |  |  |  | 49,469 |  |  |  | 48,562 |
Add: |  |  |  |  |  |  |  |  |  |  |  |
Additional shares from the assumed exercise of employee stock options |  |  | 659 |  |  |  | 671 |  |  |  | 625 |
Weighted average number of shares used in computation of diluted earnings per share |  |  | 50,769 |  |  |  | 50,140 |  |  |  | 49,187 |
The number of stock-based awards that could potentially dilute future earnings per share and were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive was 42,896, 102,793, and 467,766, respectively, for the years ended December 31, 2017, 2016, and 2015.
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, and assets to be disposed of, revenue recognition of product sales using the percentage of completion method, asset retirement obligations, and the provision for income taxes.
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements New accounting pronouncements effective in the year ended December 31, 2017 Improvement to Employee Share-Based Payment Accounting In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016 - 09, Improvement to Employee Share-Based Payment Accounting, an update to the guidance on stock-based compensation. Under the new guidance, all excess tax benefits and tax deficiencies will be recognized in the income statement as they occur. This will replace previous guidance, which required tax benefits that exceed compensation cost (windfalls) to be recognized in equity. It also eliminated the need to maintain a “windfall pool,” and removed the requirement to delay recognizing a windfall until it reduces current taxes payable. The new guidance also changed the cash flow presentation of excess tax benefits, classifying them as operating inflows, consistent with other cash flows related to income taxes. Previously, windfalls were classified as financing activities. This guidance affects the dilutive effects in earnings per share, as there will no longer be excess tax benefits recognized in additional paid in capital. Previously those excess tax benefits were included in assumed proceeds from applying the treasury stock method when computing diluted EPS. Under the amended guidance, companies are able to make an accounting policy election to either ( 1 ) continue to estimate forfeitures or ( 2 ) account for forfeitures as they occur. This updated guidance is effective for annual and interim periods beginning after December 15, 2016. The Company elected to continue to estimate forfeitures. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Interests Held through Related Parties that are under Common Control In October 2016, the FASB issued ASU 2016 - 17, Consolidation (Topic 810 ): Interests held through Related Parties that are under Common Control. The amendments in this update require that if a decision maker is required to evaluate whether it is the primary beneficiary of a VIE, it will need to consider only its proportionate indirect interest in the VIE held through a common control party. The amendments in this update should be applied retrospectively for each period presented and are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Simplifying the Measurement of Inventory In July 2015, the FASB issued ASU 2015 - 11, Simplifying the Measurement of Inventory, Topic 330. The update contains no amendments to disclosure requirements, but replaces the concept of ‘lower of cost or market’ with that of ‘lower of cost and net realizable value’. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within those reporting periods. The amendments should be applied prospectively with early adoption permitted. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. New accounting pronouncements effective in future periods Derivatives and Hedging In August 2017, the FASB issued ASU 2017 - 12, Targeted Improvements to Accounting for Hedging Activities. The amendments in this Update better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early application is permitted in any interim period after issuance of the Update. The Company is currently evaluating the potential impact, if any, of the adoption of these amendments on its consolidated financial statements. Intangibles –Goodwill and Other In January 2017, the FASB issued ASU 2017 - 04, Intangibles – Goodwill and Other (Topic 350 ). The amendments in this Update require the entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider the income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. This Update, eliminated Step 2 from the goodwill impairment test under the current guidance. Step 2 measures a goodwill impairment loss by comparing the implied fair value of reporting unit’s goodwill with the carrying amount of that goodwill. The amendments in this Update should be applied on a prospective basis. An entity is also required to disclose the nature of and the reason for the change in accounting principal upon transition. That disclosure should be provided in the first annual period and the interim period within the first annual period when the entity initially adopts the amendments in this Update. The amendments in this Update are effective for the annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the potential impact, if any, of the adoption of these amendments on its consolidated financial statements. Compensation - Stock Compensation In May 2017, the FASB issued ASU 2017 - 09, Compensation —Stock Compensation (Topic 718 ). The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The amendments in this update require that an entity should account for the effects of a modification unless all of the following are met: ( 1 ) The fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified; ( 2 ) The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; ( 3 ) The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The current disclosure requirements in Topic 718 apply regardless of whether an entity is required to apply modification accounting under the amendments in this Update. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The amendments in this Update should be applied prospectively to an award modified on or after the adoption date. The Company is currently evaluating the potential impact of the adoption of these amendments on its consolidated financial statements, however, such impact, if any, is not expected to be material. Business Combinations In January 2017, the FASB issued ASU 2017 - 01, Business Combinations (Topic 805 ). The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this update primarily provide a screen to determine when a set of assets and activities is not a business and by that reduces the number of transactions that need to be further evaluated. The amendments in this update should be applied prospectively and are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the potential impact of the adoption of these amendments on its consolidated financial statements, however, such impact, if any, is not expected to be material. Statement of Cash Flow In November 2016, the FASB issued ASU 2016 - 18, Statement of Cash Flows (Topic 230 ) – Restricted Cash. The amendments in this update require that a statement of cash flows explain the changes during the period in total cash, cash equivalents, and the amounts generally described as restricted cash or cash equivalents. Therefore, amounts of restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this update should be applied retrospectively for each period presented and are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the potential impact of the adoption of these amendments on its consolidated financial statements, however, such impact, if any, is not expected to be material. Intra-Entity Transfers of Assets Other than Inventory In October 2016, the FASB issued ASU 2016 - 16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory. The amendments in this update require that the entity would recognize the tax expense from the sale of the asset in the seller ’s tax jurisdiction when the transfer occurs, even though the pre-tax effects of that transaction are eliminated in consolidation. Any deferred tax asset that arises in the buyer’s jurisdiction would also be recognized at the time of the transfer. The new guidance does not apply to intra-entity transfers on inventory. The amendments in this update should be applied for each period presented and are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The modified retrospective approach will be required for transition to the new guidance, with cumulative-effect adjustment recorded in retained earnings as of the beginning of the period of adoption. The Company is currently evaluating the potential impact of the adoption of these amendments on its consolidated financial statements and while the evaluation is in progress, the Company expects to record a net cumulative-effect adjustment to retained earnings by approximately $9.5 million with a corresponding adjustment to deferred charges and deferred income taxes on the consolidated balance sheet of approximately $49.8 million and $59.3 million, respectively. Statement of Cash Flows: Classification of Certain Cash Receipts and Cash payments (Topic 230 ) In August 2016, the FASB ASU 2016 - 15, Statement of Cash-Flows (Topic 230 ). This Update addresses eight specific cash flow classification issues with the objective of reducing diversity in practice. One of the issues addressed in this Update is debt prepayment or debt extinguishment costs which under the new guidance should be classified as cash outflows for financing activities. Additionally, the Updated addressed contingent consideration payments made after a business combination. Such cash payments made soon after the acquisition date to settle a contingent consideration liability should be classified as cash outflows for investing activities. Payments made thereafter should be classified as cash outflows for financing activities up to the amount of the original contingent consideration liability. Payments made in excess of the amount of the original contingent consideration liability should be classified as cash outflows for operating activities. The amendments in this Update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The amendments in this Update should be applied using a retrospective transition method to each period presented. The Company is currently evaluating the potential impact of the adoption of these amendments on its consolidated financial statements, however, such impact, if any, is not expected to be material . Revenues from Contracts with Customers In May 2014, the FASB issued ASU 2014 - 09, Revenues from Contracts with Customers, Topic 606, which was a joint project of the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The update provides that an entity should recognize revenue in connection with the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, an entity is required to apply each of the following steps: ( 1 ) identify the contract(s) with the customer; ( 2 ) identify the performance obligations in the contracts; ( 3 ) determine the transaction price; ( 4 ) allocate the transaction price to the performance obligation in the contract; and ( 5 ) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014 - 09 also prescribes additional financial presentations and disclosures. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017, including interim periods within those reporting periods. In March 2016, the FASB issued ASU 2016 - 08, Principal versus Agent Considerations. This update does not change the core principles of the guidance and is intended to clarify the implementation guidance on principal versus agent considerations. When another entity is involved in providing goods or services to a customer, an entity is required to determine if the nature of its promise is to provide the specific good or service itself (that is, the entity is a principal) or to arrange for that good or service to be provided by the other party (that is, the entity is an agent). The guidance includes indicators to assist an entity in determining whether it acts as a principal or agent in a specified transaction. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017, including interim periods within those reporting periods. To date, we have made substantial progress in our assessment of the impact of adopting this new guidance, and we have taken steps towards implementation. We have utilized internal resources to lead the implementation efforts and supplemented them with external resources. Our approach to implementation has consisted of ( 1 ) performing a bottom-up analysis of the impact of the standard on our portfolio of contracts, ( 2 ) reviewing our current accounting policies and practices to identify potential differences that would result from applying the requirements of the new standard to our existing revenue contracts, ( 3 ) meeting with key stakeholders across the organization to discuss the impact of the standard on our existing contracts, and ( 4 ) participating in professional trainings as well as consulting with other accounting professionals to assist with the interpretation of the amended guidance. The Company has substantially completed its preliminary assessment of the potential impact that the implementation of this updated standard will have on its consolidated financial statements and continues to finalize its efforts relative to the adoption of this standard which is effective for the Company at January 1, 2018. While our current evaluation and conclusions are subject to change as our assessment continues to progress, the Company expects material impacts to the content and structure of our financial statements in the form of enhanced disclosures. Additionally, the Company expects the adoption of this standard to have an immaterial impact on its Electricity segment revenue recognition policies, as it accounts for the majority of its PPA’s under ASC 840, Leases, as well as an immaterial impact on its Product segment revenue recognition policies. The Company also reviewed the potential impact of the adoption of this standard on its investment in an unconsolidated company and concluded that the impact is expected to amount to approximately $24.1 million at January 1, 2018. This impact is a result of the unconsolidated company’s variable consideration related to the construction of its power plant for which, under the new guidance, is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty resolved. As a result of the expected impact as aforementioned, the Company concluded that it would adopt the new standard using the modified retrospective approach with one -time cumulative adjustment to the opening balance of retained earnings of approximately $24.1 million at January 1, 2018, the date of initial application. As such, the comparative information will not be restated and shall continue to be reported under the accounting standards in effect for those periods. Leases In February 2016, the FASB issued ASU 2016 - 02, Leases, Topic 842. This update introduces a number of changes and simplifies previous guidance, primarily the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. The Update retains the distinction between finance leases and operating leases and the classification criteria between the two types remains substantially similar. Also, lessor accounting remains largely unchanged from previous guidance. However, key aspects of the Update were aligned with the revenue recognition guidance in Topic 606. Additionally, the Update defines a lease as a contract, or part of a contract, that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control over the use of the identified asset means that the customer has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. This update requires the modified retrospective transition approach, which requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented. The modified retrospective approach includes a number of optional practical expedients related to identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commenced before the effective date in accordance with the previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. The amendments in this update are effective for annual reporting periods beginning after December 15, 2018, including interim periods within those reporting periods. Early adoption is permitted. The Company is currently evaluating the potential impact, if any, of the adoption of these amendments on its consolidated financial statements. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 2016 - 01, Recognition and Measurement of Financial Assets and Financial Liabilities. The update primarily requires that an entity present separately, in other comprehensive income, the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk if the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The application of this update should be by means of cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted as of the beginning of the fiscal year of adoption. The Company is currently evaluating the potential impact, if any, of the adoption of this update on its consolidated financial statements, however, such impact, if any, is not expected to be material .

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