XML 47 R26.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Note 19 - Business Segments (Restated) | 12 Months Ended
--- | ---
Dec. 31, 2017
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | NOTE 19 — BUSINESS SEGMENTS (Restated) The Company has two reporting segments: the Electricity and Product segments. These segments are managed and reported separately as each offers different products and serves different markets. The Electricity segment is engaged in the sale of electricity from the Company ’s power plants pursuant to PPAs. The Product segment is engaged in the manufacture, including design and development, of turbines and power units for the supply of electrical energy and in the associated construction of power plants utilizing the power units manufactured by the Company to supply energy from geothermal fields and other alternative energy sources. 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:
|  | Electricity |  |  | Product |  |  |  |  | Consolidated |
|  | (Dollars in thousands) |
Year Ended December 31, 2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues from external customers |  | $ | 468,329 |  |  | $ | 224,483 |  |  |  |  | $ | 692,812 |
Intersegment revenues |  |  | — |  |  |  | 109,040 |  |  |  |  |  | 109,040 |
Depreciation and amortization expense |  |  | 111,676 |  |  |  | 3,470 |  |  |  |  |  | 115,146 |
Operating income |  |  | 154,475 |  |  |  | 50,543 |  |  |  |  |  | 205,018 |
Segment assets at period end (*) ( 1 ) (As restated) |  |  | 2,508,151 |  |  |  | 115,713 |  |  |  |  |  | 2,623,864 |
Expenditures for long-lived assets |  |  | 252,581 |  |  |  | 6,653 |  |  |  |  |  | 259,234 |
* Including unconsolidated investments |  |  | — |  |  |  | 34,084 |  |  |  |  |  | 34,084 |
Year Ended December 31, 2016: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues from external customers |  | $ | 436,292 |  |  | $ | 226,299 |  |  |  |  | $ | 662,591 |
Intersegment revenues |  |  | — |  |  |  | 56,075 |  |  |  |  |  | 56,075 |
Depreciation and amortization expense |  |  | 102,698 |  |  |  | 3,279 |  |  |  |  |  | 105,977 |
Operating income |  |  | 126,828 |  |  |  | 75,054 |  |  |  |  |  | 201,882 |
Segment assets at period end ( 1 ) |  |  | 2,204,444 |  |  |  | 257,125 |  |  |  |  |  | 2,461,569 |
Expenditures for long-lived assets |  |  | 147,211 |  |  |  | 4,719 |  |  |  |  |  | 151,930 |
Year Ended December 31, 2015 : |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues from external customers |  | $ | 375,920 |  |  | $ | 218,724 |  |  |  |  | $ | 594,644 |
Intersegment revenues |  |  | — |  |  |  | 48,559 |  |  |  |  |  | 48,559 |
Depreciation and amortization expense |  |  | 103,892 |  |  |  | 3,314 |  |  |  |  |  | 107,206 |
Operating income |  |  | 99,345 |  |  |  | 64,716 |  |  |  |  |  | 164,061 |
Segment assets at period end |  |  | 2,044,346 |  |  |  | 229,636 |  |  |  |  |  | 2,273,982 |
Expenditures for long-lived assets |  |  | 149,666 |  |  |  | 2,784 |  |  |  |  |  | 152,450 |
( 1 ) Electricity segment assets include goodwill in the amount of $21.0 million and $6.7 million as of December 31, 2017 and 2016, respectively. Reconciling information between reportable segments and the Company ’s consolidated totals is shown in the following table:
|  | Year Ended December 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
|  | (Dollars in thousands) |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Total segment revenues |  | $ | 692,812 |  |  | $ | 662,591 |  |  | $ | 594,644 |
Intersegment revenues |  |  | 109,040 |  |  |  | 56,075 |  |  |  | 48,559 |
Elimination of intersegment revenues |  |  | (109,040 | ) |  |  | (56,075 | ) |  |  | (48,559 | )
Total consolidated revenues |  | $ | 692,812 |  |  | $ | 662,591 |  |  | $ | 594,644 |
Operating income: |  |  |  |  |  |  |  |  |  |  |  |
Operating income |  | $ | 205,018 |  |  | $ | 201,882 |  |  | $ | 164,061 |
Interest income |  |  | 988 |  |  |  | 971 |  |  |  | 297 |
Interest expense, net |  |  | (54,142 | ) |  |  | (67,389 | ) |  |  | (72,577 | )
Foreign currency translation and transaction losses |  |  | 2,654 |  |  |  | (5,534 | ) |  |  | (1,622 | )
Income attributable to sale of equity interest |  |  | 17,878 |  |  |  | 16,503 |  |  |  | 25,431 |
Other non-operating income, net |  |  | (1,666 | ) |  |  | (5,345 | ) |  |  | (1,991 | )
Total consolidated income before income taxes and equity in losses of investees |  | $ | 170,730 |  |  | $ | 141,088 |  |  | $ | 113,599 |
The Company sells electricity and products for power plants and others, mainly to the geographical areas according to location of the customers, as detailed below. The following tables present certain data by geographic area:
|  | Year Ended December 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
|  | (Dollars in thousands) |
Revenues from external customers attributable to: (1) |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 301,132 |  |  | $ | 307,025 |  |  | $ | 286,509 |
Indonesia |  |  | 28,968 |  |  |  | 100,856 |  |  |  | 93,191 |
Kenya |  |  | 110,243 |  |  |  | 109,270 |  |  |  | 86,545 |
Turkey |  |  | 125,166 |  |  |  | 46,270 |  |  |  | 57,356 |
Chile |  |  | 8,895 |  |  |  | 58,032 |  |  |  | 34,478 |
Guatemala |  |  | 27,991 |  |  |  | 30,086 |  |  |  | 27,897 |
New Zealand |  |  | 33,395 |  |  |  | — |  |  |  | — |
Other foreign countries |  |  | 57,022 |  |  |  | 11,052 |  |  |  | 8,668 |
Consolidated total |  | $ | 692,812 |  |  | $ | 662,591 |  |  | $ | 594,644 |
( 1 ) Revenues as reported in the geographic area in which they originate.
|  | Year Ended December 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
|  | (Dollars in thousands) |
Long-lived assets (primarily power plants and related assets) located in: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,510,986 |  |  | $ | 1,414,523 |  |  | $ | 1,374,465 |
Kenya |  |  | 340,970 |  |  |  | 327,157 |  |  |  | 375,257 |
Other foreign countries |  |  | 281,333 |  |  |  | 199,559 |  |  |  | 107,407 |
Consolidated total |  | $ | 2,133,289 |  |  | $ | 1,941,239 |  |  | $ | 1,857,129 |
The following table presents revenues from major customers:
|  | Year Ended December 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
|  | Revenues |  |  | % |  |  | Revenues |  |  | % |  |  | Revenues |  |  | % |
|  | (Dollars in thousands) |  |  |  |  |  |  | (Dollars in thousands) |  |  |  |  |  |  | (Dollars in thousands) |  |  |  |  |
Southern California Edison (1) |  | $ | 29,714 |  |  |  | 4.3 |  |  | $ | 33,552 |  |  |  | 5.1 |  |  | $ | 56,026 |  |  |  | 9.4 |
Southern California Public Power Authority (1) |  |  | 70,100 |  |  |  | 10.1 |  |  |  | 67,566 |  |  |  | 10.2 |  |  |  | 30,947 |  |  |  | 5.2 |
Sierra Pacific Power Company and Nevada Power Company (1)(2) |  |  | 125,424 |  |  |  | 18.1 |  |  |  | 127,226 |  |  |  | 19.2 |  |  |  | 115,876 |  |  |  | 19.5 |
Hyundai ( 3 ) |  |  | 28,968 |  |  |  | 4.2 |  |  |  | 100,856 |  |  |  | 15.2 |  |  |  | 93,131 |  |  |  | 15.7 |
KPLC (1) |  |  | 110,243 |  |  |  | 15.9 |  |  |  | 109,270 |  |  |  | 16.5 |  |  |  | 86,545 |  |  |  | 14.6 |
( 1 ) Revenues reported in Electricity segment. ( 2 ) Subsidiaries of NV Energy, Inc. ( 3 ) Revenues related to the Sarulla project that are reported in Product segment.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration