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Note 8 - Business Segments | 3 Months Ended
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Mar. 31, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | NOTE 8 — BUSINESS SEGMENTS The Company has three reporting segments: the Electricity segment, the Product segment and the Energy Storage segment. These segments are managed and reported separately as each offers different products and serves different markets.
| • | Under the Electricity segment, the Company builds, owns and operates geothermal, solar PV and recovered energy-based power plants ("REG") in the United States and geothermal power plants in foreign countries, and sells the electricity generated by those power plants.
| • | Under the Product segment, the Company designs, manufactures and sells equipment for geothermal and recovered energy-based electricity generation and provide services relating to the engineering, procurement and construction ("EPC") of geothermal and recovered energy-based power plants.
| • | Under the Energy Storage segment, the Company provides battery energy storage systems ("BESS") as a service as well as related services.
Transfer prices between the operating segments are determined based on current market values or cost-plus markup of the seller’s business segment. Summarized financial information concerning the Company’s reportable segments is shown in the following tables, including the Company's disaggregated revenues from contracts with customers:
|  | Electricity |  |  | Product |  |  | Energy Storage |  |  | Consolidated |
|  | (Dollars in thousands) |
Three Months Ended March 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States (1) |  | $ | 143,816 |  |  | $ | 876 |  |  | $ | 8,081 |  |  | $ | 152,773 |
Foreign (2) |  |  | 47,437 |  |  |  | 23,956 |  |  |  | — |  |  |  | 71,393 |
Net revenue from external customers |  |  | 191,253 |  |  |  | 24,832 |  |  |  | 8,081 |  |  |  | 224,166 |
Intersegment revenues (4) |  |  | — |  |  |  | 20,597 |  |  |  | — |  |  |  | — |
Operating income (loss) |  |  | 52,681 |  |  |  | 842 |  |  |  | (940 | ) |  |  | 52,583 |
Segment assets at period end (3) (*) |  |  | 4,961,483 |  |  |  | 190,210 |  |  |  | 365,151 |  |  |  | 5,516,844 |
* Including unconsolidated investments |  |  | 127,386 |  |  |  | — |  |  |  | — |  |  |  | 127,386 |
Three Months Ended March 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States (1) |  | $ | 122,411 |  |  | $ | 1,441 |  |  | $ | 4,880 |  |  | $ | 128,732 |
Foreign (2) |  |  | 47,899 |  |  |  | 8,601 |  |  |  | — |  |  |  | 56,500 |
Net revenue from external customers |  |  | 170,310 |  |  |  | 10,042 |  |  |  | 4,880 |  |  |  | 185,232 |
Intersegment revenues (4) |  |  | — |  |  |  | 7,772 |  |  |  | — |  |  |  | — |
Operating income (loss) |  |  | 57,008 |  |  |  | (1,505 | ) |  |  | (2,337 | ) |  |  | 53,166 |
Segment assets at period end (3) (*) |  |  | 4,648,303 |  |  |  | 161,428 |  |  |  | 205,539 |  |  |  | 5,015,270 |
* Including unconsolidated investments |  |  | 119,185 |  |  |  | — |  |  |  | — |  |  |  | 119,185 |
| (1) | Electricity segment revenues in the United States are all accounted for under lease accounting except for $44.8 million in three months ended March 31, 2024, and $32.7 million for the three months ended March 31, 2023, that are accounted for under ASC 606. Product and Energy Storage segment revenues in the United States are accounted for under ASC 606, Revenue from Contracts with Customers ("ASC 606"), except for Energy Storage revenues of $0.7 million for the three months ended March 31, 2024, and none for the three months ended March 31, 2023, that are accounted for under lease accounting.
| (2) | Electricity segment revenues in foreign countries are all accounted for under lease accounting. Product segment revenues in foreign countries are all accounted for under ASC 606.
| (3) | Electricity segment assets include goodwill in the amount of $146.5 million and $85.8 million as of March 31, 2024 and 2023, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 million as of March 31, 2024 and 2023, respectively. No goodwill is included in the Product segment assets as of March 31, 2024 and 2023.
| (4) | Intersegment revenues are fully eliminated in consolidation.
Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table:
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
|  | (Dollars in thousands) |
Revenues: |  |  |  |  |  |  |  |
Total segment revenues |  | $ | 224,166 |  |  | $ | 185,232 |
Intersegment revenues |  |  | 20,597 |  |  |  | 7,772 |
Elimination of intersegment revenues |  |  | (20,597 | ) |  |  | (7,772 | )
Total consolidated revenues |  | $ | 224,166 |  |  | $ | 185,232 |
Operating income: |  |  |  |  |  |  |  |
Operating income |  | $ | 52,583 |  |  | $ | 53,166 |
Interest income |  |  | 1,839 |  |  |  | 1,851 |
Interest expense, net |  |  | (30,968 | ) |  |  | (23,631 | )
Derivatives and foreign currency transaction gains (losses) |  |  | (1,582 | ) |  |  | (1,937 | )
Income attributable to sale of tax benefits |  |  | 17,476 |  |  |  | 12,566 |
Other non-operating income, net |  |  | 26 |  |  |  | 60 |
Total consolidated income before income taxes and equity in income of investees |  | $ | 39,374 |  |  | $ | 42,075 |

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- Definition The entire disclosure for reporting segments including data and tables. 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