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Note 4 - Fair Value of Financial Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Notes Tables |
Fair Value, by Balance Sheet Grouping [Table Text Block] |
|  |  |  |  |  | March 31, 2024 |
|  |  |  |  |  | Fair Value |
|  | Carrying Value at March 31, 2024 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (Dollars in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents (including restricted cash accounts) |  | $ | 55,316 |  |  | $ | 55,316 |  |  | $ | 55,316 |  |  | $ | — |  |  | $ | — |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap (3) |  |  | 1,502 |  |  |  | 1,502 |  |  |  | — |  |  |  | 1,502 |  |  |  | — |
Currency forward contracts (2) |  |  | 593 |  |  |  | 593 |  |  |  | — |  |  |  | 593 |  |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross currency swap (1) |  |  | (4,323 | ) |  |  | (4,323 | ) |  |  | — |  |  |  | (4,323 | ) |  |  | — |
Long term liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross currency swap (1) |  |  | (10,174 | ) |  |  | (10,174 | ) |  |  | — |  |  |  | (10,174 | ) |  |  | — |
|  | $ | 42,914 |  |  | $ | 42,914 |  |  | $ | 55,316 |  |  | $ | (12,402 | ) |  | $ | — |
|  |  |  |  |  | December 31, 2023 |
|  |  |  |  |  | Fair Value |
|  | Carrying Value at December 31, 2023 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (Dollars in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents (including restricted cash accounts) |  | $ | 53,877 |  |  | $ | 53,877 |  |  | $ | 53,877 |  |  | $ | — |  |  | $ | — |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency forward contracts (2) |  |  | 1,406 |  |  |  | 1,406 |  |  |  | — |  |  |  | 1,406 |  |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross currency swap (1) |  |  | (3,686 | ) |  |  | (3,686 | ) |  |  | — |  |  |  | (3,686 | ) |  |  | — |
Long-term liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross currency swap (1) |  |  | (8,137 | ) |  |  | (8,137 | ) |  |  | — |  |  |  | (8,137 | ) |  |  | — |
|  | $ | 43,461 |  |  | $ | 43,461 |  |  | $ | 53,877 |  |  | $ | (10,416 | ) |  | $ | — |
Derivative Instruments, Gain (Loss) [Table Text Block] |
|  |  |  | Amount of recognized gain (loss) |
Derivative instruments |  | Location of recognized gain (loss) |  | Three Months Ended March 31, |
|  |  |  | 2024 |  |  | 2023 |
|  |  |  | (Dollars in thousands) |
Derivatives not designated as hedging instruments |  |  |  |  |
Currency forward contracts (1) |  | Derivative and foreign currency transaction gains (losses) |  | $ | 1,078 |  |  | $ | (1,656 | )
Derivatives designated as cash flow hedging instruments |  |  |  |  |  |  |  |  |  |
Cross currency swap (2) |  | Derivative and foreign currency transaction gains (losses) |  | $ | (3,236 | ) |  | $ | (6,792 | )
Interest rate swap (2) |  | Interest expense, net |  | $ | 457 |  |  | $ | — |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
|  | (Dollars in thousands) |
Cash flow hedges: |  |  |  |  |  |  |  |
Balance in Accumulated other comprehensive income (loss) beginning of period |  | $ | (318 | ) |  | $ | 3,920 |
Gain or (loss) recognized in Other comprehensive income (loss): |  |  |  |  |  |  |  |
Cross currency swap |  |  | (2,675 | ) |  |  | 1,389 |
Interest rate swap |  |  | 1,523 |  |  |  | — |
Amount reclassified from Other comprehensive income (loss) into earnings |  |  |  |  |  |  |  |
Cross currency swap |  |  | 3,236 |  |  |  | (6,792 | )
Interest rate swap |  |  | (457 | ) |  |  | — |
Balance in Accumulated other comprehensive income (loss) end of period |  | $ | 1,309 |  |  | $ | (1,483 | )
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] |
|  | Fair Value |  |  | Carrying Amount (*) |
|  | March 31, 2024 |  |  | December 31, 2023 |  |  | March 31, 2024 |  |  | December 31, 2023 |
|  | (Dollars in millions) |  |  | (Dollars in millions) |
Hapoalim 2024 Loan |  | $ | 75.9 |  |  | $ | — |  |  | $ | 75.0 |  |  | $ | — |
HSBC Bank 2024 Loan |  |  | 126.5 |  |  |  | — |  |  |  | 125.0 |  |  |  | — |
Mammoth Senior Secured Notes |  |  | 137.4 |  |  |  | — |  |  |  | 135.1 |  |  |  | — |
Mizrahi Loan |  |  | 61.2 |  |  |  | 61.4 |  |  |  | 60.9 |  |  |  | 60.9 |
Mizrahi Loan 2023 |  |  | 51.8 |  |  |  | 52.0 |  |  |  | 50.0 |  |  |  | 50.0 |
Convertible Senior Notes |  |  | 417.4 |  |  |  | 444.6 |  |  |  | 431.3 |  |  |  | 431.3 |
HSBC Loan |  |  | 30.1 |  |  |  | 33.8 |  |  |  | 32.1 |  |  |  | 35.7 |
Hapoalim Loan |  |  | 76.0 |  |  |  | 75.0 |  |  |  | 80.4 |  |  |  | 80.4 |
Hapoalim Loan 2023 |  |  | 93.5 |  |  |  | 99.7 |  |  |  | 90.0 |  |  |  | 95.0 |
Discount Loan |  |  | 63.2 |  |  |  | 69.9 |  |  |  | 68.8 |  |  |  | 75.0 |
Finance liability - Dixie Valley |  |  | 224.2 |  |  |  | 207.2 |  |  |  | 223.3 |  |  |  | 225.8 |
Olkaria III Loan - DFC |  |  | 111.6 |  |  |  | 116.4 |  |  |  | 116.2 |  |  |  | 120.7 |
Olkaria III plant 4 Loan - DEG 2 |  |  | 22.0 |  |  |  | 21.6 |  |  |  | 22.5 |  |  |  | 22.5 |
Olkaria III plant 1 Loan - DEG 3 |  | 19.3 |  |  | 19.0 |  |  | 19.7 |  |  | 19.7 |
Platanares Loan - DFC |  |  | 68.8 |  |  |  | 71.3 |  |  |  | 69.6 |  |  |  | 71.7 |
OFC 2 LLC ("OFC 2") |  |  | 128.9 |  |  |  | 134.2 |  |  |  | 142.5 |  |  |  | 142.5 |
Don A. Campbell 1 ("DAC 1") |  |  | 50.5 |  |  |  | 52.3 |  |  |  | 55.8 |  |  |  | 57.4 |
USG Prudential - NV |  |  | 22.0 |  |  |  | 22.3 |  |  |  | 23.8 |  |  |  | 23.9 |
USG Prudential - ID Refinancing |  |  | 51.2 |  |  |  | 54.1 |  |  |  | 57.2 |  |  |  | 58.9 |
USG DOE |  |  | 28.2 |  |  |  | 30.0 |  |  |  | 28.7 |  |  |  | 30.2 |
Senior Unsecured Bonds |  |  | 198.5 |  |  |  | 202.8 |  |  |  | 217.3 |  |  |  | 220.6 |
Senior Unsecured Loan |  |  | 139.7 |  |  |  | 150.4 |  |  |  | 149.6 |  |  |  | 158.0 |
Other long-term debt |  |  | 6.7 |  |  |  | 6.8 |  |  |  | 6.8 |  |  |  | 7.7 |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (Dollars in millions) |
Hapoalim 2024 Loan |  | $ | — |  |  | $ | — |  |  | $ | 75.9 |  |  | $ | 75.9 |
HSBC Bank 2024 Loan |  |  | — |  |  |  | — |  |  |  | 126.5 |  |  |  | 126.5 |
Mammoth Senior Secured Notes |  |  | — |  |  |  | — |  |  |  | 137.4 |  |  |  | 137.4 |
Mizrahi Loan |  |  | — |  |  |  | — |  |  |  | 61.2 |  |  |  | 61.2 |
Mizrahi Loan 2023 |  |  | — |  |  |  | — |  |  |  | 51.8 |  |  |  | 51.8 |
Convertible Senior Notes |  |  | — |  |  |  | 417.4 |  |  |  | — |  |  |  | 417.4 |
HSBC Loan |  |  | — |  |  |  | — |  |  |  | 30.1 |  |  |  | 30.1 |
Hapoalim Loan |  |  | — |  |  |  | — |  |  |  | 76.0 |  |  |  | 76.0 |
Hapoalim Loan 2023 |  |  | — |  |  |  | — |  |  |  | 93.5 |  |  |  | 93.5 |
Discount Loan |  |  | — |  |  |  | — |  |  |  | 63.2 |  |  |  | 63.2 |
Finance liability - Dixie Valley |  |  | — |  |  |  | — |  |  |  | 224.2 |  |  |  | 224.2 |
Olkaria III Loan - DFC |  |  | — |  |  |  | — |  |  |  | 111.6 |  |  |  | 111.6 |
Olkaria III plant 4 Loan - DEG 2 |  |  | — |  |  |  | — |  |  |  | 22.0 |  |  |  | 22.0 |
Olkaria III plant 1 Loan - DEG 3 |  |  | — |  |  |  | — |  |  |  | 19.3 |  |  |  | 19.3 |
Platanares Loan - DFC |  |  | — |  |  |  | — |  |  |  | 68.8 |  |  |  | 68.8 |
OFC 2 Senior Secured Note |  |  | — |  |  |  | — |  |  |  | 128.9 |  |  |  | 128.9 |
DAC 1 Senior Secured Note |  |  | — |  |  |  | — |  |  |  | 50.5 |  |  |  | 50.5 |
USG Prudential - N |  |  | — |  |  |  | — |  |  |  | 22.0 |  |  |  | 22.0 |
USG Prudential - I |  |  | — |  |  |  | — |  |  |  | 51.2 |  |  |  | 51.2 |
USG DO |  |  | — |  |  |  | — |  |  |  | 28.2 |  |  |  | 28.2 |
Senior Unsecured Bond |  |  | — |  |  |  | — |  |  |  | 198.5 |  |  |  | 198.5 |
Senior Unsecured Loa |  |  | — |  |  |  | — |  |  |  | 139.7 |  |  |  | 139.7 |
Other long-term deb |  |  | — |  |  |  | — |  |  |  | 6.7 |  |  |  | 6.7 |
Deposit |  | 20.0 |  |  |  | — |  |  |  | — |  |  |  | 20.0 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (Dollars in millions) |
Mizrahi Loan |  | $ | — |  |  | $ | — |  |  | $ | 61.4 |  |  | $ | 61.4 |
Mizrahi Loan 2023 |  |  | — |  |  |  | — |  |  |  | 52.0 |  |  |  | 52.0 |
Convertible Senior Notes |  |  | — |  |  |  | 444.6 |  |  |  | — |  |  |  | 444.6 |
HSBC Loan |  |  | — |  |  |  | — |  |  |  | 33.8 |  |  |  | 33.8 |
Hapoalim Loan |  |  | — |  |  |  | — |  |  |  | 75.0 |  |  |  | 75.0 |
Hapoalim Loan 2023 |  |  | — |  |  |  | — |  |  |  | 99.7 |  |  |  | 99.7 |
Discount Loan |  |  | — |  |  |  | — |  |  |  | 69.9 |  |  |  | 69.9 |
Financing Liability - Dixie Valley |  |  | — |  |  |  | — |  |  |  | 207.2 |  |  |  | 207.2 |
Olkaria III Loan - DFC |  |  | — |  |  |  | — |  |  |  | 116.4 |  |  |  | 116.4 |
Olkaria IV - DEG 2 |  |  | — |  |  |  | — |  |  |  | 21.6 |  |  |  | 21.6 |
Olkaria IV - DEG 3 |  |  | — |  |  |  | — |  |  |  | 19.0 |  |  |  | 19.0 |
Platanares Loan - DFC |  |  | — |  |  |  | — |  |  |  | 71.3 |  |  |  | 71.3 |
OFC 2 Senior Secured Notes |  |  | — |  |  |  | — |  |  |  | 134.2 |  |  |  | 134.2 |
DAC 1 Senior Secured Notes |  |  | — |  |  |  | — |  |  |  | 52.3 |  |  |  | 52.3 |
USG Prudential - NV |  |  | — |  |  |  | — |  |  |  | 22.3 |  |  |  | 22.3 |
USG Prudential - ID |  |  | — |  |  |  | — |  |  |  | 54.1 |  |  |  | 54.1 |
USG DOE |  |  | — |  |  |  | — |  |  |  | 30.0 |  |  |  | 30.0 |
Senior Unsecured Bonds |  |  | — |  |  |  | — |  |  |  | 202.8 |  |  |  | 202.8 |
Senior Unsecured Loan |  |  | — |  |  |  | — |  |  |  | 150.4 |  |  |  | 150.4 |
Other long-term debt |  |  | — |  |  |  | — |  |  |  | 6.8 |  |  |  | 6.8 |
Deposits |  | 20.9 |  |  |  | — |  |  |  | — |  |  |  | 20.9 |

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