XML 47 R21.htm IDEA: XBRL DOCUMENT v3.25.2
GENERAL AND BASIS OF PRESENTATION (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business Combination, Recognized Asset Acquired and Liability Assumed
The following table summarizes the preliminary purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions):
Trade receivables and others (1)
$1.7 
Deferred income taxes5.3 
Property, plant and equipment and construction-in-process (2)
86.2 
Operating lease right-of-use
1.4 
Total assets acquired$94.6 
Accounts payable, accrued expenses and others$0.3 
Long-term operating lease liabilities
1.2
Other long-term liability (3)
16.8
Asset retirement obligation3.7
Total liabilities assumed$22.0 
Total assets acquired, and liabilities assumed, net$72.6 
Goodwill (4)
$16.1 
(1) The gross amount of trade receivables was collected subsequent to the acquisition date.
(2) The fair value of Property, plant and equipment was estimated by applying the income approach and utilizing the discounted cash flow method. This methodology assesses the value of tangible assets by computing the anticipated cash flows expected to be generated by the respective assets.
(3) Other long-term liability is related to the long-term electricity PPA described above, and is amortized over the term of the PPA. The fair value of the long-term liability represents a PPA price that is relatively lower than the related prevailing market price, and was estimated by applying the income approach and utilizing the With and Without method.
(4) Goodwill is primarily related to the expected synergies, potential cost savings in operations as a result of the purchase transaction as well as potential future enhancements to the geothermal asset. The goodwill is allocated to the Electricity segment and is deductible for tax purposes.
Schedule of Cash and Cash Equivalents The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as reported on the balance sheet to the total of the same amounts shown on the statement of cash flows:
June 30,December 31,
20252024
(Dollars in thousands)
Cash and cash equivalents
$88,492 $94,395 
Restricted cash and cash equivalents
117,572 111,377 
Total cash and cash equivalents and restricted cash and cash equivalents
$206,064 $205,772 
Schedules of Concentration of Risk, by Risk Factor The Company's revenues from its primary customers as a percentage of total revenues are as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Southern California Public Power Authority (“SCPPA”)17.0 %19.7 %19.5 %22.3 %
Sierra Pacific Power Company and Nevada Power Company12.9 14.7 14.5 15.8 
Kenya Power and Lighting Co. Ltd. ("KPLC")12.5 13.1 12.3 12.7 
Accounts Receivable, Allowance for Credit Loss
The following table describes the changes in the allowance for expected credit losses for the three and six months ended June 30, 2025 and 2024 (all related to trade receivables):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(Dollars in thousands)(Dollars in thousands)
Beginning balance of the allowance for expected credit losses$249 $163 $224 $90 
Change in the provision for expected credit losses for the period26 37 51 110 
Ending balance of the allowance for expected credit losses$275 $200 $275 $200 
Contract with Customer, Contract Asset, Contract Liability, and Receivable Total contract assets and contract liabilities as of June 30, 2025 and December 31, 2024 are as follows:
June 30,December 31,
20252024
(Dollars in thousands)
Contract assets (*) $12,926 $29,243 
Contract liabilities (*) $(37,693)$(23,091)
(*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was fully recognized as product revenues during the six months ended June 30, 2025 as a result of performance obligations having been fully satisfied as of June 30, 2025, except for certain immaterial amounts. Additionally, as of June 30, 2025, long-term costs and estimated earnings in excess of billings on uncompleted contracts related to the Dominica project in the amount of $55.4
million is included under “Deposits and other” in the condensed consolidated balance sheets, and not under the contract assets and contract liabilities above, due its long-term nature.
Operating Lease, Lease Income
The table below presents lease income recognized as a lessor:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(Dollars in thousands)(Dollars in thousands)
Lease income relating to lease payments from operating leases$131,089 $129,420 $274,711 $276,521