XML 20 R25.htm IDEA: XBRL DOCUMENT

Note 5 - Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping [Table Text Block]

		Carrying value at June 30,				Fair Value at June 30, 2014
		2014				Total				Level 1				Level 2				Level 3
		(Dollars in thousands)
Assets
Current assets:
Cash equivalents (including restricted cash accounts)		$	40,991			$	40,991			$	40,991			$	—			$	—
Derivatives:
Currency forward contracts⁽³⁾			354				354				—				354				—
Liabilities:
Current liabilities:
Swap transaction on natural gas price⁽²⁾			(2,423	)			(2,423	)			—				(2,423	)			—
Swap transaction on oil price⁽¹⁾			(106	)			(106	)			—				(106	)			—
		$	38,816			$	38,816			$	40,991			$	(2,175	)		$	—

		Carrying value at December				Fair Value at December 31, 2013
		31, 2013				Total				Level 1				Level 2				Level 3
		(Dollars in thousands)
Assets
Current assets:
Cash equivalents (including restricted cash accounts)		$	40,015			$	40,015			$	40,015			$	—			$	—
Derivatives:
Currency forward contracts⁽³⁾			2,290				2,290				—				2,290				—
Liabilities
Current liabilities:
Derivatives:
Swap transaction on oil price⁽¹⁾			(2,490	)			(2,490	)			—				(2,490	)			—
Swap transaction on natural gas price⁽²⁾			(341	)			(341	)			—				(341	)			—
		$	39,474			$	39,474			$	40,015			$	(541	)		$	—

Derivative Instruments, Gain (Loss) [Table Text Block]

				Amount of recognized gain (loss)
Derivatives not designated as hedging instruments		Location of recognized gain (loss)		Three Months Ended June 30,								Six Months Ended June 30,
				2014				2013				2014				2013

				(Dollars in thousands)								(Dollars in thousands)

Put options on oil price		Electricity revenues		$	—			$	496			$	—			$	(432	)
Swap transaction on oil price		Electricity revenues			(679	)			—				228				(294	)
Swap transaction on natural gas price		Electricity revenues			372				2,994				(2,904	)			(396	)
Currency forward contracts		Foreign currency translation and transaction gains (losses)			223				890				(8	)			2,925

				$	(84	)		$	4,380			$	(2,684	)		$	1,803

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

		Fair Value								Carrying Amount
		June 30, 2014				December 31, 2013				June 30, 2014				December 31, 2013
		(Dollars in millions)								(Dollars in millions)
Olkaria III loan - DEG		$	36.2			$	40.3			$	35.5			$	39.5
Olkaria III loan - OPIC			279.4				279.6				291.6				299.9
Amatitlan loan			32.6				34.8				30.0				31.5
Senior secured notes:
Ormat Funding LLC ("OFC")			70.0				83.5				72.5				90.8
OrCal Geothermal LLC ("OrCal")			63.3				65.8				63.2				66.2
OFC 2 LLC ("OFC 2")			115.5				119.0				135.7				144.4
Senior unsecured bonds			270.5				270.6				250.4				250.6
Loans from institutional investors			16.1				20.1				15.7				19.5

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]

		Level 1				Level 2				Level 3				Total
		(Dollars in millions)

						$				$				$
Olkaria III loan - DEG		$	—				—				36.2				36.2
Olkaria III loan - OPIC			—				—				279.4				279.4
Amatitlan loan			—				—				32.6				32.6
Senior secured notes:
OFC			—				70.0				—				70.0
OrCal			—				—				63.3				63.3
OFC 2			—				—				115.5				115.5
Senior unsecured bonds			—				—				270.5				270.5
Loan from institutional investors			—				—				16.1				16.1
Other long-term debt			—				16.7				—				16.7
Revolving lines of credit			—				124.6				—				124.6
Deposits		20.6					—				—				20.6

		Level 1				Level 2				Level 3				Total
		(Dollars in millions)

						$				$				$
Olkaria III loan - DEG		$	—				—				40.3				40.3
Olkaria III loan - OPIC			—				—				279.6				279.6
Amatitlan loan			—				—				34.8				34.8
Senior secured notes:
OFC			—				83.5				—				83.5
OrCal			—				—				65.8				65.8
OFC 2			—				—				119.0				119.0
Senior unsecured bonds			—				—				270.6				270.6
Loan from institutional investors			—				—				20.1				20.1
Other long-term debt			—				23.3				—				23.3
Revolving lines of credit			—				112.0				—				112.0
Deposits			21.3				—				—				21.3

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References+ Details