Note 9 - Business Segments

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 9 — BUSINESS SEGMENTS

The Company has two reporting segments: the Electricity segment and the Product segment. 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 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:

	Electricity		Product		Consolidated
	(Dollars in thousands)
Three Months Ended September 30, 2015:
Net revenue from external customers	$	97,245	$	65,607	$	162,852
Intersegment revenue		—		10,657		10,657
Operating income (loss)		28,346		18,133		46,479
Segment assets at period end *		2,103,754		182,579		2,286,333
* Including unconsolidated investments		—		—		—
Three Months Ended September 30, 2014:
Net revenue from external customers	$	102,506	$	37,736	$	140,242
Intersegment revenue		—		7,244		7,244
Operating income (loss)		32,411		11,377		43,788
Segment assets at period end *		2,083,715		88,198		2,171,913
* Including unconsolidated investments		1,339		—		1,339
Nine Months Ended September 30, 2015:
Net revenue from external customers	$	278,124	$	145,446	$	423,570
Intersegment revenue		—		41,314		41,314
Operating income (loss)		73,220		41,753		114,973
Segment assets at period end *		2,103,754		182,579		2,286,333
* Including unconsolidated investments		—		—		—
Nine Months Ended September 30, 2014:
Net revenue from external customers	$	289,015	$	121,266	$	410,281
Intersegment revenue		—		43,580		43,580
Operating income (loss)		72,850		35,839		108,689
Segment assets at period end *		2,083,715		88,198		2,171,913
* Including unconsolidated investments		1,339		—		1,339

Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Revenue:
Total segment revenue	$	162,852		$	140,242		$	423,570		$	410,281
Intersegment revenue		10,658			7,244			41,314			43,580
Elimination of intersegment revenue		(10,658	)		(7,244	)		(41,314	)		(43,580	)
Total consolidated revenue	$	162,852		$	140,242		$	423,570		$	410,281
Operating income:
Operating income	$	46,479		$	43,788		$	114,973		$	108,689
Interest income		53			35			106			236
Interest expense, net		(17,748	)		(22,494	)		(54,435	)		(65,084	)
Foreign currency translation and transaction gains (losses)		1,296			(2,946	)		(641	)		(3,639	)
Income attributable to sale of equity interest		8,634			5,487			18,917			18,334
Gain from sale of property, plant and equipment		—			—			—			7,628
Other non-operating income (expense), net		(131	)		243			(1,523	)		649
Total consolidated income before income taxes and equity in income of investees	$	38,583		$	24,113		$	77,397		$	66,813