XML 28 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income $ 147,109 $ 96,294 $ 124,148
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 115,146 105,977 107,206
Amortization of premium from senior unsecured bonds (513) (306)
Accretion of asset retirement obligation 1,874 1,779 1,198
Stock-based compensation 8,760 5,157 3,955
Amortization of deferred lease income (2,685) (2,685) (2,685)
Income attributable to sale of tax benefits, net of interest expense (11,956) (6,962) (17,467)
Equity in losses of investees 1,957 7,735 5,508
Mark-to-market of derivative instruments (1,473) 319 4,129
Write-off of unsuccessful exploration activities 1,796 3,017 1,579
Gain on severance pay fund asset (1,746) (304) (119)
Deferred income tax provision (benefit) and deferred charges (41,147) 23,222 (39,962)
Liability for unrecognized tax benefits 3,270 (4,174) 3,107
Deferred lease revenues (356) (853) 224
Other 737 484
Changes in operating assets and liabilities, net of amounts acquired:      
Receivables (24,040) (33,280) (3,806)
Costs and estimated earnings in excess of billings on uncompleted contracts 11,253 (27,078) 2,673
Inventories (1,070) 6,297 (1,144)
Prepaid expenses and other 208 (12,540) (2,579)
Deposits and other (2,570) (1,009) (648)
Accounts payable and accrued expenses 51,641 (1,375) (939)
Due from/to related entities, net 451
Billings in excess of costs and estimated earnings on uncompleted contracts (11,389) (2,262) 9,168
Liabilities for severance pay 2,541 (786) (1,076)
Other long-term liabilities (2,285) 3,310 (2,561)
Due from/to Parent (513)
Net cash provided by operating activities 245,575 159,285 190,025
Cash flows from investing activities:      
Cash acquired in organizational restructuring and share exchange with parent 15,391
Net change in restricted cash, cash equivalents and marketable securities (14,563) 15,241 43,745
Capital expenditures (259,234) (151,930) (152,450)
Investment in unconsolidated companies (46,318) (3,569)
Cash paid for acquisition of controlling interest in a subsidiary, net of cash acquired (35,300) (20,135)
Cash paid for achievement of production threshold in Guadeloupe (8,032)
Intangible assets acquired (868) (500)
Decrease (increase) in severance pay fund asset, net of payments made to retired employees 526 1,862 2,843
Net cash used in investing activities (368,121) (158,531) (90,971)
Cash flows from financing activities:      
Proceeds from sale of membership interests to noncontrolling interest, net of transaction costs 44,102 156,635
Proceeds from long-term loans, net of transaction costs 142,500 42,000
Proceeds from exercise of options by employees 16,111 7,249 6,085
Proceeds from issuance of senior unsecured notes, net of transaction costs 203,483
Purchase of Senior unsecured notes (249,468)
Proceeds from the sale of limited liability company interest in Opal Geo LLC, net of transaction costs 2,017 1,972 1,654
Purchase of OFC Senior Secured Notes (14,270) (6,815) (30,638)
Proceeds from revolving credit lines with banks 1,097,500 309,400 598,800
Repayment of revolving credit lines with banks (1,046,000) (309,400) (619,100)
Cash received from noncontrolling interest 2,017 1,972 1,654
Repayments of long-term debt (66,223) (62,052) (71,701)
Cash paid to noncontrolling interest (21,313) (64,065) (19,068)
Payments of capital leases (1,871) (1,178)
Deferred debt issuance costs (5,290) (6,402) (5,316)
Cash dividends paid (20,511) (25,682) (12,716)
Net cash provided by (used in) financing activities (59,850) 43,541 46,635
Net change in cash and cash equivalents (182,396) 44,295 145,689
Cash and cash equivalents at beginning of period 230,214 185,919 40,230
Cash and cash equivalents at end of period 47,818 230,214 185,919
Supplemental disclosure of cash flow information:      
Interest, net of interest capitalized 40,484 55,366 55,492
Income taxes, net 21,878 18,490 10,419
Supplemental non-cash investing and financing activities:      
Increase (decrease) in accounts payable related to purchases of property, plant and equipment 4,484 (2,219) 3,810
Accrued liabilities related to financing activities 6,291 1,665
Increase (decrease) in asset retirement cost and asset retirement obligation 1,888 714 516
Opal Transaction [Member]      
Cash flows from financing activities:      
Proceeds from the sale of limited liability company interest in Opal Geo LLC, net of transaction costs 59,897
Cash received from noncontrolling interest 59,897
Ormat Nevada ORTP LLC [Member]      
Cash flows from investing activities:      
Buyout of Class B membership (2,400)
OPC LLC [Member]      
Cash flows from investing activities:      
Buyout of Class B membership $ (1,932)