Note 23 - Leases

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Leases of Lessee and Lessor Disclosure [Text Block]

NOTE 23 — LEASES

The Company is a lessee in operating lease transactions primarily consisting of land leases for its exploration and development activities. Additionally, the Company was a lessee under an operating lease in relation to the Puna power plant transaction which was terminated in December 2019 as further described under Note 12 to the consolidated financial statements. The Company is a lessee in finance lease transactions primarily consisting of fleet vehicles and office rentals. The Company is a Lessor in PPAs that are accounted under lease accounting, as further described under Note 1 to the consolidated financial statements under Revenues and cost of revenues.

A.  Leases in which the Company is a lessee

The table below presents the effects on the amounts relating to total lease cost:

	Year Ended December 31, 2019
	(Dollars in thousands)
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	3,273
Interest on lease liabilities		1,330
Operating lease cost		8,057
Variable lease cost		1,647
Short-term lease cost		—
Total lease cost	$	14,307
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases	$	1,330
Operating cash flows for operating leases		9,004
Financing cash flows for finance leases		3,164
Right-of-use assets obtained in exchange for new finance lease liabilities		5,262
Right-of-use assets obtained in exchange for new operating lease liabilities		6,364

	December 31,
Additional information as of December 31, 2019:	2019
Weighted-average remaining lease term — finance leases (in years)		4.0
Weighted-average remaining lease term — operating leases (in years)		7.3
Weighted-average discount rate (in percentage)		5	%

Future minimum lease payments under non-cancellable leases as of December 31, 2019 were as follows:

	Operating Leases		Finance Leases
	(Dollars in thousands)
Year ending December 31,
2020	$	2,742	$	4,251
2021		2,701		3,948
2022		2,079		3,873
2023		1,524		2,758
2024		1,275		906
Thereafter		10,635		4,118
Total future minimum lease payments		20,956		19,854
Less imputed interest		4,205		5,577
Total	$	16,751	$	14,277

Future minimum lease payments under non-cancellable leases as of December 31, 2018, under ASC 840, Leases were as follows:

	(Dollars in thousands)
Year ending December 31,
2019	$	10,889
2020		7,515
2021		5,758
2022		4,415
2023		2,910
Thereafter		9,292
Total	$	40,779

B. Leases in which the Company is a lessor

The table below presents the lease income recognized for lessors:

	Year Ended December 31, 2019
	(Dollars in thousands)
Lease income relating to lease payments of operating leases	$	479,059
Lease income relating to variable lease payments not included in the measurement of the lease		—
Total	$	479,059