Note 22 - Leases

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Leases of Lessee and Lessor Disclosure [Text Block]

NOTE 22 — LEASES

The Company is a lessee in operating and finance lease transactions primarily consisting of land leases for its exploration and development activities and fleet vehicles, respectively. 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" and "Leases".

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,
	2022		2021		2020
	(Dollars in thousands)
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	2,861	$	3,265	$	3,422
Interest on lease liabilities		441		770		1,226
Operating lease cost		3,695		3,707		3,303
Variable lease cost		3,893		2,368		1,891
Short-term lease cost		—		—		—
Total lease cost	$	10,890	$	10,110	$	9,842
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases	$	441	$	770	$	1,226
Operating cash flows for operating leases		4,507		3,589		3,213
Financing cash flows for finance leases		2,983		3,181		2,890
Right-of-use assets obtained in exchange for new finance lease liabilities		2,473		948		1,028
Right-of-use assets obtained in exchange for new operating lease liabilities		6,286		5,227		2,614

	December 31,			December 31,
Additional information as of the end of the year:	2022			2021
Weighted-average remaining lease term — finance leases (in years)		1.8			2.8
Weighted-average remaining lease term — operating leases (in years)		17.9			17.1
Weighted-average discount rate — finance leases (in percentage)		3	%		3	%
Weighted-average discount rate — operating leases (in percentage)		5	%		5	%

Future minimum lease payments under non-cancellable leases as of December 31, 2022 were as follows:

	Operating Leases		Finance Leases		Financing Liability (1)
	(Dollars in thousands)
Year ending December 31,
2023	$	2,925	$	1,710	$	22,368
2024		2,547		1,031		102,074
2025		2,225		866		13,324
2026		2,086		483		18,118
2027		1,897		29		17,403
Thereafter		22,686		0		96,059
Total future minimum lease payments		34,366		4,119		269,346
Less imputed interest		12,231		276		27,317
Total	$	22,135	$	3,843	$	242,029

⁽¹⁾ Financing liability was assumed as part of the Terra-Gen business combination transaction as further described under Note 2 to the consolidated financial statements and is related to the sale and lease-back transaction of the Dixie Valley geothermal assets.  

B. Leases in which the Company is a lessor

The table below presents the lease income recognized as a lessor:

	Year Ended December 31,
	2022		2021		2020
	(Dollars in thousands)
Lease income relating to lease payments of operating leases	$	529,264	$	502,355	$	473,260