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Note 21 - Leases

12 Months Ended

Dec. 31, 2023

Leases of Lessee and Lessor Disclosure [Text Block]

NOTE 21 — 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".

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,
	2023		2022		2021
	(Dollars in thousands)
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	1,922	$	2,861	$	3,265
Interest on lease liabilities		168		441		770
Operating lease cost		4,771		3,695		3,707
Short-term and variable lease cost		6,741		7,436		5,228
Total lease cost	$	13,602	$	14,433	$	12,970

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases	$	168	$	441	$	770
Operating cash flows for operating leases		4,448		4,507		3,589
Financing cash flows for finance leases		1,963		2,983		3,181
Right-of-use assets obtained in exchange for new finance lease liabilities		1,671		2,473		948
Right-of-use assets obtained in exchange for new operating lease liabilities		4,731		6,286		5,227

	December 31,			December 31,
Additional information as of the end of the year:	2023			2022
Weighted-average remaining lease term — finance leases (in years) ^(*)		14.3			1.8
Weighted-average remaining lease term — operating leases (in years)		16.2			17.9
Weighted-average discount rate — finance leases (in percentage) ^(*)		6	%		3	%
Weighted-average discount rate — operating leases (in percentage)		5	%		5	%

^(*)The increase in the weighted-average remaining lease term and discount rate is attributable to the deferral of the buy-out payment in the financing liability to June 2038, as further described under Note 11 to the consolidated financial statements.

Future minimum lease payments under non-cancellable leases as of December 31, 2023 were as follows:

	Operating Leases		Finance Leases		Financing Liability ⁽¹⁾
	(Dollars in thousands)
Year ending December 31,
2024	$	3,908	$	1,456	$	17,578
2025		3,246		1,291		17,535
2026		2,471		913		22,675
2027		2,224		136		20,815
2028		1,900		0		20,578
Thereafter		20,756		0		277,827
Total future minimum lease payments		34,505		3,796		377,008
Less imputed interest		11,386		245		151,248
Total	$	23,119	$	3,551	$	225,760

⁽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.

Leases in which the Company is a lessor

The table below presents lease income recognized as a lessor:

	Year Ended December 31,
	2023		2022		2021
	(Dollars in thousands)
Lease income relating to lease payments of operating leases	$	542,065	$	529,264	$	502,355