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GENERAL AND BASIS OF PRESENTATION (Tables)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The following table summarizes the purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions):
Trade receivables and others (1)
$4.4 
Deferred income taxes3.1 
Property, plant and equipment and construction-in-process (2)
197.7 
Operating lease right of use
1.2 
Other long-term assets
0.2 
Intangible assets (3)
23.6 
Goodwill (4)
60.7 
Total assets acquired $290.9 
Accounts payable, accrued expenses and others$1.5 
Other current liabilities
1.8 
Operating lease liabilities
1.2 
Other long-term liabilities
5.0 
Asset retirement obligation6.8 
Total liabilities assumed $16.3 
Total assets acquired, and liabilities assumed, net$274.6 
(1) The gross amount of trade receivables was fully collected subsequent to acquisition date.
(2) The fair value of Property, plant and equipment was estimated by applying the income approach and utilizing the discounted cash flow method. This methodology assesses the value of tangible assets by computing the anticipated cash flows expected to be generated by the respective assets.
(3) Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs. The fair value of the intangible assets was estimated by applying the income approach and utilizing the With and Without method.
(4) Goodwill is primarily related to the expected synergies, potential cost savings in operations as a result of the purchase transaction as well as potential future development of the greenfield assets. The goodwill is allocated to the Electricity segment and is deductible for tax purposes.
The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business combination had occurred on January 1, 2023. The pro forma results below include the impact of certain adjustments related to the depreciation of property, plant and equipment, amortization of intangible assets, transaction-related costs, and the related income tax effects. This pro forma presentation does not include any impact from transaction synergies or any other material, nonrecurring adjustments directly attributable to the business combination.
Pro forma for the Three Months Ended June 30,
Pro forma for the Six Months Ended June 30,
2024202320242023
(Dollars in millions)(Dollars in millions)
Electricity revenues$166.2 $163.7 $357.5 $343.6 
Total revenues$213.0 $203.2 $437.1 $398.0 
Net income attributable to the Company's stockholders
$22.2 $22.4 $60.8 $50.1 
Schedule of Cash and Cash Equivalents The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as reported on the balance sheet to the total of the same amounts shown on the statement of cash flows:
June 30,December 31,
20242023
(Dollars in thousands)
Cash and cash equivalents
$66,262 $195,808 
Restricted cash and cash equivalents
97,480 91,962 
Total Cash and cash equivalents and Restricted cash and cash equivalents
$163,742 $287,770 
Schedules of Concentration of Risk, by Risk Factor The Company's revenues from its primary customers as a percentage of total revenues are as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Southern California Public Power Authority (“SCPPA”)19.7 %21.0 %22.3 %23.8 %
Sierra Pacific Power Company and Nevada Power Company14.7 15.9 15.8 17.9 
Kenya Power and Lighting Co. Ltd. ("KPLC")13.1 14.4 12.7 14.4 
Accounts Receivable, Allowance for Credit Loss
The following table describes the changes in the allowance for expected credit losses for the three and six months ended June 30, 2024 and 2023 (all related to trade receivables):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(Dollars in thousands)(Dollars in thousands)
Beginning balance of the allowance for expected credit losses$163 $90 $90 $90 
Change in the provision for expected credit losses for the period37 — 110 — 
Ending balance of the allowance for expected credit losses$200 $90 $200 $90 
Contract with Customer, Contract Asset, Contract Liability, and Receivable Total contract assets and contract liabilities as of June 30, 2024 and December 31, 2023 are as follows:
June 30,December 31,
20242023
(Dollars in thousands)
Contract assets (*) $29,719 $18,367 
Contract liabilities (*) $(16,277)$(18,669)
(*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet fully recognized as product revenues during the six months ended June 30, 2024 as a result of performance obligations having not been fully satisfied yet as of June 30, 2024. Additionally, as of June 30, 2024, long-term costs and estimated earnings in excess of billings on uncompleted contracts related to the Dominica project in the amount of $5.4 million is included under “Deposits and other” in the condensed consolidated financial statements due its long-term nature.
Operating Lease, Lease Income
The table below presents lease income recognized as a lessor:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(Dollars in thousands)(Dollars in thousands)
Lease income relating to lease payments from operating leases$129,420 $125,140 $276,521 $262,761