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BUSINESS SEGMENTS
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
The Company has three reporting segments: the Electricity segment, the Product segment and the Energy Storage segment. These segments are managed and reported separately as each offers different products and serves different markets.
•Under the Electricity segment, the Company builds, owns and operates geothermal, solar PV and recovered energy-based power plants ("REG") in the United States and geothermal power plants in foreign countries, and sells the electricity generated by those power plants.
•Under the Product segment, the Company designs, manufactures and sells equipment for geothermal and recovered energy-based electricity generation and provide services relating to the engineering, procurement and construction ("EPC") of geothermal and recovered energy-based power plants.
•Under the Energy Storage segment, the Company provides battery energy storage systems ("BESS") as a service as well as other related services.
 Transfer prices between the operating segments are determined based on current market values or cost-plus markup of the seller’s business segment. Summarized financial information concerning the Company’s reportable segments is shown in the following tables, including the Company's disaggregated revenues from contracts with customers:
ElectricityProductEnergy StorageConsolidated
(Dollars in thousands)
Three Months Ended September 30, 2024:
Revenues from external customers:
United States (1)
$116,914 $3,202 $9,789 $129,905 
Foreign (2)
47,724 34,155 — 81,879 
Net revenue from external customers 164,638 37,357 9,789 211,784 
Intersegment revenues (4)
— 26,273 — — 
Operating income (loss) 30,977 3,034 1,664 35,675 
Segment assets at period end (3) (*)
5,001,907 189,824 398,610 5,590,341 
* Including unconsolidated investments 126,767 — — 126,767 
Three Months Ended September 30, 2023:
Revenues from external customers:
United States (1)
$108,762 $2,099 $11,013 $121,874 
Foreign (2)
48,450 37,732 — 86,182 
Net revenue from external customers 157,212 39,831 11,013 208,056 
Intersegment revenues (4)
— 6,747 — — 
Operating income (loss)34,787 2,374 406 37,567 
Segment assets at period end (3) (*)
4,481,600 190,157 339,055 5,010,812 
* Including unconsolidated investments 128,218 — — 128,218 
Nine Months Ended September 30, 2024:
Revenues from external customers:
United States (1)
$380,424 $5,693 $26,778 $412,895 
Foreign (2)
141,693 94,325 — 236,018 
Net revenue from external customers 522,117 100,018 26,778 648,913 
Intersegment revenues (4)
— 73,777 — — 
Operating income (loss) 119,072 4,902 (589)123,385 
Segment assets at period end (3) (*)
5,001,907 189,824 398,610 5,590,341 
* Including unconsolidated investments 126,767 — — 126,767 
Nine Months Ended September 30, 2023:
Revenues from external customers:
United States (1)
$337,382 $5,793 $21,907 $365,082 
Foreign (2)
145,464 77,538 — 223,002 
Net revenue from external customers 482,846 83,331 21,907 588,084 
Intersegment revenues (4)
— 27,437 — — 
Operating income (loss)120,457 (1,429)(4,071)114,957 
Segment assets at period end (3) (*)
4,481,600 190,157 339,055 5,010,812 
* Including unconsolidated investments 128,218 — — 128,218 

(1)Electricity segment revenues in the United States are all accounted for under lease accounting except for $33.9 million, and $116.2 million in the three and nine months ended September 30, 2024, respectively, and $27.3 million, and $90.2 million in the three and nine months ended September 30, 2023, respectively, that are accounted for under ASC 606. Product and Energy Storage segment revenues in the United States are accounted for under ASC 606, Revenue from Contracts with Customers ("ASC 606"), except for Energy Storage revenues of $0.7 million, and $2.1 million for the three and nine months ended September 30, 2024, respectively, and none for the three and nine months ended September 30, 2023, that are accounted for under lease accounting.
(2)Electricity segment revenues in foreign countries are all accounted for under lease accounting. Product segment revenues in foreign countries are all accounted for under ASC 606.
(3)Electricity segment assets include goodwill in the amount of $146.7 million, and $85.6 million as of September 30, 2024 and 2023, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 million as of September 30, 2024 and 2023, respectively. No goodwill is included in the Product segment assets as of September 30, 2024 and 2023.
(4)Intersegment revenues are fully eliminated in consolidation.
Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(Dollars in thousands)(Dollars in thousands)
Revenues:
Total segment revenues $211,784 $208,056 $648,913 $588,084 
Intersegment revenues26,273 6,747 73,777 27,437 
Elimination of intersegment revenues (26,273)(6,747)(73,777)(27,437)
Total consolidated revenues $211,784 $208,056 $648,913 $588,084 
Operating income:
Operating income $35,675 $37,567 $123,385 $114,957 
Interest income 2,051 2,827 6,494 9,620 
Interest expense, net (34,822)(25,054)(99,506)(73,078)
Derivatives and foreign currency transaction gains (losses) 2,046 (781)132 (3,990)
Income attributable to sale of tax benefits 19,760 14,936 53,034 42,481 
Other non-operating income, net 22 108 122 247 
Total consolidated income before income taxes and equity in income of investees
$24,732 $29,603 $83,661 $90,237