BUSINESS SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Segment Reporting Information, by 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:


	Electricity		Product		Energy Storage		Consolidated
	(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.

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

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,
	2024		2023		2024		2023
	(Dollars in thousands)				(Dollars in thousands)
Revenues:
Total segment revenues	$	211,784	$	208,056	$	648,913	$	588,084
Intersegment revenues	26,273		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