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BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported on the balance sheets that sum to the total of the same amounts shown on the statement of cash flows:
 
December 31,
202420232022
(Dollars in thousands)
Cash and cash equivalents $94,395 $195,808 $95,872 
Restricted cash and cash equivalents 111,377 91,962130,804
Total cash and cash equivalents and restricted cash and cash equivalents $205,772 $287,770 $226,676 
Schedule of Estimated Useful Lives The other assets are depreciated using the straight-line method over the following estimated useful lives of the assets:
 
Years
Buildings 25
Leasehold improvements 15-30
Machinery and equipment — manufacturing and drilling 5-10
Machinery and equipment — computers 3-5
Energy storage equipment 15-20
Solar facility equipment30
Office equipment — furniture and fixtures 5-15
Office equipment — other5-10
Vehicles 5-7
 Property, plant and equipment, net, consist of the following:
December 31,
20242023
(Dollars in thousands)
Land owned by the Company where the geothermal resource is located $51,500 $47,612 
Leasehold improvements 12,746 12,588 
Machinery and equipment 389,252 341,931 
Land, buildings and office equipment 145,272 127,970 
Vehicles20,159 17,097 
Energy storage equipment324,065 158,604 
Solar facility equipment97,502 59,214 
Geothermal and recovered energy generation power plants, including geothermal wells and exploration and resource development costs:
United States of America, net of cash grants 3,585,209 3,191,505 
Foreign countries 919,680 868,289 
Asset retirement cost 59,831 59,123 
Total cost of property, plant and equipment
5,605,216 4,883,933 
Less accumulated depreciation (2,103,330)(1,884,984)
Property, plant and equipment, net $3,501,886 $2,998,949 
Contract with Customer, Contract Asset, Contract Liability, and Receivable Total contract assets and contract liabilities as of December 31, 2024 and 2023 are as follows:
December 31,
20242023
(Dollars in thousands)
Contract assets (*) $29,243 $18,367 
Contract liabilities (*) $(23,091)$(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 consolidated balance sheets. The contract liabilities balance at the beginning of the year was substantially recognized as product revenues during the year ended December 31, 2024 as a result of performance obligations that were satisfied. Additionally, as of December 31, 2024, long-term costs and estimated earnings in excess of billings on uncompleted contracts related to the Dominica project in the amount of $26.0 million is included under “Deposits and other” in the consolidated balance sheets, and not under the contract assets and contract liabilities above, due its long-term nature.
The following table presents the significant changes in the contract assets and contract liabilities for the years ended December 31, 2024 and 2023:
Years Ended December 31,
20242023
Contract assetsContract liabilitiesContract assetsContract liabilities
(Dollars in thousands)
Recognition of contract liabilities as revenue as a result of performance obligations satisfied$— $12,698 $— $6,883 
Cash received in advance for which revenues have not yet recognized, net of expenditures made— (17,119)— (16,766)
Reduction of contract assets as a result of rights to consideration becoming unconditional(5,070)— (4,094)— 
Contract assets recognized, net of recognized receivables15,945 — 6,056 — 
Net change in contract assets and contract liabilities$10,875 $(4,421)$1,962 $(9,883)
Accounting Standards Update and Change in Accounting Principle
The following schedule reconciles revenues accounted under lease accounting, and revenues accounted under ASC 606, Revenues from Contracts with Customers, to total consolidated revenues for the three years ended December 31, 2024, 2023 and 2022:
Year Ended December 31,
202420232022
(Dollars in thousands)
Electricity and Storage revenues accounted under lease accounting
$553,348 $542,065 $529,264 
Electricity, Product and Energy Storage revenues accounted under ASC 606 326,306287,359204,895
Total consolidated revenues $879,654 $829,424 $734,159 
Accounts Receivable, Allowance for Credit Loss
The following table describes the changes in the allowance for expected credit losses for the years ended December 31, 2024 and 2023 (all related to trade receivables):
Years Ended December 31,
20242023
(Dollars in thousands)
Beginning balance of the allowance for expected credit losses$90 $90 
Change in the provision for expected credit losses for the period134 — 
Ending balance of the allowance for expected credit losses$224 $90 
Schedule of Weighted Average Number of Shares The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share:
 
Year Ended December 31,
202420232022
(In thousands)
Weighted average number of shares used in computation of basic earnings per share
60,45559,42456,063
Add:
Additional shares from the assumed exercise of employee stock-based awards 335338440
Weighted average number of shares used in computation of diluted earnings per share
60,79059,76256,503
Redeemable Noncontrolling Interest Changes in the carrying amount of the Company's Redeemable noncontrolling interest were as follows:
20242023
(Dollars in thousands)
Redeemable noncontrolling interest as of January 1, $10,599 $9,590 
Redeemable noncontrolling interest in results of operation of a consolidated subsidiary(319)939 
Cash paid to noncontrolling interest— (246)
Currency translation adjustments(832)316 
Redeemable noncontrolling interest as of December 31, $9,448 $10,599