ORMAT TECHNOLOGIES, INC. Leases Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||||
Lease cost: | |||||||||||||||||
| Finance lease cost: | |||||||||||||||||
| Amortization of right-of-use assets | $ | 1,821 | $ | 1,388 | $ | 1,922 | |||||||||||
| Interest on lease liabilities | 206 | 143 | 168 | ||||||||||||||
| Operating lease cost | 6,665 | 5,657 | 4,771 | ||||||||||||||
| Short-term and variable lease cost | 10,220 | 6,738 | 6,741 | ||||||||||||||
Total lease cost | $ | 18,912 | $ | 13,926 | $ | 13,602 | |||||||||||
Other information: | |||||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
| Operating cash flows for finance leases | $ | 206 | $ | 143 | $ | 168 | |||||||||||
| Operating cash flows for operating leases | 7,909 | 10,526 | 4,448 | ||||||||||||||
| Financing cash flows for finance leases | 1,840 | 1,383 | 1,963 | ||||||||||||||
| Right-of-use assets obtained in exchange for new finance lease liabilities | 3,677 | 761 | 1,671 | ||||||||||||||
| Right-of-use assets obtained in exchange for new operating lease liabilities | 12,174 | 12,599 | 4,731 | ||||||||||||||
| December 31, | |||||||||||||||||
| Additional information as of the end of the year: | 2025 | 2024 | |||||||||||||||
Weighted-average remaining lease term — finance leases (in years) | 12.3 | 13.4 | |||||||||||||||
| Weighted-average remaining lease term — operating leases (in years) | 14.9 | 16.3 | |||||||||||||||
Weighted-average discount rate — finance leases (in percentage) | 6 | % | 6 | % | |||||||||||||
| Weighted-average discount rate — operating leases (in percentage) | 5 | % | 5 | % | |||||||||||||
| Operating Leases | Finance Leases | Financing Liability (1) | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Year ending December 31, | |||||||||||||||||
| 2026 | $ | 6,098 | $ | 551 | $ | 22,675 | |||||||||||
| 2027 | 4,879 | 1,885 | 20,815 | ||||||||||||||
| 2028 | 3,914 | 1,127 | 20,578 | ||||||||||||||
| 2029 | 3,211 | 938 | 23,165 | ||||||||||||||
| 2030 | 2,477 | 399 | 19,856 | ||||||||||||||
| Thereafter | 30,608 | 29 | 230,986 | ||||||||||||||
| Total future minimum lease payments | 51,187 | 4,929 | 338,075 | ||||||||||||||
| Less imputed interest | 16,663 | 402 | 121,679 | ||||||||||||||
| Total | $ | 34,524 | $ | 4,527 | $ | 216,396 | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Lease income relating to lease payments of operating leases | $ | 569,120 | $ | 553,348 | $ | 542,065 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 16, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 26, 2016 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.