v3.26.1
LEASES (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Schedule of Information Regarding Operating Leases
The following tables present information regarding operating leases recorded on the Condensed Consolidated Balance Sheets where the Company is the lessee for the periods indicated.
(Dollars in thousands)As of June 30, As of December 31,
Carrying values by asset category 20262025
ROU Asset:
Geothermal land leases$50,634 $45,609 
Equipment31,804 6,188 
Office space6,010 6,635 
Vehicles219 281 
Total$88,667 $58,713 
Lease Liability(1):
Geothermal land leases$67,918 $62,744 
Equipment31,524 6,300 
Office space10,213 8,144 
Vehicles212 273 
Total$109,867 $77,461 
By asset categoryAs of June 30, As of December 31,
20262025
Weighted average remaining term
Geothermal land leases13 years14 years
Equipment4 years9 years
Office space4 years3 years
Vehicles2 years2 years
Weighted average discount rate(2):
Geothermal land leases11.4 %11.4 %
Equipment8.3 %12.0 %
Office space8.7 %8.7 %
Vehicles10.0 %9.6 %
_________________
(1) The short-term and long-term lease liability totals $24.7 million and $85.1 million as of June 30, 2026, respectively, and $4.8 million and $72.6 million as of December 31, 2025.
(2) The discount rate for each category of assets represents the Company’s incremental borrowing rate (“IBR”) for leases.
Schedule of Future Minimum Lease Payments Associated with Operating Leases
The following is a schedule showing the Company’s future minimum lease payments associated with the operating leases together with the present value of the net minimum lease payments for the periods indicated.
(Dollars in thousands)As of June 30, 2026
2026$12,424 
202723,251 
20287,226 
202913,511 
203014,010 
Thereafter143,771 
Total minimum lease payments$214,193 
Less: Amount representing interest104,326 
Total lease obligation$109,867 
Less: Current lease obligation24,744 
Long-term lease obligation$85,123