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SEC Filings
10-K
TERRAFORM POWER, INC. filed this Form 10-K on 07/21/2017
Entire Document
 

Over the next five fiscal years, the Company expects to recognize annual amortization on its intangibles as follows:
(In thousands)
 
2017
 
2018
 
2019
 
2020
 
2021
Favorable rate revenue contracts
 
$
44,880

 
$
43,932

 
$
43,846

 
$
43,846

 
$
42,147

Unfavorable rate revenue contracts
 
(5,490
)
 
(4,956
)
 
(4,845
)
 
(2,620
)
 
(1,379
)
Total net amortization expense recorded to operating revenues, net
 
$
39,390

 
$
38,976

 
$
39,001

 
$
41,226

 
$
40,768

 
 
 
 
 
 
 
 
 
 
 
In-place value of market rate revenue contracts
 
$
25,366

 
$
25,366

 
$
25,366

 
$
25,366

 
$
25,366

Total amortization expense recorded to depreciation, accretion and amortization expense
 
$
25,366

 
$
25,366

 
$
25,366

 
$
25,366

 
$
25,366

 
 
 
 
 
 
 
 
 
 
 
Favorable rate land leases
 
$
799

 
$
799

 
$
799

 
$
799

 
$
799

Unfavorable rate O&M contracts
 
(1,250
)
 
(1,250
)
 
(1,198
)
 

 

Unfavorable rate land lease
 
(56
)
 
(56
)
 
(56
)
 
(56
)
 
(56
)
Total net amortization recorded to cost of operations
 
$
(507
)
 
$
(507
)
 
$
(455
)
 
$
743

 
$
743


10. VARIABLE INTEREST ENTITIES

The Company consolidates VIEs in renewable energy facilities when the Company is the primary beneficiary. The VIEs own and operate renewable energy facilities in order to generate contracted cash flows. The VIEs were funded through a combination of equity contributions from the owners and non-recourse, project-level debt. No VIEs were deconsolidated during the years ended December 31, 2016 and 2015.

The carrying amounts and classification of the consolidated VIEs’ assets and liabilities included in the Company's consolidated balance sheets are as follows:
(In thousands)
 
December 31, 2016
 
December 31, 2015
Current assets
 
$
191,244

 
$
180,287

Non-current assets
 
4,351,635

 
4,584,886

Total assets
 
$
4,542,879

 
$
4,765,173

Current liabilities
 
$
638,452

 
$
1,043,892

Non-current liabilities
 
514,464

 
202,629

Total liabilities
 
$
1,152,916

 
$
1,246,521


The amounts shown in the table above exclude intercompany balances that are eliminated upon consolidation. All of the assets in the table above are restricted for settlement of the VIE obligations, and all of the liabilities in the table above can only be settled by using VIE resources.



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