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

12. INCOME TAXES

The income tax provision consisted of the following:
(In thousands)
 
Current
 
Deferred
 
Total
Year ended December 31, 2016
 
 
 
 
 
 
U.S. federal
 
$
66

 
$
(103
)
 
$
(37
)
State and local
 
53

 
(1,109
)
 
(1,056
)
Foreign
 

 
1,587

 
1,587

Total expense
 
$
119

 
$
375

 
$
494

Tax expense in equity
 

 
406

 
406

Total
 
$
119

 
$
781

 
$
900

 
 
 
 
 
 
 
Year ended December 31, 2015
 
 
 
 
 
 
U.S. federal
 
$
98

 
$
(12,507
)
 
$
(12,409
)
State and local
 

 
(1,182
)
 
(1,182
)
Foreign
 
158

 
192

 
350

Total expense (benefit)
 
$
256

 
$
(13,497
)
 
$
(13,241
)
Tax expense in equity
 

 
14,627

 
14,627

Total
 
$
256

 
$
1,130

 
$
1,386

 
 
 
 
 
 
 
Year ended December 31, 2014
 
 
 
 
 
 
U.S. federal
 
$
84

 
$
(3,554
)
 
$
(3,470
)
State and local
 

 
(213
)
 
(213
)
Foreign
 

 
(1,006
)
 
(1,006
)
Total expense (benefit)
 
$
84

 
$
(4,773
)
 
$
(4,689
)
Tax benefit in equity
 

 
(3,616
)
 
(3,616
)
Total
 
$
84

 
$
(8,389
)
 
$
(8,305
)

Effective Tax Rate

The income tax provision differed from the amounts computed by applying the statutory U.S. federal income tax rate of 35% to loss before income taxes, as follows:
 
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
Income tax benefit at U.S. federal statutory rate
 
35.0
 %
 
35.0
 %
 
35.0
 %
Increase (reduction) in income taxes:
 
 
 
 
 
 
State income taxes, net of U.S. federal benefit
 
(5.9
)%
 
1.0
 %
 
1.0
 %
Foreign operations
 
(1.5
)%
 
9.9
 %
 
1.4
 %
Non-controlling interest
 
(15.9
)%
 
(20.6
)%
 
(15.8
)%
Goodwill impairment
 
(6.2
)%
 
 %
 
 %
Stock-based compensation
 
 %
 
(2.2
)%
 
(2.2
)%
Change in valuation allowance
 
(4.7
)%
 
(17.7
)%
 
(8.8
)%
Other
 
(1.0
)%
 
0.6
 %
 
(5.2
)%
Effective tax benefit rate
 
(0.2
)%
 
6.0
 %
 
5.4
 %
        


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