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

The following tables present each component of other comprehensive income (loss) and the related tax effects for the years ended December 31, 2016, 2015 and 2014:
 
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
(In thousands)
 
Before Tax
 
Tax Effect
 
Net of Tax
 
Before Tax
 
Tax Effect
 
Net of Tax
 
Before Tax
 
Tax Effect
 
Net of Tax
Foreign currency translation adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized loss arising during the period
 
$
(15,039
)
 
$

 
$
(15,039
)
 
$
(18,446
)
 
$

 
$
(18,446
)
 
$
(3,541
)
 
$

 
$
(3,541
)
Hedging activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gain (loss) arising during the period
 
320

 
(406
)
 
(86
)
 
41,540

 
(14,627
)
 
26,913

 
(1,925
)
 

 
(1,925
)
Reclassification of net realized loss into earnings1
 
15,967

 

 
15,967

 
4,663

 

 
4,663

 

 

 

Net change
 
16,287

 
(406
)
 
15,881

 
46,203

 
(14,627
)
 
31,576

 
(1,925
)
 

 
(1,925
)
Other comprehensive income (loss)
 
$
1,248

 
$
(406
)
 
842

 
$
27,757

 
$
(14,627
)
 
13,130

 
$
(5,466
)
 
$

 
(5,466
)
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax
 
 
 
 
 
830

 
 
 
 
 
(11,407
)
 
 
 
 
 
(3,829
)
Less: Pre-acquisition other comprehensive income of renewable energy facilities acquired from SunEdison
 
 
 
 
 

 
 
 
 
 
40,016

 
 
 
 
 

Other comprehensive income (loss) attributable to Class A common stockholders
 
 
 
 
 
$
12

 
 
 
 
 
$
(15,479
)
 
 
 
 
 
$
(1,637
)
———
(1)
Includes $16.9 million loss reclassification for the year ended December 31, 2016 that occurred subsequent to the Company's discontinuation of hedge accounting for interest rate swaps within the U.K. Portfolio as discussed in Note 13. Derivatives.

23. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

Quarterly results of operations for the year ended December 31, 2016 were as follows:
(In thousands, except per share data)
 
Q1
 
Q2(1)
 
Q3(2)
 
Q4(3)
Operating revenues, net
 
$
153,917

 
$
187,301

 
$
178,118

 
$
135,220

Operating income (loss)
 
32,505

 
62,558

 
50,708

 
(56,794
)
Interest expense, net
 
68,994

 
101,299

 
72,818

 
67,225

Net loss
 
(33,505
)
 
(44,937
)
 
(27,711
)
 
(135,354
)
Net loss attributable to Class A common stockholders
 
(481
)
 
(20,907
)
 
(26,171
)
 
(82,288
)
Weighted average Class A common shares outstanding - basic and diluted
 
87,833

 
90,809

 
90,860

 
91,658

Net loss per weighted average Class A common share - basic and diluted
 
$
(0.01
)
 
$
(0.23
)
 
$
(0.29
)
 
$
(0.94
)
———
(1)
During the second quarter of 2016, the Company discontinued hedge accounting for interest rate swaps related to its U.K. Portfolio. This resulted in the reclassification of $16.9 million of losses from accumulated other comprehensive income into interest expense. Subsequent to the discontinuation of hedge accounting, the Company recognized additional unrealized losses of $13.7 million pertaining to these interest rate swaps during the second quarter that are also reported in interest expense.
(2)
The third quarter of 2016 includes a $3.3 million impairment charge due to the decision to abandon certain residential construction in progress assets that were not completed by SunEdison as a result of the SunEdison Bankruptcy. This charge is reflected within impairment of renewable energy facilities in the consolidated statement of operations. The third quarter of 2016 also includes $3.2 million of special interest for the Senior Notes due 2023, Senior Notes due 2025 and Revolver per the terms of the fourth supplemental indenture to the 2023 Indenture, third supplemental indenture to the 2025 Indenture and eighth amendment to the Revolver credit and guaranty agreement, respectively, and $5.2 million of unrealized losses pertaining to interest rate swaps for the U.K. Portfolio.


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