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SEC Filings

10-K
TERRAFORM GLOBAL, INC. filed this Form 10-K on 12/21/2016
Entire Document
 

10. INCOME TAXES
The net loss before income tax expense (benefit) consists of the following:
 
 
For the Year Ended December 31,
(In thousands)
 
2015
 
2014
 
2013
U.S.
 
$
(383,411
)
 
$
(858
)
 
$
(114
)
Foreign
 
17,260

 
(2,481
)
 
(3,814
)
Total
 
$
(366,151
)
 
$
(3,339
)
 
$
(3,928
)
Income tax provision consisted of the following:
(In thousands)
 
Current
 
Deferred
 
Total
Year ended December 31, 2015
 
 
 
 
 


U.S. federal
 
$

 
$

 
$

Foreign
 
1,628

 
3,230

 
4,858

Total
 
$
1,628


$
3,230

 
$
4,858

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

 
$

 
$

Foreign
 
239

 
1,461

 
1,700

Total
 
$
239

 
$
1,461

 
$
1,700

 
 
 
 
 
 
 
Year ended December 31, 2013
 
 
 
 
 
 
U.S. federal
 
$

 
$
(1,866
)
 
$
(1,866
)
Foreign
 
305

 
(90
)
 
215

Total
 
$
305

 
$
(1,956
)
 
$
(1,651
)
Effective Tax Rate
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.
 
 
Year ended December 31,
 
 
2015
 
2014
 
2013
Income tax benefit at U.S. federal statutory rate
 
35.0
 %
 
35.0
 %
 
35.0
 %
Increase (reduction) in income taxes:
 
 
 
 
 
 
Branch income
 
(0.6
)%
 
26.1
 %
 
37.7
 %
Foreign rate differential
 
0.2
 %
 
(9.8
)%
 
(13.3
)%
Impact of tax holiday
 
(0.1
)%
 
6.3
 %
 
12.9
 %
Non-deductible expenses
 
(0.1
)%
 
(37.2
)%
 
(6.1
)%
Imputed interest
 
(0.9
)%
 
 %
 
 %
Prior period adjustment
 
(0.1
)%
 
 %
 
 %
Change in valuation allowance
 
(23.1
)%
 
(62.6
)%
 
(54.8
)%
Foreign taxes
 
 %
 
(11.4
)%
 
33.6
 %
Non-Allocable Partnership Loss
 
(11.6
)%
 
 %
 
 %
Other
 
 %
 
2.7
 %
 
(3.0
)%
Effective tax (expense) benefit rate
 
(1.3
)%

(50.9
)%

42.0
 %
The branch income line item represents pre-tax income or loss generated in foreign pass-through entities, inclusive of permanent differences, multiplied by the U.S. statutory rate. This line item reflects the double taxation of foreign income or loss


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