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SEC Filings

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

The foreign currency net loss relating to investments in power plants is partially offset by the lower cost associated with certain acquisitions and debt extinguishment. The fair value of our outstanding foreign currency forward contracts was a net asset of $21.4 million as of December 31, 2015.
During the quarter ended December 31, 2015, we realized a net loss of $54.5 million on foreign currency forward contracts that matured during that quarter resulting from the devaluation of the Brazilian real, Chinese yuan renminbi, Indian rupee, Malaysian ringgit, South African rand and Thai baht as compared to the U.S. dollar. This $54.5 million net loss is attributed as: (i) a net gain of $4.6 million on forward contracts associated with current period cash flows; and (ii) a net loss of $59.1 million on forward contracts that hedge the purchase of foreign currencies for investments in acquisitions and debt extinguishments.
Other Income, net
Other income, net was not material for the year ended December 31, 2015 or 2014.
Income Tax Expense
The income tax expense was $4.9 million for the year ended December 31, 2015, compared to $1.7 million of income tax expense for the year ended December 31, 2014. Tax expense increased year over year primarily due to increased profits in jurisdictions, which were not offset by current or accumulated losses. For the year ended December 31, 2015, the overall effective tax rate was different than the statutory rate of 35% primarily due to a valuation allowance in our U.S. and foreign jurisdictions as well as non-allocable partnership losses.
Year ended December 31, 2014 Compared to Year ended December 31, 2013
The following table illustrates the consolidated results of operations for the years ended December 31, 2014 compared to December 31, 2013:
 
 
Year Ended December 31,
(In thousands)
 
2014
 
2013
Operating revenues, net
 
$
39,449

 
$
22,196

Operating costs and expenses:
 
 
 
 
Cost of operations
 
1,999

 
355

Cost of operations - affiliate
 
2,257

 
1,311

General and administrative expense
 
1,349

 
1,047

General and administrative expense - affiliate
 
10,850

 
4,790

Depreciation, accretion and amortization expense
 
7,167

 
4,785

Total operating costs and expenses
 
23,622

 
12,288

Operating (loss) income
 
15,827

 
9,908

Other expense (income):
 
 
 
 
Interest expense, net
 
24,294

 
11,812

Loss (gain) on foreign currency exchange, net
 
(4,038
)
 
2,247

Other income, net
 
(1,090
)
 
(223
)
Total other expenses, net
 
19,166

 
13,836

Loss before income tax expense
 
(3,339
)
 
(3,928
)
Income tax expense (benefit)
 
1,700

 
(1,651
)
Net loss
 
$
(5,039
)
 
$
(2,277
)



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