Print Page  |  Close Window

SEC Filings

10-K
TERRAFORM GLOBAL, INC. filed this Form 10-K on 06/15/2017
Entire Document
 

In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. The amendment clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. The new guidance is expected to reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as modifications. Changes that do not impact the award’s fair value, vesting conditions, or classification as an equity or liability instrument will not to be assessed modification accounting. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company is evaluating the effect of this standard on its consolidated financial statements.
3. TRANSACTIONS BETWEEN ENTITIES UNDER COMMON CONTROL
Recast of Historical Financial Statements
The Company is required to recast historical financial statements when power plants are acquired from SunEdison. The recast reflects the assets and liabilities and the results of operations of the acquired power plants for the period the power plants were owned by SunEdison, which is in accordance with the rules applicable to transactions between entities under common control. The Company has modified the presentation of its consolidated statements of operations to separate pre-acquisition net loss from power plants acquired from SunEdison from net loss attributable to Class A common stockholders.

On February 24, 2016, the Company acquired two solar power plants in Thailand from SunEdison, NPS Star and WXA, with an aggregate net capacity of 35.6 MW, which resulted in a recast of the consolidated balance sheet as of December 31, 2015, and the related consolidated statement of cash flows for the year ended December 31, 2015. These power plants became operational at the end of 2015, which resulted in a recast of the consolidated statement of operations to separate the pre-acquisition net loss from power plants acquired from SunEdison from net loss attributable to Class A common stockholders.
The following table presents changes to the Company's consolidated balance sheet as of December 31, 2015, included in the Company's 2015 Annual Report on Form 10-K:
(In thousands)
Balance Sheet Caption
 
As Reported
 
Recast Adjustments
 
As Recasted
Cash and cash equivalents
 
$
921,946

 
$
372

 
$
922,318

Prepaid expenses and other current assets
 
144,743

 
(5,408
)
 
139,335

Power plants, net
 
1,148,350

 
58,254

 
1,206,604

Restricted cash
 
22,582

 
100

 
22,682

Due from SunEdison, net
 
10,110

 
(10,110
)
 

Other assets
 
66,901

 
(15,092
)
 
51,809

Change in total assets
 
 
 
$
28,116

 
 
Current portion of long-term debt
 
$
327,714

 
$
(8,216
)
 
$
319,498

Accounts payable
 
8,034

 
457

 
8,491

Accrued expenses and other current liabilities
 
123,280

 
6,771

 
130,051

Due to SunEdison, net
 

 
44,254

 
44,254

Long-term debt, less current portion
 
968,047

 
(15,394
)
 
952,653

Change in total liabilities
 
 
 
$
27,872

 
 
Additional paid-in capital
 
$
923,924

 
$
(184
)
 
$
923,740

Accumulated deficit
 
(212,661
)
 
(549
)
 
(213,210
)
Accumulated other comprehensive loss
 
(11,253
)
 
72

 
(11,181
)
Non-controlling interests
 
480,668

 
904

 
481,572

Change in total stockholders' equity
 
 
 
$
243

 
 

The balance sheet recast adjustments shown above also include the impact of the adoption of ASU 2015-03 on presentation of debt issuance costs, which resulted in the reclassification of $23.6 million from other current assets to long-term debt, less current portion.


142