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SEC Filings

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

Income tax provision consisted of the following:
(In thousands)
Current
 
Deferred
 
Total
Year Ended December 31, 2016
 
 
 
 


U.S. federal
$

 
$

 
$

Foreign
7,960

 
722

 
8,682

Total
$
7,960

 
$
722

 
$
8,682

 
 
 
 
 
 
Year Ended December 31, 2015
 
 
 
 
 
U.S. federal
$

 
$

 
$

Foreign
2,425

 
2,910

 
5,335

Total
$
2,425

 
$
2,910

 
$
5,335

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

 
$

 
$

Foreign
239

 
1,461

 
1,700

Total
$
239

 
$
1,461

 
$
1,700

Effective Tax Rate
Income tax expense (benefit) 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,
 
 
2016
 
2015
 
2014
Income tax benefit at U.S. federal statutory rate
 
35.0
 %
 
35.0
 %
 
35.0
 %
Increase (reduction) in income taxes:
 
 
 
 
 
 
Branch income
 
(1.8
)%
 
(0.6
)%
 
26.1
 %
Foreign rate differential
 
7.0
 %
 
0.3
 %
 
(9.8
)%
Impact of tax holiday
 
(16.2
)%
 
(0.1
)%
 
6.3
 %
Non-deductible expenses
 
(1.8
)%
 
(0.1
)%
 
(37.2
)%
Imputed interest
 
(13.3
)%
 
(0.9
)%
 
 %
Change in valuation allowance
 
29.5
 %
 
(23.7
)%
 
(62.6
)%
Foreign taxes
 
 %
 
(0.1
)%
 
(11.4
)%
Non-Allocable Partnership Loss
 
(40.3
)%
 
(11.2
)%
 
 %
Loss from holding companies not benefited
 
(4.5
)%
 
 %
 
 %
Withholding taxes
 
(3.6
)%
 
 %
 
 %
Hedge mark-to-market
 
(1.8
)%
 
 %
 
 %
Other
 
(0.6
)%
 
(0.1
)%
 
2.7
 %
Effective tax (expense) benefit rate
 
(12.4
)%

(1.5
)%

(50.9
)%
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 which will occur as a result of such income or loss being subject to tax both in the foreign jurisdiction to which the entity relates as well as the U.S. The U.S. statutory rate, rather than the local foreign rate, is applied to this income or loss so that the impact of the rate differential between the U.S. statutory rate and the various foreign rates can be separately shown in the line item “Foreign rate differential”.    
The foreign taxes line item represents the future U.S. tax implications associated with foreign tax expense or benefit generated in each foreign jurisdiction. To the extent a foreign jurisdiction generates tax expense, that expense is generally


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