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SEC Filings
10-K
TERRAFORM POWER, INC. filed this Form 10-K on 03/15/2019
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3. REVENUE

As discussed in Note 2. Summary of Significant Accounting Policies, on January 1, 2018, the Company adopted Topic 606. The following tables present revenue disaggregated by segment and major product for the year ended December 31, 2018, and provide a reconciliation of the adoption impact of Topic 606 on the consolidated statements of operations for the year ended December 31, 2018, and consolidated balance sheets as of December 31, 2018. There was no net impact on net cash provided by operating activities in the consolidated statements of cash flows for the year ended December 31, 2018 resulting from the adoption of Topic 606.

Topic 606 Adoption Impact on Consolidated Statements of Operations
 
 
Year Ended December 31, 2018
 
 
As Reported
 
Adjustments
 
Amounts excluding Topic 606 Adoption
(In thousands)
 
Solar
 
Wind
 
Regulated Solar and Wind
 
Total
 
REC Sales
 
ITC Sales
 
PPA rental income
 
$
198,610

 
$
192,324

 
$

 
$
390,934

 
$

 
$

 
$
390,934

Commodity derivatives
 

 
46,287

 

 
46,287

 

 

 
46,287

PPA and market energy revenue
 
39,566

 
54,998

 
58,742

 
153,306

 

 

 
153,306

Capacity revenue from remuneration programs1
 

 

 
108,242

 
108,242

 

 

 
108,242

Amortization of favorable and unfavorable rate revenue contracts, net
 
(9,743
)
 
(29,024
)
 

 
(38,767
)
 

 

 
(38,767
)
Energy revenue
 
228,433

 
264,585

 
166,984

 
660,002

 

 

 
660,002

Incentive revenue
 
70,533

 
16,364

 
19,671

 
106,568

 
(3,673
)
 
16,315

 
119,210

Operating revenues, net
 
298,966

 
280,949

 
186,655

 
766,570

 
(3,673
)
 
16,315

 
779,212

Depreciation, accretion and amortization expense
 
 
 
 
 
 
 
341,837

 

 

 
341,837

Impairment of renewable energy facilities
 
 
 
 
 
 
 
15,240

 

 

 
15,240

Operating costs and expenses
 
 
 
 
 
 
 
339,514

 

 

 
339,514

Operating income
 
 
 
 
 
 
 
69,979

 
(3,673
)
 
16,315

 
82,621

Interest expense, net
 
 
 
 
 
 
 
249,211

 

 

 
249,211

Other expenses, net
 
 
 
 
 
 
 
(13,615
)
 

 

 
(13,615
)
Loss before income tax expense
 
 
 
 
 
 
 
(165,617
)
 
(3,673
)
 
16,315

 
(152,975
)
Income tax benefit
 
 
 
 
 
 
 
(12,290
)
 

 

 
(12,290
)
Net loss
 
 
 
 
 
 
 
$
(153,327
)
 
$
(3,673
)
 
$
16,315

 
$
(140,685
)
———
(1)
Represents the return related to the Company’s investments associated with its renewable energy facilities in Spain, as discussed in “Regulated solar and wind revenue” in Note 2. Summary of Significant Accounting Policies.


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