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

21. ACCUMULATED OTHER COMPREHENSIVE INCOME

The following table presents the changes in each component of accumulated other comprehensive (loss) income, net of tax:
(In thousands)
 
Foreign Currency Translation Adjustments1
 
Hedging Activities1
 
Accumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2015
 
$
(11,733
)
 
$
34,633

 
$
22,900

Net unrealized loss arising during the period (net of zero tax benefit and $406 tax expense, respectively)
 
(15,039
)
 
(86
)
 
(15,125
)
Reclassification of net realized loss into earnings (net of zero tax impact)2
 

 
15,967

 
15,967

Other comprehensive (loss) income
 
(15,039
)

15,881


842

Accumulated other comprehensive (loss) income
 
(26,772
)
 
50,514

 
23,742

Less: Other comprehensive (loss) income attributable to non-controlling interests
 
(4,639
)
 
5,469

 
830

Balance as of December 31, 2016
 
$
(22,133
)
 
$
45,045

 
$
22,912

Net unrealized gain arising during the period (net of tax expense of $3,238 and $2,428, respectively)
 
10,300

 
17,612

 
27,912

Reclassification of net realized loss (gain) into earnings (net of tax benefit of $8,858 and tax expense of $443, respectively)3
 
14,741

 
(2,247
)
 
12,494

Other comprehensive income
 
25,041

 
15,365

 
40,406

Accumulated other comprehensive income
 
2,908

 
60,410

 
63,318

Less: Other comprehensive income attributable to non-controlling interests
 
8,665

 
5,992

 
14,657

Plus: Reallocation from non-controlling interests as a result of SunEdison exchange4
 
(7,655
)
 
7,012

 
(643
)
Balance as of December 31, 2017
 
(13,412
)
 
61,430

 
48,018

Cumulative-effect adjustment (net of tax expense of $1,579)5
 

 
(4,164
)
 
(4,164
)
Cumulative-effect adjustment (net of tax expense of $9,357)6
 
14,524

 
(5,156
)

9,368

Net unrealized (loss) gain arising during the year (net of tax expense of $3,891 and $3,729, respectively)
 
(9,517
)
 
1,166

 
(8,351
)
Reclassification of net realized gain into earnings (net of zero and $4,938 tax benefit, respectively)
 

 
(5,410
)
 
(5,410
)
Other comprehensive income
 
(9,517
)
 
(4,244
)
 
(13,761
)
Accumulated other comprehensive income
 
(8,405
)
 
47,866

 
39,461

Less: Other comprehensive income attributable to non-controlling interests
 

 
(777
)
 
(777
)
Balance as of December 31, 2018
 
$
(8,405
)
 
$
48,643

 
$
40,238

———
(1)
See Note 12. Derivatives for additional breakout of hedging gains and losses for interest rate swaps and commodity contracts in a cash flow hedge relationship and the foreign currency contracts designated as hedges of net investments.
(2)
Includes $16.9 million loss reclassification that occurred subsequent to the Company's discontinuation of hedge accounting for interest rate swaps within the U.K. Portfolio as discussed in Note 12. Derivatives.
(3)
The foreign currency translation adjustment amount represents the reclassification of the accumulated foreign currency translation loss for the U.K. Portfolio, as the Company's sale of this portfolio closed in the second quarter of 2017 as discussed in Note 4. Acquisitions and Dispositions. The pre-tax amount of $23.6 million was recognized within gain on sale of renewable energy facilities in the consolidated statements of operations for the year ended December 31, 2017.
(4)
Represents reclassification of accumulated comprehensive (losses) income previously attributed to SunEdison's non-controlling interest in Terra LLC from non-controlling interests to AOCI as of October 16, 2017, as a result of SunEdison's exchange of its Class B units in Terra LLC for Class A shares of TerraForm Power as discussed in Note 17. Non-controlling Interests.
(5)
Represents the cumulative-effect adjustment related to the early adoption of ASU 2017-12. See Note 2. Summary of Significant Accounting Policies for additional details.
(6)
Represents the cumulative-effect adjustment of deferred taxes stranded in AOCI resulting from the early adoption of ASU No. 2018-02 See Note 2. Summary of Significant Accounting Policies.



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