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Additional Information - Financial Statement Schedule I | 12 Months Ended
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Dec. 31, 2015
Additional Information - Financial Statement Schedule I |
Additional Information - Financial Statement Schedule I | Additional Information—Financial Statement Schedule I Canadian Solar Inc. Schedule I has been provided pursuant to the requirements of Rule 12-04(a) and 4-08(e)(3) of Regulation S-X, which require condensed financial information as to financial position, changes in financial position and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented as the restricted net assets of Canadian Solar Inc.'s consolidated and unconsolidated subsidiaries not available for distribution to Canadian Solar Inc. as of December 31, 2015 of $396,325, exceeded the 25% threshold. The condensed financial information has been prepared using the same accounting policies as set out in the consolidated financial statements, except that the equity method has been used to account for investments in subsidiaries. FINANCIAL INFORMATION OF PARENT COMPANY BALANCE SHEETS
|  | December 31, 2014 |  | December 31, 2015 |
|  | (In Thousands of U.S. Dollars, except share and per share data) |
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 3,455 |  |  | 34,206 |
Restricted cash |  |  | — |  |  | 6,512 |
Accounts receivable trade, net of allowance for doubtful accounts of $4,302 and $3,852 at December 31, 2014 and 2015, respectively |  |  | 4,006 |  |  | 2,268 |
Inventories |  |  | 443 |  |  | 146 |
Amounts due from related parties—current |  |  | 252,570 |  |  | 725,063 |
Derivative assets—current |  |  | — |  |  | 1,030 |
Advances to suppliers, net |  |  | 1,991 |  |  | 226 |
Prepaid expenses and other current assets |  |  | 5,852 |  |  | 13,809 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total current assets |  |  | 268,317 |  |  | 783,260 |
Investment in subsidiaries |  |  | 534,849 |  |  | 765,880 |
Deferred tax assets, net |  |  | 3,655 |  |  | 2,204 |
Amount due from related parties—non-current |  |  | 150,000 |  |  | — |
Other non-current assets |  |  | 48,219 |  |  | 62,897 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
TOTAL ASSETS |  |  | 1,005,040 |  |  | 1,614,241 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Short-term borrowings |  |  | — |  |  | 10,000 |
Accounts payable |  |  | 5 |  |  | 8 |
Amounts due to related parties |  |  | 99,011 |  |  | 202,359 |
Derivative liabilities—current |  |  | — |  |  | 27,029 |
Other current liabilities |  |  | 6,825 |  |  | 12,661 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total current liabilities |  |  | 105,841 |  |  | 252,057 |
Accrued warranty costs |  |  | 18,273 |  |  | 15,331 |
Convertible notes |  |  | 150,000 |  |  | 150,000 |
Long-term borrowings |  |  | — |  |  | 364,680 |
Liability for uncertain tax positions |  |  | 14,315 |  |  | 13,205 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
TOTAL LIABILITIES |  |  | 288,429 |  |  | 795,273 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity: |  |  |  |  |  |  |
Common shares—no par value: unlimited authorized shares, 55,161,856 and 55,965,443 shares issued and outstanding at December 31, 2014 and 2015, respectively |  |  | 675,236 |  |  | 677,103 |
Additional paid-in capital |  |  | (25,682 | ) |  | (17,139 | )
Retained earnings |  |  | 46,999 |  |  | 218,860 |
Accumulated other comprehensive income |  |  | 20,058 |  |  | (59,856 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
TOTAL EQUITY |  |  | 716,611 |  |  | 818,968 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
TOTAL LIABILITIES AND EQUITY |  |  | 1,005,040 |  |  | 1,614,241 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FINANCIAL INFORMATION OF PARENT COMPANY STATEMENTS OF OPERATIONS
|  | Years Ended December 31 |
|  | 2013 |  | 2014 |  | 2015 |
|  | (In Thousands of U.S. Dollars) |
Net revenues |  |  | 11,802 |  |  | 15,900 |  |  | 23,302 |
Cost of revenues |  |  | 5,282 |  |  | 4,401 |  |  | 15,850 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross profit |  |  | 6,520 |  |  | 11,499 |  |  | 7,452 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating expenses: |  |  |  |  |  |  |  |  |  |
Selling expenses |  |  | 3,521 |  |  | 4,000 |  |  | 3,309 |
General and administrative expenses |  |  | 5,724 |  |  | 8,331 |  |  | 29,124 |
Research and development expenses |  |  | 715 |  |  | 416 |  |  | 450 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total operating expenses |  |  | 9,960 |  |  | 12,747 |  |  | 32,883 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loss from operations |  |  | (3,440 | ) |  | (1,248 | ) |  | (25,431 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other income (expenses): |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | — |  |  | (6,329 | ) |  | (17,241 | )
Interest income |  |  | 12,022 |  |  | 10,369 |  |  | 34,471 |
Loss on change in fair value of derivatives |  |  | — |  |  | — |  |  | (13,571 | )
Foreign exchange gain (loss) |  |  | (8,455 | ) |  | (5,335 | ) |  | 1,324 |
Others |  |  | 427 |  |  | 47 |  |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other income (expenses), net: |  |  | 3,994 |  |  | (1,248 | ) |  | 4,983 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Profit (loss) before income taxes and equity in earnings (loss) of subsidiaries and unconsolidated investees |  |  | 554 |  |  | (2,496 | ) |  | (20,448 | )
Income tax expense |  |  | (1,275 | ) |  | (1,005 | ) |  | (1,231 | )
Equity in earnings of subsidiaries |  |  | 35,132 |  |  | 243,283 |  |  | 193,813 |
Equity in loss of unconsolidated investees |  |  | (2,752 | ) |  | (280 | ) |  | (273 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Income |  |  | 31,659 |  |  | 239,502 |  |  | 171,861 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FINANCIAL INFORMATION OF PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|  | Years Ended December 31, |
|  | 2013 |  | 2014 |  | 2015 |
|  | (In Thousands of U.S. Dollars) |
Net income |  |  | 31,659 |  |  | 239,502 |  |  | 171,861 |
Other comprehensive income (net of tax of nil): |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment |  |  | 3,116 |  |  | (33,853 | ) |  | (79,913 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive income |  |  | 34,775 |  |  | 205,649 |  |  | 91,948 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FINANCIAL INFORMATION OF PARENT COMPANY STATEMENTS OF CASH FLOWS
|  | Years Ended December 31, |
|  | 2013 |  | 2014 |  | 2015 |
|  | (In Thousands of U.S. Dollars) |
Operating activities: |  |  |  |  |  |  |  |  |  |
Net Income |  |  | 31,659 |  |  | 239,502 |  |  | 171,861 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 5 |  |  | 1 |  |  | 32 |
Loss on disposal of property, plant and equipment |  |  | — |  |  | 4 |  |  | — |
Loss on change in fair value of derivatives |  |  | — |  |  | — |  |  | 13,571 |
Allowance for doubtful debts |  |  | 1,872 |  |  | 11,434 |  |  | 1,535 |
Equity in earnings of subsidiaries |  |  | (35,132 | ) |  | (243,283 | ) |  | (193,813 | )
Equity in loss of unconsolidated investees |  |  | 2,752 |  |  | 280 |  |  | 273 |
Share-based compensation |  |  | 6,175 |  |  | 5,088 |  |  | 5,966 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |
Inventories |  |  | 2,828 |  |  | (286 | ) |  | 296 |
Accounts receivable trade |  |  | 627 |  |  | (5,244 | ) |  | 2,189 |
Amounts due from related parties |  |  | 85,993 |  |  | 3,905 |  |  | 228,284 |
Advances to suppliers |  |  | (283 | ) |  | (11,836 | ) |  | (226 | )
Prepaid expenses and other current assets |  |  | 8,312 |  |  | (2,260 | ) |  | (7,106 | )
Other non-current assets |  |  | 6,860 |  |  | (19,727 | ) |  | (14,710 | )
Accounts payable |  |  | 9 |  |  | (9 | ) |  | 3 |
Advances from customers |  |  | (122 | ) |  | (657 | ) |  | 1,352 |
Amounts due to related parties |  |  | (18,332 | ) |  | (42,128 | ) |  | 103,348 |
Accrued warranty costs |  |  | (14,644 | ) |  | 84 |  |  | (2,941 | )
Other current liabilities |  |  | (2,558 | ) |  | 3,544 |  |  | 4,484 |
Liability for uncertain tax positions |  |  | 142 |  |  | 633 |  |  | (1,111 | )
Deferred taxes |  |  | 406 |  |  | 1,208 |  |  | 1,451 |
Net settlement of foreign currency derivatives |  |  | — |  |  | — |  |  | (3,950 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net cash provided by (used in) operating activities |  |  | 76,569 |  |  | (59,747 | ) |  | 310,788 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investing activities: |  |  |  |  |  |  |  |  |  |
Increase in restricted cash |  |  | — |  |  | — |  |  | (6,513 | )
Investment in subsidiaries |  |  | (10,602 | ) |  | (39,668 | ) |  | (116,840 | )
Purchases of property, plant and equipment |  |  | — |  |  | (5 | ) |  | — |
Funding of loans to subsidiaries |  |  | — |  |  | (128,213 | ) |  | (550,776 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net cash used in investing activities |  |  | (10,602 | ) |  | (167,886 | ) |  | (674,129 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing activities: |  |  |  |  |  |  |  |  |  |
Proceeds from short-term borrowings |  |  | — |  |  | — |  |  | 10,000 |
Repayment of short-term borrowings |  |  | (55,754 | ) |  | (12,246 | ) |  | — |
Proceeds from long-term borrowings |  |  | — |  |  | — |  |  | 364,680 |
Repayment of long-term borrowings |  |  | (53,670 | ) |  | (16,393 | ) |  | — |
Proceeds from issuance of warrants |  |  | — |  |  | — |  |  | 16,378 |
Investment on minority shares |  |  | — |  |  | — |  |  | (918 | )
Proceeds from issuance of common shares offering |  |  | 50,000 |  |  | 115,009 |  |  | — |
Issuance costs paid for common shares offering |  |  | (2,113 | ) |  | (6,090 | ) |  | — |
Proceeds from issuance of convertible notes |  |  | — |  |  | 150,000 |  |  | — |
Issuance cost paid on convertible notes |  |  | — |  |  | (5,103 | ) |  | — |
Proceeds from exercise of stock options |  |  | 10,793 |  |  | 3,342 |  |  | 1,867 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net cash provided by (used in) financing activities |  |  | (50,744 | ) |  | 228,519 |  |  | 392,007 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Effect of exchange rate changes |  |  | 3,115 |  |  | (27,016 | ) |  | 2,085 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net increase (decrease) in cash and cash equivalents |  |  | 18,338 |  |  | (26,130 | ) |  | 30,751 |
Cash and cash equivalents at the beginning of the year |  |  | 11,247 |  |  | 29,585 |  |  | 3,455 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents at the end of the year |  |  | 29,585 |  |  | 3,455 |  |  | 34,206 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Supplemental disclosure of cash flow information: |  |  |  |  |  |  |  |  |  |
Interest paid (net of amounts capitalized) |  |  | — |  |  | 3,942 |  |  | 15,299 |
Income taxes paid |  |  | 298 |  |  | 736 |  |  | — |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51664549&loc=d3e5283-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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