XML 67 R37.htm IDEA: XBRL DOCUMENT v3.21.1

Additional Information - Financial Statement Schedule I

12 Months Ended

Dec. 31, 2020

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, cash flows 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, 2020 of $568,931, 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,	​	December 31,
​		2019		2020
​	​	(In Thousands of U.S. Dollars, except
​	​	share data)
ASSETS	​	​	​	​
Current assets:	​	​	​	​
Cash and cash equivalents		1,362		33,709
Restricted cash	​	950	​	1,316
Amounts due from subsidiaries		341,557		288,226
Derivative assets	​	—	​	1,111
Prepaid expenses and other current assets		9,846		22,672
Total current assets		353,715		347,034
Investment in subsidiaries		1,383,935		1,525,951
Investments in affiliates	​	2,483	​	5,322
Deferred tax assets		23,657		21,358
Other non-current assets		69,070		40,456
TOTAL ASSETS		1,832,860		1,940,121
LIABILITIES AND EQUITY	​	​	​	​
Current liabilities:	​	​	​	​
Short-term borrowings		—		80,000
Amounts due to related parties		340,502		—
Derivative liabilities	​	4,713	​	—
Other current liabilities		8,534		32,969
Total current liabilities		353,749		112,969
Convertible notes	​	—	​	223,214
Long-term borrowings		50,000		—
Deferred tax liabilities	​	22,936	​	20,169
Liability for uncertain tax positions		13,041		13,347
TOTAL LIABILITIES		439,726		369,699
Equity:	​	​	​	​
Common shares — no par value: unlimited authorized shares, 59,371,684 and 59,820,384 shares issued and outstanding at December 31, 2019 and 2020, respectively		703,806		687,033
Treasury stock, at cost, 609,516 and nil common shares as of December 31, 2019 and 2020, respectively	​	(11,845)	​	—
Additional paid-in capital		17,179		(28,236)
Retained earnings		793,601		940,304
Accumulated other comprehensive loss		(109,607)		(28,679)
TOTAL EQUITY		1,393,134		1,570,422
TOTAL LIABILITIES AND EQUITY		1,832,860		1,940,121

​

​

FINANCIAL INFORMATION OF PARENT COMPANY

STATEMENTS OF OPERATIONS

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2018		2019		2020
​	​	(In Thousands of U.S. Dollars)
Net revenues	​	86,755	​	4,351	​	2,170
Cost of revenues		53,926		4,188		—
Gross profit		32,829		163		2,170
Operating expenses:	​	​	​	​	​	​
Selling and distribution expenses		2,518		1,727		2,174
General and administrative expenses		18,970		29,093		49,688
Research and development expenses		795		462		692
Other operating loss, net	​	77	​	—	​	—
Total operating expenses		22,360		31,282		52,554
Income (loss) from operations		10,469		(31,119)		(50,384)
Other income (expenses):	​	​	​	​	​	​
Interest expense		(9,170)		(3,005)		(9,628)
Interest income		32,370		25,272		30,536
Gain (loss) on change in fair value of derivatives, net	​	(2,671)	​	(5,193)	​	25,341
Foreign exchange gain (loss)		22,255		(11,318)		13,768
Investment loss	​	—	​	(116,879)	​	—
Other income (expenses), net:		42,784		(111,123)		60,017
Income (loss) before income taxes and equity in earnings of subsidiaries		53,253		(142,242)		9,633
Income tax benefit (expense)		(12,133)		5,230		(34,223)
Equity in earnings of subsidiaries		195,950		308,597		171,293
Net income		237,070		171,585		146,703

​

​

FINANCIAL INFORMATION OF PARENT COMPANY

STATEMENTS OF COMPREHENSIVE INCOME

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2018		2019		2020
​	​	(In Thousands of U.S. Dollars)
Net income	​	237,070	​	171,585	​	146,703
Other comprehensive income (loss) (net of tax of nil)		(56,115)		542		80,928
Comprehensive income		180,955		172,127		227,631

​

​

FINANCIAL INFORMATION OF PARENT COMPANY

STATEMENTS OF CASH FLOWS

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2018		2019		2020
​	​	(In Thousands of U.S. Dollars)
Operating activities:	​	​	​	​	​	​
Net income		237,070		171,585		146,703
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	​	​	​	​	​	​
Depreciation and amortization		21		154		156
Accretion of convertible notes	​	—	​	—	​	388
Loss on disposal of subsidiaries	​	—	​	116,879	​	—
Loss (gain) on change in fair value of derivatives	​	2,671	​	5,193	​	(25,341)
Allowance for credit losses		(212)		(83)		357
Equity in earnings of subsidiaries		(195,950)		(308,597)		(171,293)
Share-based compensation		10,259		10,682		12,350
Changes in operating assets and liabilities:	​	​	​	​	​	​
Amounts due from subsidiaries		(184,755)		(43,630)		287,865
Prepaid expenses and other current assets		(7,778)		17,012		(13,183)
Other non-current assets		(149)		(1,158)		28,459
Amounts due to related parties		15,598		183,675		(340,502)
Other current liabilities		(22,058)		(2,707)		31,809
Liability for uncertain tax positions		6,008		408		306
Net deferred tax assets		9,230		(1,292)		(468)
Net settlement of derivatives	​	21,450		(11,125)		19,517
Net cash provided by (used in) operating activities		(108,595)		136,996		(22,877)
Investing activities:	​	​	​	​	​	​
Investments in subsidiaries		(1,051)		(36,146)		(126,487)
Investments in affiliates	​	—	​	(2,483)	​	(2,766)
Funding of loans to subsidiaries	​	(94,000)	​	(40,600)	​	(264,848)
Repayment of loans from subsidiaries	​	375,635	​	12,809	​	20,485
Net cash provided by (used in) investing activities		280,584		(66,420)		(373,616)
Financing activities:	​	​	​	​	​	​
Proceeds from (repayment of) short-term borrowings		(151,000)		—		30,000
Proceeds from long-term borrowings		—		50,000		—
Proceeds from changes in ownership interests in subsidiaries without change of control		—		—		224,553
Net proceeds from issuance of convertible notes	​	—	​	—	​	222,826
Payments for repurchase of convertible notes	​	—	​	(127,500)	​	—
Payments for repurchase of common shares	​	—	​	(11,845)	​	(5,963)
Proceeds from exercise of stock options		769		875		1,035
Net cash provided by (used in) financing activities		(150,231)		(88,470)		472,451
​	​	​	​	​	​	​
Effect of exchange rate changes		(29,618)		11,110		(43,246)
​	​	​	​	​	​	​
Net increase (decrease) in cash and cash equivalents		(7,860)		(6,784)		32,712
​	​	​	​	​	​	​
Cash and cash equivalents at the beginning of the year		16,957		9,097		2,313
Cash and cash equivalents at the end of the year		9,097		2,313		35,025
​	​	​	​	​	​	​
Supplemental disclosure of cash flow information:	​	​	​	​	​	​
Interest paid (net of amounts capitalized)		10,154		4,644		7,966

​

X

- References

No definition available.

+ Details

Name:	srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix:	srt_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

+ Details

Name:	us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration