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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Common Shares
Treasury Stock
Additional Paid-in Capital
Retained Earnings
Cumulative effect, adjustment
Retained Earnings
Accumulated Other Comprehensive Income (loss)
Earnings Attributable to Canadian Solar Inc.
Cumulative effect, adjustment
Earnings Attributable to Canadian Solar Inc.
Non-Controlling Interest
Cumulative effect, adjustment
Total
Balance at Dec. 31, 2017 $ 702,162   $ 417   $ 383,681 $ (54,034)   $ 1,032,226 $ 27,549   $ 1,059,775
Balance (in shares) at Dec. 31, 2017 58,496,685                    
Increase (Decrease) in Stockholders' Equity                      
Net Income (loss)         237,070     237,070 5,361   242,431
Foreign currency translation adjustment           (53,457)   (53,457) 2,880   (50,577)
Acquisition of subsidiaries                 7,703   7,703
Acquisition non-controlling interest's ownership                 (6,591)   (6,591)
Share-based compensation     10,258         10,258     10,258
Transfer of equity interest in subsidiaries to non-controlling shareholders                 10,470   10,470
Exercise of share options and RSUs $ 769             769     769
Exercise of share options and RSUs (in shares) 683,939                    
De-recognition of derivatives           (8,752)   (8,752)     (8,752)
Fair value change on derivatives           6,094   6,094     6,094
Balance (ASU 2014-09) at Dec. 31, 2018       $ 1,265     $ 1,265     $ 1,265  
Balance at Dec. 31, 2018 $ 702,931   10,675   622,016 (110,149)   1,225,473 47,372   1,272,845
Balance (in shares) at Dec. 31, 2018 59,180,624                    
Increase (Decrease) in Stockholders' Equity                      
Net Income (loss)         171,585     171,585 (5,030)   166,555
Foreign currency translation adjustment           6,389   6,389 (6,070)   319
Acquisition non-controlling interest's ownership     (4,178)         (4,178) (9,998)   (14,176)
Repurchase of common shares [1]   $ (11,845)           (11,845)     $ (11,845)
Repurchase of common shares (in shares) (609,516) [1] 609,516,000 [1]                 609,516
Repurchase of treasury stock (shares)   609,516,000                  
Share-based compensation     10,682         10,682     $ 10,682
Exercise of share options and RSUs $ 875             875     875
Exercise of share options and RSUs (in shares) 800,576                    
Proceeds from non-controlling interests                 5,650   5,650
Fair value change on derivatives           (5,847)   (5,847)     (5,847)
Balance at Dec. 31, 2019 $ 703,806 $ (11,845) 17,179   793,601 (109,607)   1,393,134 31,924   $ 1,425,058
Balance (in shares) at Dec. 31, 2019 59,371,684                   59,371,684
Increase (Decrease) in Stockholders' Equity                      
Net Income (loss)         146,703     146,703 543   $ 147,246
Foreign currency translation adjustment           74,319   74,319 1,869   76,188
Acquisition non-controlling interest's ownership     (8,414)         (8,414) 0   (8,414)
Repurchase of common shares [2]   $ (5,963)           (5,963)     (5,963)
Repurchase of common shares (in shares) [2] (381,330) 381,330                  
Share-based compensation     12,350         12,350     12,350
Transfer of equity interest in subsidiaries to non-controlling shareholders     (49,351)         (49,351) 273,904   224,553
Exercise of share options and RSUs $ 1,035             1,035     1,035
Exercise of share options and RSUs (in shares) 830,030                    
Retirement of treasury stock (in shares) [3]   (990,846,000)                  
Retirement of treasury stock [3] $ (17,808) $ 17,808                  
De-recognition of derivatives           (4,115)   (4,115)     (4,115)
Proceeds from non-controlling interests                 14,123   14,123
Fair value change on derivatives           10,724   10,724     10,724
Balance at Dec. 31, 2020 $ 687,033   $ (28,236)   $ 940,304 $ (28,679)   $ 1,570,422 $ 322,363   $ 1,892,785
Balance (in shares) at Dec. 31, 2020 59,820,384                   59,820,384
[1] Following the share repurchase plan authorized by the Board Directors on December 9, 2019, the Company repurchased 609,516 outstanding shares with total costs of $11,845 in December 2019. The Company retired all outstanding shares repurchased during 2020.
[2] Following the share repurchase plan authorized by the Board Directors on December 9, 2019, the Company repurchased 91,424 and 289,906 outstanding shares with total costs of $2,000 and $3,963 in January 2020 and March 2020, respectively. The Company retired all outstanding shares repurchased during 2020.
[3] On September 30, 2020, the Company announced a RMB1.78 billion (approximately $261,332) capital raising for CSI Solar Co., Ltd., to qualify it for the planned carve-out IPO in China and bring in leading institutional investors and strategic partners. Refer to Note 1 to the consolidated financial statements for further information.