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VARIABLE INTEREST ENTITIES | 12 Months Ended
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Dec. 31, 2021
VARIABLE INTEREST ENTITIES |
VARIABLE INTEREST ENTITIES | 10. VARIABLE INTEREST ENTITIES Since 2016, the Company, through its subsidiaries, entered into silent partnership agreements and/or various types of bankruptcy remote arrangements for the sole purpose of holding Japan project companies. Under the silent partnership agreements and/or the bankruptcy remote arrangements, the project companies are considered VIEs in which the Company has no majority equity interests, but is entitled to substantially all of the economic interests of the projects. In addition, the Company has the power to make decisions over the activities that most significantly impact the economic performance of the projects under the asset management agreement signed simultaneously between the project companies and a wholly-owned subsidiary, Canadian Solar Projects K.K. As such, the Company concluded it was the primary beneficiary of the project companies and thus these project companies were accounted for as consolidated VIEs since their establishment. The Company does not retain any ownership interest nor control of the bankruptcy remote entities, which individually and, in the aggregate, are insignificant. As of December 31, 2020 and 2021, the carrying amounts and classifications of the consolidated VIEs’ major assets and liabilities with immaterial items combined, excluding intercompany balances which are eliminated upon consolidation, included in the Company’s consolidated balance sheets are as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | At December 31, | ​ | At December 31,
​ | ​ | 2020 | ​ | 2021
​ | ​ | $ | ​ | $
Cash | ​ | 42,064 | ​ | 48,200
Project assets | ​ | 337,836 | ​ | 289,315
Other assets | ​ | 79,580 | ​ | 53,091
Total assets | ​ | 459,480 | ​ | 390,606
​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | 180,773 | ​ | 113,857
Long-term borrowings | ​ | 52,408 | ​ | 106,880
Other liabilities | ​ | 60,845 | ​ | 36,872
Total liabilities | ​ | 294,026 | ​ | 257,609
​ Net income and overall cash flow activities during the years ended December 31, 2020 and 2021 were immaterial to the Company’s consolidated financial statements.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI https://asc.fasb.org/topic&trid=2197479 + Details
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- References No definition available. + Details
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