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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Common Shares
Treasury Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Earnings Attributable to Canadian Solar Inc.
Non-Controlling Interests
Total
Balance at Dec. 31, 2019 $ 703,806   $ 17,179 $ 793,601 $ (109,607) $ 1,393,134 $ 31,924 $ 1,425,058
Balance (in shares) at Dec. 31, 2019 59,371,684              
Treasury stock, balance at Dec. 31, 2019   $ (11,845)            
Treasury stock, balance (in shares) at Dec. 31, 2019   609,516            
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 of non-controlling interest's ownership     (8,414)     (8,414)   (8,414)
Repurchase of common shares [1]   $ (5,963)       (5,963)   (5,963)
Repurchase of common shares (in shares) [1] (381,330) 381,330            
Share-based compensation     12,350     12,350   12,350
Transfer of equity interest in subsidiaries to non-controlling shareholders [2]     (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) [1]   (990,846)            
Retirement of treasury stock [1] $ (17,808) $ 17,808            
De-recognition of derivatives         10,724 10,724   10,724
Proceeds from non-controlling interests             14,123 14,123
Fair value change on derivatives         (4,115) (4,115)   (4,115)
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              
Increase (Decrease) in Stockholders' Equity                
Net Income (loss)       95,248   95,248 14,628 109,876
Foreign currency translation adjustment         (21,964) (21,964) (4,332) (26,296)
Acquisition of non-controlling interest's ownership             (10,719) (10,719)
Share-based compensation     8,808     8,808   8,808
Exercise of share options and RSUs (in shares) 562,376              
Issuance of ordinary shares, net of issuance costs [3] $ 148,510         148,510   148,510
Issuance of ordinary shares, net of issuance costs (in shares) [3] 3,639,918              
Proceeds from non-controlling interests             10,003 10,003
Disposal of subsidiaries             (6,588) (6,588)
Fair value change on derivatives         59 59   59
Balance at Dec. 31, 2021 $ 835,543   (19,428) 1,035,552 (50,584) 1,801,083 325,355 $ 2,126,438
Balance (in shares) at Dec. 31, 2021 64,022,678             64,022,678
Increase (Decrease) in Stockholders' Equity                
Net Income (loss)       239,968   239,968 58,587 $ 298,555
Foreign currency translation adjustment         (125,885) (125,885) (24,242) (150,127)
Share-based compensation     9,370     9,370   9,370
Transfer of equity interest in subsidiaries to non-controlling shareholders     11,185   544 11,729 4,094 15,823
Exercise of share options and RSUs (in shares) 483,377              
Proceeds from non-controlling interests             2,529 2,529
Disposal of subsidiaries             (1,268) (1,268)
Fair value change of available-for-sale debt securities         904 904   904
Fair value change on derivatives         716 716   716
Share of fair value change on derivatives of affiliates         3,754 3,754   3,754
Balance at Dec. 31, 2022 $ 835,543   $ 1,127 $ 1,275,520 $ (170,551) $ 1,941,639 $ 365,055 $ 2,306,694
Balance (in shares) at Dec. 31, 2022 64,506,055             64,506,055
[1] Following the share repurchase plan authorized by the Board of 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.
[2] The Company completed capital raise of RMB1.78 billion (approximately $261,332) for CSI Solar Co., Ltd. in 2020 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.
[3] Represented proceeds from “at-the-market” offering of 3,639,918 shares of common shares in 2021, net of commissions and offering expenses of $1,490.