XML 51 R37.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Additional Information - Financial Statement Schedule I | 12 Months Ended
--- | ---
Dec. 31, 2023
Additional Information - Financial Statement Schedule I |
Additional Information - Financial Statement Schedule I | Additional Information — Condensed Financial Statements of Parent Company Canadian Solar Inc. The following condensed financial statements of Canadian Solar Inc. 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, 2023 of $1,587,503, 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. The Company’s share of income from its subsidiaries is reported as equity in earnings of subsidiaries in the condensed financial statements. These statements should be read in conjunction with the notes to the consolidated financial statements of the Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. ​ FINANCIAL INFORMATION OF PARENT COMPANY BALANCE SHEETS ​
​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ |  | 2022 |  | 2023
​ | ​ | (In Thousands of U.S. Dollars, except
​ | ​ | share data)
ASSETS | ​ | ​ | ​ | ​
Current assets: | ​ | ​ | ​ | ​
Cash and cash equivalents |  | 15,661 | ​ | 642
Amounts due from subsidiaries |  | 582,685 | ​ | 339,809
Prepaid expenses and other current assets |  | 13,218 | ​ | 14,812
Total current assets |  | 611,564 | ​ | 355,263
Investments in subsidiaries |  | 2,158,474 | ​ | 2,561,797
Investments in affiliates | ​ | 11,745 | ​ | 11,745
Deferred tax assets |  | 1,755 | ​ | —
Other non-current assets |  | 39,837 | ​ | 39,837
TOTAL ASSETS |  | 2,823,375 | ​ | 2,968,642
LIABILITIES AND EQUITY | ​ | ​ | ​ | ​
Current liabilities: | ​ | ​ | ​ | ​
Amounts due to subsidiaries |  | 640,055 | ​ | 157,821
Derivative liabilities | ​ | 762 | ​ | 1,438
Other current liabilities |  | 4,522 | ​ | 8,899
Total current liabilities |  | 645,339 | ​ | 168,158
Convertible notes | ​ | 225,977 | ​ | 227,424
Deferred tax liabilities | ​ | 4,690 | ​ | 8,115
Liability for uncertain tax positions |  | 5,730 | ​ | 5,702
TOTAL LIABILITIES |  | 881,736 | ​ | 409,399
Equity: | ​ | ​ | ​ | ​
Common shares — no par value: unlimited authorized shares, 64,506,055 and 66,158,741 shares issued and outstanding at December 31, 2022 and 2023, respectively |  | 835,543 | ​ | 835,543
Additional paid-in capital |  | 1,127 | ​ | 292,737
Retained earnings |  | 1,275,520 | ​ | 1,549,707
Accumulated other comprehensive loss |  | (170,551) | ​ | (118,744)
TOTAL EQUITY |  | 1,941,639 | ​ | 2,559,243
TOTAL LIABILITIES AND EQUITY |  | 2,823,375 | ​ | 2,968,642
​ ​ FINANCIAL INFORMATION OF PARENT COMPANY STATEMENTS OF OPERATIONS ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2021 |  | 2022 |  | 2023
​ | ​ | (In Thousands of U.S. Dollars)
Net revenues | ​ | 341 | ​ | — | ​ | —
Cost of revenues |  | — | ​ | — | ​ | —
Gross profit |  | 341 | ​ | — | ​ | —
Operating expenses: | ​ | ​ | ​ | ​ | ​ | ​
Selling and distribution expenses |  | 766 | ​ | 890 | ​ | 263
General and administrative expenses |  | 9,177 | ​ | 11,261 | ​ | 39,838
Research and development expenses |  | 182 | ​ | 155 | ​ | 97
Other operating income, net | ​ | (282) | ​ | — | ​ | —
Total operating expenses |  | 9,843 | ​ | 12,306 | ​ | 40,198
Loss from operations |  | (9,502) | ​ | (12,306) | ​ | (40,198)
Other income (expenses): | ​ | ​ | ​ | ​ | ​ | ​
Interest expense |  | (19,677) | ​ | (23,229) | ​ | (18,720)
Interest income |  | 20,249 | ​ | 20,563 | ​ | 22,862
Gain (loss) on change in fair value of derivatives, net | ​ | 4,043 | ​ | (844) | ​ | (1,535)
Foreign exchange gain (loss), net |  | (3,674) | ​ | 616 | ​ | (772)
Other income (expenses), net: |  | 941 | ​ | (2,894) | ​ | 1,835
Loss before income taxes and equity in earnings of subsidiaries |  | (8,561) | ​ | (15,200) | ​ | (38,363)
Income tax benefit (expense) |  | 2,424 | ​ | 8,786 | ​ | (6,775)
Equity in earnings of subsidiaries |  | 101,385 | ​ | 246,382 | ​ | 319,325
Net income |  | 95,248 | ​ | 239,968 | ​ | 274,187
​ ​ FINANCIAL INFORMATION OF PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2021 |  | 2022 |  | 2023
​ | ​ | (In Thousands of U.S. Dollars)
Net income | ​ | 95,248 | ​ | 239,968 | ​ | 274,187
Other comprehensive income (loss) (net of tax) |  | (21,905) | ​ | (120,511) | ​ | 13,412
Comprehensive income |  | 73,343 | ​ | 119,457 | ​ | 287,599
​ ​ FINANCIAL INFORMATION OF PARENT COMPANY STATEMENTS OF CASH FLOWS ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2021 |  | 2022 |  | 2023
​ | ​ | (In Thousands of U.S. Dollars)
Operating activities: | ​ | ​ | ​ | ​ | ​ | ​
Net income |  | 95,248 | ​ | 239,968 | ​ | 274,187
Adjustments to reconcile net income to net cash provided by provided by (used in) operating activities: | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization |  | 150 | ​ | — | ​ | —
Accretion of convertible notes | ​ | 1,461 | ​ | 1,302 | ​ | 1,447
Loss (gain) on change in fair value of derivatives | ​ | (4,043) | ​ | 844 | ​ | 1,535
Equity in earnings of subsidiaries |  | (101,385) | ​ | (246,382) | ​ | (319,325)
Share-based compensation |  | 8,808 | ​ | 9,370 | ​ | 28,410
Deferred taxes | ​ | 805 | ​ | 3,319 | ​ | 5,180
Changes in operating assets and liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Amounts due from subsidiaries |  | (206,892) | ​ | 10,990 | ​ | 245,001
Prepaid expenses and other current assets |  | 17,353 | ​ | (7,900) | ​ | (1,594)
Other non-current assets |  | (4,907) | ​ | 10 | ​ | —
Amounts due to subsidiaries |  | (42,224) | ​ | 38,610 | ​ | (232,650)
Other current liabilities |  | (27,293) | ​ | (1,154) | ​ | 4,377
Liability for uncertain tax positions |  | (5,915) | ​ | (1,702) | ​ | (28)
Net settlement of derivatives | ​ | 4,633 | ​ | 439 | ​ | (859)
Net cash provided by (used in) operating activities |  | (264,201) | ​ | 47,714 | ​ | 5,681
Investing activities: | ​ | ​ | ​ | ​ | ​ | ​
Investments in subsidiaries |  | (138,456) | ​ | (65,421) | ​ | (22,164)
Investments in affiliates | ​ | (5,273) | ​ | (990) | ​ | —
Loans to subsidiaries | ​ | (201,192) | ​ | (122,050) | ​ | (62,226)
Repayment of loans to subsidiaries | ​ | 253,816 | ​ | 172,573 | ​ | 69,150
Net cash used in investing activities |  | (91,105) | ​ | (15,888) | ​ | (15,240)
Financing activities: | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from (repayment of) short-term borrowings |  | (80,000) | ​ | — | ​ | —
Repayment of loan from subsidiary |  | — | ​ | (49,554) | ​ | —
Loan from a subsidiary | ​ | 280,000 | ​ | — | ​ | —
Net proceeds from issuance of common shares | ​ | 148,510 | ​ | — | ​ | —
Net cash provided by (used in) financing activities |  | 348,510 | ​ | (49,554) | ​ | —
Effect of exchange rate changes |  | (797) | ​ | 5,957 | ​ | (5,460)
Net decrease in cash, cash equivalents and restricted cash |  | (7,593) | ​ | (11,771) | ​ | (15,019)
Cash, cash equivalents and restricted cash at the beginning of the year |  | 35,025 | ​ | 27,432 | ​ | 15,661
Cash, cash equivalents and restricted cash at the end of the year |  | 27,432 | ​ | 15,661 | ​ | 642
Supplemental disclosure of cash flow information: | ​ | ​ | ​ | ​ | ​ | ​
Interest paid (net of amounts capitalized) |  | 20,272 | ​ | 30,521 | ​ | 11,586
​

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 -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration