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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Common Shares
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, 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     95,248   95,248 14,628 109,876
Foreign currency translation adjustment       (21,964) (21,964) (4,332) (26,296)
Share-based compensation   8,808     8,808   8,808
Exercise of RSUs (in shares) 562,376            
Issuance of ordinary shares, net of issuance costs [1] $ 148,510       148,510   148,510
Issuance of ordinary shares, net of issuance costs (in shares) [1] 3,639,918            
Acquisition of non-controlling interest's ownership           (10,719) (10,719)
Proceeds from non-controlling interests           10,003 10,003
Disposal of subsidiaries           (6,588) (6,588)
Fair value change on derivatives (interest rate swap)       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            
Increase (Decrease) in Stockholders' Equity              
Net income     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
Exercise of RSUs (in shares) 483,377            
Transfer of equity interest in subsidiary to non-controlling interest   11,185   544 11,729 4,094 15,823
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 (interest rate swap)       716 716   716
Share of fair value change on interest rate swap 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
Increase (Decrease) in Stockholders' Equity              
Net income     274,187   274,187 89,447 $ 363,634
Foreign currency translation adjustment       6,759 6,759 1,382 8,141
Share-based compensation   46,981     46,981 8,354 55,335
Exercise of RSUs (in shares) [2] 1,652,686            
Transfer of equity interest in subsidiary to non-controlling interest   244,629   38,395 283,024 644,873 927,897
Sales proceed distribution to non-controlling interests           (3,990) (3,990)
Acquisition of non-controlling interest's ownership           (1,446) (1,446)
Proceeds from non-controlling interests           5,910 5,910
Subsidiary's shares under employee incentive plan           36,416 36,416
Fair value change of available-for-sale debt securities       (3,487) (3,487)   (3,487)
Fair value change on derivatives (interest rate swap)       (1,124) (1,124)   (1,124)
Share of fair value change on interest rate swap of affiliates       11,264 11,264   11,264
Balance at Dec. 31, 2023 $ 835,543 $ 292,737 $ 1,549,707 $ (118,744) $ 2,559,243 $ 1,146,001 $ 3,705,244
Balance (in shares) at Dec. 31, 2023 66,158,741           66,158,741
[1] 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.
[2] Represented the net proceeds of RMB6,628,683 ($927,897), after deducting the offering expenses of RMB277,929 ($38,995), from the IPO of CSI Solar Co., Ltd in 2023. Refer to Note 26 to the consolidated financial statements for further information.