x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 90-0893251 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer | x | Accelerated filer | ¨ |
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 6. | ||
• | our ability to complete the acquisition of power projects; |
• | our ability to complete construction of our construction projects and transition them into financially successful operating projects; |
• | fluctuations in supply, demand, prices and other conditions for electricity, other commodities and renewable energy credits (RECs); |
• | our electricity generation, our projections thereof and factors affecting production, including wind and other conditions, other weather conditions, availability and curtailment; |
• | changes in law, including applicable tax laws; |
• | public response to and changes in the local, state, provincial and federal regulatory framework affecting renewable energy projects, including the U.S. federal production tax credit (PTC), investment tax credit (ITC) and potential reductions in Renewable Portfolio Standards (RPS) requirements; |
• | the ability of our counterparties to satisfy their financial commitments or business obligations; |
• | the availability of financing, including tax equity financing, for our power projects; |
• | an increase in interest rates; |
• | our substantial short-term and long-term indebtedness, including additional debt in the future; |
• | competition from other power project developers; |
• | development constraints, including the availability of interconnection and transmission; |
• | potential environmental liabilities and the cost and conditions of compliance with applicable environmental laws and regulations; |
• | our ability to operate our business efficiently, manage capital expenditures and costs effectively and generate cash flow; |
• | our ability to retain and attract executive officers and key employees; |
• | our ability to keep pace with and take advantage of new technologies; |
• | the effects of litigation, including administrative and other proceedings or investigations, relating to our wind power projects under construction and those in operation; |
• | conditions in energy markets as well as financial markets generally, which will be affected by interest rates, foreign currency exchange rate fluctuations and general economic conditions; |
• | the effectiveness of our currency risk management program; |
• | the effective life and cost of maintenance of our wind turbines and other equipment; |
• | the increased costs of, and tariffs on, spare parts; |
• | scarcity of necessary equipment; |
• | negative public or community response to wind power projects; |
• | the value of collateral in the event of liquidation; and |
• | other factors discussed under “Risk Factors.” |
Pattern Energy Group Inc. Consolidated Balance Sheets (In thousands of U.S. Dollars, except share data) (Unaudited) | |||||||
March 31, 2016 | December 31, 2015 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents (Note 4)(1) | $ | 90,624 | $ | 94,808 | |||
Restricted cash (Note 4)(1) | 10,282 | 14,609 | |||||
Funds deposited by counterparty | 61,177 | — | |||||
Trade receivables (Note 4)(1) | 42,341 | 45,292 | |||||
Related party receivable | 674 | 734 | |||||
Reimbursable interconnection costs | — | 38 | |||||
Derivative assets, current | 22,028 | 24,338 | |||||
Prepaid expenses (Note 4)(1) | 13,173 | 14,498 | |||||
Other current assets (Note 4)(1) | 5,457 | 6,891 | |||||
Deferred financing costs, current, net of accumulated amortization of $5,775 and $5,192 as of March 31, 2016 and December 31, 2015, respectively | 2,156 | 2,121 | |||||
Total current assets | 247,912 | 203,329 | |||||
Restricted cash (Note 4)(1) | 16,835 | 36,875 | |||||
Property, plant and equipment, net of accumulated depreciation of $455,523 and $409,161 as of March 31, 2016 and December 31, 2015, respectively (Note 4)(1) | 3,264,632 | 3,294,620 | |||||
Unconsolidated investments | 99,996 | 116,473 | |||||
Derivative assets | 37,865 | 44,014 | |||||
Deferred financing costs | 4,106 | 4,572 | |||||
Net deferred tax assets | 10,159 | 6,804 | |||||
Finite-lived intangible assets, net of accumulated amortization of $6,046 and $4,357 as of March 31, 2016 and December 31, 2015, respectively (Note 4)(1) | 95,945 | 97,722 | |||||
Other assets (Note 4)(1) | 26,007 | 25,183 | |||||
Total assets | $ | 3,803,457 | $ | 3,829,592 | |||
Liabilities and equity | |||||||
Current liabilities: | |||||||
Accounts payable and other accrued liabilities (Note 4)(1) | $ | 19,747 | $ | 42,776 | |||
Accrued construction costs (Note 4)(1) | 4,854 | 23,565 | |||||
Counterparty deposit liability | 61,177 | — | |||||
Related party payable | 262 | 1,646 | |||||
Accrued interest | 2,859 | 9,035 | |||||
Dividends payable | 28,869 | 28,022 | |||||
Derivative liabilities, current | 16,364 | 14,343 | |||||
Revolving credit facility | 355,000 | 355,000 | |||||
Current portion of long-term debt, net of financing costs of $3,677 and $3,671 as of March 31, 2016 and December 31, 2015, respectively | 45,551 | 44,144 | |||||
Other current liabilities (Note 4)(1) | 2,340 | 2,156 | |||||
Total current liabilities | 537,023 | 520,687 | |||||
Long-term debt, net of financing costs of $21,905 and $22,632 as of March 31, 2016 and December 31, 2015, respectively | 1,174,833 | 1,174,380 | |||||
Convertible senior notes, net of financing costs of $4,727 and $5,014 as of March 31, 2016 and December 31, 2015, respectively | 198,733 | 197,362 | |||||
Derivative liabilities | 56,154 | 28,659 | |||||
Net deferred tax liabilities | 22,695 | 22,183 | |||||
Finite-lived intangible liability, net of accumulated amortization of $3,035 and $2,168 as of March 31, 2016 and December 31, 2015, respectively | 57,265 | 58,132 | |||||
Other long-term liabilities (Note 4)(1) | 54,891 | 52,427 | |||||
Total liabilities | 2,101,594 | 2,053,830 | |||||
Commitments and contingencies (Note 14) | |||||||
Equity: | |||||||
Class A common stock, $0.01 par value per share: 500,000,000 shares authorized; 74,930,970 and 74,644,141 shares outstanding as of March 31, 2016 and December 31, 2015, respectively | 750 | 747 | |||||
Additional paid-in capital | 955,455 | 982,814 | |||||
Accumulated loss | (100,829 | ) | (77,159 | ) | |||
Accumulated other comprehensive loss | (85,619 | ) | (73,325 | ) | |||
Treasury stock, at cost; 66,376 and 65,301 shares of Class A common stock as of March 31, 2016 and December 31, 2015, respectively | (1,596 | ) | (1,577 | ) | |||
Total equity before noncontrolling interest | 768,161 | 831,500 | |||||
Noncontrolling interest | 933,702 | 944,262 | |||||
Total equity | 1,701,863 | 1,775,762 | |||||
Total liabilities and equity | $ | 3,803,457 | $ | 3,829,592 | |||
(1) See Note 4 for disclosure of Variable Interest Entities |
Pattern Energy Group Inc. Consolidated Statements of Operations (In thousands of U.S. Dollars, except share data) (Unaudited) | |||||||
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Revenue: | |||||||
Electricity sales | $ | 85,663 | $ | 64,125 | |||
Related party revenue | 1,215 | 803 | |||||
Other revenue | 761 | (62 | ) | ||||
Total revenue | 87,639 | 64,866 | |||||
Cost of revenue: | |||||||
Project expense | 32,246 | 25,246 | |||||
Depreciation and accretion | 43,411 | 29,056 | |||||
Total cost of revenue | 75,657 | 54,302 | |||||
Gross profit | 11,982 | 10,564 | |||||
Operating expenses: | |||||||
General and administrative | 9,569 | 6,221 | |||||
Related party general and administrative | 1,897 | 1,808 | |||||
Total operating expenses | 11,466 | 8,029 | |||||
Operating income | 516 | 2,535 | |||||
Other income (expense): | |||||||
Interest expense | (21,061 | ) | (17,918 | ) | |||
Loss on undesignated derivatives, net | (13,631 | ) | (3,400 | ) | |||
Earnings (losses) in unconsolidated investments, net | 3,830 | (3,082 | ) | ||||
Related party income | 1,007 | 668 | |||||
Net gain (loss) on transactions | 33 | (1,284 | ) | ||||
Other income (expense), net | 1,556 | (324 | ) | ||||
Total other expense | (28,266 | ) | (25,340 | ) | |||
Net loss before income tax | (27,750 | ) | (22,805 | ) | |||
Tax provision (benefit) | 1,298 | (746 | ) | ||||
Net loss | (29,048 | ) | (22,059 | ) | |||
Net loss attributable to noncontrolling interest | (5,378 | ) | (2,160 | ) | |||
Net loss attributable to Pattern Energy | $ | (23,670 | ) | $ | (19,899 | ) | |
Weighted average number of shares: | |||||||
Class A common stock - Basic and diluted | 74,437,998 | 65,892,005 | |||||
Loss per share | |||||||
Class A common stock: | |||||||
Basic and diluted loss per share | $ | (0.32 | ) | $ | (0.30 | ) | |
Dividends declared per Class A common share | $ | 0.38 | $ | 0.34 |
Pattern Energy Group Inc. Consolidated Statements of Comprehensive Loss (In thousands of U.S. Dollars) (Unaudited) | |||||||
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Net loss | $ | (29,048 | ) | $ | (22,059 | ) | |
Other comprehensive loss: | |||||||
Foreign currency translation, net of zero tax impact | 10,862 | (9,194 | ) | ||||
Derivative activity: | |||||||
Effective portion of change in fair market value of derivatives, net of tax benefit of $2,723 and $684, respectively | (20,697 | ) | (10,757 | ) | |||
Reclassifications to net loss, net of tax impact of $302 and $173, respectively | 2,902 | 3,491 | |||||
Total change in effective portion of change in fair market value of derivatives | (17,795 | ) | (7,266 | ) | |||
Proportionate share of equity investee’s derivative activity: | |||||||
Effective portion of change in fair market value of derivatives, net of tax benefit of $2,673 and $866, respectively | (7,414 | ) | (2,402 | ) | |||
Reclassifications to net loss, net of tax impact of $452 and $171, respectively | 1,253 | 474 | |||||
Total change in effective portion of change in fair market value of derivatives | (6,161 | ) | (1,928 | ) | |||
Total other comprehensive loss, net of tax | (13,094 | ) | (18,388 | ) | |||
Comprehensive loss | (42,142 | ) | (40,447 | ) | |||
Less comprehensive loss attributable to noncontrolling interest: | |||||||
Net loss attributable to noncontrolling interest | (5,378 | ) | (2,160 | ) | |||
Derivative activity: | |||||||
Effective portion of change in fair market value of derivatives, net of tax benefit of $343 and $205, respectively | (928 | ) | (1,940 | ) | |||
Reclassifications to net loss, net of tax impact of $47 and $52, respectively | 128 | 916 | |||||
Total change in effective portion of change in fair market value of derivatives | (800 | ) | (1,024 | ) | |||
Comprehensive loss attributable to noncontrolling interest | (6,178 | ) | (3,184 | ) | |||
Comprehensive loss attributable to Pattern Energy | $ | (35,964 | ) | $ | (37,263 | ) |
Pattern Energy Group Inc. Consolidated Statements of Stockholders’ Equity (In thousands of U.S. Dollars, except share data) (Unaudited) | |||||||||||||||||||||||||||||||||||||
Class A Common Stock | Treasury Stock | ||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional Paid-in Capital | Accumulated Loss | Accumulated Other Comprehensive Loss | Total | Noncontrolling Interest | Total Equity | ||||||||||||||||||||||||||||
Balances at December 31, 2014 | 62,088,306 | $ | 621 | (25,465 | ) | $ | (717 | ) | $ | 723,938 | $ | (44,626 | ) | $ | (45,068 | ) | $ | 634,148 | $ | 530,586 | $ | 1,164,734 | |||||||||||||||
Issuance of Class A common stock related to the public offering, net of issuance costs | 7,000,000 | 70 | — | — | 196,091 | — | — | 196,161 | — | 196,161 | |||||||||||||||||||||||||||
Repurchase of shares for employee tax withholding | — | — | (10,089 | ) | (281 | ) | — | — | — | (281 | ) | — | (281 | ) | |||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 815 | — | — | 815 | — | 815 | |||||||||||||||||||||||||||
Dividends declared | — | — | — | — | (23,624 | ) | — | — | (23,624 | ) | — | (23,624 | ) | ||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | — | (748 | ) | (748 | ) | |||||||||||||||||||||||||
Net loss | — | — | — | — | — | (19,899 | ) | — | (19,899 | ) | (2,160 | ) | (22,059 | ) | |||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | — | (17,364 | ) | (17,364 | ) | (1,024 | ) | (18,388 | ) | |||||||||||||||||||||||
Balances at March 31, 2015 | 69,088,306 | $ | 691 | (35,554 | ) | $ | (998 | ) | $ | 897,220 | $ | (64,525 | ) | $ | (62,432 | ) | $ | 769,956 | $ | 526,654 | $ | 1,296,610 | |||||||||||||||
Balances at December 31, 2015 | 74,709,442 | $ | 747 | (65,301 | ) | $ | (1,577 | ) | $ | 982,814 | $ | (77,159 | ) | $ | (73,325 | ) | $ | 831,500 | $ | 944,262 | $ | 1,775,762 | |||||||||||||||
Issuance of Class A common stock under equity incentive award plan | 287,904 | 3 | — | — | (3 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Repurchase of shares for employee tax withholding | — | — | (1,075 | ) | (19 | ) | — | — | — | (19 | ) | — | (19 | ) | |||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,195 | — | — | 1,195 | — | 1,195 | |||||||||||||||||||||||||||
Dividends declared | — | — | — | — | (28,567 | ) | — | — | (28,567 | ) | — | (28,567 | ) | ||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | — | (3,917 | ) | (3,917 | ) | |||||||||||||||||||||||||
Other | — | — | — | — | 16 | — | — | 16 | (465 | ) | (449 | ) | |||||||||||||||||||||||||
Net loss | — | — | — | — | — | (23,670 | ) | — | (23,670 | ) | (5,378 | ) | (29,048 | ) | |||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | — | (12,294 | ) | (12,294 | ) | (800 | ) | (13,094 | ) | |||||||||||||||||||||||
Balances at March 31, 2016 | 74,997,346 | $ | 750 | (66,376 | ) | $ | (1,596 | ) | $ | 955,455 | $ | (100,829 | ) | $ | (85,619 | ) | $ | 768,161 | $ | 933,702 | $ | 1,701,863 |
Pattern Energy Group Inc. Consolidated Statements of Cash Flows (In thousands of U.S. Dollars) (Unaudited) | |||||||
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Operating activities | |||||||
Net loss | $ | (29,048 | ) | $ | (22,059 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation and accretion | 43,411 | 29,056 | |||||
Amortization of financing costs | 1,746 | 1,743 | |||||
Amortization of debt discount/premium, net | 1,032 | — | |||||
Amortization of power purchase agreements, net | 753 | — | |||||
Loss (gain) on derivatives, net | 17,757 | (531 | ) | ||||
Stock-based compensation | 1,195 | 815 | |||||
Deferred taxes | 1,143 | (878 | ) | ||||
(Earnings) losses in unconsolidated investments, net of distributions received | (3,517 | ) | 3,082 | ||||
Other noncash transactions | (784 | ) | 354 | ||||
Changes in operating assets and liabilities: | |||||||
Funds deposited by counterparty | (61,177 | ) | — | ||||
Trade receivables | 3,215 | 288 | |||||
Prepaid expenses | 1,360 | 5,089 | |||||
Other current assets | 1,022 | 118 | |||||
Other assets (non-current) | (236 | ) | (80 | ) | |||
Accounts payable and other accrued liabilities | (18,671 | ) | (688 | ) | |||
Counterparty deposit liability | 61,177 | — | |||||
Related party receivable/payable | (1,292 | ) | 565 | ||||
Accrued interest | (6,235 | ) | (2,374 | ) | |||
Other current liabilities | 166 | 593 | |||||
Long-term liabilities | 1,704 | 1,146 | |||||
Net cash provided by operating activities | 14,721 | 16,239 | |||||
Investing activities | |||||||
Decrease in restricted cash | 20,088 | 21,042 | |||||
Increase in restricted cash | (51 | ) | (5,055 | ) | |||
Capital expenditures | (24,084 | ) | (63,956 | ) | |||
Distribution from unconsolidated investments | 19,814 | 6,076 | |||||
Reimbursable interconnection receivable | 38 | 623 | |||||
Other investing activities | (163 | ) | — | ||||
Net cash provided by (used in) investing activities | 15,642 | (41,270 | ) |
Pattern Energy Group Inc. Consolidated Statements of Cash Flows (In thousands of U.S. Dollars) (Unaudited) | |||||||
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Financing activities | |||||||
Proceeds from public offering, net of issuance costs | $ | — | $ | 196,923 | |||
Repurchase of shares for employee tax withholding | (19 | ) | (281 | ) | |||
Dividends paid | (27,711 | ) | (15,578 | ) | |||
Capital distributions - noncontrolling interest | (3,917 | ) | (748 | ) | |||
Decrease in restricted cash | 16,735 | 8,763 | |||||
Increase in restricted cash | (12,405 | ) | (12,062 | ) | |||
Refund of deposit for letters of credit | — | 3,425 | |||||
Proceeds from revolving credit facility | 20,000 | — | |||||
Repayment of revolving credit facility | (20,000 | ) | (50,000 | ) | |||
Proceeds from construction loans | — | 47,595 | |||||
Repayment of long-term debt | (8,943 | ) | (8,435 | ) | |||
Other financing activities | (124 | ) | (4 | ) | |||
Net cash (used in) provided by financing activities | (36,384 | ) | 169,598 | ||||
Effect of exchange rate changes on cash and cash equivalents | 1,837 | (2,893 | ) | ||||
Net change in cash and cash equivalents | (4,184 | ) | 141,674 | ||||
Cash and cash equivalents at beginning of period | 94,808 | 101,656 | |||||
Cash and cash equivalents at end of period | $ | 90,624 | $ | 243,330 | |||
Supplemental disclosures | |||||||
Cash payments for income taxes | $ | 97 | $ | 18 | |||
Cash payments for interest expense, net of capitalized interest | 24,204 | 18,442 | |||||
Schedule of non-cash activities | |||||||
Change in fair value of designated interest rate swaps | $ | (17,795 | ) | $ | (7,266 | ) | |
Change in property, plant and equipment | 11,599 | (23,061 | ) | ||||
Amortization of deferred financing costs—included as construction in progress | — | 2,515 |
• | Pattern US Operations Holdings LLC (which consists primarily of 100% ownership of Hatchet Ridge Wind, LLC (Hatchet Ridge), Spring Valley Wind LLC (Spring Valley), Pattern Santa Isabel LLC (Santa Isabel), Ocotillo Express LLC (Ocotillo), Pattern Gulf Wind LLC (Gulf Wind) and Lost Creek Wind, LLC (Lost Creek), as well as the following consolidated controlling interest in Pattern Panhandle Wind LLC (Panhandle 1), Pattern Panhandle Wind 2 LLC (Panhandle 2), Post Rock Wind Power Project, LLC (Post Rock), Logan's Gap Wind LLC (Logan's Gap) and Fowler Ridge IV Wind Farm LLC (Amazon Wind Farm Fowler Ridge)); |
• | Pattern Canada Operations Holdings ULC (which consists primarily of 100% ownership of St. Joseph Windfarm Inc. (St. Joseph) and noncontrolling interests in South Kent Wind LP (South Kent), Grand Renewable Wind LP (Grand) and K2 Wind Ontario Limited Partnership (K2), which are accounted for as equity method investments); and |
• | Pattern Chile Holdings LLC (which includes a controlling interest in Parque Eólico El Arrayán SpA (El Arrayán)). |
March 31, 2016 | December 31, 2015 | ||||||
Operating wind farms | $ | 3,715,959 | $ | 3,700,140 | |||
Furniture, fixtures and equipment | 4,055 | 3,500 | |||||
Land | 141 | 141 | |||||
Subtotal | 3,720,155 | 3,703,781 | |||||
Less: accumulated depreciation | (455,523 | ) | (409,161 | ) | |||
Property, plant and equipment, net | $ | 3,264,632 | $ | 3,294,620 |
March 31, 2016 | |||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ | 8,316 | |
Restricted cash | 4,283 | ||
Trade receivables | 9,118 | ||
Prepaid expenses | 3,995 | ||
Other current assets | 706 | ||
Total current assets | 26,418 | ||
Restricted cash | 6,385 | ||
Property, plant and equipment, net | 1,473,993 | ||
Finite-lived intangible assets, net | 2,199 | ||
Other assets | 18,351 | ||
Total assets | $ | 1,527,346 | |
Liabilities | |||
Current liabilities: | |||
Accounts payable and other accrued liabilities | $ | 5,920 | |
Accrued construction costs | 4,431 | ||
Other current liabilities | 1,679 | ||
Total current liabilities | 12,030 | ||
Other long-term liabilities | 14,533 | ||
Total liabilities | $ | 26,563 |
Percentage of Ownership | |||||||||||||
March 31, 2016 | December 31, 2015 | March 31, 2016 | December 31, 2015 | ||||||||||
South Kent (1) | $ | — | $ | 6,185 | 50.0 | % | 50.0 | % | |||||
Grand | 2,376 | 5,735 | 45.0 | % | 45.0 | % | |||||||
K2 | 97,620 | 104,553 | 33.3 | % | 33.3 | % | |||||||
Unconsolidated investments | $ | 99,996 | $ | 116,473 |
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Revenue | $ | 72,416 | $ | 44,631 | |||
Cost of revenue | 19,727 | 12,315 | |||||
Operating expenses | 3,145 | 2,406 | |||||
Other expense | 38,090 | 35,291 | |||||
Net income (loss) | $ | 11,454 | $ | (5,381 | ) |
March 31, 2016 | December 31, 2015 | ||||||
Accounts payable | $ | 852 | $ | 625 | |||
Other accrued liabilities | 7,238 | 9,583 | |||||
Operating wind farm upgrade liability | 835 | 4,909 | |||||
Turbine operations and maintenance payable | 732 | 985 | |||||
Purchase agreement obligations | 1,725 | 5,749 | |||||
Land lease rent payable | 1,256 | 2,513 | |||||
Spare-parts inventory payables | 668 | 1,181 | |||||
Payroll liabilities | 2,488 | 5,345 | |||||
Property tax payable | 2,939 | 11,145 | |||||
Sales tax payable | 1,014 | 741 | |||||
Accounts payable and other accrued liabilities | $ | 19,747 | $ | 42,776 |
As of March 31, 2016 | |||||||||||||||
March 31, 2016 | December 31, 2015 | Contractual Interest Rate | Effective Interest Rate | Maturity | |||||||||||
Project-level | |||||||||||||||
Fixed interest rate | |||||||||||||||
El Arrayán EKF term loan | $ | 105,262 | $ | 107,160 | 5.56 | % | 5.56 | % | March 2029 | ||||||
Santa Isabel term loan | 109,130 | 109,973 | 4.57 | % | 4.57 | % | September 2033 | ||||||||
Variable interest rate | |||||||||||||||
Ocotillo commercial term loan (1) | 208,119 | 208,119 | 2.38 | % | 3.77 | % | (2) | August 2020 | |||||||
Lost Creek term loan | 107,324 | 110,846 | 2.57 | % | 6.49 | % | (2) | September 2027 | |||||||
El Arrayán commercial term loan | 95,692 | 97,418 | 3.18 | % | 5.66 | % | (2) | March 2029 | |||||||
Spring Valley term loan | 131,812 | 132,670 | 2.39 | % | 4.89 | % | (2) | June 2030 | |||||||
Ocotillo development term loan | 104,500 | 104,500 | 2.73 | % | 4.37 | % | (2) | August 2033 | |||||||
St. Joseph term loan (1) | 168,219 | 158,181 | 2.53 | % | 3.84 | % | November 2033 | ||||||||
Imputed interest rate | |||||||||||||||
Hatchet Ridge financing lease obligation | 214,580 | 214,580 | 1.43 | % | 1.43 | % | December 2032 | ||||||||
1,244,638 | 1,243,447 | ||||||||||||||
Unamortized premium, net (3) | 1,328 | 1,380 | |||||||||||||
Unamortized financing costs | (25,582 | ) | (26,303 | ) | |||||||||||
Current portion (4) | (45,551 | ) | (44,144 | ) | |||||||||||
Long-term debt, less current portion | $ | 1,174,833 | $ | 1,174,380 |
(1) | The amortization for the Ocotillo commercial term loan and the St. Joseph term loan are through June 2030 and September 2036, respectively, which differs from the stated maturity date of such loans due to prepayment requirements. |
(2) | Includes impact of interest rate derivatives. Refer to Note 9, Derivative Instruments, for discussion of interest rate derivatives. |
(3) | Amount is related to the Lost Creek term loan. |
(4) | Amount is presented net of the current portion of unamortized financing costs of $3.7 million and $3.7 million as of March 31, 2016 and December 31, 2015, respectively. |
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Interest and commitment fees incurred | $ | 17,114 | $ | 16,487 | |||
Capitalized interest, commitment fees, and letter of credit fees | — | (1,318 | ) | ||||
Letter of credit fees incurred | 1,169 | 1,006 | |||||
Amortization of debt discount/premium, net | 1,032 | — | |||||
Amortization of financing costs | 1,746 | 1,743 | |||||
Interest expense | $ | 21,061 | $ | 17,918 |
March 31, 2016 | December 31, 2015 | ||||||
Principal | $ | 225,000 | $ | 225,000 | |||
Less: | |||||||
Unamortized debt discount | (21,540 | ) | (22,624 | ) | |||
Unamortized financing costs | (4,727 | ) | (5,014 | ) | |||
Carrying value of convertible senior notes | $ | 198,733 | $ | 197,362 | |||
Carrying value of the equity component (1) | $ | 23,743 | $ | 23,743 |
(1) | Included in the consolidated balance sheets within additional paid-in capital, net of $0.7 million in equity issuance costs. |
March 31, 2016 | ||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||
Current | Long-Term | Current | Long-Term | |||||||||||||
Fair Value of Designated Derivatives: | ||||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | 11,416 | $ | 43,285 | ||||||||
Fair Value of Undesignated Derivatives: | ||||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | 4,642 | $ | 12,290 | ||||||||
Energy derivative | 20,993 | 37,865 | — | — | ||||||||||||
Foreign currency forward contracts | 1,035 | — | 306 | 579 | ||||||||||||
Total Fair Value | $ | 22,028 | $ | 37,865 | $ | 16,364 | $ | 56,154 | ||||||||
December 31, 2015 | ||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||
Current | Long-Term | Current | Long-Term | |||||||||||||
Fair Value of Designated Derivatives: | ||||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | 10,034 | $ | 24,360 | ||||||||
Fair Value of Undesignated Derivatives: | ||||||||||||||||
Interest rate swaps | $ | — | $ | 559 | $ | 4,309 | $ | 4,299 | ||||||||
Energy derivative | 20,856 | 42,827 | — | — | ||||||||||||
Foreign currency forward contracts | 3,482 | 628 | — | — | ||||||||||||
Total Fair Value | $ | 24,338 | $ | 44,014 | $ | 14,343 | $ | 28,659 |
Unit of Measure | March 31, 2016 | December 31, 2015 | ||||||||
Designated Derivative Instruments | ||||||||||
Interest rate swaps | USD | $ | 375,003 | $ | 379,808 | |||||
Interest rate swaps | CAD | $ | 196,875 | $ | 196,988 | |||||
Undesignated Derivative Instruments | ||||||||||
Interest rate swaps | USD | $ | 273,400 | $ | 275,424 | |||||
Energy derivative | MWh | 1,565,280 | 1,707,350 | |||||||
Foreign currency forward contracts | CAD | $ | 58,800 | $ | 62,300 |
Three months ended March 31, | ||||||||||
Description | 2016 | 2015 | ||||||||
Gains (losses) recognized in accumulated OCI | Effective portion of change in fair value | $ | (20,697 | ) | $ | (10,757 | ) | |||
Gains (losses) reclassified from accumulated OCI into: | ||||||||||
Interest expense | Derivative settlements | $ | (2,902 | ) | $ | (3,491 | ) | |||
Gains (losses) recognized in interest expense | Ineffective portion | $ | (89 | ) | $ | — |
Three months ended March 31, | ||||||||||||
Derivative Type | Financial Statement Line Item | Description | 2016 | 2015 | ||||||||
Interest rate derivatives | (Loss) gain on undesignated derivatives, net | Change in fair value, net of settlements | $ | (8,881 | ) | $ | (3,072 | ) | ||||
Interest rate derivatives | (Loss) gain on undesignated derivatives, net | Derivative settlements | $ | (1,326 | ) | $ | (959 | ) | ||||
Energy derivative | Electricity sales | Change in fair value, net of settlements | $ | (4,825 | ) | $ | 2,972 | |||||
Energy derivative | Electricity sales | Derivative settlements | $ | 6,733 | $ | 6,169 | ||||||
Foreign currency forward contracts | (Loss) gain on undesignated derivatives, net | Change in fair value, net of settlements | $ | (3,961 | ) | $ | 631 | |||||
Foreign currency forward contracts | (Loss) gain on undesignated derivatives, net | Derivative settlements | $ | 537 | $ | — |
Foreign Currency | Effective Portion of Change in Fair Value of Derivatives | Proportionate Share of Equity Investee’s OCI | Total | ||||||||||||
Balances at December 31, 2014 | $ | (19,338 | ) | $ | (26,672 | ) | $ | (7,903 | ) | $ | (53,913 | ) | |||
Other comprehensive loss before reclassifications | (9,194 | ) | (10,757 | ) | (2,402 | ) | (22,353 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | — | 3,491 | 474 | 3,965 | |||||||||||
Net current period other comprehensive loss | (9,194 | ) | (7,266 | ) | (1,928 | ) | (18,388 | ) | |||||||
Balances at March 31, 2015 | $ | (28,532 | ) | $ | (33,938 | ) | $ | (9,831 | ) | $ | (72,301 | ) | |||
Less: accumulated other comprehensive loss attributable to noncontrolling interest, March 31, 2015 | — | (9,869 | ) | — | (9,869 | ) | |||||||||
Accumulated other comprehensive loss attributable to Pattern Energy, March 31, 2015 | $ | (28,532 | ) | $ | (24,069 | ) | $ | (9,831 | ) | $ | (62,432 | ) |
Foreign Currency | Effective Portion of Change in Fair Value of Derivatives | Proportionate Share of Equity Investee’s OCI | Total | ||||||||||||
Balances at December 31, 2015 | $ | (48,285 | ) | $ | (13,462 | ) | $ | (12,131 | ) | $ | (73,878 | ) | |||
Other comprehensive income (loss) before reclassifications | 10,862 | (20,697 | ) | (7,414 | ) | (17,249 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 2,902 | 1,253 | 4,155 | |||||||||||
Net current period other comprehensive income (loss) | 10,862 | (17,795 | ) | (6,161 | ) | (13,094 | ) | ||||||||
Balances at March 31, 2016 | $ | (37,423 | ) | $ | (31,257 | ) | $ | (18,292 | ) | $ | (86,972 | ) | |||
Less: accumulated other comprehensive loss attributable to noncontrolling interest, March 31, 2016 | — | (1,353 | ) | — | (1,353 | ) | |||||||||
Accumulated other comprehensive loss attributable to Pattern Energy, March 31, 2016 | $ | (37,423 | ) | $ | (29,904 | ) | $ | (18,292 | ) | $ | (85,619 | ) |
March 31, 2016 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | |||||||||||||||
Energy derivative | — | — | 58,858 | 58,858 | |||||||||||
Foreign currency forward contracts | — | 1,035 | — | 1,035 | |||||||||||
$ | — | $ | 1,035 | $ | 58,858 | $ | 59,893 | ||||||||
Liabilities | |||||||||||||||
Interest rate swaps | $ | — | $ | 71,633 | $ | — | $ | 71,633 | |||||||
Foreign currency forward contracts | — | 885 | — | 885 | |||||||||||
$ | — | $ | 72,518 | $ | — | $ | 72,518 |
December 31, 2015 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | |||||||||||||||
Interest rate swaps | $ | — | $ | 559 | $ | — | $ | 559 | |||||||
Energy derivative | — | — | 63,683 | 63,683 | |||||||||||
Foreign currency forward contracts | — | 4,110 | — | 4,110 | |||||||||||
$ | — | $ | 4,669 | $ | 63,683 | $ | 68,352 | ||||||||
Liabilities | |||||||||||||||
Interest rate swaps | $ | — | $ | 43,002 | $ | — | $ | 43,002 | |||||||
$ | — | $ | 43,002 | $ | — | $ | 43,002 |
March 31, 2016 | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range | ||||
Energy derivative | $58,858 | Discounted cash flow | Forward electricity prices | $10.44 - $67.99(1) | ||||
Discount rate | 0.63% - 0.97% | |||||||
December 31, 2015 | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range | ||||
Energy derivative | $63,683 | Discounted cash flow | Forward electricity prices | $12.48 - $74.94(1) | ||||
Discount rate | 0.61% - 1.46% |
(1) | Represents price per MWh |
Three months ended March 31, | ||||||||
2016 | 2015 | |||||||
Balances, beginning of period | $ | 63,683 | $ | 64,475 | ||||
Total gains included in electricity sales | 1,908 | 9,141 | ||||||
Settlements | (6,733 | ) | (6,169 | ) | ||||
Balances, end of period | $ | 58,858 | $ | 67,447 |
Fair Value | |||||||||||||||||||
As reflected on the balance sheet | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
March 31, 2016 | |||||||||||||||||||
Convertible senior notes | $ | 198,733 | $ | — | $ | 206,145 | $ | — | $ | 206,145 | |||||||||
Long-term debt, including current portion | $ | 1,220,384 | $ | — | $ | 1,206,259 | $ | — | $ | 1,206,259 | |||||||||
December 31, 2015 | |||||||||||||||||||
Convertible senior notes | $ | 197,362 | $ | — | $ | 189,863 | $ | — | $ | 189,863 | |||||||||
Long-term debt, including current portion | $ | 1,218,524 | $ | — | $ | 1,192,286 | $ | — | $ | 1,192,286 |
Dividends Per Share | Declaration Date | Record Date | Payment Date | ||||||
2016: | |||||||||
First Quarter | $ | 0.3810 | February 24, 2016 | March 31, 2016 | April 29, 2016 |
March 31, 2016 | December 31, 2015 | ||||||
El Arrayán | $ | 32,896 | $ | 34,224 | |||
Logan's Gap | 187,521 | 190,397 | |||||
Panhandle 1 | 195,214 | 195,791 | |||||
Panhandle 2 | 185,145 | 184,773 | |||||
Post Rock | 191,537 | 196,346 | |||||
Amazon Wind Farm Fowler Ridge | 141,389 | 142,731 | |||||
Noncontrolling interest | $ | 933,702 | $ | 944,262 |
Capital | Accumulated Income (Loss) | Accumulated Other Comprehensive Loss | Noncontrolling Interest | ||||||||||||
Balances at December 31, 2014 | $ | 529,539 | $ | 9,892 | $ | (8,845 | ) | $ | 530,586 | ||||||
Distributions to noncontrolling interests | (748 | ) | — | — | (748 | ) | |||||||||
Net loss | — | (2,160 | ) | — | (2,160 | ) | |||||||||
Other comprehensive loss, net of tax | — | — | (1,024 | ) | (1,024 | ) | |||||||||
Balances at March 31, 2015 | $ | 528,791 | $ | 7,732 | $ | (9,869 | ) | $ | 526,654 | ||||||
Balances at December 31, 2015 | $ | 972,241 | $ | (27,426 | ) | $ | (553 | ) | $ | 944,262 | |||||
Distributions to noncontrolling interests | (3,917 | ) | — | — | (3,917 | ) | |||||||||
Other | (465 | ) | — | — | (465 | ) | |||||||||
Net loss | — | (5,378 | ) | — | (5,378 | ) | |||||||||
Other comprehensive loss, net of tax | — | — | (800 | ) | (800 | ) | |||||||||
Balances at March 31, 2016 | $ | 967,859 | $ | (32,804 | ) | $ | (1,353 | ) | $ | 933,702 |
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Numerator for basic and diluted loss per share: | |||||||
Net loss attributable to Pattern Energy | $ | (23,670 | ) | $ | (19,899 | ) | |
Less: dividends declared on Class A common stock | (28,549 | ) | (23,624 | ) | |||
Less: earnings allocated to participating securities | (10 | ) | — | ||||
Undistributed loss attributable to common stockholders | $ | (52,229 | ) | $ | (43,523 | ) | |
Denominator for loss per share: | |||||||
Weighted average number of shares: | |||||||
Class A common stock - basic and diluted | 74,437,998 | 65,892,005 | |||||
Calculation of basic and diluted loss per share: | |||||||
Dividends | $ | 0.38 | $ | 0.36 | |||
Undistributed loss | (0.70 | ) | (0.66 | ) | |||
Basic and diluted loss per share | $ | (0.32 | ) | $ | (0.30 | ) | |
Dividends declared per Class A common share | $ | 0.38 | $ | 0.34 |
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Related party general and administrative | $ | (1,897 | ) | $ | (1,808 | ) | |
Related party income | 1,007 | 668 | |||||
Total | $ | (890 | ) | $ | (1,140 | ) |
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Related party revenue | $ | 1,215 | $ | 803 | |||
Total | $ | 1,215 | $ | 803 |
• | Recent Developments |
• | Key Metrics |
• | Results of Operations |
• | Liquidity and Capital Resources |
◦ | Sources of Liquidity |
◦ | Uses of Liquidity |
• | Critical Accounting Policies and Estimates |
Capacity (MW) | ||||||||||||||
Identified ROFO Projects | Status | Location | Construction Start (1) | Commercial Operations (2) | Contract Type | Rated (3) | Pattern Development- Owned (4) | |||||||
Armow | Operational | Ontario | 2014 | 2015 | PPA | 180 | 90 | |||||||
Kanagi Solar | Operational | Japan | 2014 | 2016 | PPA | 14 | 6 | |||||||
Futtsu Solar | Operational | Japan | 2014 | 2016 | PPA | 42 | 19 | |||||||
Meikle | In construction | British Columbia | 2015 | 2016 | PPA | 180 | 180 | |||||||
Conejo Solar | In construction | Chile | 2015 | 2016 | PPA | 104 | 84 | |||||||
Belle River | Securing final permits | Ontario | 2016 | 2017 | PPA | 100 | 50 | |||||||
Broadview projects | Late stage development | New Mexico | 2016 | 2017 | PPA | 324 | 259 | |||||||
Grady | Late stage development | New Mexico | 2016 | 2017 | PPA | 220 | 176 | |||||||
Henvey Inlet | Late stage development | Ontario | 2016 | 2017 | PPA | 300 | 150 | |||||||
North Kent | Late stage development | Ontario | 2016 | 2017 | PPA | 100 | 43 | |||||||
Mont Sainte-Marguerite | Late stage development | Québec | 2016 | 2017 | PPA | 147 | 147 | |||||||
Ohorayama | Late stage development | Japan | 2016 | 2017 | PPA | 33 | 31 | |||||||
Tsugaru | Late stage development | Japan | 2017 | 2018 | PPA | 126 | 63 | |||||||
1,870 | 1,298 |
(1) | Represents year of actual or anticipated commencement of construction. |
(2) | Represents year of actual or anticipated commencement of commercial operations. |
(3) | Rated capacity represents the maximum electricity generating capacity of a project in MW. As a result of wind and other conditions, a project or a turbine will not operate at its rated capacity at all times and the amount of electricity generated will be less than its rated capacity. The amount of electricity generated may vary based on a variety of factors. |
(4) | Pattern Development-owned capacity represents the maximum, or rated, electricity generating capacity of the project in MW multiplied by Pattern Development’s percentage ownership interest in the distributable cash flow of the project. |
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Net cash provided by operating activities | $ | 14,721 | $ | 16,239 | |||
Changes in operating assets and liabilities | 18,967 | (4,657 | ) | ||||
Network upgrade reimbursement | — | 618 | |||||
Release of restricted cash to fund project and general and administrative costs | 590 | — | |||||
Operations and maintenance capital expenditures | (230 | ) | (38 | ) | |||
Transaction costs for acquisitions | 13 | 420 | |||||
Distributions from unconsolidated investments | 19,814 | 6,076 | |||||
Other | — | (144 | ) | ||||
Less: | |||||||
Distributions to noncontrolling interests | (3,917 | ) | (748 | ) | |||
Principal payments paid from operating cash flows | (8,943 | ) | (8,435 | ) | |||
Cash available for distribution | $ | 41,015 | $ | 9,331 |
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Net loss | $ | (29,048 | ) | $ | (22,059 | ) | |
Plus: | |||||||
Interest expense, net of interest income | 20,315 | 17,699 | |||||
Tax provision (benefit) | 1,298 | (746 | ) | ||||
Depreciation, amortization and accretion | 45,384 | 29,056 | |||||
EBITDA | 37,949 | 23,950 | |||||
Unrealized loss (gain) on energy derivative (1) | 4,825 | (2,972 | ) | ||||
Loss on undesignated derivatives, net | 13,631 | 3,400 | |||||
Net (gain) loss on transactions | (33 | ) | 1,284 | ||||
Adjustments from unconsolidated investments | (1,712 | ) | — | ||||
Plus, proportionate share from unconsolidated investments: | |||||||
Interest expense, net of interest income | 7,219 | 5,438 | |||||
Depreciation, amortization and accretion | 6,293 | 4,509 | |||||
Loss on undesignated derivatives, net | 9,916 | 11,134 | |||||
Adjusted EBITDA | $ | 78,088 | $ | 46,743 |
(1) | Amount is included in electricity sales on the consolidated statements of operations. |
• | Consolidated MWh sold for any period presented, represents 100% of MWh sold by wholly-owned and partially-owned subsidiaries in which we have a controlling interest and are consolidated in our consolidated financial statements; |
• | Noncontrolling interest MWh represents that portion of partially-owned subsidiaries not attributable to us; |
• | Controlling interest in consolidated MWh is the difference between the consolidated MWh sold and the noncontrolling interest MWh; |
• | Unconsolidated investments proportional MWh is our proportion in MWh sold from our equity method investments; |
• | Proportional MWh sold for any period presented, represents the sum of the controlling interest and our percentage interest in our unconsolidated investments; and |
• | Average realized electricity price for each of consolidated MWh sold, unconsolidated investments proportional MWh sold and proportional MWh sold represents (i) total revenue from electricity sales for each of the respective MWh sold, discussed above, excluding unrealized gains and losses on our energy derivative and the amortization of finite-lived intangible assets and liabilities, divided by (ii) the respective MWh sold. |
Three months ended March 31, | |||||||||||||||
MWh sold | 2016 | 2015 | $ Change | % Change | |||||||||||
Consolidated MWh sold | 1,783,413 | 916,247 | 867,166 | 94.6 | % | ||||||||||
Less: noncontrolling MWh | (262,045 | ) | (158,303 | ) | (103,742 | ) | 65.5 | % | |||||||
Controlling interest in consolidated MWh | 1,521,368 | 757,944 | 763,424 | 100.7 | % | ||||||||||
Unconsolidated investments proportional MWh | 279,666 | 178,037 | 101,629 | 57.1 | % | ||||||||||
Proportional MWh sold | 1,801,034 | 935,981 | 865,053 | 92.4 | % | ||||||||||
Average realized electricity price per MWh | |||||||||||||||
Consolidated average realized electricity price per MWh | $ | 51 | $ | 67 | $ | (16 | ) | (23.9 | )% | ||||||
Unconsolidated investments proportional average realized electricity price per MWh | $ | 108 | $ | 121 | $ | (13 | ) | (10.7 | )% | ||||||
Proportional average realized electricity price per MWh | $ | 63 | $ | 79 | $ | (16 | ) | (20.3 | )% |
• | an increase in volume of 368,671 MWh from projects which commenced commercial operations since the third quarter of 2015; |
• | an increase in volume of 343,777 MWh from projects acquired in May 2015; and |
• | an increase in volume of 154,718 from projects in operation prior to 2015. |
• | an increase in volume of 763,424 MWh from controlling interest in consolidated MWh; and |
• | an increase in volume of 101,629 MWh from unconsolidated investments due primarily to the acquisition of K2 in June 2015. |
Three months ended March 31, | ||||||||||||||
2016 | 2015 | $ Change | % Change | |||||||||||
Revenue | $ | 87,639 | $ | 64,866 | $ | 22,773 | 35.1 | % | ||||||
Total cost of revenue | 75,657 | 54,302 | 21,355 | 39.3 | % | |||||||||
Total operating expenses | 11,466 | 8,029 | 3,437 | 42.8 | % | |||||||||
Total other expense | 28,266 | 25,340 | 2,926 | 11.5 | % | |||||||||
Net loss before income tax | (27,750 | ) | (22,805 | ) | (4,945 | ) | 21.7 | % | ||||||
Tax provision (benefit) | 1,298 | (746 | ) | 2,044 | (274.0 | )% | ||||||||
Net loss | (29,048 | ) | (22,059 | ) | (6,989 | ) | 31.7 | % | ||||||
Net loss attributable to noncontrolling interest | (5,378 | ) | (2,160 | ) | (3,218 | ) | 149.0 | % | ||||||
Net loss attributable to Pattern Energy | $ | (23,670 | ) | $ | (19,899 | ) | $ | (3,771 | ) | 19.0 | % |
• | $15.6 million from projects acquired in May 2015; |
• | $9.4 million in additional electricity sales from a project which commenced commercial operations since the third quarter of 2015; and |
• | $4.3 million from projects in operation prior to 2015. |
• | a $1.5 million increase in payroll and non-cash stock based compensation; and |
• | a $1.1 million increase in professional fees. |
• | a $8.1 million increase in interest expense primarily due to the issuance of convertible debt in July 2015, increased loan balances on the Revolving Credit Facility and an additional loan for an acquired project in 2015; |
• | a $6.2 million increase in loss on undesignated derivatives, net primarily due to losses from lower interest rate price curves compared to the interest rate price curves in the prior year; and |
• | a $4.1 million increase in losses from foreign currency derivative transactions. |
• | a $6.9 million increase in earnings (losses) in unconsolidated investments, net due primarily due to the acquisition of K2 in 2015; |
• | a $4.7 million decrease in interest expense primarily associated with prior period project-level debt extinguishment and refinancings; and |
• | a $3.2 million increase in other income combined with decreased net losses on transactions. |
March 31, 2016 | ||||
Unrestricted cash | $ | 90.6 | ||
Restricted cash | 27.1 | |||
Revolver availability | 113.3 | |||
Project facilities: | ||||
Post construction use | 104.3 | |||
$ | 335.3 |
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Net cash provided by operating activities | $ | 14.7 | $ | 16.2 | |||
Net cash provided by (used in) investing activities | 15.6 | (41.3 | ) | ||||
Net cash (used in) provided by financing activities | (36.4 | ) | 169.6 | ||||
Effect of exchange rate changes on cash and cash equivalents | 1.8 | (2.9 | ) | ||||
Net change in cash and cash equivalents | $ | (4.2 | ) | $ | 141.7 |
Dividends Per Share | Declaration Date | Record Date | Payment Date | ||||||
2016: | |||||||||
Second Quarter | $ | 0.3900 | May 4, 2016 | June 30, 2016 | July 29, 2016 | ||||
First Quarter | $ | 0.3810 | February 24, 2016 | March 31, 2016 | April 29, 2016 |
Total Project Debt | Percentage of Ownership | Our Portion of Unconsolidated Project Debt | ||||||||
South Kent | $ | 489,419 | 50.0 | % | $ | 244,710 | ||||
Grand | 283,484 | 45.0 | % | 127,568 | ||||||
K2 | 606,854 | 33.3 | % | 202,285 | ||||||
Unconsolidated investments - debt | $ | 1,379,757 | $ | 574,563 |
Exhibit No. | Description | |
3.1 | Amended and Restated Certificate of Incorporation of Pattern Energy Group Inc. (Incorporated by reference to Exhibit 3.1 to the Registrant’s Registration Statement on Form S-1/A dated September 20, 2013 (Registration No. 333-190538)). | |
3.2 | Amended and Restated Bylaws of Pattern Energy Group Inc. (Incorporated by reference to Exhibit 3.2 to the Registrant’s Registration Statement on Form S-1/A dated September 3, 2013 (Registration No. 333-190538)). | |
4.1 | Form of Class A Stock Certificate (Incorporated by reference to Exhibit 3.2 to the Registrant’s Registration Statement on Form S-1/A dated September 3, 2013 (Registration No. 333-190538)). | |
4.2 | Indenture, dated July 28, 2015, among Pattern Energy Group Inc., as issuer, Pattern US Finance Company LLC, as subsidiary guarantor, and Deutsche Bank Trust Company Americas, as trustee, related to 4.00% Convertible Senior Notes due 2020 (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed July 28, 2015). | |
10.1 | Assignment and Assumption of Lease and Consent of Landlord Agreement, effective as of January 1, 2016, by and between Pattern Energy Group LP, Pattern Energy Group Inc., and AMB Pier One, LLC (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K dated January 25, 2016). | |
31.1 | Certifications of the Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2 | Certifications of the Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32* | Certifications of the Company’s Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
* | This certification accompanies this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed “filed” by the Company for purposes of Section 18 of the Exchange Act. |
Pattern Energy Group Inc. | |||
Dated: | May 9, 2016 | By: | /s/ Michael J. Lyon |
Michael J. Lyon | |||
Chief Financial Officer | |||
(On behalf of the Registrant and as Principal Financial Officer) |
Date: | May 9, 2016 | By: | /s/ Michael M. Garland |
Michael M. Garland | |||
Chief Executive Officer and Director | |||
(Principal Executive Officer) |
Date: | May 9, 2016 | By: | /s/ Michael J. Lyon |
Michael J. Lyon | |||
Chief Financial Officer | |||
(Principal Financial Officer) |
Date: | May 9, 2016 | By: | /s/ Michael M. Garland |
Michael M. Garland | |||
Chief Executive Officer | |||
(Principal Executive Officer) |
Date: | May 9, 2016 | By: | /s/ Michael J. Lyon |
Michael J. Lyon | |||
Chief Financial Officer | |||
(Principal Financial Officer) |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
May. 04, 2016 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PEGI | |
Entity Registrant Name | Pattern Energy Group Inc. | |
Entity Central Index Key | 0001561660 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 74,930,648 |
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Deferred financing costs, current, accumulated amortization | $ 5,775 | $ 5,192 |
Property, plant and equipment, accumulated depreciation | 455,523 | 409,161 |
Finite-Lived Intangible Assets, Accumulated Amortization | 6,046 | 4,357 |
Current portion of long-term debt, financing costs | 3,677 | 3,671 |
Debt Instrument Unamortized Financing Cost Non-current | 21,905 | 22,632 |
Convertible senior notes, financing costs | 4,727 | 5,014 |
Accumulated amortization of finite-lived intangible liability | $ 3,035 | $ 2,168 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares outstanding | 74,930,970 | 74,644,141 |
Treasury stock, shares | 66,376 | 65,301 |
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Revenue: | ||
Electricity sales | $ 85,663 | $ 64,125 |
Related party revenue | 1,215 | 803 |
Other revenue | 761 | (62) |
Total revenue | 87,639 | 64,866 |
Cost of revenue: | ||
Project expense | 32,246 | 25,246 |
Depreciation and accretion | 43,411 | 29,056 |
Total cost of revenue | 75,657 | 54,302 |
Gross profit | 11,982 | 10,564 |
Operating expenses: | ||
General and administrative | 9,569 | 6,221 |
Related party general and administrative | 1,897 | 1,808 |
Total operating expenses | 11,466 | 8,029 |
Operating income | 516 | 2,535 |
Other income (expense): | ||
Interest expense | (21,061) | (17,918) |
Loss on undesignated derivatives, net | (13,631) | (3,400) |
Earnings (losses) in unconsolidated investments, net | 3,830 | (3,082) |
Related party income | 1,007 | 668 |
Net gain (loss) on transactions | 33 | (1,284) |
Other income (expense), net | 1,556 | (324) |
Total other expense | (28,266) | (25,340) |
Net loss before income tax | (27,750) | (22,805) |
Tax provision (benefit) | 1,298 | (746) |
Net loss | (29,048) | (22,059) |
Net loss attributable to noncontrolling interest | (5,378) | (2,160) |
Net loss attributable to Pattern Energy | $ (23,670) | $ (19,899) |
Weighted average number of shares: | ||
Class A common stock - Basic and diluted (in shares) | 74,437,998 | 65,892,005 |
Loss per share | ||
Basic and diluted loss per share (in dollars per share) | $ (0.32) | $ (0.30) |
Dividends declared per Class A common share (in dollars per share) | $ 0.38 | $ 0.34 |
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (29,048) | $ (22,059) |
Other comprehensive loss: | ||
Foreign currency translation, net of zero tax impact | 10,862 | (9,194) |
Derivative activity: | ||
Effective portion of change in fair market value of derivatives, net of tax benefit of $2,723 and $684, respectively | (20,697) | (10,757) |
Reclassifications to net loss, net of tax impact of $302 and $173, respectively | 2,902 | 3,491 |
Total change in effective portion of change in fair market value of derivatives | (17,795) | (7,266) |
Proportionate share of equity investee’s derivative activity: | ||
Effective portion of change in fair market value of derivatives, net of tax benefit of $2,723 and $684, respectively | (7,414) | (2,402) |
Reclassifications to net loss, net of tax impact of $452 and $171, respectively | 1,253 | 474 |
Total change in effective portion of change in fair market value of derivatives | (6,161) | (1,928) |
Total other comprehensive loss, net of tax | (13,094) | (18,388) |
Comprehensive loss | (42,142) | (40,447) |
Less comprehensive loss attributable to noncontrolling interest: | ||
Net loss attributable to noncontrolling interest | (5,378) | (2,160) |
Derivative activity: | ||
Effective portion of change in fair market value of derivatives, net of tax benefit of $343 and $205, respectively | (928) | (1,940) |
Reclassifications to net loss, net of tax impact of $47 and $52, respectively | 128 | 916 |
Total change in effective portion of change in fair market value of derivatives | (800) | (1,024) |
Comprehensive loss attributable to noncontrolling interest | (6,178) | (3,184) |
Comprehensive loss attributable to Pattern Energy | $ (35,964) | $ (37,263) |
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation, tax impact | $ 0 | $ 0 |
Effective portion of change in fair market value of derivatives, benefit | 2,723 | 684 |
Reclassifications to net loss due to termination of interest rate derivatives, tax impact | 0 | 0 |
Reclassifications to net loss, tax impact | 302 | 173 |
Effective portion of change in fair market value of derivatives, tax benefit - equity investee | 2,673 | 866 |
Reclassifications to net loss, tax impact - equity investee | 452 | 171 |
Effective portion of change in fair market value of derivatives, tax benefit - noncontrolling interest | 343 | 205 |
Reclassifications to net loss, tax impact - noncontrolling interest | $ 47 | $ 52 |
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Accumulated Income (Deficit) [Member] |
Noncontrolling Interest [Member] |
Parent Company [Member] |
Parent Company [Member]
Common Stock [Member]
Class A Common Stock [Member]
|
Parent Company [Member]
Treasury Stock [Member]
|
Parent Company [Member]
Additional Paid-in Capital [Member]
|
Parent Company [Member]
Accumulated Income (Deficit) [Member]
|
Parent Company [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
|
---|---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2014 | $ 1,164,734 | $ 530,586 | $ 634,148 | $ 621 | $ (717) | $ 723,938 | $ (44,626) | $ (45,068) | |
Balance, shares at Dec. 31, 2014 | (62,088,306) | (25,465) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of Class A common stock related to the public offering, net of issuance costs | 196,161 | 196,161 | $ 70 | 196,091 | |||||
Issuance of Class A common stock related to the public offering, net of issuance costs, shares | 7,000,000 | ||||||||
Repurchase of shares for employee tax withholding | (281) | (281) | $ (281) | ||||||
Repurchase of shares for employee tax withholding, shares | (10,089) | ||||||||
Stock-based compensation | 815 | 815 | 815 | ||||||
Dividends declared | (23,624) | (23,624) | (23,624) | ||||||
Distribution to noncontrolling interests | (748) | $ 0 | (748) | ||||||
Net loss | (22,059) | (2,160) | (19,899) | (19,899) | |||||
Other comprehensive loss, net of tax | (18,388) | (1,024) | (17,364) | (17,364) | |||||
Ending Balance at Mar. 31, 2015 | 1,296,610 | 526,654 | 769,956 | $ 691 | $ (998) | 897,220 | (64,525) | (62,432) | |
Balance, shares at Mar. 31, 2015 | (69,088,306) | (35,554) | |||||||
Beginning Balance at Dec. 31, 2015 | 1,775,762 | 944,262 | 831,500 | $ 747 | $ (1,577) | 982,814 | (77,159) | (73,325) | |
Balance, shares at Dec. 31, 2015 | (74,709,442) | (65,301) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuances of Class A common stock under equity incentive award plan | $ 3 | (3) | |||||||
Issuances of Class A common stock under equity incentive award plan, shares | 287,904 | ||||||||
Repurchase of shares for employee tax withholding | (19) | (19) | $ (19) | ||||||
Repurchase of shares for employee tax withholding, shares | (1,075) | ||||||||
Stock-based compensation | 1,195 | 1,195 | 1,195 | ||||||
Dividends declared | (28,567) | (28,567) | (28,567) | ||||||
Distribution to noncontrolling interests | (3,917) | $ 0 | (3,917) | ||||||
Adjustments to Additional Paid in Capital, Other | (449) | (465) | 16 | 16 | |||||
Net loss | (29,048) | (5,378) | (23,670) | (23,670) | |||||
Other comprehensive loss, net of tax | (13,094) | (800) | (12,294) | (12,294) | |||||
Ending Balance at Mar. 31, 2016 | $ 1,701,863 | $ 933,702 | $ 768,161 | $ 750 | $ (1,596) | $ 955,455 | $ (100,829) | $ (85,619) | |
Balance, shares at Mar. 31, 2016 | (74,997,346) | (66,376) |
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
||||
Operating activities | |||||
Net loss | $ (29,048) | $ (22,059) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
Depreciation and accretion | 43,411 | 29,056 | |||
Amortization of financing costs | 1,746 | 1,743 | |||
Amortization of debt discount/premium, net | 1,032 | 0 | |||
Amortization of power purchase agreements, net | 753 | 0 | |||
Loss (gain) on derivatives, net | 17,757 | (531) | |||
Stock-based compensation | 1,195 | 815 | |||
Deferred taxes | 1,143 | (878) | |||
(Earnings) losses in unconsolidated investments, net | (3,517) | 3,082 | |||
Other noncash transactions | (784) | 354 | |||
Changes in operating assets and liabilities: | |||||
Funds deposited by counterparty | (61,177) | 0 | |||
Trade receivables | 3,215 | 288 | |||
Prepaid expenses | 1,360 | 5,089 | |||
Other current assets | 1,022 | 118 | |||
Other assets (non-current) | (236) | (80) | |||
Accounts payable and other accrued liabilities | (18,671) | (688) | |||
Counterparty deposit liability | 61,177 | 0 | |||
Related party receivable/payable | (1,292) | 565 | |||
Accrued interest | (6,235) | (2,374) | |||
Other current liabilities | 166 | 593 | |||
Long-term liabilities | 1,704 | 1,146 | |||
Net cash provided by operating activities | 14,721 | 16,239 | |||
Investing activities | |||||
Decrease in restricted cash | 20,088 | 21,042 | |||
Increase in restricted cash | (51) | (5,055) | |||
Capital expenditures | (24,084) | (63,956) | |||
Distribution from unconsolidated investments | 19,814 | 6,076 | |||
Reimbursable interconnection receivable | 38 | 623 | |||
Other investing activities | (163) | 0 | |||
Net cash provided by (used in) investing activities | 15,642 | (41,270) | |||
Financing activities | |||||
Proceeds from public offering, net of issuance costs | 0 | 196,923 | |||
Repurchase of shares for employee tax withholding | (19) | (281) | |||
Dividends paid | (27,711) | (15,578) | |||
Capital distributions - noncontrolling interest | (3,917) | (748) | |||
Decrease in restricted cash | 16,735 | 8,763 | |||
Increase in restricted cash | (12,405) | (12,062) | |||
Refund of deposit for letters of credit | 0 | 3,425 | |||
Proceeds from revolving credit facility | 20,000 | 0 | |||
Repayment of revolving credit facility | (20,000) | (50,000) | |||
Proceeds from construction loans | 0 | 47,595 | |||
Repayment of long-term debt | (8,943) | (8,435) | |||
Other financing activities | (124) | (4) | |||
Net cash (used in) provided by financing activities | (36,384) | 169,598 | |||
Effect of exchange rate changes on cash and cash equivalents | 1,837 | (2,893) | |||
Net change in cash and cash equivalents | (4,184) | 141,674 | |||
Cash and cash equivalents at beginning of period | 94,808 | 101,656 | |||
Cash and cash equivalents at end of period | 90,624 | [1] | 243,330 | ||
Supplemental disclosures | |||||
Cash payments for income taxes | 97 | 18 | |||
Cash payments for interest expense, net of capitalized interest | 24,204 | 18,442 | |||
Schedule of non-cash activities | |||||
Change in fair value of designated interest rate swaps | (17,795) | (7,266) | |||
Change in property, plant and equipment | 11,599 | (23,061) | |||
Amortization of deferred financing costs—included as construction in progress | $ 0 | $ 2,515 | |||
|
Organization |
3 Months Ended | ||||||||||||
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Mar. 31, 2016 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||
Organization | Organization Pattern Energy Group Inc. (Pattern Energy or the Company) was organized in the state of Delaware on October 2, 2012. Pattern Energy is an independent energy generation company focused on constructing, owning and operating energy projects with long-term energy sales contracts located in the United States, Canada and Chile. Pattern Development owns a 23% interest in the Company. Pattern Development is a leading developer of renewable energy and transmission projects. The Company consists of the consolidated operations of certain entities and assets contributed by, or purchased principally from, Pattern Development, except for purchases of Lost Creek, Post Rock and certain additional interests in El Arrayán (each as defined below, which were purchased from third-parties). Each of the Company's wind projects are consolidated into the Company's subsidiaries which are organized by geographic location as follows:
|
Summary of Significant Accounting Policies |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements include the results of wholly-owned and partially-owned subsidiaries in which the Company has a controlling interest with all significant intercompany accounts and transactions eliminated in consolidation. Unaudited Interim Financial Information The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and Article 10 of Regulation S-X issued by the U.S. Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the interim financial information reflects all adjustments of a normal recurring nature, necessary for a fair presentation of the Company’s financial position at March 31, 2016, the results of operations and comprehensive loss for the three months ended March 31, 2016 and 2015, respectively, and the cash flows for the three months ended March 31, 2016 and 2015, respectively. The consolidated balance sheet at December 31, 2015 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. This Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates, and such differences may be material to the financial statements. Reclassification Certain prior period balances have been reclassified to conform to the current period presentation in the Company’s consolidated financial statements and the accompanying notes. Funds Deposited by Counterparty In January 2016, the Company received $61.2 million of cash collateral related to an energy derivative agreement, as discussed in Note 9. Derivative Instruments, as a result of the counterparty's credit rating downgrade. The Company does not have the right to pledge, invest, or use the cash collateral for general corporate purposes. The Company recorded the cash collateral as funds deposited by counterparty and a corresponding obligation to return the cash collateral to counterparty deposit liability on the consolidated balance sheet as of March 31, 2016. The cash was deposited into a separate custodial account for which the Company is not entitled to the interest earned on the cash collateral. Recently Issued Accounting Standards In addition to recently issued accounting standards disclosed in Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements, contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, the Company is evaluating or has adopted the following recently issued accounting standards. In April 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-10, Revenue from Contracts with Customers (Topic 606) Identifying Performance Obligations and Licensing (ASU 2016-10), which clarifies two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The effective date and transition requirements for ASU 2016-10 are the same as the effective date and transition requirements in ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date. The Company is currently assessing the future impact of this update on its consolidated financial statements and related disclosures and expects to adopt this update beginning January 1, 2018. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09), which simplifies several aspects of the accounting for share-based payment award transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company is currently assessing the future impact of this update on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (ASU 2016-08), which intends to improve the operability and understandability of the implementation guidance on principal versus agent considerations by amending certain existing illustrative examples and adding additional illustrative examples to assist in the application of the guidance. ASU 2016-08 is effective for annual periods beginning after December 15, 2017, including interim reporting periods therein. The Company is currently assessing the future impact of this update on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (ASU 2016-05), which clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria remain intact. ASU 2016-05 is effective for annual periods beginning after December 15, 2017, including interim reporting periods therein, with early adoption permitted. The adoption of ASU 2016-05 in the quarter ended March 31, 2016 had no impact on the Company's consolidated financial statements and related disclosures. In September 2015, the FASB issued ASU 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments (ASU 2015-16), which requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments under ASU 2015-16 require that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 also requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods, if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for annual reporting periods beginning after December 15, 2015 and interim periods within those fiscal years. The amendments in this update should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The adoption of ASU 2015-16 in the quarter ended March 31, 2016 did not have a material impact on the Company’s consolidated financial statements and related disclosures. In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis (ASU 2015-02), which modifies the analysis that companies must perform in order to determine whether a legal entity should be consolidated. ASU 2015-02 simplifies current guidance by reducing the number of consolidation models; eliminating the risk that a reporting entity may have to consolidate based on a fee arrangement with another legal entity; placing more weight on the risk of loss in order to identify the party that has a controlling financial interest; reducing the number of instances that related party guidance needs to be applied when determining the party that has a controlling financial interest; and changing rules for companies in certain industries that ordinarily employ limited partnership or variable interest entity (VIE) structures. ASU 2015-02 is effective for public companies for fiscal years beginning after December 15, 2015 and interim periods within those fiscal periods. The adoption of ASU 2015-02 in the quarter ended March 31, 2016 resulted in certain entities formerly consolidated under the voting interest consolidation model to be consolidated in accordance with the variable interest model as further described in Note 4, Variable Interest Entities. The adoption of ASU 2015-02 did not result in the deconsolidation of any previously consolidated entity or the consolidation of any previously unconsolidated entity and had no impact on the Company's results of operations, and cash flows. In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation (ASU 2014-12), which requires an entity to treat a performance target that affects vesting that could be achieved after an employee completes the requisite service period as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. ASU 2014-12 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted either prospectively or retrospectively to all prior periods presented. The adoption of ASU 2014-12 in the quarter ended March 31, 2016 had no impact on the Company's consolidated financial statements and related disclosures. |
Property, Plant and Equipment |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment The table below presents the categories within property, plant and equipment as follows (in thousands):
The Company recorded depreciation expense related to property, plant and equipment of $42.7 million and $29.2 million for the three months ended March 31, 2016 and 2015, respectively. |
Variable Interest Entities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | Variable Interest Entities As of January 1, 2016, certain operating entities that were formerly consolidated under the voting interest consolidation model are now consolidated in accordance with the VIE consolidation model as a result of the adoption of ASU 2015-02 as further discussed in Note 2, Summary of Significant Accounting Policies. The operating entities determined to be VIEs by the Company are Logan's Gap, Panhandle 1, Panhandle 2, Post Rock and Amazon Wind Farm Fowler Ridge primarily because the tax equity interests lack substantive kick-out and participating rights. The Company determined that as the managing member it is the primary beneficiary of each VIE by reference to the power and benefits criterion under Accounting Standards Codification (ASC) 810, Consolidation. The Company considered responsibilities within the contractual agreements, which grant it the power to direct the activities of the VIE that most significantly impact the VIE's economic performance. Such activities include management of the wind farms' operations and maintenance, budgeting, policies and procedures. In addition, the Company has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs on the basis of the income allocations and cash distributions. The following presents the carrying amounts of the consolidated VIEs' assets and liabilities included in the consolidated balance sheet (in thousands). Assets presented below are restricted for settlement of the consolidated VIEs' obligations and all liabilities presented below can only be settled using the VIE resources.
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Unconsolidated Investments |
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Investments | Unconsolidated Investments The following projects are accounted for under the equity method of accounting and are presented in the Company's consolidated balance sheets for the periods below (in thousands):
(1)As of March 31, 2016, the equity method investment balance in South Kent was $0 due to cumulative equity method losses and cash distributions received in excess of carrying value. As a result, in accordance with ASC 323, Investments - Equity Method and Joint Ventures, the Company has suspended recognition of South Kent's equity method earnings or losses until such time as South Kent's subsequent cumulative equity method earnings exceed subsequent cumulative equity method losses and distributions received during the suspension period. During the periods when South Kent's equity method earnings or losses are suspended, the Company will record cash distributions received as gains in earnings (losses) in unconsolidated investments, net on the Company's consolidated statements of operations. For the three months ended March 31, 2016, equity method distributions in excess of the unconsolidated investment for South Kent were approximately $1.7 million. The following table summarizes the aggregated operating results of the unconsolidated investments for the three months ended March 31, 2016 and 2015, respectively (in thousands):
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Accounts Payable and Other Accrued Liabilities |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Other Accrued Liabilities | Accounts Payable and Other Accrued Liabilities The following table presents the components of accounts payable and other accrued liabilities (in thousands):
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Revolving Credit Facility |
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Mar. 31, 2016 | |
Text Block [Abstract] | |
Revolving Credit Facility | Revolving Credit Facility As of March 31, 2016, $113.3 million was available for borrowing under the $500 million Revolving Credit Facility. The Revolving Credit Facility is secured by pledges of the capital stock and ownership interests in certain of the Company’s holding company subsidiaries. The Revolving Credit Facility contains a broad range of covenants that, subject to certain exceptions, restrict the Company’s holding company subsidiaries' ability to incur debt, grant liens, sell or lease assets, transfer equity interests, dissolve, pay distributions and change its business. As of March 31, 2016, the Company's holding company subsidiaries are in compliance with covenants contained in the Revolving Credit Facility. As of March 31, 2016 and December 31, 2015, outstanding loan balances under the Revolving Credit Facility were $355.0 million and $355.0 million, respectively. In addition, as of March 31, 2016 and December 31, 2015, letters of credit of $31.7 million and $27.2 million, respectively, were issued under the Revolving Credit Facility. |
Long-term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | Long-term Debt The Company’s long-term debt for the following periods is presented below (in thousands):
Interest and commitment fees incurred and interest expense for long-term debt, the revolving credit facility and Convertible Senior Notes consisted of the following (in thousands):
Convertible Senior Notes due 2020 In July 2015, the Company issued $225.0 million aggregate principal amount of 4.00% convertible senior notes due 2020 (Convertible Senior Notes or 2020 Notes). The 2020 Notes bear interest at a rate of 4.00% per year, payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2016. The 2020 Notes will mature on July 15, 2020. The 2020 Notes were sold in a private placement. The following table presents a summary of the equity and liability components of the 2020 Notes (in thousands):
During the three months ended March 31, 2016, in relation to the 2020 Notes, the Company recorded $2.2 million, $0.3 million and $1.1 million related to the contractual coupon interest, amortization of financing costs and amortization of debt discount, respectively, in interest expense in its consolidated statements of operations. |
Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments The Company employs a variety of derivative instruments to manage its exposure to fluctuations in electricity prices, interest rates and foreign currency exchange rates. Energy prices are subject to wide swings as supply and demand are impacted by, among many other unpredictable items, weather, market liquidity, generating facility availability, customer usage, storage, and transmission and transportation constraints. Interest rate risk exists primarily on variable-rate debt for which the cash flows vary based upon movement in market prices. Additionally, the Company is exposed to foreign currency exchange rate risk primarily from its business operations in Canada and Chile. The Company’s objectives for holding these derivative instruments include reducing, eliminating and efficiently managing the economic impact of these exposures as effectively as possible. The Company does not hedge all of its electricity price risk, interest rate risks, and foreign currency exchange rate risks, thereby exposing the unhedged portions to changes in market prices. As of March 31, 2016, the Company had other energy-related contracts that did not meet the definition of a derivative instrument or qualified for the normal purchase normal sale scope exception and were therefore exempt from fair value accounting treatment. The following tables present the fair values of the Company's derivative instruments on a gross basis as reflected on the Company’s consolidated balance sheets (in thousands):
The following table summarizes the notional amounts of the Company's outstanding derivative instruments (in thousands except for MWh):
Derivatives Designated as Hedging Instruments Cash Flow Hedges The Company has interest rate swap agreements to hedge variable rate project-level debt. Under these interest rate swaps, the projects make fixed-rate interest payments and the counterparties to the agreements make variable-rate interest payments. For interest swaps that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive loss and reclassified into earnings in the period or periods during which a cash settlement occurs. The designated interest rate swaps have remaining maturities ranging from approximately 11.5 years to 20.5 years. The following table presents gains and losses on derivative contracts designated and qualifying as cash flow hedges recognized in accumulated other comprehensive loss, as well as amounts reclassified to earnings for the following periods (in thousands):
The Company estimates that $11.4 million in accumulated other comprehensive loss will be reclassified into earnings over the next twelve months. Derivatives Not Designated as Hedging Instruments The following table presents gains and losses on derivatives not designated as hedges (in thousands):
Interest Rate Swaps The Company has interest rate swap agreements to hedge variable rate project-level debt. Under these interest rate swaps, the projects make fixed-rate interest payments and the counterparties to the agreements make variable-rate interest payments. For interest rate swaps that are not designated and do not qualify as cash flow hedges, the changes in fair value are recorded in (loss) gain on undesignated derivatives, net in the consolidated statements of operations as these hedges are not accounted for under hedge accounting. The undesignated interest rate swaps have remaining maturities ranging from approximately 5.0 years to 14.3 years. Energy Derivative In 2010, Gulf Wind acquired an energy derivative instrument to manage its exposure to variable electricity prices over the life of the arrangement. The energy price swap fixes the price for a predetermined volume of production (the notional volume) over the life of the swap contract, through April 2019, by locking in a fixed price per MWh. The notional volume agreed to by the parties is approximately 504,220 MWh per year. The energy derivative instrument does not meet the criteria required to adopt hedge accounting. As a result, changes in fair value are recorded in electricity sales in the consolidated statements of operations. In January 2016, the Company received $61.2 million of cash collateral related to the energy derivative, as a result of the counterparty's credit rating downgrade. The Company does not have the right to pledge, invest, or use the cash collateral for general corporate purposes. The Company recorded the cash collateral as funds deposited by counterparty and a corresponding obligation to return the cash collateral to counterparty deposit liability on the consolidated balance sheet as of March 31, 2016. The cash was deposited into a separate custodial account for which the Company is not entitled to the interest earned on the cash collateral. Foreign Currency Forward Contracts The Company has established a currency risk management program. The objective of the program is to mitigate the foreign exchange rate risk arising from transactions or cash flows that have a direct or underlying exposure in non-U.S. dollar denominated currencies in order to reduce volatility in the Company’s cash flow, which may have an adverse impact to our short-term liquidity or financial condition. A majority of the Company’s power sale agreements and operating expenditures are transacted in U.S. dollars, with a growing portion transacted in currencies other than the U.S. dollar, primarily the Canadian dollar. The Company enters into foreign currency forward contracts at various times to mitigate the currency exchange rate risk on Canadian dollar denominated cash flows. These instruments have remaining maturities ranging from one to eighteen months. The foreign currency forward contracts are considered non-designated derivative instruments and are not used for trading or speculative purposes. As a result, changes in fair value and settlements are recorded in loss on undesignated derivatives, net in the consolidated statements of operations. |
Accumulated Other Comprehensive Loss |
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Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following tables summarize the changes in the accumulated other comprehensive loss balance, net of tax, by component as follows (in thousands):
Amounts reclassified from accumulated other comprehensive loss into net loss for the effective portion of change in fair value of derivatives is recorded to interest expense in the consolidated statements of operations. Amounts reclassified from accumulated other comprehensive loss into net loss for the Company’s proportionate share of equity investee’s other comprehensive loss is recorded to earnings (losses) in unconsolidated investments, net in the consolidated statements of operations. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Company’s fair value measurements incorporate various factors, including the credit standing and performance risk of the counterparties, the applicable exit market, and specific risks inherent in the instrument. Nonperformance and credit risk adjustments on risk management instruments are based on current market inputs when available, such as credit default hedge spreads. When such information is not available, internal models may be used. Assets and liabilities recorded at fair value in the consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to valuation of these assets or liabilities are set forth below. Transfers between levels are recognized at the end of each quarter. The Company did not recognize any transfers between levels during the periods presented. Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuations technique and the risk inherent in the inputs to the model. Short-term Financial Instruments Short-term financial instruments consist principally of cash and cash equivalents, restricted cash, funds deposited by counterparty, trade receivables, current portion of prepaid expenses, related party receivable/payable, reimbursable interconnection costs, accounts payable and other accrued liabilities, accrued construction costs, counterparty deposit liability, accrued interest, dividends payable and the revolving credit facility. Based on the nature and short maturity of these instruments, their carrying cost approximates their fair value, and they are presented in the Company’s financial statements at carrying cost. The fair values of cash and cash equivalents and restricted cash are classified as Level 1 in the fair value hierarchy. Financial Instruments Measured at Fair Value on a Recurring Basis The Company’s financial assets and liabilities which require fair value measurement on a recurring basis are classified within the fair value hierarchy as follows (in thousands):
Level 2 Inputs Derivative instruments subject to re-measurement are presented in the financial statements at fair value. The Company's interest rate swaps were valued by discounting the net cash flows using the forward LIBOR curve with the valuations adjusted by the Company’s credit default hedge rate. The Company’s foreign currency forward contracts were valued using the income approach based on the present value of the forward rates less the contract rates, multiplied by the notional amounts. Level 3 Inputs The fair value of the energy derivative instrument is determined based on a third-party valuation model. The methodology and inputs are evaluated by management for consistency and reasonableness by comparing inputs used by the third-party valuation provider to another third-party pricing service for identical or similar instruments and also agreeing inputs used in the third-party valuation model to the derivative contract for accuracy. Any significant changes are further evaluated for reasonableness by obtaining additional documentation from the third-party valuation provider. The energy derivative instrument is valued by discounting the projected net cash flows over the remaining life of the derivative instrument using forward electricity prices which are derived from observable prices, such as forward gas curves, adjusted by a non-observable heat rate for when the contract term extends beyond a period for which market data is available. The significant unobservable input in calculating the fair value of the energy derivative instrument is forward electricity prices. Significant increases or decreases in this unobservable input would result in a significantly lower or higher fair value measurement. The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements were as follows (in thousands, for fair value):
The following table presents a reconciliation of the energy derivative contract measured at fair value on a recurring basis using significant unobservable inputs (in thousands):
During the three months ended March 31, 2016 and 2015, the Company recognized unrealized gains (losses) on the energy derivative of $(4.8) million and $3.0 million, respectively which were recorded to electricity sales on the consolidated statements of operations. Financial Instruments not Measured at Fair Value The following table presents the carrying amount and fair value and the fair value hierarchy of the Company’s financial liabilities that are not measured at fair value in the consolidated balance sheets, but for which fair value is disclosed (in thousands):
Long-term debt and the convertible senior notes are presented on the consolidated balance sheets, net of financing costs, discounts and premiums. The fair value of variable interest rate long-term debt is approximated by its carrying cost. The fair value of fixed interest rate long-term debt is estimated based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied, using the net present value of cash flow streams over the term using estimated market rates for similar instruments and remaining terms. |
Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders' Equity Dividends The following table presents cash dividends declared on Class A common stock for the periods presented:
Noncontrolling Interests The table below presents the balances for noncontrolling interests by project as follows (in thousands):
The table below presents the components of total noncontrolling interest as reported in stockholders’ equity and the consolidated balance sheets as follows (in thousands):
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Loss Per Share |
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Loss Per Share | Loss Per Share The Company computes loss per share attributable to common stockholders using the two-class method as the Company has outstanding shares that meet the definition of participating securities. The two-class method is used to determine net loss per share for each class of common stock and participating securities according to dividends declared or accumulated in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based on their respective rights to receive dividends as if all income for the period has been distributed. The Company computes basic loss per share by dividing net loss attributable to common stockholders (adjusted by net loss allocated to participating securities) by the weighted-average number of shares outstanding for the period. Diluted net loss attributable to common stockholders is adjusted to reallocate undistributed earnings based on the potential impact of dilutive securities (i.e. convertible senior notes). Diluted loss per share is computed by dividing diluted net loss attributable to common stockholders by the weighted-average number of shares outstanding for the period, adjusted for the inclusion of potentially dilutive common shares assuming the dilutive effect of stock options, unvested restricted stock awards (RSAs), unreleased deferred restricted stock units (RSUs) and convertible senior notes. The Company's deferred RSUs are deemed to be participating securities upon vesting, prior to release, as the vested units entitle each holder to non-forfeitable dividend rights. Potentially dilutive securities are determined by applying the treasury stock method to the assumed exercise of in-the-money stock options and the assumed vesting of outstanding RSAs and release of RSUs. Potentially dilutive securities related to convertible senior notes are determined using the if-converted method. For the three months ended March 31, 2016 and 2015, the Company excluded 8,028,616 and 72,385, respectively, of potentially dilutive securities from the diluted EPS calculation as their effect is anti-dilutive. The computations for Class A basic and diluted loss per share are as follows (in thousands except share data):
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Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Letters of Credit Power Sale Agreements The Company owns and operates wind power projects, and has entered into various long-term PSAs that terminate from 2019 to 2039. The terms of these agreements generally provide for the annual delivery of a minimum amount of electricity at fixed prices and in some cases include price escalation over the term of the agreement. Under the terms of these agreements, as of March 31, 2016, the Company issued irrevocable letters of credits to guarantee its performance for the duration of the agreements totaling $108.1 million. Project Finance Agreements The Company has various project finance agreements which obligate the Company to provide certain reserves to enhance its credit worthiness and facilitate the availability of credit. As of March 31, 2016, the Company issued irrevocable letters of credit totaling $113.6 million to ensure performance under these various project finance agreements. Contingencies Turbine Operating Warranties and Service Guarantees The Company has various turbine availability warranties and service guarantees from either its turbine manufacturers or service and maintenance providers. The service guarantees, primarily from one provider, are associated with long-term turbine service arrangements which commenced on various dates in 2014 and 2015 for certain wind projects. Pursuant to these warranties and service guarantees, if a turbine operates at less than minimum availability during the warranty period, the turbine manufacturer or service provider is obligated to pay, as liquidated damages, an amount for each percent that the turbine operates below the minimum availability threshold. In addition, if a turbine operates at more than a specified availability during the warranty period, the Company has an obligation to pay a bonus to the turbine manufacturer or service provider. As of March 31, 2016, the Company recorded liabilities of $2.7 million associated with bonuses payable to the turbine manufacturers and service providers. Legal Matters From time to time, the Company has become involved in claims and legal matters arising in the ordinary course of business. Management is not currently aware of any matters that will have a material adverse effect on the financial position, results of operations, or cash flows of the Company. Indemnity The Company provides a variety of indemnities in the ordinary course of business to contractual counterparties and to its lenders and other financial partners. The Company is party to certain indemnities for the benefit of project finance lenders and tax equity partners of certain projects. These consist principally of indemnities that protect the project finance lenders from, among other things, the potential effect of any recapture by the U.S. Department of the Treasury of any amount of the Cash Grants previously received by the projects and eligibility of production tax credits and certain legal matters, limited to the amount of certain related costs and expenses. |
Related Party Transactions |
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Related Party Transactions | Related Party Transactions Management Services Agreement and Shared Management The Company has entered into a bilateral Management Services Agreement with Pattern Development which provides for the Company and Pattern Development to benefit, primarily on a cost-reimbursement basis plus a 5% fee on certain direct costs, including the parties’ respective management and other professional, technical and administrative personnel, all of whom report to the Company’s executive officers. Costs and expenses incurred at Pattern Development or its subsidiaries on the Company's behalf will be allocated to the Company. Conversely, costs and expenses incurred at the Company or its subsidiaries on the behalf of Pattern Development will be allocated to Pattern Development. Pursuant to the bilateral Management Services Agreement, certain of the Company’s executive officers, including its Chief Executive Officer (shared PEG executives), also serve as executive officers of Pattern Development and devote their time to both the Company and Pattern Development as is prudent in carrying out their executive responsibilities and fiduciary duties. The shared PEG executives have responsibilities for both the Company and Pattern Development and, as a result, these individuals do not devote all of their time to the Company’s business. Under the terms of the Management Services Agreement, Pattern Development is required to reimburse the Company for an allocation of the compensation paid to such shared PEG executives reflecting the percentage of time spent providing services to Pattern Development. The following table presents net bilateral management service cost reimbursements included in the consolidated statements of operations (in thousands):
As of March 31, 2016 and December 31, 2015, the net amounts payable to Pattern Development for bilateral management service cost reimbursements were $0.3 million and $1.6 million, respectively. In addition, the Company recorded a receivable of $0.1 million and $0.1 million as of March 31, 2016 and December 31, 2015, respectively, related to expense reimbursements due from Pattern Development. Management Fees The Company provides management services and receives a fee for such services under agreements with its joint venture investees, South Kent, Grand and K2, in addition to various Pattern Development subsidiaries. The following table presents revenue for these agreements included in the consolidated statements of operations (in thousands):
A related party receivable of $0.6 million and $0.6 million was recorded in the consolidated balance sheets as of March 31, 2016 and December 31, 2015, respectively. |
Subsequent Events |
3 Months Ended |
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Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On May 4, 2016, the Company declared an increased dividend for the second quarter, payable on July 29, 2016, to holders of record on June 30, 2016, in the amount of $0.3900 per Class A share, or $1.56 on an annualized basis. This is a 2.4% increase from the first quarter. |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The consolidated financial statements include the results of wholly-owned and partially-owned subsidiaries in which the Company has a controlling interest with all significant intercompany accounts and transactions eliminated in consolidation. |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and Article 10 of Regulation S-X issued by the U.S. Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the interim financial information reflects all adjustments of a normal recurring nature, necessary for a fair presentation of the Company’s financial position at March 31, 2016, the results of operations and comprehensive loss for the three months ended March 31, 2016 and 2015, respectively, and the cash flows for the three months ended March 31, 2016 and 2015, respectively. The consolidated balance sheet at December 31, 2015 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. This Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates, and such differences may be material to the financial statements. |
Reclassification | Reclassification Certain prior period balances have been reclassified to conform to the current period presentation in the Company’s consolidated financial statements and the accompanying notes. |
Funds Deposited by Counterparty | Funds Deposited by Counterparty In January 2016, the Company received $61.2 million of cash collateral related to an energy derivative agreement, as discussed in Note 9. Derivative Instruments, as a result of the counterparty's credit rating downgrade. The Company does not have the right to pledge, invest, or use the cash collateral for general corporate purposes. The Company recorded the cash collateral as funds deposited by counterparty and a corresponding obligation to return the cash collateral to counterparty deposit liability on the consolidated balance sheet as of March 31, 2016. The cash was deposited into a separate custodial account for which the Company is not entitled to the interest earned on the cash collateral. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In addition to recently issued accounting standards disclosed in Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements, contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, the Company is evaluating or has adopted the following recently issued accounting standards. In April 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-10, Revenue from Contracts with Customers (Topic 606) Identifying Performance Obligations and Licensing (ASU 2016-10), which clarifies two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The effective date and transition requirements for ASU 2016-10 are the same as the effective date and transition requirements in ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date. The Company is currently assessing the future impact of this update on its consolidated financial statements and related disclosures and expects to adopt this update beginning January 1, 2018. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09), which simplifies several aspects of the accounting for share-based payment award transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company is currently assessing the future impact of this update on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (ASU 2016-08), which intends to improve the operability and understandability of the implementation guidance on principal versus agent considerations by amending certain existing illustrative examples and adding additional illustrative examples to assist in the application of the guidance. ASU 2016-08 is effective for annual periods beginning after December 15, 2017, including interim reporting periods therein. The Company is currently assessing the future impact of this update on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (ASU 2016-05), which clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria remain intact. ASU 2016-05 is effective for annual periods beginning after December 15, 2017, including interim reporting periods therein, with early adoption permitted. The adoption of ASU 2016-05 in the quarter ended March 31, 2016 had no impact on the Company's consolidated financial statements and related disclosures. In September 2015, the FASB issued ASU 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments (ASU 2015-16), which requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments under ASU 2015-16 require that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 also requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods, if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for annual reporting periods beginning after December 15, 2015 and interim periods within those fiscal years. The amendments in this update should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The adoption of ASU 2015-16 in the quarter ended March 31, 2016 did not have a material impact on the Company’s consolidated financial statements and related disclosures. In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis (ASU 2015-02), which modifies the analysis that companies must perform in order to determine whether a legal entity should be consolidated. ASU 2015-02 simplifies current guidance by reducing the number of consolidation models; eliminating the risk that a reporting entity may have to consolidate based on a fee arrangement with another legal entity; placing more weight on the risk of loss in order to identify the party that has a controlling financial interest; reducing the number of instances that related party guidance needs to be applied when determining the party that has a controlling financial interest; and changing rules for companies in certain industries that ordinarily employ limited partnership or variable interest entity (VIE) structures. ASU 2015-02 is effective for public companies for fiscal years beginning after December 15, 2015 and interim periods within those fiscal periods. The adoption of ASU 2015-02 in the quarter ended March 31, 2016 resulted in certain entities formerly consolidated under the voting interest consolidation model to be consolidated in accordance with the variable interest model as further described in Note 4, Variable Interest Entities. The adoption of ASU 2015-02 did not result in the deconsolidation of any previously consolidated entity or the consolidation of any previously unconsolidated entity and had no impact on the Company's results of operations, and cash flows. In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation (ASU 2014-12), which requires an entity to treat a performance target that affects vesting that could be achieved after an employee completes the requisite service period as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. ASU 2014-12 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted either prospectively or retrospectively to all prior periods presented. The adoption of ASU 2014-12 in the quarter ended March 31, 2016 had no impact on the Company's consolidated financial statements and related disclosures. |
Property, Plant and Equipment (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Plant and Equipment | The table below presents the categories within property, plant and equipment as follows (in thousands):
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Variable Interest Entities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Balances of Variable Interest Entities | The following presents the carrying amounts of the consolidated VIEs' assets and liabilities included in the consolidated balance sheet (in thousands). Assets presented below are restricted for settlement of the consolidated VIEs' obligations and all liabilities presented below can only be settled using the VIE resources.
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Unconsolidated Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Projects Accounted under Equity Method of Accounting | The following projects are accounted for under the equity method of accounting and are presented in the Company's consolidated balance sheets for the periods below (in thousands):
(1)As of March 31, 2016, the equity method investment balance in South Kent was $0 due to cumulative equity method losses and cash distributions received in excess of carrying value. As a result, in accordance with ASC 323, Investments - Equity Method and Joint Ventures, the Company has suspended recognition of South Kent's equity method earnings or losses until such time as South Kent's subsequent cumulative equity method earnings exceed subsequent cumulative equity method losses and distributions received during the suspension period. During the periods when South Kent's equity method earnings or losses are suspended, the Company will record cash distributions received as gains in earnings (losses) in unconsolidated investments, net on the Company's consolidated statements of operations. For the three months ended March 31, 2016, equity method distributions in excess of the unconsolidated investment for South Kent were approximately $1.7 million. |
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Unconsolidated Equity Method Investments [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Projects Accounted under Equity Method of Accounting | The following table summarizes the aggregated operating results of the unconsolidated investments for the three months ended March 31, 2016 and 2015, respectively (in thousands):
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Accounts Payable and Other Accrued Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accounts Payable and Other Accrued Liabilities | The following table presents the components of accounts payable and other accrued liabilities (in thousands):
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Long-term Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long Term Debt | The Company’s long-term debt for the following periods is presented below (in thousands):
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Schedule of Reconciliation of Interest Expense | Interest and commitment fees incurred and interest expense for long-term debt, the revolving credit facility and Convertible Senior Notes consisted of the following (in thousands):
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Schedule of Convertible Debt | The following table presents a summary of the equity and liability components of the 2020 Notes (in thousands):
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Derivative Instruments (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments Classified as Assets (Liabilities) | The following tables present the fair values of the Company's derivative instruments on a gross basis as reflected on the Company’s consolidated balance sheets (in thousands):
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Schedule of Notional Amounts of Outstanding Derivative Positions | The following table summarizes the notional amounts of the Company's outstanding derivative instruments (in thousands except for MWh):
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Derivative Instruments, Gain (Loss) | The following table presents gains and losses on derivative contracts designated and qualifying as cash flow hedges recognized in accumulated other comprehensive loss, as well as amounts reclassified to earnings for the following periods (in thousands):
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Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents gains and losses on derivatives not designated as hedges (in thousands):
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Accumulated Other Comprehensive Loss (Tables) |
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Accumulated Other Comprehensive Loss | The following tables summarize the changes in the accumulated other comprehensive loss balance, net of tax, by component as follows (in thousands):
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets and (Liabilities) Required Fair Value Measurement on Recurring Basis | The Company’s financial assets and liabilities which require fair value measurement on a recurring basis are classified within the fair value hierarchy as follows (in thousands):
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Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements were as follows (in thousands, for fair value):
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Reconciliation of Energy Derivative Contract Measured at Fair Value | The following table presents a reconciliation of the energy derivative contract measured at fair value on a recurring basis using significant unobservable inputs (in thousands):
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Carrying Amounts and Fair Values of Company's Financial Liabilities | The following table presents the carrying amount and fair value and the fair value hierarchy of the Company’s financial liabilities that are not measured at fair value in the consolidated balance sheets, but for which fair value is disclosed (in thousands):
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Stockholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Cash Dividends Declared on Class A Common Stock | The following table presents cash dividends declared on Class A common stock for the periods presented:
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Noncontrolling Interests By Project | The table below presents the balances for noncontrolling interests by project as follows (in thousands):
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Summary of Noncontrolling Interest Balances | The table below presents the components of total noncontrolling interest as reported in stockholders’ equity and the consolidated balance sheets as follows (in thousands):
|
Loss Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computations of Class A Basic and Diluted Earnings (Loss) per Share | The computations for Class A basic and diluted loss per share are as follows (in thousands except share data):
|
Related Party Transactions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated Costs Included in Combined Statement of Operations | The following table presents net bilateral management service cost reimbursements included in the consolidated statements of operations (in thousands):
|
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Schedule of Related Party Management Fees | The Company provides management services and receives a fee for such services under agreements with its joint venture investees, South Kent, Grand and K2, in addition to various Pattern Development subsidiaries. The following table presents revenue for these agreements included in the consolidated statements of operations (in thousands):
|
Organization - Additional Information (Detail) |
Mar. 31, 2016 |
---|---|
Pattern Development [Member] | |
Schedule Of Description Of Business [Line Items] | |
Ownership Interest in the Company by Pattern Development | 23.00% |
Hatchet Ridge [Member] | |
Schedule Of Description Of Business [Line Items] | |
Ownership Percentage | 100.00% |
St Josephs [Member] | |
Schedule Of Description Of Business [Line Items] | |
Ownership Percentage | 100.00% |
Spring Valley [Member] | |
Schedule Of Description Of Business [Line Items] | |
Ownership Percentage | 100.00% |
Pattern Santa Isabel LLC [Member] | |
Schedule Of Description Of Business [Line Items] | |
Ownership Percentage | 100.00% |
Ocotillo [Member] | |
Schedule Of Description Of Business [Line Items] | |
Ownership Percentage | 100.00% |
Pattern Gulf Wind LLC [Member] | |
Schedule Of Description Of Business [Line Items] | |
Ownership Percentage | 100.00% |
Lost Creek Wind, LLC [Member] | |
Schedule Of Description Of Business [Line Items] | |
Ownership Percentage | 100.00% |
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | |
---|---|---|---|
Jan. 31, 2016 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Accounting Policies [Abstract] | |||
Funds deposited by counterparty | $ 61,200 | $ (61,177) | $ 0 |
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 3,720,155 | $ 3,703,781 | |||
Less: accumulated depreciation | (455,523) | (409,161) | |||
Property, plant and equipment, net | 3,264,632 | [1] | 3,294,620 | ||
Operating wind farms [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 3,715,959 | 3,700,140 | |||
Furniture, fixtures and equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 4,055 | 3,500 | |||
Land [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 141 | $ 141 | |||
|
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Property, Plant and Equipment [Abstract] | ||
Depreciation expense related to property, plant and equipment | $ 42.7 | $ 29.2 |
Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
|||
---|---|---|---|---|---|---|---|
Variable Interest Entity [Line Items] | |||||||
Cash and cash equivalents | $ 90,624 | [1] | $ 94,808 | $ 243,330 | $ 101,656 | ||
Restricted cash | 10,282 | [1] | 14,609 | ||||
Trade receivables | 42,341 | [1] | 45,292 | ||||
Prepaid expenses | 13,173 | [1] | 14,498 | ||||
Other current assets | 5,457 | [1] | 6,891 | ||||
Total current assets | 247,912 | 203,329 | |||||
Restricted cash | 16,835 | [1] | 36,875 | ||||
Property, plant and equipment, net | 3,264,632 | [1] | 3,294,620 | ||||
Finite-lived intangible assets, net | 95,945 | [1] | 97,722 | ||||
Other assets | 26,007 | [1] | 25,183 | ||||
Total assets | 3,803,457 | 3,829,592 | |||||
Accounts payable and other accrued liabilities | 19,747 | [1] | 42,776 | ||||
Accrued construction costs | 4,854 | [1] | 23,565 | ||||
Other current liabilities | 2,340 | [1] | 2,156 | ||||
Total current liabilities | 537,023 | 520,687 | |||||
Other long-term liabilities | 54,891 | [1] | 52,427 | ||||
Total liabilities | 2,101,594 | $ 2,053,830 | |||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||
Variable Interest Entity [Line Items] | |||||||
Cash and cash equivalents | 8,316 | ||||||
Restricted cash | 4,283 | ||||||
Trade receivables | 9,118 | ||||||
Prepaid expenses | 3,995 | ||||||
Other current assets | 706 | ||||||
Total current assets | 26,418 | ||||||
Restricted cash | 6,385 | ||||||
Property, plant and equipment, net | 1,473,993 | ||||||
Finite-lived intangible assets, net | 2,199 | ||||||
Other assets | 18,351 | ||||||
Total assets | 1,527,346 | ||||||
Accounts payable and other accrued liabilities | 5,920 | ||||||
Accrued construction costs | 4,431 | ||||||
Other current liabilities | 1,679 | ||||||
Total current liabilities | 12,030 | ||||||
Other long-term liabilities | 14,533 | ||||||
Total liabilities | $ 26,563 | ||||||
|
Unconsolidated Investments - Schedule of Projects Accounted under Equity Method of Accounting (Detail) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Schedule of Equity Method Investments [Line Items] | |||||
Unconsolidated investments | $ 99,996 | $ 116,473 | |||
South Kent [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Unconsolidated investments | $ 0 | [1] | $ 6,185 | ||
Percentage of ownership | 50.00% | 50.00% | |||
Grand [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Unconsolidated investments | $ 2,376 | $ 5,735 | |||
Percentage of ownership | 45.00% | 45.00% | |||
K2 [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Unconsolidated investments | $ 97,620 | $ 104,553 | |||
Percentage of ownership | 33.30% | 33.30% | |||
|
Unconsolidated Investments - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
||||
Schedule of Equity Method Investments [Line Items] | |||||
Unconsolidated investments | $ 99,996 | $ 116,473 | |||
South Kent [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Unconsolidated investments | 0 | [1] | $ 6,185 | ||
Equity Method Distributions In Excess of Unconsolidated Investment | $ 1,700 | ||||
|
Unconsolidated Investments - Summary of Aggregated Operating Results of Unconsolidated Joint Ventures (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Equity Method Investments and Joint Ventures [Abstract] | ||
Revenue | $ 72,416 | $ 44,631 |
Cost of revenue | 19,727 | 12,315 |
Operating expenses | 3,145 | 2,406 |
Other expense | 38,090 | 35,291 |
Net income (loss) | $ 11,454 | $ (5,381) |
Accounts Payable and Other Accrued Liabilities - Components of Accounts Payable and Other Accrued Liabilities (Detail) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Payables and Accruals [Abstract] | |||||
Accounts payable | $ 852 | $ 625 | |||
Other accrued liabilities | 7,238 | 9,583 | |||
Operating wind farm upgrade liability | 835 | 4,909 | |||
Turbine operations and maintenance payable | 732 | 985 | |||
Purchase agreement obligations | 1,725 | 5,749 | |||
Land lease rent payable | 1,256 | 2,513 | |||
Spare-parts inventory payables | 668 | 1,181 | |||
Payroll liabilities | 2,488 | 5,345 | |||
Property tax payable | 2,939 | 11,145 | |||
Sales tax payable | 1,014 | 741 | |||
Accounts payable and other accrued liabilities | $ 19,747 | [1] | $ 42,776 | ||
|
Revolving Credit Facility - Additional Information (Detail) - USD ($) |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Line of Credit Facility [Line Items] | ||
Outstanding amount | $ 355,000,000 | $ 355,000,000 |
Revolving credit facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Remaining borrowing capacity | 113,300,000 | |
Maximum borrowing capacity | 500,000,000 | |
Outstanding amount | 355,000,000 | 355,000,000 |
Letters of credit issued | $ 31,700,000 | $ 27,200,000 |
Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
||||||||||
Debt Instrument [Line Items] | |||||||||||
Long term debt, Principal | $ 1,244,638 | $ 1,243,447 | |||||||||
Unamortized premium, net | [1] | 1,328 | 1,380 | ||||||||
Unamortized financing costs | (25,582) | (26,303) | |||||||||
Current portion | [2] | (45,551) | (44,144) | ||||||||
Long-term debt, less current portion | 1,174,833 | 1,174,380 | |||||||||
Current portion of unamortized financing costs | 3,677 | 3,671 | |||||||||
E1 Arrayan EKF term loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long term debt, Principal | $ 105,262 | 107,160 | |||||||||
Contractual Interest Rate | 5.56% | ||||||||||
Effective Interest Rate | 5.56% | ||||||||||
Maturity | March 2029 | ||||||||||
Santa Isabel term loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long term debt, Principal | $ 109,130 | 109,973 | |||||||||
Contractual Interest Rate | 4.57% | ||||||||||
Effective Interest Rate | 4.57% | ||||||||||
Maturity | September 2033 | ||||||||||
Ocotillo commercial term loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long term debt, Principal | $ 208,119 | 208,119 | |||||||||
Contractual Interest Rate | 2.38% | ||||||||||
Effective Interest Rate | [3] | 3.77% | |||||||||
Maturity | [4] | August 2020 | |||||||||
Lost Creek term loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long term debt, Principal | $ 107,324 | 110,846 | |||||||||
Contractual Interest Rate | 2.57% | ||||||||||
Effective Interest Rate | [3] | 6.49% | |||||||||
Maturity | September 2027 | ||||||||||
E1 Arrayan commercial term loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long term debt, Principal | $ 95,692 | 97,418 | |||||||||
Contractual Interest Rate | 3.18% | ||||||||||
Effective Interest Rate | [3] | 5.66% | |||||||||
Maturity | March 2029 | ||||||||||
Spring Valley term loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long term debt, Principal | $ 131,812 | 132,670 | |||||||||
Contractual Interest Rate | 2.39% | ||||||||||
Effective Interest Rate | [3] | 4.89% | |||||||||
Maturity | June 2030 | ||||||||||
Ocotillo development term loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long term debt, Principal | $ 104,500 | 104,500 | |||||||||
Contractual Interest Rate | 2.73% | ||||||||||
Effective Interest Rate | [3] | 4.37% | |||||||||
Maturity | August 2033 | ||||||||||
St Joseph Credit Agreement [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long term debt, Principal | $ 168,219 | 158,181 | |||||||||
Contractual Interest Rate | 2.53% | ||||||||||
Effective Interest Rate | 3.84% | ||||||||||
Maturity | [4] | November 2033 | |||||||||
Hatchet Ridge term loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long term debt, Principal | $ 214,580 | $ 214,580 | |||||||||
Contractual Interest Rate | 1.43% | ||||||||||
Effective Interest Rate | 1.43% | ||||||||||
Maturity | December 2032 | ||||||||||
|
Long-Term Debt - Schedule of Reconciliation of Interest Expense (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Debt Disclosure [Abstract] | ||
Interest and commitment fees incurred | $ 17,114 | $ 16,487 |
Capitalized interest, commitment fees, and letter of credit fees | 0 | (1,318) |
Letter of credit fees incurred | 1,169 | 1,006 |
Amortization of debt discount/premium, net | 1,032 | 0 |
Amortization of financing costs | 1,746 | 1,743 |
Interest expense | $ 21,061 | $ 17,918 |
Long-term Debt - Convertible Senior Note (Details) - USD ($) $ in Thousands |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
Jul. 31, 2015 |
|||
Debt Instrument [Line Items] | ||||||
Carrying value of convertible senior notes | $ 198,733 | $ 197,362 | ||||
Amortization of financing costs | 1,746 | $ 1,743 | ||||
Amortization of debt discount | 1,032 | $ 0 | ||||
Convertible debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Contractual Interest Rate | 4.00% | |||||
Principal of convertible senior notes | 225,000 | 225,000 | $ 225,000 | |||
Unamortized debt discount | (21,540) | (22,624) | ||||
Unamortized financing costs | (4,727) | (5,014) | ||||
Carrying value of convertible senior notes | 198,733 | 197,362 | ||||
Carrying value of the equity component | [1] | 23,743 | $ 23,743 | |||
Equity component of convertible debt issuance costs | 700 | |||||
Interest expense | 2,200 | |||||
Amortization of financing costs | 300 | |||||
Amortization of debt discount | $ 1,100 | |||||
|
Derivative Instruments - Schedule of Derivative Instruments Classified as Assets (Liabilities) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Derivative [Line Items] | ||
Fair Market Value, Assets Current Portion | $ 22,028 | $ 24,338 |
Fair Market Value, Assets Long-Term Portion | 37,865 | 44,014 |
Fair Market Value, Liabilities Current Portion | 16,364 | 14,343 |
Fair Market Value, Liabilities Long-Term Portion | 56,154 | 28,659 |
Designated Derivative Instruments [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Fair Market Value, Assets Current Portion | 0 | 0 |
Fair Market Value, Assets Long-Term Portion | 0 | 0 |
Fair Market Value, Liabilities Current Portion | 11,416 | 10,034 |
Fair Market Value, Liabilities Long-Term Portion | 43,285 | 24,360 |
Undesignated Derivative Instruments [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Fair Market Value, Assets Current Portion | 0 | 0 |
Fair Market Value, Assets Long-Term Portion | 0 | 559 |
Fair Market Value, Liabilities Current Portion | 4,642 | 4,309 |
Fair Market Value, Liabilities Long-Term Portion | 12,290 | 4,299 |
Undesignated Derivative Instruments [Member] | Energy derivative [Member] | ||
Derivative [Line Items] | ||
Fair Market Value, Assets Current Portion | 20,993 | 20,856 |
Fair Market Value, Assets Long-Term Portion | 37,865 | 42,827 |
Fair Market Value, Liabilities Current Portion | 0 | 0 |
Fair Market Value, Liabilities Long-Term Portion | 0 | 0 |
Undesignated Derivative Instruments [Member] | Foreign currency forward contracts [Member] | ||
Derivative [Line Items] | ||
Fair Market Value, Assets Current Portion | 1,035 | 3,482 |
Fair Market Value, Assets Long-Term Portion | 0 | 628 |
Fair Market Value, Liabilities Current Portion | 306 | 0 |
Fair Market Value, Liabilities Long-Term Portion | $ 579 | $ 0 |
Derivative Instruments - Notional Amounts of Outstanding Derivative Instruments (Details) CAD in Thousands, $ in Thousands |
Mar. 31, 2016
CAD
MW
|
Mar. 31, 2016
USD ($)
MW
|
Dec. 31, 2015
CAD
MW
|
Dec. 31, 2015
USD ($)
MW
|
Dec. 31, 2010
MW
|
---|---|---|---|---|---|
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||||
Notional Amount of Outstanding Derivative Contracts [Line Items] | |||||
Derivative, Notional Amount | CAD 196,875 | $ 375,003 | CAD 196,988 | $ 379,808 | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||||
Notional Amount of Outstanding Derivative Contracts [Line Items] | |||||
Derivative, Notional Amount | $ | $ 273,400 | $ 275,424 | |||
Energy Related Derivative [Member] | Not Designated as Hedging Instrument [Member] | |||||
Notional Amount of Outstanding Derivative Contracts [Line Items] | |||||
Derivative, Nonmonetary Notional Amount | MW | 1,565,280 | 1,565,280 | 1,707,350 | 1,707,350 | 504,220 |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||||
Notional Amount of Outstanding Derivative Contracts [Line Items] | |||||
Derivative, Notional Amount | CAD | CAD 58,800 | CAD 62,300 |
Derivative Instruments - Summary of Effects of Cash Flow Hedges on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in accumulated OCI, Effective portion of change in fair value | $ (20,697) | $ (10,757) |
Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) reclassified from accumulated OCI into, Derivative settlements | (2,902) | (3,491) |
Gains (losses) reclassified from accumulated OCI into, Ineffective portion | $ (89) | $ 0 |
Derivative Instruments - Summary of Effects of Undesignated Derivatives on Consolidated Statements of Operations (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Interest Rate Contract [Member] | Change in Fair Value, Net of Settlement [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
(Loss) gain on undesignated derivatives, net | $ (8,881) | $ (3,072) |
Interest Rate Contract [Member] | Derivative Settlement [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
(Loss) gain on undesignated derivatives, net | (1,326) | (959) |
Energy Related Derivative [Member] | Change in Fair Value, Net of Settlement [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Electricity sales | (4,825) | 2,972 |
Energy Related Derivative [Member] | Derivative Settlement [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Electricity sales | 6,733 | 6,169 |
Foreign Exchange Forward [Member] | Change in Fair Value, Net of Settlement [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
(Loss) gain on undesignated derivatives, net | (3,961) | 631 |
Foreign Exchange Forward [Member] | Derivative Settlement [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
(Loss) gain on undesignated derivatives, net | $ 537 | $ 0 |
Derivative Instruments - Additional Information (Detail) $ in Thousands |
1 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|
Jan. 31, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
MW
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2015
MW
|
Dec. 31, 2010
MW
|
|
Derivative [Line Items] | |||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 11,400 | ||||
Cash collateral received from derivative counterparty | $ 61,200 | $ (61,177) | $ 0 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Lower Remaining Maturity Range | 138 months | ||||
Derivative, Higher Remaining Maturity Range | 246 months | ||||
Undesignated Derivative Instruments [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Lower Remaining Maturity Range | 60 months | ||||
Derivative, Higher Remaining Maturity Range | 171 months | ||||
Undesignated Derivative Instruments [Member] | Energy derivative [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Nonmonetary Notional Amount | MW | 1,565,280 | 1,707,350 | 504,220 | ||
Undesignated Derivative Instruments [Member] | Foreign Exchange Forward [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Lower Remaining Maturity Range | 1 month | ||||
Derivative, Higher Remaining Maturity Range | 18 months |
Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 1,775,762 | $ 1,164,734 | ||
Total other comprehensive loss, net of tax | (13,094) | (18,388) | ||
Ending Balance | 1,701,863 | 1,296,610 | ||
Less: accumulated other comprehensive loss attributable to noncontrolling interest | 933,702 | 526,654 | $ 944,262 | $ 530,586 |
Accumulated other comprehensive loss attributable to Pattern Energy | 768,161 | $ 831,500 | ||
Foreign Currency [Member] | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | (48,285) | (19,338) | ||
Other comprehensive income (loss) before reclassifications | 10,862 | (9,194) | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | ||
Total other comprehensive loss, net of tax | 10,862 | (9,194) | ||
Ending Balance | (37,423) | (28,532) | ||
Less: accumulated other comprehensive loss attributable to noncontrolling interest | 0 | 0 | ||
Accumulated other comprehensive loss attributable to Pattern Energy | (37,423) | (28,532) | ||
Effective Portion of Change in Fair Value of Derivatives [Member] | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | (13,462) | (26,672) | ||
Other comprehensive income (loss) before reclassifications | (20,697) | (10,757) | ||
Amounts reclassified from accumulated other comprehensive loss | 2,902 | 3,491 | ||
Total other comprehensive loss, net of tax | (17,795) | (7,266) | ||
Ending Balance | (31,257) | (33,938) | ||
Less: accumulated other comprehensive loss attributable to noncontrolling interest | (1,353) | (9,869) | ||
Accumulated other comprehensive loss attributable to Pattern Energy | (29,904) | (24,069) | ||
Proportionate Share of Equity Investee's OCI [Member] | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | (12,131) | (7,903) | ||
Other comprehensive income (loss) before reclassifications | (7,414) | (2,402) | ||
Amounts reclassified from accumulated other comprehensive loss | 1,253 | 474 | ||
Total other comprehensive loss, net of tax | (6,161) | (1,928) | ||
Ending Balance | (18,292) | (9,831) | ||
Less: accumulated other comprehensive loss attributable to noncontrolling interest | 0 | 0 | ||
Accumulated other comprehensive loss attributable to Pattern Energy | (18,292) | (9,831) | ||
AOCI [Member] | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | (73,878) | (53,913) | ||
Other comprehensive income (loss) before reclassifications | (17,249) | (22,353) | ||
Amounts reclassified from accumulated other comprehensive loss | 4,155 | 3,965 | ||
Total other comprehensive loss, net of tax | (13,094) | (18,388) | ||
Ending Balance | (86,972) | (72,301) | ||
Less: accumulated other comprehensive loss attributable to noncontrolling interest | (1,353) | (9,869) | ||
Accumulated other comprehensive loss attributable to Pattern Energy | $ (85,619) | $ (62,432) |
Fair Value Measurements - Financial Assets and (Liabilities) Required Fair Value Measurement on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 59,893 | $ 68,352 |
Derivative Liability | 72,518 | 43,002 |
Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 559 | |
Derivative Liability | 71,633 | 43,002 |
Energy Related Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 58,858 | 63,683 |
Foreign currency forward contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 1,035 | 4,110 |
Derivative Liability | 885 | |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Level 1 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | |
Derivative Liability | 0 | 0 |
Level 1 [Member] | Energy Related Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Level 1 [Member] | Foreign currency forward contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 1,035 | 4,669 |
Derivative Liability | 72,518 | 43,002 |
Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 559 | |
Derivative Liability | 71,633 | 43,002 |
Level 2 [Member] | Energy Related Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Level 2 [Member] | Foreign currency forward contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 1,035 | 4,110 |
Derivative Liability | 885 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 58,858 | 63,683 |
Derivative Liability | 0 | 0 |
Level 3 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | |
Derivative Liability | 0 | 0 |
Level 3 [Member] | Energy Related Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 58,858 | 63,683 |
Level 3 [Member] | Foreign currency forward contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | $ 0 |
Derivative Liability | $ 0 |
Fair Value Measurements - Fair Value Level 3 Inputs, Quantitative Information (Details) - Energy Related Derivative [Member] $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015
USD ($)
|
|
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value | $ 63,683 | |
Discounted Cash Flow [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Price Per MWh | 10.44 | 12.48 |
Fair Value Inputs, Discount Rate | 0.63% | 0.61% |
Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Price Per MWh | 67.99 | 74.94 |
Fair Value Inputs, Discount Rate | 0.97% | 1.46% |
Fair Value Measurements - Reconciliation of Energy Derivative Contract Measured at Fair Value (Detail) - Energy derivative [Member] - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Unrealized gains (losses) | $ (4,800) | $ 3,000 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | 63,683 | 64,475 |
Total gains included in electricity sales | 1,908 | 9,141 |
Settlements | (6,733) | (6,169) |
Ending balance | $ 58,858 | $ 67,447 |
Fair Value Measurements - Carrying Amounts and Fair Values of Company's Financial Liabilities (Detail) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
As reflected on the balance sheet, Convertible senior notes | $ 198,733 | $ 197,362 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
As reflected on the balance sheet, Convertible senior notes | 198,733 | 197,362 |
As reflected on the balance sheet, Long-term debt, including current portion | 1,220,384 | 1,218,524 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value, Convertible senior notes | 206,145 | 189,863 |
Fair value, Long-term debt, including current portion | 1,206,259 | 1,192,286 |
Estimate of Fair Value Measurement [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value, Convertible senior notes | 0 | 0 |
Fair value, Long-term debt, including current portion | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value, Convertible senior notes | 206,145 | 189,863 |
Fair value, Long-term debt, including current portion | 1,206,259 | 1,192,286 |
Estimate of Fair Value Measurement [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value, Convertible senior notes | 0 | 0 |
Fair value, Long-term debt, including current portion | $ 0 | $ 0 |
Stockholders' Equity - Summary of Cash Dividends Declared on Class A Common Stock (Detail) - Class A Common Stock [Member] |
3 Months Ended |
---|---|
Mar. 31, 2016
$ / shares
| |
Dividends Payable [Line Items] | |
Dividends Per Share (in dollars per share) | $ 0.381 |
Declaration Date | Feb. 24, 2016 |
Record Date | Mar. 31, 2016 |
Payment Date | Apr. 29, 2016 |
Stockholders' Equity - Summary of Noncontrolling Interest Balances (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Noncontrolling Interest [Line Items] | ||
Noncontrolling interest | $ 944,262 | $ 530,586 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Beginning balance | 944,262 | 530,586 |
Distribution to noncontrolling interests | (3,917) | (748) |
Other | (465) | |
Net loss | (5,378) | (2,160) |
Other comprehensive loss, net of tax | (800) | (1,024) |
Ending balance | 933,702 | 526,654 |
E1 Arrayan [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interest | 34,224 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Beginning balance | 34,224 | |
Ending balance | 32,896 | |
Logan's Gap [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interest | 190,397 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Beginning balance | 190,397 | |
Ending balance | 187,521 | |
Panhandle 1 [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interest | 195,791 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Beginning balance | 195,791 | |
Ending balance | 195,214 | |
Panhandle 2 [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interest | 184,773 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Beginning balance | 184,773 | |
Ending balance | 185,145 | |
Post Rock [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interest | 196,346 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Beginning balance | 196,346 | |
Ending balance | 191,537 | |
Amazon Wind Farm Flower Ridge [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interest | 142,731 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Beginning balance | 142,731 | |
Ending balance | 141,389 | |
Capital Units [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interest | 972,241 | 529,539 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Beginning balance | 972,241 | 529,539 |
Distribution to noncontrolling interests | (3,917) | (748) |
Other | (465) | |
Net loss | 0 | 0 |
Other comprehensive loss, net of tax | 0 | 0 |
Ending balance | 967,859 | 528,791 |
Accumulated Income (Deficit) [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interest | (27,426) | 9,892 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Beginning balance | (27,426) | 9,892 |
Distribution to noncontrolling interests | 0 | 0 |
Other | 0 | |
Net loss | (5,378) | (2,160) |
Other comprehensive loss, net of tax | 0 | 0 |
Ending balance | (32,804) | 7,732 |
AOCI Attributable to Noncontrolling Interest [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interest | (553) | (8,845) |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Beginning balance | (553) | (8,845) |
Distribution to noncontrolling interests | 0 | 0 |
Other | 0 | |
Net loss | 0 | 0 |
Other comprehensive loss, net of tax | (800) | (1,024) |
Ending balance | $ (1,353) | $ (9,869) |
Loss Per Share - Computations of Class A Basic and Diluted Earnings (Loss) per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8,028,616 | 72,385 |
Numerator for basic and diluted earnings (loss) per share: | ||
Net loss attributable to Pattern Energy | $ (23,670) | $ (19,899) |
Less: earnings allocated to participating securities | (10) | 0 |
Undistributed loss attributable to common stockholders | $ (52,229) | $ (43,523) |
Weighted average number of shares: | ||
Class A common stock - basic and diluted | 74,437,998 | 65,892,005 |
Calculation of basic and diluted earnings (loss) per share: | ||
Dividends (in dollars per share) | $ 0.38 | $ 0.36 |
Undistributed loss (in dollars per share) | (0.70) | (0.66) |
Basic and diluted loss per share (in dollars per share) | (0.32) | (0.30) |
Dividends declared per Class A common share (in dollars per share) | $ 0.38 | $ 0.34 |
Class A Common Stock [Member] | ||
Numerator for basic and diluted earnings (loss) per share: | ||
Less: dividends declared on Class A common stock | $ (28,549) | $ (23,624) |
Commitments and Contingencies - Additional Information (Detail) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
| |
Minimum [Member] | |
Other Commitments [Line Items] | |
Termination Date | 2019 |
Maximum [Member] | |
Other Commitments [Line Items] | |
Termination Date | 2039 |
Power Sale Agreements [Member] | |
Other Commitments [Line Items] | |
Letters of credit issued | $ 108.1 |
Project Finance Agreements [Member] | |
Other Commitments [Line Items] | |
Letters of credit issued | 113.6 |
Turbine Availability Warranty and Service Guarantee [Member] | |
Other Commitments [Line Items] | |
Loss contingency accrual | $ 2.7 |
Related Party Transactions - Allocated Costs Included in Combined Statement of Operations (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Related Party Transaction [Line Items] | ||
Related party general and administrative | $ (1,897) | $ (1,808) |
Related party income | 1,007 | 668 |
Bilateral management service cost reimbursement [Member] | ||
Related Party Transaction [Line Items] | ||
Related party general and administrative | (1,897) | (1,808) |
Related party income | 1,007 | 668 |
Total | $ (890) | $ (1,140) |
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Related Party Transaction [Line Items] | |||
Percentage of service fee of direct costs | 5.00% | ||
Related party receivable | $ 600 | $ 600 | |
Management fees | 1,215 | $ 803 | |
Bilateral management service cost reimbursement [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts payable for bilateral management service cost reimbursements | 300 | 1,600 | |
Related party receivable | $ 100 | $ 100 |
Subsequent Events - Additional Information (Detail) - Class A Common Stock [Member] - $ / shares |
3 Months Ended | |
---|---|---|
May. 04, 2016 |
Mar. 31, 2016 |
|
Subsequent Event [Line Items] | ||
Dividend declaration Date | Feb. 24, 2016 | |
Dividend payment Date | Apr. 29, 2016 | |
Dividend record Date | Mar. 31, 2016 | |
Dividends payable Per Share (in dollars per share) | $ 0.381 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividend declaration Date | May 04, 2016 | |
Dividend payment Date | Jul. 29, 2016 | |
Dividend record Date | Jun. 30, 2016 | |
Dividends payable Per Share (in dollars per share) | $ 0.3900 | |
Dividends annualized (in dollars per share) | $ 1.56 | |
Increase in dividends payable percentage | 2.40% |
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