Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2015 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Income before Income Tax, Domestic and Foreign |
The net loss before income tax expense (benefit) consists of the following: | | | | | | | | | | | | | | | | For the Year Ended December 31, | (In thousands) | | 2015 | | 2014 | | 2013 | U.S. | | $ | (383,411 | ) | | $ | (858 | ) | | $ | (114 | ) | Foreign | | 17,260 |
| | (2,481 | ) | | (3,814 | ) | Total | | $ | (366,151 | ) | | $ | (3,339 | ) | | $ | (3,928 | ) |
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| Schedule of Components of Income Tax Expense (Benefit) |
Income tax provision consisted of the following: | | | | | | | | | | | | | | (In thousands) | | Current | | Deferred | | Total | Year ended December 31, 2015 | | | | | |
|
| U.S. federal | | $ | — |
| | $ | — |
| | $ | — |
| Foreign | | 1,628 |
| | 3,230 |
| | 4,858 |
| Total | | $ | 1,628 |
|
| $ | 3,230 |
| | $ | 4,858 |
| | | | | | | | Year ended December 31, 2014 | | | | | | | U.S. federal | | $ | — |
| | $ | — |
| | $ | — |
| Foreign | | 239 |
| | 1,461 |
| | 1,700 |
| Total | | $ | 239 |
| | $ | 1,461 |
| | $ | 1,700 |
| | | | | | | | Year ended December 31, 2013 | | | | | | | U.S. federal | | $ | — |
| | $ | (1,866 | ) | | $ | (1,866 | ) | Foreign | | 305 |
| | (90 | ) | | 215 |
| Total | | $ | 305 |
| | $ | (1,956 | ) | | $ | (1,651 | ) |
|
| Schedule of Effective Income Tax Rate Reconciliation |
Income tax provision differed from the amounts computed by applying the statutory U.S. federal income tax rate of 35% to loss before income taxes. | | | | | | | | | | | | | Year ended December 31, | | | 2015 | | 2014 | | 2013 | Income tax benefit at U.S. federal statutory rate | | 35.0 | % | | 35.0 | % | | 35.0 | % | Increase (reduction) in income taxes: | | | | | | | Branch income | | (0.6 | )% | | 26.1 | % | | 37.7 | % | Foreign rate differential | | 0.2 | % | | (9.8 | )% | | (13.3 | )% | Impact of tax holiday | | (0.1 | )% | | 6.3 | % | | 12.9 | % | Non-deductible expenses | | (0.1 | )% | | (37.2 | )% | | (6.1 | )% | Imputed interest | | (0.9 | )% | | — | % | | — | % | Prior period adjustment | | (0.1 | )% | | — | % | | — | % | Change in valuation allowance | | (23.1 | )% | | (62.6 | )% | | (54.8 | )% | Foreign taxes | | — | % | | (11.4 | )% | | 33.6 | % | Non-Allocable Partnership Loss | | (11.6 | )% | | — | % | | — | % | Other | | — | % | | 2.7 | % | | (3.0 | )% | Effective tax (expense) benefit rate | | (1.3 | )% |
| (50.9 | )% |
| 42.0 | % |
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| Schedule of Deferred Tax Assets and Liabilities |
The tax effects of the major items recorded as deferred tax assets and liabilities are: | | | | | | | | | | | | As of December 31, | (In thousands) | | 2015 | | 2014 | Deferred tax assets: | | | | | Net operating loss carryforwards | | $ | 99,724 |
| | $ | 38,901 |
| Asset retirement obligations | | 685 |
| | 644 |
| Deferred foreign taxes | | — |
| | 940 |
| Derivatives | | 16,464 |
| | 3,452 |
| Unrealized currency loss | | 822 |
| | 164 |
| Investment in Partnership | | 214,799 |
| | — |
| Other | | 1,892 |
| | — |
| Total deferred tax assets | | 334,386 |
| | 44,101 |
| Valuation allowance | | (261,501 | ) | | (9,265 | ) | Net deferred tax assets | | 72,885 |
| | 34,836 |
| | | | | | Deferred tax liabilities: | | | | | Power plants | | (64,967 | ) | | (36,136 | ) | Intangible assets | | (18,320 | ) | | — |
| Derivatives | | — |
| | — |
| Capitalized Interest | | (1,013 | ) | | — |
| Unrealized currency gain/loss | | (17,529 | ) | | (1,384 | ) | Other | | — |
| | — |
| Total deferred tax liabilities | | (101,829 | ) | | (37,520 | ) | Valuation allowance | | — |
| | — |
| Net deferred tax liabilities | | $ | (28,944 | ) | | $ | (2,684 | ) |
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