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Total comprehensive (loss)

5,235

23,967

(2,456)

54,310

(13,816)

(12,387)

(125,432)

(40,189)

Less comprehensive income attributable to non-controlling interests:

Net income attributable to redeemable non-controlling interests

12,443

4,895

15,101

10,264

Net income (loss) attributable to non-controlling interests

2,096

(14,949)

(165,946)

(57,272)

Foreign currency translation adjustments

1,967

1,250

Hedging activities

(1,801)

6,799

(3,038)

18,638

Comprehensive income (loss) attributable to non-controlling interests

12,738

(1,288)

(153,883)

(27,120)

Comprehensive (loss) income attributable to Class A common stockholders

$ (26,554)

$ (11,099)

$ 28,451

$ (13,069)

[1]

Represents reclassification of the accumulated foreign currency translation loss for substantially all of the Company’s portfolio of solar power plants located in the United Kingdom, as the Company’s sale of these facilities closed in the second quarter of 2017 as discussed in Note 4. Acquisitions and Dispositions. The pre-tax amount of $23.6 million was recognized within gain on sale of renewable energy facilities in the unaudited condensed consolidated statements of operations for the nine months ended September 30, 2017.

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) $ in Millions	9 Months Ended
	Sep. 30, 2017 USD ($)
Interest Expense \| United Kingdom \| Gain on sale of renewable energy facilities
Reclassification of net realized loss (gain) into earnings, foreign currency translation adjustments, before tax	$ 23.6

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 349,563	$ 128,087
Restricted cash	28,095	54,006
Accounts receivable, net	178,094	89,680
Prepaid expenses and other current assets	71,935	65,393
Due from affiliate	350	4,370
Total current assets	628,037	341,536
Renewable energy facilities, net, including consolidated variable interest entities of $3,119,285 and $3,273,848 in 2018 and 2017, respectively	6,555,836	4,801,925
Intangible assets, net, including consolidated variable interest entities of $761,299 and $823,629 in 2018 and 2017, respectively	2,000,893	1,077,786
Goodwill	113,701	0
Restricted cash	132,337	42,694
Other assets	145,173	123,080
Total assets	9,575,977	6,387,021
Current liabilities:
Current portion of long-term debt and financing lease obligations, including consolidated variable interest entities of $59,210 and $84,691 in 2018 and 2017, respectively	454,351	403,488
Accounts payable, accrued expenses and other current liabilities, including consolidated variable interest entities of $37,862 and $34,199 in 2018 and 2017, respectively	207,185	88,538
Deferred revenue	1,720	17,859
Due to affiliates	10,921	3,968
Total current liabilities	674,177	513,853
Long-term debt and financing lease obligations, less current portion, including consolidated variable interest entities of $908,962 and $833,388 in 2018 and 2017, respectively	5,499,731	3,195,312
Deferred revenue, less current portion	12,444	38,074
Deferred income taxes	204,157	24,972
Asset retirement obligations, including consolidated variable interest entities of $98,955 and $97,467 in 2018 and 2017, respectively	173,202	154,515
Other long-term liabilities	155,278	37,923
Total liabilities	6,718,989	3,964,649
Redeemable non-controlling interests	43,900	34,660
Stockholders' equity:
Class A common stock, $0.01 par value per share, 1,200,000,000 shares authorized, 209,642,140 and 148,586,447 shares issued in 2018 and 2017, respectively, and 209,141,720 and 148,086,027 shares outstanding in 2018 and 2017, respectively	2,096	1,486
Additional paid-in capital	2,427,612	1,872,125
Accumulated deficit	(334,757)	(387,204)
Accumulated other comprehensive income	44,436	48,018
Treasury stock, 500,420 shares in 2018 and 2017	(6,712)	(6,712)
Total TerraForm Power, Inc. stockholders' equity	2,132,675	1,527,713
Non-controlling interests	680,413	859,999
Total stockholders' equity	2,813,088	2,387,712
Total liabilities, redeemable non-controlling interests and stockholders' equity	$ 9,575,977	$ 6,387,021

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Noncurrent Assets:
Renewable energy facilities, net	$ 6,555,836	$ 4,801,925
Intangible assets, net	2,000,893	1,077,786
Current liabilities:
Current portion of long-term debt and financing lease obligations	454,351	403,488
Accounts payable, accrued expenses and other current liabilities	207,185	88,538
Noncurrent liabilities:
Long-term debt and financing lease obligations, less current portion	5,499,731	3,195,312
Asset retirement obligations	$ 173,202	$ 154,515
Stockholders' equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,200,000,000	1,200,000,000
Common stock, shares issued (in shares)	209,642,140	148,586,447
Common stock, shares outstanding (in shares)	209,141,720	148,086,027
Treasury stock (in shares)	500,420	500,420
Consolidated Variable Interest Entities
Noncurrent Assets:
Renewable energy facilities, net	$ 3,119,285	$ 3,273,848
Intangible assets, net	761,299	823,629
Current liabilities:
Current portion of long-term debt and financing lease obligations	59,210	84,691
Accounts payable, accrued expenses and other current liabilities	37,862	34,199
Noncurrent liabilities:
Long-term debt and financing lease obligations, less current portion	908,962	833,388
Asset retirement obligations	$ 98,955	$ 97,467

Unaudited Condensed Consolidated Statement of Stockholders' Equity - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-in Capital

Accumulated Deficit

Accumulated Other Comprehensive Income

Common Stock Held in Treasury

Total - Non-controlling Interests

Capital - Non-controlling Interests

Accumulated Deficit - Non-controlling Interests

Accumulated Other Comprehensive Loss - Non-controlling Interests

Beginning balance (in shares) at Dec. 31, 2016

92,223,089

Beginning balance at Dec. 31, 2016

$ 2,729,494

$ 22,912

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Sale of membership interests and contributions from non-controlling interests in renewable energy facilities

$ 6,935

Ending balance (in shares) at Sep. 30, 2017

92,408,596

Ending balance at Sep. 30, 2017

57,334

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Cumulative-effect adjustment

^[1]

$ 20,106

$ 20,414

$ 24,578

(4,164)

$ (308)

Beginning balance (in shares) at Dec. 31, 2017

148,086,027

148,586,000

(500,000)

Beginning balance at Dec. 31, 2017

$ 2,387,712

1,527,713

$ 1,486

$ 1,872,125

(387,204)

48,018

$ (6,712)

859,999

$ 1,057,301

(198,196)

$ 894

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuances of Class A common stock to affiliates (in shares)

61,056,000

Issuances of Class A common stock to affiliates

650,881

$ 610

650,271

Stock-based compensation

161

Net income (loss)

(138,077)

27,869

(165,946)

Dividends

(95,625)

Other comprehensive income (loss)

(2,456)

582

(3,038)

Contributions from non-controlling interests in renewable energy facilities

7,685

Sale of membership interests and contributions from non-controlling interests in renewable energy facilities

7,685

Distributions to non-controlling interests in renewable energy facilities

(17,888)

Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests

(3,065)

Other

$ 3,654

3,745

(91)

409

(500)

Ending balance (in shares) at Sep. 30, 2018

209,141,720

209,642,000

(500,000)

Ending balance at Sep. 30, 2018

$ 2,813,088

$ 2,132,675

$ 2,096

$ 2,427,612

$ (334,757)

$ 44,436

$ (6,712)

$ 680,413

$ 1,047,507

$ (364,950)

$ (2,144)

[1]	See Note 2. Summary of Significant Accounting Policies for discussion regarding the Company’s adoption of Accounting Standards Update (“ASU”) No. 2014-09, ASU No. 2016-08 and ASU No. 2017-12 as of January 1, 2018.

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net loss	$ (122,976)	$ (94,499)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, accretion and amortization expense	239,177	186,039
Amortization of favorable and unfavorable rate revenue contracts, net	29,477	29,459
Gain on sale of renewable energy facilities	0	(37,116)
Impairment of renewable energy facilities	15,240	1,429
Amortization of deferred financing costs and debt discounts	7,969	19,729
Unrealized (gain) loss on interest rate swaps	(11,688)	2,425
Unrealized gain on commodity contract derivatives, net	(3,845)	(1,244)
Recognition of deferred revenue	(1,344)	(11,510)
Stock-based compensation expense	161	7,049
Loss on extinguishment of debt, net	1,480	2,518
Loss on disposal of property, plant and equipment	6,764	0
Unrealized gain on foreign currency exchange, net	(9,643)	(5,275)
Deferred taxes	4,888	7,892
Other, net	453	5,978
Changes in assets and liabilities:
Accounts receivable	(18,757)	(18,860)
Prepaid expenses and other current assets	9,154	(4,997)
Accounts payable, accrued expenses and other current liabilities	(13,002)	(758)
Due to affiliates	4,158	199
Other non-current assets and liabilities, net	13,361	3,907
Net cash provided by operating activities	151,027	92,365
Cash flows from investing activities:
Capital expenditures	(15,320)	(7,472)
Proceeds from sale of renewable energy facilities, net of cash and restricted cash disposed	0	183,235
Proceeds from energy state rebate and reimbursable interconnection costs	8,224	23,621
Proceeds from the settlement of foreign currency contracts	22,429	0
Acquisition of Saeta business, net of cash and restricted cash acquired	(886,104)	0
Acquisition of renewable energy facilities from third parties, net of cash and restricted cash acquired	(4,105)	0
Net cash (used in) provided by investing activities	(874,876)	199,384
Cash flows from financing activities:
Proceeds from issuance of Class A common stock to affiliates	650,000	0
Proceeds from the Sponsor Line - affiliate	86,000	0
Repayments of the Sponsor Line - affiliate	(86,000)	0
Revolving credit facility draws	619,000	0
Revolving credit facility repayments	(200,466)	(275,000)
Term Loan principal payments	(2,625)	0
Borrowings of non-recourse long-term debt	236,381	79,835
Principal payments and prepayments on non-recourse long-term debt	(180,124)	(199,481)
Debt financing fees	(7,422)	(10,228)
Sale of membership interests and contributions from non-controlling interests in renewable energy facilities	7,685	6,935
Purchase of membership interests and distributions to non-controlling interests in renewable energy facilities	(21,792)	(23,017)
Due to/from affiliates, net	4,803	(3,097)
Net SunEdison investment	0	7,436
Payment of dividends	(95,627)	0
Recovery of related party short swing profit	2,994	0
Other financing activities	0	(1,030)
Net cash provided by (used in) financing activities	1,012,807	(417,647)
Net increase in cash, cash equivalents and restricted cash	288,958	(125,898)
Net change in cash, cash equivalents and restricted cash classified within assets held for sale	0	54,806
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(3,750)	3,264
Cash, cash equivalents and restricted cash at beginning of period	224,787	682,837
Cash, cash equivalents and restricted cash at end of period	509,995	615,009
Supplemental Disclosures:
Cash paid for interest	170,549	182,021
Cash paid for income taxes	$ 667	$ 0

Nature of Operations and Basis of Presentation	9 Months Ended
Nature of Operations and Basis of Presentation	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	NATURE OF OPERATIONS AND BASIS OF PRESENTATION Nature of Operations TerraForm Power, Inc. (“TerraForm Power” and, together with its subsidiaries, the “Company”) is a holding company and its only material asset is an equity interest in TerraForm Power, LLC (“Terra LLC”), which through its subsidiaries owns and operates renewable energy facilities that have long-term contractual arrangements to sell the electricity generated by these facilities to third parties. The related green energy certificates, ancillary services and other environmental attributes produced by these facilities are also sold to third parties. TerraForm Power is the managing member of Terra LLC and operates, controls and consolidates the business affairs of Terra LLC. The Company is sponsored by Brookfield Asset Management Inc. (“Brookfield”) and has an objective to acquire operating solar and wind assets in North America and Western Europe. On October 16, 2017, BRE TERP Holdings Inc., a wholly-owned subsidiary of Orion US Holdings 1 L.P. (“Orion Holdings”), merged with and into TerraForm Power, with TerraForm Power continuing as the surviving corporation (the “Merger”). Prior to the consummation of the Merger, TerraForm Power and its subsidiaries were controlled affiliates of SunEdison, Inc. (together with its consolidated subsidiaries excluding the Company and TerraForm Global, Inc. and its subsidiaries, “SunEdison”). As a result of the consummation of the Merger, a change of control of TerraForm Power occurred, and Orion Holdings, which is a controlled affiliate of Brookfield, held 51% of the voting securities of TerraForm Power immediately following the Merger consummation. As a result of the Merger closing, TerraForm Power is no longer a controlled affiliate of SunEdison, Inc. and is now a controlled affiliate of Brookfield. As further discussed in Note 12. Stockholders’ Equity, on June 11, 2018, Orion Holdings and Brookfield BRP Holdings (Canada) Inc. (“BEP”), an Ontario Corporation and an affiliate of Brookfield, collectively purchased in a private placement a total of 60,975,609 shares of TerraForm Power’s Class A common stock for a price per share of $10.66, representing total consideration of approximately $650.0 million. As a result of this private placement, affiliates of Brookfield held approximately 65% of TerraForm Power’s Class A common stock as of September 30, 2018. Basis of Presentation The accompanying unaudited condensed 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 and have been prepared in accordance with the SEC regulations for interim financial information. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. The financial statements should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the Company’s annual financial statements for the year ended December 31, 2017, filed with the SEC on Form 10-K on March 7, 2018. Interim results are not necessarily indicative of results for a full year. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company’s financial position as of September 30, 2018, results of operations and comprehensive (loss) income for the three and nine months ended September 30, 2018 and 2017 and cash flows for the nine months ended September 30, 2018 and 2017.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

In preparing the unaudited condensed consolidated financial statements, the Company used estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements. Such estimates also affect the reported amounts of revenues, expenses and cash flows during the reporting period. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations would be affected.

Reconciliation of Cash and Cash Equivalents and Restricted Cash as Presented in the Unaudited Condensed Consolidated Statement of Cash Flows

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets to the total of the same such amounts shown in the unaudited condensed consolidated statement of cash flows for the nine months ended September 30, 2018.



(In thousands)	September 30, 2018		December 31, 2017
Cash and cash equivalents	$	349,563	$	128,087
Restricted cash - current	28,095		54,006
Restricted cash - non-current	132,337		42,694
Cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statement of cash flows	$	509,995	$	224,787

Restricted cash consists of cash on deposit in financial institutions that is restricted to satisfy the requirements of certain debt agreements and funds held within the Company's project companies that are restricted for current debt service payments and other purposes in accordance with the applicable debt agreements. These restrictions include: (i) cash on deposit in collateral accounts, debt service reserve accounts and maintenance reserve accounts; and (ii) cash on deposit in operating accounts but subject to distribution restrictions related to debt defaults existing as of the balance sheet date.

As discussed in Note 8. Long-term Debt, the Company was in default under certain of its non-recourse financing agreements as of the financial statement issuance date for the nine months ended September 30, 2018 and for the year ended December 31, 2017. As a result, the Company reclassified $11.7 million and $18.8 million of non-current restricted cash to current as of September 30, 2018 and December 31, 2017, respectively, consistent with the corresponding debt classification, as the restrictions that required the cash balances to be classified as non-current restricted cash were driven by the financing agreements. As of September 30, 2018, and December 31, 2017, $2.7 million and $21.7 million, respectively, of cash and cash equivalents was also reclassified to current restricted cash as the cash balances were subject to distribution restrictions related to debt defaults that existed as of the respective balance sheet date.

Non-controlling Interests - Impact of the Tax Cuts and Jobs Act Enactment

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”), which enacted major changes to the U.S. tax code, including a reduction in the U.S. federal corporate income tax rate from 35% to 21%, effective January 1, 2018. Since the 21% rate enacted in December 2017 went into effect on January 1, 2018, the hypothetical liquidation at book value (“HLBV”) methodology utilized by the Company to determine the value of its non-controlling interests began to use the new rate on that date. The HLBV method is a point in time estimate that utilizes inputs and assumptions in effect at each balance sheet date based on the liquidation provisions of the respective operating partnership agreements. For the nine months ended September 30, 2018, $151.2 million of the decline in the non-controlling interests balance and a corresponding allocation of net loss attributable to non-controlling interests was driven by this reduction in the tax rate used in the HLBV methodology used by the Company. In the calculation of the carrying values through HLBV, the Company allocated significantly lower amounts to certain non-controlling interests (i.e., tax equity investors) in order to achieve their contracted after-tax rate of return as a result of the reduction of the federal income tax rate from 35% to 21% as specified in the Tax Act.

Restructuring

In connection with the consummation of the Merger and the relocation of the headquarters of the Company to New York, New York, the Company announced a restructuring plan that went into effect upon the closing of the Merger, which was substantially completed early in the third quarter of 2018. The Company recognized $0.5 million and $2.7 million of additional severance and transition bonus costs during the three and nine months ended September 30, 2018, respectively, within general and administrative expenses in the unaudited condensed consolidated statements of operations. The Company made $2.7 million and $4.9 million of payments related to this restructuring during the three and nine months ended September 30, 2018, respectively. The balance of the accrued severance and transition bonuses was $0.5 million as of September 30, 2018.

Recently Adopted Accounting Standards - Guidance Adopted in 2018

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which replaces most existing revenue recognition guidance in U.S. GAAP and requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. Additionally, the new standard requires an entity to disclose further quantitative and qualitative information regarding the nature and amount of revenues arising from contracts with customers, as well as other information about the significant judgments and estimates used in recognizing revenues from contracts with customers. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies how to apply the implementation guidance on principal versus agent considerations related to the sale of goods or services to a customer as updated by ASU No. 2014-09. The Company adopted these standards as of January 1, 2018, which it collectively refers to as “Topic 606.” The Company analyzed the impact of Topic 606 on its revenue contracts which primarily include bundled energy and incentive sales through power purchase agreements (“PPAs”), individual renewable energy certificate (“REC”) sales, and upfront sales of federal & state incentive benefits recorded as deferred revenue and accreted into revenue. The Company elected to apply a modified retrospective approach with a cumulative-effect adjustment to accumulated deficit recognized as of January 1, 2018 for changes to revenue recognition resulting from Topic 606 adoption as described below. The Company adopted Topic 606 for all revenue contracts in-scope that had future performance obligations at January 1, 2018, and elected to use the contract modification practical expedient for purposes of computing the cumulative transition adjustment. See Note 3. Revenue for additional disclosures required by the new guidance.

The Company accounts for the majority of its PPAs as operating leases under Accounting Standards Codification (“ASC”) 840, Leases and recognizes rental income as revenue when the electricity is delivered. The Company elected not to early adopt ASC 842, Leases in fiscal 2018 and therefore these PPAs are currently being evaluated in anticipation of the new lease standard adoption in fiscal 2019. For PPAs under the scope of Topic 606 in fiscal 2018, the Company concluded that there were no material changes to revenue recognition patterns from existing accounting practice. See Note 3. Revenue for the new revenue recognition policy.

The Company evaluated the impact of Topic 606 as it relates to the individual sale of RECs. In certain jurisdictions, there may be a lag between physical generation of the underlying energy and the transfer of RECs to the customer due to administrative processes imposed by state regulations. Under the Company’s previous accounting policy, revenue was recognized as the underlying electricity was generated if the sale had been contracted with the customer. Based on the framework in Topic 606, for a portion of the existing individual REC sale arrangements where the transfer of control to the customer is determined to occur upon the transfer of the RECs, the Company now recognizes revenue commensurate with the transfer of RECs to the customer as compared to the generation of the underlying energy under the previous accounting policy. Revenue recognition practices for the remainder of existing individual REC sale arrangements remain the same; that is, revenue is recognized based on the underlying generation of energy because the contracted RECs are produced from a designated facility and control of the RECs transfers to the customer upon generation of the underlying energy. The adoption of Topic 606, as it relates to the individual sale of RECs, resulted in an increase in accumulated deficit on January 1, 2018, of $20.5 million, net of tax, and net of $0.3 million and $4.5 million that was allocated to non-controlling interests and redeemable non-controlling interests, respectively. The adjustments for accumulated deficit and non-controlling interests are reflected within cumulative-effect adjustment in the unaudited condensed consolidated statement of stockholders’ equity for the nine months ended September 30, 2018, and the redeemable non-controlling interests adjustment is reflected within cumulative-effect adjustment in the redeemable non-controlling interests roll-forward presented above. The impact on the Company’s results of operations for the first nine months of 2018 was minimal and is expected to be minimal for the remainder of 2018.

The Company evaluated the impact of Topic 606 as it relates to the upfront sale of investment tax credits (“ITCs”) through its lease pass-through fund arrangements. The amounts allocated to the ITCs were initially recorded as deferred revenue in the consolidated balance sheet, and subsequently, one-fifth of the amounts allocated to the ITCs was recognized annually as incentives revenue in the consolidated statement of operations based on the anniversary of each solar energy system’s placed-in-service date. The Company concluded that revenue related to the sale of ITCs through its lease pass-through arrangements should be recognized at the point in time when the related solar energy systems are placed in service. Previously, the Company recognized this revenue evenly over the five-year ITC recapture period. The Company concluded that the likelihood of a recapture event related to these assessments is remote. The adoption of Topic 606, as it relates to the upfront sale of ITCs, resulted in a decrease in accumulated deficit on January 1, 2018 of $40.9 million, net of tax, which is reflected within cumulative-effect adjustment in the unaudited condensed consolidated statement of stockholders’ equity for the nine months ended September 30, 2018. The impact on the Company’s results of operations for the three and nine months ended September 30, 2018 resulted in a decrease in non-cash deferred revenue recognition of $5.0 million and $10.1 million, respectively, and is expected to result in a decrease in non-cash deferred revenue recognition of approximately $6.2 million for the remainder of 2018.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. The amendments of ASU No. 2016-15 were issued to address eight specific cash flow issues for which stakeholders have indicated to the FASB that a diversity in practice existed in how entities were presenting and classifying these items in the statement of cash flows. The issues addressed by ASU No. 2016-15 include but are not limited to the classification of debt prepayment and debt extinguishment costs, payments made for contingent consideration for a business combination, proceeds from the settlement of insurance proceeds, distributions received from equity method investees and separately identifiable cash flows and the application of the predominance principle. The adoption of ASU No. 2016-15 is required to be applied retrospectively. The Company adopted ASU No. 2016-15 as of January 1, 2018, which did not result in any material adjustments to the Company’s consolidated statements of cash flows.

In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory. The amendments of ASU No. 2016-16 were issued to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Previous GAAP prohibited the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset had been sold to an outside party which resulted in diversity in practice and increased complexity within financial reporting. The amendments of ASU No. 2016-16 require an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs and do not require new disclosure requirements. The adoption of ASU No. 2016-16 should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The adoption of ASU No. 2016-16 as of January 1, 2018 did not have an impact on the Company’s consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The amendment seeks to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill and consolidation. The amendments should be applied prospectively on or after the effective dates. Accordingly, the Company’s adoption of ASU No. 2017-01 as of January 1, 2018 did not have an impact on the Company’s historical financial statements. Based on the Company’s evaluation of the new guidance, the Company determined that the acquisition of the tendered shares of Saeta on June 12, 2018 qualifies to be accounted for as an acquisition of a business and the Company’s acquisition of a 6 megawatt (“MW”) portfolio of operating solar distributed generation assets located in California and New Jersey on June 29, 2018 should be accounted for as an acquisition of assets. See Note 4. Acquisitions and Dispositions for further discussion of the Saeta acquisition.

In February 2017, the FASB issued ASU No. 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. This ASU is meant to clarify the scope of ASC Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets and to add guidance for partial sales of nonfinancial assets. ASU No. 2017-05 is to be applied using a full retrospective method or a modified retrospective method as outlined in the guidance. The adoption of ASU No. 2017-05 as of January 1, 2018 did not have an impact on the Company’s consolidated financial statements.

In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. The amendment clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as a modification. The new guidance is expected to reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as a modification. Changes to the terms or conditions of a share-based payment award that do not impact the fair value of the award, vesting conditions and the classification as an equity or liability instrument will not need to be assessed under modification accounting. The amendments in this update should be applied prospectively to an award modified on or after the adoption date. Accordingly, the Company’s adoption of ASU No. 2017-09 as of January 1, 2018 did not have an impact on the Company’s historical financial statements. The Company did not change the terms or conditions of any unvested share-based payment awards outstanding during the nine months ended September 30, 2018, but will apply the impact of this standard in the future should it change the terms or conditions of any share-based payment awards.

In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. This ASU amends the hedge accounting model to enable entities to better portray the economics of their risk management activities in the financial statements and simplifies the application of hedge accounting in certain situations. ASU No. 2017-12 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018, with early adoption permitted. ASU 2017-12 requires a modified retrospective transition method in which the Company recognizes the cumulative effect of the change on the opening balance of each affected component of equity as of the date of adoption. The Company adopted ASU 2017-12 on March 26, 2018 with the adoption impact reflected on a modified retrospective basis as of January 1, 2018, which resulted in the following primary changes:


•	The ineffective hedging portion of derivatives designated as hedging instruments is no longer required to be measured, recognized or reported. Alternatively, the entire change in the fair value of the designated hedging instrument is recorded in accumulated other comprehensive income (“AOCI”);


•	The Company will perform ongoing prospective and retrospective hedge effectiveness assessments qualitatively after performing the initial test of hedge effectiveness on a quantitative basis and only to the extent that an expectation of high effectiveness can be supported on a qualitative basis in subsequent periods;


•	For derivatives with periodic cash settlements and a non-zero fair value at hedge inception, the gains or losses recorded in AOCI in a qualifying cash flow hedging relationship are reclassified to earnings on a systematic and rational basis over the hedge term; and


•	For derivatives with components excluded from the assessment of hedge effectiveness, the gains or losses recorded in AOCI on such excluded components in a qualifying cash flow hedging relationship are reclassified to earnings on a systematic and rational basis over the hedge term.

The adoption of ASU 2017-12 resulted in a cumulative-effect adjustment of $4.2 million, net of tax of $1.6 million, representing a decrease in accumulated deficit and AOCI, which is reflected within cumulative-effect adjustment in the unaudited condensed consolidated statement of stockholders’ equity for the nine months ended September 30, 2018.

In February 2018, the FASB issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU amends and supersedes various paragraphs that contain SEC guidance in ASC 320, Investments - Debt Securities and ASC 980, Regulated Operations. ASU No. 2018-03 is effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years beginning after June 15, 2018. Public business entities with fiscal years beginning between December 15, 2017 and June 15, 2018 are not required to adopt these amendments until the interim period beginning after June 15, 2018. The adoption of ASU No. 2018-03 as of July 1, 2018 did not have an impact on the Company’s consolidated financial statements.

In March 2018, the FASB issued ASU No. 2018-05, Income Taxes (Topic 740) – Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. The ASU added seven paragraphs to ASC 740, Income Taxes, that contain SEC guidance related to the application of U.S. GAAP when preparing an initial accounting of the income tax effects of the Tax Act which, among other things, allows for a measurement period not to exceed one year for companies to finalize the provisional amounts recorded as of December 31, 2017. The ASU was effective upon issuance. See Note 9. Income Taxes for disclosures on the Company’s accounting for the Tax Act.

Recently Issued Accounting Standards Not Yet Adopted

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which primarily changes the lessee’s accounting for operating leases by requiring recognition of lease right-of-use assets and lease liabilities. The Company expects to adopt the guidance on January 1, 2019. The issued guidance requires a modified retrospective transition approach, which requires entities to recognize and measure leases at the beginning of the earliest period presented. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), Targeted Improvements, which amended the standard to give entities another option for transition. The additional transition method allows entities to initially apply the requirements of the standard in the period of adoption (January 1, 2019). The Company is assessing this transition option. The Company expects to elect certain of the practical expedients permitted in the issued standard, including the expedient that permits the Company to retain its existing lease assessment and classification. In January 2018, the FASB issued additional guidance which provides another optional transition practical expedient that allows entities to not evaluate existing and expired land easements under the new guidance at adoption if they were not previously accounted for as leases. The Company is currently working through an adoption plan which includes the evaluation of lease contracts compared to the new standard. While the Company is currently evaluating the impact the new guidance will have on its financial position and results of operations, the Company expects to recognize lease liabilities and right of use assets. The extent of the increase to assets and liabilities associated with these amounts remains to be determined pending the Company’s review of its existing lease contracts which may contain embedded leases.

In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment. The amendment simplifies the accounting for goodwill impairment by removing Step 2 of the current test, which requires calculation of a hypothetical purchase price allocation. Under the revised guidance, goodwill impairment will be measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill (currently Step 1 of the two-step impairment test). Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The standard is effective January 1, 2020, with early adoption permitted, and must be adopted on a prospective basis. The Company is currently evaluating the effect of the new guidance on its consolidated financial statements.

In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income to help entities address certain stranded income tax effects in AOCI resulting from the U.S. government’s enactment of the Tax Act on December 22, 2017. The amendment provides entities with an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act (or portion thereof) is recorded. The amendment also includes disclosure requirements regarding the issuer’s accounting policy for releasing income tax effects from AOCI. The optional guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted, and entities should apply the provisions of the amendment either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. The Company is currently evaluating the effect of the new guidance on its consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework —Changes to the Disclosure Requirements for Fair Value Measurement. This ASU removes some disclosure requirements, modifies others, and adds some new disclosure requirements. The guidance is effective January 1, 2020, with early adoption permitted. The Company is currently evaluating the effect of the new guidance on its consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This ASU amends the definition of a hosting arrangement and requires a customer in a cloud computing arrangement that is a service contract to follow the internal use software guidance in ASC 350-402 to determine which implementation costs to capitalize as assets. Capitalized implementation costs are amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. The guidance is effective January 1, 2020, with early adoption permitted. The Company is currently evaluating the effect of the new guidance on its consolidated financial statements.

In October 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. This ASU expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting by adding the SOFR as a permissible U.S. benchmark rate. The new amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the effect of the new guidance on its consolidated financial statements for any future application of hedge accounting involving SOFR as a benchmark interest rate.

In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. The amendments in this ASU require reporting entities to consider indirect interests held through related parties under common control for determining whether fees paid to decision makers and service provider are variable interests. These indirect interests should be considered on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required in U.S. GAAP). The guidance is effective January 1, 2020, with early adoption permitted. Entities are required to apply the amendments in this guidance retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The Company is currently evaluating the effect of the new guidance on its consolidated financial statements.

Revenue

9 Months Ended

Sep. 30, 2018

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

As discussed in Note 2. Summary of Significant Accounting Policies, on January 1, 2018, the Company adopted Topic 606. The following tables present revenue disaggregated by segment and major product for the three and nine months ended September 30, 2018, and provide a reconciliation of the adoption impact of Topic 606 on the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2018, and unaudited condensed consolidated balance sheet as of September 30, 2018. There was no net impact on net cash provided by operating activities in the unaudited condensed consolidated statement of cash flows for the nine months ended September 30, 2018 resulting from the adoption of Topic 606.

Topic 606 Adoption Impact on Unaudited Condensed Consolidated Statements of Operations



	Three Months Ended September 30, 2018
	As Reported											Adjustments				Amounts excluding Topic 606 Adoption
(In thousands)	Solar			Wind			Regulated Solar and Wind		Total			REC Sales		ITC Sales		Amounts excluding Topic 606 Adoption
PPA rental income	$	66,982		$	35,084		$	—	$	102,066		$	—	$	—	$	102,066
Commodity derivatives	—			7,469			—		7,469			—		—		7,469
PPA and market energy revenue	14,353			18,846			32,594		65,793			—		—		65,793
Capacity revenue from remuneration programs¹	—			—			47,356		47,356			—		—		47,356
Amortization of favorable and unfavorable rate revenue contracts, net	(2,132		)	(7,779		)	—		(9,911		)	—		—		(9,911		)
Energy revenue	79,203			53,620			79,950		212,773			—		—		212,773
Incentive revenue	15,680			3,343			14,246		33,269			2,318		4,958		40,545
Operating revenues, net	94,883			56,963			94,196		246,042			2,318		4,958		253,318
Operating costs and expenses									189,376			—		—		189,376
Operating income									56,666			2,318		4,958		63,942
Other expenses, net									69,704			—		—		69,704
(Loss) income before income tax expense									(13,038		)	2,318		4,958		(5,762		)
Income tax expense									6,013			—		—		6,013
Net loss									$	(19,051	)	$	2,318	$	4,958	$	(11,775	)



	Nine Months Ended September 30, 2018
	As Reported											Adjustments				Amounts excluding Topic 606 Adoption
(In thousands)	Solar			Wind			Regulated Solar and Wind		Total			REC Sales		ITC Sales		Amounts excluding Topic 606 Adoption
PPA rental income	$	159,116		$	138,396		$	—	$	297,512		$	—	$	—	$	297,512
Commodity derivatives	—			39,917			—		39,917			—		—		39,917
PPA and market energy revenue	34,318			31,897			38,909		105,124			—		—		105,124
Capacity revenue from remuneration programs¹	—			—			59,327		59,327			—		—		59,327
Amortization of favorable and unfavorable rate revenue contracts, net	(6,075		)	(23,403		)	—		(29,478		)	—		—		(29,478		)
Energy revenue	187,359			186,807			98,236		472,402			—		—		472,402
Incentive revenue	50,568			13,261			17,246		81,075			5,344		10,074		96,493
Operating revenues, net	237,927			200,068			115,482		553,477			5,344		10,074		568,895
Operating costs and expenses									491,561			—		—		491,561
Operating income									61,916			5,344		10,074		77,334
Other expenses, net									175,475			—		—		175,475
Loss before income tax expense									(113,559		)	5,344		10,074		(98,141		)
Income tax expense									9,417			—		—		9,417
Net (loss) income									$	(122,976	)	$	5,344	$	10,074	$	(107,558	)

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(1)	Represents the remuneration related to the Company’s investments associated with its renewable energy facilities in Spain, as discussed below in “Regulated solar and wind revenue”.

Topic 606 Adoption Impact on Unaudited Condensed Consolidated Balance Sheet



	As of September 30, 2018
	As Reported		Adjustments					Amounts excluding Topic 606 Adoption
(In thousands)	As Reported		REC Sales		ITC Sales			Amounts excluding Topic 606 Adoption
Accounts receivable, net	$	178,094	$	30,619	$	—		$	208,713
Other current assets	449,943		—		—			449,943
Total current assets	628,037		30,619		—			658,656
Non-current assets	8,947,940		—		—			8,947,940
Total assets	$	9,575,977	$	30,619	$	—		$	9,606,596

Deferred revenue	$	1,720	$	—	$	16,310		$	18,030
Other current liabilities	672,457		—		—			672,457
Total current liabilities	674,177		—		16,310			690,487
Deferred revenue, less current portion	12,444		—		14,513			26,957
Other non-current liabilities	6,032,368		—		—			6,032,368
Total liabilities	6,718,989		—		30,823			6,749,812
Redeemable non-controlling interests and total stockholders’ equity	2,856,988		30,619		(30,823		)	2,856,784
Total liabilities, redeemable non-controlling interests and stockholders’ equity	$	9,575,977	$	30,619	$	—		$	9,606,596

PPA rental income

The majority of the Company’s energy revenue is derived from long-term PPAs accounted for as operating leases under ASC 840, Leases. Rental income under these leases is recorded as revenue when the electricity is delivered. The Company will adopt ASC 842, Leases on January 1, 2019. The Company is currently working through an adoption plan which includes the evaluation of lease contracts compared to the new standard and may elect certain of the practical expedients permitted in the issued standard, including the expedient that permits the Company to retain its existing lease assessment and classification.

Commodity derivatives

The Company has certain revenue contracts within its wind fleet that are accounted for as derivatives under the scope of ASC 815, Derivatives and Hedging. Amounts recognized within operating revenues, net in the unaudited condensed consolidated statements of operations consist of cash settlements and unrealized gains and losses representing changes in fair value for the commodity derivatives that are not designated as hedging instruments. See Note 10. Derivatives for further discussion.

Solar and wind PPA revenue

PPAs that are not accounted for under the scope of leases or derivatives are accounted for under Topic 606. The Company typically delivers bundled goods consisting of energy and incentive products for a singular rate based on a unit of generation at a specified facility over the term of the agreement. In these type of arrangements, volume reflects total energy generation measured in kilowatt hours (“kWhs”) which can vary period to period depending on system and resource availability. The contract rate per unit of generation (kWhs) is generally fixed at contract inception; however, certain pricing arrangements can provide for time-of-delivery, seasonal or market index adjustment mechanisms over time. The customer is invoiced monthly equal to the volume of energy delivered multiplied by the applicable contract rate.

The Company considers bundled energy and incentive products within PPAs to be distinct performance obligations. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied under Topic 606. The Company views the sale of energy as a series of distinct goods that is substantially the same and has the same pattern of transfer measured by the output method. Although the Company views incentive products in bundled PPAs to be performance obligations satisfied at a point in time, measurement of satisfaction and transfer of control to the customer in a bundled arrangement coincides with a pattern of revenue recognition with the underlying energy generation. Accordingly, the Company applied the practical expedient in Topic 606 as the right to consideration corresponds directly to the value provided to the customer to recognize revenue at the invoice amount for its standalone and bundled PPA contracts.

For the three and nine months ended September 30, 2018, the Company’s energy revenue from PPA contracts with solar and wind customers was $33.2 million and $66.2 million, respectively, which does not include the market energy sales from the regulated solar and wind segment discussed below. As of September 30, 2018, the Company’s receivable balances related to PPA contracts with solar and wind customers was approximately $15.2 million. Trade receivables for PPA contracts are reflected in accounts receivable, net in the unaudited condensed consolidated balance sheets. The Company typically receives payment within 30 days for invoiced PPA revenue. The Company does not have any other significant contract asset or liability balances related to PPA revenue.

Energy revenues yet to be earned under these contracts are expected to be recognized between 2018 and 2043. The Company applies the practical expedient in Topic 606 to its bundled PPA contract arrangements, and accordingly, does not disclose the value of unsatisfied performance obligations for contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed.

Regulated solar and wind revenue

Regulated solar and wind includes revenue generated by Saeta’s solar and wind operations in Spain, which are subject to regulations applicable to companies that generate production from renewable sources for facilities located in Spain. While Saeta’s Spanish operations are regulated by the Spanish regulator, the Company has determined that the Spanish entities do not meet the criteria of a rate regulated entity under ASC 980 Regulated Operations, since the rates established by the Spanish regulator are not designed to recover the entity’s costs of providing its energy generation services. Accordingly, the Company applied Topic 606 to recognize revenue for these customer contract arrangements. The Company has distinct performance

obligations to deliver electricity, capacity, and incentives which are discussed below.

The Company has a performance obligation to deliver electricity and these sales are invoiced monthly at the wholesale market price (subject to adjustments due to regulatory price bands that reduce market risk). The Company transfers control of the electricity over time and the customer receives and consumes the benefit simultaneously. Accordingly, the Company applied the practical expedient in Topic 606 as the right to consideration corresponds directly to the value provided to the customer to recognize revenue at the invoice amount for electricity sales.

The Company has a stand-ready performance obligation to deliver capacity in the Spanish electricity market in which these renewable energy facilities are located. Proceeds received by the Company from the customer in exchange for capacity are determined by a remuneration on an investment (“Ri”) per unit of installed capacity that is determined by Spanish regulators. The Company satisfies its performance obligation for capacity under a time-based measure of progress and recognizes revenue by allocating the total annual consideration evenly to each month of service.

For the Company’s Spanish solar renewable energy facilities, the Company has identified a performance obligation linked to an incentive that is distinct from the electricity and capacity deliveries discussed above. For solar technologies under the Spanish market, the customer makes an operating payment (“Ro”) per MWh which is calculated based on the difference of a standard cost and an expected market price, both, determined by the Spanish regulator. The customer is invoiced monthly equal to the volume of energy produced multiplied by the regulated rate. The performance obligation is satisfied when the Company generates electricity from the solar renewable facility. Accordingly, the Company applied the practical expedient in Topic 606 and recognizes revenue based on the amount invoiced each month.

Following the acquisition of Saeta, the Company is now exposed to some concentration of credit risk given that its large Spanish portfolio has only two principal offtake contract counterparties. However, this concentration of credit risk is mitigated by the investment grade credit ratings of these offtake contract counterparties.

For the three and nine months ended September 30, 2018, regulated solar and wind revenue with customers was $94.2 million and $115.5 million, respectively. As of September 30, 2018, the Company’s receivable balance with customers from regulated solar and wind revenue was $93.8 million. The Company does not have any other significant contract asset or liability balances related to regulated solar and wind revenue.

Amortization of favorable and unfavorable rate revenue contracts, net

The Company accounts for its business combinations by recognizing in the financial statements the identifiable assets acquired, the liabilities assumed and any non-controlling interests in the acquiree at fair value at the acquisition date. Intangible amortization of certain revenue contracts acquired in business combinations (favorable and unfavorable rate PPAs and REC agreements) is recognized on a straight-line basis over the remaining contract term. The current period amortization for favorable rate revenue contracts is reflected as a reduction to operating revenues, net, and amortization for unfavorable rate revenue contracts is reflected as an increase to operating revenues, net. There was no impact related to the adoption of Topic 606. See Note 6. Intangibles.

Solar and wind incentive revenue

The Company generates incentive revenue from individual incentive agreements relating to the sale of RECs and performance-based incentives (“PBIs”) to third-party customers that are not bundled with the underlying energy output. The majority of individual REC sales reflect a fixed quantity, fixed price structure over a specified term. The Company views REC products in these arrangements as distinct performance obligations satisfied at a point in time. Since the REC products delivered to the customer are not linked to the underlying generation of a specified facility, these RECs are now recognized into revenue when delivered and invoiced under Topic 606. This was a change from the Company’s prior year accounting policy which recognized REC sales upon underlying electricity generation as discussed in Note 2. Summary of Significant Accounting Policies. The impact of the adoption resulted in a decrease in operating revenues, net of $2.3 million and $5.3 million during the three and nine months ended September 30, 2018, respectively. Incentive revenues yet to be earned for fixed price incentive contracts are expected to be $71.3 million and recognized between 2018 and 2031. The Company typically receives payment within 30 days of invoiced REC revenue.

For certain incentive contract arrangements, the quantity delivered to the customer is linked to a specific facility. Similar to PPA revenues under Topic 606, the pattern of revenue recognition for these incentive arrangements is recognized over time coinciding with the underlying revenue generation which is consistent with the Company’s policy prior to the adoption of Topic 606. For the three and nine months ended September 30, 2018, the Company’s incentive revenue from facility-linked contracts with customers was $8.8 million and $23.2 million respectively. Revenue accruals for facility linked incentive contracts within accounts receivable, net were $6.4 million as of September 30, 2018. The Company applied the practical expedient in Topic 606 to its variable consideration incentive contract arrangements where revenues are linked to the underlying generation of the renewable energy facilities, and accordingly does not disclose the value of unsatisfied performance obligations for contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed.

Prior to the adoption of Topic 606, the Company deferred sales of ITCs through its lease pass-through fund arrangements as a deferred revenue liability in the unaudited condensed consolidated balance sheet. As discussed in Note 2. Summary of Significant Accounting Policies, the Company now recognizes revenue related to the sales of ITCs at the point in time when the related solar energy systems are placed in service. The Company concluded that the likelihood of a recapture event related to these assessments is remote. Under Topic 605, the Company would have recognized an increase of $5.0 million and $10.1 million in non-cash deferred revenue within operating revenues, net for the three and nine months ended September 30, 2018, respectively. The remaining deferred revenue balance in the unaudited condensed consolidated balance sheet as of September 30, 2018, consisted of upfront government incentives of $8.9 million and contract liabilities of $5.2 million related to performance obligations that have not yet been satisfied. These contract liabilities represent advanced customer receipts primarily related to future REC deliveries that are recognized into revenue under Topic 606. The amount of revenue recognized during the three and nine months ended September 30, 2018 related to contract liabilities was $0.3 million and $1.0 million, respectively.

Acquisitions and Dispositions

9 Months Ended

Sep. 30, 2018

Business Combinations [Abstract]

Acquisitions and Dispositions

ACQUISITIONS AND DISPOSITIONS

Acquisition of Saeta

On February 7, 2018, the Company announced that it intended to launch a voluntary tender offer (the “Tender Offer”) to acquire 100% of the outstanding shares of Saeta, a Spanish renewable power company with 1,028 MW of wind and solar facilities (approximately 250 MW of solar and 778 MW of wind) located primarily in Spain. The Tender Offer was for €12.20 in cash per share of Saeta. On June 8, 2018, the Company announced that Spain’s National Securities Market Commission confirmed an over 95% acceptance of shares of Saeta in the Tender Offer (the “Tendered Shares”). On June 12, 2018, the Company completed the acquisition of the Tendered Shares for total aggregate consideration of $1.12 billion and $1.91 billion of project-level debt assumed. With 95.28% of the shares of Saeta acquired, the Company pursued a statutory squeeze out procedure under Spanish law to procure the remaining approximately 4.72% of the shares of Saeta for $54.6 million.

The Company funded the $1.12 billion purchase price of the Tendered Shares with $650.0 million of proceeds from the private placement of its Class A common stock to Orion Holdings and BEP as discussed in Note 1. Basis of Presentation and Note 12. Stockholders’ Equity, along with approximately $471 million from its existing liquidity, including (i) the proceeds of a $30.0 million draw on its Sponsor Line (as defined in Note 8. Long-term Debt), (ii) a $359.0 million draw on the Company’s Revolver (as defined in Note 8. Long-term Debt), and (iii) approximately $82 million of cash on hand. The Company funded the purchase of the remaining approximately 4.72% non-controlling interest in Saeta using $54.6 million of the total proceeds from an additional draw on its Sponsor Line.

As discussed in Note 2. Summary of Significant Accounting Policies, the Company accounted for the acquisition of Saeta under the acquisition method of accounting for business combinations. The final accounting for the Saeta acquisition has not been completed because the evaluation necessary to assess the fair values of acquired assets and assumed liabilities is still in process. The provisional amounts for this acquisition are subject to revision until these evaluations are completed. The preliminary allocation of the acquisition-date fair values of assets, liabilities and redeemable non-controlling interests pertaining to this business combination as of September 30, 2018, were as follows:



(In thousands)	Saeta
Renewable energy facilities in service	$	1,988,993
Accounts receivable	91,343
Intangible assets	993,274
Goodwill	115,084
Other assets	43,402
Total assets acquired	3,232,096
Accounts payable, accrued expenses and other current liabilities	93,032
Long-term debt, including current portion	1,906,831
Deferred income taxes	174,174
Asset retirement obligations	11,454
Derivative liabilities¹	137,002
Other long-term liabilities	23,002
Total liabilities assumed	2,345,495
Redeemable non-controlling interests²	55,117
Purchase price, net of cash and restricted cash acquired³	$	831,484

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(1)	Derivative liabilities are included within other long-term liabilities in the unaudited condensed consolidated balance sheets.

(2)

The fair value of the non-controlling interest was determined using a market approach using a quoted price for the instrument. As discussed above, the Company acquired the remaining shares of Saeta pursuant to a statutory squeeze out procedure under Spanish law, which closed on July 2, 2018. The quoted price for the purchase of the non-controlling interest is the best indicator of fair value and was supported by a discounted cash flow technique.


(3)	The Company acquired cash and cash equivalents of $187.2 million and restricted cash of $95.1 million as of the acquisition date.

The acquired non-financial assets primarily represent estimates of the fair value of acquired renewable energy facilities and intangible assets from concession and license agreements using the cost and income approach. Key inputs used to estimate fair value included forecasted power pricing, operational data, asset useful lives, and a discount rate factor reflecting current market conditions at the time of the acquisition. These significant inputs are not observable in the market and thus represent Level 3 measurements (as defined in Note 11. Fair Value of Financial Instruments). Refer below for additional disclosures related to the acquired finite-lived intangible assets.

The excess of the purchase price over the estimated fair value of the net assets acquired was recorded as goodwill. The assignment of goodwill to the reporting units has not been completed. The goodwill balance is not deductible for income tax purposes.

The results of operations of Saeta are included in the Company’s consolidated results since the date of acquisition. The operating revenues and net income of Saeta reflected in the unaudited condensed consolidated statements of operations for the three months ended September 30, 2018 were $107.9 million and $21.8 million, respectively, and for the nine months ended September 30, 2018 were $132.5 million and $33.4 million, respectively.

Intangibles at Acquisition Date

The following table summarizes the estimated fair value and weighted average amortization period of acquired intangible assets as of the acquisition date for Saeta. The Company attributed intangible asset value to concessions and license agreements in-place from solar and wind facilities. These intangible assets are amortized on a straight-line basis over the estimated remaining useful life of the facility from the Company’s acquisition date.

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(1)	For purposes of this disclosure, the weighted average amortization period is determined based on a weighting of the individual intangible fair values against the total fair value for each major intangible asset and liability class.

Unaudited Pro Forma Supplementary Data

The unaudited pro forma supplementary data presented in the table below gives effect to the Saeta acquisition, as if the transaction had occurred on January 1, 2017. The pro forma net loss includes interest expense related to incremental borrowings used to finance the transaction and adjustments to depreciation and amortization expense for the valuation of renewable energy facilities and intangible assets. The pro forma net loss for the three and nine months ended September 30, 2018, excludes the impact of acquisition related costs disclosed below. The unaudited pro forma supplementary data is provided for informational purposes only and should not be construed to be indicative of the Company’s results of operations had the acquisition been consummated on the date assumed or of the Company’s results of operations for any future date.



	Nine Months Ended September 30,
(In thousands)	2018			2017
Total operating revenues, net	$	740,066		$	749,814
Net loss	(108,314		)	(82,599		)

Acquisition Costs

Acquisition costs incurred by the Company for the three and nine months ended September 30, 2018, were $2.0 million and $14.6 million, respectively. Costs related to affiliates included in these balances were $0.3 million and $7.0 million, respectively. There were no acquisition costs incurred by the Company for the three and nine months ended 2017. These costs are reflected as acquisition-related costs and acquisition-related costs - affiliate (see Note 15. Related Parties) in the unaudited condensed consolidated statements of operations and are excluded from the unaudited pro forma net loss amount disclosed above.

U.K. Portfolio Sale

On May 11, 2017, the Company announced that TerraForm Power Operating, LLC (“Terra Operating LLC”) completed its sale of substantially all of its portfolio of solar power plants located in the United Kingdom (24 operating projects representing an aggregate 365.0 MW, the “U.K. Portfolio”) to Vortex Solar UK Limited, a renewable energy platform managed by the private equity arm of EFG Hermes, an investment bank. Terra Operating LLC received approximately $214.1 million of proceeds from the sale, which was net of transaction expenses of $3.9 million and distributions taken from the U.K. Portfolio after announcement and before closing of the sale. The Company also disposed of $14.8 million of cash and cash equivalents and $21.8 million of restricted cash as a result of the sale. The proceeds were used for the reduction of the Company's indebtedness (a $30.0 million prepayment for a non-recourse portfolio term loan and the remainder was applied towards revolving loans outstanding under its senior secured corporate-level revolving credit facility). The sale also resulted in a reduction in the Company's non-recourse project debt by approximately £301 million British Pounds (“GBP”) at the U.K. Portfolio level. The Company recognized a gain on the sale of $37.1 million, which is reflected within gain on sale of renewable energy facilities in the unaudited condensed consolidated statements of operations for the nine months ended September 30, 2017. The Company has retained one 11.1 MW solar project in the United Kingdom.

Residential Portfolio Sale

In the first nine months of 2017, the Company closed on the sale of 100% of the membership interests of Enfinity Colorado DHA 1, LLC, a Colorado limited liability company that owns and operates 2.5 MW of solar installations situated on the roof of public housing units located in Colorado and owned by the Denver Housing Authority, and 100% of the membership interests of TerraForm Resi Solar Manager, LLC, a subsidiary of the Company that owns and operates 8.9 MW of rooftop solar installations, to Greenbacker Residential Solar II, LLC. The Company received proceeds of $1.1 million and $6.0 million in the second and third quarter of 2017, respectively, as a result of the sale of these companies and also disposed of $0.6 million of cash and cash equivalents and $0.8 million of restricted cash in the nine months of 2017. The Company recorded an impairment charge in the fourth quarter of 2016 when it was determined that these assets met the criteria for held for sale classification, and there was no additional loss recognized during 2017 as a result of these sales.

Renewable Energy Facilities

9 Months Ended

Sep. 30, 2018

Property, Plant and Equipment [Abstract]

Renewable Energy Facilities

RENEWABLE ENERGY FACILITIES

Renewable energy facilities, net consists of the following:



(In thousands)	September 30, 2018			December 31, 2017
Renewable energy facilities in service, at cost¹	$	7,309,599		$	5,378,462
Less: accumulated depreciation - renewable energy facilities	(763,154		)	(578,474		)
Renewable energy facilities in service, net	6,546,445			4,799,988
Construction in progress - renewable energy facilities	9,391			1,937
Total renewable energy facilities, net	$	6,555,836		$	4,801,925

———

⁽¹⁾ The increase in renewable energy facilities is primarily due to the acquisition of Saeta. See Note 4. Acquisitions and Dispositions.

Depreciation expense related to renewable energy facilities was $79.2 million and $194.2 million for the three and nine months respectively ended September 30, 2018, as compared to $53.4 million and $160.0 million for the same periods in the prior year.

For the periods presented above, construction in progress primarily represents initial costs incurred for the construction of a new battery energy storage system for one of the Company’s wind power plants, for which construction began in the fourth quarter of 2017.

Impairment Charges

The Company reviews long-lived assets that are held and used for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company has a REC sales agreement with a customer expiring December 31, 2021 that is significant to an operating project within the Enfinity solar distributed generation portfolio, and on March 31, 2018, this customer filed for protection under Chapter 11 of the U.S. Bankruptcy Code. The potential replacement of this contract would likely result in a significant decrease in expected revenues for this operating project. The Company’s analysis indicated that the bankruptcy filing was a triggering event to perform an impairment evaluation, and the carrying amount of $19.5 million as of March 31, 2018 was no longer considered recoverable based on an undiscounted cash flow forecast. The Company estimated the fair value of the operating project at $4.3 million as of March 31, 2018 and recognized an impairment charge of $15.2 million equal to the difference between the carrying amount and the estimated fair value, which is reflected within impairment of renewable energy facilities in the unaudited condensed consolidated statement of operations for the nine months ended September 30, 2018. The Company used an income approach methodology of valuation to determine fair value by applying a discounted cash flow method to the forecasted cash flows of the operating project, which was categorized as a Level 3 fair value measurement due to the significance of unobservable inputs. Key estimates used in the income approach included forecasted power and incentive prices, customer renewal rates, operating and maintenance costs and the discount rate.

During the third quarter of 2017, the Company sold its remaining 0.3 MW of residential assets. These assets did not meet the criteria for held for sale classification in the second quarter of 2017, but the Company determined that certain impairment indicators were present and as a result recognized an impairment charge of $1.4 million, which is reflected within impairment of renewable energy facilities in the unaudited condensed consolidated statement of operations for the nine months ended September 30, 2017.

Intangible Assets, Net and Goodwill

9 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net and Goodwill

INTANGIBLE ASSETS, NET AND GOODWILL

The following table presents the gross carrying amount, accumulated amortization and net book value of intangibles as of September 30, 2018:



(In thousands, except weighted average amortization period)	Weighted Average Amortization Period	Gross Carrying Amount		Accumulated Amortization			Net Book Value
Concession and licensing contracts¹	17 years	$	981,333	$	(16,683	)	$	964,650
Favorable rate revenue contracts	14 years	714,678		(132,396		)	582,282
In-place value of market rate revenue contracts	18 years	535,503		(94,414		)	441,089
Favorable rate land leases	16 years	15,800		(2,928		)	12,872
Total intangible assets, net		$	2,247,314	$	(246,421	)	$	2,000,893

Unfavorable rate revenue contracts	7 years	$	33,144	$	(17,834	)	$	15,310
Unfavorable rate operations and maintenance contracts	1 year	5,000		(3,490		)	1,510
Unfavorable rate land lease	14 years	1,000		(204		)	796
Total intangible liabilities, net²		$	39,144	$	(21,528	)	$	17,616

The following table presents the gross carrying amount, accumulated amortization and net book value of intangibles as of December 31, 2017:



(In thousands, except weighted average amortization period)	Weighted Average Amortization Period	Gross Carrying Amount		Accumulated Amortization			Net Book Value
Favorable rate revenue contracts	15 years	$	718,639	$	(102,543	)	$	616,096
In-place value of market rate revenue contracts	19 years	521,323		(73,104		)	448,219
Favorable rate land leases	17 years	15,800		(2,329		)	13,471
Total intangible assets, net		$	1,255,762	$	(177,976	)	$	1,077,786

Unfavorable rate revenue contracts	7 years	$	35,086	$	(16,030	)	$	19,056
Unfavorable rate operations and maintenance contracts	2 years	5,000		(2,552		)	2,448
Unfavorable rate land lease	15 years	1,000		(162		)	838
Total intangible liabilities, net²		$	41,086	$	(18,744	)	$	22,342

———


(1)	See Note.4 Acquisitions and Dispositions for a discussion of the intangible assets related to Saeta.


(2)	The Company’s intangible liabilities are classified within other long-term liabilities in the unaudited condensed consolidated balance sheets.

Amortization expense related to concessions and licensing contracts is reflected in the unaudited condensed consolidated statements of operations within depreciation, accretion and amortization expense. During the three and nine months ended September 30, 2018, amortization expense related to concessions and licensing contracts was $13.8 million and $16.7 million, respectively. No amortization expense was recorded for the same periods in 2017.

Amortization expense related to favorable rate revenue contracts is reflected in the unaudited condensed consolidated statements of operations as a reduction of operating revenues, net. Amortization related to unfavorable rate revenue contracts is reflected in the unaudited condensed consolidated statements of operations as an increase to operating revenues, net. During the three and nine months ended September 30, 2018, net amortization expense related to favorable and unfavorable rate revenue contracts resulted in a reduction of operating revenues, net of $9.9 million and $29.5 million, respectively, as compared to a $10.0 million and $29.5 million reduction of operating revenues, net for the same periods in 2017.

Amortization expense related to the in-place value of market rate revenue contracts is reflected in the unaudited condensed consolidated statements of operations within depreciation, accretion and amortization expense. During the three and nine months ended September 30, 2018, amortization expense related to the in-place value of market rate revenue contracts was $4.7 million and $21.6 million, respectively, as compared to $6.4 million and $19.4 million for the same periods in the prior year.

Amortization expense related to favorable rate land leases is reflected in the unaudited condensed consolidated statements of operations within cost of operations. Amortization related to the unfavorable rate land lease and unfavorable rate operations and maintenance (“O&M”) contracts is reflected in the unaudited condensed consolidated statements of operations as a reduction of cost of operations. During the three and nine months ended September 30, 2018, net amortization related to favorable and unfavorable rate land leases and unfavorable rate O&M contracts resulted in an increase of cost of operations of $0.1 million and $0.4 million, respectively, as compared to a $0.1 million decrease and $0.4 million decrease in cost of operations for the same periods in the prior year.

See Note 4. Acquisitions and Dispositions for discussion of goodwill related to the Saeta acquisition.

Variable Interest Entities

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

VARIABLE INTEREST ENTITIES

The Company consolidates variable interest entities (“VIEs”) in renewable energy facilities when the Company is the primary beneficiary. The VIEs own and operate renewable energy facilities in order to generate contracted cash flows. The VIEs were funded through a combination of equity contributions from the owners and non-recourse project-level debt. As a result of the Company's sale of TerraForm Resi Solar Manager, LLC, a subsidiary of the Company that owned and operated 8.9 MW of residential rooftop solar installations, during the second quarter of 2017, the related assets and liabilities of this VIE were deconsolidated. No other VIEs were deconsolidated during the nine months ended September 30, 2018 and 2017.

The carrying amounts and classification of the consolidated VIEs’ assets and liabilities included in the Company’s unaudited condensed consolidated balance sheets are as follows:



(In thousands)	September 30, 2018		December 31, 2017
Current assets	$	124,690	$	142,403
Non-current assets	3,987,032		4,155,558
Total assets	$	4,111,722	$	4,297,961
Current liabilities	$	97,140	$	119,021
Non-current liabilities	1,055,560		975,839
Total liabilities	$	1,152,700	$	1,094,860

The amounts shown in the table above exclude intercompany balances that are eliminated upon consolidation. All of the assets in the table above are restricted for settlement of the VIE obligations, and all of the liabilities in the table above can only be settled by using VIE resources.

Long-term Debt

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Long-term Debt

LONG-TERM DEBT

Long-term debt, including affiliate amounts, consists of the following:



(In thousands, except interest rates)	September 30, 2018			December 31, 2017			Interest Type	Interest Rate (%)¹	Financing Type
Corporate-level long-term debt²:
Senior Notes due 2023	$	500,000		$	500,000		Fixed	4.25	Senior notes
Senior Notes due 2025	300,000			300,000			Fixed	6.63	Senior notes
Senior Notes due 2028	700,000			700,000			Fixed	5.00	Senior notes
Revolver³	487,810			60,000			Variable	5.13	Revolving loan
Term Loan⁴	347,375			350,000			Variable	4.24	Term debt
Non-recourse long-term debt⁵:
Permanent financing	3,553,349			1,616,729			Blended⁶	4.83⁷	Term debt / Senior notes
Financing lease obligations	108,560			115,787			Imputed	5.59⁷	Financing lease obligations
Total principal due for long-term debt and financing lease obligations	5,997,094			3,642,516				4.90⁷
Unamortized discount, net	(16,315		)	(19,027		)
Deferred financing costs, net	(26,742		)	(24,689		)
Less: current portion of long-term debt and financing lease obligations	(454,306		)	(403,488		)
Long-term debt and financing lease obligations, less current portion	$	5,499,731		$	3,195,312

———


(1)	As of September 30, 2018.


(2)	Corporate-level debt represents debt issued by Terra Operating LLC and guaranteed by Terra LLC and certain subsidiaries of Terra Operating LLC other than non-recourse subsidiaries as defined in the relevant debt agreements (exception for certain unencumbered non-recourse subsidiaries).

(3)

On February 6, 2018, Terra Operating LLC elected to increase the total borrowing capacity of its $450.0 million senior secured revolving credit facility (the “Revolver”), available for revolving loans and letters of credit, to $600.0 million. On October 5, 2018, Terra Operating LLC entered into an amendment to the Revolver (see Note 19. Subsequent Events). The September 30, 2018 balance includes $5.8 million drawn on an approximately $139.0 million revolving credit facility obtained by Saeta, as well as other credit facilities of Saeta. On October 26, 2018, Saeta repaid the outstanding balance under its revolving credit facility and terminated such facility.


(4)	On May 11, 2018, the Company signed a repricing amendment whereby the interest rate on the Term Loan was reduced by 0.75% per annum.

(5)

Non-recourse debt represents debt issued by subsidiaries with no recourse to TerraForm Power, Terra LLC, Terra Operating LLC or guarantors of the Company’s corporate-level debt, other than limited or capped contingent support obligations, which in aggregate are not considered to be material to the Company’s business and financial condition. In connection with these financings and in the ordinary course of its business, TerraForm Power and its subsidiaries observe formalities and operating procedures to maintain each of their separate existence and can readily identify each of their separate assets and liabilities as separate and distinct from each other. As a result, these subsidiaries are legal entities that are separate and distinct from TerraForm Power, Terra LLC, Terra Operating LLC and the guarantors of the Company’s corporate-level debt.


(6)	Includes fixed rate debt and variable rate debt. As of September 30, 2018, 44% of this balance had a fixed interest rate and the remaining 56% of this balance had a variable interest rate. The Company entered into interest rate swap agreements to fix the interest rates of a majority of the variable rate permanent financing non-recourse debt (see Note 10. Derivatives).


(7)	Represents the weighted average interest rate as of September 30, 2018.

Non-recourse Debt Defaults

As of September 30, 2018 and December 31, 2017, the Company reclassified $193.9 million and $239.7 million, respectively, of the Company’s non-recourse long-term indebtedness, net of unamortized deferred financing costs, to current in the unaudited condensed consolidated balance sheets due to defaults still remaining as of the respective financial statement issuance date, which primarily consists of indebtedness of the Company’s renewable energy facility in Chile. The Company continues to amortize deferred financing costs and debt discounts over the maturities of the respective financing agreements as before the violations, as the Company believes there is a reasonable likelihood that it will be able to successfully negotiate a waiver with the lenders and/or cure the defaults. The Company based this conclusion on (i) its past history of obtaining waivers and/or forbearance agreements with lenders, (ii) the nature and existence of active negotiations between the Company and the respective lenders to secure a waiver, (iii) the Company’s timely servicing of these debt instruments and (iv) the fact that no non-recourse financing has been accelerated to date and no project-level lender has notified the Company of such lenders election to enforce project security interests.

Refer to Note 2. Summary of Significant Accounting Policies for discussion of corresponding restricted cash reclassifications to current as a result of these defaults. There were no corresponding interest rate swap reclassifications needed as a result of these remaining defaults.

Non-recourse Project Financing

On June 6, 2018, one of the Company’s subsidiaries entered into a new non-recourse debt financing agreement, whereby it issued $83.0 million of 4.59% senior notes, secured by approximately 73 MW of utility-scale solar power plants located in Utah, Florida, Nevada and California that are owned by the Company's subsidiary. The proceeds of this financing were used to fund a portion of the acquisition of Saeta. The non-recourse senior notes mature on August 31, 2040 and amortize on a 22-year sculpted amortization schedule.

On September 28, 2018, one of the Company’s subsidiaries entered into a new non-recourse debt financing agreement whereby it issued $78.8 million of 4.64% senior notes, secured by approximately 51 MW of utility-scale and distributed-generation solar power plants located in New York, New Jersey, Massachusetts, North Carolina, Colorado and California that are owned by the Company’s subsidiaries. The majority of the proceeds of this financing were used to repay a portion of the Revolver in October of 2018. The non-recourse senior notes mature on December 31, 2032 and amortize on a 14-year sculpted amortization schedule.

On September 28, 2018, one of the Company’s subsidiaries entered into a new non-recourse debt refinancing arrangement whereby it issued approximately 50.0 million Euro of notes secured by 48 MW of utility-scale wind power plants located in Spain. The new notes consist of 30.0 million Euro Tranche A (the equivalent of approximately $35.0 million on the closing date) maturing in 9.5 years and 20.0 million Euro Tranche B (the equivalent of approximately $23.0 million on the closing date) maturing in 12.5 years. Tranche A bears interest at a rate per annum equals to six-month Euribor plus an applicable margin of 1.70% for the first five years and 1.15% thereafter. Tranche B bears a fixed interest rate of 2.84%. The net proceeds of this refinancing arrangement were used to repay a portion of the outstanding credit facilities. Both tranches amortize on a sculpted amortization schedule. The Company entered into interest rate swap agreements with counterparties to economically hedge greater than 90% of the cash flows associated with the debt, paying a fixed rate of 3.78% for the first five years and 1.15% for the following two years. In return, the counterparties agreed to pay the variable interest payments to the lenders.

Saeta Indebtedness

In relation to the acquisition of Saeta, as discussed in Note 4. Acquisitions and Dispositions, the Company assumed total indebtedness of $1.91 billion, predominantly comprised of non-recourse project financing from commercial banks secured by Saeta’s solar and wind power plants. The interest rates applicable to this assumed indebtedness ranged between 1.11% and 6.01% as of September 30, 2018. As of September 30, 2018, all required change of control consents in respect of this indebtedness were received by the Company.

Brookfield Sponsor Line

On October 16, 2017, TerraForm Power entered into a credit agreement with Brookfield and one of its affiliates as lenders that established a $500.0 million secured revolving credit facility (the “Sponsor Line”) and provides for the lenders to commit to make LIBOR loans to the Company during a period not to exceed three years from the effective date of the agreement (subject to acceleration for certain specified events). The Company may only use the Sponsor Line to fund all or a portion of certain funded acquisitions or growth capital expenditures. During the nine months ended September 30, 2018, the Company drew $86.0 million primarily to fund the Saeta acquisition, under the Sponsor Line, which the Company repaid.

Maturities

The aggregate contractual principal payments of long-term debt due after September 30, 2018, including financing lease obligations and excluding amortization of debt discounts, premiums and deferred financing costs, as stated in the financing agreements, are as follows:



(In thousands)	Remainder of 2018		2019		2020		2021		2022		Thereafter		Total
Maturities of long-term debt¹	$	90,947	$	257,488	$	256,380	$	259,267	$	751,624	$	4,381,388	$	5,997,094

———


(1)	Represents the contractual principal payment due dates for the Company’s long-term debt and does not reflect the reclassification of $193.9 million of long-term debt to current as a result of debt defaults under certain of the Company’s non-recourse financing arrangements.

Income Taxes

9 Months Ended

Sep. 30, 2018

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The income tax provision consisted of the following:



	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands, except effective tax rate)	2018			2017			2018			2017
Loss before income tax expense (benefit)	$	(13,038	)	$	(37,453	)	$	(113,559	)	$	(96,755	)
Income tax expense (benefit)	6,013			(1,099		)	9,417			(2,256		)
Effective tax rate	(46.1		)%	2.9		%	(8.3		)%	2.3		%

As of September 30, 2017, TerraForm Power owned 65.8% of Terra LLC and consolidated the results of Terra LLC through its controlling interest. The Company recorded SunEdison’s 34.2% ownership of Terra LLC as a non-controlling interest in the financial statements. Terra LLC is treated as a partnership for income tax purposes. As such, for the nine months ended September 30, 2017, the Company recorded income tax on its 65.8% of Terra LLC’s taxable income and SunEdison recorded income tax on its 34.2% share of Terra LLC’s taxable income. On October 16, 2017, pursuant to the settlement agreement the Company entered into with SunEdison on March 6, 2017 (the “Settlement Agreement”), SunEdison transferred its interest in Terra LLC to TerraForm Power. As a result, TerraForm Power now owns 100% of the capital and profits interest in Terra LLC, except for the incentive distribution rights (“IDRs”) which are owned by BRE Delaware, Inc. (the “Brookfield IDR Holder”), an indirect wholly-owned subsidiary of Brookfield, and the Company recorded income tax on its 100% share of Terra LLC’s taxable income for the nine months ended September 30, 2018.

For the three and nine months ended September 30, 2018 and 2017, the overall effective tax rate was different than the statutory rate of 21% and 35% in 2018 and 2017, respectively, primarily due to the recording of a valuation allowance on certain tax benefits attributed to the Company, loss allocated to non-controlling interests and the effect of foreign and state taxes. As of September 30, 2018, most jurisdictions were in a gross deferred tax asset position, prior to recording any valuation allowance, except for Spain, Portugal and Uruguay (see Note 4. Acquisitions and Dispositions for deferred tax liabilities assumed in connection with the acquisition of Saeta). A valuation allowance is recorded against certain deferred tax assets in the U.S. (except for one portfolio), Chile and certain other jurisdictions, primarily because of the history of losses in those jurisdictions. The recognition of an income tax expense of $6.0 million and $9.4 million for the three and nine months ended September 30, 2018, respectively, was mostly driven by the income generated from the profits of Saeta in Spain and Uruguay and one of the Company’s portfolios in the U.S. As of September 30, 2018, the Company had not identified any uncertain tax positions for which a liability was required.

Due to the enactment of the Tax Act on December 22, 2017, the U.S. federal corporate income tax rate was reduced from 35% to 21%, effective January 1, 2018. As a result, the Company performed a preliminary analysis to revalue its deferred income taxes and included a net reduction in deferred liabilities of $5 million as of December 31, 2017. While the Company continues to believe that the provisional Tax Act adjustments are reasonable estimates of the effects on its existing deferred taxes, additional analysis and detailed reviews are still being performed to finalize the accounting for the re-measurement of deferred tax assets and liabilities as a result of the enactment of the Tax Act.

Derivatives

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

DERIVATIVES

As part of the Company’s risk management strategy, the Company has entered into derivative instruments which include interest rate swaps, foreign currency contracts and commodity contracts to mitigate interest rate, foreign currency and commodity price exposure. If the Company elects to do so and if the instrument meets the criteria specified in ASC 815, Derivatives and Hedging, the Company designates its derivative instruments as cash flow hedges or net investment hedges. The Company enters into interest rate swap agreements in order to hedge the variability of expected future cash interest payments. Foreign currency contracts are used to reduce risks arising from the change in fair value of certain foreign currency denominated assets and liabilities. The objective of these practices is to minimize the impact of foreign currency fluctuations on operating results. The Company also enters into commodity contracts to economically hedge price variability inherent in electricity sales arrangements. The objectives of the commodity contracts are to minimize the impact of variability in spot electricity prices and stabilize estimated revenue streams. The Company does not use derivative instruments for speculative purposes.

As of September 30, 2018 and December 31, 2017, fair values of the following derivative instruments were included in the balance sheet captions indicated below:



	Fair Value of Derivative Instruments¹
	Derivatives Designated as Hedging Instruments						Derivatives Not Designated as Hedging Instruments
(In thousands)	Interest Rate Swaps		Foreign Currency Contracts		Commodity Contracts		Interest Rate Swaps		Foreign Currency Contracts		Commodity Contracts		Gross Derivatives		Counterparty Netting²			Net Derivatives
As of September 30, 2018
Prepaid expenses and other current assets	$	1,670	$	—	$	1,228	$	—	$	1,781	$	12,092	$	16,771	$	(58	)	$	16,713
Other assets	13,878		—		40,579		29		594		47,520		102,600		(248		)	102,352
Total assets	$	15,548	$	—	$	41,807	$	29	$	2,375	$	59,612	$	119,371	$	(306	)	$	119,065
Accounts payable, accrued expenses and other current liabilities	$	456	$	43	$	—	$	37,786	$	—	$	—	$	38,285	$	(58	)	$	38,227
Other long-term liabilities	1,279		417		—		82,616		46		—		84,358		(248		)	84,110
Total liabilities	$	1,735	$	460	$	—	$	120,402	$	46	$	—	$	122,643	$	(306	)	$	122,337

As of December 31, 2017
Prepaid expenses and other current assets	$	—	$	—	$	8,961	$	—	$	63	$	12,609	$	21,633	$	(63	)	$	21,570
Other assets	4,686		—		71,307		—		—		14,787		90,780		—			90,780
Total assets	$	4,686	$	—	$	80,268	$	—	$	63	$	27,396	$	112,413	$	(63	)	$	112,350
Accounts payable, accrued expenses and other current liabilities	$	2,490	$	—	$	—	$	197	$	99	$	—	$	2,786	$	(63	)	$	2,723
Other long-term liabilities	4,796		—		—		404		—		—		5,200		—			5,200
Total liabilities	$	7,286	$	—	$	—	$	601	$	99	$	—	$	7,986	$	(63	)	$	7,923

———


(1)	Fair value amounts are shown before the effects of counterparty netting adjustments.


(2)	Represents netting of derivative exposures covered by qualifying master netting agreements.

As of September 30, 2018 and December 31, 2017, the Company had posted letters of credit in the amount of $15.0 million, as collateral related to certain commodity contracts. Certain derivative contracts contain provisions providing the counterparties a lien on specific assets as collateral. There was no cash collateral received or pledged as of September 30, 2018 and December 31, 2017 related to the Company’s derivative transactions.

As of September 30, 2018 and December 31, 2017, notional amounts for derivative instruments consisted of the following:



	Notional Amount as of
(In thousands)	September 30, 2018	December 31, 2017
Derivatives designated as hedging instruments:
Interest rate swaps (USD)	367,073	395,986
Interest rate swaps (CAD)	148,002	156,367
Foreign currency contracts (CAD)	72,400	—
Foreign currency contracts (EUR)	300,000	—
Commodity contracts (MWhs)	6,197	15,579
Derivatives not designated as hedging instruments:
Interest rate swaps (USD)	12,604	13,520
Interest rate swaps (EUR)¹	1,061,456	—
Foreign currency contracts (EUR)²	640,200	—
Foreign currency contracts (CAD)	—	9,875
Commodity contracts (MWhs)	9,032	987

————


(1)	Represents the notional amount of the interest rate swaps acquired from Saeta to economically hedge the interest rate payments on non-recourse debt. The Company did not designate these derivatives as hedging instruments as of September 30, 2018.


(2)	Represents the notional amount of foreign exchange contracts used to economically hedge portions of the Company’s foreign exchange risk associated with Euro-denominated intercompany loans. The Company did not designate these derivatives as hedging instruments as of September 30, 2018.

The Company elected to present all derivative assets and liabilities on a net basis on the balance sheet as a right to set-off exists. The Company enters into International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with its counterparties. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties that typically provides for the net settlement of all, or a specified group, of these derivative transactions through a single payment, and in a single currency, as applicable. A right to set-off typically exists when the Company has a legally enforceable ISDA Master Agreement. No amounts were netted for commodity contracts as of September 30, 2018 or December 31, 2017.

Gains and losses on derivatives not designated as hedging instruments for the three and nine months ended September 30, 2018 and 2017 consisted of the following:



	Location of Loss (Gain) in the Statements of Operations	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	Location of Loss (Gain) in the Statements of Operations	2018			2017			2018			2017
Interest rate swaps	Interest expense, net	$	4,737		$	27		$	(3,252	)	$	3,219
Foreign currency contracts	(Gain) loss on foreign currency exchange, net	(4,348		)	457			(16,914		)	1,017
Commodity contracts	Operating revenues, net	(3,880		)	(1,371		)	(21,374		)	(7,062		)

During the second quarter of 2018, the Company discontinued hedge accounting for certain long-dated commodity contracts as they were no longer considered highly effective in offsetting the cash flows associated with the underlying risk being hedged. Long-term electricity prices in the related market declined significantly during the second quarter of 2018, causing the derivative contracts to have intrinsic value and thus negatively impacting the effectiveness of the intrinsic value being hedged. Hedge accounting was prospectively discontinued effective April 1, 2018, with changes in fair value recorded in earnings. The gains in AOCI as of March 31, 2018, which amounted to $44.3 million, are currently being amortized through earnings over the term of these contracts, the last of which expires in 2023. The balance of the accumulated gains deferred in AOCI as of September 30, 2018, was $40.6 million. During the three and nine months ended September 30, 2018, the total gains related to these commodity contracts were $6.6 million and $31.4 million, respectively, recorded in the unaudited condensed consolidated statement of operations within operating revenue, net, as compared to $4.1 million and $15.3 million for the same periods in the prior year.

Gains and losses recognized related to interest rate swaps, foreign currency contracts and commodity contracts designated as hedging instruments for the three and nine months ended September 30, 2018 and 2017 consisted of the following:



	Three Months Ended September 30,
Derivatives in Cash Flow and Net Investment Hedging Relationships	Gain (Loss) Included in the Assessment of Effectiveness Recognized in OCI, net of taxes¹				Gain (Loss) Excluded from the Assessment of Effectiveness Recognized in OCI Using an Amortization Approach²				Location of Amount Reclassified from AOCI into Income	(Gain) Loss Included in the Assessment of Effectiveness Reclassified from AOCI into Income³						(Gain) Loss Excluded from the Assessment of Effectiveness that is Amortized through Earnings²
(In thousands)	2018		2017		2018		2017		Location of Amount Reclassified from AOCI into Income	2018			2017			2018			2017
Interest rate swaps	$	4,107	$	1,353	$	—	$	—	Interest expense, net	$	263		$	519		$	—		$	(315	)
Foreign currency contracts	3,549		—		—		—		Gain on foreign currency exchange, net	—			—			—			—
Commodity contracts	4,645		15,985		—		—		Operating revenues, net	(5,019		)	(425		)	(251		)	(5,316		)
Total	$	12,301	$	17,338	$	—	$	—		$	(4,756	)	$	94		$	(251	)	$	(5,631	)

————


(1)	Net of tax benefit of zero and $0.3 million attributed to interest rate swaps during the three months ended September 30, 2018 and 2017, respectively. Net of tax benefit of zero and $0.8 million attributed to commodity contracts during the three months ended September 30, 2018 and 2017, respectively.

(2)

As a result of the adoption of ASU No. 2017-12 effective January 1, 2018 (see Note 2. Summary of Significant Accounting Policies), certain gains and losses were excluded from the assessment of effectiveness that are being amortized through earnings for the three months ended September 30, 2018. No such amounts existed for the three months ended September 30, 2017 prior to the adoption of ASU No. 2017-12.


(3)	Net of tax benefit of zero and $0.7 million attributed to interest rate swaps during the three months ended September 30, 2018 and 2017, respectively. Net of tax expense of zero and $0.7 million attributed to commodity contracts during the three months ended September 30, 2018 and 2017, respectively.



	Nine Months Ended September 30,
Derivatives in Cash Flow and Net Investment Hedging Relationships	Gain (Loss) Included in the Assessment of Effectiveness Recognized in OCI, net of taxes¹						Gain (Loss) Excluded from the Assessment of Effectiveness Recognized in OCI Using an Amortization Approach²				Location of Amount Reclassified from AOCI into Income	(Gain) Loss Included in the Assessment of Effectiveness Reclassified from AOCI into Income³						(Gain) Loss Excluded from the Assessment of Effectiveness that is Amortized through Earnings²
(In thousands)	2018			2017			2018		2017		Location of Amount Reclassified from AOCI into Income	2018			2017			2018			2017
Interest rate swaps	$	14,627		$	(1,899	)	—		$	—	Interest expense, net	$	1,236		$	3,163		$	—		$	(963	)
Foreign currency contracts	3,549			—			—		—		Gain on foreign currency exchange, net	—			—			—			—
Commodity contracts	(2,834		)	29,859			735		—		Operating revenues, net	(7,061		)	(3,690		)	(930		)	(5,340		)
Total	$	15,342		$	27,960		$	735	$	—		$	(5,825	)	$	(527	)	$	(930	)	$	(6,303	)

————


(1)	Net of tax benefit of zero and $0.2 million attributed to interest rate swaps during the nine months ended September 30, 2018 and 2017, respectively. Net of tax expense of zero and $2.9 million attributed to commodity contracts during the nine months ended September 30, 2018 and 2017, respectively.

(2)

As a result of the adoption of ASU No. 2017-12 effective January 1, 2018 (see Note 2. Summary of Significant Accounting Policies), certain gains and losses were excluded from the assessment of effectiveness that are being amortized through earnings for the nine months ended September 30, 2018. No such amounts existed for the nine months ended September 30, 2017 prior to the adoption of ASU No. 2017-12.


(3)	Net of tax benefit of zero and $2.4 million attributed to interest rate swaps during the nine months ended September 30, 2018 and 2017, respectively. Net of tax expense of zero and $2.8 million attributed to commodity contracts during the nine months ended September 30, 2018 and 2017, respectively.

As discussed in Note 2. Summary of Significant Accounting Policies, the Company adopted ASU No. 2017-12 as of January 1, 2018 and recognized a cumulative-effect adjustment of $4.2 million, net of tax of $1.6 million, representing a decrease in beginning accumulated deficit and AOCI, which is reflected within cumulative-effect adjustment in the unaudited condensed consolidated statement of stockholders’ equity for the nine months ended September 30, 2018.

Derivatives Designated as Hedging Instruments

Interest Rate Swaps

The Company has interest rate swap agreements to hedge variable rate non-recourse debt. These interest rate swaps were designated as hedging instruments and qualify for hedge accounting. Under the interest rate swap agreements, the renewable energy facilities pay a fixed rate and the counterparties to the agreements pay a variable interest rate. The amounts deferred in AOCI and reclassified into earnings during the three and nine months ended September 30, 2018 and 2017 related to these interest rate swaps are provided in the tables above. The loss expected to be reclassified into earnings over the next twelve months is approximately $2.0 million. The maximum term of outstanding interest rate swaps designated as hedging instruments is 16 years.

Foreign Currency Forward Contracts

The Company uses foreign currency forward contracts to hedge portions of its net investment positions in certain subsidiaries with Euro and Canadian dollar functional currencies and to manage its foreign exchange risk. For instruments that are designated and qualify as hedges of net investments in foreign operations, the effective portion of the net gains or losses attributable to changes in exchange rates are recorded in foreign currency translation adjustments within AOCI. Recognition in earnings of amounts previously recorded in AOCI is limited to circumstances such as complete or substantial liquidation of the net investment in the hedged foreign operation.

Cash flows from derivative instruments designated as net investment hedges are classified as investing activities in the unaudited consolidated condensed statements of cash flows.

As of September 30, 2018, the total notional amount of foreign currency forward contracts designated as net investment hedges was 300 million Euros and approximately 72.4 million Canadian dollars. The maturity dates of these derivative instruments designated as net investment hedges range from three months to two years.

Commodity Contracts

The Company has long-dated physically delivered commodity contracts that hedge variability in cash flows associated with the sales of power from certain renewable energy facilities located in Texas. These commodity contracts qualify for hedge accounting and are designated as cash flow hedges. Accordingly, the effective portions of the change in fair value of these derivatives are reported in AOCI and subsequently reclassified to earnings in the periods when the hedged transactions affect earnings. Prior to adoption of ASU 2017-12, any ineffective portions of the derivatives’ change in fair value were recognized in earnings. The amounts deferred in AOCI and reclassified into earnings during the three and nine months ended September 30, 2018 and 2017 related to these commodity contracts are provided in the tables above. The gain expected to be reclassified into earnings over the next twelve months is approximately $1.8 million. The maximum term of outstanding commodity contracts designated as hedges is 9 years.

Derivatives Not Designated as Hedging Instruments

Interest Rate Swaps

The Company has interest rate swap agreements that economically hedge the cash flows for non-recourse debt. These interest rate swaps pay a fixed rate and the counterparties to the agreements pay a variable interest rate. The changes in fair value are recorded in interest expense, net in the unaudited condensed consolidated statements of operations as these hedges are not accounted for under hedge accounting.

Foreign Currency Forward Contracts

The Company enters into foreign currency forward contracts in order to economically hedge its exposure to foreign currency fluctuations. The settlement of these hedges occurs on a quarterly basis through maturity. As these hedges are not accounted for under hedge accounting, the changes in fair value are recorded in gain on foreign currency exchange, net in the unaudited condensed consolidated statements of operations.

Commodity Contracts

The Company enters into commodity contracts in order to economically hedge commodity price variability inherent in certain electricity sales arrangements. If the Company sells electricity to an independent system operator market and there is no PPA available, it may enter into a commodity contract to hedge all or a portion of their estimated revenue stream. These commodity contracts require periodic settlements in which the Company receives a fixed-price based on specified quantities of electricity and pays the counterparty a variable market price based on the same specified quantity of electricity. As these hedges are not accounted for under hedge accounting, the changes in fair value are recorded in operating revenues net, in the unaudited condensed consolidated statements of operations.

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair values of assets and liabilities are determined using either unadjusted quoted prices in active markets (Level 1) or pricing inputs that are observable (Level 2) whenever that information is available and using unobservable inputs (Level 3) to estimate fair value only when relevant observable inputs are not available. The Company uses valuation techniques that maximize the use of observable inputs. Assets and liabilities are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement. Where observable inputs are available for substantially the full term of the asset or liability, the instrument is categorized in Level 2. If the inputs into the valuation are not corroborated by market data, in such instances, the valuation for these contracts is established using techniques including extrapolation from or interpolation between actively traded contracts, as well as calculation of implied volatilities. When such inputs have a significant impact on the measurement of fair value, the instrument is categorized as Level 3. The Company regularly evaluates and validates the inputs used to determine fair value of Level 3 contracts by using pricing services to support the underlying market price of the commodity.

The Company uses a discounted cash flow valuation technique to fair value its derivative assets and liabilities. The primary inputs in the valuation models for commodity contracts are market observable forward commodity curves and risk-free discount rates and to a lesser degree credit spreads and volatilities. The primary inputs into the valuation of interest rate swaps and foreign currency contracts are forward interest rates and foreign currency exchange rates, and, to a lesser degree, credit spreads.

Recurring Fair Value Measurements

The following table summarizes the financial instruments measured at fair value on a recurring basis classified in the fair value hierarchy (Level 1, 2 or 3) based on the inputs used for valuation in the unaudited condensed consolidated balance sheets:



(In thousands)	As of September 30, 2018								As of December 31, 2017
Assets	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Interest rate swaps	$	—	$	15,576	$	—	$	15,576	$	—	$	4,686	$	—	$	4,686
Commodity contracts	—		17,236		84,184		101,420		—		27,396		80,268		107,664
Foreign currency contracts	—		2,069		—		2,069		—		—		—		—
Total derivative assets	$	—	$	34,881	$	84,184	$	119,065	$	—	$	32,082	$	80,268	$	112,350
Liabilities
Interest rate swaps	$	—	$	122,137	$	—	$	122,137	$	—	$	7,887	$	—	$	7,887
Commodity contracts	—		—		—		—		—		—		—		—
Foreign currency contracts	—		200		—		200		—		36		—		36
Total derivative liabilities	$	—	$	122,337	$	—	$	122,337	$	—	$	7,923	$	—	$	7,923

The Company's interest rate swaps, commodity contracts not designated as hedges and foreign currency contracts are considered Level 2, since all significant inputs are corroborated by market observable data. The Company's commodity contracts designated as hedges are considered Level 3 as they contain significant unobservable inputs. There were no transfers in or out of Level 1, Level 2 and Level 3 during the three and nine months ended September 30, 2018 and 2017.

The following table reconciles the changes in the fair value of derivative instruments classified as Level 3 in the fair value hierarchy for the three and nine months ended September 30, 2018 and 2017:



	Three Months Ended September 30,					Nine Months Ended September 30,
(In thousands)	2018		2017			2018			2017
Beginning balance	$	81,859	$	76,790		$	80,268		$	66,138
Realized and unrealized gains (losses):
Included in other comprehensive income (loss)	418		15,601			(10,090		)	26,229
Included in operating revenues, net	1,324		6,407			16,873			11,831
Settlements	583		(1,090		)	(2,867		)	(6,490		)
Balance as of September 30	$	84,184	$	97,708		$	84,184		$	97,708

The significant unobservable inputs used in the valuation of the Company's commodity contracts categorized as Level 3 in the fair value hierarchy as of September 30, 2018 are as follows:



(In thousands, except range)	Fair Value as of September 30, 2018
Transaction Type	Assets		Liabilities		Valuation Technique	Unobservable Inputs	Range
Commodity contracts - power	$	84,184	$	—	Discounted cash flow	Forward price (per MWh)	$10.4	-	$145.7
					Option model	Volatilities	3.4%	-	9.8%

The sensitivity of the Company’s fair value measurements to increases (decreases) in the significant unobservable inputs is as follows:



Significant Unobservable Input	Position	Impact on Fair Value Measurement
Increase (decrease) in forward price	Forward sale	Decrease (increase)
Increase (decrease) in implied volatilities	Purchase option	Increase (decrease)

The Company measures the sensitivity of the fair value of its Level 3 commodity contracts to potential changes in commodity prices using a mark-to-market analysis based on the current forward commodity prices and estimates of the price volatility. An increase in power forward prices will produce a mark-to-market loss, while a decrease in prices will result in a mark-to-market gain.

Fair Value of Debt

The carrying amount and estimated fair value of the Company's long-term debt as of September 30, 2018 and December 31, 2017 is as follows:



	As of September 30, 2018				As of December 31, 2017
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt	$	5,954,082	$	6,052,908	$	3,598,800	$	3,702,470

The fair value of the Company's long-term debt, except the corporate-level senior notes, was determined using inputs classified as Level 2 and a discounted cash flow approach using market rates for similar debt instruments. The fair value of the corporate-level senior notes is based on market price information which is classified as a Level 1 input. They are measured using the last available trades at the end of each respective fiscal year. The fair value of the Senior Notes due 2023, Senior Notes due 2025 and Senior Notes due 2028 were 98.00%, 106.25% and 93.49% of face value as of September 30, 2018, respectively, and 99.50%, 109.50% and 99.38% of face value as of December 31, 2017, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stockholders' Equity

9 Months Ended

Sep. 30, 2018

(Loss) Earnings Per Share

Stockholders' Equity

STOCKHOLDERS’ EQUITY

The following table reflects the changes in TerraForm Power’s Class A common shares outstanding during the nine months ended September 30, 2018 and 2017:



	Nine Months Ended September 30,
	2018	2017
Balance as of January 1	148,086,027	92,223,089
Issuance of Class A common stock to affiliates	61,055,693	—
Net shares issued under equity incentive plan	—	185,507
Balance as of September 30	209,141,720	92,408,596

Issuance of Class A Common Stock to Affiliates

On June 11, 2018, TerraForm Power entered into a Class A Common Stock Purchase Agreement (“Share Purchase Agreement”) with Orion Holdings and BEP (collectively, the “Purchasers”), both affiliates of Brookfield. Pursuant to the Share Purchase Agreement, the Purchasers purchased in a private placement a total of 60,975,609 shares of TerraForm Power’s Class A common stock for a price per share of $10.66, representing total consideration of approximately $650.0 million. No underwriting discounts or commissions were paid with respect to this private placement. These newly issued shares of TerraForm Power were not registered with the SEC in reliance on Section 4(a)(2) of the Securities Act and the acknowledgment of each of the Purchasers that it is an “accredited investor” within the meaning of Rule 501(a) of Regulation D of the Securities Act or a “qualified institutional buyer” under Rule 144A of the Securities Act. As a result of this private placement, affiliates of Brookfield now hold approximately 65% of TerraForm Power’s Class A common stock.

The proceeds of the offering were used by the Company to pay a portion of the purchase price of the Tendered Shares of Saeta. The purchase of TerraForm Power’s Class A shares by the Purchasers was made in accordance with the support agreement that the Company entered into with Brookfield, dated February 6, 2018, and amended on May 28, 2018, pursuant to which Brookfield agreed to backstop a share offering of TerraForm Power’s Class A common stock in an amount up to $650.0 million and at a price of $10.66 per share

Issuance of Shares upon Final Resolution of Chamblee Class Action

On August 3, 2018, pursuant to the Merger Agreement, the Company issued 80,084 shares of Class A common stock to Orion Holdings in connection with the net losses incurred as a result of the final resolution of a securities class action under federal securities laws (the “Chamblee Class Action”). The net losses for the Chamblee Class Action include the $1.1 million contributed by the Company to the settlement but do not include the $13.6 million contributed by the Company’s insurers and certain attorneys’ fees that TerraForm Global, Inc. reimbursed to the Company pursuant to the insurance allocation arrangements entered into with the Company in 2017.

Stock-based Compensation

The Company has an equity incentive plan that provides for the award of incentive and nonqualified stock options, restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) to personnel and directors who provide services to the Company. The maximum contractual term of an award is ten years from the date of grant. As of September 30, 2018, an aggregate of 3,822,821 shares of Class A common stock were available for issuance under this plan. Upon exercise of stock options or the vesting of RSUs, the Company will issue shares that have been previously authorized to be issued.

During the nine months ended September 30, 2018, the Company awarded 117,424 time-based RSUs to certain employees of the Company. The grant-date fair value of these awards was $1.3 million, which was calculated based on the Company's closing stock price on the date of grant, and are being recognized as compensation cost on a straight-line basis over the three year service period. The amount of stock-based compensation expense related to the equity awards in the Company's stock during the three and nine months ended September 30, 2018, was $0.1 million and $0.2 million, respectively, as compared to $1.8 million and $7.0 million for the same periods in the prior year, respectively, and is reflected in the unaudited condensed consolidated statement of operations within general and administrative expenses.

RSUs will not entitle the holders to voting rights and holders of the RSUs will not have any right to receive dividends or distributions. The following table presents information regarding outstanding RSUs as of September 30, 2018, and changes during the nine months ended September 30, 2018:



	Number of RSUs Outstanding		Aggregate Intrinsic Value (in millions)		Weighted Average Remaining Contractual Life (in years)
Balance as of January 1, 2018	—
Granted	117,424
Forfeited	(14,124	)
Balance as of September 30, 2018	103,300		$	1.2	2.5 years

Dividends

The following table presents cash dividends declared and paid on Class A common stock during the nine months ended September 30, 2018. TerraForm Power did not declare or pay a dividend during the nine months ended September 30, 2017.



	Dividends per Share		Declaration Date	Record Date	Payment Date
First Quarter	$	0.19	February 6, 2018	February 28, 2018	March 30, 2018
Second Quarter	0.19		April 30, 2018	June 1, 2018	June 15, 2018
Third Quarter	0.19		August 13, 2018	September 1, 2018	September 15, 2018

Share Repurchase Program

On July 31, 2018, the Board of Directors of the Company authorized a program to repurchase up to 5% of the Company’s Class A common stock outstanding as of July 31, 2018, through July 31, 2019. The timing and the amount of any repurchases of common stock will be determined by the Company’s management based on its evaluation of market conditions and other factors. Repurchases of common stock may be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws, open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 under the Exchange Act of 1934. The program may be suspended or discontinued at any time and does not obligate the Company to purchase any minimum number of shares. Any repurchased common stock will be held by the Company as treasury shares. The Company expects to fund any repurchases from available liquidity.

As of September 30, 2018, no shares were repurchased under the program.

(Loss) Earnings Per Share

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

(LOSS) EARNINGS PER SHARE

Basic (loss) earnings per share is computed by dividing net (loss) income attributable to Class A common stockholders by the number of weighted average ordinary shares outstanding during the period, which is the average of shares outstanding and assumed to be outstanding, and includes contingently issuable shares as of the date when the contingent condition has been met. Diluted (loss) earnings per share is computed by adjusting basic earnings (loss) per share for the impact of weighted average dilutive common equivalent shares outstanding during the period, unless the impact is anti-dilutive. Common equivalent shares include the incremental shares issuable for unvested restricted Class A common stock and contingently issuable shares in the period the contingency has been met, for the portion of the period prior to the resolution of such contingent condition.

Basic and diluted (loss) earnings per share of the Company's Class A common stock for the three and nine months ended September 30, 2018 and 2017 was calculated as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands, except per share amounts)	2018			2017			2018		2017
Basic and diluted (loss) earnings per share:
Net (loss) income attributable to Class A common stockholders	$	(33,590	)	$	(26,300	)	$	27,869	$	(47,491	)
Less: accretion of redeemable non-controlling interest	—			(2,316		)	—		(6,729		)
Net (loss) income attributable to Class A common stockholders after accretion of redeemable non-controlling interests	$	(33,590	)	$	(28,616	)	$	27,869	$	(54,220	)

Weighted average basic Class A shares outstanding	209,142			92,352			173,173		92,228
Weighted average diluted Class A shares outstanding¹	209,142			92,352			173,186		92,228

Basic and diluted (loss) earnings per share	$	(0.16	)	$	(0.31	)	$	0.16	$	(0.59	)

———

(1)

The computation of diluted loss per share of the Company's Class A common stock for the three months ended September 30, 2018, excludes 103 thousand of potentially dilutive unvested RSUs because the effect would have been anti-dilutive. The computation of diluted earnings per share of the Company's Class A common stock for the nine months ended September 30, 2018, includes 13 thousand of RSUs considered to be dilutive and calculated using the treasury stock method. The computation of diluted loss per share of the Company's Class A common stock for the nine months ended September 30, 2017 excludes 1,228 thousand of potentially dilutive unvested RSUs because the effect would have been anti-dilutive.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Letters of Credit The Company’s customers, vendors and regulatory agencies often require the Company to post letters of credit in order to guarantee performance under relevant contracts and agreements. The Company is also required to post letters of credit to secure obligations under various swap agreements and leases and may, from time to time, decide to post letters of credit in lieu of cash deposits in reserve accounts under certain financing arrangements. The amount that can be drawn under some of these letters of credit may be increased from time to time subject to the satisfaction of certain conditions. As of September 30, 2018, the Company had outstanding letters of credit under the Revolver of $82.5 million and outstanding project-level letters of credit of $178.4 million. Guarantee Agreements The Company and its subsidiaries have provided guarantees to certain of its institutional tax equity investors and financing parties in connection with its tax equity financing transactions. These guarantees do not guarantee the returns targeted by the tax equity investors or financing parties, but rather support any potential indemnity payments payable under the tax equity agreements, including related to management of tax partnerships and recapture of tax credits or renewable energy grants in connection with transfers of the Company’s direct or indirect ownership interests in the tax partnerships to entities that are not qualified to receive those tax benefits. The Company and its subsidiaries have also provided guarantees in connection with acquisitions of third party assets or to support project contractual obligations, including renewable energy credit sales agreements. The Company and its subsidiaries have also provided other capped or limited contingent guarantees and other support obligations with respect to certain project-level indebtedness. Long-Term Service Agreement On August 10, 2018, the Company executed an 11-year framework agreement with an affiliate of General Electric (“GE”) that, among other things, provides for the roll out, subject to receipt of third party consents, of project level, long-term service agreements (collectively, the “LTSA”) for turbine operations and maintenance, as well as other balance of plant services across the Company’s 1.6 GW North American wind fleet. The Company is in the process of obtaining third party consents for the roll out of the LTSA, which may include the early termination of certain of the Company’s existing service contracts. Legal Proceedings The Company is not a party to any material legal proceedings other than various administrative and regulatory proceedings arising in the ordinary course of the Company’s business or as described below. While the Company cannot predict with certainty the ultimate resolution of such proceedings or other claims asserted against the Company, certain of the claims, if adversely concluded, could result in substantial damages or other relief. Claim relating to First Wind Acquisition On May 27, 2016, D.E. Shaw Composite Holdings, L.L.C. and Madison Dearborn Capital Partners IV, L.P., as the representatives of the sellers (the “First Wind Sellers”) filed an amended complaint for declaratory judgment against TerraForm Power and Terra LLC in the Supreme Court of the State of New York alleging breach of contract with respect to the Purchase and Sale Agreement, dated as of November 17, 2014 (the “FW Purchase Agreement”) between, among others, SunEdison, TerraForm Power and Terra LLC and the First Wind Sellers. The amended complaint alleges that Terra LLC and SunEdison became jointly obligated to make $231.0 million in earn-out payments in respect of certain development assets SunEdison acquired from the First Wind Sellers under the FW Purchase Agreement, when those payments were purportedly accelerated by SunEdison’s bankruptcy and by the resignations of two SunEdison employees. The amended complaint further alleges that TerraForm Power, as guarantor of certain Terra LLC obligations under the FW Purchase Agreement, is liable for this sum. The defendants filed a motion to dismiss the amended complaint on July 5, 2016, on the ground that, among other things, SunEdison is a necessary party to this action. The plaintiffs filed an opposition to the motion to dismiss on August 22, 2016. The defendants filed their reply on September 12, 2016. A hearing on the motion to dismiss took place on January 24, 2017. On February 6, 2018, the court denied the Company’s motion to dismiss, and discovery is proceeding in the case. The Company cannot predict the impact on this litigation of any information that may become available in discovery. The Company believes the First Wind Sellers’ allegation is without merit and will contest the claim and allegations vigorously. However, the Company cannot predict with certainty the ultimate resolution of any proceedings brought in connection with such a claim. Whistleblower Complaint By Francisco Perez Gundin On May 18, 2016, the Company’s former Director and Chief Operating Officer, Francisco Perez Gundin (“Mr. Perez”), filed a complaint against the Company, TerraForm Global, Inc. and certain individuals, with the United States Department of Labor. The complaint alleges that the defendants engaged in a retaliatory termination of Mr. Perez’s employment after he allegedly voiced concerns to SunEdison’s Board of Directors about public representations made by SunEdison officers regarding SunEdison’s liquidity position, and after he allegedly voiced his opposition to transactions that he alleges were self-interested and which he alleges SunEdison forced on the Company. He alleges that the Company participated in SunEdison’s retaliatory termination by constructively terminating his position as Chief Operating Officer of the Company in connection with SunEdison’s constructive termination of his employment. He seeks lost wages, bonuses, benefits, and other money that he alleges that he would have received if he had not been subjected to the allegedly retaliatory termination. The Company’s Position Statement in response to the complaint was filed in October of 2016. On February 21, 2017, Mr. Perez filed Gundin v. TerraForm Global, Inc. et al. against TerraForm Power, TerraForm Global, Inc. and certain individuals as defendants in the United States District Court for the District of Maryland. The complaint asserts claims for retaliation, breach of the implied covenant of good faith and fair dealing and promissory estoppel based on the same allegation in Mr. Perez’s Department of Labor complaint. On March 15, 2017, the Company filed notice with the Judicial Panel on Multidistrict Litigation to transfer this action to the SDNY where other cases not involving the Company relating to the SunEdison bankruptcy are being tried. The plaintiff did not oppose the transfer, which was approved by the Judicial Panel on Multidistrict Litigation. On November 6, 2017, TerraForm Power and the other defendants filed a motion to dismiss Mr. Perez’s complaint, and Mr. Perez filed a response on December 21, 2017. On March 8, 2018, Mr. Perez voluntarily dismissed the federal action without prejudice, which would permit the action to be refiled. The proceeding before the Department of Labor has not been dismissed. The Company reserved for its estimated loss related to this complaint in 2016, which was not considered material to the Company’s consolidated results of operations, and this amount remains accrued as of September 30, 2018. However, the Company is unable to predict with certainty the ultimate resolution of these proceedings. Whistleblower Complaint By Carlos Domenech Zornoza On May 10, 2016, the Company’s former Director and Chief Executive Officer, Carlos Domenech Zornoza (“Mr. Domenech”), filed a complaint against the Company, TerraForm Global, Inc. and certain individuals, with the United States Department of Labor. The complaint alleges that the defendants engaged in a retaliatory termination of Mr. Domenech’s employment on November 20, 2015 after he allegedly voiced concerns to SunEdison’s Board of Directors about public representations made by SunEdison officers regarding SunEdison’s liquidity position, and after he allegedly voiced his opposition to transactions that he alleges were self-interested and which he alleges SunEdison forced on the Company. He alleges that the Company participated in SunEdison’s retaliatory termination by terminating his position as Chief Executive Officer of the Company in connection with SunEdison’s termination of his employment. He seeks lost wages, bonuses, benefits, and other money that he alleges that he would have received if he had not been subjected to the allegedly retaliatory termination. The Company’s Position Statement in response to the complaint was filed in October of 2016. On February 21, 2017, Mr. Domenech filed Domenech Zornoza v. TerraForm Global, Inc. et. al against TerraForm Power, TerraForm Global, Inc. and certain individuals as defendants in the United States District Court for the District of Maryland. The complaint asserts claims for retaliation, breach of the implied covenant of good faith and fair dealing and promissory estoppel based on the same allegations in Mr. Domenech’s Department of Labor complaint. On March 15, 2017, the Company filed notice with the Judicial Panel on Multidistrict Litigation to transfer this action to the SDNY where other cases not involving the Company relating to the SunEdison bankruptcy are being tried. The plaintiff opposed the transfer. However, the transfer was approved by the Judicial Panel on Multidistrict Litigation. On November 6, 2017, TerraForm Power and the other defendants filed a motion to dismiss Mr. Domenech’s complaint, and Mr. Domenech filed a response on December 21, 2017. On March 8, 2018, Mr. Domenech voluntarily dismissed the federal action without prejudice, which would permit the action to be refiled. On August 16, 2018, Mr. Domenech refiled his complaint with the United States District Court for the District of Maryland and on October 17, 2018, the Company filed notice with the Judicial Panel on Multidistrict Litigation to transfer this action to the SDNY. The Plaintiff opposed the transfer. The proceeding before the Department of Labor has not been dismissed. The Company reserved for its estimated loss related to this complaint in 2016, which was not considered material to the Company’s consolidated results of operations, and this amount remains accrued as of September 30, 2018. However, the Company is unable to predict with certainty the ultimate resolution of these proceedings. Chile Project Arbitration On September 5, 2016, Compañía Minera del Pacífico (“CMP”) submitted demands for arbitration against the subsidiary of the Company that owns its solar project located in Chile and against the latter’s immediate holding company to the Santiago Chamber of Commerce’s Center for Arbitration and Mediation (“CAM”). The demands allege, among other things, that the Chile project was not built, operated and maintained according to the relevant standards using prudent utility practices as required by the electricity supply agreement (the “Contract for Difference”) between the parties, entitling them to terminate the Contract for Difference. CMP further alleges that it is entitled to damages based on alleged breaches of a call option agreement entered into by the parties. Both respondents delivered their initial responses to the CAM on November 7, 2016. The proceedings are currently in the evidentiary phase. The Company believes these claims are without merit and intends to continue to contest them vigorously. However, the Company cannot predict with certainty the ultimate resolution of the arbitral proceedings brought in connection with these claims. Issuance of Shares upon Final Resolution of Certain Litigation Matters Pursuant to the definitive merger and sponsorship transaction agreement (the “Merger Agreement”) entered into with Orion Holdings on March 6, 2017, the Company has agreed to issue additional shares of Class A common stock to Orion Holdings for no additional consideration in respect of the Company’s net losses, such as out-of-pocket losses, damages, costs, fees and expenses, in connection with the obtainment of a final resolution of certain specified litigation matters (being the Chamblee Class Action and the litigation brought by the First Wind Sellers, Mr. Perez and Mr. Domenech described above) within a prescribed period following the final resolution of such matters. The number of additional shares of Class A common stock to be issued to Orion Holdings is subject to a pre-determined formula as set forth in the Merger Agreement and is described in greater detail in the Company’s Definitive Proxy Statement filed on Schedule 14A with the SEC on September 6, 2017. The issuance of additional shares to Orion Holdings would dilute the holdings of the Company’s common stockholders and may negatively affect the value of the Company’s common stock. On August 3, 2018, pursuant to the Merger Agreement, the Company issued 80,084 shares of Class A common stock to Orion Holdings in connection with the net losses incurred for final resolution of the Chamblee Securities Class Action mentioned above. The net losses for the Chamblee Class Action include the $1.1 million contributed by the Company to the settlement but do not include the $13.6 million contributed by the Company’s insurers and certain attorneys’ fees that TerraForm Global, Inc. reimbursed to the Company pursuant to the insurance allocation arrangements entered into with the Company in 2017. As of the date hereof, the Company is unable to predict the quantum of any net losses arising from any of the litigation brought by the First Wind Sellers, Mr. Perez or Mr. Domenech described above or the number of additional shares, if any, that may be required to be issued to Orion Holdings pursuant to the terms of the Merger Agreement in connection with any final resolution of such matters.

Related Parties	9 Months Ended
Related Parties	Sep. 30, 2018
Related Party Transactions [Abstract]
Related Parties	RELATED PARTIES As discussed in Note 1. Nature of Operations and Basis of Presentation, prior to the consummation of the Merger, TerraForm Power was a controlled affiliate of SunEdison, Inc. As a result of the consummation of the Merger on October 16, 2017, a change of control of TerraForm Power occurred, and Orion Holdings, which is an affiliate of Brookfield, held 51% of the voting securities of TerraForm Power immediately following the Merger consummation. As a result of the Merger closing, TerraForm Power is no longer a controlled affiliate of SunEdison, Inc. and became a controlled affiliate of Brookfield. Furthermore, on June 11, 2018, Orion Holdings and BEP collectively purchased in a private placement a total of 60,975,609 shares of TerraForm Power’s Class A common stock for a price per share of $10.66, representing total consideration of approximately $650.0 million. As a result of this private placement, affiliates of Brookfield now hold approximately 65% of TerraForm Power’s Class A common stock. As discussed in Note 12. Stockholders’ Equity, on August 3, 2018, pursuant to the Merger Agreement, the Company issued 80,084 shares of Class A common stock to Orion Holdings in connection with the net losses incurred as a result of the final resolution of the Chamblee Class Action. At or prior to the effective time of the Merger, the Company and Orion Holdings (or one of its affiliates), among other parties, entered into a suite of agreements providing for sponsorship arrangements. These include the agreements discussed below, as well as a governance agreement that established certain rights and obligations of the Company and controlled affiliates of Brookfield that own voting securities of the Company relating to the governance of the Company and a registration rights agreement that governs Orion Holdings’ and the Company’s rights and obligations with respect to the registration for resale of all or a part of the Class A shares that Orion Holdings now holds following the Merger. In connection with the private placement of shares on June 11, 2018 discussed above, Orion Holdings, BEP and TerraForm Power entered into a joinder to the registration rights agreement and governance agreement entered into in connection with the Merger, which added BEP as a party to each respective agreement. As discussed in Note 14. Commitments and Contingencies, as part of the Merger, the Company also agreed to issue shares of Class A common stock to Orion Holdings in connection with the final resolution of certain litigation matters described above. Brookfield Master Services Agreement In connection with the consummation of the Merger, the Company entered into a master services agreement (the “Brookfield MSA”) with Brookfield and certain affiliates of Brookfield (collectively, the “MSA Providers”) pursuant to which the MSA Providers provide certain management and administrative services to the Company, including the provision of strategic and investment management services. As consideration for the services provided or arranged for by Brookfield and certain of its affiliates pursuant to this agreement, the Company pays a base management fee on a quarterly basis, paid in arrears. Pursuant to the Brookfield MSA, the Company recorded $3.6 million and $10.5 million of charges within general and administrative expenses - affiliate in the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2018, respectively. Relationship Agreement In connection with the consummation of the Merger, the Company entered into a relationship agreement (the “Relationship Agreement”) with Brookfield, which governs certain aspects of the relationship between Brookfield and the Company. Pursuant to the Relationship Agreement, Brookfield agrees that the Company will serve as the primary vehicle through which Brookfield and certain of its affiliates will own operating wind and solar assets in North America and Western Europe and that Brookfield will provide, subject to certain terms and conditions, the Company with a right of first offer on certain operating wind and solar assets that are located in such countries and developed by persons sponsored by or under the control of Brookfield. The Company did not acquire any renewable energy facilities from Brookfield during the nine months ended September 30, 2018. New Terra LLC Agreement SunEdison transferred all of the outstanding IDRs of Terra LLC held by SunEdison or certain of its affiliates to Brookfield IDR Holder at the effective time of the Merger, and the Company and Brookfield IDR Holder entered into an amended and restated limited liability company agreement of Terra LLC (the “New Terra LLC Agreement”). The New Terra LLC Agreement, among other things, reset the IDR thresholds of Terra LLC to establish a first distribution threshold of $0.93 per share of Class A common stock and a second distribution threshold of $1.05 per share of Class A common stock. There were no payments of IDRs made by the Company pursuant to the New Terra LLC Agreement during the nine months ended September 30, 2018, and there were no payments of IDRs made by the Company during the nine months ended September 30, 2017 pursuant to the Terra LLC agreement existing as of that time. Lease In May 2018, in connection with the relocation of the Company’s corporate headquarters to New York City, the Company entered into a lease for office space and related arrangements with affiliates of Brookfield for a ten-year term. The Company recorded $0.2 million of charges within general and administrative expenses - affiliate in the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2018, respectively. Due from affiliate The $0.4 million and $4.4 million due from affiliate amounts reported in the condensed consolidated balance sheets as of September 30, 2018 and December 31, 2017, respectively, each represents a receivable from TerraForm Global, Inc., a controlled affiliate of Brookfield, as a result of payments made by the Company on its behalf regarding rent for its shared former corporate headquarters, compensation for certain employees that provided services to both companies and certain information technology services, of which a net $4.8 million was received in the nine months ended September 30, 2018. There was no right of set-off with respect to these receivables from TerraForm Global, Inc. and the payables to the other Brookfield affiliates described below, and thus these amounts were separately reported in due from affiliate in the unaudited condensed consolidated balance sheet at the respective periods. In April of 2018, the Company received $3.7 million from an affiliate of Brookfield and certain of its affiliates for the settlement of claims relating to certain transactions under Section 16(b) of the Exchange Act. The Company recognized the net proceeds of $3.0 million as a capital contribution from a stockholder and recorded it as an increase to additional paid-in capital, which is reflected within the other line in the condensed consolidated statement of stockholders’ equity for the nine months ended September 30, 2018. Due to affiliates The $10.9 million due to affiliates amount reported in the unaudited condensed consolidated balance sheet as of September 30, 2018, primarily represents payables to affiliates of Brookfield of: (i) $3.6 million for the Brookfield MSA base management fee for the third quarter of 2018; (ii) $4.0 million of acquisition-related costs for services and fees paid on behalf of the Company by affiliates of Brookfield; (iii) $1.2 million for services provided to the Company on a pass-through basis related to commodity swaps entered into by an affiliate of Brookfield on behalf of the Company; and (iv) $2.1 million for leasehold improvements, rent, office charges and other services associated with the transition to the Company’s new corporate headquarters. As of December 31, 2017, the $4.0 million due to affiliates amount represented a $3.4 million payable for the Brookfield MSA quarterly base management fee and $0.6 million of accrued standby fee interest that was payable to a Brookfield affiliate under the Sponsor Line. These 2017 year-end payables were paid in the first three months of 2018, as well as $6.9 million representing the management fee for the first six months of 2018, and $1.1 million of additional Sponsor Line standby fee interest. In connection with a bank guarantee issued in support of the Saeta acquisition, Brookfield provided credit support to the Company, and the Company agreed to pay a fee to Brookfield equal to 50% of the savings realized by the Company as a result of Brookfield’s provision of credit support, which amounted to $2.9 million and was paid in the second quarter of 2018. Historical SunEdison Services As discussed above, the Company was a controlled affiliate of SunEdison, Inc. during the nine months ended September 30, 2017, and certain services were provided by SunEdison during that period. Cost of operations - affiliate was $1.2 million and $10.2 million for the three and nine months ended September 30, 2017, respectively, which represented costs incurred for O&M and asset management services that were provided to the Company by SunEdison pursuant to contractual agreements and certain project-level transition services agreements. General and administrative expenses - affiliate was $2.2 million and $6.9 million for the three and nine months ended September 30, 2017, respectively, which consisted of $0.8 million and $2.7 million of stock-based compensation expense for the respective periods that was allocated to the Company regarding equity awards in the stock of SunEdison, Inc. and TerraForm Global, Inc. (a controlled affiliate of SunEdison, Inc. at that time) that were awarded to the Company’s employees and $1.4 million and $4.2 million of costs incurred for certain management and administrative services that were provided by SunEdison during the respective periods. During the first quarter of 2017, the Company received $7.0 million from SunEdison in satisfaction of outstanding claims made under engineering, procurement and construction contracts (“EPC”), of which $4.8 million related to the Company’s renewable energy facility located in Chile and compensated the relevant project company as the facility’s performance during the warranty period was below that guaranteed by an affiliate of SunEdison under the applicable EPC contract. These receipts were treated as equity contributions from SunEdison within Net SunEdison investment on the unaudited condensed consolidated statement of stockholders' equity for the nine months ended September 30, 2017. As discussed above, pursuant to the Settlement Agreement entered into with SunEdison, and upon the consummation of the Merger with affiliates of Brookfield on October 16, 2017, these construction and related contracts were terminated without further liability, claims or damages on the part of the Company.

Segment Reporting

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

Following the acquisition of Saeta (see Note 4. Acquisitions and Dispositions), the Company’s management performed a review of its segment reporting structure and determined that the Company has three reportable segments: Solar, Wind, and Regulated Solar and Wind. These segments, which comprise the Company’s entire portfolio of renewable energy facility assets, have been determined based on the management approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the reportable segments. An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, and that has discrete financial information that is regularly reviewed by the chief operating decision maker in deciding how to allocate resources. Portugal Wind, Uruguay Wind, and the Regulated Spanish Solar and Wind segments are new operating segments that were added during the second quarter of 2018, and include all of Saeta’s operations. The Company’s operating segments now consist of Distributed Generation, North America Utility and International Utility that are aggregated into the Solar reportable segment, Northeast Wind, Central Wind, Hawaii Wind, Portugal Wind and Uruguay Wind operating segments that are aggregated into the Wind reportable segment, and the Regulated Spanish Solar and Wind operating segments that are aggregated within the Regulated Solar and Wind reportable segment. The operating segments have been aggregated as they have similar economic characteristics and meet all of the aggregation criteria. Corporate expenses include general and administrative expenses, acquisition costs, interest expense on corporate-level indebtedness, stock-based compensation and depreciation, accretion and amortization expense. All net operating revenues for the three and nine months ended September 30, 2018 and 2017 were earned by the Company’s reportable segments from external customers in the United States (including Puerto Rico), Canada, Spain, Portugal, the United Kingdom, Uruguay and Chile.

The following table reflects summarized financial information concerning the Company’s reportable segments for the three and nine months ended September 30, 2018 and 2017:



	Three Months Ended September 30, 2018														Three Months Ended September 30, 2017
(In thousands)	Solar		Wind			Regulated Solar and Wind			Corporate			Total			Solar			Wind			Corporate			Total
Operating revenues, net	$	94,883	$	56,963		$	94,196		$	—		$	246,042		$	107,256		$	46,174		$	—		$	153,430
Depreciation, accretion and amortization expense	28,299		40,992			33,954			348			103,593			27,418			33,937			475			61,830
Other operating costs and expenses	11,109		31,302			24,971			18,401			85,783			20,047			26,833			20,034			66,914
Interest expense (income), net	15,992		14,367			9,632			32,425			72,416			14,850			22,435			32,947			70,232
Gain on sale of renewable energy facilities	—		—			—			—			—			—			—			—			—
Other non-operating (income) expenses, net	632		(347		)	(727		)	(2,270		)	(2,712		)	(854		)	(42		)	(7,197		)	(8,093		)
Income tax expense (benefit)¹	749		927			2,268			2,069			6,013			—			—			(1,099		)	(1,099		)
Net income (loss)	$	38,102	$	(30,278	)	$	24,098		$	(50,973	)	$	(19,051	)	$	45,795		$	(36,989	)	$	(45,160	)	$	(36,354	)

———


(1)	Income tax expense (benefit) is not allocated to the Company’s segments, except for certain foreign jurisdictions.



	Nine Months Ended September 30, 2018															Nine Months Ended September 30, 2017
(In thousands)	Solar			Wind			Regulated Solar and Wind			Corporate			Total			Solar			Wind			Corporate			Total
Operating revenues, net	$	237,927		$	200,068		$	115,482		$	—		$	553,477		$	274,742		$	200,190		$	—		$	474,932
Depreciation, accretion and amortization expense	83,041			113,926			41,148			1,062			239,177			82,093			101,992			1,954			186,039
Impairment of renewable energy facilities	15,240			—			—			—			15,240			1,429			—			—			1,429
Other operating costs and expenses	39,792			89,834			30,012			77,506			237,144			50,442			76,775			97,946			225,163
Interest expense (income), net	46,248			36,382			4,879			89,353			176,862			54,373			64,664			87,712			206,749
Gain on sale of renewable energy facilities	—			—			—			—			—			(37,116		)	—			—			(37,116		)
Other non-operating (income) expenses, net	(1,926		)	538			(617		)	618			(1,387		)	(1,768		)	581			(9,390		)	(10,577		)
Income tax (benefit) expense¹	749			1,291			4,442			2,935			9,417			—			—			(2,256		)	(2,256		)
Net income (loss)	$	54,783		$	(41,903	)	$	35,618		$	(171,474	)	$	(122,976	)	$	125,289		$	(43,822	)	$	(175,966	)	$	(94,499	)
Balance Sheet
Total assets²	$	2,825,855		$	3,236,518		$	3,364,310		$	149,294		$	9,575,977		$	2,897,036		$	3,400,858		$	89,127		$	6,387,021

———


(1)	Income tax expense (benefit) is not allocated to the Company’s segments, except for certain foreign jurisdictions.


(2)	Represents total assets as of September 30, 2018 and December 31, 2017, respectively.

Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2018

Accumulated Other Comprehensive Income

ACCUMULATED OTHER COMPREHENSIVE INCOME

The following tables present the changes in each component of accumulated other comprehensive income (loss), net of tax:



(In thousands)	Foreign Currency Translation Adjustments			Hedging Activities¹			Accumulated Other Comprehensive Income
Balance as of December 31, 2016	$	(22,133	)	$	45,045		$	22,912
Net unrealized gain arising during the period (net of zero and $5,921 tax expense, respectively)	12,136			27,960			40,096
Reclassification of net realized loss (gain) into earnings (net of tax benefit of $8,858 and tax expense of $400)	14,741			(527		)	14,214
Other comprehensive income	26,877			27,433			54,310
Accumulated other comprehensive income	4,744			72,478			77,222
Less: Other comprehensive income attributable to non-controlling interests	1,250			18,638			19,888
Balance as of September 30, 2017	$	3,494		$	53,840		$	57,334



(In thousands)	Foreign Currency Translation Adjustments			Hedging Activities¹			Accumulated Other Comprehensive Income
Balance as of December 31, 2017	$	(13,412	)	$	61,430		$	48,018
Cumulative-effect adjustment (net of tax expense of $1,579)²	—			(4,164		)	(4,164		)
Other comprehensive (loss) income:
Net unrealized (loss) gain arising during the period (net of zero tax impact)	(8,229		)	12,528			4,299
Reclassification of net realized gain into earnings (net of zero tax impact)	—			(6,755		)	(6,755		)
Other comprehensive (loss) income	(8,229		)	5,773			(2,456		)
Accumulated other comprehensive (loss) income	(21,641		)	63,039			41,398
Less: Other comprehensive loss attributable to non-controlling interests	—			(3,038		)	(3,038		)
Balance as of September 30, 2018	$	(21,641	)	$	66,077		$	44,436

———


(1)	See Note 10. Derivatives for further breakout of hedging gains and losses between interest rate swaps, foreign currency and commodity contracts.


(2)	See Note 2. Summary of Significant Accounting Policies for discussion regarding the Company’s adoption of ASU No. 2017-12 as of January 1, 2018.

Redeemable Non-controlling Interests

9 Months Ended

Sep. 30, 2018

Noncontrolling Interest [Abstract]

Redeemable Non-controlling Interests

REDEEMABLE NON-CONTROLLING INTERESTS

Non-controlling interests in subsidiaries that are redeemable either at the option of the holder or at fixed and determinable prices at certain dates are classified as redeemable non-controlling interests in subsidiaries between liabilities and stockholders' equity in the unaudited condensed consolidated balance sheets. The redeemable non-controlling interests in subsidiaries balance is determined using the HLBV method for the VIE funds or allocation of share of income or losses in other subsidiaries subsequent to initial recognition; however, the non-controlling interests balance cannot be less than the estimated redemption value.

During the second quarter of 2018, the Company discovered certain errors in its unaudited consolidated condensed financial statements for the periods ended March 31, 2018 and 2017, September 30, 2017, and June 30, 2017, and in its annual audited consolidated financial statements for the years ended December 31, 2017, 2016 and 2015. These errors relate to the Company’s accounting for certain intercompany transactions with non-wholly owned controlled subsidiaries and resulted in an overstatement of the allocation of net income attributable to the redeemable non-controlling interests with a corresponding understatement of the allocation of net income attributable to Class A common stockholders and non-controlling interests. The Company’s management assessed the impact of these adjustments and concluded the impact on the prior period financial statements was immaterial to each of the affected reporting periods and therefore amendment of previously filed reports was not required. However, the correction of the cumulative amount of the prior period errors would have been material to the current year consolidated financial statements and therefore, the Company corrected these errors in the prior periods included herein. These errors occurred between July 1, 2015, and March 31, 2018, therefore, there is no cumulative effect on the Company’s consolidated financial statements as of January 1, 2015. The correction had no impact on the previously reported amounts of consolidated cash flows from operating, investing or financing activities.

The tables below summarize the effect of the corrections of the previously reported consolidated financial statement line items:



Condensed Consolidated Balance Sheet	March 31, 2018
(In thousands)	As Previously Reported			Adjustment			Revised
Deferred income taxes	$	16,839		$	6,282		$	23,121
Total liabilities	3,928,671			6,282			3,934,953

Redeemable non-controlling interests	50,760			(23,189		)	27,571

Additional paid-in capital	1,841,692			5,919			1,847,611
Accumulated deficit	(290,818		)	10,988			(279,830		)
Total TerraForm Power, Inc. stockholders’ equity	1,576,008			16,907			1,592,915
Total stockholders’ equity	2,279,350			16,907			2,296,257



Consolidated Balance Sheet	December 31, 2017
(In thousands)	As Previously Reported			Adjustment			Revised
Deferred income taxes	$	18,636		$	6,336		$	24,972
Total liabilities	3,958,313			6,336			3,964,649

Redeemable non-controlling interests	58,340			(23,680		)	34,660

Additional paid-in capital	1,866,206			5,919			1,872,125
Accumulated deficit	(398,629		)	11,425			(387,204		)
Total TerraForm Power, Inc. stockholders’ equity	1,510,369			17,344			1,527,713
Total stockholders’ equity	2,370,368			17,344			2,387,712



Consolidated Balance Sheet	December 31, 2016
(In thousands)	As Previously Reported			Adjustment			Revised
Deferred income taxes	$	27,723		$	2,897		$	30,620
Total liabilities	4,807,499			2,897			4,810,396

Redeemable non-controlling interests	180,367			(14,392		)	165,975

Accumulated deficit	(234,440		)	7,390			(227,050		)
Total TerraForm Power, Inc. stockholders’ equity	1,252,957			7,390			1,260,347
Non-controlling interests	1,465,042			4,105			1,469,147
Total stockholders’ equity	2,717,999			11,495			2,729,494



Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	Three Months Ended March 31, 2018									Three Months Ended March 31, 2017
(In thousands, except per share amounts)	As Previously Reported			Adjustment			Revised			As Previously Reported			Adjustment			Revised
Income tax benefit	$	(976	)	$	(54	)	$	(1,030	)	$	(918	)	$	349		$	(569	)
Net loss	(76,367		)	54			(76,313		)	(56,273		)	(349		)	(56,622		)
Net (loss) income attributable to redeemable non-controlling interests	(2,513		)	491			(2,022		)	835			(1,828		)	(993		)
Net (loss) income attributable to non-controlling interests	(157,087		)	—			(157,087		)	(25,339		)	507			(24,832		)
Net income (loss) attributable to Class A common stockholders	83,233			(437		)	82,796			(31,769		)	972			(30,797		)
Earnings (loss) per share of Class A common stock - Basic and diluted	0.56			—			0.56			(0.37		)	0.01			(0.36		)
Total comprehensive loss	(91,104		)	54			(91,050		)	(39,925		)	(349		)	(40,274		)
Comprehensive loss attributable to non-controlling interests	(160,843		)	491			(160,352		)	(17,614		)	(1,321		)	(18,935		)
Comprehensive income (loss) attributable to Class A common stockholders	69,739			(437		)	69,302			(22,311		)	972			(21,339		)



Consolidated Statements of Operations and Comprehensive Loss	Three Months Ended December 31, 2017									Twelve Months Ended December 31, 2017
(In thousands, except per share amounts)	As Previously Reported			Adjustment			Revised			As Previously Reported			Adjustment			Revised
Income tax benefit	$	(18,098	)	$	713		$	(17,385	)	$	(23,080	)	$	3,439		$	(19,641	)
Net loss	(141,091		)	(713		)	(141,804		)	(232,864		)	(3,439		)	(236,303		)
Net loss excluding pre-acquisition net loss of renewable energy facilities acquired from SunEdison	(141,091		)	(713		)	(141,804		)	(232,864		)	(3,439		)	(236,303		)
Net (loss) income attributable to redeemable non-controlling interests	(7,278		)	(1,390		)	(8,668		)	10,884			(9,288		)	1,596
Net (loss) income attributable to non-controlling interests	(20,514		)	41			(20,473		)	(79,559		)	1,814			(77,745		)
Net loss attributable to Class A common stockholders	(113,299		)	636			(112,663		)	(164,189		)	4,035			(160,154		)
Loss per share of Class A common stock - Basic and diluted	(0.82		)	—			(0.82		)	(1.65		)	0.04			(1.61		)
Total comprehensive loss	(154,995		)	(713		)	(155,708		)	(192,458		)	(3,439		)	(195,897		)
Comprehensive loss attributable to non-controlling interests	(33,023		)	(1,349		)	(34,372		)	(54,018		)	(7,474		)	(61,492		)
Comprehensive loss attributable to Class A common stockholders	(121,972		)	636			(121,336		)	(138,440		)	4,035			(134,405		)



Condensed Consolidated Statements of Operations and Comprehensive Loss	Three Months Ended September 30, 2017									Nine Months Ended September 30, 2017
(In thousands, except per share amounts)	As Previously Reported			Adjustment			Revised			As Previously Reported			Adjustment			Revised
Income tax benefit	$	(2,633	)	$	1,534		$	(1,099	)	$	(4,982	)	$	2,726		$	(2,256	)
Net loss	(34,820		)	(1,534		)	(36,354		)	(91,773		)	(2,726		)	(94,499		)
Net income attributable to redeemable non-controlling interests	6,803			(1,908		)	4,895			18,162			(7,898		)	10,264
Net loss attributable to non-controlling interests	(15,077		)	128			(14,949		)	(59,045		)	1,773			(57,272		)
Net loss attributable to Class A common stockholders	(26,546		)	246			(26,300		)	(50,890		)	3,399			(47,491		)
Loss per share of Class A common stock - Basic and diluted	(0.31		)	—			(0.31		)	(0.62		)	0.03			(0.59		)
Total comprehensive loss	(10,853		)	(1,534		)	(12,387		)	(37,463		)	(2,726		)	(40,189		)
Comprehensive income (loss) attributable to non-controlling interests	492			(1,780		)	(1,288		)	(20,995		)	(6,125		)	(27,120		)
Comprehensive loss attributable to Class A common stockholders	(11,345		)	246			(11,099		)	(16,468		)	3,399			(13,069		)



Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	Three Months Ended June 30, 2017									Six Months Ended June 30, 2017
(In thousands, except per share amounts)	As Previously Reported			Adjustment			Revised			As Previously Reported			Adjustment			Revised
Income tax benefit	$	(1,431	)	$	843		$	(588	)	$	(2,349	)	$	1,192		$	(1,157	)
Net loss	(680		)	(843		)	(1,523		)	(56,953		)	(1,192		)	(58,145		)
Net income attributable to redeemable non-controlling interests	10,524			(4,162		)	6,362			11,359			(5,990		)	5,369
Net loss attributable to non-controlling interests	(18,629		)	1,138			(17,491		)	(43,968		)	1,645			(42,323		)
Net income (loss) attributable to Class A common stockholders	7,425			2,181			9,606			(24,344		)	3,153			(21,191		)
Earnings (loss) per share of Class A common stock - Basic and diluted	0.06			0.02			0.08			(0.31		)	0.03			(0.28		)
Total comprehensive income (loss)	13,315			(843		)	12,472			(26,610		)	(1,192		)	(27,802		)
Comprehensive loss attributable to non-controlling interests	(3,873		)	(3,024		)	(6,897		)	(21,487		)	(4,345		)	(25,832		)
Comprehensive income (loss) attributable to Class A common stockholders	17,188			2,181			19,369			(5,123		)	3,153			(1,970		)



Consolidated Statements of Operations and Comprehensive (Loss) Income	Twelve Months Ended December 31, 2015									Twelve Months Ended December 31, 2016
(In thousands, except per share amounts)	As Previously Reported			Adjustment			Revised			As Previously Reported			Adjustment			Revised
Income tax (benefit) expense	$	(13,241	)	$	657		$	(12,584	)	$	494		$	2,240		$	2,734
Net loss	(208,135		)	(657		)	(208,792		)	(241,507		)	(2,240		)	(243,747		)
Net loss subsequent to IPO and excluding pre-acquisition net loss of renewable energy facilities acquired from SunEdison	(209,745		)	(657		)	(210,402		)	(241,507		)	(2,240		)	(243,747		)
Net income attributable to redeemable non-controlling interests	8,512			(2,509		)	6,003			18,365			(11,883		)	6,482
Net loss attributable to non-controlling interest	(138,371		)	798			(137,573		)	(130,025		)	3,307			(126,718		)
Net loss attributable to Class A common stockholders	(79,886		)	1,054			(78,832		)	(129,847		)	6,336			(123,511		)
Loss per share of Class A common stock - Basic and diluted	(1.25		)	0.01			(1.24		)	(1.47		)	0.07			(1.40		)
Total comprehensive loss	(195,005		)	(657		)	(195,662		)	(240,665		)	(2,240		)	(242,905		)
Comprehensive loss subsequent to IPO and excluding pre-acquisition comprehensive income (loss) of renewable energy facilities acquired from SunEdison	(236,631		)	(657		)	(237,288		)	(240,665		)	(2,240		)	(242,905		)
Comprehensive loss attributable to non-controlling interests	(141,266		)	(1,711		)	(142,977		)	(110,830		)	(8,576		)	(119,406		)
Comprehensive loss attributable to Class A common stockholders	(95,365		)	1,054			(94,311		)	(129,835		)	6,336			(123,499		)

The following table presents the activity of the redeemable non-controlling interests balance for the nine months ended September 30, 2018:



(In thousands)	Redeemable Non-controlling Interests
Balance as of December 31, 2017	$	34,660
Cumulative-effect adjustment¹	(4,485		)
Distributions	(1,993		)
Net income	15,101
Repurchases of redeemable non-controlling interests, net	617
Balance as of September 30, 2018	$	43,900

———


(1)	See discussion in Note 2. Summary of Significant Accounting Policies regarding the Company’s adoption of ASU No. 2014-09 and ASU No. 2016-08 as of January 1, 2018.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Amendment to Revolving Credit Facility On October 5, 2018, the Company entered into a repricing amendment to the Revolver whereby the interest rate was reduced by 0.75% per annum. Borrowings under the Revolver now bear interest at a rate equal to, at the Company’s option, either (i) LIBOR plus an applicable margin ranging from 1.50% to 2.25% per annum, or (ii) a base rate plus an applicable margin ranging from 0.50% to 1.25% per annum. In addition, the repricing amendment extended the maturity date of the Revolver to October 5, 2023. The Company did not incur additional debt or receive any proceeds in connection with the repricing amendment. Fourth Quarter Dividends On November 8, 2018, the Board of Directors of the Company declared a fourth-quarter 2018 dividend with respect to its Class A common stock of $0.19 per share. The dividend is payable on December 17, 2018 to stockholders of record as of December 3, 2018. Information regarding certain other subsequent events has been included within the applicable notes to the Company’s unaudited condensed consolidated financial statements.

Nature of Operations and Basis of Presentation (Policies)

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

The accompanying unaudited condensed 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 and have been prepared in accordance with the SEC regulations for interim financial information. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. The financial statements should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the Company’s annual financial statements for the year ended December 31, 2017, filed with the SEC on Form 10-K on March 7, 2018. Interim results are not necessarily indicative of results for a full year.

Use of Estimates

Recently Adopted Accounting Standards - Guidance Adopted in 2018 and Recently Issued Accounting Standards Not Yet Adopted

Recently Adopted Accounting Standards - Guidance Adopted in 2018


•	The ineffective hedging portion of derivatives designated as hedging instruments is no longer required to be measured, recognized or reported. Alternatively, the entire change in the fair value of the designated hedging instrument is recorded in accumulated other comprehensive income (“AOCI”);


•	The Company will perform ongoing prospective and retrospective hedge effectiveness assessments qualitatively after performing the initial test of hedge effectiveness on a quantitative basis and only to the extent that an expectation of high effectiveness can be supported on a qualitative basis in subsequent periods;


•	For derivatives with periodic cash settlements and a non-zero fair value at hedge inception, the gains or losses recorded in AOCI in a qualifying cash flow hedging relationship are reclassified to earnings on a systematic and rational basis over the hedge term; and


•	For derivatives with components excluded from the assessment of hedge effectiveness, the gains or losses recorded in AOCI on such excluded components in a qualifying cash flow hedging relationship are reclassified to earnings on a systematic and rational basis over the hedge term.

Recently Issued Accounting Standards Not Yet Adopted

Earnings (Loss) Per Share

Segment Reporting

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Reconciliation of Cash and Cash Equivalents and Restricted Cash



(In thousands)	September 30, 2018		December 31, 2017
Cash and cash equivalents	$	349,563	$	128,087
Restricted cash - current	28,095		54,006
Restricted cash - non-current	132,337		42,694
Cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statement of cash flows	$	509,995	$	224,787

Revenue (Tables)

9 Months Ended

Sep. 30, 2018

Revenue from Contract with Customer [Abstract]

Schedule of Impact of Topic 606

Topic 606 Adoption Impact on Unaudited Condensed Consolidated Statements of Operations



	Three Months Ended September 30, 2018
	As Reported											Adjustments				Amounts excluding Topic 606 Adoption
(In thousands)	Solar			Wind			Regulated Solar and Wind		Total			REC Sales		ITC Sales		Amounts excluding Topic 606 Adoption
PPA rental income	$	66,982		$	35,084		$	—	$	102,066		$	—	$	—	$	102,066
Commodity derivatives	—			7,469			—		7,469			—		—		7,469
PPA and market energy revenue	14,353			18,846			32,594		65,793			—		—		65,793
Capacity revenue from remuneration programs¹	—			—			47,356		47,356			—		—		47,356
Amortization of favorable and unfavorable rate revenue contracts, net	(2,132		)	(7,779		)	—		(9,911		)	—		—		(9,911		)
Energy revenue	79,203			53,620			79,950		212,773			—		—		212,773
Incentive revenue	15,680			3,343			14,246		33,269			2,318		4,958		40,545
Operating revenues, net	94,883			56,963			94,196		246,042			2,318		4,958		253,318
Operating costs and expenses									189,376			—		—		189,376
Operating income									56,666			2,318		4,958		63,942
Other expenses, net									69,704			—		—		69,704
(Loss) income before income tax expense									(13,038		)	2,318		4,958		(5,762		)
Income tax expense									6,013			—		—		6,013
Net loss									$	(19,051	)	$	2,318	$	4,958	$	(11,775	)



	Nine Months Ended September 30, 2018
	As Reported											Adjustments				Amounts excluding Topic 606 Adoption
(In thousands)	Solar			Wind			Regulated Solar and Wind		Total			REC Sales		ITC Sales		Amounts excluding Topic 606 Adoption
PPA rental income	$	159,116		$	138,396		$	—	$	297,512		$	—	$	—	$	297,512
Commodity derivatives	—			39,917			—		39,917			—		—		39,917
PPA and market energy revenue	34,318			31,897			38,909		105,124			—		—		105,124
Capacity revenue from remuneration programs¹	—			—			59,327		59,327			—		—		59,327
Amortization of favorable and unfavorable rate revenue contracts, net	(6,075		)	(23,403		)	—		(29,478		)	—		—		(29,478		)
Energy revenue	187,359			186,807			98,236		472,402			—		—		472,402
Incentive revenue	50,568			13,261			17,246		81,075			5,344		10,074		96,493
Operating revenues, net	237,927			200,068			115,482		553,477			5,344		10,074		568,895
Operating costs and expenses									491,561			—		—		491,561
Operating income									61,916			5,344		10,074		77,334
Other expenses, net									175,475			—		—		175,475
Loss before income tax expense									(113,559		)	5,344		10,074		(98,141		)
Income tax expense									9,417			—		—		9,417
Net (loss) income									$	(122,976	)	$	5,344	$	10,074	$	(107,558	)

———


(1)	Represents the remuneration related to the Company’s investments associated with its renewable energy facilities in Spain, as discussed below in “Regulated solar and wind revenue”.

Topic 606 Adoption Impact on Unaudited Condensed Consolidated Balance Sheet



	As of September 30, 2018
	As Reported		Adjustments					Amounts excluding Topic 606 Adoption
(In thousands)	As Reported		REC Sales		ITC Sales			Amounts excluding Topic 606 Adoption
Accounts receivable, net	$	178,094	$	30,619	$	—		$	208,713
Other current assets	449,943		—		—			449,943
Total current assets	628,037		30,619		—			658,656
Non-current assets	8,947,940		—		—			8,947,940
Total assets	$	9,575,977	$	30,619	$	—		$	9,606,596

Deferred revenue	$	1,720	$	—	$	16,310		$	18,030
Other current liabilities	672,457		—		—			672,457
Total current liabilities	674,177		—		16,310			690,487
Deferred revenue, less current portion	12,444		—		14,513			26,957
Other non-current liabilities	6,032,368		—		—			6,032,368
Total liabilities	6,718,989		—		30,823			6,749,812
Redeemable non-controlling interests and total stockholders’ equity	2,856,988		30,619		(30,823		)	2,856,784
Total liabilities, redeemable non-controlling interests and stockholders’ equity	$	9,575,977	$	30,619	$	—		$	9,606,596

Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2018

Business Combinations [Abstract]

Allocation of Acquisition-Date Fair Value of Assets, Liabilities and Non-controlling Interests

The preliminary allocation of the acquisition-date fair values of assets, liabilities and redeemable non-controlling interests pertaining to this business combination as of September 30, 2018, were as follows:



(In thousands)	Saeta
Renewable energy facilities in service	$	1,988,993
Accounts receivable	91,343
Intangible assets	993,274
Goodwill	115,084
Other assets	43,402
Total assets acquired	3,232,096
Accounts payable, accrued expenses and other current liabilities	93,032
Long-term debt, including current portion	1,906,831
Deferred income taxes	174,174
Asset retirement obligations	11,454
Derivative liabilities¹	137,002
Other long-term liabilities	23,002
Total liabilities assumed	2,345,495
Redeemable non-controlling interests²	55,117
Purchase price, net of cash and restricted cash acquired³	$	831,484

———


(1)	Derivative liabilities are included within other long-term liabilities in the unaudited condensed consolidated balance sheets.

(2)


(3)	The Company acquired cash and cash equivalents of $187.2 million and restricted cash of $95.1 million as of the acquisition date.

Intangible Assets at Acquisition Date

———


(1)	For purposes of this disclosure, the weighted average amortization period is determined based on a weighting of the individual intangible fair values against the total fair value for each major intangible asset and liability class.

Business Acquisition, Pro Forma Information



	Nine Months Ended September 30,
(In thousands)	2018			2017
Total operating revenues, net	$	740,066		$	749,814
Net loss	(108,314		)	(82,599		)

Renewable Energy Facilities (Tables)

9 Months Ended

Sep. 30, 2018

Property, Plant and Equipment [Abstract]

Renewable Energy Facilities

Renewable energy facilities, net consists of the following:



(In thousands)	September 30, 2018			December 31, 2017
Renewable energy facilities in service, at cost¹	$	7,309,599		$	5,378,462
Less: accumulated depreciation - renewable energy facilities	(763,154		)	(578,474		)
Renewable energy facilities in service, net	6,546,445			4,799,988
Construction in progress - renewable energy facilities	9,391			1,937
Total renewable energy facilities, net	$	6,555,836		$	4,801,925

———

⁽¹⁾ The increase in renewable energy facilities is primarily due to the acquisition of Saeta. See Note 4. Acquisitions and Dispositions.

Intangible Assets, Net and Goodwill (Tables)

9 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Gross Carrying Amount and Accumulated Amortization of Intangibles

The following table presents the gross carrying amount, accumulated amortization and net book value of intangibles as of September 30, 2018:



(In thousands, except weighted average amortization period)	Weighted Average Amortization Period	Gross Carrying Amount		Accumulated Amortization			Net Book Value
Concession and licensing contracts¹	17 years	$	981,333	$	(16,683	)	$	964,650
Favorable rate revenue contracts	14 years	714,678		(132,396		)	582,282
In-place value of market rate revenue contracts	18 years	535,503		(94,414		)	441,089
Favorable rate land leases	16 years	15,800		(2,928		)	12,872
Total intangible assets, net		$	2,247,314	$	(246,421	)	$	2,000,893

Unfavorable rate revenue contracts	7 years	$	33,144	$	(17,834	)	$	15,310
Unfavorable rate operations and maintenance contracts	1 year	5,000		(3,490		)	1,510
Unfavorable rate land lease	14 years	1,000		(204		)	796
Total intangible liabilities, net²		$	39,144	$	(21,528	)	$	17,616

The following table presents the gross carrying amount, accumulated amortization and net book value of intangibles as of December 31, 2017:



(In thousands, except weighted average amortization period)	Weighted Average Amortization Period	Gross Carrying Amount		Accumulated Amortization			Net Book Value
Favorable rate revenue contracts	15 years	$	718,639	$	(102,543	)	$	616,096
In-place value of market rate revenue contracts	19 years	521,323		(73,104		)	448,219
Favorable rate land leases	17 years	15,800		(2,329		)	13,471
Total intangible assets, net		$	1,255,762	$	(177,976	)	$	1,077,786

Unfavorable rate revenue contracts	7 years	$	35,086	$	(16,030	)	$	19,056
Unfavorable rate operations and maintenance contracts	2 years	5,000		(2,552		)	2,448
Unfavorable rate land lease	15 years	1,000		(162		)	838
Total intangible liabilities, net²		$	41,086	$	(18,744	)	$	22,342

———


(1)	See Note.4 Acquisitions and Dispositions for a discussion of the intangible assets related to Saeta.


(2)	The Company’s intangible liabilities are classified within other long-term liabilities in the unaudited condensed consolidated balance sheets.

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Carrying Amounts and Classification of Consolidated VIE's Assets and Liabilities

The carrying amounts and classification of the consolidated VIEs’ assets and liabilities included in the Company’s unaudited condensed consolidated balance sheets are as follows:



(In thousands)	September 30, 2018		December 31, 2017
Current assets	$	124,690	$	142,403
Non-current assets	3,987,032		4,155,558
Total assets	$	4,111,722	$	4,297,961
Current liabilities	$	97,140	$	119,021
Non-current liabilities	1,055,560		975,839
Total liabilities	$	1,152,700	$	1,094,860

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt, including affiliate amounts, consists of the following:



(In thousands, except interest rates)	September 30, 2018			December 31, 2017			Interest Type	Interest Rate (%)¹	Financing Type
Corporate-level long-term debt²:
Senior Notes due 2023	$	500,000		$	500,000		Fixed	4.25	Senior notes
Senior Notes due 2025	300,000			300,000			Fixed	6.63	Senior notes
Senior Notes due 2028	700,000			700,000			Fixed	5.00	Senior notes
Revolver³	487,810			60,000			Variable	5.13	Revolving loan
Term Loan⁴	347,375			350,000			Variable	4.24	Term debt
Non-recourse long-term debt⁵:
Permanent financing	3,553,349			1,616,729			Blended⁶	4.83⁷	Term debt / Senior notes
Financing lease obligations	108,560			115,787			Imputed	5.59⁷	Financing lease obligations
Total principal due for long-term debt and financing lease obligations	5,997,094			3,642,516				4.90⁷
Unamortized discount, net	(16,315		)	(19,027		)
Deferred financing costs, net	(26,742		)	(24,689		)
Less: current portion of long-term debt and financing lease obligations	(454,306		)	(403,488		)
Long-term debt and financing lease obligations, less current portion	$	5,499,731		$	3,195,312

———


(1)	As of September 30, 2018.


(2)	Corporate-level debt represents debt issued by Terra Operating LLC and guaranteed by Terra LLC and certain subsidiaries of Terra Operating LLC other than non-recourse subsidiaries as defined in the relevant debt agreements (exception for certain unencumbered non-recourse subsidiaries).

(3)


(4)	On May 11, 2018, the Company signed a repricing amendment whereby the interest rate on the Term Loan was reduced by 0.75% per annum.

(5)


(6)	Includes fixed rate debt and variable rate debt. As of September 30, 2018, 44% of this balance had a fixed interest rate and the remaining 56% of this balance had a variable interest rate. The Company entered into interest rate swap agreements to fix the interest rates of a majority of the variable rate permanent financing non-recourse debt (see Note 10. Derivatives).


(7)	Represents the weighted average interest rate as of September 30, 2018.

Aggregate Contractual Payments of Long-term Debt



(In thousands)	Remainder of 2018		2019		2020		2021		2022		Thereafter		Total
Maturities of long-term debt¹	$	90,947	$	257,488	$	256,380	$	259,267	$	751,624	$	4,381,388	$	5,997,094

———


(1)	Represents the contractual principal payment due dates for the Company’s long-term debt and does not reflect the reclassification of $193.9 million of long-term debt to current as a result of debt defaults under certain of the Company’s non-recourse financing arrangements.

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2018

Income Tax Disclosure [Abstract]

Components of Income Tax Provision

The income tax provision consisted of the following:



	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands, except effective tax rate)	2018			2017			2018			2017
Loss before income tax expense (benefit)	$	(13,038	)	$	(37,453	)	$	(113,559	)	$	(96,755	)
Income tax expense (benefit)	6,013			(1,099		)	9,417			(2,256		)
Effective tax rate	(46.1		)%	2.9		%	(8.3		)%	2.3		%

Derivatives (Tables)

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Values of Derivative Instruments

As of September 30, 2018 and December 31, 2017, fair values of the following derivative instruments were included in the balance sheet captions indicated below:



	Fair Value of Derivative Instruments¹
	Derivatives Designated as Hedging Instruments						Derivatives Not Designated as Hedging Instruments
(In thousands)	Interest Rate Swaps		Foreign Currency Contracts		Commodity Contracts		Interest Rate Swaps		Foreign Currency Contracts		Commodity Contracts		Gross Derivatives		Counterparty Netting²			Net Derivatives
As of September 30, 2018
Prepaid expenses and other current assets	$	1,670	$	—	$	1,228	$	—	$	1,781	$	12,092	$	16,771	$	(58	)	$	16,713
Other assets	13,878		—		40,579		29		594		47,520		102,600		(248		)	102,352
Total assets	$	15,548	$	—	$	41,807	$	29	$	2,375	$	59,612	$	119,371	$	(306	)	$	119,065
Accounts payable, accrued expenses and other current liabilities	$	456	$	43	$	—	$	37,786	$	—	$	—	$	38,285	$	(58	)	$	38,227
Other long-term liabilities	1,279		417		—		82,616		46		—		84,358		(248		)	84,110
Total liabilities	$	1,735	$	460	$	—	$	120,402	$	46	$	—	$	122,643	$	(306	)	$	122,337

As of December 31, 2017
Prepaid expenses and other current assets	$	—	$	—	$	8,961	$	—	$	63	$	12,609	$	21,633	$	(63	)	$	21,570
Other assets	4,686		—		71,307		—		—		14,787		90,780		—			90,780
Total assets	$	4,686	$	—	$	80,268	$	—	$	63	$	27,396	$	112,413	$	(63	)	$	112,350
Accounts payable, accrued expenses and other current liabilities	$	2,490	$	—	$	—	$	197	$	99	$	—	$	2,786	$	(63	)	$	2,723
Other long-term liabilities	4,796		—		—		404		—		—		5,200		—			5,200
Total liabilities	$	7,286	$	—	$	—	$	601	$	99	$	—	$	7,986	$	(63	)	$	7,923

———


(1)	Fair value amounts are shown before the effects of counterparty netting adjustments.


(2)	Represents netting of derivative exposures covered by qualifying master netting agreements.

Schedule of Notional Amounts for Derivative Instruments

As of September 30, 2018 and December 31, 2017, notional amounts for derivative instruments consisted of the following:



	Notional Amount as of
(In thousands)	September 30, 2018	December 31, 2017
Derivatives designated as hedging instruments:
Interest rate swaps (USD)	367,073	395,986
Interest rate swaps (CAD)	148,002	156,367
Foreign currency contracts (CAD)	72,400	—
Foreign currency contracts (EUR)	300,000	—
Commodity contracts (MWhs)	6,197	15,579
Derivatives not designated as hedging instruments:
Interest rate swaps (USD)	12,604	13,520
Interest rate swaps (EUR)¹	1,061,456	—
Foreign currency contracts (EUR)²	640,200	—
Foreign currency contracts (CAD)	—	9,875
Commodity contracts (MWhs)	9,032	987

————


(1)	Represents the notional amount of the interest rate swaps acquired from Saeta to economically hedge the interest rate payments on non-recourse debt. The Company did not designate these derivatives as hedging instruments as of September 30, 2018.


(2)	Represents the notional amount of foreign exchange contracts used to economically hedge portions of the Company’s foreign exchange risk associated with Euro-denominated intercompany loans. The Company did not designate these derivatives as hedging instruments as of September 30, 2018.

Gains and Losses on Derivatives Not Designated As Hedges

Gains and losses on derivatives not designated as hedging instruments for the three and nine months ended September 30, 2018 and 2017 consisted of the following:



	Location of Loss (Gain) in the Statements of Operations	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	Location of Loss (Gain) in the Statements of Operations	2018			2017			2018			2017
Interest rate swaps	Interest expense, net	$	4,737		$	27		$	(3,252	)	$	3,219
Foreign currency contracts	(Gain) loss on foreign currency exchange, net	(4,348		)	457			(16,914		)	1,017
Commodity contracts	Operating revenues, net	(3,880		)	(1,371		)	(21,374		)	(7,062		)

Gains and Losses Recognized Related to Interest Rate Swaps and Commodity Contracts Designated as Cash Flow Hedges



	Three Months Ended September 30,
Derivatives in Cash Flow and Net Investment Hedging Relationships	Gain (Loss) Included in the Assessment of Effectiveness Recognized in OCI, net of taxes¹				Gain (Loss) Excluded from the Assessment of Effectiveness Recognized in OCI Using an Amortization Approach²				Location of Amount Reclassified from AOCI into Income	(Gain) Loss Included in the Assessment of Effectiveness Reclassified from AOCI into Income³						(Gain) Loss Excluded from the Assessment of Effectiveness that is Amortized through Earnings²
(In thousands)	2018		2017		2018		2017		Location of Amount Reclassified from AOCI into Income	2018			2017			2018			2017
Interest rate swaps	$	4,107	$	1,353	$	—	$	—	Interest expense, net	$	263		$	519		$	—		$	(315	)
Foreign currency contracts	3,549		—		—		—		Gain on foreign currency exchange, net	—			—			—			—
Commodity contracts	4,645		15,985		—		—		Operating revenues, net	(5,019		)	(425		)	(251		)	(5,316		)
Total	$	12,301	$	17,338	$	—	$	—		$	(4,756	)	$	94		$	(251	)	$	(5,631	)

————


(1)	Net of tax benefit of zero and $0.3 million attributed to interest rate swaps during the three months ended September 30, 2018 and 2017, respectively. Net of tax benefit of zero and $0.8 million attributed to commodity contracts during the three months ended September 30, 2018 and 2017, respectively.

(2)


(3)	Net of tax benefit of zero and $0.7 million attributed to interest rate swaps during the three months ended September 30, 2018 and 2017, respectively. Net of tax expense of zero and $0.7 million attributed to commodity contracts during the three months ended September 30, 2018 and 2017, respectively.



	Nine Months Ended September 30,
Derivatives in Cash Flow and Net Investment Hedging Relationships	Gain (Loss) Included in the Assessment of Effectiveness Recognized in OCI, net of taxes¹						Gain (Loss) Excluded from the Assessment of Effectiveness Recognized in OCI Using an Amortization Approach²				Location of Amount Reclassified from AOCI into Income	(Gain) Loss Included in the Assessment of Effectiveness Reclassified from AOCI into Income³						(Gain) Loss Excluded from the Assessment of Effectiveness that is Amortized through Earnings²
(In thousands)	2018			2017			2018		2017		Location of Amount Reclassified from AOCI into Income	2018			2017			2018			2017
Interest rate swaps	$	14,627		$	(1,899	)	—		$	—	Interest expense, net	$	1,236		$	3,163		$	—		$	(963	)
Foreign currency contracts	3,549			—			—		—		Gain on foreign currency exchange, net	—			—			—			—
Commodity contracts	(2,834		)	29,859			735		—		Operating revenues, net	(7,061		)	(3,690		)	(930		)	(5,340		)
Total	$	15,342		$	27,960		$	735	$	—		$	(5,825	)	$	(527	)	$	(930	)	$	(6,303	)

————


(1)	Net of tax benefit of zero and $0.2 million attributed to interest rate swaps during the nine months ended September 30, 2018 and 2017, respectively. Net of tax expense of zero and $2.9 million attributed to commodity contracts during the nine months ended September 30, 2018 and 2017, respectively.

(2)

As a result of the adoption of ASU No. 2017-12 effective January 1, 2018 (see Note 2. Summary of Significant Accounting Policies), certain gains and losses were excluded from the assessment of effectiveness that are being amortized through earnings for the nine months ended September 30, 2018. No such amounts existed for the nine months ended September 30, 2017 prior to the adoption of ASU No. 2017-12.


(3)	Net of tax benefit of zero and $2.4 million attributed to interest rate swaps during the nine months ended September 30, 2018 and 2017, respectively. Net of tax expense of zero and $2.8 million attributed to commodity contracts during the nine months ended September 30, 2018 and 2017, respectively.

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Financial Instruments Measured at Fair Value on a Recurring Basis



(In thousands)	As of September 30, 2018								As of December 31, 2017
Assets	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Interest rate swaps	$	—	$	15,576	$	—	$	15,576	$	—	$	4,686	$	—	$	4,686
Commodity contracts	—		17,236		84,184		101,420		—		27,396		80,268		107,664
Foreign currency contracts	—		2,069		—		2,069		—		—		—		—
Total derivative assets	$	—	$	34,881	$	84,184	$	119,065	$	—	$	32,082	$	80,268	$	112,350
Liabilities
Interest rate swaps	$	—	$	122,137	$	—	$	122,137	$	—	$	7,887	$	—	$	7,887
Commodity contracts	—		—		—		—		—		—		—		—
Foreign currency contracts	—		200		—		200		—		36		—		36
Total derivative liabilities	$	—	$	122,337	$	—	$	122,337	$	—	$	7,923	$	—	$	7,923

Changes in Fair Value of Derivative Instruments Classified as Level 3



	Three Months Ended September 30,					Nine Months Ended September 30,
(In thousands)	2018		2017			2018			2017
Beginning balance	$	81,859	$	76,790		$	80,268		$	66,138
Realized and unrealized gains (losses):
Included in other comprehensive income (loss)	418		15,601			(10,090		)	26,229
Included in operating revenues, net	1,324		6,407			16,873			11,831
Settlements	583		(1,090		)	(2,867		)	(6,490		)
Balance as of September 30	$	84,184	$	97,708		$	84,184		$	97,708

Significant Unobservable Inputs Used in Valuation of Commodity Contracts

The significant unobservable inputs used in the valuation of the Company's commodity contracts categorized as Level 3 in the fair value hierarchy as of September 30, 2018 are as follows:



(In thousands, except range)	Fair Value as of September 30, 2018
Transaction Type	Assets		Liabilities		Valuation Technique	Unobservable Inputs	Range
Commodity contracts - power	$	84,184	$	—	Discounted cash flow	Forward price (per MWh)	$10.4	-	$145.7
					Option model	Volatilities	3.4%	-	9.8%

Sensitivity of Fair Value Measurements

The sensitivity of the Company’s fair value measurements to increases (decreases) in the significant unobservable inputs is as follows:



Significant Unobservable Input	Position	Impact on Fair Value Measurement
Increase (decrease) in forward price	Forward sale	Decrease (increase)
Increase (decrease) in implied volatilities	Purchase option	Increase (decrease)

Carrying Amount and Estimated Fair Value of Long-term Debt

The carrying amount and estimated fair value of the Company's long-term debt as of September 30, 2018 and December 31, 2017 is as follows:



	As of September 30, 2018				As of December 31, 2017
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt	$	5,954,082	$	6,052,908	$	3,598,800	$	3,702,470

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2018

Schedule of Changes In Common Stock Outstanding

The following table reflects the changes in TerraForm Power’s Class A common shares outstanding during the nine months ended September 30, 2018 and 2017:



	Nine Months Ended September 30,
	2018	2017
Balance as of January 1	148,086,027	92,223,089
Issuance of Class A common stock to affiliates	61,055,693	—
Net shares issued under equity incentive plan	—	185,507
Balance as of September 30	209,141,720	92,408,596

Schedule of Restricted Stock Units

The following table presents information regarding outstanding RSUs as of September 30, 2018, and changes during the nine months ended September 30, 2018:



	Number of RSUs Outstanding		Aggregate Intrinsic Value (in millions)		Weighted Average Remaining Contractual Life (in years)
Balance as of January 1, 2018	—
Granted	117,424
Forfeited	(14,124	)
Balance as of September 30, 2018	103,300		$	1.2	2.5 years

Dividends Declared



	Dividends per Share		Declaration Date	Record Date	Payment Date
First Quarter	$	0.19	February 6, 2018	February 28, 2018	March 30, 2018
Second Quarter	0.19		April 30, 2018	June 1, 2018	June 15, 2018
Third Quarter	0.19		August 13, 2018	September 1, 2018	September 15, 2018

(Loss) Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Basic and Diluted (Loss) Earnings Per Share of Class A Common Stock

Basic and diluted (loss) earnings per share of the Company's Class A common stock for the three and nine months ended September 30, 2018 and 2017 was calculated as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands, except per share amounts)	2018			2017			2018		2017
Basic and diluted (loss) earnings per share:
Net (loss) income attributable to Class A common stockholders	$	(33,590	)	$	(26,300	)	$	27,869	$	(47,491	)
Less: accretion of redeemable non-controlling interest	—			(2,316		)	—		(6,729		)
Net (loss) income attributable to Class A common stockholders after accretion of redeemable non-controlling interests	$	(33,590	)	$	(28,616	)	$	27,869	$	(54,220	)

Weighted average basic Class A shares outstanding	209,142			92,352			173,173		92,228
Weighted average diluted Class A shares outstanding¹	209,142			92,352			173,186		92,228

Basic and diluted (loss) earnings per share	$	(0.16	)	$	(0.31	)	$	0.16	$	(0.59	)

———

(1)

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Summarized Financial Information of Reportable Segments

The following table reflects summarized financial information concerning the Company’s reportable segments for the three and nine months ended September 30, 2018 and 2017:



	Three Months Ended September 30, 2018														Three Months Ended September 30, 2017
(In thousands)	Solar		Wind			Regulated Solar and Wind			Corporate			Total			Solar			Wind			Corporate			Total
Operating revenues, net	$	94,883	$	56,963		$	94,196		$	—		$	246,042		$	107,256		$	46,174		$	—		$	153,430
Depreciation, accretion and amortization expense	28,299		40,992			33,954			348			103,593			27,418			33,937			475			61,830
Other operating costs and expenses	11,109		31,302			24,971			18,401			85,783			20,047			26,833			20,034			66,914
Interest expense (income), net	15,992		14,367			9,632			32,425			72,416			14,850			22,435			32,947			70,232
Gain on sale of renewable energy facilities	—		—			—			—			—			—			—			—			—
Other non-operating (income) expenses, net	632		(347		)	(727		)	(2,270		)	(2,712		)	(854		)	(42		)	(7,197		)	(8,093		)
Income tax expense (benefit)¹	749		927			2,268			2,069			6,013			—			—			(1,099		)	(1,099		)
Net income (loss)	$	38,102	$	(30,278	)	$	24,098		$	(50,973	)	$	(19,051	)	$	45,795		$	(36,989	)	$	(45,160	)	$	(36,354	)

———


(1)	Income tax expense (benefit) is not allocated to the Company’s segments, except for certain foreign jurisdictions.



	Nine Months Ended September 30, 2018															Nine Months Ended September 30, 2017
(In thousands)	Solar			Wind			Regulated Solar and Wind			Corporate			Total			Solar			Wind			Corporate			Total
Operating revenues, net	$	237,927		$	200,068		$	115,482		$	—		$	553,477		$	274,742		$	200,190		$	—		$	474,932
Depreciation, accretion and amortization expense	83,041			113,926			41,148			1,062			239,177			82,093			101,992			1,954			186,039
Impairment of renewable energy facilities	15,240			—			—			—			15,240			1,429			—			—			1,429
Other operating costs and expenses	39,792			89,834			30,012			77,506			237,144			50,442			76,775			97,946			225,163
Interest expense (income), net	46,248			36,382			4,879			89,353			176,862			54,373			64,664			87,712			206,749
Gain on sale of renewable energy facilities	—			—			—			—			—			(37,116		)	—			—			(37,116		)
Other non-operating (income) expenses, net	(1,926		)	538			(617		)	618			(1,387		)	(1,768		)	581			(9,390		)	(10,577		)
Income tax (benefit) expense¹	749			1,291			4,442			2,935			9,417			—			—			(2,256		)	(2,256		)
Net income (loss)	$	54,783		$	(41,903	)	$	35,618		$	(171,474	)	$	(122,976	)	$	125,289		$	(43,822	)	$	(175,966	)	$	(94,499	)
Balance Sheet
Total assets²	$	2,825,855		$	3,236,518		$	3,364,310		$	149,294		$	9,575,977		$	2,897,036		$	3,400,858		$	89,127		$	6,387,021

———


(1)	Income tax expense (benefit) is not allocated to the Company’s segments, except for certain foreign jurisdictions.


(2)	Represents total assets as of September 30, 2018 and December 31, 2017, respectively.

Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2018

Changes in Accumulated Other Comprehensive Income

The following tables present the changes in each component of accumulated other comprehensive income (loss), net of tax:



(In thousands)	Foreign Currency Translation Adjustments			Hedging Activities¹			Accumulated Other Comprehensive Income
Balance as of December 31, 2016	$	(22,133	)	$	45,045		$	22,912
Net unrealized gain arising during the period (net of zero and $5,921 tax expense, respectively)	12,136			27,960			40,096
Reclassification of net realized loss (gain) into earnings (net of tax benefit of $8,858 and tax expense of $400)	14,741			(527		)	14,214
Other comprehensive income	26,877			27,433			54,310
Accumulated other comprehensive income	4,744			72,478			77,222
Less: Other comprehensive income attributable to non-controlling interests	1,250			18,638			19,888
Balance as of September 30, 2017	$	3,494		$	53,840		$	57,334



(In thousands)	Foreign Currency Translation Adjustments			Hedging Activities¹			Accumulated Other Comprehensive Income
Balance as of December 31, 2017	$	(13,412	)	$	61,430		$	48,018
Cumulative-effect adjustment (net of tax expense of $1,579)²	—			(4,164		)	(4,164		)
Other comprehensive (loss) income:
Net unrealized (loss) gain arising during the period (net of zero tax impact)	(8,229		)	12,528			4,299
Reclassification of net realized gain into earnings (net of zero tax impact)	—			(6,755		)	(6,755		)
Other comprehensive (loss) income	(8,229		)	5,773			(2,456		)
Accumulated other comprehensive (loss) income	(21,641		)	63,039			41,398
Less: Other comprehensive loss attributable to non-controlling interests	—			(3,038		)	(3,038		)
Balance as of September 30, 2018	$	(21,641	)	$	66,077		$	44,436

———


(1)	See Note 10. Derivatives for further breakout of hedging gains and losses between interest rate swaps, foreign currency and commodity contracts.


(2)	See Note 2. Summary of Significant Accounting Policies for discussion regarding the Company’s adoption of ASU No. 2017-12 as of January 1, 2018.

Redeemable Non-controlling Interests (Tables)

9 Months Ended

Sep. 30, 2018

Noncontrolling Interest [Abstract]

Effect of the Corrections of Previously Reported Consolidated Financial Statements

The tables below summarize the effect of the corrections of the previously reported consolidated financial statement line items:



Condensed Consolidated Balance Sheet	March 31, 2018
(In thousands)	As Previously Reported			Adjustment			Revised
Deferred income taxes	$	16,839		$	6,282		$	23,121
Total liabilities	3,928,671			6,282			3,934,953

Redeemable non-controlling interests	50,760			(23,189		)	27,571

Additional paid-in capital	1,841,692			5,919			1,847,611
Accumulated deficit	(290,818		)	10,988			(279,830		)
Total TerraForm Power, Inc. stockholders’ equity	1,576,008			16,907			1,592,915
Total stockholders’ equity	2,279,350			16,907			2,296,257



Consolidated Balance Sheet	December 31, 2017
(In thousands)	As Previously Reported			Adjustment			Revised
Deferred income taxes	$	18,636		$	6,336		$	24,972
Total liabilities	3,958,313			6,336			3,964,649

Redeemable non-controlling interests	58,340			(23,680		)	34,660

Additional paid-in capital	1,866,206			5,919			1,872,125
Accumulated deficit	(398,629		)	11,425			(387,204		)
Total TerraForm Power, Inc. stockholders’ equity	1,510,369			17,344			1,527,713
Total stockholders’ equity	2,370,368			17,344			2,387,712



Consolidated Balance Sheet	December 31, 2016
(In thousands)	As Previously Reported			Adjustment			Revised
Deferred income taxes	$	27,723		$	2,897		$	30,620
Total liabilities	4,807,499			2,897			4,810,396

Redeemable non-controlling interests	180,367			(14,392		)	165,975

Accumulated deficit	(234,440		)	7,390			(227,050		)
Total TerraForm Power, Inc. stockholders’ equity	1,252,957			7,390			1,260,347
Non-controlling interests	1,465,042			4,105			1,469,147
Total stockholders’ equity	2,717,999			11,495			2,729,494



Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	Three Months Ended March 31, 2018									Three Months Ended March 31, 2017
(In thousands, except per share amounts)	As Previously Reported			Adjustment			Revised			As Previously Reported			Adjustment			Revised
Income tax benefit	$	(976	)	$	(54	)	$	(1,030	)	$	(918	)	$	349		$	(569	)
Net loss	(76,367		)	54			(76,313		)	(56,273		)	(349		)	(56,622		)
Net (loss) income attributable to redeemable non-controlling interests	(2,513		)	491			(2,022		)	835			(1,828		)	(993		)
Net (loss) income attributable to non-controlling interests	(157,087		)	—			(157,087		)	(25,339		)	507			(24,832		)
Net income (loss) attributable to Class A common stockholders	83,233			(437		)	82,796			(31,769		)	972			(30,797		)
Earnings (loss) per share of Class A common stock - Basic and diluted	0.56			—			0.56			(0.37		)	0.01			(0.36		)
Total comprehensive loss	(91,104		)	54			(91,050		)	(39,925		)	(349		)	(40,274		)
Comprehensive loss attributable to non-controlling interests	(160,843		)	491			(160,352		)	(17,614		)	(1,321		)	(18,935		)
Comprehensive income (loss) attributable to Class A common stockholders	69,739			(437		)	69,302			(22,311		)	972			(21,339		)



Consolidated Statements of Operations and Comprehensive Loss	Three Months Ended December 31, 2017									Twelve Months Ended December 31, 2017
(In thousands, except per share amounts)	As Previously Reported			Adjustment			Revised			As Previously Reported			Adjustment			Revised
Income tax benefit	$	(18,098	)	$	713		$	(17,385	)	$	(23,080	)	$	3,439		$	(19,641	)
Net loss	(141,091		)	(713		)	(141,804		)	(232,864		)	(3,439		)	(236,303		)
Net loss excluding pre-acquisition net loss of renewable energy facilities acquired from SunEdison	(141,091		)	(713		)	(141,804		)	(232,864		)	(3,439		)	(236,303		)
Net (loss) income attributable to redeemable non-controlling interests	(7,278		)	(1,390		)	(8,668		)	10,884			(9,288		)	1,596
Net (loss) income attributable to non-controlling interests	(20,514		)	41			(20,473		)	(79,559		)	1,814			(77,745		)
Net loss attributable to Class A common stockholders	(113,299		)	636			(112,663		)	(164,189		)	4,035			(160,154		)
Loss per share of Class A common stock - Basic and diluted	(0.82		)	—			(0.82		)	(1.65		)	0.04			(1.61		)
Total comprehensive loss	(154,995		)	(713		)	(155,708		)	(192,458		)	(3,439		)	(195,897		)
Comprehensive loss attributable to non-controlling interests	(33,023		)	(1,349		)	(34,372		)	(54,018		)	(7,474		)	(61,492		)
Comprehensive loss attributable to Class A common stockholders	(121,972		)	636			(121,336		)	(138,440		)	4,035			(134,405		)



Condensed Consolidated Statements of Operations and Comprehensive Loss	Three Months Ended September 30, 2017									Nine Months Ended September 30, 2017
(In thousands, except per share amounts)	As Previously Reported			Adjustment			Revised			As Previously Reported			Adjustment			Revised
Income tax benefit	$	(2,633	)	$	1,534		$	(1,099	)	$	(4,982	)	$	2,726		$	(2,256	)
Net loss	(34,820		)	(1,534		)	(36,354		)	(91,773		)	(2,726		)	(94,499		)
Net income attributable to redeemable non-controlling interests	6,803			(1,908		)	4,895			18,162			(7,898		)	10,264
Net loss attributable to non-controlling interests	(15,077		)	128			(14,949		)	(59,045		)	1,773			(57,272		)
Net loss attributable to Class A common stockholders	(26,546		)	246			(26,300		)	(50,890		)	3,399			(47,491		)
Loss per share of Class A common stock - Basic and diluted	(0.31		)	—			(0.31		)	(0.62		)	0.03			(0.59		)
Total comprehensive loss	(10,853		)	(1,534		)	(12,387		)	(37,463		)	(2,726		)	(40,189		)
Comprehensive income (loss) attributable to non-controlling interests	492			(1,780		)	(1,288		)	(20,995		)	(6,125		)	(27,120		)
Comprehensive loss attributable to Class A common stockholders	(11,345		)	246			(11,099		)	(16,468		)	3,399			(13,069		)



Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	Three Months Ended June 30, 2017									Six Months Ended June 30, 2017
(In thousands, except per share amounts)	As Previously Reported			Adjustment			Revised			As Previously Reported			Adjustment			Revised
Income tax benefit	$	(1,431	)	$	843		$	(588	)	$	(2,349	)	$	1,192		$	(1,157	)
Net loss	(680		)	(843		)	(1,523		)	(56,953		)	(1,192		)	(58,145		)
Net income attributable to redeemable non-controlling interests	10,524			(4,162		)	6,362			11,359			(5,990		)	5,369
Net loss attributable to non-controlling interests	(18,629		)	1,138			(17,491		)	(43,968		)	1,645			(42,323		)
Net income (loss) attributable to Class A common stockholders	7,425			2,181			9,606			(24,344		)	3,153			(21,191		)
Earnings (loss) per share of Class A common stock - Basic and diluted	0.06			0.02			0.08			(0.31		)	0.03			(0.28		)
Total comprehensive income (loss)	13,315			(843		)	12,472			(26,610		)	(1,192		)	(27,802		)
Comprehensive loss attributable to non-controlling interests	(3,873		)	(3,024		)	(6,897		)	(21,487		)	(4,345		)	(25,832		)
Comprehensive income (loss) attributable to Class A common stockholders	17,188			2,181			19,369			(5,123		)	3,153			(1,970		)



Consolidated Statements of Operations and Comprehensive (Loss) Income	Twelve Months Ended December 31, 2015									Twelve Months Ended December 31, 2016
(In thousands, except per share amounts)	As Previously Reported			Adjustment			Revised			As Previously Reported			Adjustment			Revised
Income tax (benefit) expense	$	(13,241	)	$	657		$	(12,584	)	$	494		$	2,240		$	2,734
Net loss	(208,135		)	(657		)	(208,792		)	(241,507		)	(2,240		)	(243,747		)
Net loss subsequent to IPO and excluding pre-acquisition net loss of renewable energy facilities acquired from SunEdison	(209,745		)	(657		)	(210,402		)	(241,507		)	(2,240		)	(243,747		)
Net income attributable to redeemable non-controlling interests	8,512			(2,509		)	6,003			18,365			(11,883		)	6,482
Net loss attributable to non-controlling interest	(138,371		)	798			(137,573		)	(130,025		)	3,307			(126,718		)
Net loss attributable to Class A common stockholders	(79,886		)	1,054			(78,832		)	(129,847		)	6,336			(123,511		)
Loss per share of Class A common stock - Basic and diluted	(1.25		)	0.01			(1.24		)	(1.47		)	0.07			(1.40		)
Total comprehensive loss	(195,005		)	(657		)	(195,662		)	(240,665		)	(2,240		)	(242,905		)
Comprehensive loss subsequent to IPO and excluding pre-acquisition comprehensive income (loss) of renewable energy facilities acquired from SunEdison	(236,631		)	(657		)	(237,288		)	(240,665		)	(2,240		)	(242,905		)
Comprehensive loss attributable to non-controlling interests	(141,266		)	(1,711		)	(142,977		)	(110,830		)	(8,576		)	(119,406		)
Comprehensive loss attributable to Class A common stockholders	(95,365		)	1,054			(94,311		)	(129,835		)	6,336			(123,499		)

Activity of Redeemable Non-controlling Interests

The following table presents the activity of the redeemable non-controlling interests balance for the nine months ended September 30, 2018:



(In thousands)	Redeemable Non-controlling Interests
Balance as of December 31, 2017	$	34,660
Cumulative-effect adjustment¹	(4,485		)
Distributions	(1,993		)
Net income	15,101
Repurchases of redeemable non-controlling interests, net	617
Balance as of September 30, 2018	$	43,900

———


(1)	See discussion in Note 2. Summary of Significant Accounting Policies regarding the Company’s adoption of ASU No. 2014-09 and ASU No. 2016-08 as of January 1, 2018.

Nature of Operations and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Thousands			9 Months Ended
	Jun. 11, 2018	Oct. 16, 2017	Sep. 30, 2018
Noncontrolling Interest [Line Items]
Consideration for issuance of Class A common stock			$ 650,881
Subsidiaries \| Brookfield Asset Management
Noncontrolling Interest [Line Items]
Percentage of voting securities held		51.00%
Share Purchase Agreement
Noncontrolling Interest [Line Items]
Issuances of Class A common stock to affiliates (in shares)	60,975,609
Price of shares issued (in dollars per share)	$ 10.66
Consideration for issuance of Class A common stock	$ 650,000
TerraForm Power \| Share Purchase Agreement \| Affiliates of Brookfield
Noncontrolling Interest [Line Items]
Percentage of ownership	65.00%

Summary of Significant Accounting Policies - Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 349,563	$ 128,087
Restricted cash - current	28,095	54,006
Restricted cash - non-current	132,337	42,694
Cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statement of cash flows	$ 509,995	$ 224,787	$ 615,009	$ 682,837

Summary of Significant Accounting Policies - Reconciliation of Cash and Cash Equivalents and Restricted Cash as Presented in the Unaudited Condensed Consolidated Statement of Cash Flows (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Non-current restricted cash reclassified to current	$ 11.7	$ 18.8
Cash and cash equivalents reclassified to current restricted cash	$ 2.7	$ 21.7

Summary of Significant Accounting Policies - Non-controlling Interests - Impact of the Tax Cuts and Jobs Act Enactment (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2018 USD ($)
Accounting Policies [Abstract]
Decline in non-controlling interests balance	$ 151.2

Summary of Significant Accounting Policies - Restructuring (Narrative) (Details) - Severance and transition bonus costs $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018 USD ($)	Sep. 30, 2018 USD ($)
Restructuring Cost and Reserve [Line Items]
Additional severance and transition bonus costs	$ 0.5	$ 2.7
Payments related to the restructuring	2.7	4.9
Accrued severance and transition bonuses	$ 0.5	$ 0.5

Summary of Significant Accounting Policies - Recently Adopted Accounting Standards - Guidance Adopted in 2018 (Narrative) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

9 Months Ended

Sep. 30, 2018

Dec. 31, 2018

Sep. 30, 2018

Sep. 30, 2017

Dec. 31, 2017

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative-effect adjustment, decrease (increase) in accumulated deficit

^[1]

$ (20,106)

ITC recapture period

5 years

Decrease in non-cash deferred revenue recognition

$ 1,344

$ 11,510

Accumulated Deficit

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative-effect adjustment, decrease (increase) in accumulated deficit

^[1]

(24,578)

Non-controlling interests

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative-effect adjustment, decrease (increase) in accumulated deficit

^[1]

308

Accumulated Other Comprehensive Income

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative-effect adjustment, decrease (increase) in accumulated deficit

^[1]

4,164

Accounting Standards Update 2014-09

1,600

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Decrease in non-cash deferred revenue recognition

$ 5,000

$ 10,100

Accounting Standards Update 2017-12 | Accumulated Other Comprehensive Income

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative-effect adjustment, decrease (increase) in accumulated deficit

4,200

REC sale arrangements | Accounting Standards Update 2014-09 | Accumulated Deficit

1,600

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative-effect adjustment, decrease (increase) in accumulated deficit

20,500

REC sale arrangements | Accounting Standards Update 2014-09 | Non-controlling interests

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative-effect adjustment, decrease (increase) in accumulated deficit

300

REC sale arrangements | Accounting Standards Update 2014-09 | Redeemable Non-controlling Interests

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative-effect adjustment, decrease (increase) in accumulated deficit

4,500

ITCs | Accounting Standards Update 2014-09 | Accumulated Deficit

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative-effect adjustment, decrease (increase) in accumulated deficit

$ (40,900)

Scenario, Forecast | Accounting Standards Update 2014-09

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Decrease in non-cash deferred revenue recognition

$ 6,200

[1]	See Note 2. Summary of Significant Accounting Policies for discussion regarding the Company’s adoption of Accounting Standards Update (“ASU”) No. 2014-09, ASU No. 2016-08 and ASU No. 2017-12 as of January 1, 2018.

Revenue - Impact on Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	$ 246,042							$ 553,477
Amortization of favorable and unfavorable rate revenue contracts, net	(9,911)							(29,478)
Operating costs and expenses	189,376			$ 128,744				491,561	$ 412,631
Operating income	56,666			24,686				61,916	62,301
Other expenses, net	69,704			62,139				175,475	159,056
Loss before income tax expense (benefit)	(13,038)			(37,453)				(113,559)	(96,755)
Income tax expense	6,013	$ (1,030)	$ (17,385)	(1,099)	$ (588)	$ (569)	$ (1,157)	9,417	(2,256)	$ (19,641)	$ 2,734	$ (12,584)
Net (loss) income	(19,051)	$ (76,313)	$ (141,804)	$ (36,354)	$ (1,523)	$ (56,622)	$ (58,145)	(122,976)	$ (94,499)	$ (236,303)	$ (243,747)	$ (208,792)
Amounts excluding Topic 606 Adoption
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	253,318							568,895
Amortization of favorable and unfavorable rate revenue contracts, net	(9,911)							(29,478)
Operating costs and expenses	189,376							491,561
Operating income	63,942							77,334
Other expenses, net	69,704							175,475
Loss before income tax expense (benefit)	(5,762)							(98,141)
Income tax expense	6,013							9,417
Net (loss) income	(11,775)							(107,558)
Solar
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	94,883							237,927
Amortization of favorable and unfavorable rate revenue contracts, net	(2,132)							(6,075)
Wind
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	56,963							200,068
Amortization of favorable and unfavorable rate revenue contracts, net	(7,779)							(23,403)
Regulated Solar and Wind
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	94,196							115,482
PPA rental income
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	102,066							297,512
PPA rental income \| Amounts excluding Topic 606 Adoption
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	102,066							297,512
PPA rental income \| Solar
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	66,982							159,116
PPA rental income \| Wind
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	35,084							138,396
Commodity derivatives
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	7,469							39,917
Commodity derivatives \| Amounts excluding Topic 606 Adoption
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	7,469							39,917
Commodity derivatives \| Solar
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	0							0
Commodity derivatives \| Wind
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	7,469							39,917
PPA and market energy revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	65,793							105,124
PPA and market energy revenue \| Amounts excluding Topic 606 Adoption
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	65,793							105,124
PPA and market energy revenue \| Solar
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	14,353							34,318
PPA and market energy revenue \| Wind
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	18,846							31,897
PPA and market energy revenue \| Regulated Solar and Wind
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	32,594							38,909
Capacity revenue from remuneration programs
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	47,356							59,327
Capacity revenue from remuneration programs \| Amounts excluding Topic 606 Adoption
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	47,356							59,327
Capacity revenue from remuneration programs \| Regulated Solar and Wind
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	47,356							59,327
Energy revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	212,773							472,402
Energy revenue \| Amounts excluding Topic 606 Adoption
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	212,773							472,402
Energy revenue \| Solar
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	79,203							187,359
Energy revenue \| Wind
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	53,620							186,807
Energy revenue \| Regulated Solar and Wind
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	79,950							98,236
Incentive revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	33,269							81,075
Incentive revenue \| Amounts excluding Topic 606 Adoption
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	40,545							96,493
Incentive revenue \| Solar
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	15,680							50,568
Incentive revenue \| Wind
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	3,343							13,261
Incentive revenue \| Regulated Solar and Wind
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	14,246							17,246
REC Sales \| Adjustments \| Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	2,318							5,344
Operating costs and expenses	0							0
Operating income	2,318							5,344
Other expenses, net	0							0
Loss before income tax expense (benefit)	2,318							5,344
Income tax expense	0							0
Net (loss) income	2,318							5,344
ITC Sales \| Adjustments \| Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating revenues, net	4,958							10,074
Operating costs and expenses	0							0
Operating income	4,958							10,074
Other expenses, net	0							0
Loss before income tax expense (benefit)	4,958							10,074
Income tax expense	0							0
Net (loss) income	$ 4,958							$ 10,074

Revenue - Impact on Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable, net	$ 178,094		$ 89,680
Other current assets	449,943
Total current assets	628,037		341,536
Non-current assets	8,947,940
Total assets	9,575,977		6,387,021
Deferred revenue	1,720		17,859
Other current liabilities	672,457
Total current liabilities	674,177		513,853
Deferred revenue, less current portion	12,444		38,074
Other non-current liabilities	6,032,368
Total liabilities	6,718,989	$ 3,934,953	3,964,649	$ 4,810,396
Redeemable non-controlling interests and total stockholders’ equity	2,856,988
Total liabilities, redeemable non-controlling interests and stockholders' equity	9,575,977		$ 6,387,021
Amounts excluding Topic 606 Adoption
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable, net	208,713
Other current assets	449,943
Total current assets	658,656
Non-current assets	8,947,940
Total assets	9,606,596
Deferred revenue	18,030
Other current liabilities	672,457
Total current liabilities	690,487
Deferred revenue, less current portion	26,957
Other non-current liabilities	6,032,368
Total liabilities	6,749,812
Redeemable non-controlling interests and total stockholders’ equity	2,856,784
Total liabilities, redeemable non-controlling interests and stockholders' equity	9,606,596
REC Sales \| Adjustments \| Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable, net	30,619
Other current assets	0
Total current assets	30,619
Non-current assets	0
Total assets	30,619
Redeemable non-controlling interests and total stockholders’ equity	30,619
Total liabilities, redeemable non-controlling interests and stockholders' equity	30,619
ITC Sales \| Adjustments \| Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Deferred revenue	16,310
Other current liabilities	0
Total current liabilities	16,310
Deferred revenue, less current portion	14,513
Other non-current liabilities	0
Total liabilities	30,823
Redeemable non-controlling interests and total stockholders’ equity	(30,823)
Total liabilities, redeemable non-controlling interests and stockholders' equity	$ 0

Revenue - Remaining Performance Obligation (Details) - REC Sales - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01 $ in Millions	Sep. 30, 2018 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 71.3
Deferred revenue, recognition period	5 years

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017
Revenue from External Customer [Line Items]
Energy revenue from PPA contracts	$ 246,042	$ 553,477
Revenue recognized related to contract liability		1,344	$ 11,510
PPA revenue
Revenue from External Customer [Line Items]
Energy revenue from PPA contracts	33,200	66,200
Receivable balances related to PPA contracts	15,200	$ 15,200
Payment term		30 days
Regulated Solar and Wind
Revenue from External Customer [Line Items]
Receivable balances related to PPA contracts	93,800	$ 93,800
Solar incentive revenue
Revenue from External Customer [Line Items]
Energy revenue from PPA contracts		$ 21,100
REC Sales
Revenue from External Customer [Line Items]
Payment term		30 days
Facility Linked Incentive Contracts
Revenue from External Customer [Line Items]
Energy revenue from PPA contracts	8,800	$ 23,200
Receivable balances related to PPA contracts	6,400	6,400
ITC Sales
Revenue from External Customer [Line Items]
Contract liability	5,200	5,200
Revenue recognized related to contract liability	300	1,000
ITC Sales - Government Incentives
Revenue from External Customer [Line Items]
Deferred revenue	8,900	8,900
Accounting Standards Update 2014-09
Revenue from External Customer [Line Items]
Revenue recognized related to contract liability	5,000	10,100
Adjustments \| Accounting Standards Update 2014-09 \| REC Sales
Revenue from External Customer [Line Items]
Energy revenue from PPA contracts	2,318	5,344
Adjustments \| Accounting Standards Update 2014-09 \| ITC Sales
Revenue from External Customer [Line Items]
Energy revenue from PPA contracts	4,958	10,074
Amounts excluding Topic 606 Adoption
Revenue from External Customer [Line Items]
Energy revenue from PPA contracts	253,318	568,895
Amounts excluding Topic 606 Adoption \| ITC Sales
Revenue from External Customer [Line Items]
Increase (Decrease) in Contract with Customer, Liability	5,000	10,100
Regulated Solar and Wind
Revenue from External Customer [Line Items]
Energy revenue from PPA contracts	$ 94,196	$ 115,482

Acquisitions and Dispositions - Narrative (Details) $ in Thousands, £ in Millions				3 Months Ended		6 Months Ended	9 Months Ended
	Jul. 02, 2018 USD ($)	Jun. 12, 2018 USD ($)	May 11, 2017 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($) MW	Jun. 30, 2017 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($) MW	Jun. 08, 2018	Feb. 07, 2018 € / shares MW	May 11, 2017 GBP (£) power_plant MW	May 11, 2017 USD ($) power_plant MW
Business Acquisition [Line Items]
Proceeds from the private placement of its Class A common stock		$ 650,000					$ 650,000	$ 0
Borrowings		$ 471,000
Acquisition costs incurred				$ 2,000			14,600
Costs related to affiliates				335	$ 0		6,965	0
Repayments of long-term debt							2,625	0
Gain on sale of renewable energy facilities				0	$ 0		0	$ 37,116
Saeta
Business Acquisition [Line Items]
Percentage acquired	4.72%	95.28%								100.00%
Share price (in euros per share) \| € / shares										€ 12.20
Percentage of voting interests accepted to be acquired									95.00%
Aggregate consideration	$ 54,600	$ 1,120,000
Project-level debt assumed		1,910,000		1,906,831			1,906,831
Cash on hand paid for acquisition		82,000
Operating revenues of acquiree				107,900			132,500
Net income of acquiree				$ 21,800			$ 33,400
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Nameplate capacity (MW) \| MW					0.3			0.3
U.K. Portfolio \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Nameplate capacity (MW) \| MW											365.0	365.0
Number of operating projects \| power_plant											24	24
Vortex Solar UK Limited \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Nameplate capacity (MW) \| MW											11.1	11.1
Number of operating projects \| power_plant											1	1
Consideration received												$ 214,100
Transaction expenses			$ 3,900
Cash and cash equivalents disposed of												14,800
Restricted cash disposed of												$ 21,800
Reduction of non-recourse project debt \| £											£ 301
Gain on sale of renewable energy facilities						$ 37,100		$ 37,100
Enfinity Colorado DHA 1, LLC and TerraForm Resi Solar Manager, LLC
Business Acquisition [Line Items]
Consideration received					$ 6,000	$ 1,100		6,000
Cash and cash equivalents disposed of					600			600
Restricted cash disposed of					$ 800			$ 800
Enfinity Colorado DHA 1, LLC
Business Acquisition [Line Items]
Nameplate capacity (MW) \| MW					2.5			2.5
Percentage membership interest sold								100.00%
TerraForm Resi Solar Manager, LLC
Business Acquisition [Line Items]
Nameplate capacity (MW) \| MW					8.9			8.9
Percentage membership interest sold								100.00%
Capacity revenue from remuneration programs \| Saeta
Business Acquisition [Line Items]
Nameplate capacity (MW) \| MW										1,028
Wind \| Saeta
Business Acquisition [Line Items]
Nameplate capacity (MW) \| MW										249.5
Solar \| Saeta
Business Acquisition [Line Items]
Nameplate capacity (MW) \| MW										778
Sponsor Line \| Revolving Credit Facility
Business Acquisition [Line Items]
Borrowings		30,000
Revolver \| Revolving Credit Facility
Business Acquisition [Line Items]
Borrowings		$ 359,000
Secured Debt
Business Acquisition [Line Items]
Repayments of long-term debt			$ 30,000

Acquisitions and Dispositions - Allocation of Acquisition-Date Fair Value of Assets, Liabilities and Non-controlling Interests (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 12, 2018	Feb. 07, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Goodwill	$ 113,701			$ 0
Saeta
Business Acquisition [Line Items]
Renewable energy facilities in service	1,988,993
Accounts receivable	91,343
Intangible assets	993,274
Goodwill	115,084
Other assets	43,402
Total assets acquired	3,232,096
Accounts payable, accrued expenses and other current liabilities	93,032
Long-term debt, including current portion	1,906,831	$ 1,910,000
Deferred income taxes	174,174
Asset retirement obligations	11,454
Derivative liabilities	137,002
Other long-term liabilities	23,002
Total liabilities assumed	2,345,495
Redeemable non-controlling interests	55,117
Purchase price, net of cash and restricted cash acquired	$ 831,484
Cash and cash equivalents acquired			$ 187,200
Restricted cash acquired			$ 95,100

Acquisitions and Dispositions - Intangible Assets at Acquisition Date (Details) - Saeta - USD ($) $ in Thousands	Feb. 07, 2018	Sep. 30, 2018
Business Acquisition [Line Items]
Fair Value		$ 993,274
Intangible assets - concessions and licenses
Business Acquisition [Line Items]
Fair Value	$ 993,274
Weighted Average Amortization Period	17 years

Acquisitions and Dispositions - Business Acquisition, Pro Forma Information (Details) - Saeta - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Business Acquisition [Line Items]
Total operating revenues, net	$ 740,066	$ 749,814
Net loss	$ (108,314)	$ (82,599)

Renewable Energy Facilities - Renewable Energy Facilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Total renewable energy facilities, net	$ 6,555,836	$ 4,801,925
Renewable energy facilities in service, net
Property, Plant and Equipment [Line Items]
Renewable energy facilities, net	7,309,599	5,378,462
Less: accumulated depreciation - renewable energy facilities	(763,154)	(578,474)
Total renewable energy facilities, net	6,546,445	4,799,988
Construction in progress - renewable energy facilities
Property, Plant and Equipment [Line Items]
Renewable energy facilities, net	$ 9,391	$ 1,937

Renewable Energy Facilities - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($) MW	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($) MW	Mar. 31, 2018 USD ($)
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 79,200	$ 53,400	$ 194,200	$ 160,000
Impairment charge	$ 0	$ 0	15,240	$ 1,429
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Property, Plant and Equipment [Line Items]
Residential assets sold (MW) \| MW		0.3		0.3
REC Sales Agreement
Property, Plant and Equipment [Line Items]
Carrying amount no longer considered recoverable					$ 19,500
Fair value of operating project					$ 4,300
Impairment charge			$ 15,200

Intangible Assets, Net and Goodwill (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
Intangible Assets, Net and Goodwill (Details) - USD ($)	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	$ 39,144,000		$ 39,144,000		$ 41,086,000
Accumulated Amortization	(21,528,000)		(21,528,000)		(18,744,000)
Net Book Value	17,616,000		17,616,000		22,342,000
Total intangible assets, net
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	2,247,314,000		2,247,314,000		1,255,762,000
Accumulated Amortization	(246,421,000)		(246,421,000)		(177,976,000)
Net Book Value	2,000,893,000		2,000,893,000		1,077,786,000
Total intangible assets, net \| Operating revenues, net
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Net amortization	9,900,000	$ 10,000,000	29,500,000	$ 29,500,000
Total intangible assets, net \| Depreciation, Accretion, and Amortization
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Net amortization	4,700,000	6,400,000	21,600,000	19,400,000
Concession and licensing contracts
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	981,333,000		981,333,000
Accumulated Amortization	(16,683,000)		(16,683,000)
Net Book Value	964,650,000		964,650,000
Concession and licensing contracts \| Operating revenues, net
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Net amortization	13,800,000.0	0	$ 16,700,000.0	0
Concession and licensing contracts \| Weighted average
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Weighted Average Amortization Period			17 years
Favorable rate revenue contracts
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	714,678,000		$ 714,678,000		718,639,000
Accumulated Amortization	(132,396,000)		(132,396,000)		(102,543,000)
Net Book Value	582,282,000		$ 582,282,000		$ 616,096,000
Favorable rate revenue contracts \| Weighted average
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Weighted Average Amortization Period			14 years		15 years
In-place value of market rate revenue contracts
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	535,503,000		$ 535,503,000		$ 521,323,000
Accumulated Amortization	(94,414,000)		(94,414,000)		(73,104,000)
Net Book Value	441,089,000		$ 441,089,000		$ 448,219,000
In-place value of market rate revenue contracts \| Weighted average
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Weighted Average Amortization Period			18 years		19 years
Favorable rate land leases
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	15,800,000		$ 15,800,000		$ 15,800,000
Accumulated Amortization	(2,928,000)		(2,928,000)		(2,329,000)
Net Book Value	12,872,000		$ 12,872,000		$ 13,471,000
Favorable rate land leases \| Weighted average
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Weighted Average Amortization Period			16 years		17 years
Unfavorable rate revenue contracts
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	33,144,000		$ 33,144,000		$ 35,086,000
Accumulated Amortization	(17,834,000)		(17,834,000)		(16,030,000)
Net Book Value	15,310,000		$ 15,310,000		$ 19,056,000
Unfavorable rate revenue contracts \| Weighted average
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Weighted Average Amortization Period			7 years		7 years
Unfavorable rate operations and maintenance contracts
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	5,000,000		$ 5,000,000		$ 5,000,000
Accumulated Amortization	(3,490,000)		(3,490,000)		(2,552,000)
Net Book Value	1,510,000		$ 1,510,000		$ 2,448,000
Unfavorable rate operations and maintenance contracts \| Weighted average
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Weighted Average Amortization Period			1 year		2 years
Unfavorable rate land lease
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	1,000,000		$ 1,000,000		$ 1,000,000
Accumulated Amortization	(204,000)		(204,000)		(162,000)
Net Book Value	796,000		$ 796,000		$ 838,000
Unfavorable rate land lease \| Weighted average
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Weighted Average Amortization Period			14 years		15 years
Lease agreements \| Cost of Operations
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Net amortization	$ 100,000	$ 100,000	$ 400,000	$ 400,000

Variable Interest Entities (Details) $ in Thousands	Sep. 30, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jun. 30, 2017 MW
Consolidated Variable Interest Entity, Primary Beneficiary
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Current assets	$ 124,690	$ 142,403
Non-current assets	3,987,032	4,155,558
Total assets	4,111,722	4,297,961
Current liabilities	97,140	119,021
Non-current liabilities	1,055,560	975,839
Total liabilities	$ 1,152,700	$ 1,094,860
TerraForm Resi Solar Manager, LLC
Variable Interest Entity [Line Items]
Capacity of power plant (MW) \| MW			8.9

Long-term Debt - Debt (Details) - USD ($)				9 Months Ended
Long-term Debt - Debt (Details) - USD ($)	May 11, 2018	Feb. 06, 2018	Oct. 17, 2017	Sep. 30, 2018	Sep. 30, 2017	Feb. 07, 2018	Dec. 31, 2017	Oct. 16, 2017
Debt Instrument [Line Items]
Total principal due for long-term debt and financing lease obligations				$ 5,997,094,000			$ 3,642,516,000
Unamortized discount, net				(16,315,000)			(19,027,000)
Deferred financing costs, net				(26,742,000)			(24,689,000)
Less: current portion of long-term debt and financing lease obligations				(454,306,000)			(403,488,000)
Long-term debt and financing lease obligations, less current portion				$ 5,499,731,000			3,195,312,000
Interest rate				4.90%
Repayments of line of credit				$ 200,466,000	$ 275,000,000
Revolving credit facility draws				619,000,000	$ 0
Revolving Credit Facility \| Sponsor Line
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 500,000,000.0
Debt instrument, amortization period			3 years
Repayments of line of credit				86,000,000
Secured Debt
Debt Instrument [Line Items]
Total principal due for long-term debt and financing lease obligations				$ 3,553,349,000			1,616,729,000
Interest rate				4.83%
Fixed interest rate				44.00%
Variable interest rate				56.00%
Secured Debt \| Senior Notes due 2023
Debt Instrument [Line Items]
Total principal due for long-term debt and financing lease obligations				$ 500,000,000			500,000,000
Interest rate				4.25%
Secured Debt \| Senior Notes due 2025
Debt Instrument [Line Items]
Total principal due for long-term debt and financing lease obligations				$ 300,000,000			300,000,000
Interest rate				6.63%
Secured Debt \| Senior Notes due 2028
Debt Instrument [Line Items]
Total principal due for long-term debt and financing lease obligations				$ 700,000,000			700,000,000
Interest rate				5.00%
Secured Debt \| Term Loan
Debt Instrument [Line Items]
Total principal due for long-term debt and financing lease obligations				$ 347,375,000			350,000,000
Interest rate				4.24%
Debt instrument, reduction in interest rate	0.75%
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Total principal due for long-term debt and financing lease obligations				$ 487,810,000			60,000,000
Interest rate				5.13%
Line of Credit \| Revolving Credit Facility \| New Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 450,000,000.0				$ 600,000,000.0
Financing lease obligations
Debt Instrument [Line Items]
Total principal due for long-term debt and financing lease obligations				$ 108,560,000			$ 115,787,000
Interest rate				5.59%
Saeta \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		139,000,000
Revolving credit facility draws		$ 5,800,000

Long-term Debt - Non-recourse Debt Defaults and Non-recourse Project Financing (Narrative) (Details)	Sep. 28, 2018 USD ($) MW	Jun. 06, 2018 USD ($) subsidiary MW	Oct. 17, 2017	Sep. 30, 2018 USD ($)	Sep. 28, 2018 EUR (€) MW	Dec. 31, 2017 USD ($)
Debt Instrument [Line Items]
Defaulted debt, reclassified to current \| $				$ 193,900,000		$ 239,700,000
Permanent Financing \| Non-recourse Project Financing
Debt Instrument [Line Items]
Number of subsidiaries \| subsidiary		1
Face amount of senior notes issued	$ 78,800,000.0	$ 83,000,000.0			€ 50,000,000.0
Debt interest rate	4.64%	4.59%			4.64%
Capacity of power plant (MW)	51	73			51
Debt instrument, amortization period	14 years	22 years
Percentage of debt hedged by interest rate swap	90.00%				90.00%
Revolving Credit Facility \| Sponsor Line
Debt Instrument [Line Items]
Debt instrument, amortization period			3 years
SPAIN \| Permanent Financing \| Non-recourse Project Financing
Debt Instrument [Line Items]
Capacity of power plant (MW)	48				48
Tranche A \| Permanent Financing \| Non-recourse Project Financing
Debt Instrument [Line Items]
Face amount of senior notes issued	$ 35,000,000				€ 30,000,000
Debt instrument, amortization period	9 years 6 months
Tranche B \| Permanent Financing \| Non-recourse Project Financing
Debt Instrument [Line Items]
Face amount of senior notes issued	$ 23,000,000				€ 20,000,000
Debt interest rate	2.84%				2.84%
Debt instrument, amortization period	12 years 6 months
Tranche A, First Five Years \| Permanent Financing \| Non-recourse Project Financing
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%
Tranche A, After First Five Years \| Permanent Financing \| Non-recourse Project Financing
Debt Instrument [Line Items]
Basis spread on variable rate	1.15%
Following Two Years \| Permanent Financing \| Non-recourse Project Financing
Debt Instrument [Line Items]
Derivative interest rate	1.15%				1.15%
First Five Years \| Permanent Financing \| Non-recourse Project Financing
Debt Instrument [Line Items]
Derivative interest rate	3.78%				3.78%

Long-term Debt - Saeta Indebtedness (Narrative) (Details) - Saeta - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 12, 2018
Debt Instrument [Line Items]
Debt assumed in acquisition	$ 1,906,831	$ 1,910,000
Minimum
Debt Instrument [Line Items]
Debt interest rate	1.11%
Maximum
Debt Instrument [Line Items]
Debt interest rate	6.01%

Long-term Debt - Aggregate Contractual Payments of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Maturities of long-term debt1
Remainder of 2018	$ 90,947
2019	257,488
2020	256,380
2021	259,267
2022	751,624
Thereafter	4,381,388
Total	5,997,094
Defaulted debt, reclassified to current	$ 193,900	$ 239,700

Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Loss before income tax expense (benefit)	$ (13,038)			$ (37,453)				$ (113,559)	$ (96,755)
Income tax expense (benefit)	$ 6,013	$ (1,030)	$ (17,385)	$ (1,099)	$ (588)	$ (569)	$ (1,157)	$ 9,417	$ (2,256)	$ (19,641)	$ 2,734	$ (12,584)
Effective tax rate	(46.10%)			2.90%				(8.30%)	2.30%

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended	9 Months Ended		12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Taxes [Line Items]
Income tax expense (benefit)	$ 6,013	$ (1,030)	$ (17,385)	$ (1,099)	$ (588)	$ (569)	$ (1,157)	$ 9,417	$ (2,256)	$ (19,641)	$ 2,734	$ (12,584)
Net reduction in deferred tax liabilities										$ 5,000
SunEdison
Income Taxes [Line Items]
Ownership percentage by other entities	34.20%			34.20%				34.20%	34.20%
TerraForm Power \| Terra LLC
Income Taxes [Line Items]
Ownership percentage of Terra LLC	65.80%			65.80%				65.80%	65.80%
Terra LLC \| TerraForm Power
Income Taxes [Line Items]
Percentage acquired	100.00%							100.00%

Derivatives - Schedule of Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	$ 119,371	$ 112,413
Gross assets offset in consolidated balance sheet	(306)	(63)
Net derivative assets	119,065	112,350
Gross amounts of derivative liabilities	122,643	7,986
Gross liabilities offset in consolidated balance sheet	(306)	(63)
Net derivative liabilities	122,337	7,923
Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	16,771	21,633
Gross assets offset in consolidated balance sheet	(58)	(63)
Net derivative assets	16,713	21,570
Other assets
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	102,600	90,780
Gross assets offset in consolidated balance sheet	(248)	0
Net derivative assets	102,352	90,780
Accounts payable, accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Gross amounts of derivative liabilities	38,285	2,786
Gross liabilities offset in consolidated balance sheet	(58)	(63)
Net derivative liabilities	38,227	2,723
Other long-term liabilities
Derivatives, Fair Value [Line Items]
Gross amounts of derivative liabilities	84,358	5,200
Gross liabilities offset in consolidated balance sheet	(248)	0
Net derivative liabilities	84,110	5,200
Interest Rate Swaps \| Derivatives Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	15,548	4,686
Gross amounts of derivative liabilities	1,735	7,286
Interest Rate Swaps \| Derivatives Designated as Hedging Instruments \| Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	1,670	0
Interest Rate Swaps \| Derivatives Designated as Hedging Instruments \| Other assets
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	13,878	4,686
Interest Rate Swaps \| Derivatives Designated as Hedging Instruments \| Accounts payable, accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Gross amounts of derivative liabilities	456	2,490
Interest Rate Swaps \| Derivatives Designated as Hedging Instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Gross amounts of derivative liabilities	1,279	4,796
Interest Rate Swaps \| Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	29	0
Gross amounts of derivative liabilities	120,402	601
Interest Rate Swaps \| Derivatives Not Designated as Hedging Instruments \| Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	0	0
Interest Rate Swaps \| Derivatives Not Designated as Hedging Instruments \| Other assets
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	29	0
Interest Rate Swaps \| Derivatives Not Designated as Hedging Instruments \| Accounts payable, accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Gross amounts of derivative liabilities	37,786	197
Interest Rate Swaps \| Derivatives Not Designated as Hedging Instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Gross amounts of derivative liabilities	82,616	404
Foreign Currency Contracts \| Derivatives Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	0	0
Gross amounts of derivative liabilities	460	0
Foreign Currency Contracts \| Derivatives Designated as Hedging Instruments \| Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	0	0
Foreign Currency Contracts \| Derivatives Designated as Hedging Instruments \| Other assets
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	0	0
Foreign Currency Contracts \| Derivatives Designated as Hedging Instruments \| Accounts payable, accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Gross amounts of derivative liabilities	43	0
Foreign Currency Contracts \| Derivatives Designated as Hedging Instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Gross amounts of derivative liabilities	417	0
Foreign Currency Contracts \| Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	2,375	63
Gross amounts of derivative liabilities	46	99
Foreign Currency Contracts \| Derivatives Not Designated as Hedging Instruments \| Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	1,781	63
Foreign Currency Contracts \| Derivatives Not Designated as Hedging Instruments \| Other assets
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	594	0
Foreign Currency Contracts \| Derivatives Not Designated as Hedging Instruments \| Accounts payable, accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Gross amounts of derivative liabilities	0	99
Foreign Currency Contracts \| Derivatives Not Designated as Hedging Instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Gross amounts of derivative liabilities	46	0
Commodity Contracts \| Derivatives Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	41,807	80,268
Gross amounts of derivative liabilities	0	0
Commodity Contracts \| Derivatives Designated as Hedging Instruments \| Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	1,228	8,961
Commodity Contracts \| Derivatives Designated as Hedging Instruments \| Other assets
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	40,579	71,307
Commodity Contracts \| Derivatives Designated as Hedging Instruments \| Accounts payable, accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Gross amounts of derivative liabilities	0	0
Commodity Contracts \| Derivatives Designated as Hedging Instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Gross amounts of derivative liabilities	0	0
Commodity Contracts \| Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	59,612	27,396
Gross amounts of derivative liabilities	0	0
Commodity Contracts \| Derivatives Not Designated as Hedging Instruments \| Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	12,092	12,609
Commodity Contracts \| Derivatives Not Designated as Hedging Instruments \| Other assets
Derivatives, Fair Value [Line Items]
Gross amounts of derivative assets	47,520	14,787
Commodity Contracts \| Derivatives Not Designated as Hedging Instruments \| Accounts payable, accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Gross amounts of derivative liabilities	0	0
Commodity Contracts \| Derivatives Not Designated as Hedging Instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Gross amounts of derivative liabilities	$ 0	$ 0

Derivatives - Schedule of Notional Amounts for Derivative Instruments (Details) € in Thousands, MWh in Thousands, $ in Thousands, $ in Thousands	Sep. 30, 2018 USD ($) MWh	Dec. 31, 2017 USD ($) MWh	Sep. 30, 2018 CAD ($)	Sep. 30, 2018 EUR (€)	Dec. 31, 2017 CAD ($)	Dec. 31, 2017 EUR (€)
Interest rate swaps \| Derivatives designated as hedging instruments
Derivative [Line Items]
Notional amount	$ 367,073	$ 395,986	$ 148,002		$ 156,367
Interest rate swaps \| Derivatives not designated as hedging instruments
Derivative [Line Items]
Notional amount	$ 12,604	$ 13,520		€ 1,061,456		€ 0
Foreign currency contracts \| Derivatives designated as hedging instruments
Derivative [Line Items]
Notional amount			72,400	300,000	0	0
Foreign currency contracts \| Derivatives not designated as hedging instruments
Derivative [Line Items]
Notional amount			$ 0	€ 640,200	$ 9,875	€ 0
Commodity contracts \| Derivatives designated as hedging instruments
Derivative [Line Items]
Notional amount (in MWhs)	6,197	15,579
Commodity contracts \| Derivatives not designated as hedging instruments
Derivative [Line Items]
Notional amount (in MWhs)	9,032	987

Derivatives - Gains and Losses on Derivatives Not Designated As Hedges (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Interest expense, net \| Interest rate swaps
Derivative [Line Items]
Loss (gain) on derivatives	$ 4,737	$ 27	$ (3,252)	$ 3,219
(Gain) loss on foreign currency exchange, net \| Foreign currency contracts
Derivative [Line Items]
Loss (gain) on derivatives	(4,348)	457	(16,914)	1,017
Operating revenues, net \| Commodity contracts
Derivative [Line Items]
Loss (gain) on derivatives	$ (3,880)	$ (1,371)	$ (21,374)	$ (7,062)

Derivatives - Narrative (Details)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2018

USD ($)

Sep. 30, 2017

USD ($)

Sep. 30, 2018

USD ($)

Sep. 30, 2017

USD ($)

Sep. 30, 2018

CAD ($)

Sep. 30, 2018

EUR (€)

Mar. 31, 2018

USD ($)

Dec. 31, 2017

USD ($)

Dec. 31, 2017

CAD ($)

Dec. 31, 2017

EUR (€)

Derivative Instruments, Gain (Loss) [Line Items]

Collateral already posted

$ 0

Cumulative-effect adjustment

^[1]

20,106,000

Commodity contracts

Derivative Instruments, Gain (Loss) [Line Items]

Gains in AOCI

40,600,000

$ 44,300,000

Gains related to commodity contracts

6,600,000

$ 4,100,000

$ 31,400,000

$ 15,300,000

Maximum term of outstanding interest rate swaps

9 years

Gain expected to be reclassified into earnings, commodity contracts

$ 1,800,000

Letter of Credit | Commodity contracts

Derivative Instruments, Gain (Loss) [Line Items]

Collateral already posted

15,000,000

Secured Debt | Interest rate swaps

Derivative Instruments, Gain (Loss) [Line Items]

Loss expected to be reclassified into earnings, interest rate swap

2,000,000

$ 2,000,000

Maximum term of outstanding interest rate swaps

16 years

Derivatives designated as hedges | Interest rate swaps

Derivative Instruments, Gain (Loss) [Line Items]

Notional amount

$ 367,073,000

$ 148,002

395,986,000

$ 156,367

Derivatives designated as hedges | Foreign currency contracts

Derivative Instruments, Gain (Loss) [Line Items]

Notional amount

72,400

€ 300,000,000

$ 0

€ 0

Accumulated Other Comprehensive Income

Derivative Instruments, Gain (Loss) [Line Items]

Cumulative-effect adjustment

^[1]

(4,164,000)

Net Investment Hedging | Derivatives designated as hedges | Foreign currency contracts

$ 1,600,000

Derivative Instruments, Gain (Loss) [Line Items]

Notional amount

$ 72,400

€ 300,000,000

Minimum | Net Investment Hedging | Derivatives designated as hedges | Foreign currency contracts

Derivative Instruments, Gain (Loss) [Line Items]

Average Remaining Maturity of Foreign Currency Derivatives

3 months

Maximum | Net Investment Hedging | Derivatives designated as hedges | Foreign currency contracts

Derivative Instruments, Gain (Loss) [Line Items]

Average Remaining Maturity of Foreign Currency Derivatives

2 years

[1]	See Note 2. Summary of Significant Accounting Policies for discussion regarding the Company’s adoption of Accounting Standards Update (“ASU”) No. 2014-09, ASU No. 2016-08 and ASU No. 2017-12 as of January 1, 2018.

Derivatives - Gains (Losses) Recognized Related to Interest Rate Swaps and Commodity Contracts Designated as Cash Flow Hedges (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Derivative [Line Items]
Gain (Loss) Included in the Assessment of Effectiveness Recognized in OCI, net of taxes	$ 10,621,000	$ 17,338,000	$ 12,528,000	$ 27,960,000
(Gain) Loss Included in the Assessment of Effectiveness Reclassified from AOCI into Income	(5,832,000)	94,000	(6,755,000)	(527,000)
Interest rate swaps
Derivative [Line Items]
Gain (Loss) Included in the Assessment of Effectiveness Recognized in OCI, tax expense (benefit)	0	(300,000)	0	(200,000)
Commodity contracts
Derivative [Line Items]
Gain (Loss) Included in the Assessment of Effectiveness Recognized in OCI, tax expense (benefit)	0	(800,000)	0	2,900,000
Interest expense, net \| Interest rate swaps
Derivative [Line Items]
(Gain) Loss Included in the Assessment of Effectiveness Reclassified from AOCI into Income, tax expense (benefit)	0	(700,000)	0	(2,400,000)
Operating revenues, net \| Commodity contracts
Derivative [Line Items]
(Gain) Loss Included in the Assessment of Effectiveness Reclassified from AOCI into Income, tax expense (benefit)	0	(700,000)	0	2,800,000
Derivatives designated as hedges
Derivative [Line Items]
Gain (Loss) Included in the Assessment of Effectiveness Recognized in OCI, net of taxes	12,301,000	17,338,000	15,342,000	27,960,000
Gain (Loss) Excluded from the Assessment of Effectiveness Recognized in OCI Using an Amortization Approach	0	0	735,000	0
(Gain) Loss Included in the Assessment of Effectiveness Reclassified from AOCI into Income	(4,756,000)	94,000	(5,825,000)	(527,000)
(Gain) Loss Excluded from the Assessment of Effectiveness that is Amortized through Earnings	(251,000)	(5,631,000)	(930,000)	(6,303,000)
Derivatives designated as hedges \| Interest rate swaps
Derivative [Line Items]
Gain (Loss) Included in the Assessment of Effectiveness Recognized in OCI, net of taxes	4,107,000	1,353,000	14,627,000	(1,899,000)
Gain (Loss) Excluded from the Assessment of Effectiveness Recognized in OCI Using an Amortization Approach	0	0	0	0
Derivatives designated as hedges \| Foreign currency contracts
Derivative [Line Items]
Gain (Loss) Included in the Assessment of Effectiveness Recognized in OCI, net of taxes	3,549,000	0	3,549,000	0
Gain (Loss) Excluded from the Assessment of Effectiveness Recognized in OCI Using an Amortization Approach	0	0	0	0
Derivatives designated as hedges \| Commodity contracts
Derivative [Line Items]
Gain (Loss) Included in the Assessment of Effectiveness Recognized in OCI, net of taxes	4,645,000	15,985,000	(2,834,000)	29,859,000
Gain (Loss) Excluded from the Assessment of Effectiveness Recognized in OCI Using an Amortization Approach	0	0	735,000	0
Derivatives designated as hedges \| Interest expense, net \| Interest rate swaps
Derivative [Line Items]
(Gain) Loss Included in the Assessment of Effectiveness Reclassified from AOCI into Income	263,000	519,000	1,236,000	3,163,000
(Gain) Loss Excluded from the Assessment of Effectiveness that is Amortized through Earnings	0	(315,000)	0	(963,000)
Derivatives designated as hedges \| Interest expense, net \| Foreign currency contracts
Derivative [Line Items]
(Gain) Loss Included in the Assessment of Effectiveness Reclassified from AOCI into Income	0	0	0	0
(Gain) Loss Excluded from the Assessment of Effectiveness that is Amortized through Earnings	0	0	0	0
Derivatives designated as hedges \| Operating revenues, net \| Commodity contracts
Derivative [Line Items]
(Gain) Loss Included in the Assessment of Effectiveness Reclassified from AOCI into Income	(5,019,000)	(425,000)	(7,061,000)	(3,690,000)
(Gain) Loss Excluded from the Assessment of Effectiveness that is Amortized through Earnings	$ (251,000)	$ (5,316,000)	$ (930,000)	$ (5,340,000)

Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 119,065	$ 112,350
Liabilities	122,337	7,923
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	119,065	112,350
Liabilities	122,337	7,923
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Liabilities	0	0
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	34,881	32,082
Liabilities	122,337	7,923
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	84,184	80,268
Liabilities	0	0
Interest rate swaps \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	15,576	4,686
Liabilities	122,137	7,887
Interest rate swaps \| Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Liabilities	0	0
Interest rate swaps \| Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	15,576	4,686
Liabilities	122,137	7,887
Interest rate swaps \| Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Liabilities	0	0
Commodity contracts \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	101,420	107,664
Liabilities	0	0
Commodity contracts \| Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Liabilities	0	0
Commodity contracts \| Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	17,236	27,396
Liabilities	0	0
Commodity contracts \| Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	84,184	80,268
Liabilities	0	0
Foreign currency contracts \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2,069	0
Liabilities	200	36
Foreign currency contracts \| Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Liabilities	0	0
Foreign currency contracts \| Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2,069	0
Liabilities	200	36
Foreign currency contracts \| Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Liabilities	$ 0	$ 0

Fair Value of Financial Instruments - Changes in Fair Value of Derivative Instruments Classified as Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 81,859	$ 76,790	$ 80,268	$ 66,138
Included in other comprehensive income (loss)	418	15,601	(10,090)	26,229
Included in operating revenues, net	1,324	6,407	16,873	11,831
Settlements	583	(1,090)	(2,867)	(6,490)
Ending balance	$ 84,184	$ 97,708	$ 84,184	$ 97,708

Fair Value of Financial Instruments - Significant Unobservable Inputs Used in Valuation of Commodity Contracts (Details) $ in Thousands	Sep. 30, 2018 USD ($) $ / MWh	Dec. 31, 2017 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 119,065	$ 112,350
Liabilities	122,337	$ 7,923
Commodity contracts - power \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	84,184
Liabilities	$ 0
Minimum \| Forward price \| Commodity contracts - power \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Inputs \| $ / MWh	10.4
Minimum \| Volatilities \| Commodity contracts - power \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Inputs	0.034
Maximum \| Forward price \| Commodity contracts - power \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Inputs \| $ / MWh	145.7
Maximum \| Volatilities \| Commodity contracts - power \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Inputs	0.098

Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Carrying Amount	$ 5,954,082	$ 3,598,800
Fair Value	$ 6,052,908	$ 3,702,470

Fair Value of Financial Instruments - Narrative (Details)	Sep. 30, 2018	Dec. 31, 2017
Senior Notes due 2023
Debt Instrument [Line Items]
Fair value as a percentage of face value	98.00%	99.50%
Senior Notes due 2025
Debt Instrument [Line Items]
Fair value as a percentage of face value	106.25%	109.50%
Senior Notes due 2028
Debt Instrument [Line Items]
Fair value as a percentage of face value	93.49%	99.38%

Stockholders' Equity - Schedule of Changes In Common Stock Outstanding (Details) - shares	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Common Stock Outstanding [Roll Forward]
Beginning balance (in shares)	148,086,027	92,223,089
Shares issued (in shares)	0	185,507
Ending balance (in shares)	209,141,720	92,408,596
Class A common stock
Common Stock Outstanding [Roll Forward]
Shares issued (in shares)	61,055,693	0

Stockholders' Equity - Narrative (Details) - USD ($)				2 Months Ended	3 Months Ended		9 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Aug. 03, 2018	Jun. 11, 2018	May 28, 2018	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jul. 31, 2018
Class of Stock [Line Items]
Consideration for issuance of Class A common stock							$ 650,881,000
Contractual term							10 years
Number of shares available for issuance (in shares)				3,822,821	3,822,821		3,822,821
Stock-based compensation expense					$ 100,000	$ 1,800,000	$ 200,000	$ 7,000,000
Brookfield Asset Management
Class of Stock [Line Items]
Backstop support agreement amount			$ 650,000,000.0
Backstop support agreement, share price (in dollars per share)			$ 10.66
Share Purchase Agreement
Class of Stock [Line Items]
Issuances of Class A common stock to affiliates (in shares)		60,975,609
Price of shares issued (in dollars per share)		$ 10.66
Consideration for issuance of Class A common stock		$ 650,000,000
TerraForm Power \| Share Purchase Agreement \| Affiliates of Brookfield
Class of Stock [Line Items]
Percentage of ownership		65.00%
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Equity instrument granted (in shares)							117,424
Grant-date fair value							$ 1,300,000
Compensation cost, period for recognition							3 years
Chamblee Class Action
Class of Stock [Line Items]
Litigation settlement	$ 1,100,000
Portion of settlement covered by insurance providers	$ 13,600,000
Class A common stock \| Chamblee Class Action
Class of Stock [Line Items]
Issuances of Class A common stock to affiliates (in shares)	80,084
Share Repurchase Program \| Class A common stock
Class of Stock [Line Items]
Share repurchase program, authorized amount, percentage of common stock outstanding									5.00%
Number of shares repurchased (in shares)				0

Stockholders' Equity - Schedule of Restricted Stock Units (Details) - Restricted Stock Units (RSUs) $ in Millions	9 Months Ended
	Sep. 30, 2018 USD ($) shares
Number of RSUs Outstanding
Beginning balance (in shares)	0
Granted (shares)	117,424
Forfeited (shares)	(14,124)
Ending balance (in shares)	103,300
Aggregate Intrinsic Value \| $	$ 1.2
Weighted Average Remaining Contractual Life (in years)	2 years 6 months

Stockholders' Equity - Dividends Declared (Details) - $ / shares	3 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Equity [Abstract]
Special cash dividend (in dollars per share)	$ 0.19	$ 0.19	$ 0.19

(Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net (loss) income attributable to Class A common stockholders	$ (33,590)	$ 82,796	$ (112,663)	$ (26,300)	$ 9,606	$ (30,797)	$ (21,191)	$ 27,869	$ (47,491)	$ (160,154)	$ (123,511)	$ (78,832)
Less: accretion of redeemable non-controlling interest	0			(2,316)				0	(6,729)
Net (loss) income attributable to Class A common stockholders after accretion of redeemable non-controlling interests	$ (33,590)			$ (28,616)				$ 27,869	$ (54,220)
Basic and diluted earnings (loss) per share (in $ per share)		$ 0.56	$ (0.82)	$ (0.31)	$ 0.08	$ (0.36)	$ (0.28)		$ (0.59)	$ (1.61)	$ (1.40)	$ (1.24)
Restricted Stock Units (RSUs)
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract]
Shares excluded from calculation (shares)	103								1,228
Restricted Stock Units (RSUs)
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract]
Shares considered to be dilutive (in shares)								13
Class A common stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted average basic Class A shares outstanding (in shares)	209,142			92,352				173,173	92,228
Weighted average diluted Class A shares outstanding (in shares)	209,142			92,352				173,186	92,228
Basic and diluted earnings (loss) per share (in $ per share)	$ (0.16)			$ (0.31)				$ 0.16	$ (0.59)

Commitments and Contingencies (Details) $ in Millions				12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Aug. 10, 2018 GW	Aug. 03, 2018 shares	May 27, 2016 USD ($) employee	Dec. 31, 2017 USD ($)	Sep. 30, 2018 USD ($)
Loss Contingencies [Line Items]
Outstanding letters of credit					$ 178.4
First Wind Acquisition Claim \| SunEdison
Loss Contingencies [Line Items]
Obligated earn-out payments			$ 231.0
Number of employee resignations \| employee			2
Securities Class Action
Loss Contingencies [Line Items]
Litigation settlement				$ 1.1
Portion of settlement covered by insurance providers				$ 13.6
Revolving Credit Facility \| Line of Credit
Loss Contingencies [Line Items]
Outstanding letters of credit					$ 82.5
Class A common stock \| Securities Class Action
Loss Contingencies [Line Items]
Issuance of Class A common stock (in shares) \| shares		80,084
General Electric \| Framework Agreement
Loss Contingencies [Line Items]
Long-term service agreement	11 years
Capacity of power plant (MW) \| GW	1.6

Related Parties - Additional Information (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands			9 Months Ended
	Aug. 03, 2018	Jun. 11, 2018	Sep. 30, 2018	Oct. 16, 2017
Related Party Transaction [Line Items]
Consideration for issuance of Class A common stock			$ 650,881
Class A common stock \| Orion Holdings
Related Party Transaction [Line Items]
Ownership percentage				51.00%
Share Purchase Agreement
Related Party Transaction [Line Items]
Issuance of Class A common stock (in shares)		60,975,609
Price per share (in dollars per share)		$ 10.66
Consideration for issuance of Class A common stock		$ 650,000
TerraForm Power \| Share Purchase Agreement \| Affiliates of Brookfield
Related Party Transaction [Line Items]
Ownership percentage after transaction		65.00%
Securities Class Action \| Class A common stock
Related Party Transaction [Line Items]
Issuance of Class A common stock (in shares)	80,084

Related Parties - Brookfield Master Services Agreement (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Affiliated Entity \| Brookfield MSA
Related Party Transaction [Line Items]
Charges within general and administrative expenses - affiliate	$ 3.6	$ 10.5

Related Parties - New Terra LLC Agreement (Narrative) (Details) - Affiliated Entity - IDRs - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Related Party Transaction [Line Items]
First distribution threshold (in dollars per share)	$ 0.93
Second distribution threshold (in dollars per share)	$ 1.05
Payments of IDRs	$ 0	$ 0

Related Parties - Lease (Narrative) (Details) - Brookfield and Affiliates - Relocation Of Corporate Headquarters - Affiliated Entity - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	May 31, 2018
Related Party Transaction [Line Items]
Term of lease			10 years
Charges within general and administrative expenses - affiliate	$ 0.2	$ 0.2

Related Parties - Due from affiliate (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Apr. 30, 2018	Sep. 30, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due from affiliate		$ 350	$ 4,370
Net proceeds recognized as a capital contribution		(3,654)
Affiliated Entity
Related Party Transaction [Line Items]
Year-end receivable		4,800
TerraForm Global, Inc. \| Affiliated Entity
Related Party Transaction [Line Items]
Due from affiliate		400	$ 4,400
Brookfield and Affiliates \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue from related party	$ 3,700
Net proceeds recognized as a capital contribution		$ 3,000

Related Parties - Due to affiliates (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Due to affiliates	$ 10,921			$ 10,921		$ 3,968
Expense from transaction with related party	0		$ 1,199	0	$ 10,224
Base management fee
Related Party Transaction [Line Items]
Due to affiliates		$ 6,900				3,400
Acquisition-related costs payable
Related Party Transaction [Line Items]
Due to affiliates	4,000			4,000
Third-Party Fees Related To Commodity Swaps
Related Party Transaction [Line Items]
Due to affiliates	1,200			1,200
Leasehold improvements
Related Party Transaction [Line Items]
Due to affiliates	2,100			2,100
Accrued standby fee interest
Related Party Transaction [Line Items]
Due to affiliates	1,100			1,100		$ 600
Affiliates of Brookfield \| Base management fee
Related Party Transaction [Line Items]
Due to affiliates	$ 3,600			$ 3,600
Affiliated Entity \| Credit support
Related Party Transaction [Line Items]
Percentage of savings realized to be paid as a fee		50.00%
Expense from transaction with related party		$ 2,900

Related Parties - Historical SunEdison Services (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Related Party Transaction [Line Items]
Cost of operations - affiliate	$ 0	$ 1,199		$ 0	$ 10,224
Stock-based compensation expense	$ 100	1,800		$ 200	7,000
SunEdison \| Affiliated Entity
Related Party Transaction [Line Items]
Cost of operations - affiliate		1,400			4,200
General and administrative expenses - affiliate		2,200			6,900
Stock-based compensation expense		$ 800			$ 2,700
Proceeds from outstanding claims			$ 7,000
SunEdison \| Affiliated Entity \| Chile Facility EPC Contract
Related Party Transaction [Line Items]
Proceeds from outstanding claims			$ 4,800

Segment Reporting (Details) $ in Thousands	3 Months Ended						6 Months Ended	9 Months Ended		12 Months Ended
Segment Reporting (Details) $ in Thousands	Sep. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Jun. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) segment	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment								3
Segment Reporting Information, Profit (Loss)
Operating revenues, net	$ 246,042			$ 153,430				$ 553,477	$ 474,932
Depreciation, accretion and amortization expense	103,593			61,830				239,177	186,039
Impairment of renewable energy facilities	0			0				15,240	1,429
Other operating costs and expenses	85,783			66,914				237,144	225,163
Interest expense (income), net	72,416			70,232				176,862	206,749
Gain on sale of renewable energy facilities	0			0				0	(37,116)
Other non-operating (income) expenses, net	(2,712)			(8,093)				(1,387)	(10,577)
Income tax expense (benefit)	6,013	$ (1,030)	$ (17,385)	(1,099)	$ (588)	$ (569)	$ (1,157)	9,417	(2,256)	$ (19,641)	$ 2,734	$ (12,584)
Net (loss) income	(19,051)	$ (76,313)	(141,804)	(36,354)	$ (1,523)	$ (56,622)	$ (58,145)	(122,976)	(94,499)	(236,303)	$ (243,747)	$ (208,792)
Balance Sheet
Total assets	9,575,977		6,387,021					9,575,977		6,387,021
Segments \| Solar
Segment Reporting Information, Profit (Loss)
Operating revenues, net	94,883			107,256				237,927	274,742
Depreciation, accretion and amortization expense	28,299			27,418				83,041	82,093
Impairment of renewable energy facilities								15,240	1,429
Other operating costs and expenses	11,109			20,047				39,792	50,442
Interest expense (income), net	15,992			14,850				46,248	54,373
Gain on sale of renewable energy facilities	0			0				0	(37,116)
Other non-operating (income) expenses, net	632			(854)				(1,926)	(1,768)
Income tax expense (benefit)	749			0				749	0
Net (loss) income	38,102			45,795				54,783	125,289
Balance Sheet
Total assets	2,825,855		2,897,036					2,825,855		2,897,036
Segments \| Wind
Segment Reporting Information, Profit (Loss)
Operating revenues, net	56,963			46,174				200,068	200,190
Depreciation, accretion and amortization expense	40,992			33,937				113,926	101,992
Impairment of renewable energy facilities								0	0
Other operating costs and expenses	31,302			26,833				89,834	76,775
Interest expense (income), net	14,367			22,435				36,382	64,664
Gain on sale of renewable energy facilities	0			0				0	0
Other non-operating (income) expenses, net	(347)			(42)				538	581
Income tax expense (benefit)	927			0				1,291	0
Net (loss) income	(30,278)			(36,989)				(41,903)	(43,822)
Balance Sheet
Total assets	3,236,518		3,400,858					3,236,518		3,400,858
Segments \| Regulated Solar and Wind
Segment Reporting Information, Profit (Loss)
Operating revenues, net	94,196							115,482
Depreciation, accretion and amortization expense	33,954							41,148
Impairment of renewable energy facilities								0
Other operating costs and expenses	24,971							30,012
Interest expense (income), net	9,632							4,879
Gain on sale of renewable energy facilities	0							0
Other non-operating (income) expenses, net	(727)							(617)
Income tax expense (benefit)	2,268							4,442
Net (loss) income	24,098							35,618
Balance Sheet
Total assets	3,364,310							3,364,310
Corporate
Segment Reporting Information, Profit (Loss)
Operating revenues, net	0			0				0	0
Depreciation, accretion and amortization expense	348			475				1,062	1,954
Impairment of renewable energy facilities								0	0
Other operating costs and expenses	18,401			20,034				77,506	97,946
Interest expense (income), net	32,425			32,947				89,353	87,712
Gain on sale of renewable energy facilities	0			0				0	0
Other non-operating (income) expenses, net	(2,270)			(7,197)				618	(9,390)
Income tax expense (benefit)	2,069			(1,099)				2,935	(2,256)
Net (loss) income	(50,973)			$ (45,160)				(171,474)	$ (175,966)
Balance Sheet
Total assets	$ 149,294		$ 89,127					$ 149,294		$ 89,127

Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Sep. 30, 2018

Sep. 30, 2017

Dec. 31, 2017

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

Net unrealized gain (loss) arising during the period

$ 2,387,712

$ 2,729,494

4,299

40,096

Cumulative-effect adjustment net of tax benefit of $1,579

^[1]

$ 20,106

Reclassification of net realized loss (gain) into earnings (net of tax benefit)

(6,755)

14,214

$ 5,235

$ 23,967

(2,456)

54,310

44,436

48,018

Foreign Currency Translation Adjustments

2,813,088

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

Net unrealized gain (loss) arising during the period

(13,412)

(22,133)

(8,229)

12,136

Cumulative-effect adjustment net of tax benefit of $1,579

Reclassification of net realized loss (gain) into earnings (net of tax benefit)

14,741

(21,641)

4,744

(21,641)

4,744

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

(21,641)

3,494

(21,641)

3,494

Hedging Activities

Net unrealized gain (loss) arising during the period

61,430

45,045

12,528

27,960

Cumulative-effect adjustment net of tax benefit of $1,579

(4,164)

Reclassification of net realized loss (gain) into earnings (net of tax benefit)

(6,755)

(527)

63,039

72,478

63,039

72,478

66,077

53,840

66,077

53,840

Accumulated Other Comprehensive Income Attributable to Parent

1,579

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

Cumulative-effect adjustment net of tax benefit of $1,579

48,018

22,912

^[1]

(4,164)

44,436

57,334

44,436

57,334

Foreign Currency Translation Adjustments Including Portion Attributable to Noncontrolling Interest

$ 1,600

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

OCI before reclassifications, tax expense (benefit)

(8,229)

26,877

Reclassification from AOCI, tax expense (benefit)

8,858

Hedging Activities Including Portion Attributable to Noncontrolling Interest

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

OCI before reclassifications, tax expense (benefit)

5,773

27,433

5,921

Reclassification from AOCI, tax expense (benefit)

400

Accumulated Other Comprehensive Income Including Portion Attributable to Noncontrolling Interest

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]