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SUNEDISON, INC. AND SUBSIDIARIES | |||||||||||
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UNAUDITED SUPPLEMENTAL INFORMATION | |||||||||||
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(In millions, except MWs) | |||||||||||
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Supplemental Revenue Schedule | |||||||||||
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Three Months Ended, | ||||||||||
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March 31, 2015 |
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December 31, 2014 |
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March 31, 2014 | ||||||
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Previously deferred GAAP revenue recognized due to the expiration of guarantees
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$ |
11 |
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$ |
22 |
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$ |
25 |
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Revenue from our sale-leaseback transactions accounted for as financings(2) |
13 |
|
|
14 |
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|
13 |
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(1) On certain direct sales of renewable energy systems we are required to defer profit up to the amount of our maximum exposure for power warranties, system uptime guarantees and breach of contract provisions offered to the direct sale customers, as these contract provisions are considered continuing involvement by us in the sold renewable energy systems. This revenue is not recognized in the period in which the sale occurred under GAAP real estate accounting rules because the renewable energy systems are considered integral to the real estate on which they were built. Absent real estate accounting requirements, deferred revenues related to continuing involvement would be recognized under GAAP during the reporting period because we have historically experienced minimal losses related to these guarantees.
(2) For our sale-leaseback transactions accounted for as financings, we received cash at the transaction date for the legal sale of the solar energy system to the purchaser that was not recognized as revenue under GAAP real estate accounting rules due to the system being considered integral to the land or building on which it resides and because we have continuing involvement with the system through a purchase option. Instead, revenue from our sale-leaseback transactions is recognized through the sale of electricity and energy credits which are generated as energy is produced. Upon termination of the related lease through the non-cash extinguishment of the debt offset by any remaining net book value of the solar energy system asset, we will recognize a system development margin equal to the difference between (a) the cash proceeds from our financing partners in sale-leaseback transactions considered financings and (b) our total costs to construct the solar energy systems sold under the sale-leaseback transactions.
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SUNEDISON, INC. AND SUBSIDIARIES | ||||||||||||||||
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UNAUDITED SUPPLEMENTAL INFORMATION FOR THE RESULTS OF OPERATIONS | ||||||||||||||||
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FOR THE THREE MONTHS ENDED MARCH 31, 2015 | ||||||||||||||||
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(In millions) | ||||||||||||||||
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Supplemental Consolidating Data |
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Consolidated |
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Renewable Energy Development |
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TerraForm Power |
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Consolidating Adjustments |
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Net sales |
$ |
323 |
|
|
$ |
262 |
|
|
$ |
71 |
|
|
$ |
(10) |
|
(1) |
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Cost of goods sold |
289 |
|
|
243 |
|
|
56 |
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|
(10) |
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(1) | ||||
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Gross profit |
34 |
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|
19 |
|
|
15 |
|
|
— |
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Operating expenses: |
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|
|
|
|
|
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Marketing and administration |
193 |
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|
166 |
|
|
27 |
|
|
— |
|
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Research and development |
5 |
|
|
5 |
|
|
— |
|
|
— |
|
| ||||
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Restructuring charges |
53 |
|
|
53 |
|
|
— |
|
|
— |
|
| ||||
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Operating loss |
(217) |
|
|
(205) |
|
|
(12) |
|
|
— |
|
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Non-operating expense (income): |
|
|
|
|
|
|
|
| ||||||||
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Interest expense |
156 |
|
|
119 |
|
|
37 |
|
|
— |
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Interest income |
(2) |
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(2) |
|
|
— |
|
|
— |
|
| ||||
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Loss on early extinguishment of debt |
20 |
|
|
— |
|
|
20 |
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|
— |
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Other, net |
16 |
|
|
1 |
|
|
15 |
|
|
— |
|
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Total non-operating expense |
190 |
|
|
118 |
|
|
72 |
|
|
— |
|
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Loss from continuing operations before income tax benefit and equity
|
(407) |
|
|
(323) |
|
|
(84) |
|
|
— |
|
| ||||
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Income tax benefit |
(106) |
|
|
(106) |
|
|
— |
|
|
— |
|
| ||||
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Loss from continuing operations before equity in loss of equity method
|
(301) |
|
|
(217) |
|
|
(84) |
|
|
— |
|
| ||||
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Equity in loss of equity method investments, net of tax |
(4) |
|
|
(4) |
|
|
— |
|
|
— |
|
| ||||
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Loss from continuing operations |
(305) |
|
|
(221) |
|
|
(84) |
|
|
— |
|
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Loss from discontinued operations, net of tax |
(119) |
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|
— |
|
|
— |
|
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(119) |
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(2) | ||||
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Net loss |
(424) |
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|
(221) |
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|
(84) |
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|
(119) |
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Net loss (income) attributable to noncontrolling interests and
|
52 |
|
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(2) |
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|
56 |
|
|
(2) |
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(3) | ||||
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Net loss attributable to SunEdison stockholders |
$ |
(372) |
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|
$ |
(223) |
|
|
$ |
(28) |
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$ |
(121) |
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__________________________ | ||||||||||||||||
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(1) Adjustment represents the elimination of net sales, cost of goods sold and intercompany profit in inventory related to intercompany sales transactions. | ||||||||||||||||
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(2) Adjustment represents $3 million in net income from SunEdison Semiconductor Ltd. prior to the disposal of our controlling interest on January 20, 2015 offset by a loss on disposal of $123 million | ||||||||||||||||
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(3) Adjustments represents $2 million in net income attributable to noncontrolling interests in SunEdison Semiconductor Ltd. prior to the disposal of our controlling interest on January 20, 2015. | ||||||||||||||||
