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Segment and geographic information | 12 Months Ended
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Dec. 31, 2012
Segment and geographic information |
Segment and geographic information | 20. Segment and geographic information We revised our reportable business segments during the fourth quarter of 2011 subsequent to our acquisition of the Partnership. The operating segments are Northeast, Northwest, Southeast, Southwest, and Un-allocated Corporate. Financial results for the years ended December 31, 2012, 2011, and 2010 have been presented on this basis. We revised our segments to align with changes in management's resource allocation and assessment of performance. These changes reflect our current operating focus. The segment classified as Un-allocated Corporate includes activities that support the executive offices, capital structure and costs of being a public registrant. Un-allocated Corporate also includes Rollcast, a 60% owned company, which develops, owns and operates renewable power plants that use wood or biomass fuel and Ridgeline, which develops and operates wind and solar power projects. These costs are not allocated to the operating segments when determining segment profit or loss. We analyze the performance of our operating segments based on Project Adjusted EBITDA which is defined as project income plus interest, taxes, depreciation and amortization (including non-cash impairment charges) and changes in fair value of derivative instruments. Project Adjusted EBITDA is not a measure recognized under GAAP and does not have a standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. We use Project Adjusted EBITDA to provide comparative information about project performance without considering how projects are capitalized or whether they contain derivative contracts that are required to be recorded at fair value. Path 15, a component of the Southwest segment, and the Auburndale, Lake and Pasco projects, which are components of the Southeast segment, are included in the income from discontinued operations line item in the table below. We have adjusted prior periods to reflect this reclassification. A reconciliation of project income to Project Adjusted EBITDA is included in the table below:
|  | Northeast |  | Southeast |  | Northwest |  | Southwest |  | Un-allocated Corporate |  | Consolidated |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Year ended December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project revenues |  | $ | 221,043 |  | $ | — |  | $ | 59,814 |  | $ | 158,092 |  | $ | 1,428 |  | $ | 440,377 |
Segment assets |  |  | 1,126,320 |  |  | 378,564 |  |  | 1,198,007 |  |  | 1,158,853 |  |  | 140,908 |  |  | 4,002,652 |
Goodwill |  |  | 135,268 |  |  | — |  |  | 138,263 |  |  | 57,602 |  |  | 3,535 |  |  | 334,668 |
Capital expenditures |  |  | 510 |  |  | 24,914 |  |  | 106 |  |  | 441,765 |  |  | 792 |  |  | 468,087 |
Project Adjusted EBITDA |  | $ | 128,611 |  | $ | 8,840 |  | $ | 48,422 |  | $ | 52,841 |  | $ | (13,144 | ) |  | 225,570 |
Change in fair value of derivative instruments |  |  | 53,765 |  |  | 2,814 |  |  | — |  |  | — |  |  | — |  |  | 56,579 |
Depreciation and amortization |  |  | 78,434 |  |  | 5,675 |  |  | 42,591 |  |  | 38,110 |  |  | 148 |  |  | 164,958 |
Interest, net |  |  | 18,373 |  |  | 55 |  |  | 5,110 |  |  | 545 |  |  | 39 |  |  | 24,122 |
Other project (income) expense |  |  | 1,186 |  |  | 29 |  |  | 7,325 |  |  | 2,927 |  |  | 352 |  |  | 11,819 |
Project (loss) income |  |  | (23,147 | ) |  | 267 |  |  | (6,604 | ) |  | 11,259 |  |  | (13,683 | ) |  | (31,908 | )
Administration |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 28,267 |  |  | 28,267 |
Interest, net |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 89,868 |  |  | 89,868 |
Foreign exchange gain |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 547 |  |  | 547 |
Other income, net |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5,728 | ) |  | (5,728 | )
Income (loss) from continuing operations before income taxes |  |  | (23,147 | ) |  | 267 |  |  | (6,604 | ) |  | 11,259 |  |  | (126,637 | ) |  | (144,862 | )
Income tax benefit |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (28,083 | ) |  | (28,083 | )
Net income (loss) from continuing operations |  |  | (23,147 | ) |  | 267 |  |  | (6,604 | ) |  | 11,259 |  |  | (98,554 | ) |  | (116,779 | )
Income from discontinued operations |  |  | — |  |  | 8,341 |  |  | — |  |  | 8,118 |  |  | — |  |  | 16,459 |
Net income (loss) |  | $ | (23,147 | ) | $ | 8,608 |  | $ | (6,604 | ) | $ | 19,377 |  | $ | (98,554 | ) | $ | (100,320 | )
|  | Northeast |  | Southeast |  | Northwest |  | Southwest |  | Un-allocated Corporate |  | Consolidated |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Year ended December 31, 2011: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project revenues |  | $ | 58,201 |  | $ | — |  | $ | 8,983 |  | $ | 25,414 |  | $ | 1,297 |  | $ | 93,895 |
Segment assets |  |  | 1,153,627 |  |  | 428,996 |  |  | 798,475 |  |  | 743,574 |  |  | 123,755 |  |  | 3,248,427 |
Goodwill |  |  | 135,268 |  |  | — |  |  | 138,263 |  |  | 66,520 |  |  | 3,535 |  |  | 343,586 |
Capital expenditures |  |  | 965 |  |  | 113,826 |  |  | 65 |  |  | 169 |  |  | 82 |  |  | 115,107 |
Project Adjusted EBITDA |  | $ | 59,299 |  | $ | 6,567 |  | $ | 11,363 |  | $ | 10,228 |  | $ | (2,546 | ) | $ | 84,911 |
Change in fair value of derivative instruments |  |  | 3,624 |  |  | 13,849 |  |  | — |  |  | — |  |  | (321 | ) |  | 17,152 |
Depreciation and amortization |  |  | 30,818 |  |  | 5,724 |  |  | 9,554 |  |  | 9,442 |  |  | 70 |  |  | 55,608 |
Interest, net |  |  | 11,512 |  |  | (2 | ) |  | 2,877 |  |  | 750 |  |  | 41 |  |  | 15,178 |
Other project (income) expense |  |  | 2,406 |  |  | 70 |  |  | (206 | ) |  | 26 |  |  | 120 |  |  | 2,416 |
Project income |  |  | 10,939 |  |  | (13,074 | ) |  | (862 | ) |  | 10 |  |  | (2,456 | ) |  | (5,443 | )
Administration |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 37,688 |  |  | 37,688 |
Interest, net |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25,953 |  |  | 25,953 |
Foreign exchange loss |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13,838 |  |  | 13,838 |
Income (loss) from continuing operations before income taxes |  |  | 10,939 |  |  | (13,074 | ) |  | (862 | ) |  | 10 |  |  | (79,935 | ) |  | (82,922 | )
Income tax benefit |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (11,104 | ) |  | (11,104 | )
Net income (loss) from continuing operations |  |  | 10,939 |  |  | (13,074 | ) |  | (862 | ) |  | 10 |  |  | (68,831 | ) |  | (71,818 | )
Income from discontinued operations |  |  | — |  |  | 31,774 |  |  | — |  |  | 4,403 |  |  | — |  |  | 36,177 |
Net income (loss) |  |  | 10,939 |  |  | 18,700 |  |  | (862 | ) |  | 4,413 |  |  | (68,831 | ) |  | (35,641 | )
|  | Northeast |  | Southeast |  | Northwest |  | Southwest |  | Un-allocated Corporate |  | Consolidated |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Year ended December 31, 2010: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project revenues |  | $ | 596 |  | $ | — |  | $ | — |  | $ | — |  | $ | 455 |  | $ | 1,051 |
Segment assets |  |  | 285,711 |  |  | 342,608 |  |  | 47,687 |  |  | 222,437 |  |  | 114,569 |  |  | 1,013,012 |
Goodwill |  |  | — |  |  | — |  |  | — |  |  | 8,918 |  |  | 3,535 |  |  | 12,453 |
Capital expenditures |  |  | 123 |  |  | 46,397 |  |  | — |  |  | — |  |  | 175 |  |  | 46,695 |
Project Adjusted EBITDA |  | $ | 36,030 |  | $ | 7,873 |  | $ | 736 |  | $ | 9,733 |  | $ | (457 | ) | $ | 53,915 |
Change in fair value of derivative instruments |  |  | 3,470 |  |  | (3,149 | ) |  | — |  |  | — |  |  | — |  |  | 321 |
Depreciation and amortization |  |  | 15,653 |  |  | 5,719 |  |  | 364 |  |  | 3,713 |  |  | 44 |  |  | 25,493 |
Interest, net |  |  | 8,321 |  |  | (3 | ) |  | (1 | ) |  | 585 |  |  | 711 |  |  | 9,613 |
Other project (income) expense |  |  | 1,592 |  |  | 135 |  |  | 47 |  |  | 2,524 |  |  | (656 | ) |  | 3,642 |
Project income |  |  | 6,994 |  |  | 5,171 |  |  | 326 |  |  | 2,911 |  |  | (556 | ) |  | 14,846 |
Administration |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,149 |  |  | 16,149 |
Interest, net |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,701 |  |  | 11,701 |
Foreign exchange gain |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,014 | ) |  | (1,014 | )
Other income, net |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (26 | ) |  | (26 | )
Income (loss) from continuing operations before income taxes |  |  | 6,994 |  |  | 5,171 |  |  | 326 |  |  | 2,911 |  |  | (27,366 | ) |  | (11,964 | )
Income tax expense (benefit) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,018 |  |  | 16,018 |
Net income (loss) from continued operations |  |  | 6,994 |  |  | 5,171 |  |  | 326 |  |  | 2,911 |  |  | (43,384 | ) |  | (27,982 | )
Income from discontinued operations |  |  | — |  |  | 19,524 |  |  | — |  |  | 4,603 |  |  | — |  |  | 24,127 |
Net income (loss) |  |  | 6,994 |  |  | 24,695 |  |  | 326 |  |  | 7,514 |  |  | (43,384 | ) |  | (3,855 | )
The table below provides information, by country, about our consolidated operations for each of the years ended December 31, 2012, 2011 and 2010 and as of December 31, 2012 and 2011, respectively. Revenue is recorded in the country in which it is earned and assets are recorded in the country in which they are located.
|  | Revenue |  | Property, Plant & Equipment, net |
--- | --- | --- | --- | --- | ---
|  | 2012 |  | 2011 |  | 2010 |  | 2012 |  | 2011 |
United States |  | $ | 227,212 |  | $ | 58,109 |  | $ | 1,051 |  | $ | 1,504,809 |  | $ | 816,744 |
Canada |  |  | 213,165 |  |  | 35,786 |  |  | — |  |  | 550,701 |  |  | 571,510 |
Total |  | $ | 440,377 |  | $ | 93,895 |  | $ | 1,051 |  | $ | 2,055,510 |  | $ | 1,388,254 |
Ontario Electricity Financial Corp ("OEFC") and BC Hydro provide 34.7% and 13.6%, respectively, of total consolidated revenues for the year ended December 31, 2012. OEFC provided for 28.0% of total consolidated revenues for the year ended December 31, 2011. Consumers Energy provided 57% of revenues for the year ended December 31, 2010. OEFC purchases electricity from the Calstock, Kapuskasing, Nipigon, North Bay and Tunis projects in the Northeast segment. BC Hydro purchases electricity from the Mamquam, Moresby Lake, and Williams Lake projects in the Northwest segment. Consumers Energy purchases electricity from the Cadillac project in the Northeast segment.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 + Details
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