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.