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Segment and geographic information | 3 Months Ended
--- | ---
Mar. 31, 2013
Segment and geographic information |
Segment and geographic information | 12. Segment and geographic information Our operating segments are Northeast, Northwest, Southeast, Southwest and Un-allocated Corporate. Our segments align with management's resource allocation and assessment of performance and 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 in the United States and Canada. 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 tables below.
|  | Northeast |  | Southeast |  | Northwest |  | Southwest |  | Un-allocated Corporate |  | Consolidated |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Three months ended March 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project revenues |  | $ | 67.8 |  | $ | — |  | $ | 24.7 |  | $ | 48.0 |  | $ | (0.3 | ) | $ | 140.2 |
Segment assets |  |  | 1,147.1 |  |  | 372.6 |  |  | 1,192.6 |  |  | 1,143.8 |  |  | 83.3 |  |  | 3,939.4 |
Project Adjusted EBITDA |  | $ | 45.9 |  | $ | 2.1 |  | $ | 21.3 |  | $ | 16.0 |  | $ | (4.7 | ) |  | 80.6 |
Change in fair value of derivative instruments |  |  | (8.1 | ) |  | (1.3 | ) |  | (3.0 | ) |  | — |  |  | 0.9 |  |  | (11.5 | )
Depreciation and amortization |  |  | 20.1 |  |  | 1.5 |  |  | 15.8 |  |  | 15.0 |  |  | — |  |  | 52.4 |
Interest, net |  |  | 4.4 |  |  | — |  |  | 4.7 |  |  | 0.2 |  |  | 0.2 |  |  | 9.5 |
Other project (income) expense |  |  | 0.4 |  |  | — |  |  | — |  |  | — |  |  | (1.3 | ) |  | (0.9 | )
Project income (loss) |  |  | 29.1 |  |  | 1.9 |  |  | 3.8 |  |  | 0.8 |  |  | (4.5 | ) |  | 31.1 |
Administration |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8.3 |  |  | 8.3 |
Interest, net |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25.9 |  |  | 25.9 |
Foreign exchange gain |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (7.5 | ) |  | (7.5 | )
Income (loss) from continuing operations before income taxes |  |  | 29.1 |  |  | 1.9 |  |  | 3.8 |  |  | 0.8 |  |  | (31.2 | ) |  | 4.4 |
Income tax benefit |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2.5 | ) |  | (2.5 | )
Net income (loss) from continuing operations |  |  | 29.1 |  |  | 1.9 |  |  | 3.8 |  |  | 0.8 |  |  | (28.7 | ) |  | 6.9 |
Income from discontinued operations |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.6 |  |  | — |  |  | 0.9 |
Net income (loss) |  | $ | 29.1 |  | $ | 2.2 |  | $ | 3.8 |  | $ | 1.4 |  | $ | (28.7 | ) | $ | 7.8 |
|  | Northeast |  | Southeast |  | Northwest |  | Southwest |  | Un-allocated Corporate |  | Consolidated |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Three months ended March 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project revenues |  | $ | 67.2 |  | $ | — |  | $ | 15.3 |  | $ | 35.5 |  | $ | 0.7 |  | $ | 118.7 |
Segment assets |  |  | 1,198.7 |  |  | 431.0 |  |  | 825.0 |  |  | 940.7 |  |  | 80.3 |  |  | 3,475.7 |
Project Adjusted EBITDA |  | $ | 42.4 |  | $ | 2.1 |  | $ | 13.4 |  | $ | 12.1 |  | $ | (3.4 | ) |  | 66.6 |
Change in fair value of derivative instruments |  |  | 58.0 |  |  | (0.5 | ) |  | — |  |  | — |  |  | — |  |  | 57.5 |
Depreciation and amortization |  |  | 17.4 |  |  | 1.4 |  |  | 10.4 |  |  | 10.6 |  |  | 0.1 |  |  | 39.9 |
Interest, net |  |  | 4.7 |  |  | — |  |  | 1.1 |  |  | — |  |  | 0.2 |  |  | 6.0 |
Other project (income) expense |  |  | 0.2 |  |  | — |  |  | — |  |  | 0.1 |  |  | (0.1 | ) |  | 0.2 |
Project (loss) income |  |  | (37.9 | ) |  | 1.2 |  |  | 1.9 |  |  | 1.4 |  |  | (3.6 | ) |  | (37.0 | )
Administration |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7.7 |  |  | 7.7 |
Interest, net |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 22.0 |  |  | 22.0 |
Foreign exchange loss |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.0 |  |  | 1.0 |
Income (loss) from continuing operations before income taxes |  |  | (37.9 | ) |  | 1.2 |  |  | 1.9 |  |  | 1.4 |  |  | (34.3 | ) |  | (67.7 | )
Income tax benefit |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (16.9 | ) |  | (16.9 | )
Net income (loss) from continuing operations |  |  | (37.9 | ) |  | 1.2 |  |  | 1.9 |  |  | 1.4 |  |  | (17.4 | ) |  | (50.8 | )
Income from discontinued operations |  |  | — |  |  | 10.6 |  |  | — |  |  | 1.0 |  |  | — |  |  | 11.6 |
Net income (loss) |  | $ | (37.9 | ) | $ | 11.8 |  | $ | 1.9 |  | $ | 2.4 |  | $ | (17.4 | ) | $ | (39.2 | )
The tables below provide information, by country, about our consolidated operations. Revenue is recorded in the country in which it is earned and assets are recorded in the country in which they are located.
|  |  |  |  |  | Property, Plant and Equipment, net of accumulated depreciation |
--- | --- | --- | --- | --- | --- | --- | ---
|  | Project Revenue Three months ended March 31, |
|  | March 31, 2013 |  | December 31, 2012 |
|  | 2013 |  | 2012 |
United States |  | $ | 72.7 |  | $ | 55.4 |  | $ | 1,489.5 |  | $ | 1,504.8 |
Canada |  |  | 67.5 |  |  | 63.3 |  |  | 530.5 |  |  | 550.7 |
Total |  | $ | 140.2 |  | $ | 118.7 |  | $ | 2,020.0 |  | $ | 2,055.5 |
The Ontario Electricity Financial Corp ("OEFC") and British Columbia Hydro and Power Authority ("BC Hydro") provided for approximately 36.0% and 12.1%, respectively, of total consolidated revenues for the three months ended March 31, 2013 and approximately 40.3% and 12.9%, respectively, of total consolidated revenues for the three months ended March 31, 2012. OEFC purchases electricity from the Calstock, Kapuskasing, Nipigon, North Bay and Tunis projects in the Northeast segment and BC Hydro purchases electricity from the Mamquam, Moresby Lake and Williams Lake projects in the Northwest 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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