v2.4.0.6
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.