13. 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 June 30, 2013
Project revenues	$	52.8		$	6.2		$	21.3		$	58.7	$	—		$	139.0
Segment assets		1,144.1			229.6			1,118.9			939.5		135.3			3,567.4
Project Adjusted EBITDA	$	26.0		$	2.4		$	12.3		$	19.0	$	(3.5	)		56.2
Change in fair value of derivative instruments		(8.3	)		(2.3	)		(15.3	)		—		(0.9	)		(26.8	)
Depreciation and amortization		17.8			3.0			14.8			14.8		0.2			50.6
Interest, net		4.3			1.2			4.7			0.3		(1.0	)		9.5
Other project expense		0.5			0.1			—			—		6.7			7.3

Project income (loss)		11.7			0.4			8.1			3.9		(8.5	)		15.6
Administration		—			—			—			—		11.8			11.8
Interest, net		—			—			—			—		25.3			25.3
Foreign exchange gain		—			—			—			—		(14.5	)		(14.5	)
Other expense, net		—			—			—			—		(9.5	)		(9.5	)

Income (loss) from continuing operations before income taxes		11.7			0.4			8.1			3.9		(21.6	)		2.5
Income tax expense		—			—			—			—		0.6			0.6

Net income (loss) from continuing operations		11.7			0.4			8.1			3.9		(22.2	)		1.9
Income (loss) from discontinued operations		—			(1.4	)		—			0.7		—			(0.7	)

Net income (loss)	$	11.7		$	(1.0	)	$	8.1		$	4.6	$	(22.2	)	$	1.2

	Northeast			Southeast			Northwest		Southwest			Un-allocated Corporate			Consolidated

Three months ended June 30, 2012
Project revenues	$	45.9		$	—		$	16.7	$	38.2		$	0.6		$	101.4
Segment assets		1,180.0			434.3			784.2		987.7			42.4			3,428.6
Project Adjusted EBITDA	$	22.4		$	2.1		$	12.4	$	12.6		$	(4.1	)	$	45.4
Change in fair value of derivative instruments		(1.6	)		3.7			—		—			—			2.1
Depreciation and amortization		20.2			1.4			10.6		9.1			—			41.3
Interest, net		4.7			—			1.5		0.3			(0.1	)		6.4
Other project expense		0.3			—					2.7			0.1			3.1

Project income (loss)		(1.2	)		(3.0	)		0.3		0.5			(4.1	)		(7.5	)
Administration		—			—			—		—			8.0			8.0
Interest, net		—			—			—		—			21.4			21.4
Foreign exchange gain		—			—			—		—			(4.2	)		(4.2	)
Other expense, net		—			—			—		—			(6.0	)		(6.0	)

Income (loss) from continuing operations before income taxes		(1.2	)		(3.0	)		0.3		0.5			(23.3	)		(26.7	)
Income tax benefit		—			—			—		—			(5.3	)		(5.3	)

Net income (loss) from continuing operations		(1.2	)		(3.0	)		0.3		0.5			(18.0	)		(21.4	)
Income (loss) from discontinued operations		—			19.6			—		(0.3	)		—			19.3

Net income (loss)	$	(1.2	)	$	16.6		$	0.3	$	0.2		$	(18.0	)	$	(2.1	)

	Northeast			Southeast			Northwest			Southwest		Un-allocated Corporate			Consolidated

Six months ended June 30, 2013
Project revenues	$	120.6		$	6.2		$	46.0		$	106.7	$	(0.3	)	$	279.2
Segment assets		1,144.1			229.6			1,118.9			939.5		135.3			3,567.4
Project Adjusted EBITDA	$	71.9		$	4.5		$	33.6		$	35.0	$	(8.2	)		136.8
Change in fair value of derivative instruments		(16.4	)		(3.6	)		(18.3	)		—		—			(38.3	)
Depreciation and amortization		37.9			4.5			30.6			29.8		0.2			103.0
Interest, net		8.7			1.2			9.4			0.5		(0.8	)		19.0
Other project expense		0.9			0.1			—			—		5.4			6.4

Project income (loss)		40.8			2.3			11.9			4.7		(13.0	)		46.7
Administration		—			—			—			—		20.1			20.1
Interest, net		—			—			—			—		51.2			51.2
Foreign exchange gain		—			—			—			—		(22.0	)		(22.0	)
Other expense, net		—			—			—			—		(9.5	)		(9.5	)

Income (loss) from continuing operations before income taxes		40.8			2.3			11.9			4.7		(52.8	)		6.9
Income tax benefit		—			—			—			—		(1.9	)		(1.9	)

Net income (loss) from continuing operations		40.8			2.3			11.9			4.7		(50.9	)		8.8
Income (loss) from discontinued operations		—			(1.1	)		—			1.3		—			0.2

Net income (loss)	$	40.8		$	1.2		$	11.9		$	6.0	$	(50.9	)	$	9.0

	Northeast			Southeast			Northwest		Southwest		Un-allocated Corporate			Consolidated

Six months ended June 30, 2012
Project revenues	$	112.8		$	—		$	32.0	$	73.7	$	1.6		$	220.1
Segment assets		1,180.0			434.3			784.2		987.7		42.4			3,428.6
Project Adjusted EBITDA	$	64.8		$	4.2		$	25.9	$	24.7	$	(7.7	)	$	111.9
Change in fair value of derivative instruments		56.4			3.2			—		—		—			59.6
Depreciation and amortization		37.7			2.8			21.0		19.6		—			81.1
Interest, net		9.4			—			2.7		0.3		—			12.4
Other project expense		0.5			—			—		2.8		—			3.3

Project income (loss)		(39.2	)		(1.8	)		2.2		2.0		(7.7	)		(44.5	)
Administration		—			—			—		—		15.7			15.7
Interest, net		—			—			—		—		43.4			43.4
Foreign exchange gain		—			—			—		—		(3.2	)		(3.2	)
Other expense, net		—			—			—		—		(6.0	)		(6.0	)

Income (loss) from continuing operations before income taxes		(39.2	)		(1.8	)		2.2		2.0		(57.6	)		(94.4	)
Income tax benefit		—			—			—		—		(22.2	)		(22.2	)

Net income (loss) from continuing operations		(39.2	)		(1.8	)		2.2		2.0		(35.4	)		(72.2	)
Income from discontinued operations		—			30.2			—		0.7		—			30.9

Net income (loss)	$	(39.2	)	$	28.4		$	2.2	$	2.7	$	(35.4	)	$	(41.3	)

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 June 30,				Project Revenue Six months ended June 30,
	Project Revenue Three months ended June 30,				Project Revenue Six months ended June 30,				June 30, 2013		December 31, 2012
	2013		2012		2013		2012		June 30, 2013		December 31, 2012
United States	$	93.9	$	55.5	$	166.7	$	110.9	$	1,428.3	$	1,504.8
Canada		45.1		45.9		112.5		109.2		504.0		550.7

Total	$	139.0	$	101.4	$	279.2	$	220.1	$	1,932.3	$	2,055.5

The Ontario Electricity Financial Corp ("OEFC") and British Columbia Hydro and Power Authority ("BC Hydro") provided for approximately 22.2% and 10.1%, respectively, of total consolidated revenues for the three months ended June 30, 2013 and 29.1% and 11.1%, respectively, of total consolidated revenues for the six months ended June 30, 2013. OEFC and BC Hydro provided for approximately 28.7% and 16.4%, respectively, of total consolidated revenues for the three months ended June 30, 2012 and 34.9% and 14.5%, respectively, of total consolidated revenues for the six months ended June 30, 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.