13. Segment and geographic information

Our operating segments are Northeast, Northwest, Southeast, Southwest and Un-allocated Corporate. 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 for which we initiated and approved a plan to sell, 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. Rollcast, a component of the Un-allocated Corporate segment, Path 15, a component of the Southwest segment, and the Florida 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 September 30, 2013
Project revenues	$	47.3		$	10.6	$	23.5		$	61.0		$	(0.6	)	$	141.8
Segment assets		1,134.8			177.4		1,113.3			913.9			157.3			3,496.7
Project Adjusted EBITDA	$	24.9		$	5.9	$	19.4		$	29.5		$	(3.5	)		76.2
Change in fair value of derivative instruments		3.5			0.5		(0.5	)		—			—			3.5
Depreciation and amortization		17.8			3.4		15.1			14.9			0.2			51.4
Interest, net		4.1			1.4		4.8			0.4			(0.1	)		10.6
Other project (income) expense		31.4			—		—			(26.3	)		0.8			5.9

Project income (loss)		(31.9	)		0.6		(0.0	)		40.5			(4.4	)		4.8
Administration		—			—		—			—			8.4			8.4
Interest, net		—			—		—			—			27.5			27.5
Foreign exchange gain		—			—		—			—			9.1			9.1
Other expense, net		—			—		—			—			—			—

Income (loss) from continuing operations before income taxes		(31.9	)		0.6		(0.0	)		40.5			(49.4	)		(40.2	)
Income tax expense		—			—		—			—			—			—

Net income (loss) from continuing operations		(31.9	)		0.6		(0.0	)		40.5			(49.4	)		(40.2	)
Income (loss) from discontinued operations		—			—		—			—			(0.4	)		(0.4	)

Net income (loss)	$	(31.9	)	$	0.6	$	(0.0	)	$	40.5		$	(49.8	)	$	(40.6	)

	Northeast			Southeast			Northwest		Southwest		Un-allocated Corporate			Consolidated

Three months ended September 30, 2012
Project revenues	$	43.8		$	—		$	15.0	$	47.7	$	(0.2	)	$	106.3
Segment assets		1,157.9			446.3			852.0		1,162.6		25.2			3,644.0
Project Adjusted EBITDA	$	20.3		$	2.3		$	12.6	$	23.4	$	(1.2	)		57.4
Change in fair value of derivative instruments		(10.2	)		(0.6	)		—		—		—			(10.8	)
Depreciation and amortization		20.4			1.4			10.7		9.3		—			41.8
Interest, net		4.5			—			1.2		0.1		—			5.8
Other project (income) expense		0.3			—			—		0.2		0.4			0.9

Project income (loss)		5.3			1.5			0.7		13.8		(1.6	)		19.7
Administration		—			—			—		—		6.3			6.3
Interest, net		—			—			—		—		25.8			25.8
Foreign exchange loss		—			—			—		—		7.7			7.7
Other expense, net		—			—			—		—		0.3			0.3

Income (loss) from continuing operations before income taxes		5.3			1.5			0.7		13.8		(41.7	)		(20.4	)
Income tax expense		—			—			—		—		3.1			3.1

Net income (loss) from continuing operations		5.3			1.5			0.7		13.8		(44.8	)		(23.5	)
Income (loss) from discontinued operations		—			19.3			—		0.8		(1.1	)		19.0

Net income (loss)	$	5.3		$	20.8		$	0.7	$	14.6	$	(45.9	)	$	(4.5	)

	Northeast			Southeast			Northwest			Southwest			Un-allocated Corporate			Consolidated

Nine months ended September 30, 2013
Project revenues	$	167.9		$	16.8		$	69.5		$	167.7		$	(0.9	)	$	421.0
Segment assets		1,134.8			177.4			1,113.3			913.9			157.3			3,496.7
Project Adjusted EBITDA	$	96.8		$	10.4		$	53.0		$	64.5		$	(11.4	)		213.3
Change in fair value of derivative instruments		(12.9	)		(3.1	)		(18.8	)		—			—			(34.8	)
Depreciation and amortization		55.7			7.9			45.7			44.7			0.5			154.5
Interest, net		12.8			2.6			14.2			0.9			—			30.5
Other project (income) expense		32.3			0.1			—			(26.6	)		—			5.8

Project income (loss)		8.9			2.9			11.9			45.5			(11.9	)		57.3
Administration		—			—			—			—			28.5			28.5
Interest, net		—			—			—			—			78.7			78.7
Foreign exchange gain		—			—			—			—			(12.9	)		(12.9	)
Other expense, net		—			—			—			—			(9.5	)		(9.5	)

Income (loss) from continuing operations before income taxes		8.9			2.9			11.9			45.5			(96.7	)		(27.5	)
Income tax benefit		—			—			—			—			(1.9	)		(1.9	)

Net income (loss) from continuing operations		8.9			2.9			11.9			45.5			(94.8	)		(25.6	)
Income (loss) from discontinued operations		—			(1.1	)		—			1.3			(6.3	)		(6.1	)

Net income (loss)	$	8.9		$	1.8		$	11.9		$	46.8		$	(101.1	)	$	(31.7	)

	Northeast			Southeast			Northwest		Southwest		Un-allocated Corporate			Consolidated

Nine months ended September 30, 2012
Project revenues	$	156.6		$	—		$	46.9	$	121.7	$	1.2		$	326.4
Segment assets		1,157.9			446.3			852.0		1,162.6		25.2			3,644.0
Project Adjusted EBITDA	$	85.2		$	6.5		$	38.5	$	48.0	$	(7.5	)		170.7
Change in fair value of derivative instruments		46.3			2.6			—		—		—			48.9
Depreciation and amortization		58.0			4.3			31.7		28.9		0.1			123.0
Interest, net		13.9			—			3.8		0.4		—			18.1
Other project (income) expense		0.8			—			—		2.9		0.7			4.4

Project income (loss)		(33.8	)		(0.4	)		3.0		15.8		(8.3	)		(23.7	)
Administration		—			—			—		—		22.0			22.0
Interest, net		—			—			—		—		69.3			69.3
Foreign exchange loss		—			—			—		—		4.4			4.4
Other expense, net		—			—			—		—		(5.7	)		(5.7	)

Income (loss) from continuing operations before income taxes		(33.8	)		(0.4	)		3.0		15.8		(98.3	)		(113.7	)
Income tax expense		—			—			—		—		(19.1	)		(19.1	)

Net income (loss) from continuing operations		(33.8	)		(0.4	)		3.0		15.8		(79.2	)		(94.6	)
Income (loss) from discontinued operations		—			49.5			—		1.5		(2.2	)		48.8

Net income (loss)	$	(33.8	)	$	49.1		$	3.0	$	17.3	$	(81.4	)	$	(45.8	)

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 September 30,				Project Revenue Nine months ended September 30,
	Project Revenue Three months ended September 30,				Project Revenue Nine months ended September 30,				September 30, 2013		December 31, 2012
	2013		2012		2013		2012		September 30, 2013		December 31, 2012
United States	$	98.0	$	61.0	$	264.7	$	171.9	$	1,368.0	$	1,504.8
Canada		43.8		45.3		156.3		154.5		505.9		550.7

Total	$	141.8	$	106.3	$	421.0	$	326.4	$	1,873.9	$	2,055.5

The Ontario Electricity Financial Corp ("OEFC"), British Columbia Hydro and Power Authority ("BC Hydro"), San Diego Gas & Electric ("SD G&E") provided for approximately 20.7%, 10.2%, and 13.1% respectively, of total consolidated revenues for the three months ended September 30, 2013 and 26.3%, 10.8%, and 10.2% respectively, of total consolidated revenues for the nine months ended September 30, 2013. OEFC and BC Hydro provided for approximately 18.7% and 9.2%, respectively, of total consolidated revenues for the three months ended September 30, 2012 and 22.1% and 9.7% respectively, of total consolidated revenues for the nine months ended September 30, 2012. 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, and SD G&E purchases electricity from the Naval Station, Naval Training Center, and North Island projects in the Southwest segment.