22. Segment and geographic information

We have four reportable segments: East U.S., West U.S., Canada and Un-Allocated Corporate. We revised our reportable business segments in the second quarter of 2015 as a result of significant project asset sales and in order to align our reportable business segments with changes in management’s structure, resource allocation and performance assessment in making decisions regarding our operations. Our financial results for the years ended December 31, 2014 and 2013 have been presented to reflect these changes in operating segments. We analyze the performance of our operating segments based on Project Adjusted EBITDA which is defined as project income (loss) 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. Our equity investments in unconsolidated affiliates are presented on a proportionally consolidated basis in Project Adjusted EBITDA and in the reconciliation of Project Adjusted EBITDA to project income (loss). Wind projects, which are components of the former Wind segment, Greeley and Path 15, which are components of the West U.S. segment, the Florida Projects, which are components of the East U.S. segment, and Rollcast, which is a component of Un-Allocated Corporate, are included in the income (loss) from discontinued operations line item in the table below. We have adjusted prior periods to reflect this reclassification. A reconciliation of Project Adjusted EBITDA to project income (loss) is included in the table below:


							Un-Allocated
	East U.S.		West U.S.		Canada		Corporate		Consolidated
Year Ended December 31, 2015
Project revenues	$	150.0	$	104.6	$	164.7	$	0.9	$	420.2
Segment assets		819.9		228.6		423.8		244.8		1,717.1
Goodwill		47.8		—		86.7		—		134.5
Capital expenditures		7.0		0.5		3.4		0.4		11.3
Project Adjusted EBITDA	$	104.8	$	46.9	$	59.7	$	(2.5)	$	208.9
Change in fair value of derivative instruments		—		—		(16.0)		0.6		(15.4)
Depreciation and amortization		42.5		39.3		47.2		1.1		130.1
Interest, net		9.8		—		—		—		9.8
Other project expense		13.8				114.2		(2.2)		125.8
Project income (loss)		38.7		7.6		(85.7)		(2.0)		(41.4)
Administration		—		—		—		29.4		29.4
Interest, net		—		—		—		107.1		107.1
Foreign exchange gain		—		—		—		(60.3)		(60.3)
Other income, net		—		—		—		(3.1)		(3.1)
Income (loss) from continuing operations before income taxes		38.7		7.6		(85.7)		(75.1)		(114.5)
Income tax benefit		—		—		—		(30.4)		(30.4)
Net income (loss) from continuing operations	$	38.7	$	7.6	$	(85.7)	$	(44.7)	$	(84.1)


							Un-Allocated
	East U.S.		West U.S.		Canada		Corporate		Consolidated
Year Ended December 31, 2014
Project revenues	$	167.1	$	123.6	$	198.3	$	0.9	$	489.9
Segment assets		1,103.2		396.7		676.8		739.3		2,916.0
Goodwill		61.5		—		135.7		—		197.2
Capital expenditures		3.1		0.4		7.8		1.1		12.4
Project Adjusted EBITDA	$	106.4	$	54.2	$	76.3	$	(7.5)	$	229.4
Change in fair value of derivative instruments		4.3		—		(11.7)		1.2		(6.2)
Depreciation and amortization		55.0		40.3		59.9		0.7		155.9
Interest, net		20.6		(0.1)		—				20.5
Other project expense (income)		17.8		41.6		38.6		0.1		98.1
Project income (loss)		8.7		(27.6)		(10.5)		(9.5)		(38.9)
Administration		—		—		—		37.9		37.9
Interest, net		—		—		—		146.7		146.7
Foreign exchange gain		—		—		—		(38.3)		(38.3)
Other income, net		—		—		—		(0.6)		(0.6)
Income (loss) from continuing operations before income taxes		8.7		(27.6)		(10.5)		(155.2)		(184.6)
Income tax benefit		—		—		—		(31.4)		(31.4)
Net income (loss) from continuing operations	$	8.7	$	(27.6)	$	(10.5)	$	(123.8)	$	(153.2)


							Un-Allocated
	East U.S.		West U.S.		Canada		Corporate		Consolidated
Year Ended December 31, 2013
Project revenues	$	146.1	$	119.1	$	208.6	$	(0.4)	$	473.4
Segment assets		935.4		493.4		967.9		144.4		2,541.1
Goodwill		79.4		50.3		166.6		—		296.3
Capital expenditures		1.5		0.1		2.4		3.6		7.6
Project Adjusted EBITDA	$	105.2	$	57.1	$	65.6	$	(18.6)	$	209.3
Change in fair value of derivative instruments		(5.2)		—		(19.2)		—		(24.4)
Depreciation and amortization		54.9		41.4		64.7		0.5		161.5
Interest, net		20.7		0.3		0.1		(2.1)		19.0
Other project expense		33.2		(26.3)		1.9		(0.6)		8.2
Project (loss) income		1.6		41.7		18.1		(16.4)		45.0
Administration		—		—		—		35.2		35.2
Interest, net		—		—		—		104.1		104.1
Foreign exchange loss		—		—		—		(27.4)		(27.4)
Other income, net		—		—		—		(10.5)		(10.5)
Income (loss) from continuing operations before income taxes		1.6		41.7		18.1		(117.8)		(56.4)
Income tax benefit		—		—		—		(32.8)		(32.8)
Net income (loss) from continuing operations	$	1.6	$	41.7	$	18.1	$	(85.0)	$	(23.6)

The table below provides information, by country, about our consolidated operations for each of the years ended December 31, 2015, 2014 and 2013 and Property, Plant & Equipment as of December 31, 2015 and 2014, respectively. 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 & Equipment,
	Revenue						net
	2015		2014		2013		2015		2014
United States	$	255.5	$	291.6	$	264.8	$	529.6	$	553.5
Canada		164.7		198.3		208.6		248.1		409.4
Total	$	420.2	$	489.9	$	473.4	$	777.7	$	962.9

Ontario Electric Financial Corporation (“OEFC”), San Diego Gas & Electric, and BC Hydro provided 29.2%, 11.0%, and 10.0%, respectively, of total consolidated revenues for the year ended December 31, 2015. OEFC, San Diego Gas & Electric, and BC Hydro provided 25.8%, 15.1%, and 9.1%, respectively, of total consolidated revenues for the year ended December 31, 2014. OEFC purchases electricity from the Calstock, Kapuskasing, Nipigon, North Bay and Tunis projects in the East U.S. segment. San Diego Gas & Electric purchases electricity from the Naval Station, Naval Training Center, and North Island projects in the West U.S. segment. BC Hydro purchases electricity from the Mamquam, Moresby Lake, and Williams Lake projects in the West U.S. segment.