13. 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 the result of significant asset sales and in order to align with changes in management’s structure, resource allocation and performance assessment in making decisions regarding our operations. The Wind Projects, which made up the entirety of the former Wind segment, were sold in June 2015 and are designated as discontinued operations for the three and six months ended June 30, 2015. 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 as proportionately consolidated based on our ownership percentage in the reconciliation of Project Adjusted EBITDA to project income (loss).

A reconciliation of Net income (loss) from continuing operations to Project Adjusted EBITDA for the three and six months ended June 30, 2016 and 2015 is included in the table below:


							Un-Allocated
	East U.S.		West U.S.		Canada		Corporate		Consolidated
Three Months Ended June 30, 2016
Project revenues	$	33.7	$	25.5	$	38.8	$	0.2	$	98.2
Segment assets		787.1		335.9		430.3		168.0		1,721.3
Net income (loss) from continuing operations		9.6		4.6		12.9		(43.4)		(16.3)
Income tax benefit		—		—		—		(18.4)		(18.4)
Income (loss) from continuing operations before income taxes		9.6		4.6		12.9		(61.8)		(34.7)
Administration		—		—		—		5.8		5.8
Interest, net		—		—		—		51.2		51.2
Foreign exchange loss		—		—		—		2.6		2.6
Other income, net		—		—		—		0.3		0.3
Project income (loss)	$	9.6	$	4.6	$	12.9	$	(1.9)	$	25.2
Change in fair value of derivative instruments		(2.5)		—		(11.6)		1.9		(12.2)
Depreciation and amortization		10.9		9.9		9.6		—		30.4
Interest, net		2.9		—		—		—		2.9
Other project expense		—		—		—		(0.1)		(0.1)
Project Adjusted EBITDA	$	20.9	$	14.5	$	10.9	$	(0.1)	$	46.2


							Un-Allocated
	East U.S.		West U.S.		Canada		Corporate		Consolidated
Three Months Ended June 30, 2015
Project revenues	$	38.9	$	26.3	$	37.7	$	0.2	$	103.1
Segment assets		858.6		375.8		612.8		452.7		2,299.9
Net income (loss) from continuing operations	$	16.7	$	(4.3)	$	2.8	$	(35.2)	$	(20.0)
Income tax expense		—		—		—		2.9		2.9
Income (loss) from continuing operations before income taxes		16.7		(4.3)		2.8		(32.3)		(17.1)
Administration		—		—		—		6.6		6.6
Interest, net		—		—		—		24.6		24.6
Foreign exchange gain		—		—		—		4.8		4.8
Other income, net		—		—		—		(1.7)		(1.7)
Project income (loss)	$	16.7	$	(4.3)	$	2.8	$	2.0	$	17.2
Change in fair value of derivative instruments		(3.0)		—		(3.9)		—		(6.9)
Depreciation and amortization		10.8		10.0		12.7		(0.2)		33.3
Interest, net		2.5		—		—		—		2.5
Other project expense (income)		—		—		—		(2.2)		(2.2)
Project Adjusted EBITDA	$	27.0	$	5.7	$	11.6	$	(0.4)	$	43.9


							Un-Allocated
	East U.S.		West U.S.		Canada		Corporate		Consolidated
Six Months Ended June 30, 2016
Project revenues	$	73.1	$	44.5	$	86.5	$	0.5	$	204.6
Segment assets		787.1		335.9		430.3		168.0		1,721.3
Net income (loss) from continuing operations	$	25.6	$	2.3	$	29.3	$	(86.5)	$	(29.3)
Income tax benefit		—		—		—		(16.8)		(16.8)
Income (loss) from continuing operations before income taxes		25.6		2.3		29.3		(103.3)		(46.1)
Administration		—		—		—		11.9		11.9
Interest, net		—		—		—		67.8		67.8
Foreign exchange loss		—		—		—		22.5		22.5
Other income, net		—		—		—		(2.2)		(2.2)
Project (loss) income	$	25.6	$	2.3	$	29.3	$	(3.3)	$	53.9
Change in fair value of derivative instruments		(1.7)		—		(12.1)		2.8		(11.0)
Depreciation and amortization		21.9		19.7		18.5		0.2		60.3
Interest, net		5.4		—		—		—		5.4
Other project expense		—		—		—		0.1		0.1
Project Adjusted EBITDA	$	51.2	$	22.0	$	35.7	$	(0.2)	$	108.7


							Un-Allocated
	East U.S.		West U.S.		Canada		Corporate		Consolidated
Six Months Ended June 30, 2015
Project revenues	$	76.5	$	49.3	$	88.2	$	0.4	$	214.4
Segment assets		858.6		375.8		612.8		452.7		2,299.9
Net (loss) income from continuing operations	$	28.0	$	(4.0)	$	16.0	$	(35.3)	$	4.7
Income tax benefit		—		—		—		(1.7)		(1.7)
(Loss) income from continuing operations before income taxes		28.0		(4.0)		16.0		(37.0)		3.0
Administration		—		—		—		16.0		16.0
Interest, net		—		—		—		50.3		50.3
Foreign exchange loss		—		—		—		(27.4)		(27.4)
Other income, net		—		—		—		(3.1)		(3.1)
Project (loss) income		28.0	$	(4.0)	$	16.0	$	(1.2)		38.8
Change in fair value of derivative instruments		(0.4)		—		(5.5)		0.8		(5.1)
Depreciation and amortization		21.2		19.6		24.9		0.4		66.1
Interest, net		4.9		—		—		—		4.9
Other project expense		—		—		—		(2.2)		(2.2)
Project Adjusted EBITDA	$	53.7	$	15.6	$	35.4	$	(2.2)	$	102.5

The table below provides information, by country, about our consolidated operations for each of the three and six months ended June 30, 2016 and 2015 and Property, Plant & Equipment as of June 30, 2016 and December 31, 2015, respectively. Revenue is recorded in the country in which it is earned and assets are recorded in the country in which they are located.



	Project Revenue Three Months Ended June 30,				Project Revenue Six Months Ended June 30,				Property, Plant and Equipment, net of accumulated depreciation
	2016		2015		2016		2015		June 30, 2016		December 31, 2015
United States	$	59.4	$	65.4	$	118.1	$	126.2	$	510.5	$	529.6
Canada		38.8		37.7		86.5		88.2		257.6		248.1
Total	$	98.2	$	103.1	$	204.6	$	214.4	$	768.1	$	777.7

Independent Electricity System Operator (“IESO”), BC Hydro and San Diego Gas & Electric provided 31%, 14%, and 11%, respectively, of total consolidated revenues for the three months ended June 30, 2016. IESO, BC Hydro and Niagara Mohawk provided 35%, 14% and 9% respectively, of total consolidated revenues for the six months ended June 30, 2016. IESO, San Diego Gas & Electric, BC Hydro and Niagara Mohawk Power Corporation provided 26.4%, 12.5%, 10.3% and 10.9%, respectively, of total consolidated revenues for the three months ended June 30, 2015 and 30.2%, 10.6%, 11.0% and 8.6%, respectively, of total consolidated revenues for the six months ended June 31, 2015. IESO purchases electricity from the Calstock, Kapuskasing, Nipigon and North Bay projects in the Canada 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 Canada segment and Niagara Mohawk purchases electricity from the Curtis Palmer project in the East U.S. segment.