v3.5.0.2

Segment and geographic information | 9 Months Ended
--- | ---
Sep. 30, 2016
Segment and geographic information |
Segment and geographic information | 14. 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 nine months ended September 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. We use Project Adjusted EBITDA to provide comparative information about segment 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 (loss) income from continuing operations to Project Adjusted EBITDA for the three and nine months ended September 30, 2016 and 2015 is included in the table below:
|  |  |  |  |  |  |  |  |  |  | Un-Allocated |  |  |  |
|  | East U.S. |  | West U.S. |  | Canada |  | Corporate |  | Consolidated |
Three Months Ended September 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project revenues |  | $ | 31.3 |  | $ | 34.1 |  | $ | 35.6 |  | $ | 0.2 |  | $ | 101.2 |
Segment assets |  |  | 764.9 |  |  | 328.9 |  |  | 325.3 |  |  | 102.8 |  |  | 1,521.9 |
Project Adjusted EBITDA |  | $ | 19.4 |  | $ | 21.3 |  | $ | 10.7 |  | $ | (0.1) |  | $ | 51.3 |
Change in fair value of derivative instruments |  |  | (1.2) |  |  | — |  |  | (5.6) |  |  | (2.2) |  |  | (9.0) |
Depreciation and amortization |  |  | 11.0 |  |  | 9.9 |  |  | 9.4 |  |  | 0.1 |  |  | 30.4 |
Interest, net |  |  | 2.8 |  |  | — |  |  | — |  |  | — |  |  | 2.8 |
Impairment |  |  | 15.4 |  |  | — |  |  | 69.3 |  |  | — |  |  | 84.7 |
Other project income |  |  | — |  |  | — |  |  | — |  |  | (0.5) |  |  | (0.5) |
Project (loss) income |  |  | (8.6) |  |  | 11.4 |  |  | (62.4) |  |  | 2.5 |  |  | (57.1) |
Administration |  |  | — |  |  | — |  |  | — |  |  | 5.7 |  |  | 5.7 |
Interest, net |  |  | — |  |  | — |  |  | — |  |  | 20.0 |  |  | 20.0 |
Foreign exchange gain |  |  | — |  |  | — |  |  | — |  |  | (3.4) |  |  | (3.4) |
Other income, net |  |  | — |  |  | — |  |  | — |  |  | (1.7) |  |  | (1.7) |
(Loss) income from continuing operations before income taxes |  |  | (8.6) |  |  | 11.4 |  |  | (62.4) |  |  | (18.1) |  |  | (77.7) |
Income tax expense |  |  | — |  |  | — |  |  | — |  |  | 2.6 |  |  | 2.6 |
Net income (loss) from continuing operations |  | $ | (8.6) |  | $ | 11.4 |  | $ | (62.4) |  | $ | (20.7) |  | $ | (80.3) |
|  |  |  |  |  |  |  |  |  |  | Un-Allocated |  |  |  |
|  | East U.S. |  | West U.S. |  | Canada |  | Corporate |  | Consolidated |
Three Months Ended September 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project revenues |  | $ | 38.4 |  | $ | 34.5 |  | $ | 34.4 |  | $ | 0.2 |  | $ | 107.5 |
Segment assets |  |  | 849.7 |  |  | 368.2 |  |  | 569.5 |  |  | 122.8 |  |  | 1,910.2 |
Project Adjusted EBITDA |  | $ | 27.4 |  | $ | 21.4 |  | $ | 7.6 |  | $ | (0.4) |  | $ | 56.0 |
Change in fair value of derivative instruments |  |  | 1.9 |  |  | — |  |  | (6.1) |  |  | 0.6 |  |  | (3.6) |
Depreciation and amortization |  |  | 10.7 |  |  | 9.9 |  |  | 11.7 |  |  | 0.5 |  |  | 32.8 |
Interest, net |  |  | 2.4 |  |  | — |  |  | 0.1 |  |  | — |  |  | 2.5 |
Other project expense |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Project income (loss) |  |  | 12.4 |  |  | 11.5 |  |  | 1.9 |  |  | (1.6) |  |  | 24.2 |
Administration |  |  | — |  |  | — |  |  | — |  |  | 6.9 |  |  | 6.9 |
Interest, net |  |  | — |  |  | — |  |  | — |  |  | 41.0 |  |  | 41.0 |
Foreign exchange gain |  |  | — |  |  | — |  |  | — |  |  | (21.7) |  |  | (21.7) |
Other income, net |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Income (loss) from continuing operations before income taxes |  |  | 12.4 |  |  | 11.5 |  |  | 1.9 |  |  | (27.8) |  |  | (2.0) |
Income tax benefit |  |  | — |  |  | — |  |  | — |  |  | 1.4 |  |  | 1.4 |
Net income (loss) from continuing operations |  | $ | 12.4 |  | $ | 11.5 |  | $ | 1.9 |  | $ | (29.2) |  | $ | (3.4) |
|  |  |  |  |  |  |  |  |  |  | Un-Allocated |  |  |  |
|  | East U.S. |  | West U.S. |  | Canada |  | Corporate |  | Consolidated |
Nine Months Ended September 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project revenues |  | $ | 104.3 |  | $ | 78.7 |  | $ | 122.0 |  | $ | 0.8 |  | $ | 305.8 |
Segment assets |  |  | 764.9 |  |  | 328.9 |  |  | 325.3 |  |  | 102.8 |  |  | 1,521.9 |
Project Adjusted EBITDA |  | $ | 70.5 |  | $ | 43.4 |  | $ | 46.2 |  | $ | (0.2) |  | $ | 159.9 |
Change in fair value of derivative instruments |  |  | (3.0) |  |  | — |  |  | (17.7) |  |  | 0.6 |  |  | (20.1) |
Depreciation and amortization |  |  | 33.0 |  |  | 29.6 |  |  | 27.7 |  |  | 0.5 |  |  | 90.8 |
Interest, net |  |  | 8.2 |  |  | — |  |  | — |  |  | — |  |  | 8.2 |
Impairment |  |  | 15.4 |  |  | — |  |  | 69.3 |  |  | — |  |  | 84.7 |
Other project income |  |  | — |  |  | — |  |  | — |  |  | (0.4) |  |  | (0.4) |
Project income (loss) |  |  | 16.9 |  |  | 13.8 |  |  | (33.1) |  |  | (0.9) |  |  | (3.3) |
Administration |  |  | — |  |  | — |  |  | — |  |  | 17.6 |  |  | 17.6 |
Interest, net |  |  | — |  |  | — |  |  | — |  |  | 87.9 |  |  | 87.9 |
Foreign exchange loss |  |  | — |  |  | — |  |  | — |  |  | 19.1 |  |  | 19.1 |
Other income, net |  |  | — |  |  | — |  |  | — |  |  | (3.9) |  |  | (3.9) |
Income (loss) from continuing operations before income taxes |  |  | 16.9 |  |  | 13.8 |  |  | (33.1) |  |  | (121.6) |  |  | (124.0) |
Income tax benefit |  |  | — |  |  | — |  |  | — |  |  | (14.2) |  |  | (14.2) |
Net income (loss) from continuing operations |  | $ | 16.9 |  | $ | 13.8 |  | $ | (33.1) |  | $ | (107.4) |  | $ | (109.8) |
|  |  |  |  |  |  |  |  |  |  | Un-Allocated |  |  |  |
|  | East U.S. |  | West U.S. |  | Canada |  | Corporate |  | Consolidated |
Nine Months Ended September 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project revenues |  | $ | 114.8 |  | $ | 83.9 |  | $ | 122.6 |  | $ | 0.5 |  | $ | 321.8 |
Segment assets |  |  | 849.7 |  |  | 368.2 |  |  | 569.5 |  |  | 122.8 |  |  | 1,910.2 |
Project Adjusted EBITDA |  | $ | 81.0 |  | $ | 37.1 |  | $ | 43.0 |  | $ | (2.6) |  | $ | 158.5 |
Change in fair value of derivative instruments |  |  | 1.6 |  |  | — |  |  | (11.6) |  |  | 1.3 |  |  | (8.7) |
Depreciation and amortization |  |  | 31.8 |  |  | 29.7 |  |  | 36.5 |  |  | 0.9 |  |  | 98.9 |
Interest, net |  |  | 7.6 |  |  | — |  |  | 0.1 |  |  | — |  |  | 7.7 |
Other project expense (income) |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  | (2.6) |  |  | (2.4) |
Project income (loss) |  |  | 40.0 |  |  | 7.3 |  |  | 17.9 |  |  | (2.2) |  |  | 63.0 |
Administration |  |  | — |  |  | — |  |  | — |  |  | 23.0 |  |  | 23.0 |
Interest, net |  |  | — |  |  | — |  |  | — |  |  | 91.3 |  |  | 91.3 |
Foreign exchange loss |  |  | — |  |  | — |  |  | — |  |  | (49.1) |  |  | (49.1) |
Other income, net |  |  | — |  |  | — |  |  | — |  |  | (3.1) |  |  | (3.1) |
Income (loss) from continuing operations before income taxes |  |  | 40.0 |  |  | 7.3 |  |  | 17.9 |  |  | (64.3) |  |  | 0.9 |
Income tax benefit |  |  | — |  |  | — |  |  | — |  |  | (0.3) |  |  | (0.3) |
Net income (loss) from continuing operations |  | $ | 40.0 |  | $ | 7.3 |  | $ | 17.9 |  | $ | (64.0) |  | $ | 1.2 |
The table below provides information, by country, about our consolidated operations for each of the three and nine months ended September 30, 2016 and 2015 and Property, Plant & Equipment as of September 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 September 30, |  | Project Revenue Nine Months Ended September 30, |  | Property, Plant and Equipment, net of accumulated depreciation
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |  | September 30, 2016 |  | December 31, 2015
United States |  | $ | 65.6 |  | $ | 73.1 |  | $ | 183.8 |  | $ | 199.2 |  | $ | 506.1 |  | $ | 529.6
Canada |  |  | 35.6 |  |  | 34.4 |  |  | 122.0 |  |  | 122.6 |  |  | 243.7 |  |  | 248.1
Total |  | $ | 101.2 |  | $ | 107.5 |  | $ | 305.8 |  | $ | 321.8 |  | $ | 749.8 |  | $ | 777.7
Independent Electricity System Operator (“IESO”), San Diego Gas & Electric, Georgia Power Company and BC Hydro provided 24.5%, 16.1%, 10.9%, and 10.6%, respectively, of total consolidated revenues for the three months ended September 30, 2016. IESO, BC Hydro and San Diego Gas & Electric provided 28.0%, 11.6% and 11.5% respectively, of total consolidated revenues for the nine months ended September 30, 2016. IESO, San Diego Gas & Electric, Georgia Power and BC Hydro provided 22.9%, 16.7%, 10.2% and 9.1%, respectively, of total consolidated revenues for the three months ended September 30, 2015 and 27.7%, 12.6%, 10.4% and 7.7%, respectively, of total consolidated revenues for the nine months ended September 30, 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, Georgia Power purchases electricity from the Piedmont project in the East U.S. segment and BC Hydro purchases electricity from the Mamquam, Moresby Lake, and Williams Lake projects in the Canada segment.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
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