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.