22. Segment and geographic information

We have four reportable segments: Solid Fuel, Natural Gas, Hydroelectric and Corporate. We revised our reportable business segments in the fourth quarter of 2019 as the result of recent acquisitions, PPA expirations and project decommissioning and in order to align with changes to management's structure, resource allocation and performance assessment in making decisions regarding our operations. Our financial results for the years ended December 31, 2018 and 2017 have been revised to reflect these changes in operating segments. The segment classified as Corporate (formerly Un‑Allocated Corporate) includes activities that support the executive and administrative offices, capital structure, costs of being a public registrant, costs to develop future projects and intercompany eliminations. 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 (loss) 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 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 on a proportionally consolidated basis in Project Adjusted EBITDA and in the reconciliation of Project Adjusted EBITDA to project (loss) income.

A reconciliation of Project Adjusted EBITDA to net (loss) income is included in the tables below:



	Solid Fuel		Natural Gas		Hydroelectric		Corporate		Consolidated
Year Ended December 31, 2019
Project revenues	$	80.0	$	131.8	$	68.8	$	1.0	$	281.6
Segment assets		222.7		241.0		388.3		83.6		935.6
Goodwill		—		6.9		14.4		—		21.3
Capital expenditures		6.8		0.1		0.4		—		7.3
Project Adjusted EBITDA	$	32.7	$	108.2	$	55.5	$	(0.3)	$	196.1
Change in fair value of derivative instruments		—		1.4		—		7.5		8.9
Depreciation and amortization		23.9		37.2		19.5		0.1		80.7
Interest, net		2.6		(0.1)		—		—		2.5
Insurance loss		1.0		—		—		—		1.0
Impairment		55.0		—		—		—		55.0
Other project expense		—		1.2		—		—		1.2
Project (loss) income		(49.8)		68.5		36.0		(7.9)		46.8
Administration		—		—		—		23.9		23.9
Interest expense, net		—		—		—		44.0		44.0
Foreign exchange loss		—		—		—		11.9		11.9
Other expense, net		—		—		—		1.0		1.0
Net (loss) income before income taxes		(49.8)		68.5		36.0		(88.7)		(34.0)
Income tax expense		—		—		—		9.8		9.8
Net (loss) income	$	(49.8)	$	68.5	$	36.0	$	(98.5)	$	(43.8)



	Solid Fuel		Natural Gas		Hydroelectric		Corporate		Consolidated
Year Ended December 31, 2018
Project revenues	$	83.8	$	139.2	$	58.3	$	1.0	$	282.3
Segment assets		258.3		280.8		404.5		87.9		1,031.5
Goodwill		—		6.9		14.4		—		21.3
Capital expenditures		1.3		—		0.2		0.3		1.8
Project Adjusted EBITDA	$	46.7	$	90.4	$	47.5	$	0.5	$	185.1
Change in fair value of derivative instruments		—		(3.2)		—		1.0		(2.2)
Depreciation and amortization		23.7		57.0		18.9		0.1		99.7
Interest, net		3.3		0.1		—		—		3.4
Other project expense (income)		—		3.2		(7.2)		—		(4.0)
Project income (loss)		19.7		33.3		35.8		(0.6)		88.2
Administration		—		—		—		23.9		23.9
Interest expense, net		—		—		—		52.7		52.7
Foreign exchange gain		—		—		—		(22.8)		(22.8)
Other income, net		—		—		—		(3.0)		(3.0)
Net income (loss) before income taxes		19.7		33.3		35.8		(51.4)		37.4
Income tax expense		—		—		—		0.2		0.2
Net income (loss)	$	19.7	$	33.3	$	35.8	$	(51.6)	$	37.2



	Solid Fuel		Natural Gas		Hydroelectric		Corporate		Consolidated
Year Ended December 31, 2017
Project revenues	$	93.7	$	276.8	$	59.5	$	1.0	$	431.0
Segment assets		284.2		369.0		408.8		96.8		1,158.8
Goodwill		—		6.9		14.4		—		21.3
Capital expenditures		4.7		—		0.8		—		5.5
Project Adjusted EBITDA	$	54.9	$	185.3	$	47.2	$	1.4	$	288.8
Change in fair value of derivative instruments		(8.1)		7.9		—		(1.9)		(2.1)
Depreciation and amortization		30.4		84.5		17.7		0.6		133.2
Interest, net		19.1		0.1		—		—		19.2
Impairment		76.2		96.2		14.7		—		187.1
Other project (income) expense		(0.1)		(1.0)		—		(0.1)		(1.2)
Project (loss) income		(62.6)	$	(2.4)	$	14.8	$	2.8		(47.4)
Administration		—		—		—		23.6		23.6
Interest, net		—		—		—		64.2		64.2
Foreign exchange loss		—		—		—		16.3		16.3
Other income, net		—		—		—		(0.4)		(0.4)
Net (loss) income before income taxes		(62.6)		(2.4)		14.8		(100.9)		(151.1)
Income tax benefit		—		—		—		(58.1)		(58.1)
Net (loss) income	$	(62.6)	$	(2.4)	$	14.8	$	(42.8)	$	(93.0)

The table below provides information, by country, about our consolidated operations for each of the years ended December 31, 2019, 2018 and 2017 and Property, Plant and Equipment, PPAs and other Intangible and total assets as of December 31, 2019 and 2018, respectively. Revenue is recorded in the country in which it is earned and assets are recorded in the country in which they are located.


	Revenue
	2019		2018		2017
United States	$	208.4	$	203.4	$	262.4
Canada		73.2		78.9		168.6
Total	$	281.6	$	282.3	$	431.0


	Property, Plant and				PPAs and
	Equipment, net of				other intangible assets, net of
	accumulated depreciation				accumulated amortization				Total assets
	2019		2018		2019		2018		2019		2018
United States	$	353.9	$	396.5	$	142.8	$	165.9	$	762.3	$	842.2
Canada		148.2		153.0		1.5		4.2		173.3		189.3
Total	$	502.1	$	549.5	$	144.3	$	170.1	$	935.6	$	1,031.5

Niagara Mohawk Power Corporation, IESO, Equistar Chemicals L. P. and Georgia Power Company provided 19.6%, 12.9%, 12.0% and 11.1%, respectively, of total consolidated revenues for the year ended December 31, 2019. Niagara Mohawk, Atlantic City Electric, BC Hydro, Georgia Power Company and IESO provided 15.1%, 12.6%, 12.5%, 10.9% and 10.8%, respectively, of total consolidated revenues for the year ended December 31, 2018. IESO, Niagara Mohawk, San Diego Gas & Electric and BC Hydro provided 20.3%, 10.7%, 10.6% and 10.3%, respectively, of total consolidated revenues for the year ended December 31, 2017. IESO purchased electricity from the Calstock, Nipigon and Tunis projects and previously purchased electricity from our North Bay and Kapuskasing projects in the Natural Gas segment. Niagara Mohawk purchases electricity from the Curtis Palmer project in the Hydroelectric segment and BC Hydro purchases electricity from the Mamquam, Moresby Lake, and Williams Lake projects in the Hydroelectric and Solid Fuel segments. Georgia Power Company purchases electricity from the Piedmont project in the Solid Fuel segment. Atlantic City Electric purchases electricity from the Chambers project in the Solid Fuel segment. San Diego Gas & Electric previously purchased electricity from our Naval Station, Naval Training Center and North Island projects in the Natural Gas segment.