12. 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 asset 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. Segment information for the comparative 2019 period has been revised to conform to the new segment presentation. 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, impairment charges, insurance loss (gain), other (income) expenses 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 as proportionately consolidated based on our ownership percentage in the reconciliation of Project Adjusted EBITDA to project income.

A reconciliation of Project Adjusted EBITDA to net income for the three months ended March 31, 2020 and 2019 is included in the tables below:



	Solid Fuel		Natural Gas		Hydroelectric		Corporate		Consolidated
Three Months Ended March 31, 2020
Project revenues	$	23.4	$	30.8	$	18.4	$	0.2	$	72.8
Segment assets		225.0		230.6		359.5		66.9		882.0
Project Adjusted EBITDA	$	7.8	$	28.2	$	15.3	$	(0.5)	$	50.8
Change in fair value of derivative instruments		—		(0.5)		—		6.1		5.6
Depreciation and amortization		5.6		9.2		4.9		0.1		19.8
Interest, net		0.7		—		—		—		0.7
Other project expense		—		—		—		—		—
Project income (loss)		1.5		19.5		10.4		(6.7)		24.7
Administration		—		—		—		6.7		6.7
Interest expense, net		—		—		—		10.8		10.8
Foreign exchange gain		—		—		—		(20.6)		(20.6)
Other expense, net		—		—		—		2.6		2.6
Net income (loss) before income taxes		1.5		19.5		10.4		(6.2)		25.2
Income tax expense		—		—		—		1.5		1.5
Net income (loss)	$	1.5	$	19.5	$	10.4	$	(7.7)	$	23.7



	Solid Fuel		Natural Gas		Hydroelectric		Corporate		Consolidated
Three Months Ended March 31, 2019
Project revenues	$	19.8	$	34.6	$	18.4	$	0.2	$	73.0
Segment assets		267.7		275.9		384.0		99.4		1,027.0
Project Adjusted EBITDA	$	10.1	$	28.1	$	15.6	$	(0.1)	$	53.7
Change in fair value of derivative instruments		—		0.6		—		1.8		2.4
Depreciation and amortization		5.9		9.3		4.9		0.1		20.2
Interest, net		0.7		—		—		—		0.7
Other project income		—		(0.2)		—		—		(0.2)
Project income (loss)		3.5		18.4		10.7		(2.0)		30.6
Administration		—		—		—		6.8		6.8
Interest expense, net		—		—		—		11.1		11.1
Foreign exchange loss		—		—		—		5.0		5.0
Other expense, net		—		—		—		4.7		4.7
Net income (loss) before income taxes		3.5		18.4		10.7		(29.6)		3.0
Income tax expense		—		—		—		0.6		0.6
Net income (loss)	$	3.5	$	18.4	$	10.7	$	(30.2)	$	2.4

The tables below provide information, by country, about our consolidated operations for each of the three months ended March 31, 2020 and 2019 and Property, Plant & Equipment, PPAs and other Intangible and total assets as of March 31, 2020 and December 31, 2019, 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
	March 31,
	2020		2019
United States	$	48.2	$	52.1
Canada		24.6		20.9
Total	$	72.8	$	73.0


	Property, Plant and				PPAs and
	Equipment, net of				other intangible assets, net of
	accumulated depreciation				accumulated amortization				Total assets
	March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019
United States	$	357.1	$	353.9	$	136.3	$	142.8	$	715.9	$	762.3
Canada		133.4		148.2		1.2		1.5		166.1		173.3
Total	$	490.5	$	502.1	$	137.5	$	144.3	$	882.0	$	935.6

Concentration risk

Niagara Mohawk, Independent Electricity System Operator (“IESO”), BC Hydro and Equistar Chemicals, LP provided 20.9%, 14.7%, 13.5% and 10.3%, respectively, of total consolidated revenues for the three months ended March 31, 2020. Niagara Mohawk, IESO, BC Hydro and Equistar Chemicals, LP provided 20.1%, 15.2%, 12.7% and 12.5%, respectively, of total consolidated revenues for the three months ended March 31, 2019.

Niagara Mohawk purchases electricity from the Curtis Palmer project in the Hydroelectric segment, IESO purchases electricity from the Calstock, Tunis and Nipigon projects in the Solid Fuel and Natural Gas segments, Equistar Chemicals, LP purchases electricity from the Morris project in the Natural Gas segment, and BC Hydro purchases electricity from the Mamquam and Moresby Lake projects in the Hydroelectric segment and Williams Lake project in the Solid Fuel segment.