v3.20.2

Segment and geographic information | 6 Months Ended
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Jun. 30, 2020
Segment and geographic information |
Segment and geographic information | ​ 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 method 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 and six months ended June 30, 2020 and 2019 is included in the tables below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ |  | ​ | ​ |
​ | ​ | Solid Fuel | ​ | Natural Gas | ​ | Hydroelectric | ​ | Corporate | ​ | Consolidated |
Three Months Ended June 30, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Project revenues | ​ | $ | 17.3 | ​ | $ | 26.9 | ​ | $ | 17.9 | ​ | $ | 0.2 | ​ | $ | 62.3 | ​
Segment assets | ​ |  | 217.7 | ​ | ​ | 218.8 | ​ | ​ | 357.6 | ​ | ​ | 54.8 | ​ |  | 848.9 | ​
Project Adjusted EBITDA | ​ | $ | (1.6) | ​ | $ | 23.8 | ​ | $ | 14.8 | ​ | $ | (0.3) | ​ | $ | 36.7 | ​
Change in fair value of derivative instruments | ​ |  | — | ​ | ​ | (2.5) | ​ | ​ | — | ​ | ​ | (0.6) | ​ | ​ | (3.1) | ​
Depreciation and amortization | ​ |  | 5.6 | ​ | ​ | 8.9 | ​ | ​ | 4.9 | ​ | ​ | — | ​ | ​ | 19.4 | ​
Interest, net | ​ |  | 0.7 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ |  | 0.7 | ​
Other project expense | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Project (loss) income | ​ | ​ | (7.9) | ​ | ​ | 17.4 | ​ | ​ | 9.9 | ​ | ​ | 0.3 | ​ |  | 19.7 | ​
Administration | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 4.5 | ​ |  | 4.5 | ​
Interest expense, net | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 10.2 | ​ |  | 10.2 | ​
Foreign exchange loss | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 9.3 | ​ | ​ | 9.3 | ​
Other income, net | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (1.5) | ​ | ​ | (1.5) | ​
Net (loss) income before income taxes | ​ |  | (7.9) | ​ |  | 17.4 | ​ |  | 9.9 | ​ |  | (22.2) | ​ |  | (2.8) | ​
Income tax expense | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 1.2 | ​ |  | 1.2 | ​
Net (loss) income | ​ | $ | (7.9) | ​ | $ | 17.4 | ​ | $ | 9.9 | ​ | $ | (23.4) | ​ | $ | (4.0) | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ |  | ​ | ​ |
​ | ​ | Solid Fuel | ​ | Natural Gas | ​ | Hydroelectric | ​ | Corporate | ​ | Consolidated |
Three Months Ended June 30, 2019 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Project revenues | ​ | $ | 18.6 | ​ | $ | 30.0 | ​ | $ | 22.5 | ​ | $ | 0.2 | ​ | $ | 71.3 | ​
Segment assets | ​ |  | 261.2 | ​ | ​ | 262.1 | ​ | ​ | 382.9 | ​ | ​ | 96.4 | ​ |  | 1,002.6 | ​
Project Adjusted EBITDA | ​ | $ | 8.3 | ​ | $ | 22.9 | ​ | $ | 19.3 | ​ | $ | 0.3 | ​ | $ | 50.8 | ​
Change in fair value of derivative instruments | ​ |  | — | ​ | ​ | 2.4 | ​ | ​ | — | ​ | ​ | 4.6 | ​ | ​ | 7.0 | ​
Depreciation and amortization | ​ |  | 5.9 | ​ | ​ | 9.2 | ​ | ​ | 4.9 | ​ | ​ | — | ​ | ​ | 20.0 | ​
Interest, net | ​ | ​ | 0.8 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.8 | ​
Other project expense | ​ | ​ | — | ​ | ​ | 1.3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1.3 | ​
Project income (loss) | ​ | ​ | 1.6 | ​ | ​ | 10.0 | ​ | ​ | 14.4 | ​ | ​ | (4.3) | ​ |  | 21.7 | ​
Administration | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 5.0 | ​ |  | 5.0 | ​
Interest expense, net | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 11.0 | ​ |  | 11.0 | ​
Foreign exchange loss | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 4.9 | ​ | ​ | 4.9 | ​
Other income, net | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (3.7) | ​ | ​ | (3.7) | ​
Net income (loss) before income taxes | ​ |  | 1.6 | ​ |  | 10.0 | ​ |  | 14.4 | ​ |  | (21.5) | ​ |  | 4.5 | ​
Income tax expense | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 1.6 | ​ |  | 1.6 | ​
Net income (loss) | ​ | $ | 1.6 | ​ | $ | 10.0 | ​ | $ | 14.4 | ​ | $ | (23.1) | ​ | $ | 2.9 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ |  | ​ | ​ |
​ | ​ | Solid Fuel | ​ | Natural Gas | ​ | Hydroelectric | ​ | Corporate | ​ | Consolidated |
Six Months Ended June 30, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Project revenues | ​ | $ | 40.6 | ​ | $ | 57.7 | ​ | $ | 36.2 | ​ | $ | 0.5 | ​ | $ | 135.0 | ​
Segment assets | ​ |  | 217.7 | ​ | ​ | 218.8 | ​ | ​ | 357.6 | ​ | ​ | 54.8 | ​ |  | 848.9 | ​
Project Adjusted EBITDA | ​ | $ | 6.2 | ​ | $ | 52.0 | ​ | $ | 30.1 | ​ | $ | (0.7) | ​ | $ | 87.6 | ​
Change in fair value of derivative instruments | ​ |  | — | ​ | ​ | (3.0) | ​ | ​ | — | ​ | ​ | 5.5 | ​ | ​ | 2.5 | ​
Depreciation and amortization | ​ |  | 11.2 | ​ | ​ | 18.2 | ​ | ​ | 9.8 | ​ | ​ | 0.1 | ​ | ​ | 39.3 | ​
Interest, net | ​ |  | 1.4 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ |  | 1.4 | ​
Other project expense | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Project (loss) income | ​ | ​ | (6.4) | ​ | ​ | 36.8 | ​ | ​ | 20.3 | ​ | ​ | (6.3) | ​ |  | 44.4 | ​
Administration | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 11.2 | ​ |  | 11.2 | ​
Interest expense, net | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 21.0 | ​ |  | 21.0 | ​
Foreign exchange gain | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (11.3) | ​ | ​ | (11.3) | ​
Other expense, net | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 1.1 | ​ | ​ | 1.1 | ​
Net (loss) income before income taxes | ​ |  | (6.4) | ​ |  | 36.8 | ​ |  | 20.3 | ​ |  | (28.3) | ​ |  | 22.4 | ​
Income tax expense | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 2.7 | ​ |  | 2.7 | ​
Net (loss) income | ​ | $ | (6.4) | ​ | $ | 36.8 | ​ | $ | 20.3 | ​ | $ | (31.0) | ​ | $ | 19.7 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ |  | ​ | ​ |
​ | ​ | Solid Fuel | ​ | Natural Gas | ​ | Hydroelectric | ​ | Corporate | ​ | Consolidated |
Six Months Ended June 30, 2019 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Project revenues | ​ | $ | 38.3 | ​ | $ | 64.5 | ​ | $ | 41.0 | ​ | $ | 0.5 | ​ | $ | 144.3 | ​
Segment assets | ​ |  | 261.2 | ​ | ​ | 262.1 | ​ | ​ | 382.9 | ​ | ​ | 96.4 | ​ |  | 1,002.6 | ​
Project Adjusted EBITDA | ​ | $ | 18.4 | ​ | $ | 51.0 | ​ | $ | 34.9 | ​ | $ | 0.2 | ​ | $ | 104.5 | ​
Change in fair value of derivative instruments | ​ |  | — | ​ | ​ | 2.7 | ​ | ​ | — | ​ |  | 6.7 | ​ |  | 9.4 | ​
Depreciation and amortization | ​ |  | 11.8 | ​ | ​ | 18.7 | ​ | ​ | 9.7 | ​ |  | — | ​ |  | 40.2 | ​
Interest, net | ​ |  | 1.5 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ |  | 1.5 | ​
Other project expense | ​ |  | — | ​ |  | 1.2 | ​ |  | — | ​ |  | — | ​ |  | 1.2 | ​
Project income (loss) | ​ |  | 5.1 | ​ | ​ | 28.4 | ​ | ​ | 25.2 | ​ | ​ | (6.5) | ​ |  | 52.2 | ​
Administration | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 11.8 | ​ |  | 11.8 | ​
Interest expense, net | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 22.1 | ​ |  | 22.1 | ​
Foreign exchange loss | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 9.9 | ​ |  | 9.9 | ​
Other expense, net | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 0.9 | ​ |  | 0.9 | ​
Net income (loss) before income taxes | ​ |  | 5.1 | ​ |  | 28.4 | ​ |  | 25.2 | ​ |  | (51.2) | ​ | ​ | 7.5 | ​
Income tax expense | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 2.2 | ​ | ​ | 2.2 | ​
Net income (loss) | ​ | $ | 5.1 | ​ | $ | 28.4 | ​ | $ | 25.2 | ​ | $ | (53.4) | ​ | $ | 5.3 | ​
​ The tables below provide information, by country, about our consolidated operations for the three and six months ended June 30, 2020 and 2019 and for Property, Plant and Equipment, PPAs and other intangible assets and total assets as of June 30, 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 | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ | ​ | 2020 | ​ | 2019 | ​ | 2020 | ​ | 2019
United States |  | $ | 45.0 |  | $ | 52.5 |  | $ | 93.5 |  | $ | 104.6
Canada | ​ |  | 17.3 | ​ |  | 18.8 | ​ |  | 41.5 | ​ |  | 39.7
Total | ​ | $ | 62.3 | ​ | $ | 71.3 | ​ | $ | 135.0 | ​ | $ | 144.3
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Property, Plant and | ​ | PPAs and | ​ | ​
​ | ​ | Equipment, net of | ​ | other intangible assets, net of | ​ | ​
​ | ​ | accumulated depreciation | ​ | accumulated amortization | ​ | Total assets
​ |  | June 30, 2020 |  | December 31, 2019 |  | June 30, 2020 |  | December 31, 2019 |  | June 30, 2020 |  | December 31, 2019
United States |  | $ | 357.3 | ​ | $ | 353.9 | ​ | $ | 130.2 | ​ | $ | 142.8 | ​ | $ | 676.9 | ​ | $ | 762.3
Canada | ​ |  | 136.3 | ​ |  | 148.2 | ​ |  | 1.1 | ​ |  | 1.5 | ​ |  | 172.0 | ​ |  | 173.3
Total | ​ | $ | 493.6 | ​ | $ | 502.1 | ​ | $ | 131.3 | ​ | $ | 144.3 | ​ | $ | 848.9 | ​ | $ | 935.6
​ Concentration risk ​ Niagara Mohawk, Independent Electricity System Operator (“IESO”), Georgia Power Company, and Equistar Chemicals, LP, provided 18.4%, 13.2%, 11.4%, and 11.3%, respectively, of total consolidated revenues for the three months ended June 30, 2020. Niagara Mohawk, IESO, Equistar Chemicals, LP, Georgia Power Company and BC Hydro provided 23.7%, 11.3%, 11.0% , 11.1% and 10.8%, respectively, of total consolidated revenues for the three months ended June 30, 2019. ​ Niagara Mohawk, IESO, BC Hydro and Equistar Chemicals, LP provided 19.7%, 14.0%, 11.9% and 10.8%, respectively, of total consolidated revenues for the six months ended June 30, 2020. Niagara Mohawk, IESO, Equistar Chemicals, LP, Georgia Power Company and BC Hydro provided 22.6%, 12.5%, 12.2%, 10.1% and 10.1%, respectively, of total consolidated revenues for the six months ended June 30, 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, Georgia Power Company purchases electricity from the Piedmont project in the Solid Fuel segment, 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 the Williams Lake project in the Solid Fuel 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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