| 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 nine months ended September 30, 2020 and 2019 is included in the tables below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Solid Fuel | | Natural Gas | | Hydroelectric | | Corporate | | Consolidated | | Three Months Ended September 30, 2020 | | | | | | | | | | | | | | | | | Project revenues | | $ | 26.7 | | $ | 29.1 | | $ | 9.2 | | $ | 0.2 | | $ | 65.2 | | Segment assets | | | 229.7 | | | 208.4 | | | 353.0 | | | 49.3 | | | 840.4 | | Project Adjusted EBITDA | | $ | 17.1 | | $ | 27.1 | | $ | 5.6 | | $ | (0.3) | | $ | 49.5 | | Change in fair value of derivative instruments | | | — | | | (6.3) | | | — | | | (1.8) | | | (8.1) | | Depreciation and amortization | | | 5.7 | | | 8.2 | | | 4.9 | | | — | | | 18.8 | | Interest, net | | | 0.6 | | | — | | | — | | | 0.2 | | | 0.8 | | Project income | | | 10.8 | | | 25.2 | | | 0.7 | | | 1.3 | | | 38.0 | | Administration | | | — | | | — | | | — | | | 5.6 | | | 5.6 | | Interest expense, net | | | — | | | — | | | — | | | 10.8 | | | 10.8 | | Foreign exchange loss | | | — | | | — | | | — | | | 5.1 | | | 5.1 | | Other income, net | | | — | | | — | | | — | | | (3.8) | | | (3.8) | | Net income (loss) before income taxes | | | 10.8 | | | 25.2 | | | 0.7 | | | (16.4) | | | 20.3 | | Income tax expense | | | — | | | — | | | — | | | 2.5 | | | 2.5 | | Net income (loss) | | $ | 10.8 | | $ | 25.2 | | $ | 0.7 | | $ | (18.9) | | $ | 17.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Solid Fuel | | Natural Gas | | Hydroelectric | | Corporate | | Consolidated | | Three Months Ended September 30, 2019 | | | | | | | | | | | | | | | | | Project revenues | | $ | 26.1 | | $ | 35.1 | | $ | 9.7 | | $ | 0.2 | | $ | 71.1 | | Segment assets | | | 295.6 | | | 251.3 | | | 371.6 | | | 78.7 | | | 997.2 | | Project Adjusted EBITDA | | $ | 13.2 | | $ | 29.6 | | $ | 6.3 | | $ | (0.2) | | $ | 48.9 | | Change in fair value of derivative instruments | | | — | | | (2.6) | | | — | | | 1.6 | | | (1.0) | | Depreciation and amortization | | | 6.0 | | | 9.3 | | | 4.9 | | | — | | | 20.2 | | Interest, net | | | 0.8 | | | — | | | — | | | — | | | 0.8 | | Insurance loss | | | 1.0 | | | — | | | — | | | — | | | 1.0 | | Other project (income) expense | | | — | | | (0.1) | | | — | | | 0.1 | | | — | | Project income (loss) | | | 5.4 | | | 23.0 | | | 1.4 | | | (1.9) | | | 27.9 | | Administration | | | — | | | — | | | — | | | 5.5 | | | 5.5 | | Interest expense, net | | | — | | | — | | | — | | | 10.9 | | | 10.9 | | Foreign exchange gain | | | — | | | — | | | — | | | (2.8) | | | (2.8) | | Other income, net | | | — | | | — | | | — | | | (0.2) | | | (0.2) | | Net income (loss) before income taxes | | | 5.4 | | | 23.0 | | | 1.4 | | | (15.3) | | | 14.5 | | Income tax expense | | | — | | | — | | | — | | | 0.2 | | | 0.2 | | Net income (loss) | | $ | 5.4 | | $ | 23.0 | | $ | 1.4 | | $ | (15.5) | | $ | 14.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Solid Fuel | | Natural Gas | | Hydroelectric | | Corporate | | Consolidated | | Nine Months Ended September 30, 2020 | | | | | | | | | | | | | | | | | Project revenues | | $ | 67.4 | | $ | 86.7 | | $ | 45.5 | | $ | 0.7 | | $ | 200.3 | | Segment assets | | | 229.7 | | | 208.4 | | | 353.0 | | | 49.3 | | | 840.4 | | Project Adjusted EBITDA | | $ | 23.3 | | $ | 79.1 | | $ | 35.7 | | $ | (1.0) | | $ | 137.1 | | Change in fair value of derivative instruments | | | — | | | (9.3) | | | — | | | 3.7 | | | (5.6) | | Depreciation and amortization | | | 16.8 | | | 26.6 | | | 14.7 | | | 0.2 | | | 58.3 | | Interest, net | | | 2.0 | | | — | | | — | | | 0.1 | | | 2.1 | | Project income (loss) | | | 4.5 | | | 61.8 | | | 21.0 | | | (5.0) | | | 82.3 | | Administration | | | — | | | — | | | — | | | 16.8 | | | 16.8 | | Interest expense, net | | | — | | | — | | | — | | | 31.7 | | | 31.7 | | Foreign exchange gain | | | — | | | — | | | — | | | (6.2) | | | (6.2) | | Other income, net | | | — | | | — | | | — | | | (2.7) | | | (2.7) | | Net income (loss) before income taxes | | | 4.5 | | | 61.8 | | | 21.0 | | | (44.6) | | | 42.7 | | Income tax expense | | | — | | | — | | | — | | | 5.2 | | | 5.2 | | Net income (loss) | | $ | 4.5 | | $ | 61.8 | | $ | 21.0 | | $ | (49.8) | | $ | 37.5 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Solid Fuel | | Natural Gas | | Hydroelectric | | Corporate | | Consolidated | | Nine Months Ended September 30, 2019 | | | | | | | | | | | | | | | | | Project revenues | | $ | 64.5 | | $ | 99.6 | | $ | 50.6 | | $ | 0.7 | | $ | 215.4 | | Segment assets | | | 295.6 | | | 251.3 | | | 371.6 | | | 78.7 | | | 997.2 | | Project Adjusted EBITDA | | $ | 31.5 | | $ | 80.6 | | $ | 41.2 | | $ | (0.1) | | $ | 153.2 | | Change in fair value of derivative instruments | | | — | | | 0.1 | | | — | | | 8.2 | | | 8.3 | | Depreciation and amortization | | | 17.9 | | | 28.0 | | | 14.6 | | | 0.1 | | | 60.6 | | Interest, net | | | 2.3 | | | (0.3) | | | — | | | — | | | 2.0 | | Insurance loss | | | 1.0 | | | — | | | — | | | — | | | 1.0 | | Other project expense | | | — | | | 1.2 | | | — | | | — | | | 1.2 | | Project income (loss) | | | 10.3 | | | 51.6 | | | 26.6 | | | (8.4) | | | 80.1 | | Administration | | | — | | | — | | | — | | | 17.3 | | | 17.3 | | Interest expense, net | | | — | | | — | | | — | | | 33.0 | | | 33.0 | | Foreign exchange loss | | | — | | | — | | | — | | | 7.1 | | | 7.1 | | Other expense, net | | | — | | | — | | | — | | | 0.7 | | | 0.7 | | Net income (loss) before income taxes | | | 10.3 | | | 51.6 | | | 26.6 | | | (66.5) | | | 22.0 | | Income tax expense | | | — | | | — | | | — | | | 2.4 | | | 2.4 | | Net income (loss) | | $ | 10.3 | | $ | 51.6 | | $ | 26.6 | | $ | (68.9) | | $ | 19.6 | |
The tables below provide information, by country, about our consolidated operations for the three and nine months ended September 30, 2020 and 2019 and for Property, Plant and Equipment, PPAs and other intangible assets and total assets as of September 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 | | Nine Months Ended | | | September 30, | | September 30, | | | 2020 | | 2019 | | 2020 | | 2019 | United States | | $ | 46.5 | | $ | 54.9 | | $ | 140.1 | | $ | 159.5 | Canada | | | 18.7 | | | 16.2 | | | 60.2 | | | 55.9 | Total | | $ | 65.2 | | $ | 71.1 | | $ | 200.3 | | $ | 215.4 |
| | | | | | | | | | | | | | | | | | | | | Property, Plant and | | PPAs and | | | | | Equipment, net of | | other intangible assets, net of | | | | | accumulated depreciation | | accumulated amortization | | Total assets | | | September 30, 2020 | | December 31, 2019 | | September 30, 2020 | | December 31, 2019 | | September 30, 2020 | | December 31, 2019 | United States | | $ | 357.7 | | $ | 353.9 | | $ | 124.8 | | $ | 142.8 | | $ | 666.5 | | $ | 762.3 | Canada | | | 137.1 | | | 148.2 | | | 1.0 | | | 1.5 | | | 173.9 | | | 173.3 | Total | | $ | 494.8 | | $ | 502.1 | | $ | 125.8 | | $ | 144.3 | | $ | 840.4 | | $ | 935.6 |
Concentration risk Georgia Power Company, Independent Electricity System Operator (“IESO”), BC Hydro, and Equistar Chemicals, LP, provided 15.5%, 12.2%, 11.3%, and 10.7%, respectively, of total consolidated revenues for the three months ended September 30, 2020. Georgia Power Company, IESO, Southern California Edison and Equistar Chemicals, LP provided 16.2%, 11.2%, 10.5% and 10.4%, respectively, of total consolidated revenues for the three months ended September 30, 2019. Niagara Mohawk, IESO, Georgia Power Company, BC Hydro, and Equistar Chemicals, LP provided 16.1%, 13.5%, 11.6%, 11.2% and 10.8%, respectively, of total consolidated revenues for the nine months ended September 30, 2020. Niagara Mohawk, Georgia Power Company, IESO and Equistar Chemicals, LP, provided 18.4%, 12.1%, 12.1% and 11.6%, respectively, of total consolidated revenues for the nine months ended September 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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