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v3.20.2

Segmented information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2020
Segment Reporting [Abstract] |
Results of Operations and Assets for Segments |
| Three months ended June 30, 2020
| Regulated Services Group |  | Renewable Energy Group |  | Corporate |  | Total
Revenue (1)(2) | $ | 279,458 |  |  | $ | 64,180 |  |  | $ | — |  |  | $ | 343,638 |
Fuel, power and water purchased | 65,358 |  |  | 2,741 |  |  | — |  |  | 68,099 |
Net revenue | 214,100 |  |  | 61,439 |  |  | — |  |  | 275,539 |
Operating expenses | 105,067 |  |  | 16,395 |  |  | — |  |  | 121,462 |
Administrative expenses | 9,198 |  |  | 8,052 |  |  | 2,111 |  |  | 19,361 |
Depreciation and amortization | 52,629 |  |  | 22,803 |  |  | 235 |  |  | 75,667 |
Gain on foreign exchange | — |  |  | — |  |  | (24 | ) |  | (24 | )
Operating income | 47,206 |  |  | 14,189 |  |  | (2,322 | ) |  | 59,073 |
Interest expense | (24,097 | ) |  | (13,618 | ) |  | (7,103 | ) |  | (44,818 | )
Income from long-term investments | 2,962 |  |  | 22,551 |  |  | 309,296 |  |  | 334,809 |
Other | (19,695 | ) |  | (883 | ) |  | (8,590 | ) |  | (29,168 | )
Earnings before income taxes | $ | 6,376 |  |  | $ | 22,239 |  |  | $ | 291,281 |  |  | $ | 319,896 |
Capital expenditures | $ | 157,641 |  |  | $ | 28,766 |  |  | $ | — |  |  | $ | 186,407 |
(1) Renewable Energy Group revenue includes $7,447 related to net hedging gains from energy derivative contracts for the three-month period ended June 30, 2020 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $4,761 related to alternative revenue programs for the three-month period ended June 30, 2020 that do not represent revenue recognized from contracts with customers.
18. | Segmented information (continued)
| Three months ended June 30, 2019
| Regulated Services Group |  | Renewable Energy Group |  | Corporate |  | Total
Revenue (1)(2) | $ | 281,607 |  |  | $ | 61,971 |  |  | $ | — |  |  | $ | 343,578 |
Fuel, power and water purchased | 73,469 |  |  | 2,658 |  |  | — |  |  | 76,127 |
Net revenue | 208,138 |  |  | 59,313 |  |  | — |  |  | 267,451 |
Operating expenses | 102,021 |  |  | 18,166 |  |  | — |  |  | 120,187 |
Administrative expenses | 6,546 |  |  | 7,335 |  |  | (357 | ) |  | 13,524 |
Depreciation and amortization | 47,034 |  |  | 22,536 |  |  | 243 |  |  | 69,813 |
Loss on foreign exchange | — |  |  | — |  |  | 1,467 |  |  | 1,467 |
Operating income | 52,537 |  |  | 11,276 |  |  | (1,353 | ) |  | 62,460 |
Interest expense | (26,057 | ) |  | (16,237 | ) |  | (3,546 | ) |  | (45,840 | )
Income from long-term investments | 1,854 |  |  | 37,050 |  |  | 121,758 |  |  | 160,662 |
Other | (8,796 | ) |  | 77 |  |  | (422 | ) |  | (9,141 | )
Earnings before income taxes | $ | 19,538 |  |  | $ | 32,166 |  |  | $ | 116,437 |  |  | $ | 168,141 |
Capital expenditures | $ | 104,758 |  |  | $ | 906 |  |  | $ | — |  |  | $ | 105,664 |
(1) Renewable Energy Group revenue includes $5,200 related to net hedging gains from energy derivative contracts for the three-month period ended June 30, 2019 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $3,460 related to alternative revenue programs for the three-month period ended June 30, 2019 that do not represent revenue recognized from contracts with customers.
18. | Segmented information (continued)
| Six months ended June 30, 2020
| Regulated Services Group |  | Renewable Energy Group |  | Corporate |  | Total
Revenue (1)(2) | $ | 675,518 |  |  | $ | 133,021 |  |  | $ | — |  |  | $ | 808,539 |
Fuel, power and water purchased | 188,455 |  |  | 6,745 |  |  | — |  |  | 195,200 |
Net revenue | 487,063 |  |  | 126,276 |  |  | — |  |  | 613,339 |
Operating expenses | 213,434 |  |  | 35,924 |  |  | — |  |  | 249,358 |
Administrative expenses | 18,685 |  |  | 14,258 |  |  | 2,090 |  |  | 35,033 |
Depreciation and amortization | 105,639 |  |  | 48,431 |  |  | 477 |  |  | 154,547 |
Gain on foreign exchange | — |  |  | — |  |  | (4,694 | ) |  | (4,694 | )
Operating income | 149,305 |  |  | 27,663 |  |  | 2,127 |  |  | 179,095 |
Interest expense | (48,937 | ) |  | (28,097 | ) |  | (14,032 | ) |  | (91,066 | )
Income from long-term investments | 5,610 |  |  | 46,345 |  |  | 120,193 |  |  | 172,148 |
Other | (24,692 | ) |  | (49 | ) |  | (8,616 | ) |  | (33,357 | )
Earnings before income taxes | $ | 81,286 |  |  | $ | 45,862 |  |  | $ | 99,672 |  |  | $ | 226,820 |
Property, plant and equipment | $ | 4,695,303 |  |  | $ | 2,412,441 |  |  | $ | 35,119 |  |  | $ | 7,142,863 |
Investments carried at fair value | 26,650 |  |  | 1,390,874 |  |  | — |  |  | 1,417,524 |
Equity-method investees | 43,152 |  |  | 76,646 |  |  | — |  |  | 119,798 |
Total assets | 6,896,472 |  |  | 4,167,458 |  |  | 124,098 |  |  | 11,188,028 |
Capital expenditures | $ | 297,273 |  |  | $ | 45,036 |  |  | $ | — |  |  | $ | 342,309 |
(1) Renewable Energy Group revenue includes $16,739 related to net hedging gains from energy derivative contracts for the six-month period ended June 30, 2020 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $7,730 related to alternative revenue programs for the six-month period ended June 30, 2020 that do not represent revenue recognized from contracts with customers.
18. | Segmented information (continued)
| Six months ended June 2019
| Regulated Services Group |  | Renewable Energy Group |  | Corporate |  | Total
Revenue (1)(2) | $ | 692,631 |  |  | $ | 128,172 |  |  | $ | — |  |  | $ | 820,803 |
Fuel and power purchased | 224,075 |  |  | 9,579 |  |  | — |  |  | 233,654 |
Net revenue | 468,556 |  |  | 118,593 |  |  | — |  |  | 587,149 |
Operating expenses | 203,996 |  |  | 36,304 |  |  | — |  |  | 240,300 |
Administrative expenses | 11,979 |  |  | 14,889 |  |  | (226 | ) |  | 26,642 |
Depreciation and amortization | 95,451 |  |  | 44,921 |  |  | 488 |  |  | 140,860 |
Loss on foreign exchange | — |  |  | — |  |  | 934 |  |  | 934 |
Operating income | 157,130 |  |  | 22,479 |  |  | (1,196 | ) |  | 178,413 |
Interest expense | (51,149 | ) |  | (32,444 | ) |  | (4,868 | ) |  | (88,461 | )
Income from long-term investments | 3,111 |  |  | 60,547 |  |  | 116,476 |  |  | 180,134 |
Other | (10,756 | ) |  | (73 | ) |  | (2,365 | ) |  | (13,194 | )
Earnings before income taxes | $ | 98,336 |  |  | $ | 50,509 |  |  | $ | 108,047 |  |  | $ | 256,892 |
Capital expenditures | $ | 202,173 |  |  | $ | 10,877 |  |  | $ | — |  |  | $ | 213,050 |
| December 31, 2019
Property, plant and equipment | $ | 4,754,373 |  |  | $ | 2,444,382 |  |  | $ | 32,909 |  |  | $ | 7,231,664 |
Investments carried at fair value | 27,072 |  |  | 1,267,075 |  |  | — |  |  | 1,294,147 |
Equity-method investees | 29,827 |  |  | 53,670 |  |  | — |  |  | 83,497 |
Total assets | $ | 6,816,063 |  |  | $ | 4,014,067 |  |  | $ | 81,340 |  |  | $ | 10,911,470 |
(1) Renewable Energy Group revenue includes $11,640 related to net hedging gains from energy derivative contracts for the six-month period ended June 30, 2019 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $(3,561) related to alternative revenue programs for the six-month period ended June 30, 2019 that do not represent revenue recognized from contracts with customers.
Information on Operations by Geographic Area | Information on operations by geographic area is as follows:
| Three months ended June 30 |  | Six months ended June 30
| 2020 |  | 2019 |  | 2020 |  | 2019
Revenue |  |  |  |  |  |  |
Canada | $ | 33,923 |  |  | $ | 21,633 |  |  | $ | 81,668 |  |  | $ | 40,164 |
United States | 309,715 |  |  | 321,945 |  |  | 726,871 |  |  | 780,639 |
| $ | 343,638 |  |  | $ | 343,578 |  |  | $ | 808,539 |  |  | $ | 820,803 |

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