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Segmented information | 6 Months Ended
--- | ---
Jun. 30, 2023
Segment Reporting [Abstract] |
Segmented information | The Company is managed under two primary business units consisting of the Regulated Services Group and the Renewable Energy Group. The two business units are the two segments of the Company. The Regulated Services Group, the Company's regulated operating unit, owns and operates a portfolio of electric, natural gas, water distribution and wastewater collection utility systems and transmission operations in the United States, Canada, Bermuda and Chile; the Renewable Energy Group, the Company's non-regulated operating unit, owns and operates a diversified portfolio of renewable and thermal electric generation assets in North America and internationally. On May 11, 2023, the Company announced that its Board of Directors had initiated a strategic review of the Renewable Energy Group. On August 10, 2023, the Company announced that it will pursue a sale of the Renewable Energy Group. For purposes of evaluating the performance of the business units, the Company allocates the realized portion of any gains or losses on financial instruments to the specific business units. Dividend income from Atlantica and AYES Canada is included in the operations of the Renewable Energy Group, while interest income from San Antonio Water System is included in the operations of the Regulated Services Group. Equity method gains and losses are included in the operations of the Regulated Services Group or Renewable Energy Group based on the nature of the activities of the investees. The change in value of investments carried at fair value, unrealized portion of any gains or losses on derivative instruments not designated in a hedging relationship and foreign exchange gains and losses are not considered in management’s evaluation of divisional performance and are, therefore, allocated and reported under corporate.
| Three months ended June 30, 2023
| Regulated Services Group |  | Renewable Energy Group |  | Corporate |  | Total
Revenue (1)(2) | $ | 532,233 |  |  | $ | 71,694 |  |  | $ | — |  |  | $ | 603,927 |
Other revenue | 14,200 |  |  | 9,380 |  |  | 364 |  |  | 23,944 |
Fuel, power and water purchased | 138,374 |  |  | 3,782 |  |  | — |  |  | 142,156 |
Net revenue | 408,059 |  |  | 77,292 |  |  | 364 |  |  | 485,715 |
Operating expenses (recovery) | 213,891 |  |  | 27,737 |  |  | (146) |  |  | 241,482 |
Administrative expenses | 13,548 |  |  | 11,044 |  |  | 1,100 |  |  | 25,692 |
Depreciation and amortization | 84,754 |  |  | 33,291 |  |  | 403 |  |  | 118,448 |
Loss on foreign exchange | — |  |  | — |  |  | 6,379 |  |  | 6,379 |
Operating income (loss) | 95,866 |  |  | 5,220 |  |  | (7,372) |  |  | 93,714 |
Interest expense | (42,724) |  |  | (16,420) |  |  | (30,519) |  |  | (89,663) |
Income (loss) from long-term investments | 9,332 |  |  | 26,259 |  |  | (313,287) |  |  | (277,696) |
Other expenses | (41,010) |  |  | (1,197) |  |  | (2,427) |  |  | (44,634) |
Earnings (loss) before income taxes | $ | 21,464 |  |  | $ | 13,862 |  |  | $ | (353,605) |  |  | $ | (318,279) |
Capital expenditures | $ | 225,505 |  |  | $ | 19,704 |  |  | $ | — |  |  | $ | 245,209 |
(1) Renewable Energy Group revenue includes $4,328 related to net hedging gain from energy derivative contracts and availability credits for the three months ended June 30, 2023 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $9,083 related to alternative revenue programs for the three months ended June 30, 2023 that do not represent revenue recognized from contracts with customers. 18.Segmented information (continued)
| Three months ended June 30, 2022
| Regulated Services Group |  | Renewable Energy Group |  | Corporate |  | Total
Revenue (1)(2) | $ | 507,095 |  |  | $ | 92,141 |  |  | $ | — |  |  | $ | 599,236 |
Other revenue | 12,559 |  |  | 7,208 |  |  | 382 |  |  | 20,149 |
Fuel, power and water purchased | 159,256 |  |  | 9,646 |  |  | — |  |  | 168,902 |
Net revenue | 360,398 |  |  | 89,703 |  |  | 382 |  |  | 450,483 |
Operating expenses | 179,258 |  |  | 27,053 |  |  | 19 |  |  | 206,330 |
Administrative expenses | 10,966 |  |  | 8,510 |  |  | 631 |  |  | 20,107 |
Depreciation and amortization | 76,228 |  |  | 36,057 |  |  | 262 |  |  | 112,547 |
Loss on foreign exchange | — |  |  | — |  |  | 4,464 |  |  | 4,464 |
Operating income (loss) | 93,946 |  |  | 18,083 |  |  | (4,994) |  |  | 107,035 |
Interest expense | (23,860) |  |  | (14,862) |  |  | (25,851) |  |  | (64,573) |
Income (loss) from long-term investments | 5,265 |  |  | 26,675 |  |  | (145,320) |  |  | (113,380) |
Other expenses | (2,898) |  |  | (4,723) |  |  | (6,602) |  |  | (14,223) |
Earnings (loss) before income taxes | $ | 72,453 |  |  | $ | 25,173 |  |  | $ | (182,767) |  |  | $ | (85,141) |
Capital expenditures | $ | 179,878 |  |  | $ | 67,660 |  |  | $ | — |  |  | $ | 247,538 |
(1) Renewable Energy Group revenue includes $25,062 related to net hedging loss from energy derivative contracts and availability credits for the three months ended June 30, 2022 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $8,811 related to alternative revenue programs for the three months ended June 30, 2022 that do not represent revenue recognized from contracts with customers. 18.Segmented information (continued)
| Six months ended June 30, 2023
| Regulated Services Group |  | Renewable Energy Group |  | Corporate |  | Total
Revenue (1)(2) | 1,206,394 |  |  | 150,410 |  |  | $ | — |  |  | $ | 1,356,804 |
Other revenue | 28,218 |  |  | 20,751 |  |  | 725 |  |  | 49,694 |
Fuel, power and water purchased | 405,524 |  |  | 11,588 |  |  | — |  |  | 417,112 |
Net revenue | 829,088 |  |  | 159,573 |  |  | 725 |  |  | 989,386 |
Operating expenses | 401,315 |  |  | 60,447 |  |  | 7 |  |  | 461,769 |
Administrative expenses | 21,873 |  |  | 18,474 |  |  | 3,178 |  |  | 43,525 |
Depreciation and amortization | 170,611 |  |  | 68,836 |  |  | 642 |  |  | 240,089 |
Loss on foreign exchange | — |  |  | — |  |  | 7,815 |  |  | 7,815 |
Operating income (loss) | 235,289 |  |  | 11,816 |  |  | (10,917) |  |  | 236,188 |
Interest expense | (81,202) |  |  | (31,315) |  |  | (59,064) |  |  | (171,581) |
Income (loss) from long-term investments | 19,660 |  |  | 59,526 |  |  | (136,870) |  |  | (57,684) |
Other expenses | (45,259) |  |  | (1,197) |  |  | (4,435) |  |  | (50,891) |
Earnings (loss) before income taxes | $ | 128,488 |  |  | $ | 38,830 |  |  | $ | (211,286) |  |  | $ | (43,968) |
Capital expenditures | 372,886 |  |  | 42,072 |  |  | — |  |  | 414,958 |
| June 30, 2023
Property, plant and equipment | $ | 8,757,413 |  |  | $ | 3,550,202 |  |  | $ | 29,316 |  |  | $ | 12,336,931 |
Investments carried at fair value | 1,799 |  |  | 1,211,919 |  |  | — |  |  | 1,213,718 |
Equity-method investees | 57,586 |  |  | 322,141 |  |  | 8,789 |  |  | 388,516 |
Total assets | 12,247,694 |  |  | 5,401,782 |  |  | 319,237 |  |  | 17,968,713 |
(1) Renewable Energy Group revenue includes $11,527 related to net hedging gain from energy derivative contracts and availability credits for the six months ended June 30, 2023 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $12,789 related to alternative revenue programs for the six months ended June 30, 2023 that do not represent revenue recognized from contracts with customers. 18.Segmented information (continued)
| Six months ended June 30, 2022
| Regulated Services Group |  | Renewable Energy Group |  | Corporate |  | Total
Revenue (1)(2) | $ | 1,129,854 |  |  | $ | 177,901 |  |  | $ | — |  |  | $ | 1,307,755 |
Other revenue | 27,547 |  |  | 16,552 |  |  | 768 |  |  | 44,867 |
Fuel, power and water purchased | 393,828 |  |  | 22,585 |  |  | — |  |  | 416,413 |
Net revenue | 763,573 |  |  | 171,868 |  |  | 768 |  |  | 936,209 |
Operating expenses | 363,667 |  |  | 54,643 |  |  | 22 |  |  | 418,332 |
Administrative expenses | 19,036 |  |  | 16,055 |  |  | 2,468 |  |  | 37,559 |
Depreciation and amortization | 156,511 |  |  | 75,474 |  |  | 526 |  |  | 232,511 |
Loss on foreign exchange | — |  |  | — |  |  | 4,726 |  |  | 4,726 |
| 224,359 |  |  | 25,696 |  |  | (6,974) |  |  | 243,081 |
Gain on sale of renewable assets | — |  |  | 1,200 |  |  | — |  |  | 1,200 |
Operating income (loss) | 224,359 |  |  | 26,896 |  |  | (6,974) |  |  | 244,281 |
Interest expense | (45,286) |  |  | (30,575) |  |  | (46,655) |  |  | (122,516) |
Income (loss) from long-term investments | 9,774 |  |  | 54,301 |  |  | (188,144) |  |  | (124,069) |
Other expenses | (7,786) |  |  | (4,978) |  |  | (8,023) |  |  | (20,787) |
Earnings (loss) before income taxes | $ | 181,061 |  |  | $ | 45,644 |  |  | $ | (249,796) |  |  | $ | (23,091) |
Capital expenditures | 435,463 |  |  | 139,774 |  |  | — |  |  | 575,237 |
| December 31, 2022
Property, plant and equipment | $ | 8,554,938 |  |  | $ | 3,360,687 |  |  | $ | 29,260 |  |  | $ | 11,944,885 |
Investments carried at fair value | 1,984 |  |  | 1,342,223 |  |  | — |  |  | 1,344,207 |
Equity-method investees | 56,199 |  |  | 310,103 |  |  | 15,500 |  |  | 381,802 |
Total assets | 12,109,575 |  |  | 5,251,933 |  |  | 266,105 |  |  | 17,627,613 |
(1) Renewable Energy Group revenue includes $29,892 related to net hedging loss from energy derivative contracts and availability credits for the six months ended June 30, 2022 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $15,089 related to alternative revenue programs for the six months ended June 30, 2022 that do not represent revenue recognized from contracts with customers. The majority of non-regulated energy sales are earned from contracts with large public utilities. The Company has sought to mitigate its credit risk by selling energy to large utilities in various North American locations. None of the utilities contribute more than 10% of total revenue. AQN operates in the independent power and utility industries in the United States, Canada and other regions. Information on operations by geographic area is as follows:
| Three months ended June 30 |  | Six months ended June 30
| 2023 |  | 2022 |  | 2023 |  | 2022
Revenue |  |  |  |  |  |  |
United States | $ | 503,777 |  |  | $ | 492,373 |  |  | $ | 1,144,201 |  |  | $ | 1,091,246 |
Canada | 37,788 |  |  | 41,397 |  |  | 90,916 |  |  | 95,232 |
Other regions | 86,306 |  |  | 85,615 |  |  | 171,381 |  |  | 166,144 |
| $ | 627,871 |  |  | $ | 619,385 |  |  | $ | 1,406,498 |  |  | $ | 1,352,622 |
Revenue is attributed to the regions based on the location of the underlying generating and utility facilities.

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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