XML 45 R26.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Segmented information | 6 Months Ended
--- | ---
Jun. 30, 2024
Segment Reporting [Abstract] |
Segmented information | 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, primarily owns and operates a portfolio of electric, natural gas, water distribution wastewater collection, and natural gas utility systems and transmission operations in the United States, Canada, Bermuda and Chile; the Renewable Energy Group, the Company's non-regulated operating unit, primarily owns and operates, or has investments in, a diversified portfolio of renewable and thermal energy generation assets. The Company announced that it is pursuing a sale of its renewable energy business. The anticipated sale has not met the accounting requirements to be presented as held for sale as of June 30, 2024. For the 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. 18.Segmented information (continued)
| Three months ended June 30, 2024
| Regulated Services Group |  | Renewable Energy Group |  | Corporate |  | Total
Revenue (1)(2) | $ | 491,312 |  |  | $ | 78,661 |  |  | $ | — |  |  | $ | 569,973 |
Other revenue | 13,940 |  |  | 14,518 |  |  | 195 |  |  | 28,653 |
Fuel, power and water purchased | 108,934 |  |  | 691 |  |  | — |  |  | 109,625 |
Net revenue | 396,318 |  |  | 92,488 |  |  | 195 |  |  | 489,001 |
Operating expenses (3) | 215,708 |  |  | 47,758 |  |  | 2,402 |  |  | 265,868 |
Depreciation and amortization | 100,120 |  |  | 36,553 |  |  | 239 |  |  | 136,912 |
Loss on foreign exchange | — |  |  | — |  |  | 4,284 |  |  | 4,284 |
Operating income | 80,490 |  |  | 8,177 |  |  | (6,730) |  |  | 81,937 |
Interest expense | (49,476) |  |  | (18,624) |  |  | (37,687) |  |  | (105,787) |
Income from long-term investments and other income | 7,456 |  |  | 17,667 |  |  | 173,518 |  |  | 198,641 |
Other expenses | (8,537) |  |  | (7,886) |  |  | (4,555) |  |  | (20,978) |
Earnings (loss) before income taxes | $ | 29,933 |  |  | $ | (666) |  |  | $ | 124,546 |  |  | $ | 153,813 |
Capital expenditures (4) | $ | 167,834 |  |  | $ | 36,502 |  |  | $ | — |  |  | $ | 204,336 |
(1) Renewable Energy Group revenue includes $6,965 related to net hedging gain from energy derivative contracts and availability credits for the three months ended June 30, 2024 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $15,334 related to alternative revenue programs for the three months ended June 30, 2024 that do not represent revenue recognized from contracts with customers. (3) Operating expenses for the Renewable Energy Group include development costs of $7,734 and other operating costs (previously called administrative expenses) of $6,709 for the three months ended June 30, 2024. (4) Excludes Property, plant and equipment acquired through the assumption of debt. 18.Segmented information (continued)
| Three months ended June 30, 2023
| Regulated Services Group |  | Renewable Energy Group |  | Corporate |  | Total
Revenue (1)(2) | $ | 533,642 |  |  | $ | 71,694 |  |  | $ | — |  |  | $ | 605,336 |
Other revenue | 12,791 |  |  | 9,380 |  |  | 364 |  |  | 22,535 |
Fuel, power and water purchased | 138,374 |  |  | 3,782 |  |  | — |  |  | 142,156 |
Net revenue | 408,059 |  |  | 77,292 |  |  | 364 |  |  | 485,715 |
Operating expenses (3) | 228,847 |  |  | 38,367 |  |  | (40) |  |  | 267,174 |
Depreciation and amortization | 84,754 |  |  | 33,291 |  |  | 403 |  |  | 118,448 |
Gain on foreign exchange | — |  |  | — |  |  | 6,379 |  |  | 6,379 |
Operating income | 94,458 |  |  | 5,634 |  |  | (6,378) |  |  | 93,714 |
Interest expense | (42,724) |  |  | (16,420) |  |  | (30,519) |  |  | (89,663) |
Income (loss) from long-term investments and other income | 9,332 |  |  | 22,842 |  |  | (309,870) |  |  | (277,696) |
Other expenses | (41,010) |  |  | (1,197) |  |  | (2,427) |  |  | (44,634) |
Earnings (loss) before income taxes | $ | 20,056 |  |  | $ | 10,859 |  |  | $ | (349,194) |  |  | $ | (318,279) |
Capital expenditures (4) | $ | 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. 3) Operating expenses for the Renewable Energy Group include development costs of $3,274 and other operating costs of $7,356 for the three months ended June 30 2023. (4) Excludes Property, plant and equipment acquired through the assumption of debt. 18.Segmented information (continued)
| Six months ended June 30, 2024
| Regulated Services Group |  | Renewable Energy Group |  | Corporate |  | Total
Revenue (1)(2) | $ | 1,116,143 |  |  | $ | 163,237 |  |  | $ | — |  |  | $ | 1,279,380 |
Other revenue | 25,689 |  |  | 30,052 |  |  | 605 |  |  | 56,346 |
Fuel, power and water purchased | 306,738 |  |  | 4,229 |  |  | — |  |  | 310,967 |
Net revenue | 835,094 |  |  | 189,060 |  |  | 605 |  |  | 1,024,759 |
Operating expenses (3) | 423,239 |  |  | 101,353 |  |  | 3,061 |  |  | 527,653 |
Depreciation and amortization | 192,140 |  |  | 73,812 |  |  | 500 |  |  | 266,452 |
Loss on foreign exchange | — |  |  | — |  |  | 16,141 |  |  | 16,141 |
Operating income (loss) | 219,715 |  |  | 13,895 |  |  | (19,097) |  |  | 214,513 |
Interest expense | (98,186) |  |  | (38,419) |  |  | (71,706) |  |  | (208,311) |
Income from long-term investments and other income | 15,377 |  |  | 19,689 |  |  | 15,821 |  |  | 50,887 |
Other expenses | (12,228) |  |  | (9,198) |  |  | (13,458) |  |  | (34,884) |
Earnings (loss) before income taxes | $ | 124,678 |  |  | $ | (14,033) |  |  | $ | (88,440) |  |  | $ | 22,205 |
Capital expenditures (4) | 351,048 |  |  | 65,834 |  |  | — |  |  | 416,882 |
| June 30, 2024
Property, plant and equipment | $ | 9,051,366 |  |  | $ | 4,120,034 |  |  | $ | 27,800 |  |  | $ | 13,199,200 |
Investments carried at fair value | 1,905 |  |  | 1,126,266 |  |  | — |  |  | 1,128,171 |
Equity-method investees | 39,012 |  |  | 313,971 |  |  | — |  |  | 352,983 |
Total assets | 12,690,910 |  |  | 5,809,815 |  |  | 365,649 |  |  | 18,866,374 |
(1) Renewable Energy Group revenue includes $16,614 related to net hedging gain from energy derivative contracts and availability credits for the six months ended June 30, 2024 that do not represent revenue recognized from contracts with customers. (2) Regulated Services Group revenue includes $18,301 related to alternative revenue programs for the six months ended June 30, 2024 that do not represent revenue recognized from contracts with customers. (3) Operating expenses for the Renewable Energy Group include development costs of $16,290 and other operating costs (previously called administrative expenses) of $12,738 for the six months ended June 30, 2024. (4) Excludes Property, plant and equipment acquired through the assumption of debt. 18.Segmented information (continued)
| Six months ended June 30, 2023
| Regulated Services Group |  | Renewable Energy Group |  | Corporate |  | Total
Revenue (1)(2) | $ | 1,208,174 |  |  | $ | 150,410 |  |  | $ | — |  |  | $ | 1,358,584 |
Other revenue | 26,438 |  |  | 20,751 |  |  | 725 |  |  | 47,914 |
Fuel, power and water purchased | 405,524 |  |  | 11,588 |  |  | — |  |  | 417,112 |
Net revenue | 829,088 |  |  | 159,573 |  |  | 725 |  |  | 989,386 |
Operating expenses (3) | 425,699 |  |  | 78,796 |  |  | 799 |  |  | 505,294 |
Depreciation and amortization | 170,611 |  |  | 68,836 |  |  | 642 |  |  | 240,089 |
Loss on foreign exchange | — |  |  | — |  |  | 7,815 |  |  | 7,815 |
Operating income (loss) | 232,778 |  |  | 11,941 |  |  | (8,531) |  |  | 236,188 |
Interest expense | (81,202) |  |  | (31,315) |  |  | (59,064) |  |  | (171,581) |
Income (loss) from long-term investments and other income | 19,660 |  |  | 52,584 |  |  | (129,928) |  |  | (57,684) |
Other expenses | (45,259) |  |  | (1,197) |  |  | (4,435) |  |  | (50,891) |
Earnings (loss) before income taxes | $ | 125,977 |  |  | $ | 32,013 |  |  | $ | (201,958) |  |  | $ | (43,968) |
Capital expenditures (4) | 372,886 |  |  | 42,072 |  |  | — |  |  | 414,958 |
| December 31, 2023
Property, plant and equipment | $ | 8,945,637 |  |  | $ | 3,539,069 |  |  | $ | 32,744 |  |  | $ | 12,517,450 |
Investments carried at fair value | 1,962 |  |  | 1,113,767 |  |  | — |  |  | 1,115,729 |
Equity-method investees | 112,180 |  |  | 343,712 |  |  | 501 |  |  | 456,393 |
Total assets | 12,658,955 |  |  | 5,367,011 |  |  | 347,995 |  |  | 18,373,961 |
(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. (3) Operating expenses for the Renewable Energy Group include development costs of $7,261 and other operating costs of $11,088 for the six months ended June 30 2023. (4) Excludes Property, plant and equipment acquired through the assumption of debt. 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. 18.Segmented information (continued) 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
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenue |  |  |  |  |  |  |
United States | $ | 467,747 |  |  | $ | 503,777 |  |  | $ | 1,069,326 |  |  | $ | 1,144,201 |
Canada | 37,391 |  |  | 37,788 |  |  | 87,886 |  |  | 90,916 |
Other regions | 93,488 |  |  | 86,306 |  |  | 178,514 |  |  | 171,381 |
| $ | 598,626 |  |  | $ | 627,871 |  |  | $ | 1,335,726 |  |  | $ | 1,406,498 |
Revenue is attributed to the regions based on the location of the underlying generating and utility facilities.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -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 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: 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 13: 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 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: 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 18: 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 19: 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 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: 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 22: 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 23: 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 24: 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 25: 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration