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Segmented information | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segmented information | Segmented information As a result of the classification of the Company’s former renewable energy group (excluding hydro) as discontinued operations during 2024, the Regulated Services Group is the only reportable operating segment of the Company. The Regulated Services Group primarily owns and operates a portfolio of regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations in the United States, Canada, Bermuda and Chile. However, management has elected to disclose the “Hydro Group” as a reportable operating segment, which consists of hydroelectric generation facilities located in Canada that were not sold as part of the Renewable Sale. Non-operating segments include the corporate activities of the Company, which are reported under the “Corporate 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 unit. 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. Dividend income from Atlantica is reported and allocated under the Corporate Group. 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 the Corporate Group. Resources are allocated and performance is assessed by the Company’s Chief Executive Officer, who has been determined to be the Chief Operating Decision Maker (“CODM”). For all of the segments, the CODM uses segment earnings before income taxes in the annual budgeting and forecasting process. The CODM also considers budget-to-actual variances on a monthly basis for this profit measure when making decisions about allocating capital. 20.Segmented information (continued)
| Year ended December 31, 2024
| Regulated Services Group |  | Hydro Group |  | Corporate Group |  | Total (2)
Revenue (1) | $ | 2,228,642 |  |  | $ | 35,328 |  |  | $ | — |  |  | $ | 2,263,970 |
Other revenue | 53,355 |  |  | 792 |  |  | 1,421 |  |  | 55,568 |
Fuel, power, water purchased and other cost of sales | 594,116 |  |  | 213 |  |  | — |  |  | 594,329 |
Net revenue | 1,687,881 |  |  | 35,907 |  |  | 1,421 |  |  | 1,725,209 |
Operating expenses | 861,758 |  |  | 8,835 |  |  | 9,357 |  |  | 879,950 |
Depreciation and amortization | 387,162 |  |  | 6,762 |  |  | 1,763 |  |  | 395,687 |
Loss on foreign exchange | — |  |  | — |  |  | 3,483 |  |  | 3,483 |
Operating income (loss) | 438,961 |  |  | 20,310 |  |  | (13,182) |  |  | 446,089 |
Interest expense | (191,733) |  |  | (915) |  |  | (170,928) |  |  | (363,576) |
Income from long-term investments | 33,444 |  |  | 19 |  |  | 101,434 |  |  | 134,897 |
Other expenses | (32,275) |  |  | 9 |  |  | (7,964) |  |  | (40,230) |
Earnings (loss) before income taxes | $ | 248,397 |  |  | $ | 19,423 |  |  | $ | (90,640) |  |  | $ | 177,180 |
Property, plant and equipment | $ | 9,284,365 |  |  | $ | 136,759 |  |  | $ | 28,971 |  |  | $ | 9,450,095 |
Investments carried at fair value | 2,058 |  |  | — |  |  | — |  |  | 2,058 |
Equity-method investees | 38,113 |  |  | — |  |  | — |  |  | 38,113 |
Total assets (3) | 12,927,864 |  |  | 152,355 |  |  | 185,902 |  |  | 13,266,121 |
Capital expenditures | $ | 756,230 |  |  | $ | 6,600 |  |  | $ | 1,000 |  |  | $ | 763,830 |
(1) Regulated Services Group revenue includes $30,396 related to alternative revenue programs for the year ended December 31, 2024 that do not represent revenue recognized from contracts with customers. (2) Reflect results of continuing operations. (3) Excluding held for sale assets of $3,695,636. 20.Segmented information (continued)
| Year ended December 31, 2023
| Regulated Services Group |  | Hydro Group |  | Corporate Group |  | Total (2)
Revenue (1) | $ | 2,315,722 |  |  | $ | 34,322 |  |  | $ | — |  |  | $ | 2,350,044 |
Other revenue | 51,137 |  |  | 1,296 |  |  | 1,447 |  |  | 53,880 |
Fuel, power, water purchased and other cost of sales | 742,974 |  |  | 530 |  |  | — |  |  | 743,504 |
Net revenue | 1,623,885 |  |  | 35,088 |  |  | 1,447 |  |  | 1,660,420 |
Operating expenses | 811,359 |  |  | 8,565 |  |  | 3,990 |  |  | 823,914 |
Depreciation and amortization | 346,188 |  |  | 6,659 |  |  | 1,232 |  |  | 354,079 |
Asset impairment charge | — |  |  | — |  |  | 1,481 |  |  | 1,481 |
Loss on foreign exchange | — |  |  | — |  |  | 13,659 |  |  | 13,659 |
Operating income (loss) | 466,338 |  |  | 19,864 |  |  | (18,915) |  |  | 467,287 |
Interest expense | (160,999) |  |  | (1,177) |  |  | (146,264) |  |  | (308,440) |
Income (loss) from long-term investments | 44,953 |  |  | 3 |  |  | (128,891) |  |  | (83,935) |
Other expenses | (121,146) |  |  | (5,271) |  |  | (10,610) |  |  | (137,027) |
Earnings (loss) before income taxes | $ | 229,146 |  |  | $ | 13,419 |  |  | $ | (304,680) |  |  | $ | (62,115) |
Property, plant and equipment | $ | 8,945,637 |  |  | $ | 146,385 |  |  | $ | 34,751 |  |  | $ | 9,126,773 |
Investments carried at fair value | 1,962 |  |  | — |  |  | 1,052,703 |  |  | 1,054,665 |
Equity-method investees | 112,180 |  |  | — |  |  | 500 |  |  | 112,680 |
Total assets (2) | 12,658,955 |  |  | 140,880 |  |  | 1,387,161 |  |  | 14,186,996 |
Capital expenditures | $ | 740,768 |  |  | $ | 6,659 |  |  | $ | 1,232 |  |  | $ | 748,659 |
(1) Regulated Services Group revenue includes $32,839 related to alternative revenue programs for the year ended December 31, 2023 that do not represent revenue recognized from contracts with customers. (2) Reflect results of continuing operations. (3) Excluding held for sale assets of $4,186,965. 20.Segmented information (continued) AQN operates in the independent utilities industry in the United States, Canada and other regions. Information on operations by geographic area is as follows:
|  |  |  |  | 2024 |  | 2023
Revenue |  |  |  |  |  |  |
United States |  |  |  |  | $ | 1,852,407 |  |  | $ | 1,942,582 |
Canada |  |  |  |  | 91,612 |  |  | 95,306 |
Other regions |  |  |  |  | 375,519 |  |  | 366,036 |
|  |  |  |  | $ | 2,319,538 |  |  | $ | 2,403,924 |
Property, plant and equipment |  |  |  |  |  |  |
United States |  |  |  |  | $ | 8,362,512 |  |  | $ | 7,900,250 |
Canada |  |  |  |  | 328,452 |  |  | 460,200 |
Other regions |  |  |  |  | 759,131 |  |  | 766,323 |
|  |  |  |  | $ | 9,450,095 |  |  | $ | 9,126,773 |
Intangible assets |  |  |  |  |  |  |
United States |  |  |  |  | $ | 15,250 |  |  | $ | 15,028 |
Canada |  |  |  |  | 252 |  |  | 275 |
Other regions |  |  |  |  | 53,634 |  |  | 57,161 |
|  |  |  |  | $ | 69,136 |  |  | $ | 72,464 |
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. 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