13. Segment and geographic information

We have four reportable segments: East U.S., West U.S., Canada and Un-Allocated Corporate. 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 (including non-cash impairment charges) and changes in fair value of derivative instruments. 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 investments in unconsolidated affiliates are presented as proportionately consolidated based on our ownership percentage in the reconciliation of Project Adjusted EBITDA to project income (loss).

A reconciliation of Project Adjusted EBITDA to net income (loss) for the three and six months ended June 30, 2018 and 2017 is included in the tables below:


							Un-Allocated
	East U.S.		West U.S.		Canada		Corporate		Consolidated
Three Months Ended June 30, 2018
Project revenues	$	39.0	$	8.3	$	18.7	$	0.2	$	66.2
Segment assets		610.5		167.1		197.6		92.6		1,067.8
Project Adjusted EBITDA	$	31.2	$	(0.7)	$	9.0	$	0.3	$	39.8
Change in fair value of derivative instruments		0.5		—		(0.2)		(0.1)		0.2
Depreciation and amortization		11.4		5.6		8.0		0.1		25.1
Interest, net		0.9		—		—		—		0.9
Project income (loss)		18.4		(6.3)		1.2		0.3		13.6
Administration		—		—		—		6.2		6.2
Interest expense, net		—		—		—		11.1		11.1
Foreign exchange gain		—		—		—		(5.4)		(5.4)
Other income, net		—		—		—		(0.2)		(0.2)
Income (loss) before income taxes		18.4		(6.3)		1.2		(11.4)		1.9
Income tax expense		—		—		—		0.9		0.9
Net income (loss)	$	18.4	$	(6.3)	$	1.2	$	(12.3)	$	1.0


							Un-Allocated
	East U.S.		West U.S.		Canada		Corporate		Consolidated
Three Months Ended June 30, 2017
Project revenues	$	40.4	$	27.9	$	55.4	$	0.3	$	124.0
Segment assets		688.5		299.3		281.9		104.4		1,374.1
Project Adjusted EBITDA	$	29.1	$	10.6	$	45.2	$	0.5	$	85.4
Change in fair value of derivative instruments		0.7		—		0.9		1.0		2.6
Depreciation and amortization		11.4		10.0		13.2		0.1		34.7
Interest, net		2.6		(0.1)		—		—		2.5
Impairment		57.7		—		—		—		57.7
Project (loss) income		(43.3)		0.7		31.1		(0.6)		(12.1)
Administration		—		—		—		5.7		5.7
Interest expense, net		—		—		—		18.4		18.4
Foreign exchange loss		—		—		—		5.9		5.9
(Loss) income before income taxes		(43.3)		0.7		31.1		(30.6)		(42.1)
Income tax benefit		—		—		—		(22.3)		(22.3)
Net (loss) income	$	(43.3)	$	0.7	$	31.1	$	(8.3)	$	(19.8)


							Un-Allocated
	East U.S.		West U.S.		Canada		Corporate		Consolidated
Six Months Ended June 30, 2018
Project revenues	$	80.6	$	21.9	$	43.2	$	0.5	$	146.2
Segment assets		610.5		167.1		197.6		92.6		1,067.8
Project Adjusted EBITDA	$	64.4	$	5.4	$	23.2	$	0.2	$	93.2
Change in fair value of derivative instruments		0.2		—		(1.4)		(2.4)		(3.6)
Depreciation and amortization		23.2		13.6		16.1		0.2		53.1
Interest, net		1.9		—		—		—		1.9
Project income (loss)		39.1		(8.2)		8.5		2.4		41.8
Administration		—		—		—		12.2		12.2
Interest expense, net		—		—		—		26.1		26.1
Foreign exchange gain		—		—		—		(13.6)		(13.6)
Other income, net		—		—		—		(2.2)		(2.2)
Net income (loss) before income taxes		39.1		(8.2)		8.5		(20.1)		19.3
Income tax expense		—		—		—		4.2		4.2
Net income (loss)	$	39.1	$	(8.2)	$	8.5	$	(24.3)	$	15.1


							Un-Allocated
	East U.S.		West U.S.		Canada		Corporate		Consolidated
Six Months Ended June 30, 2017
Project revenues	$	76.5	$	51.3	$	94.1	$	0.5	$	222.4
Segment assets		688.5		299.3		281.9		104.4		1,374.1
Project Adjusted EBITDA	$	56.2	$	19.8	$	72.8	$	0.5	$	149.3
Change in fair value of derivative instruments		1.3		—		4.1		(1.6)		3.8
Depreciation and amortization		22.7		19.8		26.4		0.4		69.3
Interest, net		5.3		—		—		—		5.3
Impairment		57.7		—		—		—		57.7
Project income (loss)		(30.8)		—		42.3		1.7		13.2
Administration		—		—		—		12.1		12.1
Interest expense, net		—		—		—		35.7		35.7
Foreign exchange loss		—		—		—		8.3		8.3
Net (loss) income before income taxes		(30.8)		—		42.3		(54.4)	$	(42.9)
Income tax benefit		—		—		—		(22.6)		(22.6)
Net (loss) income	$	(30.8)	$	—	$	42.3	$	(31.8)	$	(20.3)

The table below provides information, by country, about our consolidated operations for each of the three and six months ended June 30, 2018 and 2017 and Property, Plant & Equipment as of June 30, 2018 and December 31, 2017, 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				Project Revenue				Property, Plant and
	Three Months Ended				Six Months Ended				Equipment, net of
	June 30,				June 30,				accumulated depreciation
	2018		2017		2018		2017		June 30, 2018		December 31, 2017
United States	$	47.5	$	68.6	$	103.0	$	128.3	$	409.8	$	426.2
Canada		18.7		55.4		43.2		94.1		163.3		176.1
Total	$	66.2	$	124.0	$	146.2	$	222.4	$	573.1	$	602.3

Concentration risk

Niagara Mohawk, BC Hydro, Georgia Power Company and Equistar Chemicals, LP provided 16.9%, 13.0%, 11.6% and 11.6%, respectively, of total consolidated revenues for the three months ended June 30, 2018. Independent Electricity System Operator (“IESO”), Ontario Electricity Financial Corporation (“OEFC”) and Niagara Mohawk provided 17.8%, 17.8% and 11.8%, respectively, of total consolidated revenues for the three months ended June 30, 2017. Niagara Mohawk, BC Hydro, Equistar Chemicals, LP and IESO provided 16.3%, 14.2%, 11.5% and 10.2%, respectively, of total consolidated revenues for the six months ended June 30, 2018. IESO, Niagara Mohawk and OEFC provided 20.9%, 12.1% and 11.5%, respectively, of total consolidated revenues for the six months ended June 30, 2017. IESO and OEFC purchase electricity from the Calstock and Nipigon projects in the Canada segment, Niagara Mohawk purchases electricity from the Curtis Palmer project in the East U.S. segment, Equistar Chemicals, LP purchases electricity from the Morris project in the East U.S. segment, and BC Hydro purchases electricity from the Mamquam, Moresby Lake, and Williams Lake projects in the Canada segment.