Company Quick10K Filing
Atlantic Power
Price2.36 EPS0
Shares138 P/E17
MCap326 P/FCF3
Net Debt-60 EBIT22
TEV267 TEV/EBIT12
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-03-02
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-03-07
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-05
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-12
10-Q 2011-03-31 Filed 2011-05-11
10-K 2010-12-31 Filed 2011-03-18
10-Q 2010-09-30 Filed 2010-11-10
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-14
8-K 2020-08-13 Regulation FD, Exhibits
8-K 2020-08-06 Earnings, Regulation FD, Exhibits
8-K 2020-06-17
8-K 2020-06-17
8-K 2020-05-14
8-K 2020-05-07
8-K 2020-04-28
8-K 2020-03-18
8-K 2020-03-12
8-K 2020-02-28
8-K 2020-02-27
8-K 2020-01-31
8-K 2019-12-05
8-K 2019-12-02
8-K 2019-11-19
8-K 2019-11-14
8-K 2019-11-11
8-K 2019-11-01
8-K 2019-10-31
8-K 2019-08-20
8-K 2019-08-02
8-K 2019-08-01
8-K 2019-06-19
8-K 2019-06-19
8-K 2019-05-24
8-K 2019-05-08
8-K 2019-05-03
8-K 2019-05-02
8-K 2019-04-30
8-K 2019-04-10
8-K 2019-03-13
8-K 2019-03-07
8-K 2019-03-01
8-K 2019-02-28
8-K 2019-02-26
8-K 2019-01-23
8-K 2018-11-08
8-K 2018-11-02
8-K 2018-11-01
8-K 2018-08-06
8-K 2018-08-03
8-K 2018-08-02
8-K 2018-06-19
8-K 2018-06-19
8-K 2018-05-15
8-K 2018-05-04
8-K 2018-05-03
8-K 2018-04-27
8-K 2018-03-08
8-K 2018-03-02
8-K 2018-03-02
8-K 2018-01-29
8-K 2018-01-29
8-K 2018-01-22

AT 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Item 1A. Risk Factors
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 at-20200630xex31d1.htm
EX-31.2 at-20200630xex31d2.htm
EX-32.1 at-20200630xex32d1.htm
EX-32.2 at-20200630xex32d2.htm

Atlantic Power Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.03.91.9-0.12012201420172020
Assets, Equity
0.20.10.10.0-0.0-0.12017201820192020
Rev, G Profit, Net Income
0.40.20.1-0.1-0.2-0.42012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

COMMISSION FILE NUMBER 001-34691

ATLANTIC POWER CORPORATION

(Exact name of registrant as specified in its charter)

British Columbia, Canada
(State or other jurisdiction of
incorporation or organization)

55-0886410
(I.R.S. Employer
Identification No.)

3 Allied Drive, Suite 155
Dedham, MA
(Address of principal executive offices)

02026
(Zip code)

(617977-2400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading symbol

Name of Exchange on which registered

Common Shares, no par value, and the associated Rights to Purchase Common Shares

AT

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

The number of shares outstanding of the registrant’s Common Stock as of August 5, 2020 was 89,222,568.

Table of Contents

ATLANTIC POWER CORPORATION

FORM 10-Q

THREE AND SIX MONTHS ENDED JUNE 30, 2020

Index

General :

    

3

PART I—FINANCIAL INFORMATION

ITEM 1.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

Consolidated Balance Sheets as of June 30, 2020 (unaudited) and December 31, 2019

4

Consolidated Statements of Operations for the three and six months ended June 30, 2020 (unaudited) and June 30, 2019 (unaudited)

5

Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30, 2020 (unaudited) and June 30, 2019 (unaudited)

6

Consolidated Statements of Cash Flows for the six months ended June 30, 2020 (unaudited) and June 30, 2019 (unaudited)

7

Condensed Notes to Consolidated Financial Statements (unaudited)

8

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

38

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

62

ITEM 4.

CONTROLS AND PROCEDURES

62

PART II—OTHER INFORMATION

ITEM 1A.

RISK FACTORS

62

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

63

ITEM 6.

EXHIBITS

66

Table of Contents

GENERAL

In this Quarterly Report on Form 10-Q, references to “Cdn$” and “Canadian dollars” are to the lawful currency of Canada and references to “$”, “US$” and “U.S. dollars” are to the lawful currency of the United States. All dollar amounts herein are in U.S. dollars, unless otherwise indicated.

Unless otherwise stated, or the context otherwise requires, references in this Quarterly Report on Form 10-Q to “we,” “us,” “our,” “Atlantic Power” and the “Company” refer to Atlantic Power Corporation, those entities owned or controlled by Atlantic Power Corporation and predecessors of Atlantic Power Corporation.

3

Table of Contents

ATLANTIC POWER CORPORATION

CONSOLIDATED BALANCE SHEETS

(in millions of U.S. dollars)

June 30, 

December 31, 

 

2020

2019

    

Assets

    

(unaudited)

    

    

Current assets:

Cash and cash equivalents

$

38.0

$

74.9

Restricted cash

 

0.5

 

7.7

Accounts receivable

 

26.3

 

30.4

Insurance recovery receivable (Note 13)

 

0.8

 

13.5

Current portion of derivative instruments asset (Notes 6 and 7)

0.7

Inventory

 

17.7

 

18.6

Prepayments

 

4.5

 

3.8

Income taxes receivable (Note 8)

 

2.9

1.8

Lease receivable

0.9

Other current assets

 

0.2

 

0.4

Total current assets

 

90.9

 

152.7

Property, plant, and equipment, net

 

493.6

 

502.1

Equity method investments in unconsolidated affiliates (Note 4)

 

94.8

 

96.6

Power purchase agreements and intangible assets, net

 

131.3

 

144.3

Goodwill

 

21.3

 

21.3

Operating lease right-of-use assets (Note 14)

 

5.4

 

6.3

Deferred income taxes (Note 8)

11.0

10.4

Other assets

0.6

1.9

Total assets

$

848.9

$

935.6

Liabilities

Current liabilities:

Accounts payable

$

3.7

$

8.9

Accrued interest

 

2.3

 

2.6

Other accrued liabilities

 

17.5

 

20.8

Current portion of long-term debt (Note 5)

 

86.0

 

76.4

Current portion of derivative instruments liability (Notes 6 and 7)

 

17.3

 

12.0

Operating lease liabilities (Note 14)

2.1

2.0

Other current liabilities

 

0.5

 

0.2

Total current liabilities

 

129.4

 

122.9

Long-term debt, net of unamortized discount and deferred financing costs (Note 5)

 

420.1

 

473.5

Convertible debentures, net of discount and unamortized deferred financing costs

 

77.7

 

81.1

Derivative instruments liability (Notes 6 and 7)

 

14.1

 

15.9

Deferred income taxes (Note 8)

 

24.9

 

23.7

Power purchase agreements and intangible liabilities, net

 

18.4

 

19.8

Asset retirement obligations, net

50.7

51.5

Operating lease liabilities (Note 14)

3.8

4.8

Other long-term liabilities

 

4.1

 

4.7

Total liabilities

 

743.2

 

797.9

Equity

Common shares, no par value, unlimited authorized shares; 91,952,348 and 108,675,294 issued and outstanding at June 30, 2020 and December 31, 2019 (Note 11)

 

1,224.6

 

1,259.9

Accumulated other comprehensive loss (Note 3)

 

(147.3)

 

(140.7)

Retained deficit

 

(1,140.4)

 

(1,164.2)

Total Atlantic Power Corporation shareholders’ deficit

 

(63.1)

 

(45.0)

Preferred shares issued by a subsidiary company (Note 11)

 

168.8

 

182.7

Total equity

 

105.7

 

137.7

Total liabilities and equity

$

848.9

$

935.6

See accompanying notes to consolidated financial statements.

4

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ATLANTIC POWER CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions of U.S. dollars, except per share amounts)

(Unaudited)

Three Months Ended June 30, 

Six Months Ended June 30, 

2020

2019

2020

    

2019

Project revenue:

    

    

    

    

    

    

    

    

Energy sales (Note 2)

$

31.1

$

36.5

$

71.7

$

73.5

Energy capacity revenue (Note 2)

 

27.1

 

31.6

 

55.1

 

61.8

Other (Note 2)

 

4.1

 

3.2

 

8.2

 

9.0

 

62.3

 

71.3

 

135.0

 

144.3

Project expenses:

Fuel

 

14.1

15.8

 

33.8

 

35.8

Operations and maintenance

 

22.2

18.6

 

42.7

 

35.1

Depreciation and amortization

 

15.2

16.1

 

30.8

 

32.3

 

51.5

 

50.5

 

107.3

 

103.2

Project other income (loss):

Change in fair value of derivative instruments (Notes 6 and 7)

 

3.1

(7.0)

 

(2.5)

 

(9.4)

Equity in earnings of unconsolidated affiliates (Note 4)

 

6.1

9.4

 

19.8

 

22.3

Interest, net

 

(0.3)

(0.2)

 

(0.6)

 

(0.6)

Other income (expense), net

 

(1.3)

 

 

(1.2)

 

8.9

 

0.9

 

16.7

 

11.1

Project income

 

19.7

 

21.7

 

44.4

 

52.2

Administrative and other expenses:

Administration

 

4.5

5.0

11.2

11.8

Interest expense, net

 

10.2

11.0

21.0

22.1

Foreign exchange loss (gain)

 

9.3

4.9

(11.3)

9.9

Other (income) expense, net (Note 6)

 

(1.5)

(3.7)

1.1

0.9

 

22.5

 

17.2

 

22.0

 

44.7

(Loss) income from operations before income taxes

 

(2.8)

 

4.5

 

22.4

 

7.5

Income tax expense (Note 8)

 

1.2

 

1.6

 

2.7

 

2.2

Net (loss) income

 

(4.0)

 

2.9

 

19.7

 

5.3

Net income (loss) attributable to preferred shares of a subsidiary company (Note 11)

 

1.7

 

1.7

 

(4.1)

 

(4.8)

Net (loss) income attributable to Atlantic Power Corporation

$

(5.7)

$

1.2

$

23.8

$

10.1

Net (loss) earnings per share attributable to Atlantic Power Corporation shareholders: (Note 10)

Basic

$

(0.06)

$

0.01

$

0.23

$

0.09

Diluted

(0.06)

0.01

0.20

0.09

Weighted average number of common shares outstanding: (Note 10)

Basic

 

97.6

109.7

102.4

109.3

Diluted

 

97.6

110.2

130.3

138.0

See accompanying notes to consolidated financial statements.

5

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ATLANTIC POWER CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(in millions of U.S. dollars)

(Unaudited)

Three Months Ended June 30, 

Six Months Ended June 30, 

 

2020

2019

2020

2019

 

Net (loss) income

    

$

(4.0)

    

$

2.9

    

$

19.7

    

$

5.3

Other comprehensive income, net of tax:

Unrealized (loss) gain on hedging activities

$

(0.1)

$

0.1

$

(0.5)

$

0.1

Net amount reclassified to earnings

 

0.1

 

(0.2)

 

0.2

 

(0.3)

Net realized and unrealized loss on derivatives

 

 

(0.1)

 

(0.3)

 

(0.2)

Foreign currency translation adjustments

 

4.9

 

2.7

 

(6.3)

 

4.9

Other comprehensive income (loss), net of tax

 

4.9

 

2.6

 

(6.6)

 

4.7

Comprehensive income

 

0.9

 

5.5

 

13.1

 

10.0

Less: Comprehensive income (loss) attributable to preferred shares of a subsidiary company

 

1.7

 

1.7

 

(4.1)

 

(4.8)

Comprehensive (loss) income attributable to Atlantic Power Corporation

$

(0.8)

$

3.8

$

17.2

$

14.8

See accompanying notes to consolidated financial statements.

6

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ATLANTIC POWER CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions of U.S. dollars)

(Unaudited)

Six months ended

 

June 30, 

2020

2019

Cash provided by operating activities:

    

    

    

    

    

Net income

$

19.7

$

5.3

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

 

30.8

 

32.3

Share-based compensation

 

0.8

 

0.8

Other gain

 

 

(0.9)

Asset retirement obligations

1.4

(Gain) loss on sale of assets

 

(0.8)

 

Equity in earnings from unconsolidated affiliates

 

(19.8)

 

(22.3)

Distributions from unconsolidated affiliates

 

21.6

 

25.4

Unrealized foreign exchange (gain) loss

 

(11.7)

 

10.2

Change in fair value of derivative instruments

 

4.5

 

11.2

Amortization of debt discount and deferred financing costs

3.3

3.6

Non-cash operating lease expense

0.9

0.8

Deferred income taxes

 

0.3

 

(0.7)

Change in other operating balances

Accounts receivable

 

4.1

 

4.1

Inventory

 

0.7

 

0.1

Prepayments and other assets

 

0.5

 

(0.6)

Accounts payable

 

(6.2)

 

0.1

Accruals and other liabilities

 

(4.4)

 

(2.7)

Cash provided by operating activities

 

44.3

 

68.1

Cash (used in) provided by investing activities:

Insurance proceeds

12.7

Proceeds from sales of assets

 

0.9

 

1.5

Purchase of property, plant and equipment

 

(16.5)

 

(0.4)

Cash (used in) provided by investing activities

 

(2.9)

 

1.1

Cash used in financing activities:

Common share repurchases

 

(36.1)

 

(0.8)

Preferred share repurchases

(6.4)

(7.9)

Repayment of corporate and project-level debt

 

(37.3)

 

(34.0)

Repayment of convertible debentures

(18.5)

Cash payments for vested LTIP withheld for taxes

(0.7)

(1.9)

Deferred financing costs

 

(1.6)

 

Dividends paid to preferred shareholders

 

(3.4)

 

(3.7)

Cash used in financing activities

 

(85.5)

 

(66.8)

Net (decrease) increase in cash, restricted cash and cash equivalents

 

(44.1)

 

2.4

Cash, restricted cash and cash equivalents at beginning of period

 

82.6

 

70.4

Cash, restricted cash and cash equivalents at end of period

$

38.5

$

72.8

Supplemental cash flow information

Interest paid

$

18.2

$

18.7

Income taxes paid, net

$

2.3

$

2.4

Accruals for construction in progress

$

0.6

$

See accompanying notes to consolidated financial statements.

7

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ATLANTIC POWER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in millions of U.S. dollars, except per-share amounts)

(Unaudited)

1. Nature of business

General

Atlantic Power is an independent power producer that owns power generation assets in eleven states in the United States and two provinces in Canada. Our power generation projects, which are diversified by geography, fuel type, dispatch profile and offtaker, sell electricity to utilities and other large customers predominantly under long-term power purchase agreements (“PPAs”), which seek to minimize exposure to changes in commodity prices. As of June 30, 2020, our portfolio consisted of twenty-one operating projects with an aggregate electric generating capacity of approximately 1,723 megawatts (“MW”) on a gross ownership basis and approximately 1,327 MW on a net ownership basis. Sixteen of the projects are majority-owned by the Company.

Atlantic Power is a corporation established under the laws of the Province of Ontario on June 18, 2004 and continued to the Province of British Columbia on July 8, 2005. Our shares trade on the Toronto Stock Exchange (“TSX”) under the symbol “ATP” and on the New York Stock Exchange (“NYSE”) under the symbol “AT.” Our registered office is located at 1066 West Hastings Street, Suite 2600, Vancouver, British Columbia V6E 3X1, Canada and our headquarters is located at 3 Allied Drive, Suite 155, Dedham, Massachusetts 02026, USA. Our telephone number in Dedham is (617) 977-2400 and the address of our website is www.atlanticpower.com. Information contained on Atlantic Power’s website or that can be accessed through its website is not incorporated into and does not constitute a part of this Quarterly Report on Form 10-Q. We have included our website address only as an inactive textual reference and do not intend it to be an active link to our website.

Basis of presentation

The interim condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared in accordance with the SEC regulations for interim financial information and with the instructions to Form 10-Q. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to our financial statements in our Annual Report on Form 10-K for the year ended December 31, 2019. Interim results are not necessarily indicative of results for the full year.

In our opinion, the accompanying unaudited interim condensed consolidated financial statements present fairly our consolidated financial position as of June 30, 2020, the results of operations and comprehensive (loss) income for the three and six months ended June 30, 2020 and 2019, and our cash flows for the six months ended June 30, 2020 and 2019, in accordance with U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring accruals and other adjustments) considered necessary for a fair presentation have been included.

Use of estimates

The preparation of financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the year. Actual results could differ from those estimates. During the periods presented, we have made a number of estimates and valuation assumptions, including the fair value of assets acquired and liabilities assumed in purchase accounting, the useful lives and recoverability of property, plant and equipment, valuation of goodwill, intangible assets and liabilities related to PPAs and fuel supply agreements, the recoverability of equity method investments, the recoverability of deferred tax assets, tax provisions, recovery of expected insurance proceeds, the fair value of financial instruments and derivatives, pension obligations, asset retirement obligations and equity-based compensation. In addition, estimates are used to test long-lived assets and goodwill for impairment and to determine the fair value of impaired assets. These estimates and valuation assumptions are based on

8

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ATLANTIC POWER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in millions of U.S. dollars, except per-share amounts)

(Unaudited)

present conditions and our planned course of action, as well as assumptions about future business and economic conditions. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2019. As better information becomes available or actual amounts are determinable, the recorded estimates are revised. Should the underlying valuation assumptions and estimates change, the recorded amounts could change by a material amount.

COVID-19 Pandemic

There are many uncertainties regarding the ongoing coronavirus (“COVID-19”) pandemic, and we are closely monitoring the impact of COVID-19 on all aspects of our business, including how it will impact our customers, employees, suppliers, vendors and business partners. We have taken extra precautions for our employees who continue to work at our facilities and have implemented work-from-home policies where appropriate. Currently, we do not anticipate any employee layoffs and are continuing to maintain our high level of reliability and availability of our plants. We continue to implement strong physical and cybersecurity measures to ensure that our systems remain functional in order to serve our operational needs with a remote workforce and to keep our operations running to ensure uninterrupted service to our offtakers. While COVID-19 did not materially adversely affect our financial results and business operations in the six months ended June 30, 2020, we are unable to predict the impact that COVID-19 will have on our financial position and operating results due to numerous uncertainties. We will continue to assess the evolving impact of the COVID-19 pandemic and intend to make adjustments accordingly.

Recently adopted and issued accounting standards

Accounting standards adopted

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses”(Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This guidance amends the guidance on measuring credit losses on financial assets held at amortized cost. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We adopted ASU 2016-13 on January 1, 2020 and it did not have a material impact on the condensed consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, “Changes to the Disclosure Requirements for Fair Value Measurements” to modify the disclosure requirements on fair value measurement disclosures. The guidance requires removals of certain disclosures, such as the amount of and reasons for transfers between level 1 and level 2 of fair value hierarchy and the policy for timing of transfers between levels. The guidance further requires modifications and additions surrounding the disclosures of level 3 fair value measurements and related unrealized gains and losses. The guidance is effective for fiscal years beginning after December 15, 2019. We adopted this guidance on January 1, 2020 and it did not have an impact on the condensed consolidated financial statements.

In August 2018, the FASB issued ASU 2018-09, “Codification Improvements” to remove disclosures that no longer are considered cost-beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The scope of the guidance is broad and includes reporting comprehensive income, debt modifications and extinguishments and other sub topics. The guidance is effective for fiscal years beginning after December 15, 2019. We adopted this guidance on January 1, 2020 and it did not have an impact on the condensed consolidated financial statements.

9

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ATLANTIC POWER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in millions of U.S. dollars, except per-share amounts)

(Unaudited)

Accounting standards to be implemented

In August 2018, the FASB issued ASU No. 2018-14, “Changes to the Disclosure Requirements for Defined Benefit Plans (Subtopic 715-20)”, to improve the effectiveness of benefit plan disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each entity’s financial statements. The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Additionally, the amendments in this ASU remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The amendments in this ASU are effective for fiscal years ending after December 15, 2020, for public business entities and early adoption is permitted for all entities. We are currently evaluating the impact that adoption will have on our disclosures.

In December 2019, the FASB issued amendments to the guidance for income taxes through ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The amendments in this update simplify the accounting for income taxes by removing certain exceptions such as: 1) the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items, 2) the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, 3) the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary, and 4) the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. For public entities, the amendments are effective for reporting periods beginning after December 15, 2020. Early adoption is permitted. We are in the process of evaluating the potential impact of the new guidance on our consolidated financial statements.

In March 2020, the FASB issued amendments to the guidance for reference rate reform through ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the effects of reference rate reform on financial reporting.” The amendments in this update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. The amendments are elective and are effective upon issuance for all entities. We are in the process of evaluating the potential impact of the new guidance on our consolidated financial statements.

2. Revenue from contracts

Disaggregation of revenue

We have four reportable segments: Solid Fuel, Natural Gas, Hydroelectric and Corporate. We revised our reportable business segments in the fourth quarter of 2019 as the result of recent asset acquisitions, PPA expirations and project decommissioning, and in order to align with changes to management’s structure, resource allocation and performance assessment in making decisions regarding our operations. Segment information for the comparative 2019 period has been revised to conform to the new segment presentation. Each segment contains various power generation

10

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ATLANTIC POWER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in millions of U.S. dollars, except per-share amounts)

(Unaudited)

projects and performance obligations as described above. For more detailed information about reportable segments, see Note 12, Segment and geographical information. Revenue by segment consists of the following:

Three Months Ended June 30, 2020

    

    

    

    

    

    

Consolidated

Solid Fuel

Natural Gas

Hydroelectric

Corporate

Total

Project revenue:

Energy sales

$

9.4

$

4.8

$

16.9

$

$

31.1

Energy capacity revenue

 

7.8

19.3

 

 

27.1

Steam energy and capacity revenue

1.8

1.8

Waste heat revenue

0.1

0.1

Ancillary and transmission services

0.2