Segmented information The Company is managed under two primary business units consisting of the Liberty Utilities Group and the Liberty Power Group . The two business units are the two segments of the Company. The Liberty Utilities 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 and Canada; the Liberty Power 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. For purposes of evaluating divisional performance, the Company allocates the realized portion of any gains or losses on financial instruments to specific divisions. Equity income from the San Antonio Water System and Wataynikaneyap Power Transmission Project (note 6) are included in the operations of the Liberty Utilities Group . Dividend income from Atlantica and AYES Canada as well as equity income from the AAGES entities (note 6) are included in the operations of the Liberty Power Group . The change in value of investments carried at fair value and unrealized portion of any gains or losses on derivative instruments not designated in a hedging relationship are not considered in managements evaluation of divisional performance and are therefore allocated and reported under corporate. The results of operations and assets for these segments are reflected in the tables below. Three Months Ended June 30, 2019 Liberty Utilities Group Liberty Power Group Corporate Total Revenue (1)(2) $ 281,607 $ 61,971 $  $ 343,578 Fuel, power and water purchased 73,469 2,658  76,127 Net revenue 208,138 59,313  267,451 Operating expenses 102,021 18,166  120,187 Administrative expenses 6,546 7,335 (357 ) 13,524 Depreciation and amortization 47,034 22,536 243 69,813 Loss on foreign exchange   1,467 1,467 Operating income (loss) 52,537 11,276 (1,353 ) 62,460 Interest expense 26,057 16,237 3,546 45,840 Interest, dividend, equity and other income (1,854 ) (37,050 ) (364 ) (39,268 ) Change in value of investments carried at fair value   (121,394 ) (121,394 ) Other 8,796 (77 ) 422 9,141 Earnings before income taxes $ 19,538 $ 32,166 $ 116,437 $ 168,141 Capital expenditures $ 104,758 $ 906 $  $ 105,664 (1) Revenues include $5,200 related to hedging gains from energy derivative contracts for the three months ended June 30, 2019 that do not represent revenues recognized from contracts with customers. (2) Liberty Utilities Group revenues include $3,460 related to alternative revenue programs for the three months ended June 30, 2019 that do not represent revenues recognized from contracts with customers. 17. Segmented information (continued) Three Months Ended June 30, 2018 Liberty Utilities Group Liberty Power Group Corporate Total Revenue (1)(2) $ 309,930 $ 56,213 $  $ 366,143 Fuel, power and water purchased 89,069 4,523  93,592 Net revenue 220,861 51,690  272,551 Operating expenses 101,514 18,748  120,262 Administrative expenses 9,212 4,166 185 13,563 Depreciation and amortization 44,740 19,790 251 64,781 Gain on foreign exchange   (1,272 ) (1,272 ) Operating income 65,395 8,986 836 75,217 Interest expense 24,767 13,127 535 38,429 Interest, dividend, equity and other income (1,360 ) (8,915 ) (617 ) (10,892 ) Change in value of investment carried at fair value   (15,033 ) (15,033 ) Other 346 (157 ) 1,058 1,247 Earnings before income taxes $ 41,642 $ 4,931 $ 14,893 $ 61,466 Capital expenditures $ 72,544 $ 10,552 $  $ 83,096 (1) Revenues include $4,846 related to hedging gains from energy derivative contracts for the three months ended June 30, 2018 that do not represent revenues recognized from contracts with customers. (2) Liberty Utilities Group revenues include $5,339 related to alternative revenue programs for the three months ended June 30, 2018 that do not represent revenues recognized from contracts with customers. 17. Segmented information (continued) Six Months Ended June 30, 2019 Liberty Utilities Group Liberty Power Group Corporate Total Revenue (1)(2) $ 692,631 $ 128,172 $  $ 820,803 Fuel, power and water purchased 224,075 9,579  233,654 Net revenue 468,556 118,593  587,149 Operating expenses 203,996 36,304  240,300 Administrative expenses 11,979 14,889 (226 ) 26,642 Depreciation and amortization 95,451 44,921 488 140,860 Loss on foreign exchange   934 934 Operating income (loss) 157,130 22,479 (1,196 ) 178,413 Interest expense 51,149 32,444 4,868 88,461 Interest, dividend, equity and other income (3,111 ) (60,547 ) (900 ) (64,558 ) Change in value of investments carried at fair value   (115,576 ) (115,576 ) Other 10,756 73 2,365 13,194 Earnings before income taxes $ 98,336 $ 50,509 $ 108,047 $ 256,892 Capital expenditures $ 202,173 $ 10,877 $  $ 213,050 Property, plant and equipment $ 4,315,669 $ 2,462,792 $ 32,816 $ 6,811,277 Investments carried at fair value  1,097,661  1,097,661 Equity-method investees 28,149 22,066 271 50,486 Total assets $ 6,070,178 $ 3,844,668 $ 119,482 $ 10,034,328 (1) Revenues include $11,640 related to hedging gains for the six months ended June 30, 2019 that do not represent revenues recognized from contracts with customers. (2) Liberty Utilities Group revenues include $(3,561) related to alternative revenue programs for the six months ended June 30, 2019 that do not represent revenues recognized from contracts with customers. 17. Segmented information (continued) Six Months Ended June 30, 2018 Liberty Utilities Group Liberty Power Group Corporate Total Revenue (1)(2) $ 733,588 $ 126,769 $  $ 860,357 Fuel and power purchased 252,428 13,454  265,882 Net revenue 481,160 113,315  594,475 Operating expenses 203,988 37,396  241,384 Administrative expenses 18,057 7,745 345 26,147 Depreciation and amortization 89,484 43,433 513 133,430 Gain on foreign exchange   (1,071 ) (1,071 ) Operating income 169,631 24,741 213 194,585 Interest expense 49,971 22,867 1,091 73,929 Interest, dividend and other income (2,760 ) (17,676 ) (1,117 ) (21,553 ) Change in value of investment carried at fair value   101,971 101,971 Other (1,074 ) (40 ) 8,644 7,530 Earnings (loss) before income taxes $ 123,494 $ 19,590 $ (110,376 ) $ 32,708 Capital expenditures $ 168,733 $ 72,537  $ 241,270 December 31, 2018 Property, plant and equipment $ 4,210,115 $ 2,152,420 $ 31,023 $ 6,393,558 Investment carried at fair value  814,530  814,530 Equity-method investees 959 29,273 260 30,492 Total assets $ 6,012,641 $ 3,269,786 $ 106,541 $ 9,388,968 (1) Revenues include $13,230 related to hedging gains from energy derivative contracts for the six months ended June 30, 2018 that do not represent revenues recognized from contracts with customers. (2) Liberty Utilities Group revenues include $5,970 related to alternative revenue programs for the six months ended June 30, 2018 that do not represent revenues recognized from contracts with customers. APUC operates in the independent power and utility industries in both Canada and the United States. Information on operations by geographic area is as follows: Three Months Ended June 30 Six Months Ended June 30 2019 2018 2019 2018 Revenue Canada $ 21,633 $ 17,616 $ 40,164 $ 36,902 United States 321,945 348,527 780,639 823,455 $ 343,578 $ 366,143 $ 820,803 $ 860,357 Revenue is attributed to the two countries based on the location of the underlying facilities.