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Table of Contents
<br />AMERESCO, INC.
<br />NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
<br />(In thousands, except per share amounts)
<br />The following tables present all of our active derivative instruments as of December 31, 2023
<br />Active Interest Rate Swaps
<br />Expiration Date
<br />Initial Notional Amount ($)
<br />Status
<br />11-Year, 5.77% Fixed
<br />October 2029
<br />$
<br />9,200
<br />Designated
<br />15-Year, 5.24% Fixed
<br />June 2033
<br />$
<br />10,000
<br />Designated
<br />10-Year, 4.74% Fixed
<br />December2027
<br />$
<br />14,100
<br />Designated
<br />8-Year, 3.49% Fixed
<br />June 2028
<br />$
<br />14,643
<br />Designated
<br />8-Year, 3.49% Fixed
<br />June 2028
<br />$
<br />10,734
<br />Designated
<br />13-Year, 0.72% Fixed
<br />March 2033
<br />$
<br />9,505
<br />Not Designated
<br />13-Year, 0.72% Fixed
<br />March 2033
<br />$
<br />6,968
<br />Not Designated
<br />17.75-Year, 3.16% Fixed
<br />December 2040
<br />$
<br />14,084
<br />Designated
<br />18-Year, 3.81 % Fixed
<br />July 2041
<br />$
<br />32,021
<br />Not Designated
<br />Other Derivatives
<br />Classification
<br />Effective Date
<br />Expiration Date
<br />Fair Value ($)
<br />Make -whole provisions
<br />Liability
<br />June/August 2018
<br />December 2038
<br />$
<br />223
<br />Make -whole provisions
<br />Liability
<br />August 2016
<br />April 2031
<br />$
<br />49
<br />Make -whole provisions
<br />Liability
<br />April 2017
<br />February 2034
<br />$
<br />35
<br />Make -whole provisions
<br />Liability
<br />November 2020
<br />December 2027
<br />$
<br />33
<br />Make -whole provisions
<br />Liability
<br />October 2011
<br />May 2028
<br />$
<br />6
<br />Make -whole provisions
<br />Liability
<br />May 2021
<br />April 2045
<br />$
<br />37
<br />Make -whole provisions
<br />Liability
<br />July 2021
<br />March 2046
<br />$
<br />2,334
<br />Make -whole provisions
<br />Liability
<br />June 2022
<br />March 2042
<br />$
<br />997
<br />Make -whole provisions
<br />Liability
<br />March 2023
<br />December 2047
<br />$
<br />2,298
<br />20. BUSINESS SEGMENT INFORMATION
<br />Our reportable segments for the year ended December 31, 2023 were U.S. Regions, U.S. Federal, Canada, Alternative Fuels, and Europe. The remaining amounts are included in
<br />"All Other". Europe was formerly included in "All Other" but was disaggregated due to growth in the segment in 2023. As a result, previously reported amounts have been
<br />reclassified for comparative purposes.
<br />Our U.S. Regions, U.S. Federal, Canada, and Europe segments offer energy efficiency products and services which include the design, engineering, and installation of
<br />equipment and other measures to improve the efficiency and control the operation of a facility's energy infrastructure, renewable energy solutions, and services which include
<br />the construction of small-scale plants that Ameresco owns or develops for customers that produce electricity, gas, heat, or cooling from renewable sources of energy and O&M
<br />services.
<br />Our Alternative Fuels segment sells electricity, processed renewable gas fuel, heat or cooling, produced from renewable sources of energy, other than solar, and generated by
<br />small-scale plants that we own and O&M services for customer owned small-scale plants. Our U.S. Regions segment also includes certain small-scale solar grid -tie plants
<br />developed for customers. The "All Other" category offers consulting services and the sale of solar PV energy products and systems which we refer to as integrated-PV. These
<br />segments do not include results of other activities, such as corporate operating expenses not specifically allocated to the segments. Certain reportable segments are an
<br />aggregation of operating segments.
<br />For the years ended December 31, 2023, 2022, and 2021,71.8%, 46.0%, and 67.0%, respectively, of our revenues have been derived from federal, state, provincial, or local
<br />government entities, including public housing authorities, public universities and municipal utilities. The U.S. federal government, which is considered a single customer for
<br />reporting purposes, constituted 29.3%, 21.5%, and 32.3% of our consolidated revenues for the years ended December 31, 2023, 2022, and 2021, respectively. Revenues from
<br />the U.S. federal government are included in our U.S. Federal segment. Other than the U.S. federal government, one customer represented 39.6% of our revenues during the year
<br />ended December 31, 2022. Revenues from this customer is included in our U.S. Regions segment.
<br />The reports of our chief operating decision maker do not include assets at the operating segment level
<br />101
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