Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 25, 2013 | |
Document Documentand Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | MIC | |
Entity Registrant Name | Macquarie Infrastructure CO LLC | |
Entity Central Index Key | 1289790 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 53,469,879 |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $83,043 | $141,376 |
Restricted cash | 13,920 | 3,133 |
Accounts receivable, less allowance for doubtful accounts of $806 and $875, respectively | 65,115 | 56,553 |
Inventories | 25,330 | 20,617 |
Prepaid expenses | 9,473 | 8,908 |
Deferred income taxes | 6,456 | 6,803 |
Equipment lease receivables - current | 13,149 | 4,448 |
Other | 9,766 | 12,072 |
Total current assets | 226,252 | 253,910 |
Property, equipment, land and leasehold improvements, net | 777,067 | 708,031 |
Equipment lease receivables - non-current | 17,285 | 28,177 |
Investment in unconsolidated business | 86,554 | 75,205 |
Goodwill | 513,939 | 514,640 |
Intangible assets, net | 600,345 | 626,902 |
Deferred financing costs, net of accumulated amortization | 22,030 | 7,845 |
Other | 5,702 | 8,984 |
Total assets | 2,249,174 | 2,223,694 |
Current liabilities: | ||
Due to manager - related party | 15,379 | 50,253 |
Accounts payable | 28,957 | 26,499 |
Accrued expenses | 40,978 | 35,499 |
Current portion of long-term debt | 168,005 | 106,580 |
Fair value of derivative instruments | 13,336 | 7,450 |
Other | 18,187 | 19,049 |
Total current liabilities | 284,842 | 245,330 |
Long-term debt, net of current portion | 754,685 | 1,052,584 |
Deferred income taxes | 176,092 | 169,392 |
Fair value of derivative instruments | 5,360 | |
Other | 53,733 | 53,463 |
Total liabilities | 1,269,352 | 1,526,129 |
Commitments and contingencies | ||
Members' equity: | ||
LLC interests, no par value; 500,000,000 authorized; 53,469,879 LLC interests issued and outstanding at September 30, 2013 and 47,453,943 LLC interests issued and outstanding at December 31, 2012 | 1,129,950 | 883,143 |
Additional paid in capital | 21,447 | 21,447 |
Accumulated other comprehensive loss | -20,419 | -20,801 |
Accumulated deficit | -213,331 | -228,761 |
Total members' equity | 917,647 | 655,028 |
Noncontrolling interests | 62,175 | 42,537 |
Total equity | 979,822 | 697,565 |
Total liabilities and equity | $2,249,174 | $2,223,694 |
CONSOLIDATED_CONDENSED_BALANCE1
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
CONSOLIDATED CONDENSED BALANCE SHEETS [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $806 | $875 |
LLC interests, no par value | $0 | $0 |
LLC interests, authorized | 500,000,000 | 500,000,000 |
LLC interests, issued | 53,469,879 | 47,453,943 |
LLC interests, outstanding | 53,469,879 | 47,453,943 |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Revenue | ||||||||
Revenue from product sales | $172,169 | $166,385 | $513,465 | $508,468 | ||||
Revenue from product sales - utility | 32,981 | 35,535 | 104,095 | 110,656 | ||||
Service revenue | 57,752 | 56,214 | 160,153 | 160,053 | ||||
Financing and equipment lease income | 817 | 1,119 | 2,779 | 3,448 | ||||
Total revenue | 263,719 | 259,253 | 780,492 | 782,625 | ||||
Costs and expenses | ||||||||
Cost of product sales | 113,974 | 111,677 | 340,122 | 346,778 | ||||
Cost of product sales - utility | 28,142 | 31,001 | 89,095 | 94,497 | ||||
Cost of services | 13,584 | 15,044 | 37,030 | 41,489 | ||||
Selling, general and administrative | 53,669 | 51,571 | 154,998 | 157,301 | ||||
Fees to manager - related party | 15,242 | 29,353 | 76,912 | 39,108 | ||||
Depreciation | 10,039 | 7,596 | 28,730 | 22,704 | ||||
Amortization of intangibles | 8,618 | 8,800 | 25,866 | 25,892 | ||||
Loss from customer contract termination | 1,626 | |||||||
Loss (gain) on disposal of assets | 50 | -1,706 | 226 | -1,379 | ||||
Total operating expenses | 243,318 | 253,336 | 754,605 | 726,390 | ||||
Operating income | 20,401 | 5,917 | 25,887 | 56,235 | ||||
Other income (expense) | ||||||||
Interest income | 39 | 110 | 182 | 116 | ||||
Interest expense | -15,767 | [1] | -15,144 | [1] | -31,190 | [1] | -39,076 | [1] |
Loss on extinguishment of debt | -2,472 | |||||||
Equity in earnings and amortization charges of investee | 8,576 | 6,989 | 30,327 | 23,295 | ||||
Other income, net | 829 | 249 | 514 | 245 | ||||
Net income (loss) before income taxes | 14,078 | -1,879 | 23,248 | 40,815 | ||||
(Provision) benefit for income taxes | -5,829 | [2] | 1,758 | [2] | -9,241 | [2] | -14,698 | [2] |
Net income (loss) | 8,249 | -121 | 14,007 | 26,117 | ||||
Less: net (loss) income attributable to noncontrolling interests | -2,158 | 1,758 | -1,423 | 2,766 | ||||
Net income (loss) attributable to MIC LLC | $10,407 | ($1,879) | $15,430 | $23,351 | ||||
Basic income (loss) per share attributable to MIC LLC interest holders | $0.20 | ($0.04) | $0.31 | $0.50 | ||||
Weighted average number of shares outstanding: basic | 53,043,185 | 46,684,627 | 50,525,617 | 46,524,980 | ||||
Diluted income (loss) per share attributable to MIC LLC interest holders | $0.20 | ($0.04) | $0.31 | $0.50 | ||||
Weighted average number of shares outstanding: diluted | 53,056,095 | 46,684,627 | 50,541,513 | 46,545,903 | ||||
Cash dividends declared per share | $0.88 | $0.69 | $2.44 | $1.51 | ||||
[1] | Interest expense includes losses on derivative instruments of $8.0 million and $9.6 million for the quarter and nine months ended September 30, 2013, respectively, of which net losses of $344,000 and $1.2 million, respectively, was reclassified from accumulated other comprehensive income. For the quarter and nine months ended September 30, 2012, interest expense includes losses on derivative instruments of $9.4 million and $20.3 million, respectively, of which net losses of $6.1 million and $14.6 million, respectively, was reclassified from accumulated other comprehensive income. | |||||||
[2] | Includes $137,000 and $463,000 of benefit for income taxes from accumulated other comprehensive income reclassifications for the quarter and nine months ended September 30, 2013, respectively. The quarter and nine months ended September 30, 2012, includes benefit for income taxes of $3.1 million and $6.5 million from accumulated other comprehensive income reclassifications, respectively. |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS [Abstract] | ||||
Interest expense, losses on derivative instruments | ($8,000) | ($9,400) | ($9,600) | ($20,300) |
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | -344 | -6,100 | -1,200 | -14,600 |
Reclassification of realized losses of derivatives into earnings, taxes | $137 | $3,100 | $463 | $6,500 |
CONSOLIDATED_CONDENSED_STATEME2
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME [Abstract] | ||||||||
Net income (loss) | $8,249 | ($121) | $14,007 | $26,117 | ||||
Other comprehensive income, net of taxes: | ||||||||
Reclassification of realized losses of derivatives | 217 | [1] | 3,070 | [1] | 733 | [1] | 8,252 | [1] |
Translation adjustment | [2] | [2] | [2] | 104 | [2] | |||
Other comprehensive income | 217 | 3,070 | 733 | 8,356 | ||||
Comprehensive income | 8,466 | 2,949 | 14,740 | 34,473 | ||||
Less: comprehensive (loss) income attributable to noncontrolling interests | -2,054 | 1,933 | -1,072 | 3,364 | ||||
Comprehensive income attributable to MIC LLC | $10,520 | $1,016 | $15,812 | $31,109 | ||||
[1] | Reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $344,000 and $1.2 million, respectively, and the related tax benefit of $137,000 and $463,000, respectively, in the consolidated condensed statements of operations; and (ii) pre-tax derivative losses as an adjustment to investment in unconsolidated business of $15,000 and $47,000, respectively, and an adjustment to deferred taxes of $5,000 and $16,000, respectively, in the consolidated condensed balance sheet for the quarter and nine months ended September 30, 2013, respectively. For the quarter and nine months ended September 30, 2012, reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $6.1 million and $14.6 million, respectively, and the related tax benefit of $3.1 million and $6.5 million, respectively, in the consolidated condensed statements of operations; and (ii) pre-tax derivative losses as an adjustment to investment in unconsolidated business of $87,000 and $261,000, respectively, and an adjustment to deferred taxes of $30,000 and $91,000, respectively, in the consolidated condensed balance sheet. | |||||||
[2] | Translation adjustment is presented net of taxes of $56,000 for the nine months ended September 30, 2012. |
CONSOLIDATED_CONDENSED_STATEME3
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME [Abstract] | ||||
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | ($344) | ($6,100) | ($1,200) | ($14,600) |
Reclassification of realized losses of derivatives into earnings, taxes | 137 | 3,100 | 463 | 6,500 |
Loss in accumulated other comprehensive income reclassifications for cash flow hedges from unconsolidated business | -15 | -87 | -47 | -261 |
Reclassification of realized losses of derivatives into earnings from unconsolidated business, taxes | 5 | 30 | 16 | 91 |
Translation adjustment, taxes | $56 |
CONSOLIDATED_CONDENSED_STATEME4
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities | ||
Net income | $14,007 | $26,117 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of property and equipment | 33,751 | 27,740 |
Amortization of intangible assets | 25,866 | 25,892 |
Loss (gain) on disposal of assets | 106 | -1,803 |
Loss from customer contract termination | 1,626 | |
Equity in earnings and amortization charges of investee | -30,327 | -23,295 |
Equity distributions from investee | 19,025 | 77,920 |
Amortization of debt financing costs | 2,892 | 3,290 |
Loss on extinguishment of debt | 2,434 | |
Adjustments to derivative instruments | 1,160 | -23,680 |
Base management fees to be settled/settled in LLC interests | 23,524 | 15,599 |
Performance fees to be settled/settled in LLC interests | 53,388 | 23,509 |
Equipment lease receivable, net | 2,814 | 2,595 |
Deferred rent | 197 | 314 |
Deferred taxes | 6,567 | 10,459 |
Other non-cash (income) expenses, net | -743 | 2,340 |
Changes in other assets and liabilities: | ||
Restricted cash | -465 | |
Accounts receivable | -8,524 | -8,882 |
Inventories | -3,535 | 2,232 |
Prepaid expenses and other current assets | 1,026 | 395 |
Due to manager - related party | 2 | 68 |
Accounts payable and accrued expenses | -13,794 | 4,622 |
Income taxes payable | -819 | 727 |
Other, net | -2,418 | -1,576 |
Net cash provided by operating activities | 127,760 | 164,583 |
Investing activities | ||
Acquisitions of businesses and investments, net of cash acquired | -14,666 | |
Purchases of property and equipment | -51,435 | -25,443 |
Proceeds from sale of assets | 5,625 | |
Return of investment in unconsolidated business | 50,899 | |
Other, net | 64 | 72 |
Net cash (used in) provided by investing activities | -66,037 | 31,153 |
Financing activities | ||
Proceeds from issuance of LLC interests | 227,558 | |
Proceeds from long-term debt | 499,960 | 191,142 |
Offering and equity raise costs paid | -11,041 | |
Dividends paid to holders of LLC interests | -82,139 | -47,716 |
Contributions received from noncontrolling interests | 22,362 | |
Distributions paid to noncontrolling interests | -1,652 | -4,286 |
Payment of long-term debt | -758,795 | -203,428 |
Debt financing costs paid | -18,973 | -2,815 |
Change in restricted cash | 4,036 | |
Payment of notes and capital lease obligations | -1,372 | -622 |
Net cash used in financing activities | -120,056 | -67,725 |
Net change in cash and cash equivalents | -58,333 | 128,011 |
Cash and cash equivalents, beginning of period | 141,376 | 22,786 |
Cash and cash equivalents, end of period | 83,043 | 150,797 |
Non-cash investing and financing activities: | ||
Accrued purchases of property and equipment | 12,331 | 1,742 |
Acquisition of equipment through capital leases | 1,320 | 2,624 |
Issuance of LLC interests to manager for base management fees | 21,487 | 13,977 |
Issuance of LLC interests to manager for performance fees | 90,302 | |
Issuance of LLC interests to independent directors | 640 | 571 |
Taxes paid | 3,493 | 3,734 |
Interest paid | $28,090 | $50,863 |
Organization_and_Description_o
Organization and Description of Business | 9 Months Ended | ||
Sep. 30, 2013 | |||
Organization and Description of Business [Abstract] | |||
Organization and Description of Business | 1. Organization and Description of Business | ||
Macquarie Infrastructure Company LLC, a Delaware limited liability company, was formed on April 13, 2004. Macquarie Infrastructure Company LLC, both on an individual entity basis and together with its consolidated subsidiaries, is referred to in these financial statements as the "Company" or "MIC". The Company owns, operates and invests in a diversified group of infrastructure businesses in the United States. Macquarie Infrastructure Management (USA) Inc. is the Company's manager and is referred to in these financial statements as the Manager. The Manager is a wholly-owned subsidiary within the Macquarie Group of companies, which is comprised of Macquarie Group Limited and its subsidiaries and affiliates worldwide. Macquarie Group Limited is headquartered in Australia and is listed on the Australian Stock Exchange. | |||
MIC LLC is a non-operating holding company with a Board of Directors and other corporate governance responsibilities generally consistent with those of a Delaware corporation. MIC LLC has made an election to be treated as a corporation for tax purposes. | |||
The Company owns its businesses through its wholly-owned subsidiary, Macquarie Infrastructure Company Inc., or MIC Inc. The Company's businesses operate predominantly in the United States and consist of the following: | |||
• | International Matex Tank Terminals or "IMTT": a 50% interest in a bulk liquid storage terminal business, which provides bulk liquid storage and handling services at ten marine terminals in the United States and two in Canada and is one of the largest participants in this industry in the U.S., based on storage capacity; | ||
• | Hawaii Gas: a full-service gas energy company processing and distributing gas products and providing related services in Hawaii; | ||
• | District Energy: a 50.01% controlling interest in a district energy business, which operates one of the largest district cooling systems in the U.S., serving various customers in Chicago, Illinois and Las Vegas, Nevada; | ||
• | Atlantic Aviation: an airport services business providing products and services, including fuel and aircraft hangaring/parking, to owners and operators of general aviation aircraft at 62 airports in the U.S.; and | ||
• | MIC Solar: interests in five contracted solar power generation facilities located in the southwest U.S. that are expected to have an aggregate generating capacity of 57 megawatts of wholesale electricity to utilities and a U.S. Air Force base. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 2. Basis of Presentation |
The unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The preparation of consolidated condensed financial statements in conformity with GAAP requires estimates and assumptions. Management evaluates these estimates and assumptions on an ongoing basis. Actual results may differ from the estimates and assumptions used in the financial statements and notes. Operating results for the quarter and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. | |
The consolidated balance sheet at December 31, 2012 has been derived from audited financial statements but does not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. Certain reclassifications were made to the financial statements for the prior period to conform to current period presentation. | |
The interim financial information contained herein should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2012 included in the Company's Annual Report on Form 10-K, as filed with the SEC on February 20, 2013. | |
Recently Issued Accounting Standards Adopted | |
In February of 2013, the Financial Accounting Standards Board, or FASB, issued ASU 2013-02 Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income, which is effective for interim reporting periods beginning on or after December 15, 2012. This guidance requires disclosure by component of other comprehensive income of the amounts reclassified out of accumulated other comprehensive income by component and into net earnings for the reporting period. Since this guidance requires only additional disclosures, the adoption did not have an impact on the Company's results of operations and financial condition. |
Income_per_Share
Income per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Income per Share [Abstract] | |||||||||||||||||
Income per Share | 3. Income per Share | ||||||||||||||||
Following is a reconciliation of the basic and diluted number of shares used in computing income per share: | |||||||||||||||||
Quarter Ended | Nine Months Ended September 30, | ||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted average number of shares outstanding: basic | 53,043,185 | 46,684,627 | 50,525,617 | 46,524,980 | |||||||||||||
Dilutive effect of restricted stock unit grants | 12,910 | - | 15,896 | 20,923 | |||||||||||||
Weighted average number of shares outstanding: diluted | 53,056,095 | 46,684,627 | 50,541,513 | 46,545,903 | |||||||||||||
The effect of potentially dilutive shares for the quarter and nine months ended September 30, 2013 is calculated assuming that the 12,910 restricted stock unit grants provided to the independent directors on May 20, 2013, which will vest during the second quarter of 2014, had been fully converted to shares on those grant dates. The effect of potentially dilutive shares for the nine months ended September 30, 2013 is calculated also assuming that the 18,208 restricted stock unit grants provided to the independent directors on May 31, 2012, which vested during the second quarter of 2013, and the 895 restricted stock unit grants on February 21, 2013, which vested during the second quarter of 2013, had been fully converted to shares on those grant dates. | |||||||||||||||||
The effect of potentially dilutive shares for the nine months ended September 30, 2012 is calculated assuming that the 18,208 restricted stock unit grants provided to the independent directors on May 31, 2012, which vested during the second quarter of 2013, the 17,925 restricted stock unit grants on June 2, 2011, which vested during the second quarter of 2012, and the 5,209 restricted stock unit grants on August 12, 2011, which vested during the second quarter of 2012, had been fully converted to shares on those grant dates. The 18,208 restricted stock unit grants provided to the independent directors on May 31, 2012 were anti-dilutive for the quarter ended September 30, 2012, due to the Company's net loss for that period. |
Acquisitions
Acquisitions | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Acquisitions [Abstract] | |||||
Acquisitions | 4. Acquisitions | ||||
MIC Solar Acquisitions | |||||
The Company invested in two utility-scale solar photovoltaic contracted power generation facilities in the fourth quarter of 2012, one in Tucson, Arizona (the "Tucson Project") and one in Presidio, Texas (the "Presidio Project"). These projects are fully operational and have a combined capacity 30 megawatts ("MWac") of electricity. | |||||
During the third quarter of 2013, the Company invested in two additional utility-scale solar photovoltaic contracted power generation facilities, one at Davis Monthan Air Force Base (the "DMAFB Project") located in Tucson, Arizona, and one in Valley Center, California (the "Valley Center Project"). On October 8, 2013, the Company completed the acquisition of a contracted solar power generation facility located near Ramona, California ("the Ramona Project"). These three projects are under construction and are expected to be operational before the end of the first quarter of 2014. They have a combined generating capacity of 27 megawatts. | |||||
At September 30, 2013, the four investments made to that date, called "MIC Solar", constituted a business segment that meets the threshold of a reportable segment in accordance with U.S. GAAP. Therefore, the results of operations of MIC Solar are reported as a reportable segment for the quarter and nine months ended September 30, 2013 in the accompanying disclosure of segment information. | |||||
The projects that comprise MIC Solar are, or will upon substantial completion, be held in LLCs with a co-investor. Each project's taxable income for the first five years is expected to be a loss due to accelerated depreciation, with 99% of the taxable loss, subject to certain adjustments that are not expected to be significant, allocated to the co-investor. Accordingly, these projects should have a nominal effect on MIC's consolidated current taxable income for at least the first five years of each project. The projects do not pay federal or state income taxes on a standalone basis, as the projects are treated as a partnership for tax purposes, with each member paying federal and state income taxes based on their allocated taxable income. | |||||
MIC will receive certain rights to make decisions over the management and operations of the projects and the Company has determined that it is appropriate to consolidate the project with the co-investor's interest reflected as a "noncontrolling interest" in the consolidated condensed financial statements. | |||||
Acquisition of - Tucson, Arizona | |||||
On November 21, 2012, the Company completed the acquisition of the Tucson Project for a purchase price of $59.4 million. This acquisition was funded by a $4.0 million capital investment by the Company and $55.4 million capital contribution from a noncontrolling interest co-investor. At December 31, 2012, this facility was fully operational. During June of 2013, the co-investor made a further investment of $1.7 million into the Tucson Project. This facility is expected to generate approximately 20 megawatts of electricity. | |||||
The acquisition has been accounted for as a business combination. Accordingly, the results of operations of the Tucson Project are included in the consolidated condensed statement of operations since November 21, 2012. The fair value of the assets acquired and liabilities assumed at the date of acquisition was as follows ($ in thousands): | |||||
Restricted cash - current | $ | 538 | |||
Total current assets | 538 | ||||
Property and equipment | 115,597 | ||||
Restricted cash - non-current | 2,219 | ||||
Total assets acquired | $ | 118,354 | |||
Current portion of long-term debt | $ | 1,842 | |||
Total current liabilities | 1,842 | ||||
Long-term debt | 57,087 | ||||
Total liabilities assumed | $ | 58,929 | |||
Net assets acquired | $ | 59,425 | |||
Acquisition of - Presidio, Texas | |||||
On December 21, 2012, the Company completed the acquisition of the Presidio Project for a purchase price of $5.4 million, funded by a capital investment by the Company. In January of 2013, the Company entered into an LLC agreement with a noncontrolling interest co-investor who made a capital contribution of $2.0 million during the quarter ended March 31, 2013. During April of 2013, the co-investor made a further investment of $18.6 million, of which $3.4 million was returned to MIC as a return of capital, reducing MIC's investment in the Presidio Project to $2.0 million. This facility is expected to generate approximately 10 megawatts of electricity. | |||||
In connection with the acquisition, the Company assumed $24.3 million in construction financing. This facility in Presidio commenced operations during June of 2013. Prior to operations, the fixed assets of this investment were classified as construction in progress on the consolidated condensed balance sheet. The construction loan was converted to term debt during July of 2013. | |||||
The acquisition has been accounted for as a business combination. Accordingly, the results of operations of the Presidio Project are included in the consolidated condensed statement of operations since December 21, 2012. The fair value of the assets acquired and liabilities assumed at the date of acquisition was as follows ($ in thousands): | |||||
Restricted cash - current | $ | 2,596 | |||
Total current assets | 2,596 | ||||
Property and equipment | 25,837 | ||||
Restricted cash - non-current | 1,000 | ||||
Deferred financing costs | 263 | ||||
Total assets acquired | $ | 29,696 | |||
Current portion of long-term debt | $ | 497 | |||
Total current liabilities | 497 | ||||
Long-term debt | 23,807 | ||||
Total liabilities assumed | $ | 24,304 | |||
Net assets acquired | $ | 5,392 | |||
Acquisition of - Davis Monthan Air Force Base, Arizona | |||||
On July 19, 2013, the Company completed the acquisition of the DMAFB Project near Tucson, Arizona for a purchase price of $7.9 million. This was funded by a capital investment by the Company. This facility is expected to generate approximately 13 megawatts of electricity. In connection with the acquisition, the Company assumed $22.4 million in construction financing. The DMAFB Project is expected to commence operations during the first quarter of 2014 and therefore the fixed assets of this investment are classified as construction in progress at September 30, 2013 on the consolidated condensed balance sheet. Upon commencement of operations, the construction loan is expected to convert to term debt. | |||||
The acquisition has been accounted for as a business combination. Accordingly, the results of operations of the DMAFB Project are included in the consolidated condensed statement of operations starting with the quarter ended September 30, 2013. The fair value of the assets acquired and liabilities assumed at the date of acquisition was as follows ($ in thousands): | |||||
Restricted cash - current | $ | 2,708 | |||
Total current assets | 2,708 | ||||
Property and equipment | 27,593 | ||||
Total assets acquired | $ | 30,301 | |||
Current liabilities | $ | 32 | |||
Current portion of long-term debt | 321 | ||||
Total current liabilities | 353 | ||||
Long-term debt | 22,040 | ||||
Total liabilities assumed | $ | 22,393 | |||
Net assets acquired | $ | 7,908 | |||
Acquisition of - Valley Center, California | |||||
On September 20, 2013, the Company completed the acquisition of the Valley Center Project in Valley Center, California for a purchase price of $6.8 million. This was funded by a capital investment by the Company. This facility is expected to generate approximately 7 megawatts of electricity. The Valley Center Project is expected to commence operations during the first quarter of 2014 and therefore the fixed assets of this investment are classified as construction in progress at September 30, 2013 on the consolidated condensed balance sheet. | |||||
In connection with the acquisition, the Company entered into a construction loan agreement and drew down $10.2 million. Upon commencement of operations, the construction loan is expected to convert to term debt. | |||||
The acquisition has been accounted for as a business combination. Accordingly, the results of operations of the Valley Center Project are included in the consolidated condensed statement of operations starting with the quarter ended September 30, 2013. The fair value of the assets acquired and liabilities assumed at the date of acquisition was as follows ($ in thousands): | |||||
Restricted cash - current | $ | 7,614 | |||
Other current assets | 7 | ||||
Total current assets | 7,621 | ||||
Property and equipment | 8,846 | ||||
Deferred financing costs | 502 | ||||
Total assets acquired | $ | 16,969 | |||
Current liabilities | $ | 10,211 | |||
Total liabilities assumed | $ | 10,211 | |||
Net assets acquired | $ | 6,758 | |||
Had the Tucson Project and the Presidio Project acquisitions occurred as of January 1, 2012, and the DMAFB Project and Valley Center Project acquisitions occurred as of January 1, 2013, the Company's consolidated results of operations would not have been materially different. For the nine months ended September 30, 2013 and for the year ended December 31, 2012, the Company recorded transaction related costs of $2.1 million and $1.1 million, respectively, in selling, general, and administrative expense for these investments. |
Property_Equipment_Land_and_Le
Property, Equipment, Land and Leasehold Improvements | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Equipment, Land and Leasehold Improvements [Abstract] | |||||||||
Property, Equipment, Land and Leasehold Improvements | 5. Property, Equipment, Land and Leasehold Improvements | ||||||||
Property, equipment, land and leasehold improvements at September 30, 2013 and December 31, 2012 consist of the following ($ in thousands): | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Land | $ | 4,618 | $ | 4,618 | |||||
Easements | 5,624 | 5,624 | |||||||
Buildings | 25,133 | 24,993 | |||||||
Leasehold and land improvements | 340,929 | 337,632 | |||||||
Machinery and equipment | 562,617 | 503,499 | |||||||
Furniture and fixtures | 10,760 | 10,215 | |||||||
Construction in progress | 77,316 | 41,370 | |||||||
Property held for future use | 1,975 | 1,768 | |||||||
1,028,972 | 929,719 | ||||||||
Less: accumulated depreciation | (251,905 | ) | (221,688 | ) | |||||
Property, equipment, land and leasehold improvements, net | $ | 777,067 | $ | 708,031 | |||||
As discussed in Note 4, "Acquisitions", the Company acquired $36.4 million and $141.4 million, respectively, in machinery and equipment and construction in progress from the MIC Solar acquisitions during the third quarter of 2013 and fourth quarter of 2012, respectively. |
Intangible_Assets
Intangible Assets | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Intangible Assets [Abstract] | |||||||||
Intangible Assets | 6. Intangible Assets | ||||||||
Intangible assets at September 30, 2013 and December 31, 2012 consist of the following ($ in thousands): | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Contractual arrangements | $ | 745,841 | $ | 745,841 | |||||
Non-compete agreements | 9,575 | 9,575 | |||||||
Customer relationships | 79,445 | 79,445 | |||||||
Leasehold rights | 2,121 | 3,330 | |||||||
Trade names | 15,671 | 15,671 | |||||||
Technology | 460 | 460 | |||||||
853,113 | 854,322 | ||||||||
Less: accumulated amortization | (252,768 | ) | (227,420 | ) | |||||
Intangible assets, net | $ | 600,345 | $ | 626,902 | |||||
The goodwill balance as of September 30, 2013 is comprised of the following ($ in thousands): | |||||||||
Goodwill acquired in business combinations, net of disposals | $ | 637,139 | |||||||
Less: accumulated impairment charges | (123,200 | ) | |||||||
Balance at September 30, 2013 | $ | 513,939 | |||||||
The Company tests for goodwill impairment at the reporting unit level on an annual basis on October 1st of each year and between annual tests if a triggering event indicates impairment. There were no triggering events indicating impairment for the nine months ended September 30, 2013. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Long-Term Debt [Abstract] | |||||||||
Long-Term Debt | 7. Long-Term Debt | ||||||||
At September 30, 2013 and December 31, 2012, the Company's consolidated long-term debt comprised the following ($ in thousands): | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Hawaii Gas | $ | 180,000 | $ | 180,000 | |||||
District Energy | 157,987 | 164,382 | |||||||
Atlantic Aviation | 469,193 | 731,549 | |||||||
MIC Solar | 115,510 | 83,233 | |||||||
Total | 922,690 | 1,159,164 | |||||||
Less: current portion | (168,005 | ) | (106,580 | ) | |||||
Long-term portion | $ | 754,685 | $ | 1,052,584 | |||||
On May 31, 2013, Atlantic Aviation FBO Inc. ("AA FBO") and Atlantic Aviation FBO Holdings LLC ("Holdings"), the direct parent of AA FBO, entered into a credit agreement (the "AA Credit Agreement"), that provides the business with a seven-year, $465.0 million senior secured first lien term loan facility. The interest rate on this term loan facility floats at LIBOR plus 2.50%, with minimum LIBOR of 0.75%. The floating rate has effectively been fixed for 6 years at 4.698% using an interest rate swap. AA FBO and Holdings also entered into a five-year, $70.0 million senior secured first lien revolving credit facility that bears interest at LIBOR plus 2.50%. Proceeds of the term loan facility, together with proceeds from the equity offering discussed in Note 9, "Members' Equity", and cash on hand were used to repay all of the amounts outstanding under Atlantic Aviation's existing credit agreement dated September 27, 2007. | |||||||||
The AA Credit Agreement provides for an uncommitted incremental facility that permits Atlantic Aviation, subject to certain conditions, to increase the term loan facility by up to $50.0 million plus an additional amount if certain senior secured leverage ratio requirements are maintained. | |||||||||
Atlantic Aviation also has stand-alone debt facilities used to fund construction at its FBOs. At September 30, 2013, the balances on the stand-alone facilities were $5.4 million. The Company has classified $539,000 relating to the stand-alone debt facilities in the current portion of long-term debt in the consolidated condensed balance sheet at September 30, 2013. | |||||||||
The Company classified $158.0 million relating to District Energy's debt in the current portion of long-term debt in the consolidated condensed balance sheet at September 30, 2013, as its debt facilities mature in September of 2014. During the nine months ended September 30, 2013 and in October of 2013, District Energy paid $6.4 million and $4.9 million, respectively, to its lenders. | |||||||||
As discussed in Note 4, "Acquisitions", the Company acquired two solar businesses during the fourth quarter of 2012 and assumed $83.2 million in term loan and construction loan debt. The portion that related to the project at Tucson, Arizona, upon substantial completion in December of 2012, was converted to a term loan. At September 30, 2013, $58.2 million was outstanding, of which $2.9 million was recorded as current portion of long-term debt. The portion that related to the project at Presidio, Texas, was a construction loan that was converted to a term loan in July of 2013. At September 30, 2013, $24.7 million was outstanding on the term loan, of which $953,000 was recorded as current portion of long-term debt. | |||||||||
During the third quarter of 2013, the Company acquired two solar businesses and assumed $22.4 million in construction loan debt from the DMAFB Project acquisition. The construction loan is expected to convert to term debt upon reaching substantial completion of the project. At September 30, 2013, $22.4 million was outstanding on the construction loan debt, of which $646,000 was recorded as current portion of long-term debt. | |||||||||
In connection with the Valley Center Project acquisition, the Company borrowed $10.2 million of construction loan debt, of which $317,000 was recorded as current portion of long-term debt at September 30, 2013. The construction loan is expected to convert to term debt upon reaching substantial completion of the project. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | |||||||||||||||||
Derivative Instruments and Hedging Activities | 8. Derivative Instruments and Hedging Activities | ||||||||||||||||
The Company and its businesses have in place variable-rate debt. Management believes that it is prudent to limit the variability of a portion of the business' interest payments. To meet this objective, the Company enters into interest rate swap agreements to manage fluctuations in cash flows resulting from interest rate risk on a majority of its debt with a variable-rate component. These swaps change the variable-rate cash flow exposure on the debt obligations to fixed cash flows. Under the terms of the interest rate swaps, the Company receives variable interest rate payments and makes fixed interest rate payments, thereby creating the equivalent of fixed-rate debt for the portion of the debt that is swapped. | |||||||||||||||||
At September 30, 2013, the Company had $922.7 million of current and long-term debt, $693.8 million of which was economically hedged with either an interest rate swap or an interest rate cap and $228.9 million of which was unhedged. | |||||||||||||||||
Effective February 25, 2009 for Atlantic Aviation and effective April 1, 2009 for the Company's other businesses, the Company elected to discontinue hedge accounting. In prior periods, when the Company applied hedge accounting, changes in the fair value of derivatives that effectively offset the variability of cash flows on the Company's debt interest obligations were recorded in other comprehensive income or loss. From the dates that hedge accounting was discontinued, all movements in the fair value of the interest rate swaps are recorded directly through earnings. As interest payments are made, a portion of the other comprehensive loss recorded under hedge accounting is also reclassified into earnings. The Company will reclassify into earnings $1.1 million of net derivative losses, included in accumulated other comprehensive loss as of September 30, 2013, within the next 12 months. | |||||||||||||||||
Excess cash flow generated at District Energy must be applied toward the principal balance of the term loan during the last two years before maturity. District Energy will record additional reclassifications from accumulated other comprehensive loss to interest expense when the business pays down its debt more quickly than anticipated. | |||||||||||||||||
As discussed in Note 7, "Long-Term Debt", Atlantic Aviation entered into a seven-year, $465.0 million senior secured first lien term loan facility credit agreement on May 31, 2013. The interest rate on this term loan facility floats at LIBOR plus 2.50%, with a minimum LIBOR of 0.75%. At September 30, 2013, the term loan had an interest rate cap for $550.0 million notional and will effectively cap LIBOR for this facility at 2.25%. Effective July 31, 2013, Atlantic Aviation entered into an interest rate swap for $465.0 million notional that expires on July 31, 2019. This interest rate swap effectively fixes the interest rate on term loan at 4.698%. | |||||||||||||||||
The Company measures derivative instruments at fair value using the income approach which discounts the future net cash settlements expected under the derivative contracts to a present value. These valuations utilize primarily observable ("level 2") inputs, including contractual terms, interest rates and yield curves observable at commonly quoted intervals. | |||||||||||||||||
The Company's fair value measurements of its derivative instruments and the related location of the liabilities associated with the hedging instruments within the consolidated condensed balance sheets at September 30, 2013 and December 31, 2012 were as follows ($ in thousands): | |||||||||||||||||
Assets (Liabilities) at | |||||||||||||||||
Fair Value(1) | |||||||||||||||||
Interest Rate Contracts Not Designated as Hedging Instruments | |||||||||||||||||
Balance Sheet Location | 30-Sep-13 | 31-Dec-12 | |||||||||||||||
Fair value of derivative instruments - non-current assets(2) | $ | 4 | $ | 95 | |||||||||||||
Fair value of derivative instruments - non-current assets(3) | 622 | - | |||||||||||||||
Total interest rate derivative contracts - assets(2)(3) | $ | 626 | $ | 95 | |||||||||||||
Fair value of derivative instruments - current liabilities(3) | $ | (13,336 | ) | $ | (7,450 | ) | |||||||||||
Fair value of derivative instruments - non-current liabilities(3) | - | (5,360 | ) | ||||||||||||||
Total interest rate derivative contracts - liabilities(3) | $ | (13,336 | ) | $ | (12,810 | ) | |||||||||||
-1 | Fair value measurements at reporting date were made using significant other observable inputs | ||||||||||||||||
("level 2"). | |||||||||||||||||
-2 | Derivative contracts represent interest rate caps. | ||||||||||||||||
-3 | Derivative contracts represent interest rate swaps. | ||||||||||||||||
The Company's hedging activities for the quarter and nine months ended September 30, 2013 and 2012 and the related location within the consolidated condensed statements of operations were as follows ($ in thousands): | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||
Amount of Loss Recognized | Amount of Loss Recognized in Interest Expense for the Nine Months Ended September 30, | ||||||||||||||||
in Interest Expense for the | |||||||||||||||||
Quarter Ended September 30, | |||||||||||||||||
Financial Statement Account | 2013(1) | 2012(2) | 2013(1) | 2012(2) | |||||||||||||
Interest expense - Interest rate cap | $ | (38 | ) | $ | (164 | ) | $ | (91 | ) | $ | (164 | ) | |||||
Interest expense - Interest rate swaps | (7,998 | ) | (9,204 | ) | (9,492 | ) | (20,088 | ) | |||||||||
Total | $ | (8,036 | ) | $ | (9,368 | ) | $ | (9,583 | ) | $ | (20,252 | ) | |||||
-1 | Net loss recognized in interest expense for the interest rate swap contracts for the quarter and nine months ended September 30, 2013 includes $7.6 million and $8.3 million, respectively, of unrealized derivative losses and $344,000 and $1.2 million, respectively, of derivative losses reclassified from accumulated other comprehensive loss. Net loss recognized in interest expense for the quarter and nine months ended September 30, 2013 also includes $38,000 and $91,000, respectively, of unrealized derivative losses from an interest rate cap contract. | ||||||||||||||||
-2 | Net loss recognized in interest expense for the interest rate swap contracts for the quarter and nine months ended September 30, 2012 includes $6.1 million and $14.6 million, respectively, of derivative losses reclassified from accumulated other comprehensive loss and $3.1 million and $5.5 million, respectively, of unrealized derivative losses. Net loss recognized in interest expense for the quarter and nine months ended September 30, 2012 also includes $164,000 of unrealized derivative losses from an interest rate cap contract. | ||||||||||||||||
All of the Company's derivative instruments are collateralized by all of the assets of the respective businesses. |
Members_Equity
Members' Equity | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Members' Equity [Abstract] | |||||||||||||||||||||||||
Members' Equity | 9. Members' Equity | ||||||||||||||||||||||||
LLC Interests | |||||||||||||||||||||||||
The Company is authorized to issue 500,000,000 LLC Interests. Each outstanding LLC interest of the Company is entitled to one vote on any matter with respect to which holders of LLC Interests are entitled to vote. | |||||||||||||||||||||||||
Shelf Registration Statement and MIC Direct | |||||||||||||||||||||||||
On April 8, 2013, the Company filed an automatic shelf registration statement on Form S-3 ("shelf") with the Securities and Exchange Commission to issue and sell an indeterminate amount of its LLC Interests and debt securities in one or more future offerings. Along with the shelf, the Company filed a prospectus supplement with respect to a dividend reinvestment/direct stock purchase program named "MIC Direct". The prospectus supplement relates to the issuance of up to 1.0 million additional LLC Interests to participants in MIC Direct. The Company may also choose to fill requests for reinvestment of dividends or share purchases through MIC Direct via open market purchases. | |||||||||||||||||||||||||
Equity Offering | |||||||||||||||||||||||||
On May 8, 2013, the Company completed an underwritten public offering and sale of 3,756,500 LLC Interests pursuant to the shelf. On May 16, 2013, the Company sold an additional 133,375 LLC Interests in this offering pursuant to the exercise of the underwriters' over-allotment option. The Manager, as selling stockholder, sold 3,182,625 LLC Interests as part of this offering. | |||||||||||||||||||||||||
The proceeds from the offering were $217.8 million and $178.2 million, respectively, to the Company and to the Manager, net of underwriting fees and expenses. The Company used the proceeds of the offering to partially repay the existing term loan at Atlantic Aviation as discussed in Note 7, "Long-Term Debt". | |||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||
The following represents the changes and balances to the components of accumulated other comprehensive loss for the nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||||||
Cash Flow Hedges, net of taxes(1) | Post Retirement Benefit Plans, net of taxes | Translation Adjustment, | Total Accumulated Other Comprehensive Loss, | Noncontrolling Interests | Total Members' Accumulated Other Comprehensive Loss, | ||||||||||||||||||||
net of taxes(2) | net of taxes | net of taxes | |||||||||||||||||||||||
Balance at December 31, 2011 | $ | (10,337 | ) | $ | (18,911 | ) | $ | 410 | $ | (28,838 | ) | $ | 1,426 | $ | (27,412 | ) | |||||||||
Reclassification of realized losses of derivatives into earnings | 8,252 | - | - | 8,252 | (598 | ) | 7,654 | ||||||||||||||||||
Translation adjustment | - | - | 104 | 104 | - | 104 | |||||||||||||||||||
Balance at September 30, 2012 | $ | (2,085 | ) | $ | (18,911 | ) | $ | 514 | $ | (20,482 | ) | $ | 828 | $ | (19,654 | ) | |||||||||
Balance at December 31, 2012 | $ | (1,538 | ) | $ | (20,466 | ) | $ | 514 | $ | (21,490 | ) | $ | 689 | $ | (20,801 | ) | |||||||||
Reclassification of realized losses of derivatives into earnings | 733 | - | - | 733 | (351 | ) | 382 | ||||||||||||||||||
Balance at September 30, 2013 | $ | (805 | ) | $ | (20,466 | ) | $ | 514 | $ | (20,757 | ) | $ | 338 | $ | (20,419 | ) | |||||||||
-1 | Reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $344,000 and $1.2 million, respectively, and the related tax benefit of $137,000 and $463,000, respectively, in the consolidated condensed statements of operations; and (ii) pre-tax derivative losses as an adjustment to investment in unconsolidated business of $15,000 and $47,000, respectively, and an adjustment to deferred taxes of $5,000 and $16,000, respectively, in the consolidated condensed balance sheet for the quarter and nine months ended September 30, 2013, respectively. For the quarter and nine months ended September 30, 2012, reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $6.1 million and $14.6 million, respectively, and the related tax benefit of $3.1 million and $6.5 million, respectively, in the consolidated condensed statements of operations; and (ii) pre-tax derivative losses as an adjustment to investment in unconsolidated business of $87,000 and $261,000, respectively, and an adjustment to deferred taxes of $30,000 and $91,000, respectively, in the consolidated condensed balance sheet. | ||||||||||||||||||||||||
-2 | Translation adjustment is presented net of taxes of $56,000 for the nine months ended September 30, 2012. |
Reportable_Segments
Reportable Segments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Reportable Segments [Abstract] | |||||||||||||||||||||||||
Reportable Segments | 10. Reportable Segments | ||||||||||||||||||||||||
The Company's businesses consist of four reportable segments: Hawaii Gas, District Energy, Atlantic Aviation and MIC Solar. The Company also has a 50% investment in IMTT, which is accounted for using the equity method. Financial information for IMTT's business as a whole is presented below ($ in thousands): | |||||||||||||||||||||||||
As of, and for the Quarter | As of, and for the Nine Months | ||||||||||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Revenue | $ | 126,447 | $ | 118,601 | $ | 383,753 | $ | 350,368 | |||||||||||||||||
Net income | $ | 19,559 | $ | 16,384 | $ | 67,873 | $ | 53,809 | |||||||||||||||||
Interest expense, net | 9,376 | 10,533 | 17,099 | 28,914 | |||||||||||||||||||||
Provision for income taxes | 15,181 | 11,631 | 48,894 | 37,867 | |||||||||||||||||||||
Depreciation and amortization | 19,051 | 16,992 | 56,109 | 51,016 | |||||||||||||||||||||
Casualty losses, net | 200 | - | 6,700 | - | |||||||||||||||||||||
Other non-cash expense | 253 | 369 | 429 | 647 | |||||||||||||||||||||
EBITDA excluding non-cash items(1) | $ | 63,620 | $ | 55,909 | $ | 197,104 | $ | 172,253 | |||||||||||||||||
Capital expenditures paid | $ | 29,154 | $ | 36,720 | $ | 119,652 | $ | 95,406 | |||||||||||||||||
Property, equipment, land and leasehold improvements, net | 1,256,643 | 1,159,773 | 1,256,643 | 1,159,773 | |||||||||||||||||||||
Total assets balance | 1,349,708 | 1,247,984 | 1,349,708 | 1,247,984 | |||||||||||||||||||||
-1 | EBITDA consists of earnings before interest, taxes, depreciation and amortization. Non-cash items that are excluded consist of impairments, derivative gains and losses and all other non-cash income and expense items. | ||||||||||||||||||||||||
All of the business segments are managed separately and management has chosen to organize the Company around the distinct products and services offered. | |||||||||||||||||||||||||
IMTT provides bulk liquid storage and handling services in North America through ten terminals located on the East, West and Gulf Coasts, the Great Lakes region of the United States and partially owned terminals in Quebec and Newfoundland, Canada. IMTT derives the majority of its revenue from storage and handling of petroleum products, various chemicals, renewable fuels, and vegetable and animal oils. Based on storage capacity, IMTT operates one of the largest third-party bulk liquid storage terminal businesses in the United States. | |||||||||||||||||||||||||
The revenue from the Hawaii Gas segment is included in revenue from product sales. Revenue is generated from the distribution and sales of synthetic natural gas, or SNG, and liquefied petroleum gas, or LPG. Revenue is primarily a function of the volume of SNG and LPG consumed by customers and the price per thermal unit or gallon charged to customers. Because both SNG and LPG are derived from petroleum, revenue levels, without organic growth, will generally track global oil prices. The utility revenue of Hawaii Gas reflects fuel adjustment charges, or FACs, through which changes in fuel costs are passed through to customers. | |||||||||||||||||||||||||
The revenue from the District Energy segment is included in service revenue and financing and equipment lease income. Included in service revenue is capacity revenue, which relates to monthly fixed contract charges, and consumption revenue, which relates to contractual rates applied to actual usage. Financing and equipment lease income relates to direct financing lease transactions and equipment leases to the business' various customers. Finance lease revenue, recorded on the consolidated condensed statements of operations, is the interest portion of lease payments received from equipment leases with various customers primarily in Las Vegas. The principal portion of the cash receipts on these equipment leases are recorded in the operating activities of the consolidated condensed cash flow statements. District Energy provides its services to buildings primarily in the downtown Chicago, Illinois area and to a casino and a shopping mall located in Las Vegas, Nevada. | |||||||||||||||||||||||||
The Atlantic Aviation business segment derives the majority of its revenues from fuel sales and from other airport services, including de-icing, aircraft hangarage and other aviation services. All of the revenue of Atlantic Aviation is generated at airports in the U.S., of which there were 62 at September 30, 2013. | |||||||||||||||||||||||||
The revenue from the MIC Solar segment is included in revenue from product sales. As of October 28, 2013, the Company invested in five utility-scale photovoltaic power generation facilities that are located in the southwest United States that are expected to have an aggregate generating capacity of 57 megawatts of wholesale electricity to utilities and a U.S. Air Force base. As of September 30, 2013, the Company had invested in four of these facilities. Owners of solar photovoltaic power generation facilities sell substantially all of the electricity generated from these facilities at a fixed price to electric utilities pursuant to a long-term (typically 20 - 25 years) power purchase agreements. Segment information for MIC Solar is not presented for the period ended September 30, 2012 as all acquisitions were completed subsequently. | |||||||||||||||||||||||||
Selected information by segment is presented in the following tables. The tables do not include financial data for the Company's equity investment in IMTT. | |||||||||||||||||||||||||
Revenue from external customers for the Company's consolidated reportable segments was as follows ($ in thousands): | |||||||||||||||||||||||||
Quarter Ended September 30, 2013 | |||||||||||||||||||||||||
Hawaii | District | Atlantic | MIC | Total Reportable | |||||||||||||||||||||
Gas | Energy | Aviation | Solar | Segments | |||||||||||||||||||||
Revenue from Product Sales | |||||||||||||||||||||||||
Product sales | $ | 28,488 | $ | - | $ | 141,032 | $ | 2,649 | $ | 172,169 | |||||||||||||||
Product sales - utility | 32,981 | - | - | - | 32,981 | ||||||||||||||||||||
61,469 | - | 141,032 | 2,649 | 205,150 | |||||||||||||||||||||
Service Revenue | |||||||||||||||||||||||||
Other services | - | 692 | 42,166 | - | 42,858 | ||||||||||||||||||||
Cooling capacity revenue | - | 5,780 | - | - | 5,780 | ||||||||||||||||||||
Cooling consumption revenue | - | 9,114 | - | - | 9,114 | ||||||||||||||||||||
- | 15,586 | 42,166 | - | 57,752 | |||||||||||||||||||||
Financing and Lease Income | |||||||||||||||||||||||||
Financing and equipment lease | - | 817 | - | - | 817 | ||||||||||||||||||||
- | 817 | - | - | 817 | |||||||||||||||||||||
Total Revenue | $ | 61,469 | $ | 16,403 | $ | 183,198 | $ | 2,649 | $ | 263,719 | |||||||||||||||
Quarter Ended September 30, 2012 | |||||||||||||||||||||||||
Hawaii | District | Atlantic | Total Reportable | ||||||||||||||||||||||
Gas | Energy | Aviation | Segments | ||||||||||||||||||||||
Revenue from Product Sales | |||||||||||||||||||||||||
Product sales | $ | 26,894 | $ | - | $ | 139,491 | $ | 166,385 | |||||||||||||||||
Product sales - utility | 35,535 | - | - | 35,535 | |||||||||||||||||||||
62,429 | - | 139,491 | 201,920 | ||||||||||||||||||||||
Service Revenue | |||||||||||||||||||||||||
Other services | - | 702 | 39,409 | 40,111 | |||||||||||||||||||||
Cooling capacity revenue | - | 5,613 | - | 5,613 | |||||||||||||||||||||
Cooling consumption revenue | - | 10,490 | - | 10,490 | |||||||||||||||||||||
- | 16,805 | 39,409 | 56,214 | ||||||||||||||||||||||
Financing and Lease Income | |||||||||||||||||||||||||
Financing and equipment lease | - | 1,119 | - | 1,119 | |||||||||||||||||||||
- | 1,119 | - | 1,119 | ||||||||||||||||||||||
Total Revenue | $ | 62,429 | $ | 17,924 | $ | 178,900 | $ | 259,253 | |||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Hawaii | District | Atlantic | MIC | Total Reportable | |||||||||||||||||||||
Gas | Energy | Aviation | Solar | Segments | |||||||||||||||||||||
Revenue from Product Sales | |||||||||||||||||||||||||
Product sales | $ | 88,993 | $ | - | $ | 417,305 | $ | 7,167 | $ | 513,465 | |||||||||||||||
Product sales - utility | 104,095 | - | - | - | 104,095 | ||||||||||||||||||||
193,088 | - | 417,305 | 7,167 | 617,560 | |||||||||||||||||||||
Service Revenue | |||||||||||||||||||||||||
Other services | - | 2,139 | 124,535 | - | 126,674 | ||||||||||||||||||||
Cooling capacity revenue | - | 17,197 | - | - | 17,197 | ||||||||||||||||||||
Cooling consumption revenue | - | 16,282 | - | - | 16,282 | ||||||||||||||||||||
- | 35,618 | 124,535 | - | 160,153 | |||||||||||||||||||||
Financing and Lease Income | |||||||||||||||||||||||||
Financing and equipment lease | - | 2,779 | - | - | 2,779 | ||||||||||||||||||||
- | 2,779 | - | - | 2,779 | |||||||||||||||||||||
Total Revenue | $ | 193,088 | $ | 38,397 | $ | 541,840 | $ | 7,167 | $ | 780,492 | |||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
Hawaii | District | Atlantic | Total Reportable | ||||||||||||||||||||||
Gas | Energy | Aviation | Segments | ||||||||||||||||||||||
Revenue from Product Sales | |||||||||||||||||||||||||
Product sales | $ | 88,271 | $ | - | $ | 420,197 | $ | 508,468 | |||||||||||||||||
Product sales - utility | 110,656 | - | - | 110,656 | |||||||||||||||||||||
198,927 | - | 420,197 | 619,124 | ||||||||||||||||||||||
Service Revenue | |||||||||||||||||||||||||
Other services | - | 2,023 | 120,502 | 122,525 | |||||||||||||||||||||
Cooling capacity revenue | - | 16,675 | - | 16,675 | |||||||||||||||||||||
Cooling consumption revenue | - | 20,853 | - | 20,853 | |||||||||||||||||||||
- | 39,551 | 120,502 | 160,053 | ||||||||||||||||||||||
Financing and Lease Income | |||||||||||||||||||||||||
Financing and equipment lease | - | 3,448 | - | 3,448 | |||||||||||||||||||||
- | 3,448 | - | 3,448 | ||||||||||||||||||||||
Total Revenue | $ | 198,927 | $ | 42,999 | $ | 540,699 | $ | 782,625 | |||||||||||||||||
In accordance with FASB ASC 280 Segment Reporting, the Company has disclosed earnings before interest, taxes, depreciation and amortization (EBITDA) excluding non-cash items as a key performance metric relied on by management in the evaluation of the Company's performance. Non-cash items include impairments, derivative gains and losses and adjustments for other non-cash items reflected in the statements of operations. The Company believes EBITDA excluding non-cash items provides additional insight into the performance of the operating businesses relative to each other and similar businesses without regard to their capital structure, and their ability to service or reduce debt, fund capital expenditures and/or support distributions to the holding company. EBITDA excluding non-cash items is reconciled to net income or loss. | |||||||||||||||||||||||||
EBITDA excluding non-cash items for the Company's consolidated reportable segments is shown in the tables below ($ in thousands). Allocations of corporate expenses, intercompany fees and the tax effect have been excluded as they are eliminated on consolidation. | |||||||||||||||||||||||||
Quarter Ended September 30, 2013 | |||||||||||||||||||||||||
Hawaii | District | Atlantic | MIC | Total Reportable | |||||||||||||||||||||
Gas | Energy | Aviation | Solar | Segments | |||||||||||||||||||||
Net income | $ | 4,827 | $ | 2,258 | $ | 7,569 | $ | 1,249 | $ | 15,903 | |||||||||||||||
Interest expense, net | 2,097 | 1,275 | 11,481 | 897 | 15,750 | ||||||||||||||||||||
Provision (benefit) for income taxes | 3,191 | 1,584 | 5,185 | (27 | ) | 9,933 | |||||||||||||||||||
Depreciation | 1,849 | 1,620 | 6,094 | 2,096 | 11,659 | ||||||||||||||||||||
Amortization of intangibles | 311 | 329 | 7,978 | - | 8,618 | ||||||||||||||||||||
Other non-cash expense (income)(1) | 604 | 205 | (1 | ) | (4,010 | ) | (3,202 | ) | |||||||||||||||||
EBITDA excluding non-cash items | $ | 12,879 | $ | 7,271 | $ | 38,306 | $ | 205 | $ | 58,661 | |||||||||||||||
-1 | Other non-cash expense (income) for MIC Solar represents the adjustment for noncontrolling interest. | ||||||||||||||||||||||||
Quarter Ended September 30, 2012 | |||||||||||||||||||||||||
Hawaii | District | Atlantic | Total Reportable | ||||||||||||||||||||||
Gas | Energy | Aviation | Segments | ||||||||||||||||||||||
Net income | $ | 2,472 | $ | 2,226 | $ | 7,784 | $ | 12,482 | |||||||||||||||||
Interest expense, net | 5,695 | 2,065 | 7,381 | 15,141 | |||||||||||||||||||||
Provision for income taxes | 1,631 | 1,560 | 6,531 | 9,722 | |||||||||||||||||||||
Depreciation | 1,759 | 1,685 | 5,837 | 9,281 | |||||||||||||||||||||
Amortization of intangibles | 206 | 345 | 8,249 | 8,800 | |||||||||||||||||||||
Gain on disposal of assets | - | - | (1,850 | ) | (1,850 | ) | |||||||||||||||||||
Other non-cash expense (income) | 869 | 156 | (39 | ) | 986 | ||||||||||||||||||||
EBITDA excluding non-cash items | $ | 12,632 | $ | 8,037 | $ | 33,893 | $ | 54,562 | |||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Hawaii | District | Atlantic | MIC | Total Reportable | |||||||||||||||||||||
Gas | Energy | Aviation | Solar | Segments | |||||||||||||||||||||
Net income | $ | 16,196 | $ | 2,563 | $ | 26,613 | $ | 1,242 | $ | 46,614 | |||||||||||||||
Interest expense, net | 5,040 | 3,793 | 20,206 | 2,121 | 31,160 | ||||||||||||||||||||
Provision for income taxes | 10,669 | 1,797 | 18,009 | 1,175 | 31,650 | ||||||||||||||||||||
Depreciation | 5,573 | 5,021 | 17,983 | 5,174 | 33,751 | ||||||||||||||||||||
Amortization of intangibles | 935 | 997 | 23,934 | - | 25,866 | ||||||||||||||||||||
Loss on extinguishment | - | - | 2,434 | - | 2,434 | ||||||||||||||||||||
of debt | |||||||||||||||||||||||||
Loss on disposal of assets | - | - | 106 | - | 106 | ||||||||||||||||||||
Loss from customer contract termination | - | 1,626 | - | - | 1,626 | ||||||||||||||||||||
Other non-cash expense (income)(1) | 1,592 | 413 | (116 | ) | (6,555 | ) | (4,666 | ) | |||||||||||||||||
EBITDA excluding non-cash items | $ | 40,005 | $ | 16,210 | $ | 109,169 | $ | 3,157 | $ | 168,541 | |||||||||||||||
-1 | Other non-cash expense (income) for MIC Solar represents the adjustment for noncontrolling interest. | ||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
Hawaii | District | Atlantic | Total Reportable | ||||||||||||||||||||||
Gas | Energy | Aviation | Segments | ||||||||||||||||||||||
Net income | $ | 14,338 | $ | 3,098 | $ | 20,426 | $ | 37,862 | |||||||||||||||||
Interest expense, net | 9,102 | 6,521 | 23,448 | 39,071 | |||||||||||||||||||||
Provision for income taxes | 9,343 | 2,171 | 15,815 | 27,329 | |||||||||||||||||||||
Depreciation | 5,191 | 5,036 | 17,513 | 27,740 | |||||||||||||||||||||
Amortization of intangibles | 617 | 1,027 | 24,248 | 25,892 | |||||||||||||||||||||
Gain on disposal of assets | - | - | (1,803 | ) | (1,803 | ) | |||||||||||||||||||
Other non-cash expense (income) | 2,671 | 425 | (268 | ) | 2,828 | ||||||||||||||||||||
EBITDA excluding non-cash items | $ | 41,262 | $ | 18,278 | $ | 99,379 | $ | 158,919 | |||||||||||||||||
Reconciliation of total reportable segments' EBITDA excluding non-cash items to consolidated net income (loss) before income taxes are as follows ($ in thousands): | |||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Total reportable segments EBITDA excluding | $ | 58,661 | $ | 54,562 | $ | 168,541 | $ | 158,919 | |||||||||||||||||
non-cash items | |||||||||||||||||||||||||
Interest income | 39 | 110 | 182 | 116 | |||||||||||||||||||||
Interest expense | (15,767 | ) | (15,144 | ) | (31,190 | ) | (39,076 | ) | |||||||||||||||||
Depreciation(1) | (11,659 | ) | (9,281 | ) | (33,751 | ) | (27,740 | ) | |||||||||||||||||
Amortization of intangibles | (8,618 | ) | (8,800 | ) | (25,866 | ) | (25,892 | ) | |||||||||||||||||
Loss on extinguishment of debt | - | - | (2,434 | ) | - | ||||||||||||||||||||
Gain (loss) on disposal of assets | - | 1,850 | (106 | ) | 1,803 | ||||||||||||||||||||
Loss from customer contract termination | - | - | (1,626 | ) | - | ||||||||||||||||||||
Selling, general and administrative - corporate | (1,278 | ) | (2,005 | ) | (4,987 | ) | (9,221 | ) | |||||||||||||||||
Fees to manager | (15,242 | ) | (29,353 | ) | (76,912 | ) | (39,108 | ) | |||||||||||||||||
Equity in earnings and amortization charges of investee | 8,576 | 6,989 | 30,327 | 23,295 | |||||||||||||||||||||
Other (expense) income, net | (634 | ) | (807 | ) | 1,070 | (2,281 | ) | ||||||||||||||||||
Total consolidated net income (loss) before income taxes | $ | 14,078 | $ | (1,879 | ) | $ | 23,248 | $ | 40,815 | ||||||||||||||||
-1 | Depreciation includes depreciation expense for District Energy, which is reported in cost of services in the consolidated condensed statement of operations. | ||||||||||||||||||||||||
Capital expenditures for the Company's reportable segments were as follows ($ in thousands): | |||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Hawaii Gas | $ | 5,357 | $ | 3,816 | $ | 15,402 | $ | 11,371 | |||||||||||||||||
District Energy | 26 | 645 | 559 | 1,092 | |||||||||||||||||||||
Atlantic Aviation | 5,511 | 5,649 | 16,255 | 12,980 | |||||||||||||||||||||
MIC Solar | 2,090 | - | 19,219 | - | |||||||||||||||||||||
Total | $ | 12,984 | $ | 10,110 | $ | 51,435 | $ | 25,443 | |||||||||||||||||
Property, equipment, land and leasehold improvements, goodwill and total assets for the Company's reportable segments as of September 30th were as follows ($ in thousands): | |||||||||||||||||||||||||
Property, Equipment, Land and Leasehold Improvements | Goodwill | Total Assets | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Hawaii Gas | $ | 178,954 | $ | 164,088 | $ | 120,193 | $ | 120,193 | $ | 380,933 | $ | 375,911 | |||||||||||||
District Energy | 131,761 | 137,880 | 17,946 | 18,647 | 200,782 | 215,141 | |||||||||||||||||||
Atlantic Aviation | 259,010 | 257,128 | 375,800 | 375,800 | 1,315,977 | 1,356,770 | |||||||||||||||||||
MIC Solar | 207,342 | - | - | - | 229,639 | - | |||||||||||||||||||
Total | $ | 777,067 | $ | 559,096 | $ | 513,939 | $ | 514,640 | $ | 2,127,331 | $ | 1,947,822 | |||||||||||||
Reconciliation of reportable segments' total assets to consolidated total assets ($ in thousands): | |||||||||||||||||||||||||
As of September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Total assets of reportable segments | $ | 2,127,331 | $ | 1,947,822 | |||||||||||||||||||||
Investment in IMTT | 86,554 | 125,299 | |||||||||||||||||||||||
Corporate and other | 35,289 | 89,770 | |||||||||||||||||||||||
Total consolidated assets | $ | 2,249,174 | $ | 2,162,891 |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||
Related Party Transactions | 11. Related Party Transactions | ||||||||||||||||||||
Management Services Agreement with Macquarie Infrastructure Management (USA) Inc. (the Manager) | |||||||||||||||||||||
At September 30, 2013 and December 31, 2012, the Manager held 3,738,873 LLC Interests and 5,480,929 LLC Interests, respectively, of the Company. Pursuant to the terms of the management services agreement, or Management Agreement, the Manager may sell these LLC interest at any time. As discussed in Note 9, "Members' Equity", as part of the Company's equity offering completed in May of 2013, the Manager sold 3,182,625 of its LLC Interests and received proceeds of $178.2 million, net of underwriting fees and expenses. Under the Management Agreement, the Manager, at its option, may reinvest performance fees and base management fees in LLC Interests of the Company. | |||||||||||||||||||||
Since January 1, 2012, the Company paid the Manager cash dividends on LLC Interests held for the following periods: | |||||||||||||||||||||
Declared | Period Covered | $ per LLC Interest | Record Date | Payable Date | Amount Paid to Manager (in thousands) | ||||||||||||||||
25-Oct-13 | Third quarter 2013 | $ | 0.875 | 11-Nov-13 | 14-Nov-13 | $ | -1 | ||||||||||||||
29-Jul-13 | Second quarter 2013 | $ | 0.875 | 12-Aug-13 | 15-Aug-13 | $ | 2,744 | ||||||||||||||
26-Apr-13 | First quarter 2013 | $ | 0.6875 | 13-May-13 | 16-May-13 | $ | 1,872 | ||||||||||||||
12-Dec-12 | Fourth quarter 2012 | $ | 0.6875 | 24-Dec-12 | 28-Dec-12 | $ | 3,768 | ||||||||||||||
29-Oct-12 | Third quarter 2012 | $ | 0.6875 | 12-Nov-12 | 15-Nov-12 | $ | 3,290 | ||||||||||||||
30-Jul-12 | Second quarter 2012 | $ | 0.625 | 13-Aug-12 | 16-Aug-12 | $ | 2,920 | ||||||||||||||
30-Apr-12 | First quarter 2012 | $ | 0.2 | 14-May-12 | 17-May-12 | $ | 905 | ||||||||||||||
1-Feb-12 | Fourth quarter 2011 | $ | 0.2 | 5-Mar-12 | 8-Mar-12 | $ | 878 | ||||||||||||||
-1 | The amount of dividend payable to the Manager for the third quarter of 2013 will be determined on November 11, 2013, the record date. | ||||||||||||||||||||
Under the Management Agreement, the Manager manages the Company's day-to-day operations and oversees the management teams of the Company's operating businesses. In addition, the Manager has the right to appoint the Chairman of the Board of the Company and an alternate, subject to minimum equity ownership, and to assign, or second, to the Company, two of its employees to serve as chief executive officer and chief financial officer of the Company and seconds or makes other personnel available as required. | |||||||||||||||||||||
In accordance with the Management Agreement, the Manager is entitled to a base management fee based primarily on the Company's market capitalization, and potentially a performance fee, based on the performance of the Company's stock relative to the applicable utilities index. For the quarter and nine months ended September 30, 2013, the Company incurred base management fees of $8.3 million and $23.5 million, respectively, and performance fees of $6.9 million and $53.4 million, respectively, payable to the Manager. The Manager elected to reinvest the base management and performance fees in additional LLC Interests. For the quarter and nine months ended September 30, 2012, the Company incurred base management fees of $5.8 million and $15.6 million, respectively, payable to the Manager. For the quarter and nine months ended September 30, 2012, the Company recorded a performance fee payable of $23.5 million to the Manager. | |||||||||||||||||||||
The unpaid portion of the base management fees and performance fees at the end of each reporting period is included in due to manager-related party in the consolidated condensed balance sheets. The following table shows the Manager's election to reinvest its base management fees and performance fees, if any, in additional LLC Interests: | |||||||||||||||||||||
Period | Base Management | Performance | LLC Interests Issued | Issue Date | |||||||||||||||||
Fee Amount | Fee Amount | ||||||||||||||||||||
($ in thousands) | ($ in thousands) | ||||||||||||||||||||
2013 Activities: | |||||||||||||||||||||
Third quarter 2013 | $ | 8,336 | $ | 6,906 | -1 | -1 | |||||||||||||||
Second quarter 2013 | 8,053 | 24,440 | 603,936 | 4-Sep-13 | |||||||||||||||||
First quarter 2013 | 7,135 | 22,042 | 522,638 | 5-Jun-13 | |||||||||||||||||
2012 Activities: | |||||||||||||||||||||
Fourth quarter 2012 | $ | 6,299 | $ | 43,820 | 980,384 | 20-Mar-13 | |||||||||||||||
Third quarter 2012 | 5,844 | 23,509 | 695,068 | 5-Dec-12 | |||||||||||||||||
Second quarter 2012 | 4,760 | - | 113,847 | 30-Aug-12 | |||||||||||||||||
First quarter 2012 | 4,995 | - | 147,682 | 31-May-12 | |||||||||||||||||
-1 | LLC interests for the third quarter of 2013 base management and performance fee will be issued to the Manager during the fourth quarter of 2013. | ||||||||||||||||||||
The Manager is not entitled to any other compensation and all costs incurred by the Manager, including compensation of seconded staff, are paid by the Manager out of its base management fee. However, the Company is responsible for other direct costs including, but not limited to, expenses incurred in the administration or management of the Company and its subsidiaries and investments, income taxes, audit and legal fees, acquisitions and dispositions and its compliance with applicable laws and regulations. During the quarter and nine months ended September 30, 2013, the Manager charged the Company $137,000 and $426,000, respectively, for reimbursement of out-of-pocket expenses compared with $145,000 and $345,000, for the quarter and nine months ended September 30, 2012, respectively. The unpaid portion of the out-of-pocket expenses at the end of the reporting period is included in due to manager-related party in the consolidated condensed balance sheets. | |||||||||||||||||||||
Second Amended and Restated Management Service Agreement | |||||||||||||||||||||
On September 30, 2013, Macquarie Infrastructure Company LLC entered into a Second Amended and Restated Management Services Agreement (the "Amended Agreement"), among the Company, Macquarie Infrastructure Company Inc. and the Manager. The amendments to the agreement revise the payment mechanics related to the base management fee payable by the Company to the Manager, and align the share price used to calculate the base management fee with the share price at which the Manager may reinvest the base management fee in LLC Interests. Effective October 1, 2013, pursuant to the Amended Agreement, base management fees will be calculated and payable monthly rather than quarterly. Performance fees will continue to be calculated and, if generated, paid quarterly. No substantive changes to the formulas or methodology used to calculate the amount of the base management or performance fees that may be due to the Manager were made. The Amended Agreement also makes certain non-substantive changes to eliminate parties and provisions that are no longer relevant. | |||||||||||||||||||||
Advisory and Other Services from the Macquarie Group | |||||||||||||||||||||
The Macquarie Group, and wholly-owned subsidiaries within the Macquarie Group, including Macquarie Bank Limited, or MBL, and Macquarie Capital (USA) Inc., or MCUSA, have provided various advisory and other services and incurred expenses in connection with the Company's equity raising activities, acquisitions and debt structuring for the Company and its businesses. Underwriting fees are recorded in members' equity as a direct cost of equity offerings. Advisory fees and out-of-pocket expenses relating to acquisitions are expensed as incurred. Debt arranging fees are deferred and amortized over the term of the credit facility. | |||||||||||||||||||||
During 2013, the Company engaged MCUSA as Joint Bookrunner in connection with the refinancing of the long-term debt facilities of Atlantic Aviation. Atlantic Aviation closed the refinancing on May 31, 2013. Atlantic Aviation paid $4.0 million to MCUSA for such services, of which $12,000 related to out-of-pocket expenses. | |||||||||||||||||||||
As discussed in Note 9, "Members' Equity", the Company completed an underwritten public offering and sale of LLC interests in May 2013. MCUSA served as a joint book-running manager and an underwriter in this offering and received $2.4 million from the Company for such services. | |||||||||||||||||||||
During the fourth quarter of 2012, MIC engaged MCUSA in connection with its ongoing initiative to bring Liquefied Natural Gas to the state of Hawaii. During the nine months ended September 30, 2013, the business incurred $132,000, of which $7,000 related to out-of-pocket expenses incurred in the first quarter of 2013, in fees to MCUSA for such services. | |||||||||||||||||||||
During 2012, MIC engaged MCUSA as a Joint Bookrunner and Lead Placement Agent on the refinancing of a portion of Hawaii Gas's long-term debt facilities. MIC incurred and paid $100,000 in fees to MCUSA relating to the services provided. | |||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||
As discussed in Note 7, "Long-Term Debt", Atlantic Aviation entered into a credit agreement on May 31, 2013. The credit agreement provides for a seven-year, $465.0 million senior secured first lien term loan facility and a five-year, $70.0 million senior secured first lien revolving credit facility. The $70.0 million revolving credit facility is provided by various financial institutions, including MBL which provides $15.7 million. At September 30, 2013, the revolving credit facility remains undrawn. For the quarter and nine months ended September 30, 2013, Atlantic Aviation incurred $18,000 and $27,000, respectively, in commitment fees related to MBL's portion of the revolving credit facility. | |||||||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||||||
The Company had derivative instruments in place to fix the interest rate on certain outstanding variable rate term loan facilities. Prior to the refinancing of Hawaii Gas' debt in August of 2012, Hawaii Gas had $160.0 million of its term loans hedged, of which MBL was providing the interest rate swaps for a notional amount of $48.0 million. The remainder of the swaps were from an unrelated third party. During 2012, up to the date of refinancing, Hawaii Gas made payments to MBL of $1.0 million in relation to these swaps. | |||||||||||||||||||||
On August 8, 2012, Hawaii Gas completed the refinancing of its long-term debt facilities. At the same time, Hawaii Gas paid off the outstanding balance on its interest rate swap totaling $8.7 million, of which $2.6 million was paid to MBL. | |||||||||||||||||||||
Other Transactions | |||||||||||||||||||||
Macquarie, through the Macquarie Insurance Facility (MIF), has an aggregated insurance buying program. By combining the insurance premiums of Macquarie owned and managed funds, MIF has been able to deliver very competitive terms to businesses that participate in the facility. MIF earns a commission from the insurers. No payments were made to MIF by the Company during the nine months ended September 30, 2013 and 2012. In February of 2013, the Company renewed its Directors and Officers liability insurance utilizing several of the MIF insurers. | |||||||||||||||||||||
Atlantic Aviation, Hawaii Gas, District Energy and MIC Solar purchase and renew property and casualty insurance coverage on an ongoing basis from insurance underwriters who then pay commissions to MIF. For the nine months ended September 30, 2013 and 2012, no payments were made directly to MIF for property and casualty insurance. | |||||||||||||||||||||
Atlantic Aviation entered into a copiers lease agreement with Macquarie Equipment Finance, or MEF, an indirect subsidiary of Macquarie Group Limited. For the quarter and nine months ended September 30, 2013 and 2012, Atlantic Aviation incurred $6,000 and $17,000, respectively, in lease expense on these copiers. As of September 30, 2013 and 2012, Atlantic Aviation had prepaid the October monthly payment to MEF for $2,000, which is included in prepaid expenses in the consolidated condensed balance sheet for respective periods. | |||||||||||||||||||||
Hawaii Gas entered into licensing agreements with Utility Service Partners, Inc. and America's Water Heater Rentals, LLC, both indirect subsidiaries of Macquarie Group Limited, to enable these entities to offer products and services to Hawaii Gas's customer base. No payments were made under these arrangements during the nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||
Macquarie Energy North America Trading Inc., or MENAT, an indirect subsidiary of Macquarie Group Limited, entered into an agreement with IMTT to rent a 147,000 barrel tank for one month during the quarter ended September 30, 2012. IMTT recorded revenue from MENAT of $151,000 for this transaction. As of September 30, 2012, IMTT had a receivable balance of $122,000, which was subsequently collected. | |||||||||||||||||||||
In 2008, Macquarie Global Opportunities Partners, or MGOP, a private equity fund managed by the Macquarie Group, acquired Sentient Flight Group ("Sentient"), a jet membership, retail charter and fuel management business. Sentient was an existing customer of Atlantic Aviation. On May 31, 2012, MGOP sold its interest in Sentient to a third party. For the five months ended May 31, 2012, Atlantic Aviation recorded $9.3 million in revenue from Sentient. As of September 30, 2012, Atlantic Aviation had no receivables from Sentient. | |||||||||||||||||||||
In addition, the Company and several of its subsidiaries have entered into a licensing agreement with the Macquarie Group related to the use of the Macquarie name and trademark. The Macquarie Group does not charge the Company any fees for this license. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | |
Income Taxes | 12. Income Taxes |
The Company expects to incur federal consolidated taxable income for the year ending December 31, 2013, which will be fully offset by the Company's federal NOL carryforwards. The Company believes that it will be able to utilize its federal prior year NOLs, except for approximately $7.8 million. The Company has not provided a valuation allowance against any deferred tax assets generated in the nine months ended September 30, 2013, except for approximately $2.6 million for certain state NOLs. Two of the Company's businesses, IMTT and District Energy, are less than 80% owned by the Company and those businesses file separate federal consolidated income tax returns. | |
Uncertain Tax Positions | |
At December 31, 2012, the Company and its subsidiaries had a reserve of approximately $472,000 for benefits taken during 2012 and prior tax periods attributable to tax positions for which the probability of recognition is considered to be less than more likely than not. During the nine months ended September 30, 2013, the Company concluded that the reserve is no longer required. Approximately $362,000 of the reserve was used in settling an audit of the Company. | |
The balance of the reserve has been reflected in the Company's income tax expense for the nine months ended September 30, 2013. The Company does not expect to establish an additional reserve for the year ended December 31, 2013. |
Legal_Proceedings_and_Continge
Legal Proceedings and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Legal Proceedings and Contingencies [Abstract] | |
Legal Proceedings and Contingencies | 13. Legal Proceedings and Contingencies |
The subsidiaries of MIC Inc. are subject to legal proceedings arising in the ordinary course of business. In management's opinion, the Company has adequate legal defenses and/or insurance coverage with respect to the eventuality of such actions, and does not believe the outcome of any pending legal proceedings will be material to the Company's financial position or result of operations. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events |
Dividend | |
On October 25, 2013, the board of directors declared a dividend of $0.875 per share for the quarter ended September 30, 2013, which is expected to be paid on November 14, 2013 to holders of record on November 11, 2013. | |
IMTT Third Quarter 2013 Distribution | |
Distributions calculated in accordance with the Shareholders' Agreement between MIC and its co-investor in IMTT ("Voting Trust") for the third quarter of 2013 were $40.9 million ($20.5 million per shareholder). On October 24, 2013, the Board of IMTT unanimously declared a distribution of this amount. The third quarter of 2013 distribution is expected to be paid on or about October 30, 2013. | |
Solar Acquisition - Ramona | |
On October 8, 2013, the Company completed the acquisition of the contracted solar power generation facility located near Ramona, California ("the Ramona Project") for a purchase price of $6.1 million. This was funded by a capital investment by the Company. This facility is expected to provide approximately 7 megawatts of wholesale electricity. In connection with the acquisition, the Company entered into a construction loan and drawdown $10.4 million in construction financing. The Ramona Project is expected to commence operations during the first quarter of 2014. Upon commencement of operations, the construction loan is expected to convert to term debt. The Ramona acquisition will be accounted for as a business combination. Accordingly, the results of operations of the Ramona Project will be included in the consolidated statement of operations as of the acquisition date. |
Income_per_Share_Tables
Income per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Income per Share [Abstract] | |||||||||||||||||
Schedule of Reconciliation of Income per Share | |||||||||||||||||
Quarter Ended | Nine Months Ended September 30, | ||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted average number of shares outstanding: basic | 53,043,185 | 46,684,627 | 50,525,617 | 46,524,980 | |||||||||||||
Dilutive effect of restricted stock unit grants | 12,910 | - | 15,896 | 20,923 | |||||||||||||
Weighted average number of shares outstanding: diluted | 53,056,095 | 46,684,627 | 50,541,513 | 46,545,903 |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Solar Power Generation Businesses Tucson, Arizona [Member] | |||||
Business Acquisition [Line Items] | |||||
Schedule of Assets Acquired and Liabilities Assumed | |||||
Restricted cash - current | $ | 538 | |||
Total current assets | 538 | ||||
Property and equipment | 115,597 | ||||
Restricted cash - non-current | 2,219 | ||||
Total assets acquired | $ | 118,354 | |||
Current portion of long-term debt | $ | 1,842 | |||
Total current liabilities | 1,842 | ||||
Long-term debt | 57,087 | ||||
Total liabilities assumed | $ | 58,929 | |||
Net assets acquired | $ | 59,425 | |||
Solar Power Generation Businesses Presidio, Texas [Member] | |||||
Business Acquisition [Line Items] | |||||
Schedule of Assets Acquired and Liabilities Assumed | |||||
Restricted cash - current | $ | 2,596 | |||
Total current assets | 2,596 | ||||
Property and equipment | 25,837 | ||||
Restricted cash - non-current | 1,000 | ||||
Deferred financing costs | 263 | ||||
Total assets acquired | $ | 29,696 | |||
Current portion of long-term debt | $ | 497 | |||
Total current liabilities | 497 | ||||
Long-term debt | 23,807 | ||||
Total liabilities assumed | $ | 24,304 | |||
Net assets acquired | $ | 5,392 | |||
Davis Monthan Air Force Base [Member] | |||||
Business Acquisition [Line Items] | |||||
Schedule of Assets Acquired and Liabilities Assumed | |||||
Restricted cash - current | $ | 2,708 | |||
Total current assets | 2,708 | ||||
Property and equipment | 27,593 | ||||
Total assets acquired | $ | 30,301 | |||
Current liabilities | $ | 32 | |||
Current portion of long-term debt | 321 | ||||
Total current liabilities | 353 | ||||
Long-term debt | 22,040 | ||||
Total liabilities assumed | $ | 22,393 | |||
Net assets acquired | $ | 7,908 | |||
Valley Center [Member] | |||||
Business Acquisition [Line Items] | |||||
Schedule of Assets Acquired and Liabilities Assumed | |||||
Restricted cash - current | $ | 7,614 | |||
Other current assets | 7 | ||||
Total current assets | 7,621 | ||||
Property and equipment | 8,846 | ||||
Deferred financing costs | 502 | ||||
Total assets acquired | $ | 16,969 | |||
Current liabilities | $ | 10,211 | |||
Total liabilities assumed | $ | 10,211 | |||
Net assets acquired | $ | 6,758 |
Property_Equipment_Land_and_Le1
Property, Equipment, Land and Leasehold Improvements (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Equipment, Land and Leasehold Improvements [Abstract] | |||||||||
Schedule of Property and Equipment | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Land | $ | 4,618 | $ | 4,618 | |||||
Easements | 5,624 | 5,624 | |||||||
Buildings | 25,133 | 24,993 | |||||||
Leasehold and land improvements | 340,929 | 337,632 | |||||||
Machinery and equipment | 562,617 | 503,499 | |||||||
Furniture and fixtures | 10,760 | 10,215 | |||||||
Construction in progress | 77,316 | 41,370 | |||||||
Property held for future use | 1,975 | 1,768 | |||||||
1,028,972 | 929,719 | ||||||||
Less: accumulated depreciation | (251,905 | ) | (221,688 | ) | |||||
Property, equipment, land and leasehold improvements, net | $ | 777,067 | $ | 708,031 |
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Intangible Assets [Abstract] | |||||||||
Schedule of Intangible Assets | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Contractual arrangements | $ | 745,841 | $ | 745,841 | |||||
Non-compete agreements | 9,575 | 9,575 | |||||||
Customer relationships | 79,445 | 79,445 | |||||||
Leasehold rights | 2,121 | 3,330 | |||||||
Trade names | 15,671 | 15,671 | |||||||
Technology | 460 | 460 | |||||||
853,113 | 854,322 | ||||||||
Less: accumulated amortization | (252,768 | ) | (227,420 | ) | |||||
Intangible assets, net | $ | 600,345 | $ | 626,902 | |||||
Schedule of Goodwill | |||||||||
Goodwill acquired in business combinations, net of disposals | $ | 637,139 | |||||||
Less: accumulated impairment charges | (123,200 | ) | |||||||
Balance at September 30, 2013 | $ | 513,939 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Long-Term Debt [Abstract] | |||||||||
Schedule of Long-Term Debt | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Hawaii Gas | $ | 180,000 | $ | 180,000 | |||||
District Energy | 157,987 | 164,382 | |||||||
Atlantic Aviation | 469,193 | 731,549 | |||||||
MIC Solar | 115,510 | 83,233 | |||||||
Total | 922,690 | 1,159,164 | |||||||
Less: current portion | (168,005 | ) | (106,580 | ) | |||||
Long-term portion | $ | 754,685 | $ | 1,052,584 |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | |||||||||||||||||
Schedule of Fair Value of Derivative Instruments | |||||||||||||||||
Assets (Liabilities) at | |||||||||||||||||
Fair Value(1) | |||||||||||||||||
Interest Rate Contracts Not Designated as Hedging Instruments | |||||||||||||||||
Balance Sheet Location | 30-Sep-13 | 31-Dec-12 | |||||||||||||||
Fair value of derivative instruments - non-current assets(2) | $ | 4 | $ | 95 | |||||||||||||
Fair value of derivative instruments - non-current assets(3) | 622 | - | |||||||||||||||
Total interest rate derivative contracts - assets(2)(3) | $ | 626 | $ | 95 | |||||||||||||
Fair value of derivative instruments - current liabilities(3) | $ | (13,336 | ) | $ | (7,450 | ) | |||||||||||
Fair value of derivative instruments - non-current liabilities(3) | - | (5,360 | ) | ||||||||||||||
Total interest rate derivative contracts - liabilities(3) | $ | (13,336 | ) | $ | (12,810 | ) | |||||||||||
-1 | Fair value measurements at reporting date were made using significant other observable inputs | ||||||||||||||||
("level 2"). | |||||||||||||||||
-2 | Derivative contracts represent interest rate caps. | ||||||||||||||||
-3 | Derivative contracts represent interest rate swaps. | ||||||||||||||||
Schedule of Location of Hedging Activities | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||
Amount of Loss Recognized | Amount of Loss Recognized in Interest Expense for the Nine Months Ended September 30, | ||||||||||||||||
in Interest Expense for the | |||||||||||||||||
Quarter Ended September 30, | |||||||||||||||||
Financial Statement Account | 2013(1) | 2012(2) | 2013(1) | 2012(2) | |||||||||||||
Interest expense - Interest rate cap | $ | (38 | ) | $ | (164 | ) | $ | (91 | ) | $ | (164 | ) | |||||
Interest expense - Interest rate swaps | (7,998 | ) | (9,204 | ) | (9,492 | ) | (20,088 | ) | |||||||||
Total | $ | (8,036 | ) | $ | (9,368 | ) | $ | (9,583 | ) | $ | (20,252 | ) | |||||
-1 | Net loss recognized in interest expense for the interest rate swap contracts for the quarter and nine months ended September 30, 2013 includes $7.6 million and $8.3 million, respectively, of unrealized derivative losses and $344,000 and $1.2 million, respectively, of derivative losses reclassified from accumulated other comprehensive loss. Net loss recognized in interest expense for the quarter and nine months ended September 30, 2013 also includes $38,000 and $91,000, respectively, of unrealized derivative losses from an interest rate cap contract. | ||||||||||||||||
-2 | Net loss recognized in interest expense for the interest rate swap contracts for the quarter and nine months ended September 30, 2012 includes $6.1 million and $14.6 million, respectively, of derivative losses reclassified from accumulated other comprehensive loss and $3.1 million and $5.5 million, respectively, of unrealized derivative losses. Net loss recognized in interest expense for the quarter and nine months ended September 30, 2012 also includes $164,000 of unrealized derivative losses from an interest rate cap contract. |
Members_Equity_Tables
Members' Equity (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Members' Equity [Abstract] | |||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||
Cash Flow Hedges, net of taxes(1) | Post Retirement Benefit Plans, net of taxes | Translation Adjustment, | Total Accumulated Other Comprehensive Loss, | Noncontrolling Interests | Total Members' Accumulated Other Comprehensive Loss, | ||||||||||||||||||||
net of taxes(2) | net of taxes | net of taxes | |||||||||||||||||||||||
Balance at December 31, 2011 | $ | (10,337 | ) | $ | (18,911 | ) | $ | 410 | $ | (28,838 | ) | $ | 1,426 | $ | (27,412 | ) | |||||||||
Reclassification of realized losses of derivatives into earnings | 8,252 | - | - | 8,252 | (598 | ) | 7,654 | ||||||||||||||||||
Translation adjustment | - | - | 104 | 104 | - | 104 | |||||||||||||||||||
Balance at September 30, 2012 | $ | (2,085 | ) | $ | (18,911 | ) | $ | 514 | $ | (20,482 | ) | $ | 828 | $ | (19,654 | ) | |||||||||
Balance at December 31, 2012 | $ | (1,538 | ) | $ | (20,466 | ) | $ | 514 | $ | (21,490 | ) | $ | 689 | $ | (20,801 | ) | |||||||||
Reclassification of realized losses of derivatives into earnings | 733 | - | - | 733 | (351 | ) | 382 | ||||||||||||||||||
Balance at September 30, 2013 | $ | (805 | ) | $ | (20,466 | ) | $ | 514 | $ | (20,757 | ) | $ | 338 | $ | (20,419 | ) | |||||||||
-1 | Reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $344,000 and $1.2 million, respectively, and the related tax benefit of $137,000 and $463,000, respectively, in the consolidated condensed statements of operations; and (ii) pre-tax derivative losses as an adjustment to investment in unconsolidated business of $15,000 and $47,000, respectively, and an adjustment to deferred taxes of $5,000 and $16,000, respectively, in the consolidated condensed balance sheet for the quarter and nine months ended September 30, 2013, respectively. For the quarter and nine months ended September 30, 2012, reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $6.1 million and $14.6 million, respectively, and the related tax benefit of $3.1 million and $6.5 million, respectively, in the consolidated condensed statements of operations; and (ii) pre-tax derivative losses as an adjustment to investment in unconsolidated business of $87,000 and $261,000, respectively, and an adjustment to deferred taxes of $30,000 and $91,000, respectively, in the consolidated condensed balance sheet. | ||||||||||||||||||||||||
-2 | Translation adjustment is presented net of taxes of $56,000 for the nine months ended September 30, 2012. |
Reportable_Segments_Tables
Reportable Segments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Schedule of Revenue From External Customers | |||||||||||||||||||||||||
Quarter Ended September 30, 2013 | |||||||||||||||||||||||||
Hawaii | District | Atlantic | MIC | Total Reportable | |||||||||||||||||||||
Gas | Energy | Aviation | Solar | Segments | |||||||||||||||||||||
Revenue from Product Sales | |||||||||||||||||||||||||
Product sales | $ | 28,488 | $ | - | $ | 141,032 | $ | 2,649 | $ | 172,169 | |||||||||||||||
Product sales - utility | 32,981 | - | - | - | 32,981 | ||||||||||||||||||||
61,469 | - | 141,032 | 2,649 | 205,150 | |||||||||||||||||||||
Service Revenue | |||||||||||||||||||||||||
Other services | - | 692 | 42,166 | - | 42,858 | ||||||||||||||||||||
Cooling capacity revenue | - | 5,780 | - | - | 5,780 | ||||||||||||||||||||
Cooling consumption revenue | - | 9,114 | - | - | 9,114 | ||||||||||||||||||||
- | 15,586 | 42,166 | - | 57,752 | |||||||||||||||||||||
Financing and Lease Income | |||||||||||||||||||||||||
Financing and equipment lease | - | 817 | - | - | 817 | ||||||||||||||||||||
- | 817 | - | - | 817 | |||||||||||||||||||||
Total Revenue | $ | 61,469 | $ | 16,403 | $ | 183,198 | $ | 2,649 | $ | 263,719 | |||||||||||||||
Quarter Ended September 30, 2012 | |||||||||||||||||||||||||
Hawaii | District | Atlantic | Total Reportable | ||||||||||||||||||||||
Gas | Energy | Aviation | Segments | ||||||||||||||||||||||
Revenue from Product Sales | |||||||||||||||||||||||||
Product sales | $ | 26,894 | $ | - | $ | 139,491 | $ | 166,385 | |||||||||||||||||
Product sales - utility | 35,535 | - | - | 35,535 | |||||||||||||||||||||
62,429 | - | 139,491 | 201,920 | ||||||||||||||||||||||
Service Revenue | |||||||||||||||||||||||||
Other services | - | 702 | 39,409 | 40,111 | |||||||||||||||||||||
Cooling capacity revenue | - | 5,613 | - | 5,613 | |||||||||||||||||||||
Cooling consumption revenue | - | 10,490 | - | 10,490 | |||||||||||||||||||||
- | 16,805 | 39,409 | 56,214 | ||||||||||||||||||||||
Financing and Lease Income | |||||||||||||||||||||||||
Financing and equipment lease | - | 1,119 | - | 1,119 | |||||||||||||||||||||
- | 1,119 | - | 1,119 | ||||||||||||||||||||||
Total Revenue | $ | 62,429 | $ | 17,924 | $ | 178,900 | $ | 259,253 | |||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Hawaii | District | Atlantic | MIC | Total Reportable | |||||||||||||||||||||
Gas | Energy | Aviation | Solar | Segments | |||||||||||||||||||||
Revenue from Product Sales | |||||||||||||||||||||||||
Product sales | $ | 88,993 | $ | - | $ | 417,305 | $ | 7,167 | $ | 513,465 | |||||||||||||||
Product sales - utility | 104,095 | - | - | - | 104,095 | ||||||||||||||||||||
193,088 | - | 417,305 | 7,167 | 617,560 | |||||||||||||||||||||
Service Revenue | |||||||||||||||||||||||||
Other services | - | 2,139 | 124,535 | - | 126,674 | ||||||||||||||||||||
Cooling capacity revenue | - | 17,197 | - | - | 17,197 | ||||||||||||||||||||
Cooling consumption revenue | - | 16,282 | - | - | 16,282 | ||||||||||||||||||||
- | 35,618 | 124,535 | - | 160,153 | |||||||||||||||||||||
Financing and Lease Income | |||||||||||||||||||||||||
Financing and equipment lease | - | 2,779 | - | - | 2,779 | ||||||||||||||||||||
- | 2,779 | - | - | 2,779 | |||||||||||||||||||||
Total Revenue | $ | 193,088 | $ | 38,397 | $ | 541,840 | $ | 7,167 | $ | 780,492 | |||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
Hawaii | District | Atlantic | Total Reportable | ||||||||||||||||||||||
Gas | Energy | Aviation | Segments | ||||||||||||||||||||||
Revenue from Product Sales | |||||||||||||||||||||||||
Product sales | $ | 88,271 | $ | - | $ | 420,197 | $ | 508,468 | |||||||||||||||||
Product sales - utility | 110,656 | - | - | 110,656 | |||||||||||||||||||||
198,927 | - | 420,197 | 619,124 | ||||||||||||||||||||||
Service Revenue | |||||||||||||||||||||||||
Other services | - | 2,023 | 120,502 | 122,525 | |||||||||||||||||||||
Cooling capacity revenue | - | 16,675 | - | 16,675 | |||||||||||||||||||||
Cooling consumption revenue | - | 20,853 | - | 20,853 | |||||||||||||||||||||
- | 39,551 | 120,502 | 160,053 | ||||||||||||||||||||||
Financing and Lease Income | |||||||||||||||||||||||||
Financing and equipment lease | - | 3,448 | - | 3,448 | |||||||||||||||||||||
- | 3,448 | - | 3,448 | ||||||||||||||||||||||
Total Revenue | $ | 198,927 | $ | 42,999 | $ | 540,699 | $ | 782,625 | |||||||||||||||||
Schedule of EBITDA for Reportable Segments | |||||||||||||||||||||||||
Quarter Ended September 30, 2013 | |||||||||||||||||||||||||
Hawaii | District | Atlantic | MIC | Total Reportable | |||||||||||||||||||||
Gas | Energy | Aviation | Solar | Segments | |||||||||||||||||||||
Net income | $ | 4,827 | $ | 2,258 | $ | 7,569 | $ | 1,249 | $ | 15,903 | |||||||||||||||
Interest expense, net | 2,097 | 1,275 | 11,481 | 897 | 15,750 | ||||||||||||||||||||
Provision (benefit) for income taxes | 3,191 | 1,584 | 5,185 | (27 | ) | 9,933 | |||||||||||||||||||
Depreciation | 1,849 | 1,620 | 6,094 | 2,096 | 11,659 | ||||||||||||||||||||
Amortization of intangibles | 311 | 329 | 7,978 | - | 8,618 | ||||||||||||||||||||
Other non-cash expense (income)(1) | 604 | 205 | (1 | ) | (4,010 | ) | (3,202 | ) | |||||||||||||||||
EBITDA excluding non-cash items | $ | 12,879 | $ | 7,271 | $ | 38,306 | $ | 205 | $ | 58,661 | |||||||||||||||
-1 | Other non-cash expense (income) for MIC Solar represents the adjustment for noncontrolling interest. | ||||||||||||||||||||||||
Quarter Ended September 30, 2012 | |||||||||||||||||||||||||
Hawaii | District | Atlantic | Total Reportable | ||||||||||||||||||||||
Gas | Energy | Aviation | Segments | ||||||||||||||||||||||
Net income | $ | 2,472 | $ | 2,226 | $ | 7,784 | $ | 12,482 | |||||||||||||||||
Interest expense, net | 5,695 | 2,065 | 7,381 | 15,141 | |||||||||||||||||||||
Provision for income taxes | 1,631 | 1,560 | 6,531 | 9,722 | |||||||||||||||||||||
Depreciation | 1,759 | 1,685 | 5,837 | 9,281 | |||||||||||||||||||||
Amortization of intangibles | 206 | 345 | 8,249 | 8,800 | |||||||||||||||||||||
Gain on disposal of assets | - | - | (1,850 | ) | (1,850 | ) | |||||||||||||||||||
Other non-cash expense (income) | 869 | 156 | (39 | ) | 986 | ||||||||||||||||||||
EBITDA excluding non-cash items | $ | 12,632 | $ | 8,037 | $ | 33,893 | $ | 54,562 | |||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Hawaii | District | Atlantic | MIC | Total Reportable | |||||||||||||||||||||
Gas | Energy | Aviation | Solar | Segments | |||||||||||||||||||||
Net income | $ | 16,196 | $ | 2,563 | $ | 26,613 | $ | 1,242 | $ | 46,614 | |||||||||||||||
Interest expense, net | 5,040 | 3,793 | 20,206 | 2,121 | 31,160 | ||||||||||||||||||||
Provision for income taxes | 10,669 | 1,797 | 18,009 | 1,175 | 31,650 | ||||||||||||||||||||
Depreciation | 5,573 | 5,021 | 17,983 | 5,174 | 33,751 | ||||||||||||||||||||
Amortization of intangibles | 935 | 997 | 23,934 | - | 25,866 | ||||||||||||||||||||
Loss on extinguishment | - | - | 2,434 | - | 2,434 | ||||||||||||||||||||
of debt | |||||||||||||||||||||||||
Loss on disposal of assets | - | - | 106 | - | 106 | ||||||||||||||||||||
Loss from customer contract termination | - | 1,626 | - | - | 1,626 | ||||||||||||||||||||
Other non-cash expense (income)(1) | 1,592 | 413 | (116 | ) | (6,555 | ) | (4,666 | ) | |||||||||||||||||
EBITDA excluding non-cash items | $ | 40,005 | $ | 16,210 | $ | 109,169 | $ | 3,157 | $ | 168,541 | |||||||||||||||
-1 | Other non-cash expense (income) for MIC Solar represents the adjustment for noncontrolling interest. | ||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
Hawaii | District | Atlantic | Total Reportable | ||||||||||||||||||||||
Gas | Energy | Aviation | Segments | ||||||||||||||||||||||
Net income | $ | 14,338 | $ | 3,098 | $ | 20,426 | $ | 37,862 | |||||||||||||||||
Interest expense, net | 9,102 | 6,521 | 23,448 | 39,071 | |||||||||||||||||||||
Provision for income taxes | 9,343 | 2,171 | 15,815 | 27,329 | |||||||||||||||||||||
Depreciation | 5,191 | 5,036 | 17,513 | 27,740 | |||||||||||||||||||||
Amortization of intangibles | 617 | 1,027 | 24,248 | 25,892 | |||||||||||||||||||||
Gain on disposal of assets | - | - | (1,803 | ) | (1,803 | ) | |||||||||||||||||||
Other non-cash expense (income) | 2,671 | 425 | (268 | ) | 2,828 | ||||||||||||||||||||
EBITDA excluding non-cash items | $ | 41,262 | $ | 18,278 | $ | 99,379 | $ | 158,919 | |||||||||||||||||
Schedule of Capital Expenditures | |||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Hawaii Gas | $ | 5,357 | $ | 3,816 | $ | 15,402 | $ | 11,371 | |||||||||||||||||
District Energy | 26 | 645 | 559 | 1,092 | |||||||||||||||||||||
Atlantic Aviation | 5,511 | 5,649 | 16,255 | 12,980 | |||||||||||||||||||||
MIC Solar | 2,090 | - | 19,219 | - | |||||||||||||||||||||
Total | $ | 12,984 | $ | 10,110 | $ | 51,435 | $ | 25,443 | |||||||||||||||||
Schedule of Assets of Reportable Segments | |||||||||||||||||||||||||
Property, Equipment, Land and Leasehold Improvements | Goodwill | Total Assets | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Hawaii Gas | $ | 178,954 | $ | 164,088 | $ | 120,193 | $ | 120,193 | $ | 380,933 | $ | 375,911 | |||||||||||||
District Energy | 131,761 | 137,880 | 17,946 | 18,647 | 200,782 | 215,141 | |||||||||||||||||||
Atlantic Aviation | 259,010 | 257,128 | 375,800 | 375,800 | 1,315,977 | 1,356,770 | |||||||||||||||||||
MIC Solar | 207,342 | - | - | - | 229,639 | - | |||||||||||||||||||
Total | $ | 777,067 | $ | 559,096 | $ | 513,939 | $ | 514,640 | $ | 2,127,331 | $ | 1,947,822 | |||||||||||||
Schedule of Reconciliation of Assets of Reportable Segments | |||||||||||||||||||||||||
As of September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Total assets of reportable segments | $ | 2,127,331 | $ | 1,947,822 | |||||||||||||||||||||
Investment in IMTT | 86,554 | 125,299 | |||||||||||||||||||||||
Corporate and other | 35,289 | 89,770 | |||||||||||||||||||||||
Total consolidated assets | $ | 2,249,174 | $ | 2,162,891 | |||||||||||||||||||||
Reportable Segment [Member] | |||||||||||||||||||||||||
Schedule of EBITDA for Reportable Segments | |||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Total reportable segments EBITDA excluding | $ | 58,661 | $ | 54,562 | $ | 168,541 | $ | 158,919 | |||||||||||||||||
non-cash items | |||||||||||||||||||||||||
Interest income | 39 | 110 | 182 | 116 | |||||||||||||||||||||
Interest expense | (15,767 | ) | (15,144 | ) | (31,190 | ) | (39,076 | ) | |||||||||||||||||
Depreciation(1) | (11,659 | ) | (9,281 | ) | (33,751 | ) | (27,740 | ) | |||||||||||||||||
Amortization of intangibles | (8,618 | ) | (8,800 | ) | (25,866 | ) | (25,892 | ) | |||||||||||||||||
Loss on extinguishment of debt | - | - | (2,434 | ) | - | ||||||||||||||||||||
Gain (loss) on disposal of assets | - | 1,850 | (106 | ) | 1,803 | ||||||||||||||||||||
Loss from customer contract termination | - | - | (1,626 | ) | - | ||||||||||||||||||||
Selling, general and administrative - corporate | (1,278 | ) | (2,005 | ) | (4,987 | ) | (9,221 | ) | |||||||||||||||||
Fees to manager | (15,242 | ) | (29,353 | ) | (76,912 | ) | (39,108 | ) | |||||||||||||||||
Equity in earnings and amortization charges of investee | 8,576 | 6,989 | 30,327 | 23,295 | |||||||||||||||||||||
Other (expense) income, net | (634 | ) | (807 | ) | 1,070 | (2,281 | ) | ||||||||||||||||||
Total consolidated net income (loss) before income taxes | $ | 14,078 | $ | (1,879 | ) | $ | 23,248 | $ | 40,815 | ||||||||||||||||
-1 | Depreciation includes depreciation expense for District Energy, which is reported in cost of services in the consolidated condensed statement of operations. | ||||||||||||||||||||||||
International Matex Tank Terminals [Member] | |||||||||||||||||||||||||
Schedule of Segment Information | |||||||||||||||||||||||||
As of, and for the Quarter | As of, and for the Nine Months | ||||||||||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Revenue | $ | 126,447 | $ | 118,601 | $ | 383,753 | $ | 350,368 | |||||||||||||||||
Net income | $ | 19,559 | $ | 16,384 | $ | 67,873 | $ | 53,809 | |||||||||||||||||
Interest expense, net | 9,376 | 10,533 | 17,099 | 28,914 | |||||||||||||||||||||
Provision for income taxes | 15,181 | 11,631 | 48,894 | 37,867 | |||||||||||||||||||||
Depreciation and amortization | 19,051 | 16,992 | 56,109 | 51,016 | |||||||||||||||||||||
Casualty losses, net | 200 | - | 6,700 | - | |||||||||||||||||||||
Other non-cash expense | 253 | 369 | 429 | 647 | |||||||||||||||||||||
EBITDA excluding non-cash items(1) | $ | 63,620 | $ | 55,909 | $ | 197,104 | $ | 172,253 | |||||||||||||||||
Capital expenditures paid | $ | 29,154 | $ | 36,720 | $ | 119,652 | $ | 95,406 | |||||||||||||||||
Property, equipment, land and leasehold improvements, net | 1,256,643 | 1,159,773 | 1,256,643 | 1,159,773 | |||||||||||||||||||||
Total assets balance | 1,349,708 | 1,247,984 | 1,349,708 | 1,247,984 | |||||||||||||||||||||
-1 | EBITDA consists of earnings before interest, taxes, depreciation and amortization. Non-cash items that are excluded consist of impairments, derivative gains and losses and all other non-cash income and expense items. |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||
Schedule of Dividends | |||||||||||||||||||||
Declared | Period Covered | $ per LLC Interest | Record Date | Payable Date | Amount Paid to Manager (in thousands) | ||||||||||||||||
25-Oct-13 | Third quarter 2013 | $ | 0.875 | 11-Nov-13 | 14-Nov-13 | $ | -1 | ||||||||||||||
29-Jul-13 | Second quarter 2013 | $ | 0.875 | 12-Aug-13 | 15-Aug-13 | $ | 2,744 | ||||||||||||||
26-Apr-13 | First quarter 2013 | $ | 0.6875 | 13-May-13 | 16-May-13 | $ | 1,872 | ||||||||||||||
12-Dec-12 | Fourth quarter 2012 | $ | 0.6875 | 24-Dec-12 | 28-Dec-12 | $ | 3,768 | ||||||||||||||
29-Oct-12 | Third quarter 2012 | $ | 0.6875 | 12-Nov-12 | 15-Nov-12 | $ | 3,290 | ||||||||||||||
30-Jul-12 | Second quarter 2012 | $ | 0.625 | 13-Aug-12 | 16-Aug-12 | $ | 2,920 | ||||||||||||||
30-Apr-12 | First quarter 2012 | $ | 0.2 | 14-May-12 | 17-May-12 | $ | 905 | ||||||||||||||
1-Feb-12 | Fourth quarter 2011 | $ | 0.2 | 5-Mar-12 | 8-Mar-12 | $ | 878 | ||||||||||||||
-1 | The amount of dividend payable to the Manager for the third quarter of 2013 will be determined on November 11, 2013, the record date. | ||||||||||||||||||||
Schedule of Base Management Fees and Performance Fees | |||||||||||||||||||||
Period | Base Management | Performance | LLC Interests Issued | Issue Date | |||||||||||||||||
Fee Amount | Fee Amount | ||||||||||||||||||||
($ in thousands) | ($ in thousands) | ||||||||||||||||||||
2013 Activities: | |||||||||||||||||||||
Third quarter 2013 | $ | 8,336 | $ | 6,906 | -1 | -1 | |||||||||||||||
Second quarter 2013 | 8,053 | 24,440 | 603,936 | 4-Sep-13 | |||||||||||||||||
First quarter 2013 | 7,135 | 22,042 | 522,638 | 5-Jun-13 | |||||||||||||||||
2012 Activities: | |||||||||||||||||||||
Fourth quarter 2012 | $ | 6,299 | $ | 43,820 | 980,384 | 20-Mar-13 | |||||||||||||||
Third quarter 2012 | 5,844 | 23,509 | 695,068 | 5-Dec-12 | |||||||||||||||||
Second quarter 2012 | 4,760 | - | 113,847 | 30-Aug-12 | |||||||||||||||||
First quarter 2012 | 4,995 | - | 147,682 | 31-May-12 | |||||||||||||||||
-1 | LLC interests for the third quarter of 2013 base management and performance fee will be issued to the Manager during the fourth quarter of 2013. |
Organization_and_Description_o1
Organization and Description of Business (Details) | 9 Months Ended | ||
Sep. 30, 2013 | Oct. 08, 2013 | Dec. 31, 2012 | |
MW | MW | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Percentage of interests in a bulk liquid storage terminal business | 50.00% | ||
Percentage of controlling interest in district energy business | 50.01% | ||
Number of Airport Locations | 62 | ||
Number of solar projects | 5 | 2 | |
Capacity of Power generating units (MW) | 57 | 30 | |
United States- IMTT [Member] | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of marine terminals | 10 | ||
Canada- IMTT [Member] | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of marine terminals | 2 |
Income_per_Share_Schedule_of_R
Income per Share (Schedule of Reconciliation of Income per Share) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income per Share [Abstract] | ||||
Weighted average number of shares outstanding: basic | 53,043,185 | 46,684,627 | 50,525,617 | 46,524,980 |
Dilutive effect of restricted stock unit grants | 12,910 | 15,896 | 20,923 | |
Weighted average number of shares outstanding: diluted | 53,056,095 | 46,684,627 | 50,541,513 | 46,545,903 |
Income_per_Share_Narrative_Det
Income per Share (Narrative) (Details) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Restricted stock unit grants June 2, 2011 [Member] | Restricted stock unit grants August 12, 2011 [Member] | Restricted stock unit grants May 31, 2012 [Member] | Restricted stock unit grants May 31, 2012 [Member] | Restricted stock unit grants May 31, 2012 [Member] | Restricted stock unit grants February 21, 2013 [Member] | Restricted stock unit grants May 20, 2013 [Member] | Restricted stock unit grants May 20, 2013 [Member] | |
Class of Stock [Line Items] | ||||||||
Potentially dilutive shares | 17,925 | 5,209 | 18,208 | 18,208 | 895 | 12,910 | 12,910 | |
Antidilutive securities | 18,208 |
Acquisitions_Narrative_Details
Acquisitions - (Narrative) (Details) (USD $) | 9 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 08, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Nov. 21, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 21, 2012 | Sep. 30, 2013 | Jul. 19, 2013 | Sep. 30, 2013 | Sep. 20, 2013 | Oct. 08, 2013 |
MW | MW | Solar Power Generation Businesses Tucson, Arizona [Member] | Solar Power Generation Businesses Tucson, Arizona [Member] | Solar Power Generation Businesses Tucson, Arizona [Member] | Solar Power Generation Businesses [Member] | Solar Power Generation Businesses [Member] | Solar Power Generation Businesses Presidio, Texas [Member] | Solar Power Generation Businesses Presidio, Texas [Member] | Solar Power Generation Businesses Presidio, Texas [Member] | Solar Power Generation Businesses Presidio, Texas [Member] | Davis Monthan Air Force Base [Member] | Davis Monthan Air Force Base [Member] | Valley Center [Member] | Valley Center [Member] | Additional Power Generation Facilities [Member] | |||
MW | MW | MW | MW | MW | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Utility-scale solar photovoltaic power generation facilities, electricity generating capacity | 57 | 30 | 20 | 10 | 13 | 7 | 27 | |||||||||||
Number of solar projects | 5 | 2 | ||||||||||||||||
Number of solar projects under construction | 3 | |||||||||||||||||
Business acquisition, purchase price | $59,425 | $5,392 | $7,908 | $6,758 | ||||||||||||||
Acquisitions of businesses and investments, net of cash acquired | 14,666 | 4,000 | ||||||||||||||||
Capital contribution by noncontrolling co-investor | 22,362 | 1,700 | 55,400 | 18,600 | 2,000 | |||||||||||||
Capital return from investment | 3,400 | |||||||||||||||||
Capital investment value | 2,000 | |||||||||||||||||
Total liabilities assumed | 58,929 | 24,304 | 22,393 | 10,211 | ||||||||||||||
Construction loan | 22,400 | 10,200 | ||||||||||||||||
Transaction related costs | $2,100 | $1,100 | ||||||||||||||||
Percentage of loss allocated to co-investor | 99.00% |
Acquisitions_Schedule_of_Asset
Acquisitions (Schedule of Assets Acquired and Liabilities Assumed) (Details) (USD $) | Nov. 21, 2012 | Dec. 21, 2012 | Jul. 19, 2013 | Sep. 20, 2013 |
In Thousands, unless otherwise specified | Solar Power Generation Businesses Tucson, Arizona [Member] | Solar Power Generation Businesses Presidio, Texas [Member] | Davis Monthan Air Force Base [Member] | Valley Center [Member] |
Business Acquisition [Line Items] | ||||
Restricted cash - current | $538 | $2,596 | $2,708 | $7,614 |
Other current assets | 7 | |||
Total current assets | 538 | 2,596 | 2,708 | 7,621 |
Property and equipment | 115,597 | 25,837 | 27,593 | 8,846 |
Restricted cash - non-current | 2,219 | 1,000 | ||
Deferred financing costs | 263 | 502 | ||
Total assets acquired | 118,354 | 29,696 | 30,301 | 16,969 |
Current liabilities | 32 | 10,211 | ||
Current portion of long-term debt | 1,842 | 497 | 321 | |
Total current liabilities | 1,842 | 497 | 353 | |
Long-term debt | 57,087 | 23,807 | 22,040 | |
Total liabilities assumed | 58,929 | 24,304 | 22,393 | 10,211 |
Net assets acquired | $59,425 | $5,392 | $7,908 | $6,758 |
Property_Equipment_Land_and_Le2
Property, Equipment, Land and Leasehold Improvements (Schedule of Property and Equipment) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Property, Equipment, Land and Leasehold Improvements [Abstract] | |||
Land | $4,618 | $4,618 | |
Easements | 5,624 | 5,624 | |
Buildings | 25,133 | 24,993 | |
Leasehold and land improvements | 340,929 | 337,632 | |
Machinery and equipment | 562,617 | 503,499 | |
Furniture and fixtures | 10,760 | 10,215 | |
Construction in progress | 77,316 | 41,370 | |
Property held for future use | 1,975 | 1,768 | |
Property, equipment, land and leasehold improvements, gross | 1,028,972 | 929,719 | |
Less: accumulated depreciation | -251,905 | -221,688 | |
Property, equipment, land and leasehold improvements, net | $777,067 | $708,031 | $559,096 |
Property_Equipment_Land_and_Le3
Property, Equipment, Land and Leasehold Improvements (Narrative) (Details) (Solar Power Generation Businesses [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Solar Power Generation Businesses [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment, land and leasehold improvements acquired | $36,400 | $141,400 |
Intangible_Assets_Schedule_of_
Intangible Assets (Schedule of Intangible Assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Intangible Assets [Abstract] | ||
Contractual arrangements | $745,841 | $745,841 |
Non-compete agreements | 9,575 | 9,575 |
Customer relationships | 79,445 | 79,445 |
Leasehold rights | 2,121 | 3,330 |
Trade names | 15,671 | 15,671 |
Technology | 460 | 460 |
Intangible assets, gross | 853,113 | 854,322 |
Less: accumulated amortization | -252,768 | -227,420 |
Intangible assets, net | $600,345 | $626,902 |
Intangible_Assets_Schedule_of_1
Intangible Assets (Schedule of Goodwill) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Intangible Assets [Abstract] | |||
Goodwill acquired in business combinations, net of disposals | $637,139 | ||
Less: accumulated impairment charges | -123,200 | ||
Balance at September 30, 2013 | $513,939 | $514,640 | $514,640 |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt (Schedule of Long-Term Debt) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Current and long-term debt | $922,690 | $1,159,164 |
Less: current portion | -168,005 | -106,580 |
Long-term portion | 754,685 | 1,052,584 |
Hawaii Gas [Member] | ||
Debt Instrument [Line Items] | ||
Current and long-term debt | 180,000 | 180,000 |
District Energy [Member] | ||
Debt Instrument [Line Items] | ||
Current and long-term debt | 157,987 | 164,382 |
Less: current portion | -158,000 | |
Atlantic Aviation [Member] | ||
Debt Instrument [Line Items] | ||
Current and long-term debt | 469,193 | 731,549 |
Solar Power Generation Businesses [Member] | ||
Debt Instrument [Line Items] | ||
Current and long-term debt | $115,510 | $83,233 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 08, 2013 | Sep. 30, 2013 | Jul. 19, 2013 | Sep. 20, 2013 | Oct. 28, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | 31-May-13 | 31-May-13 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Davis Monthan Air Force Base [Member] | Davis Monthan Air Force Base [Member] | Valley Center [Member] | District Energy [Member] | District Energy [Member] | District Energy [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Solar Power Generation Businesses [Member] | Solar Power Generation Businesses [Member] | Solar Power Generation Businesses Tucson, Arizona [Member] | Solar Power Generation Businesses Presidio, Texas [Member] | ||||||
Stand-alone debt facility [Member] | Secured Debt [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Uncommitted incremental increase in facility | $50,000 | |||||||||||||||||||
Current borrowing capacity | 70,000 | |||||||||||||||||||
Current portion of long-term debt | 168,005 | 106,580 | 168,005 | 158,000 | 539 | 2,900 | 953 | |||||||||||||
Payment of long-term debt | 758,795 | 203,428 | 4,900 | 6,400 | ||||||||||||||||
Maturity | 1-Sep-14 | |||||||||||||||||||
Debt instrument, term | 7 years | 5 years | ||||||||||||||||||
Facilities, long-term debt | 922,690 | 1,159,164 | 922,690 | 157,987 | 164,382 | 469,193 | 731,549 | 5,400 | 465,000 | 115,510 | 83,233 | 58,200 | 24,700 | |||||||
Number of solar projects | 2 | 5 | ||||||||||||||||||
Number of solar projects acquired | 2 | 2 | ||||||||||||||||||
Fixed portion of interest rate component | 2.50% | 2.50% | ||||||||||||||||||
Term loan Interest rate floor | 0.75% | |||||||||||||||||||
Fixed interest rate | 4.70% | |||||||||||||||||||
Fixed rate, term | 6 years | |||||||||||||||||||
Total liabilities assumed | 22,393 | 10,211 | ||||||||||||||||||
Construction loan | 22,400 | 10,200 | ||||||||||||||||||
Construction loan, current | $646 | $317 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $) | 9 Months Ended | 1 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jul. 31, 2013 | Dec. 31, 2012 | 31-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Interest Rate Contracts [Member] | |||
Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | |||||||
Maximum [Member] | |||||||||
Derivative [Line Items] | |||||||||
Debt economically hedged with interest rate swap | $693,800 | ||||||||
Unhedged debt | 228,900 | ||||||||
Net derivative losses, included in accumulated other comprehensive loss, to be reclassified into earnings over the remaining life of existing interest rate swaps | -1,100 | ||||||||
Current and long-term debt | 922,690 | 1,159,164 | 469,193 | 731,549 | 465,000 | ||||
Debt instrument, term | 7 years | ||||||||
Fixed portion of interest rate component | 2.50% | ||||||||
Term loan Interest rate floor | 0.75% | ||||||||
Notional amount of derivative | $465,000 | $550,000 | |||||||
Fixed interest rate | 4.70% | ||||||||
Interest rate cap | 2.25% |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Schedule of Fair Value of Derivative Instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value of derivative instruments - current liabilities | ($13,336) | ($7,450) | ||
Fair value of derivative instruments - non-current liabilities | -5,360 | |||
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Total interest rate derivative contracts - assets | 626 | [1],[2],[3] | 95 | [1],[2],[3] |
Total interest rate derivative contracts - liabilities | -13,336 | [2],[3] | -12,810 | [2],[3] |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value of derivative instruments - non-current assets | 4 | [1],[2] | 95 | [1],[2] |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value of derivative instruments - non-current assets | 622 | [2],[3] | [2],[3] | |
Fair value of derivative instruments - current liabilities | -13,336 | [2],[3] | -7,450 | [2],[3] |
Fair value of derivative instruments - non-current liabilities | [2],[3] | ($5,360) | [2],[3] | |
[1] | Derivative contracts represent interest rate caps. | |||
[2] | Fair value measurements at reporting date were made using significant other observable inputs ("level 2"). | |||
[3] | Derivative contracts represent interest rate swaps. |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Schedule of Location of Hedging Activities) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Interest expense, losses on derivative instruments | ($8,000) | ($9,400) | ($9,600) | ($20,300) | ||||
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | -344 | -6,100 | -1,200 | -14,600 | ||||
Not Designated as Hedging Instrument [Member] | Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Interest expense, losses on derivative instruments | -8,036 | [1] | -9,368 | [2] | -9,583 | [1] | -20,252 | [2] |
Not Designated as Hedging Instrument [Member] | Interest Expense [Member] | Interest Rate Cap [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Interest expense, losses on derivative instruments | -38 | [1] | -164 | [2] | -91 | [1] | -164 | [2] |
Not Designated as Hedging Instrument [Member] | Interest Expense [Member] | Interest Rate Swaps [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivatives Not Designated as Hedging Instruments -Amount of Gain/(Loss) Recognized in Interest Expense | -7,600 | -3,100 | -8,300 | -5,500 | ||||
Interest expense, losses on derivative instruments | -7,998 | [1] | -9,204 | [2] | -9,492 | [1] | -20,088 | [2] |
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | ($344) | ($6,100) | ($1,200) | ($14,600) | ||||
[1] | Net loss recognized in interest expense for the interest rate swap contracts for the quarter and nine months ended September 30, 2013 includes $7.6 million and $8.3 million, respectively, of unrealized derivative losses and $344,000 and $1.2 million, respectively, of derivative losses reclassified from accumulated other comprehensive loss. Net loss recognized in interest expense for the quarter and nine months ended September 30, 2013 also includes $38,000 and $91,000, respectively, of unrealized derivative losses from an interest rate cap contract. | |||||||
[2] | Net loss recognized in interest expense for the interest rate swap contracts for the quarter and nine months ended September 30, 2012 includes $6.1 million and $14.6 million, respectively, of derivative losses reclassified from accumulated other comprehensive loss, and $3.1 million and $5.5 million, respectively, of unrealized derivative losses. Net loss recognized in interest expense for the quarter and nine months ended September 30, 2012 also includes $164,000 of unrealized derivative losses from an interest rate cap contract. |
Members_Equity_Narrative_Detai
Members' Equity (Narrative) (Details) (USD $) | Sep. 30, 2013 | Apr. 08, 2013 | Dec. 31, 2012 | 16-May-13 | 8-May-13 | 16-May-13 |
In Thousands, except Share data, unless otherwise specified | Company [Member] | Company [Member] | Manager [Member] | |||
Members' Equity [Abstract] | ||||||
LLC interests, authorized | 500,000,000 | 500,000,000 | ||||
LLC interest , authorized under Dividend Reinvestment Plan | 1,000,000 | |||||
Number of votes for each outstanding LLC interest of the Company | 1 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity offering, shares | 133,375 | 3,756,500 | 3,182,625 | |||
Proceeds from equity offering | $217,800 | $178,200 |
Members_Equity_Schedule_of_Acc
Members' Equity (Schedule of Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning Balance | ($20,801) | |||||||
Reclassification of realized losses of derivatives | -217 | [1] | -3,070 | [1] | -733 | [1] | -8,252 | [1] |
Translation adjustment | [2] | [2] | [2] | 104 | [2] | |||
Ending Balance | -20,419 | -20,419 | ||||||
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | -344 | -6,100 | -1,200 | -14,600 | ||||
Reclassification of realized losses of derivatives into earnings, taxes | 137 | 3,100 | 463 | 6,500 | ||||
Loss in accumulated other comprehensive income reclassifications for cash flow hedges from unconsolidated business | -15 | -87 | -47 | -261 | ||||
Reclassification of realized losses of derivatives into earnings from unconsolidated business, taxes | 5 | 30 | 16 | 91 | ||||
Translation adjustment, taxes | 56 | |||||||
Cash Flow Hedges, net of taxes [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning Balance | -1,538 | [1] | -10,337 | [1] | ||||
Reclassification of realized losses of derivatives | 733 | [1] | 8,252 | [1] | ||||
Translation adjustment | [1] | |||||||
Ending Balance | -805 | [1] | -2,085 | [1] | -805 | [1] | -2,085 | [1] |
Post-Retirement Benefit Plans, net of taxes [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning Balance | -20,466 | -18,911 | ||||||
Reclassification of realized losses of derivatives | ||||||||
Translation adjustment | ||||||||
Ending Balance | -20,466 | -18,911 | -20,466 | -18,911 | ||||
Translation Adjustment, net of taxes [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning Balance | 514 | [2] | 410 | [2] | ||||
Reclassification of realized losses of derivatives | [2] | [2] | ||||||
Translation adjustment | 104 | [2] | ||||||
Ending Balance | 514 | [2] | 514 | [2] | 514 | [2] | 514 | [2] |
Total Accumulated Other Comprehensive Loss, net of taxes [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning Balance | -21,490 | -28,838 | ||||||
Reclassification of realized losses of derivatives | 733 | 8,252 | ||||||
Translation adjustment | 104 | |||||||
Ending Balance | -20,757 | -20,482 | -20,757 | -20,482 | ||||
Noncontrolling Interests [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning Balance | 689 | 1,426 | ||||||
Reclassification of realized losses of derivatives | -351 | -598 | ||||||
Translation adjustment | ||||||||
Ending Balance | 338 | 828 | 338 | 828 | ||||
Total Members Accumulated Other Comprehensive Loss Net Of Taxes [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning Balance | -20,801 | -27,412 | ||||||
Reclassification of realized losses of derivatives | 382 | 7,654 | ||||||
Translation adjustment | 104 | |||||||
Ending Balance | ($20,419) | ($19,654) | ($20,419) | ($19,654) | ||||
[1] | Reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $344,000 and $1.2 million, respectively, and the related tax benefit of $137,000 and $463,000, respectively, in the consolidated condensed statements of operations; and (ii) pre-tax derivative losses as an adjustment to investment in unconsolidated business of $15,000 and $47,000, respectively, and an adjustment to deferred taxes of $5,000 and $16,000, respectively, in the consolidated condensed balance sheet for the quarter and nine months ended September 30, 2013, respectively. For the quarter and nine months ended September 30, 2012, reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $6.1 million and $14.6 million, respectively, and the related tax benefit of $3.1 million and $6.5 million, respectively, in the consolidated condensed statements of operations; and (ii) pre-tax derivative losses as an adjustment to investment in unconsolidated business of $87,000 and $261,000, respectively, and an adjustment to deferred taxes of $30,000 and $91,000, respectively, in the consolidated condensed balance sheet. | |||||||
[2] | Translation adjustment is presented net of taxes of $56,000 for the nine months ended September 30, 2012. |
Reportable_Segments_Narrative_
Reportable Segments (Narrative) (Details) | 9 Months Ended | ||
Sep. 30, 2013 | Oct. 08, 2013 | Dec. 31, 2012 | |
MW | MW | ||
Segment Reporting Information [Line Items] | |||
Number of reportable segments | 4 | ||
Number of facilities invested in | 4 | ||
Percentage of interests in a bulk liquid storage terminal business | 50.00% | ||
Number of Airport Locations | 62 | ||
Number of solar projects | 5 | 2 | |
Capacity of Power generating units (MW) | 57 | 30 | |
Minimum [Member] | |||
Segment Reporting Information [Line Items] | |||
Investment project life | 20 years | ||
Maximum [Member] | |||
Segment Reporting Information [Line Items] | |||
Investment project life | 25 years | ||
United States- IMTT [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of marine terminals | 10 |
Reportable_Segments_Schedule_o
Reportable Segments (Schedule of Segment Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | $263,719 | $259,253 | $780,492 | $782,625 | |||||
Net income | 10,407 | -1,879 | 15,430 | 23,351 | |||||
Provision for income taxes | 5,829 | [1] | -1,758 | [1] | 9,241 | [1] | 14,698 | [1] | |
Other non-cash expenses | 743 | -2,340 | |||||||
Capital expenditures paid | 51,435 | 25,443 | |||||||
Property, equipment, land and leasehold improvements, net | 777,067 | 559,096 | 777,067 | 559,096 | 708,031 | ||||
Total assets balance | 2,249,174 | 2,162,891 | 2,249,174 | 2,162,891 | 2,223,694 | ||||
International Matex Tank Terminals [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | 126,447 | 118,601 | 383,753 | 350,368 | |||||
Net income | 19,559 | 16,384 | 67,873 | 53,809 | |||||
Interest expense, net | 9,376 | 10,533 | 17,099 | 28,914 | |||||
Provision for income taxes | 15,181 | 11,631 | 48,894 | 37,867 | |||||
Depreciation and amortization | 19,051 | 16,992 | 56,109 | 51,016 | |||||
Casualty losses, net | -200 | -6,700 | |||||||
Other non-cash expenses | 253 | 369 | 429 | 647 | |||||
EBITDA excluding non-cash items | 63,620 | [2] | 55,909 | [2] | 197,104 | [2] | 172,253 | [2] | |
Capital expenditures paid | 29,154 | 36,720 | 119,652 | 95,406 | |||||
Property, equipment, land and leasehold improvements, net | 1,256,643 | 1,159,773 | 1,256,643 | 1,159,773 | |||||
Total assets balance | $1,349,708 | $1,247,984 | $1,349,708 | $1,247,984 | |||||
[1] | Includes $137,000 and $463,000 of benefit for income taxes from accumulated other comprehensive income reclassifications for the quarter and nine months ended September 30, 2013, respectively. The quarter and nine months ended September 30, 2012, includes benefit for income taxes of $3.1 million and $6.5 million from accumulated other comprehensive income reclassifications, respectively. | ||||||||
[2] | EBITDA consists of earnings before interest, taxes, depreciation and amortization. Non-cash items that are excluded consist of impairments, derivative gains and losses and all other non-cash income and expense items. |
Reportable_Segments_Schedule_o1
Reportable Segments (Schedule of Revenue From External Customers) (Details) (USD $) | 3 Months Ended | 5 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | 31-May-12 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue from Product Sales | |||||
Product Sales | $172,169 | $166,385 | $513,465 | $508,468 | |
Product sales - utility | 32,981 | 35,535 | 104,095 | 110,656 | |
Total Revenue from Product Sales | 205,150 | 201,920 | 617,560 | 619,124 | |
Service Revenue | |||||
Other services | 42,858 | 40,111 | 126,674 | 122,525 | |
Cooling capacity revenue | 5,780 | 5,613 | 17,197 | 16,675 | |
Cooling consumption revenue | 9,114 | 10,490 | 16,282 | 20,853 | |
Service revenue | 57,752 | 56,214 | 160,153 | 160,053 | |
Financing and Lease Income | |||||
Financing and equipment lease | 817 | 1,119 | 2,779 | 3,448 | |
Financing and equipment lease income | 817 | 1,119 | 2,779 | 3,448 | |
Total Revenue | 263,719 | 259,253 | 780,492 | 782,625 | |
Hawaii Gas [Member] | |||||
Revenue from Product Sales | |||||
Product Sales | 28,488 | 26,894 | 88,993 | 88,271 | |
Product sales - utility | 32,981 | 35,535 | 104,095 | 110,656 | |
Total Revenue from Product Sales | 61,469 | 62,429 | 193,088 | 198,927 | |
Service Revenue | |||||
Other services | |||||
Cooling capacity revenue | |||||
Cooling consumption revenue | |||||
Service revenue | |||||
Financing and Lease Income | |||||
Financing and equipment lease | |||||
Financing and equipment lease income | |||||
Total Revenue | 61,469 | 62,429 | 193,088 | 198,927 | |
District Energy [Member] | |||||
Revenue from Product Sales | |||||
Product Sales | |||||
Product sales - utility | |||||
Total Revenue from Product Sales | |||||
Service Revenue | |||||
Other services | 692 | 702 | 2,139 | 2,023 | |
Cooling capacity revenue | 5,780 | 5,613 | 17,197 | 16,675 | |
Cooling consumption revenue | 9,114 | 10,490 | 16,282 | 20,853 | |
Service revenue | 15,586 | 16,805 | 35,618 | 39,551 | |
Financing and Lease Income | |||||
Financing and equipment lease | 817 | 1,119 | 2,779 | 3,448 | |
Financing and equipment lease income | 817 | 1,119 | 2,779 | 3,448 | |
Total Revenue | 16,403 | 17,924 | 38,397 | 42,999 | |
Atlantic Aviation [Member] | |||||
Revenue from Product Sales | |||||
Product Sales | 141,032 | 139,491 | 417,305 | 420,197 | |
Product sales - utility | |||||
Total Revenue from Product Sales | 141,032 | 139,491 | 417,305 | 420,197 | |
Service Revenue | |||||
Other services | 42,166 | 39,409 | 124,535 | 120,502 | |
Cooling capacity revenue | |||||
Cooling consumption revenue | |||||
Service revenue | 42,166 | 39,409 | 124,535 | 120,502 | |
Financing and Lease Income | |||||
Financing and equipment lease | |||||
Financing and equipment lease income | |||||
Total Revenue | 183,198 | 178,900 | 9,300 | 541,840 | 540,699 |
Solar Power Generation Businesses [Member] | |||||
Revenue from Product Sales | |||||
Product Sales | 2,649 | 7,167 | |||
Product sales - utility | |||||
Total Revenue from Product Sales | 2,649 | 7,167 | |||
Service Revenue | |||||
Other services | |||||
Cooling capacity revenue | |||||
Cooling consumption revenue | |||||
Service revenue | |||||
Financing and Lease Income | |||||
Financing and equipment lease | |||||
Financing and equipment lease income | |||||
Total Revenue | $2,649 | $7,167 |
Reportable_Segments_Schedule_o2
Reportable Segments (Schedule of EBITDA for Reportable Segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Segment Reporting Information [Line Items] | ||||||||
Net income (loss) | $10,407 | ($1,879) | $15,430 | $23,351 | ||||
Provision (benefit) for income taxes | 5,829 | [1] | -1,758 | [1] | 9,241 | [1] | 14,698 | [1] |
Depreciation | 33,751 | 27,740 | ||||||
Amortization of intangibles | 8,618 | 8,800 | 25,866 | 25,892 | ||||
Loss on extinguishment of debt | 2,434 | |||||||
Loss (gain) on disposal of assets | 106 | -1,803 | ||||||
Loss from customer contract termination | 1,626 | |||||||
Other non-cash expense (income) | 743 | -2,340 | ||||||
Hawaii Gas [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net income (loss) | 4,827 | 2,472 | 16,196 | 14,338 | ||||
Interest expense, net | 2,097 | 5,695 | 5,040 | 9,102 | ||||
Provision (benefit) for income taxes | 3,191 | 1,631 | 10,669 | 9,343 | ||||
Depreciation | 1,849 | 1,759 | 5,573 | 5,191 | ||||
Amortization of intangibles | 311 | 206 | 935 | 617 | ||||
Loss on extinguishment of debt | ||||||||
Loss (gain) on disposal of assets | ||||||||
Loss from customer contract termination | ||||||||
Other non-cash expense (income) | 604 | [2] | 869 | 1,592 | [2] | 2,671 | ||
EBITDA excluding non-cash items | 12,879 | 12,632 | 40,005 | 41,262 | ||||
District Energy [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net income (loss) | 2,258 | 2,226 | 2,563 | 3,098 | ||||
Interest expense, net | 1,275 | 2,065 | 3,793 | 6,521 | ||||
Provision (benefit) for income taxes | 1,584 | 1,560 | 1,797 | 2,171 | ||||
Depreciation | 1,620 | 1,685 | 5,021 | 5,036 | ||||
Amortization of intangibles | 329 | 345 | 997 | 1,027 | ||||
Loss on extinguishment of debt | ||||||||
Loss (gain) on disposal of assets | ||||||||
Loss from customer contract termination | 1,626 | |||||||
Other non-cash expense (income) | 205 | [2] | 156 | 413 | [2] | 425 | ||
EBITDA excluding non-cash items | 7,271 | 8,037 | 16,210 | 18,278 | ||||
Atlantic Aviation [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net income (loss) | 7,569 | 7,784 | 26,613 | 20,426 | ||||
Interest expense, net | 11,481 | 7,381 | 20,206 | 23,448 | ||||
Provision (benefit) for income taxes | 5,185 | 6,531 | 18,009 | 15,815 | ||||
Depreciation | 6,094 | 5,837 | 17,983 | 17,513 | ||||
Amortization of intangibles | 7,978 | 8,249 | 23,934 | 24,248 | ||||
Loss on extinguishment of debt | 2,434 | |||||||
Loss (gain) on disposal of assets | -1,850 | 106 | -1,803 | |||||
Loss from customer contract termination | ||||||||
Other non-cash expense (income) | -1 | [2] | -39 | -116 | [2] | -268 | ||
EBITDA excluding non-cash items | 38,306 | 33,893 | 109,169 | 99,379 | ||||
Total reportable segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net income (loss) | 15,903 | 12,482 | 46,614 | 37,862 | ||||
Interest expense, net | 15,750 | 15,141 | 31,160 | 39,071 | ||||
Provision (benefit) for income taxes | 9,933 | 9,722 | 31,650 | 27,329 | ||||
Depreciation | 11,659 | 9,281 | 33,751 | 27,740 | ||||
Amortization of intangibles | 8,618 | 8,800 | 25,866 | 25,892 | ||||
Loss on extinguishment of debt | 2,434 | |||||||
Loss (gain) on disposal of assets | -1,850 | 106 | -1,803 | |||||
Loss from customer contract termination | 1,626 | |||||||
Other non-cash expense (income) | -3,202 | [2] | 986 | -4,666 | [2] | 2,828 | ||
EBITDA excluding non-cash items | 58,661 | 54,562 | 168,541 | 158,919 | ||||
Solar Power Generation Businesses [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net income (loss) | 1,249 | 1,242 | ||||||
Interest expense, net | 897 | 2,121 | ||||||
Provision (benefit) for income taxes | -27 | 1,175 | ||||||
Depreciation | 2,096 | 5,174 | ||||||
Amortization of intangibles | ||||||||
Loss on extinguishment of debt | ||||||||
Loss (gain) on disposal of assets | ||||||||
Loss from customer contract termination | ||||||||
Other non-cash expense (income) | -4,010 | [2] | -6,555 | [2] | ||||
EBITDA excluding non-cash items | $205 | $3,157 | ||||||
[1] | Includes $137,000 and $463,000 of benefit for income taxes from accumulated other comprehensive income reclassifications for the quarter and nine months ended September 30, 2013, respectively. The quarter and nine months ended September 30, 2012, includes benefit for income taxes of $3.1 million and $6.5 million from accumulated other comprehensive income reclassifications, respectively. | |||||||
[2] | Other non-cash expense (income) for MIC Solar represents the adjustment for noncontrolling interest. |
Reportable_Segments_Schedule_o3
Reportable Segments (Schedule of Reconciliation of EBITDA for Reportable Segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Interest income | $39 | $110 | $182 | $116 | ||||
Interest expense | -15,767 | [1] | -15,144 | [1] | -31,190 | [1] | -39,076 | [1] |
Depreciation | -33,751 | -27,740 | ||||||
Amortization of intangibles | -8,618 | -8,800 | -25,866 | -25,892 | ||||
Loss on extinguishment of debt | -2,434 | |||||||
Gain (loss) on disposal of assets | -106 | 1,803 | ||||||
Loss from customer contract termination | -1,626 | |||||||
Selling, general and administrative - corporate | -243,318 | -253,336 | -754,605 | -726,390 | ||||
Fees to manager | -15,242 | -29,353 | -76,912 | -39,108 | ||||
Equity in earnings and amortization charges of investee | 8,576 | 6,989 | 30,327 | 23,295 | ||||
Total consolidated net income (loss) before income taxes | 14,078 | -1,879 | 23,248 | 40,815 | ||||
Total reportable segments [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Total reportable segments EBITDA excluding non-cash items | 58,661 | 54,562 | 168,541 | 158,919 | ||||
Interest income | 39 | 110 | 182 | 116 | ||||
Interest expense | -15,767 | -15,144 | -31,190 | -39,076 | ||||
Depreciation | -11,659 | [2] | -9,281 | [2] | -33,751 | [2] | -27,740 | [2] |
Amortization of intangibles | -8,618 | -8,800 | -25,866 | -25,892 | ||||
Loss on extinguishment of debt | -2,434 | |||||||
Gain (loss) on disposal of assets | 1,850 | -106 | 1,803 | |||||
Loss from customer contract termination | -1,626 | |||||||
Selling, general and administrative - corporate | -1,278 | -2,005 | -4,987 | -9,221 | ||||
Fees to manager | -15,242 | -29,353 | -76,912 | -39,108 | ||||
Equity in earnings and amortization charges of investee | 8,576 | 6,989 | 30,327 | 23,295 | ||||
Other (expense) income, net | -634 | -807 | 1,070 | -2,281 | ||||
Total consolidated net income (loss) before income taxes | $14,078 | ($1,879) | $23,248 | $40,815 | ||||
[1] | Interest expense includes losses on derivative instruments of $8.0 million and $9.6 million for the quarter and nine months ended September 30, 2013, respectively, of which net losses of $344,000 and $1.2 million, respectively, was reclassified from accumulated other comprehensive income. For the quarter and nine months ended September 30, 2012, interest expense includes losses on derivative instruments of $9.4 million and $20.3 million, respectively, of which net losses of $6.1 million and $14.6 million, respectively, was reclassified from accumulated other comprehensive income. | |||||||
[2] | Depreciation includes depreciation expense for District Energy, which is reported in cost of services in the consolidated condensed statement of operations. |
Reportable_Segments_Schedule_o4
Reportable Segments (Schedule of Capital Expenditures) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Capital expenditures | $51,435 | $25,443 | ||
Hawaii Gas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 5,357 | 3,816 | 15,402 | 11,371 |
District Energy [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 26 | 645 | 559 | 1,092 |
Atlantic Aviation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 5,511 | 5,649 | 16,255 | 12,980 |
Total reportable segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 12,984 | 10,110 | 51,435 | 25,443 |
Solar Power Generation Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | $2,090 | $19,219 |
Reportable_Segments_Schedule_o5
Reportable Segments (Schedule of Assets of Reportable Segments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Segment Reporting Information [Line Items] | |||
Property, Equipment, Land and Leasehold Improvements | $777,067 | $708,031 | $559,096 |
Goodwill | 513,939 | 514,640 | 514,640 |
Total Assets | 2,127,331 | 1,947,822 | |
Hawaii Gas [Member] | |||
Segment Reporting Information [Line Items] | |||
Property, Equipment, Land and Leasehold Improvements | 178,954 | 164,088 | |
Goodwill | 120,193 | 120,193 | |
Total Assets | 380,933 | 375,911 | |
District Energy [Member] | |||
Segment Reporting Information [Line Items] | |||
Property, Equipment, Land and Leasehold Improvements | 131,761 | 137,880 | |
Goodwill | 17,946 | 18,647 | |
Total Assets | 200,782 | 215,141 | |
Atlantic Aviation [Member] | |||
Segment Reporting Information [Line Items] | |||
Property, Equipment, Land and Leasehold Improvements | 259,010 | 257,128 | |
Goodwill | 375,800 | 375,800 | |
Total Assets | 1,315,977 | 1,356,770 | |
Solar Power Generation Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Property, Equipment, Land and Leasehold Improvements | 207,342 | ||
Goodwill | |||
Total Assets | $229,639 |
Reportable_Segments_Schedule_o6
Reportable Segments (Schedule of Reconciliation of Assets of Reportable Segments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Reportable Segments [Abstract] | |||
Investment in IMTT | $86,554 | $75,205 | $125,299 |
Corporate and other | 35,289 | 89,770 | |
Total assets | 2,249,174 | 2,223,694 | 2,162,891 |
Segment Reporting Information [Line Items] | |||
Total assets of reportable segments | 2,127,331 | 1,947,822 | |
Solar Power Generation Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets of reportable segments | $229,639 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 5 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | 31-May-13 | 16-May-13 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | 31-May-12 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2013 | Dec. 31, 2012 | 31-May-13 | 31-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 08, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 08, 2012 | Sep. 30, 2012 | Aug. 07, 2012 | Aug. 07, 2012 |
Secured Debt [Member] | Manager [Member] | MENAT [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Macquarie Infrastructure Management (USA) Inc. [Member] | Macquarie Infrastructure Management (USA) Inc. [Member] | Macquarie Infrastructure Management (USA) Inc. [Member] | Macquarie Infrastructure Management (USA) Inc. [Member] | Macquarie Infrastructure Management (USA) Inc. [Member] | Macquarie Infrastructure Management (USA) Inc. [Member] | Macquarie Infrastructure Management (USA) Inc. [Member] | Macquarie Infrastructure Management (USA) Inc. [Member] | Macquarie Infrastructure Management (USA) Inc. [Member] | Hawaii Gas Business [Member] | Hawaii Gas Business [Member] | Hawaii Gas Business [Member] | Hawaii Gas Business [Member] | Hawaii Gas Business [Member] | Hawaii Gas Business [Member] | Hawaii Gas Business [Member] | Hawaii Gas Business [Member] | ||||||
Macquarie Bank Limited [Member] | bbl | Secured Debt [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Not Designated as Hedging Instrument [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
LLC Interests of the Company held by Manager, a related party | 3,738,873 | 5,480,929 | 3,738,873 | |||||||||||||||||||||||||||||||||
Equity offering, shares | 3,182,625 | |||||||||||||||||||||||||||||||||||
Proceeds from equity offering | $178,200 | |||||||||||||||||||||||||||||||||||
Number of employees | 2 | 2 | ||||||||||||||||||||||||||||||||||
Base management fees settled in LLC interests | 8,336 | 8,053 | 7,135 | 6,299 | 5,844 | 4,760 | 4,995 | 23,500 | 15,600 | |||||||||||||||||||||||||||
Performance fee settled in LLC interests | 6,906 | 24,440 | 22,042 | 43,820 | 23,509 | 53,400 | 23,509 | |||||||||||||||||||||||||||||
Reimbursement of out-of-pocket expenses | 12 | 137 | 145 | 426 | 345 | 7 | ||||||||||||||||||||||||||||||
Advisory fees | 2,400 | 4,000 | 132 | 100 | ||||||||||||||||||||||||||||||||
Term loans hedged amount | 160,000 | |||||||||||||||||||||||||||||||||||
Notional amount hedged with related party | 465,000 | 48,000 | ||||||||||||||||||||||||||||||||||
Payments to MBL in relation to swaps | 2,600 | 1,000 | ||||||||||||||||||||||||||||||||||
Interest rate swaps paid off | 8,700 | |||||||||||||||||||||||||||||||||||
Lease expense on copiers | 6 | 6 | 17 | 17 | ||||||||||||||||||||||||||||||||
Prepaid monthly payment | 9,473 | 9,473 | 8,908 | 2 | 2 | 2 | 2 | |||||||||||||||||||||||||||||
Tank capacity | 147,000 | |||||||||||||||||||||||||||||||||||
Revenue from related party | 263,719 | 259,253 | 780,492 | 782,625 | 151 | 183,198 | 178,900 | 9,300 | 541,840 | 540,699 | ||||||||||||||||||||||||||
Receivable from related party | 65,115 | 65,115 | 56,553 | 122 | ||||||||||||||||||||||||||||||||
Debt instrument, term | 7 years | 5 years | ||||||||||||||||||||||||||||||||||
Current and long-term debt | 922,690 | 922,690 | 1,159,164 | 15,700 | 469,193 | 469,193 | 731,549 | 465,000 | ||||||||||||||||||||||||||||
Current borrowing capacity | 70,000 | |||||||||||||||||||||||||||||||||||
Commitment fee | $18 | $27 |
Related_Party_Transactions_Sch
Related Party Transactions (Schedule of Dividends) (Details) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | |
Dividend One [Member] | ||
Dividends Payable [Line Items] | ||
Declared | 1-Feb-12 | |
Period Covered | Fourth quarter 2011 | |
$ per LLC Interest | $0.20 | |
Record Date | 5-Mar-12 | |
Payable Date | 8-Mar-12 | |
Amount Paid to Manager | $878 | |
Dividend Two [Member] | ||
Dividends Payable [Line Items] | ||
Declared | 30-Apr-13 | |
Period Covered | First quarter 2012 | |
$ per LLC Interest | $0.20 | |
Record Date | 14-May-12 | |
Payable Date | 17-May-12 | |
Amount Paid to Manager | 905 | |
Dividend Three [Member] | ||
Dividends Payable [Line Items] | ||
Declared | 30-Jul-12 | |
Period Covered | Second quarter 2012 | |
$ per LLC Interest | $0.63 | |
Record Date | 13-Aug-12 | |
Payable Date | 16-Aug-12 | |
Amount Paid to Manager | 2,920 | |
Dividend Four [Member] | ||
Dividends Payable [Line Items] | ||
Declared | 29-Oct-12 | |
Period Covered | Third quarter 2012 | |
$ per LLC Interest | $0.69 | |
Record Date | 12-Nov-12 | |
Payable Date | 15-Nov-12 | |
Amount Paid to Manager | 3,290 | |
Dividend Five [Member] | ||
Dividends Payable [Line Items] | ||
Declared | 12-Dec-12 | |
Period Covered | Fourth quarter 2012 | |
$ per LLC Interest | $0.69 | |
Record Date | 24-Dec-12 | |
Payable Date | 28-Dec-12 | |
Amount Paid to Manager | 3,768 | |
Dividend Six [Member] | ||
Dividends Payable [Line Items] | ||
Declared | 26-Apr-13 | |
Period Covered | First quarter 2013 | |
$ per LLC Interest | $0.69 | |
Record Date | 13-May-13 | |
Payable Date | 16-May-13 | |
Amount Paid to Manager | 1,872 | |
Dividend Seven [Member] | ||
Dividends Payable [Line Items] | ||
Declared | 29-Jul-13 | |
Period Covered | Second quarter 2013 | |
$ per LLC Interest | $0.88 | |
Record Date | 12-Aug-13 | |
Payable Date | 15-Aug-13 | |
Amount Paid to Manager | 2,744 | |
Dividend Eight [Member] | ||
Dividends Payable [Line Items] | ||
Declared | 25-Oct-13 | |
Period Covered | Third quarter 2013 | |
$ per LLC Interest | $0.88 | |
Record Date | 11-Nov-13 | |
Payable Date | 14-Nov-13 | |
Amount Paid to Manager | [1] | |
[1] | The amount of dividend payable to the Manager for the third quarter of 2013 will be determined on November 11, 2013, the record date. |
Related_Party_Transactions_Sch1
Related Party Transactions (Schedule of Base Management Fees and Performance Fees) (Details) (Macquarie Infrastructure Management (USA) Inc. [Member], USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Macquarie Infrastructure Management (USA) Inc. [Member] | ||||||||||
Common Stock Equity [Line Items] | ||||||||||
Base management fees to be settled/settled in LLC interests | $8,336 | $8,053 | $7,135 | $6,299 | $5,844 | $4,760 | $4,995 | $23,500 | $15,600 | |
Performance fee to be settled/settled in LLC interests | $6,906 | $24,440 | $22,042 | $43,820 | $23,509 | $53,400 | $23,509 | |||
LLC Interests Issued | [1] | 603,936 | 522,638 | 980,384 | 695,068 | 113,847 | 147,682 | |||
Issue Date | 4-Sep-13 | 5-Jun-13 | 20-Mar-13 | 5-Dec-12 | 30-Aug-12 | 31-May-12 | ||||
[1] | LLC interests for the third quarter of 2013 base management and performance fee will be issued to the Manager during the fourth quarter of 2013. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | ||
Number of company businesses owned in less than 80% | 2 | |
Percentage of ownership in IMTT | 50.00% | |
Percentage of ownership in District Energy | 50.01% | |
Net operating loss carry-forwards | $7,800 | |
Net operating loss carry-forwards valuation allowance | 2,600 | |
Unrecognized tax benefits resulting from current and prior period tax positions | 472 | |
Unrecognized tax benefits used to settle audit | $362 | |
International Matex Tank Terminals [Member] | Maximum [Member] | ||
Income Taxes [Line Items] | ||
Percentage of ownership in IMTT | 80.00% | |
District Energy [Member] | Maximum [Member] | ||
Income Taxes [Line Items] | ||
Percentage of ownership in District Energy | 80.00% |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Oct. 08, 2013 | Dec. 31, 2012 | Oct. 25, 2013 | Oct. 08, 2013 | Oct. 24, 2013 |
In Thousands, except Per Share data, unless otherwise specified | MW | MW | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] |
Ramona [Member] | International Matex Tank Terminals [Member] | ||||
MW | |||||
Subsequent Event [Line Items] | |||||
Cash dividend declared, date declared | 25-Oct-13 | 24-Oct-13 | |||
Cash dividend declared per LLC interest | $0.88 | ||||
Cash dividend declared, date to be paid | 14-Nov-13 | 30-Oct-13 | |||
Cash dividend declared, date of record | 11-Nov-13 | ||||
Total distribution amount declared to all shareholders from equity method investment | $40,900 | ||||
Total distribution amount declared to each investor from equity method investment | 20,500 | ||||
Business acquisition, purchase price | 6,100 | ||||
Capacity of Power generating units (MW) | 57 | 30 | 7 | ||
Construction loan | $10,400 |