Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 29, 2014 | |
Document Documentand Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'MIC | ' |
Entity Registrant Name | 'MACQUARIE INFRASTRUCTURE CO LLC | ' |
Entity Central Index Key | '0001289790 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 56,514,819 |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $208,569 | $233,373 |
Restricted cash | 38,562 | 51,884 |
Accounts receivable, less allowance for doubtful accounts of $1,121 and $953, respectively | 66,990 | 60,823 |
Inventories | 24,779 | 25,834 |
Prepaid expenses | 8,654 | 10,132 |
Deferred income taxes | 5,320 | 6,197 |
Equipment lease receivables current | 8,690 | 8,515 |
Other | 11,140 | 9,792 |
Total current assets | 372,704 | 406,550 |
Property, equipment, land and leasehold improvements, net | 854,687 | 854,169 |
Equipment lease receivables non-current | 15,019 | 16,155 |
Investment in unconsolidated business | 89,434 | 83,703 |
Goodwill | 514,343 | 514,494 |
Intangible assets, net | 584,085 | 592,850 |
Deferred financing costs, net of accumulated amortization | 22,356 | 22,740 |
Other | 8,010 | 10,204 |
Total assets | 2,460,638 | 2,500,865 |
Current liabilities: | ' | ' |
Due to manager - related party | 3,134 | 3,032 |
Accounts payable | 29,567 | 28,850 |
Accrued expenses | 29,021 | 42,713 |
Current portion of long-term debt | 160,181 | 163,083 |
Fair value of derivative instruments | 11,283 | 13,027 |
Other | 18,689 | 20,747 |
Total current liabilities | 251,875 | 271,452 |
Long-term debt, net of current portion | 827,729 | 831,027 |
Deferred income taxes | 195,226 | 189,719 |
Other | 55,648 | 55,399 |
Total liabilities | 1,330,478 | 1,347,597 |
Commitments and contingencies | ' | ' |
Members' equity: | ' | ' |
LLC interests, no par value; 500,000,000 authorized; 56,459,047 LLC interests issued and outstanding at March 31, 2014 and 56,295,595 LLC interests issued and outstanding at December 31, 2013 | 1,184,108 | 1,226,733 |
Additional paid in capital | 21,447 | 21,447 |
Accumulated other comprehensive loss | -8,652 | -8,445 |
Accumulated deficit | -177,141 | -197,507 |
Total members' equity | 1,019,762 | 1,042,228 |
Noncontrolling interests | 110,398 | 111,040 |
Total equity | 1,130,160 | 1,153,268 |
Total liabilities and equity | $2,460,638 | $2,500,865 |
CONSOLIDATED_CONDENSED_BALANCE1
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
CONSOLIDATED CONDENSED BALANCE SHEETS [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $1,121 | $953 |
LLC interests, no par value | $0 | $0 |
LLC interests, authorized | 500,000,000 | 500,000,000 |
LLC interests, issued | 56,459,047 | 56,295,595 |
LLC interests, outstanding | 56,459,047 | 56,295,595 |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Revenue | ' | ' | ||
Revenue from product sales | $183,801 | $174,115 | ||
Revenue from product sales - utility | 35,145 | 36,921 | ||
Service revenue | 56,502 | 52,115 | ||
Financing and equipment lease income | 747 | 1,055 | ||
Total revenue | 276,195 | 264,206 | ||
Costs and expenses | ' | ' | ||
Cost of product sales | 122,917 | 116,993 | ||
Cost of product sales - utility | 29,380 | 31,489 | ||
Cost of services | 10,896 | 10,934 | ||
Selling, general and administrative | 55,464 | 49,209 | ||
Fees to manager - related party | 8,994 | 29,177 | ||
Depreciation | 12,154 | 9,255 | ||
Amortization of intangibles | 8,765 | 8,628 | ||
Loss on disposal of assets | ' | 173 | ||
Total operating expenses | 248,570 | 255,858 | ||
Operating income | 27,625 | 8,348 | ||
Other income (expense) | ' | ' | ||
Interest income | 64 | 94 | ||
Interest expense | -14,011 | [1] | -7,686 | [1] |
Equity in earnings and amortization charges of investee | 14,287 | 10,462 | ||
Other income (expense), net | 681 | -2 | ||
Net income before income taxes | 28,646 | 11,216 | ||
Provision for income taxes | -8,486 | [2] | -4,502 | [2] |
Net income | 20,160 | 6,714 | ||
Less: net (loss) income attributable to noncontrolling interests | -206 | 843 | ||
Net income attributable to MIC LLC | $20,366 | $5,871 | ||
Basic income per share attributable to MIC LLC interest holders | $0.36 | $0.12 | ||
Weighted average number of shares outstanding: basic | 56,369,295 | 47,584,661 | ||
Diluted income per share attributable to MIC LLC interest holders | $0.36 | $0.12 | ||
Weighted average number of shares outstanding: diluted | 56,382,205 | 47,603,257 | ||
Cash dividends declared per share | $0.94 | $0.69 | ||
[1] | Interest expense includes losses on derivative instruments of $5.3 million and $1.1 million for the quarters ended March 31, 2014 and 2013, respectively, of which net losses of $239,000 and $398,000, respectively, was reclassified from accumulated other comprehensive loss. | |||
[2] | Includes $95,000 and $158,000 of benefit for income taxes from accumulated other comprehensive loss reclassifications for the quarters ended March 31, 2014 and 2013, respectively. |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS [Abstract] | ' | ' |
Interest expense, losses on derivative instruments | ($5,300) | ($1,100) |
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | -239 | -398 |
Reclassification of realized losses of derivatives into earnings, taxes | $95 | $158 |
CONSOLIDATED_CONDENSED_STATEME2
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ' | ' | ||
Net income | $20,160 | $6,714 | ||
Other comprehensive (loss) income, net of taxes: | ' | ' | ||
Reclassification of realized losses of derivatives into earnings | 150 | [1] | 250 | [1] |
Translation adjustment | -285 | [2] | ' | [2] |
Other comprehensive (loss) income | -135 | 250 | ||
Comprehensive income | 20,025 | 6,964 | ||
Less: comprehensive (loss) income attributable to noncontrolling interests | -134 | 963 | ||
Comprehensive income attributable to MIC LLC | $20,159 | $6,001 | ||
[1] | Reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $239,000 and $398,000, respectively, and the related tax benefit of $95,000 and $158,000, respectively, in the consolidated condensed statements of operations; and (ii) pre-tax derivative losses of $10,000 and $15,000, respectively, as an adjustment to investment in unconsolidated business, and an adjustment to deferred taxes of $4,000 and $5,000, respectively, in the consolidated condensed balance sheet for the quarters ended March 31, 2014 and 2013, respectively. | |||
[2] | Translation adjustment is presented net of taxes of $154,000 for the quarter ended March 31, 2014. |
CONSOLIDATED_CONDENSED_STATEME3
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ' | ' |
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | ($239) | ($398) |
Reclassification of realized losses of derivatives into earnings, taxes | 95 | 158 |
Loss in accumulated other comprehensive income reclassifications for cash flow hedges from unconsolidated business | -10 | -15 |
Reclassification of realized losses of derivatives into earnings from unconsolidated business, taxes | 4 | 5 |
Translation adjustment, taxes | $154 | ' |
CONSOLIDATED_CONDENSED_STATEME4
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities | ' | ' |
Net income | $20,160 | $6,714 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization of property and equipment | 13,858 | 10,953 |
Amortization of intangible assets | 8,765 | 8,628 |
Loss on disposal of assets | ' | 106 |
Equity in earnings and amortization charges of investee | -14,287 | -10,462 |
Equity distributions from investee | 8,127 | ' |
Amortization of debt financing costs | 1,041 | 947 |
Adjustments to derivative instruments | 1,094 | -1,339 |
Base management fees to be settled/settled in LLC interests | 8,994 | 7,135 |
Performance fees settled in LLC interests | ' | 22,042 |
Equipment lease receivable, net | 996 | 967 |
Deferred rent | 50 | 64 |
Deferred taxes | 6,439 | 3,070 |
Other non-cash expenses (income), net | 692 | -1,913 |
Changes in other assets and liabilities: | ' | ' |
Restricted cash | 14,643 | 1,271 |
Accounts receivable | -6,431 | -6,238 |
Inventories | 1,973 | -2,394 |
Prepaid expenses and other current assets | -492 | -2,462 |
Due to manager - related party | -116 | -11 |
Accounts payable and accrued expenses | -4,166 | -2,001 |
Income taxes payable | -69 | 94 |
Other, net | -2,194 | -1,502 |
Net cash provided by operating activities | 59,077 | 33,669 |
Investing activities | ' | ' |
Acquisitions of businesses and investments, net of cash acquired | -1,052 | ' |
Purchases of property and equipment | -21,613 | -14,834 |
Other, net | 52 | -41 |
Net cash used in investing activities | -22,613 | -14,875 |
Financing activities | ' | ' |
Proceeds from long-term debt | 4,884 | 21,192 |
Dividends paid to holders of LLC interests | -51,469 | ' |
Proceeds from the issuance of LLC interests pursuant to MIC Direct | 72 | ' |
Contributions received from noncontrolling interests | ' | 2,000 |
Distributions paid to noncontrolling interests | -656 | -247 |
Payment of long-term debt | -11,084 | -28,050 |
Debt financing costs paid | -1,050 | ' |
Change in restricted cash | -1,506 | ' |
Payment of notes and capital lease obligations | -454 | -485 |
Other, net | -5 | -133 |
Net cash used in financing activities | -61,268 | -5,723 |
Net change in cash and cash equivalents | -24,804 | 13,071 |
Cash and cash equivalents, beginning of period | 233,373 | 141,376 |
Cash and cash equivalents, end of period | 208,569 | 154,447 |
Non-cash investing and financing activities: | ' | ' |
Accrued equity offering costs | 1 | 195 |
Accrued financing costs | ' | 665 |
Accrued purchases of property and equipment | 1,797 | 5,755 |
Acquisition of equipment through capital leases | ' | 1,135 |
Issuance of LLC interests to manager for performance fees | ' | 43,820 |
Issuance of LLC interests to manager for base management fees | 8,777 | 6,299 |
Conversion of construction loan to term loan | 60,360 | ' |
Distributions payable to noncontrolling interests | 128 | 214 |
Taxes paid | 2,116 | 1,338 |
Interest paid | $11,351 | $8,471 |
Organization_and_Description_o
Organization and Description of Business | 3 Months Ended | ||
Mar. 31, 2014 | |||
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 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 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 terminals 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; | ||
• | 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 63 airports in the U.S.; and | ||
• | Contracted Power and Energy: consists of controlling interests in five contracted solar power generation facilities located in the southwest U.S. and a 50.01% controlling interest in a district energy business which operates one of the largest district cooling systems in the U.S. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
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 ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |
The consolidated balance sheet at December 31, 2013 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, 2013 included in the Company's Annual Report on Form 10-K, as filed with the SEC on February 19, 2014. |
Income_per_Share
Income per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 March 31, | |||||||||
2014 | 2013 | ||||||||
Weighted average number of shares outstanding: basic | 56,369,295 | 47,584,661 | |||||||
Dilutive effect of restricted stock unit grants | 12,910 | 18,596 | |||||||
Weighted average number of shares outstanding: diluted | 56,382,205 | 47,603,257 | |||||||
The effect of potentially dilutive shares for the quarter ended March 31, 2014 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 the grant date. | |||||||||
The effect of potentially dilutive shares for the quarter ended March 31, 2013 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, and the 895 restricted stock unit grants issued on February 21, 2013, which vested during the second quarter of 2013, had been fully converted to shares on those grant dates. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2014 | |
Acquisitions [Abstract] | ' |
Acquisitions | ' |
4. Acquisitions | |
Contracted Power and Energy Acquisitions | |
During 2013, the Company invested in three utility-scale solar photovoltaic contracted power generation facilities, one at Davis Monthan Air Force Base (the "DMAFB Project") located in Tucson, Arizona, one in Valley Center, California (the "Valley Center Project") and one near Ramona, California (the "Ramona Project"). These three projects commenced operations during December of 2013 and have a combined generating capacity of 27 megawatts ("MWac") of electricity. | |
The acquisition price can vary depending on, among other things, factors such as the size of project, power purchase agreement ("PPA") contract terms, eligibility for tax incentives, debt package, operating cost structure and development stage. A completed project takes out all of the construction risk, testing and costs associated with construction contracts. | |
The solar power generation businesses, within the Contracted Power and Energy segment, are 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 on their allocated taxable income. | |
MIC has 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 projects with the co-investor's interest reflected as a "noncontrolling interest" in the consolidated condensed financial statements. | |
Acquisition of - Davis Monthan Air Force Base, Arizona | |
On July 19, 2013, the Company contributed $7.9 million, as a capital investment, and completed the acquisition of the DMAFB Project for an initial purchase price of $11.0 million subject to customary closing conditions described below. The Company entered into an LLC agreement with a noncontrolling interest co-investor who made a capital contribution of $23.0 million during the fourth quarter of 2013. The purchase price was adjusted by $1.5 million in the first quarter of 2014 in accordance with the acquisition agreement, which includes provisions that adjusted the purchase price based on final construction costs, financing terms and other insignificant project-related costs. As a result, a final payment of $1.2 million was made during the first quarter of 2014, resulting in a final purchase price of $9.5 million for this project. 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 commenced operations during December of 2013. The construction loan was converted to term debt during February of 2014. | |
Acquisition of - Valley Center, California | |
On September 20, 2013, the Company contributed $6.8 million, as a capital investment, and completed the acquisition of the Valley Center Project for a purchase price of $5.6 million. The Company entered into an LLC agreement with a noncontrolling interest co-investor who made a capital contribution of $14.5 million during the fourth quarter of 2013. This facility is expected to generate approximately 7 megawatts of electricity. | |
In connection with the acquisition, the Company entered into a construction loan agreement and drew down $10.2 million. The Valley Center Project commenced operations during December of 2013. The construction loan was converted to term debt during February of 2014. | |
Acquisition of - Ramona, California | |
On October 8, 2013, the Company contributed $6.1 million, as a capital investment, and completed the acquisition of the Ramona Project for a purchase price of $4.9 million. The Company entered into an LLC agreement with a noncontrolling interest co-investor who made a capital contribution of $13.8 million during the fourth quarter of 2013. This facility is expected to generate approximately 7 megawatts of electricity. | |
In connection with the acquisition, the Company entered into a construction loan agreement and drew down $10.4 million. The Ramona Project commenced operations during December of 2013. The construction loan was converted to term debt during February of 2014. | |
Had the DMAFB Project, Valley Center Project and Ramona Project acquisitions occurred as of January 1, 2013, the Company's consolidated results of operations would not have been materially different. For the quarter ended March 31, 2014 and the year ended December 31, 2013, the Company recorded transaction related costs of $228,000 and $2.2 million, respectively, in selling, general, and administrative expense for these investments. | |
Atlantic Aviation Acquisition | |
Acquisition of Kansas City FBO | |
On December 6, 2013, Atlantic Aviation completed the acquisition of the assets and liabilities of the fixed based operations ("FBO") at Charles B. Wheeler Downtown Airport in Kansas City, Missouri, for $8.1 million (referred to as "MKC"). The acquisition will expand the business' network in the midwest and was funded from additional debt raised by the business during the fourth quarter of 2013. | |
The acquisition has been accounted for as a business combination. Accordingly, the results of operations of MKC are included in the consolidated condensed statement of operations, and as a component of the Company's Atlantic Aviation business segment, since December 6, 2013. | |
Had the acquisition occurred as of January 1, 2013, the consolidated results of operations would not have been materially different. For the quarter ended March 31, 2014 and year ended December 31, 2013, Atlantic Aviation recorded transaction related costs of $65,000 and $331,000, respectively, in selling, general and administrative expense for this investment. |
Property_Equipment_Land_and_Le
Property, Equipment, Land and Leasehold Improvements | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property, Equipment, Land and Leasehold Improvements [Abstract] | ' | ||||||||
Property, Equipment, Land and Leasehold Improvements | ' | ||||||||
5. Property, Equipment, Land and Leasehold Improvements | |||||||||
Property, equipment, land and leasehold improvements at March 31, 2014 and December 31, 2013 consist of the following ($ in thousands): | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Land | $ | 4,854 | $ | 4,854 | |||||
Easements | 5,624 | 5,624 | |||||||
Buildings | 25,143 | 25,143 | |||||||
Leasehold and land improvements | 359,398 | 357,903 | |||||||
Machinery and equipment | 688,896 | 674,839 | |||||||
Furniture and fixtures | 11,771 | 11,416 | |||||||
Construction in progress | 32,439 | 35,637 | |||||||
Property held for future use | 1,975 | 1,975 | |||||||
1,130,100 | 1,117,391 | ||||||||
Less: accumulated depreciation | (275,413 | ) | (263,222 | ) | |||||
Property, equipment, land and leasehold improvements, net | $ | 854,687 | $ | 854,169 | |||||
As discussed in Note 4, "Acquisitions", the Company acquired $45.3 million in construction in progress, which subsequently was reclassed to machinery and equipment, from the acquisitions of three solar facilities in 2013 and $13.8 million in property, equipment, land and leasehold improvements from the MKC acquisition during the fourth quarter of 2013. |
Intangible_Assets
Intangible Assets | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Intangible Assets [Abstract] | ' | ||||||||
Intangible Assets | ' | ||||||||
6. Intangible Assets | |||||||||
Intangible assets at March 31, 2014 and December 31, 2013 consist of the following ($ in thousands): | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Contractual arrangements | $ | 746,231 | $ | 746,231 | |||||
Non-compete agreements | 9,665 | 9,665 | |||||||
Customer relationships | 80,255 | 80,255 | |||||||
Leasehold rights | 2,121 | 2,121 | |||||||
Trade names | 15,671 | 15,671 | |||||||
Technology | 460 | 460 | |||||||
854,403 | 854,403 | ||||||||
Less: accumulated amortization | (270,318 | ) | (261,553 | ) | |||||
Intangible assets, net | $ | 584,085 | $ | 592,850 | |||||
The goodwill balance as of March 31, 2014 is comprised of the following ($ in thousands): | |||||||||
Goodwill acquired in business combinations, net of disposals | $ | 637,543 | |||||||
Less: accumulated impairment charges | (123,200 | ) | |||||||
Balance at March 31, 2014 | $ | 514,343 | |||||||
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 quarter ended March 31, 2014. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Long-Term Debt [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
7. Long-Term Debt | |||||||||
At March 31, 2014 and December 31, 2013, the Company's consolidated long-term debt comprised the following ($ in thousands): | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Hawaii Gas | $ | 180,000 | $ | 180,000 | |||||
Atlantic Aviation | 516,354 | 517,773 | |||||||
Contracted Power and Energy | 291,556 | 296,337 | |||||||
Total | 987,910 | 994,110 | |||||||
Less: current portion | (160,181 | ) | (163,083 | ) | |||||
Long-term portion | $ | 827,729 | $ | 831,027 | |||||
On May 31, 2013, Atlantic Aviation 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. On November 7, 2013, the business entered into an incremental $50.0 million term loan under the AA Credit Agreement that provides the business with a seven-year senior secured first lien term loan facility. The interest rate on these term loan facilities floats at LIBOR plus 2.50%, with minimum LIBOR of 0.75%. The floating rate has effectively been fixed for 6 years using interest rate swaps. The AA Credit Agreement also provides for a five-year, $70.0 million senior secured first lien revolving credit facility that bears interest at LIBOR plus 2.50%. | |||||||||
On January 22, 2014, Atlantic Aviation entered into an incremental $100.0 million term loan facility on the same terms as the AA Credit Agreement described above. At March 31, 2014, this facility remains undrawn. | |||||||||
Atlantic Aviation also has stand-alone debt facilities used to fund construction at its FBOs. At March 31, 2014, the balances on the stand-alone facilities were $5.1 million. The Company has classified $551,000 relating to the stand-alone debt facilities in the current portion of long-term debt in the consolidated condensed balance sheet at March 31, 2014. | |||||||||
The Company classified $149.9 million relating to its district energy business' debt in the current portion of long-term debt in the consolidated condensed balance sheet at March 31, 2014, as its debt facilities mature in September of 2014. During the quarter ended March 31, 2014 and in April of 2014, the district energy business repaid $4.2 million and $2.1 million, respectively, on its outstanding debt balance. | |||||||||
At March 31, 2014, the solar power generation businesses, within the Contracted Power and Energy segment, had $141.7 million of amortizing term loan debt outstanding, of which $4.6 million was recorded as current portion of long-term debt in the consolidated condensed balance sheet. During February of 2014, the construction loans for the DMAFB Project, Valley Center Project and Ramona Project converted to term debt. The interest rate related to the DMAFB Project's term debt, of $27.6 million, is fixed at 5.138% through maturity in December of 2033. The interest rate related to the Valley Center Project's term debt, of $16.9 million, is fixed at 5.60% through maturity in September of 2036. The interest rate related to the Ramona Project's term debt, of $15.9 million, is fixed at 5.47% through maturity in September of 2036. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 portion 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 March 31, 2014, the Company had $987.9 million of current and long-term debt, $740.1 million of which was economically hedged with interest rate contracts and $247.8 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 $618,000 of derivative losses, included in accumulated other comprehensive loss as of March 31, 2014, within the next 12 months. | |||||||||
Excess cash flow generated from the district energy business must be applied toward the principal balance of the term loan during the last two years before maturity. The district energy business is expected to record additional reclassifications from accumulated other comprehensive loss to interest expense when the business pays down its debt more quickly than anticipated. | |||||||||
The Company measures derivative instruments at fair value using the income approach which discounts the future net cash settlements expected under the derivative contracts to a present value. These valuations utilize primarily observable ("level 2") inputs, including contractual terms, interest rates and yield curves observable at commonly quoted intervals. | |||||||||
The Company's fair value measurements of its derivative instruments and the related location of the assets and liabilities associated with the hedging instruments within the consolidated condensed balance sheets at March 31, 2014 and December 31, 2013 were as follows ($ in thousands): | |||||||||
Assets (Liabilities) at Fair Value(1) | |||||||||
Interest Rate Contracts Not Designated as | |||||||||
Hedging Instruments | |||||||||
Balance Sheet Location | 31-Mar-14 | 31-Dec-13 | |||||||
Fair value of derivative instruments - current assets(2) | $ | - | $ | 1 | |||||
Fair value of derivative instruments - non-current assets(3) | 4,281 | 6,880 | |||||||
Total interest rate derivative contracts - assets(2)(3) | $ | 4,281 | $ | 6,881 | |||||
Fair value of derivative instruments - current liabilities(3) | $ | (11,283 | ) | $ | (13,027 | ) | |||
Total interest rate derivative contracts - liabilities(3) | $ | (11,283 | ) | $ | (13,027 | ) | |||
-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 quarters ended March 31, 2014 and 2013 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 in Interest Expense for the Quarters Ended March 31, | |||||||||
Financial Statement Account | 2014(1) | 2013(2) | |||||||
Interest expense - Interest rate cap | $ | (1 | ) | $ | (26 | ) | |||
Interest expense - Interest rate swaps | (5,332 | ) | (1,034 | ) | |||||
Total | $ | (5,333 | ) | $ | (1,060 | ) | |||
-1 | Net loss recognized in interest expense for the interest rate swap contracts for the quarter ended March 31, 2014 includes $5.1 million of unrealized derivative losses and $239,000 of derivative losses reclassified from accumulated other comprehensive loss. Net loss recognized in interest expense for the quarter ended March 31, 2014 also includes $1,000 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 ended March 31, 2013 includes $636,000 of unrealized derivative losses and $398,000 of derivative losses reclassified from accumulated other comprehensive loss. Net loss recognized in interest expense for the quarter ended March 31, 2013 also includes $26,000 of unrealized derivative losses from an interest rate cap contract. | ||||||||
All of the Company's derivative instruments are collateralized by the assets of the respective businesses. |
Members_Equity
Members' Equity | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Members' Equity [Abstract] | ' | ||||||||||||||||||||||||
Members' Equity | ' | ||||||||||||||||||||||||
9. Members' Equity | |||||||||||||||||||||||||
LLC Interests | |||||||||||||||||||||||||
The Company is authorized to issue 500,000,000 LLC interests. Each outstanding LLC interest of the Company is entitled to one vote on any matter with respect to which holders of LLC interests are entitled to vote. | |||||||||||||||||||||||||
Shelf Registration Statement and MIC Direct | |||||||||||||||||||||||||
On April 8, 2013, the Company filed an automatic shelf registration statement on Form S-3 ("shelf") with the Securities and Exchange Commission to issue and sell an indeterminate amount of its LLC interests and debt securities in one or more future offerings. Along with the shelf, the Company filed a prospectus supplement with respect to a dividend reinvestment/direct stock purchase program named "MIC Direct". The prospectus supplement relates to the issuance of up to 1.0 million additional LLC interests to participants in MIC Direct. At March 31, 2014, 998,236 LLC interests remained unissued under MIC Direct. The Company may also choose to fill requests for reinvestment of dividends or share purchases through MIC Direct via open market purchases. | |||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||
The following represents the changes and balances to the components of accumulated other comprehensive loss for the quarters ended March 31, 2014 and 2013 ($ in thousands). | |||||||||||||||||||||||||
Cash Flow Hedges, net | Post-Retirement Benefit Plans, | Translation Adjustment, | Total Accumulated Other Comprehensive Loss, net of taxes | Noncontrolling Interests | Total Members' Accumulated Other Comprehensive Loss, net of taxes | ||||||||||||||||||||
of taxes(1) | net of taxes | net of taxes(2) | |||||||||||||||||||||||
Balance at | $ | (1,538 | ) | $ | (20,466 | ) | $ | 514 | $ | (21,490 | ) | $ | 689 | $ | (20,801 | ) | |||||||||
31-Dec-12 | |||||||||||||||||||||||||
Reclassification of realized losses of derivatives into earnings | 250 | - | - | 250 | (120 | ) | 130 | ||||||||||||||||||
Balance at | $ | (1,288 | ) | $ | (20,466 | ) | $ | 514 | $ | (21,240 | ) | $ | 569 | $ | (20,671 | ) | |||||||||
31-Mar-13 | |||||||||||||||||||||||||
Balance at | $ | (636 | ) | $ | (8,021 | ) | $ | (46 | ) | $ | (8,703 | ) | $ | 258 | $ | (8,445 | ) | ||||||||
31-Dec-13 | |||||||||||||||||||||||||
Reclassification of realized losses of derivatives into earnings | 150 | - | - | 150 | (72 | ) | 78 | ||||||||||||||||||
Translation adjustment | - | - | (285 | ) | (285 | ) | - | (285 | ) | ||||||||||||||||
Balance at | $ | (486 | ) | $ | (8,021 | ) | $ | (331 | ) | $ | (8,838 | ) | $ | 186 | $ | (8,652 | ) | ||||||||
31-Mar-14 | |||||||||||||||||||||||||
-1 | Reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $239,000 and $398,000, respectively, and the related tax benefit of $95,000 and $158,000, respectively, in the consolidated condensed statements of operations; and (ii) pre-tax derivative losses of $10,000 and $15,000, respectively, as an adjustment to investment in unconsolidated business, and an adjustment to deferred taxes of $4,000 and $5,000, respectively, in the consolidated condensed balance sheet for the quarters ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
-2 | Translation adjustment is presented net of taxes of $154,000 for the quarter ended March 31, 2014. |
Reportable_Segments
Reportable Segments | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Reportable Segments [Abstract] | ' | ||||||||||||||||||||||||
Reportable Segments | ' | ||||||||||||||||||||||||
10. Reportable Segments | |||||||||||||||||||||||||
The Company's businesses consist of three reportable segments: Hawaii Gas, Atlantic Aviation and Contracted Power and Energy. The Company also has a 50% investment in IMTT, which is accounted for under the equity method. Prior to 2013 year-end, the Company reported the solar power generation businesses and the district energy business in separate reportable segments. The Company assessed its businesses and operating segments and determined to combine these two businesses into one reportable segment covering the Company's long-term Contracted Power and Energy segment, which the Company believes better reflects how these businesses are managed and allocated capital. | |||||||||||||||||||||||||
Financial information for IMTT's business as a whole is presented below ($ in thousands): | |||||||||||||||||||||||||
As of, and for the Quarter Ended, March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Revenue | $ | 148,078 | $ | 131,485 | |||||||||||||||||||||
Net income | $ | 30,981 | $ | 23,330 | |||||||||||||||||||||
Interest expense, net | 7,133 | 6,606 | |||||||||||||||||||||||
Provision for income taxes | 21,102 | 17,121 | |||||||||||||||||||||||
Depreciation and amortization | 18,274 | 18,422 | |||||||||||||||||||||||
Other non-cash expenses | 1,983 | 75 | |||||||||||||||||||||||
EBITDA excluding non-cash items(1) | $ | 79,473 | $ | 65,554 | |||||||||||||||||||||
Capital expenditures paid | $ | 29,621 | $ | 50,774 | |||||||||||||||||||||
Property, equipment, land and leasehold improvements, net | 1,275,656 | 1,227,703 | |||||||||||||||||||||||
Total assets | 1,387,624 | 1,352,411 | |||||||||||||||||||||||
-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, including the two businesses within Contracted Power and Energy, are managed separately and management has chosen to organize the Company around the distinct products and services offered. | |||||||||||||||||||||||||
IMTT provides bulk liquid terminal 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 terminals 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 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 63 at March 31, 2014. Revenues from Atlantic Aviation are included in revenue from product sales and service revenue. | |||||||||||||||||||||||||
The Contracted Power and Energy business segment derives revenue from the solar power generation and district energy businesses. Revenues from the solar power generation businesses are included in revenue from product sales. As of March 31, 2014, the Company has 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. 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) PPAs. | |||||||||||||||||||||||||
Revenues from the district energy business are 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 statement 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. The district energy business 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. | |||||||||||||||||||||||||
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 March 31, 2014 | |||||||||||||||||||||||||
Hawaii Gas | Atlantic | Contracted Power and Energy | Total Reportable Segments | ||||||||||||||||||||||
Aviation | |||||||||||||||||||||||||
Revenue from Product Sales | |||||||||||||||||||||||||
Product sales | $ | 34,206 | $ | 145,937 | $ | 3,658 | $ | 183,801 | |||||||||||||||||
Product sales - utility | 35,145 | - | - | 35,145 | |||||||||||||||||||||
69,351 | 145,937 | 3,658 | 218,946 | ||||||||||||||||||||||
Other Revenue | |||||||||||||||||||||||||
Service Revenue | - | 48,024 | 8,478 | 56,502 | |||||||||||||||||||||
- | 48,024 | 8,478 | 56,502 | ||||||||||||||||||||||
Financing and Lease Income | |||||||||||||||||||||||||
Financing and equipment lease | - | - | 747 | 747 | |||||||||||||||||||||
- | - | 747 | 747 | ||||||||||||||||||||||
Total Revenue | $ | 69,351 | $ | 193,961 | $ | 12,883 | $ | 276,195 | |||||||||||||||||
Quarter Ended March 31, 2013 | |||||||||||||||||||||||||
Hawaii Gas | Atlantic Aviation | Contracted Power and Energy | Total Reportable Segments | ||||||||||||||||||||||
Revenue from Product Sales | |||||||||||||||||||||||||
Product sales | $ | 32,085 | $ | 140,344 | $ | 1,686 | $ | 174,115 | |||||||||||||||||
Product sales - utility | 36,921 | - | - | 36,921 | |||||||||||||||||||||
69,006 | 140,344 | 1,686 | 211,036 | ||||||||||||||||||||||
Other Revenue | |||||||||||||||||||||||||
Service Revenue | - | 43,796 | 8,319 | 52,115 | |||||||||||||||||||||
- | 43,796 | 8,319 | 52,115 | ||||||||||||||||||||||
Financing and Lease Income | |||||||||||||||||||||||||
Financing and equipment lease | - | - | 1,055 | 1,055 | |||||||||||||||||||||
- | - | 1,055 | 1,055 | ||||||||||||||||||||||
Total Revenue | $ | 69,006 | $ | 184,140 | $ | 11,060 | $ | 264,206 | |||||||||||||||||
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 March 31, 2014 | |||||||||||||||||||||||||
Hawaii Gas | Atlantic Aviation | Contracted Power and Energy | Total Reportable Segments | ||||||||||||||||||||||
Net income (loss) | $ | 6,195 | $ | 10,555 | $ | (1,415 | ) | $ | 15,335 | ||||||||||||||||
Interest expense, net | 1,787 | 9,565 | 2,645 | 13,997 | |||||||||||||||||||||
Provision for income taxes | 4,027 | 4,915 | 599 | 9,541 | |||||||||||||||||||||
Depreciation(1) | 1,946 | 6,802 | 5,110 | 13,858 | |||||||||||||||||||||
Amortization of intangibles | 312 | 8,131 | 322 | 8,765 | |||||||||||||||||||||
Other non-cash expense (income) | 724 | 68 | (765 | ) | 27 | ||||||||||||||||||||
EBITDA excluding non-cash items | $ | 14,991 | $ | 40,036 | $ | 6,496 | $ | 61,523 | |||||||||||||||||
Quarter Ended March 31, 2013 | |||||||||||||||||||||||||
Hawaii Gas | Atlantic Aviation | Contracted Power and Energy | Total Reportable Segments | ||||||||||||||||||||||
Net income (loss) | $ | 6,707 | $ | 10,612 | $ | (118 | ) | $ | 17,201 | ||||||||||||||||
Interest expense, net | 1,705 | 4,099 | 1,877 | 7,681 | |||||||||||||||||||||
Provision for income taxes | 4,483 | 7,398 | 1,963 | 13,844 | |||||||||||||||||||||
Depreciation(1) | 1,846 | 5,892 | 3,215 | 10,953 | |||||||||||||||||||||
Amortization of intangibles | 312 | 7,979 | 337 | 8,628 | |||||||||||||||||||||
Loss on disposal of assets | - | 106 | - | 106 | |||||||||||||||||||||
Other non-cash expense (income) | 662 | (68 | ) | (2,181 | ) | (1,587 | ) | ||||||||||||||||||
EBITDA excluding non-cash items | $ | 15,715 | $ | 36,018 | $ | 5,093 | $ | 56,826 | |||||||||||||||||
-1 | Depreciation includes depreciation expense for the district energy business, a component of the Contracted Power and Energy segment, which is reported in cost of services in the consolidated condensed statements of operations. | ||||||||||||||||||||||||
Reconciliation of total reportable segments' EBITDA excluding non-cash items to consolidated net income before income taxes are as follows ($ in thousands): | |||||||||||||||||||||||||
Quarter Ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Total reportable segments EBITDA excluding non-cash items | $ | 61,523 | $ | 56,826 | |||||||||||||||||||||
Interest income | 64 | 94 | |||||||||||||||||||||||
Interest expense | (14,011 | ) | (7,686 | ) | |||||||||||||||||||||
Depreciation(1) | (13,858 | ) | (10,953 | ) | |||||||||||||||||||||
Amortization of intangibles | (8,765 | ) | (8,628 | ) | |||||||||||||||||||||
Loss on disposal of assets | - | (106 | ) | ||||||||||||||||||||||
Selling, general and administrative - corporate | (1,046 | ) | (1,606 | ) | |||||||||||||||||||||
Fees to manager | (8,994 | ) | (29,177 | ) | |||||||||||||||||||||
Equity in earnings and amortization charges of investee | 14,287 | 10,462 | |||||||||||||||||||||||
Other (expense) income, net | (554 | ) | 1,990 | ||||||||||||||||||||||
Total consolidated net income before income taxes | $ | 28,646 | $ | 11,216 | |||||||||||||||||||||
-1 | Depreciation includes depreciation expense for the district energy business, a component of the Contracted Power and Energy segment, which is reported in cost of services in the consolidated condensed statements of operations. | ||||||||||||||||||||||||
Capital expenditures for the Company's reportable segments were as follows ($ in thousands): | |||||||||||||||||||||||||
Quarter Ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Hawaii Gas | $ | 3,565 | $ | 3,463 | |||||||||||||||||||||
Atlantic Aviation | 8,725 | 3,674 | |||||||||||||||||||||||
Contracted Power and Energy | 9,323 | 7,697 | |||||||||||||||||||||||
Total | $ | 21,613 | $ | 14,834 | |||||||||||||||||||||
Property, equipment, land and leasehold improvements, goodwill and total assets for the Company's reportable segments as of March 31st were as follows ($ in thousands): | |||||||||||||||||||||||||
Property, Equipment, | Goodwill | Total Assets | |||||||||||||||||||||||
Land and Leasehold Improvements | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Hawaii Gas | $ | 185,884 | $ | 171,400 | $ | 120,193 | $ | 120,193 | $ | 400,040 | $ | 393,675 | |||||||||||||
Atlantic Aviation | 284,099 | 256,097 | 376,204 | 375,800 | 1,381,448 | 1,306,478 | |||||||||||||||||||
Contracted Power and Energy | 384,704 | 291,134 | 17,946 | 18,647 | 487,203 | 369,028 | |||||||||||||||||||
Total | $ | 854,687 | $ | 718,631 | $ | 514,343 | $ | 514,640 | $ | 2,268,691 | $ | 2,069,181 | |||||||||||||
Reconciliation of reportable segments' total assets to consolidated total assets ($ in thousands): | |||||||||||||||||||||||||
As of March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Total assets of reportable segments | $ | 2,268,691 | $ | 2,069,181 | |||||||||||||||||||||
Investment in IMTT | 89,434 | 85,682 | |||||||||||||||||||||||
Corporate and other | 102,513 | 102,871 | |||||||||||||||||||||||
Total consolidated assets | $ | 2,460,638 | $ | 2,257,734 |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||||||
Related Party Transactions | ' | ||||||||||||||||||||
11. Related Party Transactions | |||||||||||||||||||||
Management Services Agreement with Macquarie Infrastructure Management (USA) Inc. (the Manager) | |||||||||||||||||||||
At March 31, 2014 and December 31, 2013, the Manager held 3,282,297 LLC interests and 3,120,187 LLC interests, respectively, of the Company. Pursuant to the terms of the management services agreement, or Management Agreement, the Manager may sell these LLC interests at any time. 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, 2013, 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) | |||||||||||||||||||||
28-Apr-14 | First quarter 2014 | $ | [0.9375] | 12-May-14 | 15-May-14 | $ | -1 | ||||||||||||||
18-Feb-14 | Fourth quarter 2013 | $ | 0.9125 | 3-Mar-14 | 6-Mar-14 | $ | 2,945 | ||||||||||||||
25-Oct-13 | Third quarter 2013 | $ | 0.875 | 11-Nov-13 | 14-Nov-13 | $ | 2,442 | ||||||||||||||
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 | ||||||||||||||
-1 | The amount of dividend payable to the Manager for the first quarter of 2014 will be determined on May 12, 2014, 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 a U.S. utilities index. For the quarters ended March 31, 2014 and 2013, the Company recorded base management fees of $9.0 million and $7.1 million, respectively. In addition, for the quarter ended March 31, 2013, the Company incurred performance fees of $22.0 million. For the quarter ended March 31, 2014, the Manager did not earn a performance fee. In all of these periods, the Manager elected to reinvest these fees in additional LLC interests. | |||||||||||||||||||||
The unpaid portion of the base management fees and performance fees, if any, at the end of each reporting period is included in due to manager-related party in the consolidated condensed balance sheets. The following table shows the Manager's election to reinvest its base management fees and performance fees, if any, in additional LLC interests: | |||||||||||||||||||||
Period | Base Management | Performance | LLC Interests | ||||||||||||||||||
Fee Amount | Fee Amount | Issued | |||||||||||||||||||
($ in thousands) | ($ in thousands) | ||||||||||||||||||||
2014 Activities: | |||||||||||||||||||||
First quarter 2014 | $ | 8,994 | $ | - | 164,546 | (1) | |||||||||||||||
2013 Activities: | |||||||||||||||||||||
Fourth quarter 2013 | $ | 8,455 | $ | - | 155,943 | ||||||||||||||||
Third quarter 2013 | 8,336 | 6,906 | 278,480 | ||||||||||||||||||
Second quarter 2013 | 8,053 | 24,440 | 603,936 | ||||||||||||||||||
First quarter 2013 | 7,135 | 22,042 | 522,638 | ||||||||||||||||||
-1 | The Manager elected to reinvest the first quarter of 2014 base management fees in LLC interests. The Company issued 164,546 LLC interests, of which 55,545 LLC interests were issued in April of 2014 for the March of 2014 base management fees. | ||||||||||||||||||||
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 quarters ended March 31, 2014 and 2013, the Manager charged the Company $72,000 and $124,000, respectively, for reimbursement of out-of-pocket expenses. 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. | |||||||||||||||||||||
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. | |||||||||||||||||||||
MIC engaged MCUSA in connection with its ongoing initiative to bring Liquefied Natural Gas to the state of Hawaii. During the year ended December 31, 2013, Hawaii Gas 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. No amounts were incurred during the quarter ended March 31, 2014. | |||||||||||||||||||||
The district energy business' credit facilities mature in September of 2014. During 2013, the Company engaged MCUSA to assist in identifying and analyzing various alternatives for paying these obligations prior to maturity and obtaining other credit facilities. At March 31, 2014, no amounts had been incurred under this arrangement. | |||||||||||||||||||||
The Company completed underwritten public offerings and sales of LLC interests in December of 2013 and May of 2013. In both offerings, MCUSA served as a joint book-running manager and an underwriter and received $2.6 million and $2.4 million, respectively, from the Company for such services. | |||||||||||||||||||||
During 2013, the Company engaged MCUSA as Joint Bookrunner, Joint Lead Arranger and Syndication Agent 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. | |||||||||||||||||||||
In December of 2013, Atlantic Aviation entered into an equity bridge loan for $70.0 million, of which $35.0 million was provided by MIHI LLC, an entity within Macquarie Group. The Company engaged MCUSA as Joint Bookrunner and Joint Lead Arranger. This equity bridge loan was never drawn by the business and subsequently cancelled. During the quarter ended March 31, 2014, Atlantic Aviation incurred and paid $88,000 in commitment fees to MCUSA related to this equity bridge loan. | |||||||||||||||||||||
On January 22, 2014, Atlantic Aviation entered into an incremental $100.0 million term loan facility on the same terms as the AA Credit Agreement. The Company engaged MCUSA as Joint Bookrunner and paid $16,000 in fees during January of 2014. See further discussion in Note 7, "Long-Term Debt". | |||||||||||||||||||||
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 March 31, 2014 and December 31, 2013, the revolving credit facility remained undrawn. For the quarter ended March 31, 2014 and year ended December 31, 2013, Atlantic Aviation incurred $26,000 and $65,000, respectively, in commitment fees related to MBL's portion of the revolving credit facility. | |||||||||||||||||||||
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 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 quarters ended March 31, 2014 and 2013. In February of 2014, the Company renewed its Directors and Officers liability insurance utilizing several of the MIF insurers. | |||||||||||||||||||||
Atlantic Aviation, Hawaii Gas and Contracted Power and Energy purchase and renew property and casualty insurance coverage on an ongoing basis from insurance underwriters who then pay commissions to MIF. For the quarters ended March 31, 2014 and 2013, 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 quarters ended March 31, 2014 and 2013, Atlantic Aviation incurred $6,000 in each period in lease expense on these copiers. As of March 31, 2014 and 2013, Atlantic Aviation had prepaid the April 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 quarters ended March 31, 2014 and 2013. | |||||||||||||||||||||
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 | 3 Months Ended |
Mar. 31, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
12. Income Taxes | |
The Company expects to incur federal consolidated taxable income for the year ending December 31, 2014, which will be fully offset by the Company's federal net operating loss, ("NOL") carryforwards. The Company believes that it will be able to utilize its federal prior year NOLs, except for approximately $7.8 million. During the quarter ended March 31, 2014, the Company recorded a decrease of approximately $905,000 to the valuation allowance for the realization of deferred tax assets attributable to certain state NOLs. Two of the Company's businesses, IMTT and its district energy business, a component of the Contracted Power and Energy segment, are less than 80% owned by the Company and those businesses file separate federal consolidated income tax returns. |
Legal_Proceedings_and_Continge
Legal Proceedings and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
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 | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
14. Subsequent Events | |
Atlantic Aviation - Acquisitions | |
[On April [30], 2014, Atlantic Aviation completed the acquisition of the assets and liabilities of Galaxy Aviation and Boca Aviation (collectively the "Galaxy Acquisitions"). The Galaxy Acquisitions included substantially all of the assets of six FBOs and one new hangar that is currently under construction at one of the six airports at which the FBOs operate. The aggregate purchase price of $230.0 million was funded using cash that had previously been raised or generated and debt facilities that had previously been arranged.] | |
Dividend | |
On April 28, 2014, the board of directors declared a dividend of [$0.9375] per share for the quarter ended March 31, 2014, which is expected to be paid on May 15, 2014 to holders of record on May 12, 2014. | |
IMTT First Quarter of 2014 Distribution | |
Distributions calculated in accordance with the Shareholders' Agreement between MIC and its co-investor in IMTT ("Voting Trust") for the first quarter of 2014 were $58.5 million ($29.3 million per shareholder). On April 22, 2014, the Board of IMTT unanimously declared a distribution of this amount. The first quarter of 2014 distribution was paid on April 28, 2014. | |
District Energy - Stock Purchase Agreement | |
In April of 2014, the Company signed a Stock Purchase Agreement to sell its interest in the district energy business. The sale is expected to conclude in the second half of 2014, subject to certain customary closing conditions, and the net proceeds are expected to be reinvested in the Contracted Power and Energy business. |
Income_per_Share_Tables
Income per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income per Share [Abstract] | ' | ||||||||
Schedule of Reconciliation of Income per Share | ' | ||||||||
Quarter Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Weighted average number of shares outstanding: basic | 56,369,295 | 47,584,661 | |||||||
Dilutive effect of restricted stock unit grants | 12,910 | 18,596 | |||||||
Weighted average number of shares outstanding: diluted | 56,382,205 | 47,603,257 |
Property_Equipment_Land_and_Le1
Property, Equipment, Land and Leasehold Improvements (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property, Equipment, Land and Leasehold Improvements [Abstract] | ' | ||||||||
Schedule of Property and Equipment | ' | ||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Land | $ | 4,854 | $ | 4,854 | |||||
Easements | 5,624 | 5,624 | |||||||
Buildings | 25,143 | 25,143 | |||||||
Leasehold and land improvements | 359,398 | 357,903 | |||||||
Machinery and equipment | 688,896 | 674,839 | |||||||
Furniture and fixtures | 11,771 | 11,416 | |||||||
Construction in progress | 32,439 | 35,637 | |||||||
Property held for future use | 1,975 | 1,975 | |||||||
1,130,100 | 1,117,391 | ||||||||
Less: accumulated depreciation | (275,413 | ) | (263,222 | ) | |||||
Property, equipment, land and leasehold improvements, net | $ | 854,687 | $ | 854,169 |
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Intangible Assets [Abstract] | ' | ||||||||
Schedule of Intangible Assets | ' | ||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Contractual arrangements | $ | 746,231 | $ | 746,231 | |||||
Non-compete agreements | 9,665 | 9,665 | |||||||
Customer relationships | 80,255 | 80,255 | |||||||
Leasehold rights | 2,121 | 2,121 | |||||||
Trade names | 15,671 | 15,671 | |||||||
Technology | 460 | 460 | |||||||
854,403 | 854,403 | ||||||||
Less: accumulated amortization | (270,318 | ) | (261,553 | ) | |||||
Intangible assets, net | $ | 584,085 | $ | 592,850 | |||||
Schedule of Goodwill | ' | ||||||||
Goodwill acquired in business combinations, net of disposals | $ | 637,543 | |||||||
Less: accumulated impairment charges | (123,200 | ) | |||||||
Balance at March 31, 2014 | $ | 514,343 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Long-Term Debt [Abstract] | ' | ||||||||
Schedule of Long-Term Debt | ' | ||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Hawaii Gas | $ | 180,000 | $ | 180,000 | |||||
Atlantic Aviation | 516,354 | 517,773 | |||||||
Contracted Power and Energy | 291,556 | 296,337 | |||||||
Total | 987,910 | 994,110 | |||||||
Less: current portion | (160,181 | ) | (163,083 | ) | |||||
Long-term portion | $ | 827,729 | $ | 831,027 |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 | 31-Mar-14 | 31-Dec-13 | |||||||
Fair value of derivative instruments - current assets(2) | $ | - | $ | 1 | |||||
Fair value of derivative instruments - non-current assets(3) | 4,281 | 6,880 | |||||||
Total interest rate derivative contracts - assets(2)(3) | $ | 4,281 | $ | 6,881 | |||||
Fair value of derivative instruments - current liabilities(3) | $ | (11,283 | ) | $ | (13,027 | ) | |||
Total interest rate derivative contracts - liabilities(3) | $ | (11,283 | ) | $ | (13,027 | ) | |||
-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 in Interest Expense for the Quarters Ended March 31, | |||||||||
Financial Statement Account | 2014(1) | 2013(2) | |||||||
Interest expense - Interest rate cap | $ | (1 | ) | $ | (26 | ) | |||
Interest expense - Interest rate swaps | (5,332 | ) | (1,034 | ) | |||||
Total | $ | (5,333 | ) | $ | (1,060 | ) | |||
-1 | Net loss recognized in interest expense for the interest rate swap contracts for the quarter ended March 31, 2014 includes $5.1 million of unrealized derivative losses and $239,000 of derivative losses reclassified from accumulated other comprehensive loss. Net loss recognized in interest expense for the quarter ended March 31, 2014 also includes $1,000 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 ended March 31, 2013 includes $636,000 of unrealized derivative losses and $398,000 of derivative losses reclassified from accumulated other comprehensive loss. Net loss recognized in interest expense for the quarter ended March 31, 2013 also includes $26,000 of unrealized derivative losses from an interest rate cap contract. |
Members_Equity_Tables
Members' Equity (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Members' Equity [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||||||
Cash Flow Hedges, net | Post-Retirement Benefit Plans, | Translation Adjustment, | Total Accumulated Other Comprehensive Loss, net of taxes | Noncontrolling Interests | Total Members' Accumulated Other Comprehensive Loss, net of taxes | ||||||||||||||||||||
of taxes(1) | net of taxes | net of taxes(2) | |||||||||||||||||||||||
Balance at | $ | (1,538 | ) | $ | (20,466 | ) | $ | 514 | $ | (21,490 | ) | $ | 689 | $ | (20,801 | ) | |||||||||
31-Dec-12 | |||||||||||||||||||||||||
Reclassification of realized losses of derivatives into earnings | 250 | - | - | 250 | (120 | ) | 130 | ||||||||||||||||||
Balance at | $ | (1,288 | ) | $ | (20,466 | ) | $ | 514 | $ | (21,240 | ) | $ | 569 | $ | (20,671 | ) | |||||||||
31-Mar-13 | |||||||||||||||||||||||||
Balance at | $ | (636 | ) | $ | (8,021 | ) | $ | (46 | ) | $ | (8,703 | ) | $ | 258 | $ | (8,445 | ) | ||||||||
31-Dec-13 | |||||||||||||||||||||||||
Reclassification of realized losses of derivatives into earnings | 150 | - | - | 150 | (72 | ) | 78 | ||||||||||||||||||
Translation adjustment | - | - | (285 | ) | (285 | ) | - | (285 | ) | ||||||||||||||||
Balance at | $ | (486 | ) | $ | (8,021 | ) | $ | (331 | ) | $ | (8,838 | ) | $ | 186 | $ | (8,652 | ) | ||||||||
31-Mar-14 | |||||||||||||||||||||||||
-1 | Reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $239,000 and $398,000, respectively, and the related tax benefit of $95,000 and $158,000, respectively, in the consolidated condensed statements of operations; and (ii) pre-tax derivative losses of $10,000 and $15,000, respectively, as an adjustment to investment in unconsolidated business, and an adjustment to deferred taxes of $4,000 and $5,000, respectively, in the consolidated condensed balance sheet for the quarters ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
-2 | Translation adjustment is presented net of taxes of $154,000 for the quarter ended March 31, 2014. |
Reportable_Segments_Tables
Reportable Segments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Schedule of Revenue From External Customers | ' | ||||||||||||||||||||||||
Quarter Ended March 31, 2014 | |||||||||||||||||||||||||
Hawaii Gas | Atlantic | Contracted Power and Energy | Total Reportable Segments | ||||||||||||||||||||||
Aviation | |||||||||||||||||||||||||
Revenue from Product Sales | |||||||||||||||||||||||||
Product sales | $ | 34,206 | $ | 145,937 | $ | 3,658 | $ | 183,801 | |||||||||||||||||
Product sales - utility | 35,145 | - | - | 35,145 | |||||||||||||||||||||
69,351 | 145,937 | 3,658 | 218,946 | ||||||||||||||||||||||
Other Revenue | |||||||||||||||||||||||||
Service Revenue | - | 48,024 | 8,478 | 56,502 | |||||||||||||||||||||
- | 48,024 | 8,478 | 56,502 | ||||||||||||||||||||||
Financing and Lease Income | |||||||||||||||||||||||||
Financing and equipment lease | - | - | 747 | 747 | |||||||||||||||||||||
- | - | 747 | 747 | ||||||||||||||||||||||
Total Revenue | $ | 69,351 | $ | 193,961 | $ | 12,883 | $ | 276,195 | |||||||||||||||||
Quarter Ended March 31, 2013 | |||||||||||||||||||||||||
Hawaii Gas | Atlantic Aviation | Contracted Power and Energy | Total Reportable Segments | ||||||||||||||||||||||
Revenue from Product Sales | |||||||||||||||||||||||||
Product sales | $ | 32,085 | $ | 140,344 | $ | 1,686 | $ | 174,115 | |||||||||||||||||
Product sales - utility | 36,921 | - | - | 36,921 | |||||||||||||||||||||
69,006 | 140,344 | 1,686 | 211,036 | ||||||||||||||||||||||
Other Revenue | |||||||||||||||||||||||||
Service Revenue | - | 43,796 | 8,319 | 52,115 | |||||||||||||||||||||
- | 43,796 | 8,319 | 52,115 | ||||||||||||||||||||||
Financing and Lease Income | |||||||||||||||||||||||||
Financing and equipment lease | - | - | 1,055 | 1,055 | |||||||||||||||||||||
- | - | 1,055 | 1,055 | ||||||||||||||||||||||
Total Revenue | $ | 69,006 | $ | 184,140 | $ | 11,060 | $ | 264,206 | |||||||||||||||||
Schedule of EBITDA for Reportable Segments | ' | ||||||||||||||||||||||||
Quarter Ended March 31, 2014 | |||||||||||||||||||||||||
Hawaii Gas | Atlantic Aviation | Contracted Power and Energy | Total Reportable Segments | ||||||||||||||||||||||
Net income (loss) | $ | 6,195 | $ | 10,555 | $ | (1,415 | ) | $ | 15,335 | ||||||||||||||||
Interest expense, net | 1,787 | 9,565 | 2,645 | 13,997 | |||||||||||||||||||||
Provision for income taxes | 4,027 | 4,915 | 599 | 9,541 | |||||||||||||||||||||
Depreciation(1) | 1,946 | 6,802 | 5,110 | 13,858 | |||||||||||||||||||||
Amortization of intangibles | 312 | 8,131 | 322 | 8,765 | |||||||||||||||||||||
Other non-cash expense (income) | 724 | 68 | (765 | ) | 27 | ||||||||||||||||||||
EBITDA excluding non-cash items | $ | 14,991 | $ | 40,036 | $ | 6,496 | $ | 61,523 | |||||||||||||||||
Quarter Ended March 31, 2013 | |||||||||||||||||||||||||
Hawaii Gas | Atlantic Aviation | Contracted Power and Energy | Total Reportable Segments | ||||||||||||||||||||||
Net income (loss) | $ | 6,707 | $ | 10,612 | $ | (118 | ) | $ | 17,201 | ||||||||||||||||
Interest expense, net | 1,705 | 4,099 | 1,877 | 7,681 | |||||||||||||||||||||
Provision for income taxes | 4,483 | 7,398 | 1,963 | 13,844 | |||||||||||||||||||||
Depreciation(1) | 1,846 | 5,892 | 3,215 | 10,953 | |||||||||||||||||||||
Amortization of intangibles | 312 | 7,979 | 337 | 8,628 | |||||||||||||||||||||
Loss on disposal of assets | - | 106 | - | 106 | |||||||||||||||||||||
Other non-cash expense (income) | 662 | (68 | ) | (2,181 | ) | (1,587 | ) | ||||||||||||||||||
EBITDA excluding non-cash items | $ | 15,715 | $ | 36,018 | $ | 5,093 | $ | 56,826 | |||||||||||||||||
-1 | Depreciation includes depreciation expense for the district energy business, a component of the Contracted Power and Energy segment, which is reported in cost of services in the consolidated condensed statements of operations. | ||||||||||||||||||||||||
Schedule of Capital Expenditures | ' | ||||||||||||||||||||||||
Quarter Ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Hawaii Gas | $ | 3,565 | $ | 3,463 | |||||||||||||||||||||
Atlantic Aviation | 8,725 | 3,674 | |||||||||||||||||||||||
Contracted Power and Energy | 9,323 | 7,697 | |||||||||||||||||||||||
Total | $ | 21,613 | $ | 14,834 | |||||||||||||||||||||
Schedule of Assets of Reportable Segments | ' | ||||||||||||||||||||||||
Property, Equipment, | Goodwill | Total Assets | |||||||||||||||||||||||
Land and Leasehold Improvements | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Hawaii Gas | $ | 185,884 | $ | 171,400 | $ | 120,193 | $ | 120,193 | $ | 400,040 | $ | 393,675 | |||||||||||||
Atlantic Aviation | 284,099 | 256,097 | 376,204 | 375,800 | 1,381,448 | 1,306,478 | |||||||||||||||||||
Contracted Power and Energy | 384,704 | 291,134 | 17,946 | 18,647 | 487,203 | 369,028 | |||||||||||||||||||
Total | $ | 854,687 | $ | 718,631 | $ | 514,343 | $ | 514,640 | $ | 2,268,691 | $ | 2,069,181 | |||||||||||||
Schedule of Reconciliation of Assets of Reportable Segments | ' | ||||||||||||||||||||||||
As of March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Total assets of reportable segments | $ | 2,268,691 | $ | 2,069,181 | |||||||||||||||||||||
Investment in IMTT | 89,434 | 85,682 | |||||||||||||||||||||||
Corporate and other | 102,513 | 102,871 | |||||||||||||||||||||||
Total consolidated assets | $ | 2,460,638 | $ | 2,257,734 | |||||||||||||||||||||
Reportable Segment [Member] | ' | ||||||||||||||||||||||||
Schedule of EBITDA for Reportable Segments | ' | ||||||||||||||||||||||||
Quarter Ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Total reportable segments EBITDA excluding non-cash items | $ | 61,523 | $ | 56,826 | |||||||||||||||||||||
Interest income | 64 | 94 | |||||||||||||||||||||||
Interest expense | (14,011 | ) | (7,686 | ) | |||||||||||||||||||||
Depreciation(1) | (13,858 | ) | (10,953 | ) | |||||||||||||||||||||
Amortization of intangibles | (8,765 | ) | (8,628 | ) | |||||||||||||||||||||
Loss on disposal of assets | - | (106 | ) | ||||||||||||||||||||||
Selling, general and administrative - corporate | (1,046 | ) | (1,606 | ) | |||||||||||||||||||||
Fees to manager | (8,994 | ) | (29,177 | ) | |||||||||||||||||||||
Equity in earnings and amortization charges of investee | 14,287 | 10,462 | |||||||||||||||||||||||
Other (expense) income, net | (554 | ) | 1,990 | ||||||||||||||||||||||
Total consolidated net income before income taxes | $ | 28,646 | $ | 11,216 | |||||||||||||||||||||
-1 | Depreciation includes depreciation expense for the district energy business, a component of the Contracted Power and Energy segment, which is reported in cost of services in the consolidated condensed statements of operations. | ||||||||||||||||||||||||
International Matex Tank Terminals [Member] | ' | ||||||||||||||||||||||||
Schedule of Segment Information | ' | ||||||||||||||||||||||||
As of, and for the Quarter Ended, March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Revenue | $ | 148,078 | $ | 131,485 | |||||||||||||||||||||
Net income | $ | 30,981 | $ | 23,330 | |||||||||||||||||||||
Interest expense, net | 7,133 | 6,606 | |||||||||||||||||||||||
Provision for income taxes | 21,102 | 17,121 | |||||||||||||||||||||||
Depreciation and amortization | 18,274 | 18,422 | |||||||||||||||||||||||
Other non-cash expenses | 1,983 | 75 | |||||||||||||||||||||||
EBITDA excluding non-cash items(1) | $ | 79,473 | $ | 65,554 | |||||||||||||||||||||
Capital expenditures paid | $ | 29,621 | $ | 50,774 | |||||||||||||||||||||
Property, equipment, land and leasehold improvements, net | 1,275,656 | 1,227,703 | |||||||||||||||||||||||
Total assets | 1,387,624 | 1,352,411 | |||||||||||||||||||||||
-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) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||||||
Schedule of Dividends | ' | ||||||||||||||||||||
Declared | Period Covered | $ per LLC Interest | Record Date | Payable Date | Amount Paid to Manager | ||||||||||||||||
(in thousands) | |||||||||||||||||||||
28-Apr-14 | First quarter 2014 | $ | [0.9375] | 12-May-14 | 15-May-14 | $ | -1 | ||||||||||||||
18-Feb-14 | Fourth quarter 2013 | $ | 0.9125 | 3-Mar-14 | 6-Mar-14 | $ | 2,945 | ||||||||||||||
25-Oct-13 | Third quarter 2013 | $ | 0.875 | 11-Nov-13 | 14-Nov-13 | $ | 2,442 | ||||||||||||||
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 | ||||||||||||||
-1 | The amount of dividend payable to the Manager for the first quarter of 2014 will be determined on May 12, 2014, the record date. | ||||||||||||||||||||
Schedule of Base Management Fees and Performance Fees | ' | ||||||||||||||||||||
Period | Base Management | Performance | LLC Interests | ||||||||||||||||||
Fee Amount | Fee Amount | Issued | |||||||||||||||||||
($ in thousands) | ($ in thousands) | ||||||||||||||||||||
2014 Activities: | |||||||||||||||||||||
First quarter 2014 | $ | 8,994 | $ | - | 164,546 | (1) | |||||||||||||||
2013 Activities: | |||||||||||||||||||||
Fourth quarter 2013 | $ | 8,455 | $ | - | 155,943 | ||||||||||||||||
Third quarter 2013 | 8,336 | 6,906 | 278,480 | ||||||||||||||||||
Second quarter 2013 | 8,053 | 24,440 | 603,936 | ||||||||||||||||||
First quarter 2013 | 7,135 | 22,042 | 522,638 | ||||||||||||||||||
-1 | The Manager elected to reinvest the first quarter of 2014 base management fees in LLC interests. The Company issued 164,546 LLC interests, of which 55,545 LLC interests were issued in April of 2014 for the March of 2014 base management fees. |
Organization_and_Description_o1
Organization and Description of Business (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' |
Percentage of interests in bulk liquid terminals business | 50.00% |
Number of Airport Locations | 63 |
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 |
Contracted Power and Energy [Member] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' |
Percentage of controlling interest in district energy business | 50.01% |
Number of solar projects | 5 |
Income_per_Share_Schedule_of_R
Income per Share (Schedule of Reconciliation of Income per Share) (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income per Share [Abstract] | ' | ' |
Weighted average number of shares outstanding: basic | 56,369,295 | 47,584,661 |
Dilutive effect of restricted stock unit grants | 12,910 | 18,596 |
Weighted average number of shares outstanding: diluted | 56,382,205 | 47,603,257 |
Income_per_Share_Narrative_Det
Income per Share (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | |
Restricted stock unit grants May 31, 2012 [Member] | Restricted stock unit grants February 21, 2013 [Member] | Restricted stock unit grants May 20, 2013 [Member] | |
Class of Stock [Line Items] | ' | ' | ' |
Potentially dilutive shares | 18,208 | 895 | 12,910 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jul. 19, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 20, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Oct. 08, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 06, 2013 |
MW | Davis Monthan Air Force Base [Member] | Davis Monthan Air Force Base [Member] | Davis Monthan Air Force Base [Member] | Valley Center [Member] | Valley Center [Member] | Valley Center [Member] | Ramona [Member] | Ramona [Member] | Ramona [Member] | Contracted Power Generation Facilities [Member] | Downtown Airport Kansas City, Missouri [Member] | Downtown Airport Kansas City, Missouri [Member] | Downtown Airport Kansas City, Missouri [Member] | |||
MW | MW | MW | MW | |||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Utility-scale solar photovoltaic contracted power generation facilities, electricity generating capacity | 57 | ' | ' | 13 | ' | ' | ' | 7 | ' | ' | 7 | ' | 27 | ' | ' | ' |
Number of solar projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
Business acquisition, purchase price | ' | ' | ' | $9,500 | ' | $11,000 | ' | ' | $5,600 | ' | ' | $4,900 | ' | ' | ' | $8,100 |
Purchase price adjustment | ' | ' | ' | 1,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for previous acquisition | ' | ' | ' | 1,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital investment | ' | ' | ' | ' | ' | 7,900 | ' | ' | 6,800 | ' | ' | 6,100 | ' | ' | ' | ' |
Capital contribution by noncontrolling co-investor | ' | 2,000 | ' | ' | 23,000 | ' | 14,500 | ' | ' | 13,800 | ' | ' | ' | ' | ' | ' |
Construction loan | ' | ' | ' | ' | ' | 22,400 | ' | ' | 10,200 | ' | ' | 10,400 | ' | ' | ' | ' |
Transaction related costs | $228 | ' | $2,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $65 | $331 | ' |
Percentage of loss allocated to co-investor | 99.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property_Equipment_Land_and_Le2
Property, Equipment, Land and Leasehold Improvements (Schedule of Property and Equipment) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Equipment, Land and Leasehold Improvements [Abstract] | ' | ' |
Land | $4,854 | $4,854 |
Easements | 5,624 | 5,624 |
Buildings | 25,143 | 25,143 |
Leasehold and land improvements | 359,398 | 357,903 |
Machinery and equipment | 688,896 | 674,839 |
Furniture and fixtures | 11,771 | 11,416 |
Construction in progress | 32,439 | 35,637 |
Property held for future use | 1,975 | 1,975 |
Property, equipment, land and leasehold improvements, gross | 1,130,100 | 1,117,391 |
Less: accumulated depreciation | -275,413 | -263,222 |
Property, equipment, land and leasehold improvements, net | $854,687 | $854,169 |
Property_Equipment_Land_and_Le3
Property, Equipment, Land and Leasehold Improvements (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 06, 2013 |
In Thousands, unless otherwise specified | Contracted Power and Energy [Member] | Downtown Airport Kansas City, Missouri [Member] |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, equipment, land and leasehold improvements acquired | $45,300 | $13,800 |
Intangible_Assets_Schedule_of_
Intangible Assets (Schedule of Intangible Assets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Intangible Assets [Abstract] | ' | ' |
Contractual arrangements | $746,231 | $746,231 |
Non-compete agreements | 9,665 | 9,665 |
Customer relationships | 80,255 | 80,255 |
Leasehold rights | 2,121 | 2,121 |
Trade names | 15,671 | 15,671 |
Technology | 460 | 460 |
Intangible assets, gross | 854,403 | 854,403 |
Less: accumulated amortization | -270,318 | -261,553 |
Intangible assets, net | $584,085 | $592,850 |
Intangible_Assets_Schedule_of_1
Intangible Assets (Schedule of Goodwill) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Intangible Assets [Abstract] | ' | ' |
Goodwill acquired in business combinations, net of disposals | $637,543 | ' |
Less: accumulated impairment charges | -123,200 | ' |
Balance at March 31, 2014 | $514,343 | $514,494 |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt (Schedule of Long-Term Debt) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Current and long-term debt | $987,910 | $994,110 |
Less: current portion | -160,181 | -163,083 |
Long-term portion | 827,729 | 831,027 |
Hawaii Gas [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Current and long-term debt | 180,000 | 180,000 |
Atlantic Aviation [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Current and long-term debt | 516,354 | 517,773 |
Contracted Power and Energy [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Current and long-term debt | $291,556 | $296,337 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 22, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | 31-May-13 | 31-May-13 | Nov. 07, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Davis Monthan Air Force Base [Member] | Valley Center [Member] | Ramona [Member] | District Energy [Member] | District Energy [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Contracted Power and Energy [Member] | Contracted Power and Energy [Member] | Contracted Power and Energy [Member] | ||||
Stand-alone debt facility [Member] | Secured Debt [Member] | Revolving Credit Facility [Member] | Incremental Term Loan [Member] | Solar Power Generation Business [Member] | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | $70,000 | ' | $465,000 | $70,000 | $50,000 | ' | ' | ' |
Current portion of long-term debt | 160,181 | ' | 163,083 | ' | ' | ' | ' | 149,900 | ' | ' | ' | 551 | ' | ' | ' | ' | ' | 4,600 |
Payment of long-term debt | 11,084 | 28,050 | ' | ' | ' | ' | 2,100 | 4,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | 5.14% | 5.60% | 5.47% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity | ' | ' | ' | 1-Dec-33 | 1-Sep-36 | 1-Sep-36 | ' | 1-Sep-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | '5 years | '7 years | ' | ' | ' |
Current and long-term debt | 987,910 | ' | 994,110 | ' | ' | ' | ' | ' | 516,354 | ' | 517,773 | 5,100 | ' | ' | ' | 291,556 | 296,337 | 141,700 |
Total debt principal at issuance | ' | ' | ' | $27,600 | $16,900 | $15,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed portion of interest rate component | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 2.50% | 2.50% | ' | ' | ' |
Term loan interest rate floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | 0.75% | ' | ' | ' |
Fixed rate, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | '6 years | ' | ' | ' |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ' | ' |
Unhedged debt | $247,800 | ' |
Net derivative losses, included in accumulated other comprehensive loss, reclassified over next 12 months | -618 | ' |
Current and long-term debt | 987,910 | 994,110 |
Interest Rate Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Debt economically hedged with interest rate contracts | $740,100 | ' |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Schedule of Fair Value of Derivative Instruments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative instruments - current liabilities | ($11,283) | ($13,027) | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Total interest rate derivative contracts - assets | 4,281 | [1],[2],[3] | 6,881 | [1],[2],[3] |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative instruments - current assets | ' | [1],[2] | 1 | [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 | 4,281 | [2],[3] | 6,880 | [2],[3] |
Fair value of derivative instruments - current liabilities | -11,283 | [2],[3] | -13,027 | [2],[3] |
Total interest rate derivative contracts - liabilities | ($11,283) | [2],[3] | ($13,027) | [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 | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Interest expense, losses on derivative instruments | ($5,300) | ($1,100) | ||
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | -239 | -398 | ||
Not Designated as Hedging Instrument [Member] | Interest Expense [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Interest expense, losses on derivative instruments | -5,333 | [1] | -1,060 | [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 | -1 | [1] | -26 | [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 | -5,100 | -636 | ||
Interest expense, losses on derivative instruments | -5,332 | [1] | -1,034 | [2] |
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | ($239) | ($398) | ||
[1] | Net loss recognized in interest expense for the interest rate swap contracts for the quarter ended March 31, 2014 includes $5.1 million of unrealized derivative losses and $239,000 of derivative losses reclassified from accumulated other comprehensive loss. Net loss recognized in interest expense for the quarter ended March 31, 2014 also includes $1,000 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 ended March 31, 2013 includes $636,000 of unrealized derivative losses and $398,000 of derivative losses reclassified from accumulated other comprehensive loss. Net loss recognized in interest expense for the quarter ended March 31, 2013 also includes $26,000 of unrealized derivative losses from an interest rate cap contract. |
Members_Equity_Narrative_Detai
Members' Equity (Narrative) (Details) | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 08, 2013 |
Members' Equity [Abstract] | ' | ' | ' |
LLC interests, authorized | 500,000,000 | 500,000,000 | ' |
LLC interest , authorized under Dividend Reinvestment Plan | ' | ' | 1,000,000 |
LLC interest , unissued under Dividend Reinvestment Plan | 998,236 | ' | ' |
Number of votes for each outstanding LLC interest of the Company | 1 | ' | ' |
Members_Equity_Schedule_of_Acc
Members' Equity (Schedule of Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ||
Beginning Balance | ($8,445) | ' | ||
Reclassification of realized losses of derivatives into earnings | -150 | [1] | -250 | [1] |
Translation adjustment | -285 | [2] | ' | [2] |
Ending Balance | -8,652 | ' | ||
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | -239 | -398 | ||
Reclassification of realized losses of derivatives into earnings, taxes | 95 | 158 | ||
Loss in accumulated other comprehensive income reclassifications for cash flow hedges from unconsolidated business | -10 | -15 | ||
Reclassification of realized losses of derivatives into earnings from unconsolidated business, taxes | 4 | 5 | ||
Translation adjustment, taxes | 154 | ' | ||
Cash Flow Hedges, net of taxes [Member] | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ||
Beginning Balance | -636 | [1] | -1,538 | [1] |
Reclassification of realized losses of derivatives into earnings | 150 | [1] | 250 | [1] |
Translation adjustment | ' | [1] | ' | |
Ending Balance | -486 | [1] | -1,288 | [1] |
Post-Retirement Benefit Plans, net of taxes [Member] | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ||
Beginning Balance | -8,021 | -20,466 | ||
Reclassification of realized losses of derivatives into earnings | ' | ' | ||
Translation adjustment | ' | ' | ||
Ending Balance | -8,021 | -20,466 | ||
Translation Adjustment, net of taxes [Member] | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ||
Beginning Balance | -46 | [2] | 514 | [2] |
Reclassification of realized losses of derivatives into earnings | ' | [2] | ' | [2] |
Translation adjustment | -285 | [2] | ' | |
Ending Balance | -331 | [2] | 514 | [2] |
Total Accumulated Other Comprehensive Loss, net of taxes [Member] | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ||
Beginning Balance | -8,703 | -21,490 | ||
Reclassification of realized losses of derivatives into earnings | 150 | 250 | ||
Translation adjustment | -285 | ' | ||
Ending Balance | -8,838 | -21,240 | ||
Noncontrolling Interests [Member] | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ||
Beginning Balance | 258 | 689 | ||
Reclassification of realized losses of derivatives into earnings | -72 | -120 | ||
Translation adjustment | ' | ' | ||
Ending Balance | 186 | 569 | ||
Total Members Accumulated Other Comprehensive Loss Net Of Taxes [Member] | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ||
Beginning Balance | -8,445 | -20,801 | ||
Reclassification of realized losses of derivatives into earnings | 78 | 130 | ||
Translation adjustment | -285 | ' | ||
Ending Balance | ($8,652) | ($20,671) | ||
[1] | Reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $239,000 and $398,000, respectively, and the related tax benefit of $95,000 and $158,000, respectively, in the consolidated condensed statements of operations; and (ii) pre-tax derivative losses of $10,000 and $15,000, respectively, as an adjustment to investment in unconsolidated business, and an adjustment to deferred taxes of $4,000 and $5,000, respectively, in the consolidated condensed balance sheet for the quarters ended March 31, 2014 and 2013, respectively. | |||
[2] | Translation adjustment is presented net of taxes of $154,000 for the quarter ended March 31, 2014. |
Reportable_Segments_Narrative_
Reportable Segments (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
MW | |
Segment Reporting Information [Line Items] | ' |
Number of reportable segments | 3 |
Percentage of interests in bulk liquid terminals business | 50.00% |
Number of Airport Locations | 63 |
Capacity of Power generating units (MW) | 57 |
Minimum [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Life of Power Purchase Agreements | '20 years |
Maximum [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Life of Power Purchase Agreements | '25 years |
United States- IMTT [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of marine terminals | 10 |
Contracted Power and Energy [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of solar projects | 5 |
Reportable_Segments_Schedule_o
Reportable Segments (Schedule of Segment Information) (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Revenue | $276,195 | $264,206 | ' | ||
Net income | 20,366 | 5,871 | ' | ||
Provision for income taxes | 8,486 | [1] | 4,502 | [1] | ' |
Other non-cash expenses | -692 | 1,913 | ' | ||
Capital expenditures paid | 21,613 | 14,834 | ' | ||
Property, equipment, land and leasehold improvements, net | 854,687 | ' | 854,169 | ||
Total assets balance | 2,460,638 | 2,257,734 | 2,500,865 | ||
International Matex Tank Terminals [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Revenue | 148,078 | 131,485 | ' | ||
Net income | 30,981 | 23,330 | ' | ||
Interest expense, net | 7,133 | 6,606 | ' | ||
Provision for income taxes | 21,102 | 17,121 | ' | ||
Depreciation and amortization | 18,274 | 18,422 | ' | ||
Other non-cash expenses | 1,983 | 75 | ' | ||
EBITDA excluding non-cash items | 79,473 | [2] | 65,554 | [2] | ' |
Capital expenditures paid | 29,621 | 50,774 | ' | ||
Property, equipment, land and leasehold improvements, net | 1,275,656 | 1,227,703 | ' | ||
Total assets balance | $1,387,624 | $1,352,411 | ' | ||
[1] | Includes $95,000 and $158,000 of benefit for income taxes from accumulated other comprehensive loss reclassifications for the quarters ended March 31, 2014 and 2013, 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 | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenue from Product Sales | ' | ' |
Product Sales | $183,801 | $174,115 |
Product sales - utility | 35,145 | 36,921 |
Total Revenue from Product Sales | 218,946 | 211,036 |
Other Revenue | ' | ' |
Other Revenue | 56,502 | 52,115 |
Other Revenue | 56,502 | 52,115 |
Other Revenue | ' | ' |
Financing and equipment lease | 747 | 1,055 |
Financing and equipment lease income | 747 | 1,055 |
Total Revenue | 276,195 | 264,206 |
Hawaii Gas [Member] | ' | ' |
Revenue from Product Sales | ' | ' |
Product Sales | 34,206 | 32,085 |
Product sales - utility | 35,145 | 36,921 |
Total Revenue from Product Sales | 69,351 | 69,006 |
Other Revenue | ' | ' |
Other Revenue | ' | ' |
Other Revenue | ' | ' |
Other Revenue | ' | ' |
Financing and equipment lease | ' | ' |
Financing and equipment lease income | ' | ' |
Total Revenue | 69,351 | 69,006 |
Atlantic Aviation [Member] | ' | ' |
Revenue from Product Sales | ' | ' |
Product Sales | 145,937 | 140,344 |
Product sales - utility | ' | ' |
Total Revenue from Product Sales | 145,937 | 140,344 |
Other Revenue | ' | ' |
Other Revenue | 48,024 | 43,796 |
Other Revenue | 48,024 | 43,796 |
Other Revenue | ' | ' |
Financing and equipment lease | ' | ' |
Financing and equipment lease income | ' | ' |
Total Revenue | 193,961 | 184,140 |
Contracted Power and Energy [Member] | ' | ' |
Revenue from Product Sales | ' | ' |
Product Sales | 3,658 | 1,686 |
Product sales - utility | ' | ' |
Total Revenue from Product Sales | 3,658 | 1,686 |
Other Revenue | ' | ' |
Other Revenue | 8,478 | 8,319 |
Other Revenue | 8,478 | 8,319 |
Other Revenue | ' | ' |
Financing and equipment lease | 747 | 1,055 |
Financing and equipment lease income | 747 | 1,055 |
Total Revenue | $12,883 | $11,060 |
Reportable_Segments_Schedule_o2
Reportable Segments (Schedule of EBITDA for Reportable Segments) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net income (loss) | $20,366 | $5,871 | ||
Provision for income taxes | 8,486 | [1] | 4,502 | [1] |
Depreciation | 13,858 | 10,953 | ||
Amortization of intangibles | 8,765 | 8,628 | ||
Loss on extinguishment of debt | 10 | ' | ||
Loss on disposal of assets | ' | 106 | ||
Loss from customer contract termination | 26 | ' | ||
Other non-cash expense (income) | -692 | 1,913 | ||
Hawaii Gas [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net income (loss) | 6,195 | 6,707 | ||
Interest expense, net | 1,787 | 1,705 | ||
Provision for income taxes | 4,027 | 4,483 | ||
Depreciation | 1,946 | [2] | 1,846 | [2] |
Amortization of intangibles | 312 | 312 | ||
Loss on disposal of assets | ' | ' | ||
Other non-cash expense (income) | 724 | 662 | ||
EBITDA excluding non-cash items | 14,991 | 15,715 | ||
Atlantic Aviation [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net income (loss) | 10,555 | 10,612 | ||
Interest expense, net | 9,565 | 4,099 | ||
Provision for income taxes | 4,915 | 7,398 | ||
Depreciation | 6,802 | [2] | 5,892 | [2] |
Amortization of intangibles | 8,131 | 7,979 | ||
Loss on disposal of assets | ' | 106 | ||
Other non-cash expense (income) | 68 | -68 | ||
EBITDA excluding non-cash items | 40,036 | 36,018 | ||
Total reportable segments [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net income (loss) | 15,335 | 17,201 | ||
Interest expense, net | 13,997 | 7,681 | ||
Provision for income taxes | 9,541 | 13,844 | ||
Depreciation | 13,858 | [2] | 10,953 | [2] |
Amortization of intangibles | 8,765 | 8,628 | ||
Loss on disposal of assets | ' | 106 | ||
Other non-cash expense (income) | 27 | -1,587 | ||
EBITDA excluding non-cash items | 61,523 | 56,826 | ||
Contracted Power and Energy [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net income (loss) | -1,415 | -118 | ||
Interest expense, net | 2,645 | 1,877 | ||
Provision for income taxes | 599 | 1,963 | ||
Depreciation | 5,110 | [2] | 3,215 | [2] |
Amortization of intangibles | 322 | 337 | ||
Loss on disposal of assets | ' | ' | ||
Other non-cash expense (income) | -765 | -2,181 | ||
EBITDA excluding non-cash items | $6,496 | $5,093 | ||
[1] | Includes $95,000 and $158,000 of benefit for income taxes from accumulated other comprehensive loss reclassifications for the quarters ended March 31, 2014 and 2013, respectively. | |||
[2] | Depreciation includes depreciation expense for the district energy business, a component of the Contracted Power and Energy segment, which is reported in cost of services in the consolidated condensed statements of operations. |
Reportable_Segments_Schedule_o3
Reportable Segments (Schedule of Reconciliation of EBITDA for Reportable Segments) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ||
Interest income | $64 | $94 | ||
Interest expense | -14,011 | [1] | -7,686 | [1] |
Depreciation | -13,858 | -10,953 | ||
Amortization of intangibles | -8,765 | -8,628 | ||
Loss on extinguishment of debt | -10 | ' | ||
Loss on disposal of assets | ' | -106 | ||
Loss from customer contract termination | -26 | ' | ||
Selling, general and administrative - corporate | -248,570 | -255,858 | ||
Fees to manager | -8,994 | -29,177 | ||
Equity in earnings and amortization charges of investee | 14,287 | 10,462 | ||
Total consolidated net income before income taxes | 28,646 | 11,216 | ||
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 | 61,523 | 56,826 | ||
Interest income | 64 | 94 | ||
Interest expense | -14,011 | -7,686 | ||
Depreciation | -13,858 | [2] | -10,953 | [2] |
Amortization of intangibles | -8,765 | -8,628 | ||
Loss on disposal of assets | ' | -106 | ||
Selling, general and administrative - corporate | -1,046 | -1,606 | ||
Fees to manager | -8,994 | -29,177 | ||
Equity in earnings and amortization charges of investee | 14,287 | 10,462 | ||
Other (expense) income, net | -554 | 1,990 | ||
Total consolidated net income before income taxes | $28,646 | $11,216 | ||
[1] | Interest expense includes losses on derivative instruments of $5.3 million and $1.1 million for the quarters ended March 31, 2014 and 2013, respectively, of which net losses of $239,000 and $398,000, respectively, was reclassified from accumulated other comprehensive loss. | |||
[2] | Depreciation includes depreciation expense for the district energy business, a component of the Contracted Power and Energy segment, which is reported in cost of services in the consolidated condensed statements of operations. |
Reportable_Segments_Schedule_o4
Reportable Segments (Schedule of Capital Expenditures) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Capital expenditures | $21,613 | $14,834 |
Hawaii Gas [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Capital expenditures | 3,565 | 3,463 |
Atlantic Aviation [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Capital expenditures | 8,725 | 3,674 |
Contracted Power and Energy [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Capital expenditures | 9,323 | 7,697 |
Total reportable segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Capital expenditures | $21,613 | $14,834 |
Reportable_Segments_Schedule_o5
Reportable Segments (Schedule of Assets of Reportable Segments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Property, Equipment, Land and Leasehold Improvements | $854,687 | $854,169 | ' |
Goodwill | 514,343 | 514,494 | ' |
Total Assets | 2,268,691 | ' | 2,069,181 |
Hawaii Gas [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Property, Equipment, Land and Leasehold Improvements | 185,884 | ' | 171,400 |
Goodwill | 120,193 | ' | 120,193 |
Total Assets | 400,040 | ' | 393,675 |
Atlantic Aviation [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Property, Equipment, Land and Leasehold Improvements | 284,099 | ' | 256,097 |
Goodwill | 376,204 | ' | 375,800 |
Total Assets | 1,381,448 | ' | 1,306,478 |
Contracted Power and Energy [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Property, Equipment, Land and Leasehold Improvements | 384,704 | ' | 291,134 |
Goodwill | 17,946 | ' | 18,647 |
Total Assets | 487,203 | ' | 369,028 |
Total reportable segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Property, Equipment, Land and Leasehold Improvements | 854,687 | ' | 718,631 |
Goodwill | 514,343 | ' | 514,640 |
Total Assets | $2,268,691 | ' | $2,069,181 |
Reportable_Segments_Schedule_o6
Reportable Segments (Schedule of Reconciliation of Assets of Reportable Segments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Reportable Segments [Abstract] | ' | ' | ' |
Total assets of reportable segments | $2,268,691 | ' | $2,069,181 |
Investment in IMTT | 89,434 | 83,703 | 85,682 |
Corporate and other | 102,513 | ' | 102,871 |
Total assets | $2,460,638 | $2,500,865 | $2,257,734 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 1 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | 31-May-13 | Mar. 31, 2014 | 31-May-13 | Jan. 22, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | 31-May-13 | 31-May-13 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Revolving Credit Facility [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] | Hawaii Gas Business [Member] | Hawaii Gas Business [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 Bank Limited [Member] | Secured Debt [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | MIHI LLC [Member] | |||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LLC Interests of the Company held by Manager, a related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,282,297 | 3,120,187 | ' | ' | ' |
Number of employees | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base management fees settled in LLC interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,994 | $8,455 | $8,336 | $8,053 | $7,135 |
Performance fee settled in LLC interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,906 | 24,440 | 22,042 |
Reimbursement of out-of-pocket expenses | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | 7 | ' | 72 | ' | ' | ' | 124 |
Advisory fees | 2,600 | 2,400 | ' | ' | 16 | ' | ' | 4,000 | ' | ' | ' | ' | ' | ' | 132 | ' | ' | ' | ' | ' |
Lease expense on copiers | ' | ' | ' | ' | ' | 6 | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid monthly payment | 10,132 | ' | 8,654 | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, term | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current and long-term debt | 994,110 | ' | 987,910 | ' | ' | 516,354 | ' | 517,773 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity | ' | ' | ' | 15,700 | 100,000 | ' | ' | 70,000 | 465,000 | 70,000 | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' |
Commitment fee | ' | ' | ' | ' | ' | $88 | ' | ' | ' | ' | $26 | $65 | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Sch
Related Party Transactions (Schedule of Dividends) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Dividend One [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 |
Dividend Two [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 |
Dividend Three [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 |
Dividend Four [Member] | ' |
Dividends Payable [Line Items] | ' |
Declared | 18-Feb-14 |
Period Covered | 'Fourth quarter 2013 |
$ per LLC Interest | $0.91 |
Record Date | 3-Mar-14 |
Payable Date | 6-Mar-14 |
Dividend Five [Member] | ' |
Dividends Payable [Line Items] | ' |
Declared | 28-Apr-14 |
Period Covered | 'First quarter 2014 |
$ per LLC Interest | $0.94 |
Record Date | 12-May-14 |
Payable Date | 15-May-14 |
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 | 1 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Apr. 30, 2014 | |
Second Amended And Restated Management Service Agreement [Member] | |||||||
Common Stock Equity [Line Items] | ' | ' | ' | ' | ' | ' | |
Base management fees to be settled/settled in LLC interests | $8,994 | $8,455 | $8,336 | $8,053 | $7,135 | ' | |
Performance fee settled in LLC interests | ' | ' | $6,906 | $24,440 | $22,042 | ' | |
LLC Interests Issued | 164,546 | [1] | 155,943 | 278,480 | 603,936 | 522,638 | 55,545 |
[1] | The Manager elected to reinvest the first quarter of 2014 base management fees in LLC interests. The Company issued 164,546 LLC interests, of which 55,545 LLC interests were issued in April of 2014 for the March of 2014 base management fees. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Income Taxes [Line Items] | ' |
Number of company businesses owned in less than 80% | 2 |
Percentage of ownership in IMTT | 50.00% |
Net operating loss carry-forwards | $7,800 |
Change in valuation allowance | ($905) |
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) (Subsequent Event [Member], USD $) | 1 Months Ended | 1 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 28, 2014 | Apr. 30, 2014 | Apr. 22, 2014 |
Galaxy And Boca Aviation Acquisitions [Member] | International Matex Tank Terminals [Member] | ||
Subsequent Event [Line Items] | ' | ' | ' |
Cash dividend declared, date declared | 28-Apr-14 | ' | 22-Apr-14 |
Cash dividend declared per LLC interest | $0.94 | ' | ' |
Cash dividend declared, date to be paid | 15-May-14 | ' | 28-Apr-14 |
Cash dividend declared, date of record | 12-May-14 | ' | ' |
Total distribution amount declared to all shareholders from equity method investment | ' | ' | $58,500 |
Total distribution amount declared to each investor from equity method investment | ' | ' | 29,300 |
Business acquisition, purchase price | ' | $230,000 | ' |