Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 28, 2014 | |
Document Documentand Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
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 | ' | 70,949,977 |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $37,344 | $233,373 |
Restricted cash | 24,209 | 51,884 |
Accounts receivable, less allowance for doubtful accounts of $1,188 and $953, respectively | 98,048 | 60,823 |
Inventories | 32,476 | 25,834 |
Prepaid expenses | 8,895 | 10,132 |
Deferred income taxes | 13,437 | 6,197 |
Equipment lease receivables current | ' | 8,515 |
Other | 42,898 | 9,792 |
Total current assets | 257,307 | 406,550 |
Property, equipment, land and leasehold improvements, net | 3,216,061 | 854,169 |
Equipment lease receivables non-current | ' | 16,155 |
Investment in unconsolidated business | 21,306 | 83,703 |
Goodwill | 1,929,220 | 514,494 |
Intangible assets, net | 890,113 | 592,850 |
Deferred financing costs, net of accumulated amortization | 46,304 | 22,740 |
Other | 17,287 | 10,204 |
Total assets | 6,377,598 | 2,500,865 |
Current liabilities: | ' | ' |
Due to manager - related party | 121,505 | 3,032 |
Accounts payable | 52,530 | 28,850 |
Accrued expenses | 87,329 | 42,713 |
Current portion of long-term debt | 19,954 | 163,083 |
Fair value of derivative instruments | 26,734 | 13,027 |
Other | 29,681 | 20,747 |
Total current liabilities | 337,733 | 271,452 |
Long-term debt, net of current portion | 2,060,817 | 831,027 |
Deferred income taxes | 916,889 | 189,719 |
Fair value of derivative instruments | 20,349 | ' |
Other | 99,702 | 55,399 |
Total liabilities | 3,435,490 | 1,347,597 |
Commitments and contingencies | ' | ' |
Members' equity: | ' | ' |
LLC interests, or shares, no par value; 500,000,000 authorized; 70,133,479 shares issued and outstanding at September 30, 2014 and 56,295,595 shares issued and outstanding at December 31, 2013 | 1,946,331 | 1,226,733 |
Additional paid in capital | 21,447 | 21,447 |
Accumulated other comprehensive loss | -4,475 | -8,445 |
Retained earnings/accumulated deficit | 823,552 | -197,507 |
Total members' equity | 2,786,855 | 1,042,228 |
Noncontrolling interests | 155,253 | 111,040 |
Total equity | 2,942,108 | 1,153,268 |
Total liabilities and equity | $6,377,598 | $2,500,865 |
CONSOLIDATED_CONDENSED_BALANCE1
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
CONSOLIDATED CONDENSED BALANCE SHEETS [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $1,188 | $953 |
LLC interests, no par value | $0 | $0 |
LLC interests, authorized | 500,000,000 | 500,000,000 |
LLC interests, issued | 70,133,479 | 56,295,595 |
LLC interests, outstanding | 70,133,479 | 56,295,595 |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Revenue | ' | ' | ' | ' | ||||
Service revenue | $317,915 | $198,784 | $725,623 | $577,458 | ||||
Product revenue | 70,344 | 64,118 | 218,317 | 200,255 | ||||
Financing and equipment lease income | 379 | 817 | 1,836 | 2,779 | ||||
Total revenue | 388,638 | 263,719 | 945,776 | 780,492 | ||||
Costs and expenses | ' | ' | ' | ' | ||||
Cost of services | 158,476 | 111,074 | 386,927 | 326,904 | ||||
Cost of product sales | 47,815 | 44,626 | 148,651 | 139,343 | ||||
Selling, general and administrative | 77,497 | 53,669 | 189,797 | 154,998 | ||||
Fees to manager - related party | 130,501 | 15,242 | 153,990 | 76,912 | ||||
Depreciation | 35,958 | 10,039 | 60,540 | 28,730 | ||||
Amortization of intangibles | 11,369 | 8,618 | 29,590 | 25,866 | ||||
Loss from customer contract termination | 1,269 | ' | 1,269 | 1,626 | ||||
Loss on disposal of assets | 20 | 50 | 886 | 226 | ||||
Total operating expenses | 462,905 | 243,318 | 971,650 | 754,605 | ||||
Operating (loss) income | -74,267 | 20,401 | -25,874 | 25,887 | ||||
Other income (expense) | ' | ' | ' | ' | ||||
Dividend income | 257 | ' | 257 | ' | ||||
Interest income | 10 | 39 | 105 | 182 | ||||
Interest expense | -16,566 | [1] | -15,767 | [1] | -48,522 | [1] | -31,190 | [1] |
Loss on extinguishment of debt | -90 | ' | -90 | -2,472 | ||||
Equity in earnings and amortization charges of investees | 993 | 8,576 | 26,079 | 30,327 | ||||
Gain from acquisition/divestiture of businesses | 1,027,054 | [2] | ' | [2] | 1,027,054 | [2] | ' | [2] |
Other income, net | 821 | 829 | 3,078 | 514 | ||||
Net income before income taxes | 938,212 | 14,078 | 982,087 | 23,248 | ||||
Benefit (provision) for income taxes | 52,462 | [3] | -5,829 | [3] | 38,491 | [3] | -9,241 | [3] |
Net income | 990,674 | 8,249 | 1,020,578 | 14,007 | ||||
Less: net loss attributable to noncontrolling interests | -319 | -2,158 | -481 | -1,423 | ||||
Net income attributable to MIC LLC | $990,993 | $10,407 | $1,021,059 | $15,430 | ||||
Basic income per share attributable to MIC LLC | $14.57 | $0.20 | $16.92 | $0.31 | ||||
Weighted average number of shares outstanding: basic | 68,005,171 | 53,043,185 | 60,354,086 | 50,525,617 | ||||
Diluted income per share attributable to MIC LLC | $13.87 | $0.20 | $16.61 | $0.31 | ||||
Weighted average number of shares outstanding: diluted | 71,517,497 | 53,056,095 | 61,546,181 | 50,541,513 | ||||
Cash dividends declared per share | $0.98 | $0.88 | $2.87 | $2.44 | ||||
[1] | Interest expense includes gains on derivative instruments of $820,000 and losses of $13.1 million for the quarter and nine months ended September 30, 2014, respectively, of which net losses of $348,000 and $856,000, respectively, were reclassified from accumulated other comprehensive loss. For the quarter and nine months ended September 30, 2013, interest expense includes losses on derivative instruments of $8.0 million and $9.6 million, respectively, of which net losses of $344,000 and $1.2 million, respectively, were reclassified from accumulated other comprehensive loss. | |||||||
[2] | Gain from acquisiton/divestiture of businesses represents the gain of $948.1 million from IMTT Acquisition from the remeasuring to fair value of the Company's previous 50% ownership interest and the gain of $78.9 million from the sale of the Company's interest in the district energy business. See Note 4, "Acquisitions and Disposition" for further discussion. | |||||||
[3] | Includes $138,000 and $340,000 of benefit for income taxes from accumulated other comprehensive loss reclassifications for the quarter and nine months ended September 30, 2014, respectively. For the quarter and nine months ended September 30, 2013, benefit for income taxes includes $137,000 and $463,000 from accumulated other comprehensive loss reclassifications, respectively. |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 15, 2014 | Jul. 16, 2014 | Aug. 21, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
IMTT [Member] | District Energy [Member] | District Energy [Member] | District Energy [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, losses on derivative instruments | $820 | ($8,000) | ($13,100) | ($9,600) | ' | ' | ' | ' | ' |
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | -348 | -344 | -856 | -1,200 | ' | ' | ' | ' | ' |
Percentage of interest | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Fair value gain on previously held interest in equity method investee recognised on business acquisition | ' | ' | ' | ' | ' | 948,138 | ' | ' | ' |
Gain on disposal of business | ' | ' | ' | ' | ' | ' | ' | 78,900 | 78,900 |
Proceeds from sale of business | ' | ' | ' | ' | ' | ' | 270,000 | ' | 59,600 |
Reclassification of realized losses of derivatives into earnings, taxes | $138 | $137 | $340 | $463 | ' | ' | ' | ' | ' |
CONSOLIDATED_CONDENSED_STATEME2
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ' | ' | ' | ' | ||||
Net income | $990,674 | $8,249 | $1,020,578 | $14,007 | ||||
Other comprehensive income, net of taxes: | ' | ' | ' | ' | ||||
Reclassifcation of realized losses of derivatives into earnings | 315 | [1] | 217 | [1] | 636 | [1] | 733 | [1] |
Change in post-retirement benefit plans | 4,219 | [2] | ' | [2] | 4,219 | [2] | ' | [2] |
Translation adjustment | -991 | [3] | ' | [3] | -987 | [3] | ' | [3] |
Other comprehensive income | 3,543 | 217 | 3,868 | 733 | ||||
Comprehensive income | 994,217 | 8,466 | 1,024,446 | 14,740 | ||||
Less: comprehensive loss attributable to noncontrolling interests | -574 | -2,054 | -583 | -1,072 | ||||
Comprehensive income attributable to MIC LLC | $994,791 | $10,520 | $1,025,029 | $15,812 | ||||
[1] | Reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $348,000 and $856,000, respectively, and the related tax benefit of $138,000 and $340,000, respectively, recorded in the consolidated condensed statements of operations; and (ii) pre-tax derivative losses of $162,000 and $185,000, respectively, as an adjustment to investment in unconsolidated business, and an adjustment to deferred taxes of $57,000 and $65,000, respectively, recorded in the consolidated condensed balance sheet for the quarter and nine months ended September 30, 2014, respectively. For the quarter and nine months ended September 30, 2013, reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $344,000 and $1.2 million, respectively, and the related tax benefit of $137,000 and $463,000, respectively, recorded in the consolidated condensed statements of operations; and (ii) pre-tax derivative losses of $15,000 and $47,000, respectively, as an adjustment to investment in unconsolidated business, and an adjustment to deferred taxes of $5,000 and $16,000, respectively, recorded in the consolidated condensed balance sheet. See Note 9, "Members' Equity" for further discussions. | |||||||
[2] | Change in post-retirement benefit plans is presented net of taxes of $2.3 million for the quarter and nine months ended September 30, 2014. See Note 9, "Members' Equity" for further discussions. | |||||||
[3] | Translation adjustment is presented net of taxes of $407,000 and $405,000, for the quarter and nine months ended September 30, 2014, respectively. See Note 9, "Members' Equity" for further discussions. |
CONSOLIDATED_CONDENSED_STATEME3
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ' | ' | ' | ' |
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | ($348) | ($344) | ($856) | ($1,200) |
Reclassification of realized losses of derivatives into earnings, taxes | 138 | 137 | 340 | 463 |
Loss in accumulated other comprehensive income reclassifications for cash flow hedges from unconsolidated business | -162 | -15 | -185 | -47 |
Reclassification of realized losses of derivatives into earnings from unconsolidated business, taxes | 57 | 5 | 65 | 16 |
Change in post-retirement benefit plans, taxes | -2,300 | ' | -2,300 | ' |
Translation adjustment, taxes | $407 | ' | $405 | ' |
CONSOLIDATED_CONDENSED_STATEME4
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities | ' | ' |
Net income | $1,020,578 | $14,007 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization of property and equipment | 64,914 | 33,751 |
Amortization of intangible assets | 29,590 | 25,866 |
Loss on disposal of assets | 822 | 106 |
Loss from customer contract termination | 1,269 | 1,626 |
Equity in earnings and amortization charges of investee | -26,079 | -30,327 |
Equity distributions from investee | 25,086 | 19,025 |
Gain from acquisition/divestiture of businesses | -1,027,181 | ' |
Amortization of debt financing costs | 4,467 | 2,892 |
Loss on extinguishment of debt | 90 | 2,434 |
Adjustments to derivative instruments | -3,937 | 1,160 |
Base management fees to be settled/settled in shares | 32,444 | 23,524 |
Performance fees to be settled/settled in shares | 56,546 | 53,388 |
Equipment lease receivable, net | 2,805 | 2,814 |
Deferred rent | 293 | 197 |
Deferred taxes | -38,812 | 6,567 |
Other non-cash expenses (income), net | 1,884 | -743 |
Changes in other assets and liabilities, net of acquisitions: | ' | ' |
Restricted cash | 28,481 | -465 |
Accounts receivable | -4,182 | -8,524 |
Inventories | 1,006 | -3,535 |
Prepaid expenses and other current assets | -3,089 | 1,026 |
Due to manager - related party | 64,998 | 2 |
Accounts payable and accrued expenses | 14,933 | -13,794 |
Income taxes payable | -17,633 | -819 |
Pension contribution | -26,960 | -2,250 |
Other, net | -7,970 | -168 |
Net cash provided by operating activities | 194,363 | 127,760 |
Investing activities | ' | ' |
Acquisitions of businesses and investments, net of cash acquired | -1,141,306 | -14,666 |
Proceeds from sale of business, net of cash divested | 265,295 | ' |
Return of investment in unconsolidated business | 12,564 | ' |
Purchases of property and equipment | -81,912 | -51,435 |
Other, net | -331 | 64 |
Net cash used in investing activities | -945,690 | -66,037 |
Financing activities | ' | ' |
Proceeds from long-term debt | 196,884 | 481,917 |
Dividends paid to shareholders | -171,003 | -82,139 |
Proceeds from the issuance of shares | 764,750 | 227,558 |
Offering and equity raise costs paid | -25,588 | -11,041 |
Proceeds from the issuance of convertible senior notes | 350,000 | ' |
Proceeds from the issuance of shares pursuant to MIC Direct | 187 | ' |
Contributions received from noncontrolling interests | ' | 22,362 |
Distributions paid to noncontrolling interests | -61,397 | -1,652 |
Payment of long-term debt | -480,863 | -740,752 |
Debt financing costs paid | -15,124 | -18,973 |
Change in restricted cash | -991 | 4,036 |
Payment of notes and capital lease obligations | -1,481 | -1,372 |
Net cash provided by (used in) financing activities | 555,374 | -120,056 |
Effect of exchange rate changes on cash and cash equivalents | -76 | ' |
Net change in cash and cash equivalents | -196,029 | -58,333 |
Cash and cash equivalents, beginning of period | 233,373 | 141,376 |
Cash and cash equivalents, end of period | 37,344 | 83,043 |
Non-cash investing and financing activities: | ' | ' |
Accrued equity offering costs | 12 | ' |
Accrued financing costs | 7 | ' |
Accrued purchases of property and equipment | 10,585 | 12,331 |
Acquisition of equipment through capital leases | 732 | 1,320 |
Issuance of shares to manager for performance fees | 4,960 | 90,302 |
Issuance of shares to manager for base management fees | 30,555 | 21,487 |
Issuance of shares to independent directors | 750 | 640 |
Issuance of shares for acquisition of business | 115,000 | ' |
Conversion of construction loan to term loan | 60,360 | 24,749 |
Distributions payable to noncontrolling interests | 387 | 281 |
Taxes paid | 17,955 | 3,493 |
Interest paid | $45,399 | $28,090 |
Organization_and_Description_o
Organization and Description of Business | 9 Months Ended | ||
Sep. 30, 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, comprising 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 direct 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 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. On July 16, 2014, we completed the acquisition of the remaining 50% interest that we did not previously own; | ||
• | Hawaii Gas: a full-service gas energy company processing and distributing gas products and providing related services in Hawaii; | ||
• | Atlantic Aviation: a network of fixed-base operations (FBO) that provide fuel, terminal, aircraft hangaring and other services primarily to owners and operators of general aviation (GA) jet aircraft at 68 airports in the U.S. The network is the one of the largest in the U.S. air transportation industry. | ||
• | Contracted Power and Energy ("CP&E") segment: controlling interests in five contracted solar power generation facilities and one contracted wind power generation facility in the southwest U.S., and an equity interest in a wind power generation facility in Idaho. On August 21, 2014, the Company completed the sale of its controlling interest in the district energy business. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 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 (“GAAP”) and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP 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 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 GAAP 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. Operating results for the quarter and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or for any future interim periods. | |
Use of Estimates | |
The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure related thereto at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management evaluates these estimates and assumptions on an ongoing basis. | |
Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited interim condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from estimates. | |
Recently Issued Accounting Standards | |
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |
On April 10, 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and “represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results.” The standard states that a strategic shift could include a disposal of (i) a major geographical area of operations, (ii) a major line of business, (iii) a major equity method investment, or (iv) other major parts of an entity. ASU 2014-08 is effective prospectively for new disposals (or classifications as held-for-sale) that occur within annual periods beginning on or after December 15, 2014, and interim periods within those annual periods. The Company has early adopted this guidance, which resulted in the district energy business not meeting the definition of a discontinued operation. |
Income_per_Share
Income per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Income per Share [Abstract] | ' | ||||||||||||||||
Income per Share | ' | ||||||||||||||||
3. Income per Share | |||||||||||||||||
Following is a reconciliation of the basic and diluted income per share computations: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income attributable to MIC LLC | $ | 990,993 | $ | 10,407 | $ | 1,021,059 | $ | 15,430 | |||||||||
Interest expense attributable to convertible senior | 1,169 | - | 1,169 | - | |||||||||||||
notes, net of taxes | |||||||||||||||||
Diluted net income attributable to MIC LLC | $ | 992,162 | $ | 10,407 | $ | 1,022,228 | $ | 15,430 | |||||||||
Denominator: | |||||||||||||||||
Weighted average number of shares outstanding: basic | 68,005,171 | 53,043,185 | 60,354,086 | 50,525,617 | |||||||||||||
Dilutive effect of restricted stock unit grants | 12,525 | 12,910 | 12,675 | 15,896 | |||||||||||||
Dilutive effect of convertible senior notes | 3,499,801 | - | 1,179,420 | - | |||||||||||||
Weighted average number of shares outstanding: | 71,517,497 | 53,056,095 | 61,546,181 | 50,541,513 | |||||||||||||
diluted | |||||||||||||||||
Income per share: | |||||||||||||||||
Basic income per share attributable to MIC LLC | $ | 14.57 | $ | 0.2 | $ | 16.92 | $ | 0.31 | |||||||||
Diluted income per share attributable to MIC | $ | 13.87 | $ | 0.2 | $ | 16.61 | $ | 0.31 | |||||||||
LLC | |||||||||||||||||
The effect of potentially dilutive shares for the quarter and nine months ended September 30, 2014 is calculated assuming that the 12,525 restricted stock unit grants provided to the independent directors on May 21, 2014, which will vest during the second quarter of 2015, had been fully converted to shares on the grant date. In addition, the convertible senior notes that were issued on July 15, 2014 are assumed to have been fully converted into shares on that date. The effect of potentially dilutive shares for the nine months ended September 30, 2014 is calculated also assuming that the 12,910 restricted stock unit grants provided to the independent directors on May 20, 2013, which vested 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 and nine months ended September 30, 2013 is calculated assuming that the 12,910 restricted stock unit grants provided to the independent directors on May 20, 2013, which vested during the second quarter of 2014, had been fully converted to shares on that grant date. The effect of potentially dilutive shares for the nine months ended September 30, 2013 is calculated also assuming that the 18,208 restricted stock unit grants provided to the independent directors on May 31, 2012, which vested during the second quarter of 2013, and the 895 restricted stock unit grants on February 21, 2013, which vested during the second quarter of 2013, had been fully converted to shares on those grant dates. |
Acquisitions_and_Disposition
Acquisitions and Disposition | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Acquisitions and Disposition [Abstract] | ' | |||||||||||||
Acquisitions and Disposition | ' | |||||||||||||
4. Acquisitions and Disposition | ||||||||||||||
IMTT Acquisition ("IMTT Acquisition") | ||||||||||||||
On July 16, 2014, the Company completed the acquisition of the remaining 50% interest in IMTT for a purchase price of $1.029 billion, consisting of $913.6 million in cash and $115.0 million in the Company's shares. The cash consideration for the IMTT Acquisition was financed with the proceeds of underwritten public offerings of shares and convertible senior notes. In addition, the Company issued 1,729,323 shares to the seller in satisfaction of the equity consideration for the IMTT Acquisition. Prior to this acquisition, the investment in IMTT was accounted for under the equity method of accounting. Since the closing date, the Company has consolidated IMTT and the business is considered a reportable segment. | ||||||||||||||
IMTT provides bulk liquid terminal and handling services in North America through ten terminals located on the East, West, Gulf Coasts and 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 acquisition of the remaining 50% interest in IMTT requires that all assets and liabilities of IMTT be recorded at fair value including the Company's previous 50% ownership. This resulted in a pre-tax gain due to the remeasuring to fair value of the Company's previous 50% ownership. For the quarter ended September 30, 2014, the Company recorded a pre-tax gain of $948.1 million in the consolidated condensed statements of operations. The preliminary allocation of the purchase price for the IMTT Acquisition was as follows ($ in thousands): | ||||||||||||||
Cash and cash equivalents | $ | 26,094 | ||||||||||||
Accounts receivable | 38,350 | |||||||||||||
Inventories | 7,054 | |||||||||||||
Other current assets | 43,664 | |||||||||||||
Total current assets | 115,162 | |||||||||||||
Property, equipment, land and leasehold improvements | 2,415,716 | |||||||||||||
Intangible assets: | ||||||||||||||
Software(1) | 8,300 | |||||||||||||
Customer relationships(2) | 203,200 | |||||||||||||
Goodwill(3) | 1,350,361 | |||||||||||||
Other noncurrent assets | 28,898 | |||||||||||||
Total assets acquired | $ | 4,121,637 | ||||||||||||
Accounts payable | $ | 26,072 | ||||||||||||
Accrued expenses | 48,512 | |||||||||||||
Current portion of long term debt | 7,237 | |||||||||||||
Other current liabilities | 43,960 | |||||||||||||
Total current liabilities | 125,781 | |||||||||||||
Long-term debt, net of current portion | 1,013,731 | |||||||||||||
Deferred income taxes | 813,183 | |||||||||||||
Other noncurrent liabilities | 100,595 | |||||||||||||
Total liabilities assumed | 2,053,290 | |||||||||||||
Noncontrolling interest | 14,723 | |||||||||||||
Net assets acquired | $ | 2,053,624 | ||||||||||||
Less: Write-off of equity method investment | (72,495 | ) | ||||||||||||
Less: Write-off of accumulated other comprehensive loss | (4,367 | ) | ||||||||||||
Less: Gain on remeasuring the equity method investment to fair value | (948,138 | ) | ||||||||||||
Net assets paid | $ | 1,028,624 | ||||||||||||
-1 | Software is being amortized over a five year period. | |||||||||||||
-2 | Customer relationships are being amortized over a weighted average life of twenty eight years. | |||||||||||||
-3 | Goodwill is not deductible for tax purposes. | |||||||||||||
The preliminary fair value was determined using various valuation techniques, including the market approach, income approach and/or cost approach. The Company is still in the process of reviewing the valuation of the assets and liabilities acquired and expects such process to be substantially complete by December 31, 2014. For the nine months ended September 30, 2014, the Company incurred acquisition costs of approximately $5.9 million in connection with the IMTT Acquisition which are included in selling, general, and administrative expense. | ||||||||||||||
From January 1, 2014 through July 15, 2014, the results of IMTT have been accounted for under the equity method of accounting. The Company recorded equity in earnings and amortization charge of investee of $1.1 million and $26.1 million for the fifteen days ended July 15, 2014 and from January 1, 2014 through July 15, 2014, respectively. This comprises the Company's 50% share of IMTT's net income offset by step-up depreciation and amortization charges in connection with the initial 50% investment in IMTT in May of 2006. From July 16, 2014 through September 30, 2014, the Company consolidated the results of IMTT. | ||||||||||||||
The unaudited pro forma selected consolidated financial data set forth below gives effect to the IMTT Acquisition as if it had occurred as of January 1, 2013. The pro forma adjustments give effect to the IMTT Acquisition based upon the acquisition method of accounting in accordance with U.S. GAAP. The selected unaudited pro forma consolidated financial data is presented for illustrative purposes only and is not necessarily indicative of the results of operations of future periods or results of operations that actually would have been realized had the Company and IMTT been consolidated during the periods presented. | ||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Revenues | $ | 409,576 | $ | 390,166 | $ | 1,257,310 | $ | 1,164,245 | ||||||
Net income attributable to MIC LLC(1) | 1,649 | 16,481 | 44,530 | 37,643 | ||||||||||
-1 | The effective tax rate used to calculate net income attributable to MIC LLC was 44.99% and 39.12% for 2014 and 2013 periods, respectively. | |||||||||||||
Atlantic Aviation Acquisitions | ||||||||||||||
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. | ||||||||||||||
Acquisitions of Galaxy FBO | ||||||||||||||
On April 30, 2014, Atlantic Aviation completed the acquisitions of the assets and liabilities of Galaxy Aviation and Boca Aviation (collectively referred to as “Galaxy Acquisitions”) for a purchase price of $230.0 million, funded by cash that had previously been raised or generated and the $100.0 million term loan facility that had previously been arranged. The acquisitions included substantially all of the assets of six FBOs and one new hangar then under construction at one of the six airports on which the FBOs operate. The acquisitions have expanded the business network into Florida. | ||||||||||||||
The acquisitions have been accounted for as a business combination. Accordingly, the results of operations of Galaxy are included in the consolidated condensed statement of operations, and as a component of the Company's Atlantic Aviation business segment, since April 30, 2014. The allocation of the purchase price for the Galaxy Acquisitions' assets acquired and liabilities assumed was as follows ($ in thousands): | ||||||||||||||
Inventories | $ | 474 | ||||||||||||
Other current assets | 27 | |||||||||||||
Total current assets | 501 | |||||||||||||
Property, equipment, land and leasehold improvements | 29,328 | |||||||||||||
Intangible assets: | ||||||||||||||
Trade names(1) | 100 | |||||||||||||
Customer relationships(2) | 900 | |||||||||||||
Contractual arrangements(3) | 118,500 | |||||||||||||
Goodwill(4) | 82,463 | |||||||||||||
Total assets acquired | $ | 231,792 | ||||||||||||
Current liabilities | $ | 1,792 | ||||||||||||
Total liabilities assumed | $ | 1,792 | ||||||||||||
Net assets acquired | $ | 230,000 | ||||||||||||
-1 | Trade names are indefinite in life. | |||||||||||||
-2 | Customer relationships are being amortized over an eight year period. | |||||||||||||
-3 | Contractual arrangements are being amortized over a weighted average life of twenty five years. | |||||||||||||
-4 | Goodwill of $82.5 million is deductible for tax purposes. | |||||||||||||
The fair value was determined using various valuation techniques, including the market approach, income approach and/or cost approach. Had the Galaxy Acquisitions occurred as of January 1, 2014 and MKC acquisition occurred as of January 1, 2013, the consolidated results of operations would not have been materially different. For the nine months ended September 30, 2014 and year ended December 31, 2013, Atlantic Aviation recorded transaction related costs of $923,000 and $680,000, respectively, in selling, general and administrative expenses for these investments. | ||||||||||||||
Contracted Power and Energy Acquisitions | ||||||||||||||
The contracted power generation businesses are held in LLCs with a co-investor. The taxable income for the Company's current five solar projects and its current wind project in New Mexico for the first five and nine years, respectively, of such projects are 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. These projects should have a nominal effect on MIC's consolidated current taxable income over these periods. The taxable income from the Company's 10% equity investment in a wind power generation facility located in Idaho will be allocated 1% till 2015, 95% from 2016 to 2027 and 1% thereafter to the co-investor. These solar and wind 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. | ||||||||||||||
The acquisition price on these projects can vary depending on, among other things, factors such as the size of the 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 Company has certain rights to make decisions over the management and operations of the five solar power generation facilities and, the wind power generation facility located in New Mexico The Company has determined that it is appropriate to consolidate these 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 (“DMAFB”), 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 purchase 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. During June of 2014, the DMAFB Project made a $5.8 million distribution to MIC classified as a return of capital, reducing MIC's investment in the project to $2.1 million. This facility is expected to generate approximately 13 megawatts (“MWac”) 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. During September of 2014, the Valley Center Project made a $3.5 million distribution to MIC classified as a return of capital, reducing MIC's investment in the project to $3.3 million. 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. During September of 2014, the Ramona Project made a $1.6 million distribution to MIC classified as a return of capital, reducing MIC's investment in the project to $4.5 million. 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. | ||||||||||||||
Acquisition of – Brahms Wind, New Mexico | ||||||||||||||
On July 3, 2014, the Company contributed $10.1 million, as a capital investment, and completed the acquisition of the Brahms wind project (“Brahms Project”) for a purchase price of the same amount. The Company entered into an LLC agreement with a noncontrolling interest co-investor who made a capital contribution of $23.0 million in May of 2014 prior to the Company's acquisition. The Brahms Project is a wind farm with 12 turbines located in New Mexico. There is no debt in place for the Brahms Project, and substantially all of the purchase price has preliminary been allocated to the turbines, which have a fair value of $32.6 million. which is offset by an acquired noncontrolling interest of $23.0 million. The project commenced operations during December of 2010 and is expected to generate approximately 20 megawatts of electricity. | ||||||||||||||
The acquisition has been accounted for as a business combination. Accordingly, the results of operations of the Brahms Project are included in the consolidated condensed statement of operations since July 3, 2014. | ||||||||||||||
Acquisition of — Equity Investment in Idaho Wind Partners, Idaho | ||||||||||||||
On August 1, 2014, the Company contributed $11.5 million, as a capital investment, and completed the acquisition of 99% interest of Exergy Idaho Holdings through an LLC agreement with a co-investor. Exergy Idaho Holdings holds a 10% equity interest in the Idaho Wind Partners project (“IWP Project”). IWP Project is a wind power project comprised of 11 operating wind farms near Twin Falls, Idaho. The project has been in operation since February of 2011 and has a wind power generation capacity of 183 megawatts of electricity. | ||||||||||||||
The Company accounts for its 10% equity interest in IWP Project under the equity method of accounting and has recorded its share of the investment in this project in investment in unconsolidated business on the consolidated condensed balance sheet and its 10% interest in income (loss) in the equity in earnings of investee on the consolidated condensed statement of operations since August 1, 2014. The portion related to the co-investor's interest in Exergy Idaho Holdings is reflected in noncontrolling interest in the consolidated condensed financial statements. | ||||||||||||||
Had the Brahms Project acquisition and IWP Project investment occurred as of January 1, 2014 and 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 nine months ended September 30, 2014 and the year ended December 31, 2013, the Company recorded transaction related costs of $1.8 million and $2.2 million, respectively, in selling, general, and administrative expenses for these investments. | ||||||||||||||
Sale of 50.01% Interest in District Energy Business | ||||||||||||||
On August 21, 2014, the Company completed the previously disclosed sale of its 50.01% controlling interest in the district energy business, within Contracted Power and Energy, for approximately $270.0 million. Proceeds of the sale, were used to repay the outstanding debt balance. The remaining amounts were divided between the Company and its co-investor in the business.The Company's share of the remaining proceeds was $59.6 million. | ||||||||||||||
As a result of this transaction, the Company deconsolidated the assets and liabilities of the district energy business from its consolidated financial statements effective August 21, 2014. The Company recorded a pre-tax gain of $78.9 million in gain from acquisition/divestiture of businesses, which has been reflected in the consolidated condensed statement of operations during the third quarter of 2014. |
Property_Equipment_Land_and_Le
Property, Equipment, Land and Leasehold Improvements | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Equipment, Land and Leasehold Improvements [Abstract] | ' | ||||||||
Property, Equipment, Land and Leasehold Improvements | ' | ||||||||
5. Property, Equipment, Land and Leasehold Improvements | |||||||||
Property, equipment, land and leasehold improvements at September 30, 2014 and December 31, 2013 consist of the following ($ in thousands): | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 271,500 | $ | 4,854 | |||||
Easements | 131 | 5,624 | |||||||
Buildings | 39,261 | 25,143 | |||||||
Leasehold and land improvements | 430,825 | 357,903 | |||||||
Machinery and equipment | 2,594,001 | 674,839 | |||||||
Furniture and fixtures | 23,697 | 11,416 | |||||||
Construction in progress | 117,927 | 35,637 | |||||||
Property held for future use | - | 1,975 | |||||||
3,477,342 | 1,117,391 | ||||||||
Less: accumulated depreciation | (261,281 | ) | (263,222 | ) | |||||
Property, equipment, land and leasehold improvements, net | $ | 3,216,061 | $ | 854,169 | |||||
As discussed in Note 4, “Acquisitions and Disposition”, the Company acquired $2.4 billion and $29.3 million in property, equipment, land and leasehold improvements from the IMTT Acquisition during the third quarter of 2014 and Galaxy Acquisitions during the second quarter of 2014, respectively. During 2013, 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 and $13.8 million in property, equipment, land and leasehold improvements from the MKC acquisition. | |||||||||
During the third quarter of 2014, the Company sold $128.5 million, net in property, equipment, land and leasehold improvements in connection with the sale of the district energy business. |
Intangible_Assets
Intangible Assets | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Intangible Assets [Abstract] | ' | ||||||||
Intangible Assets | ' | ||||||||
6. Intangible Assets | |||||||||
Intangible assets at September 30, 2014 and December 31, 2013 consist of the following ($ in thousands): | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Contractual arrangements | $ | 863,476 | $ | 746,231 | |||||
Non-compete agreements | 9,665 | 9,665 | |||||||
Customer relationships | 269,906 | 80,255 | |||||||
Leasehold rights | 350 | 2,121 | |||||||
Trade names | 15,771 | 15,671 | |||||||
Technology | 8,760 | 460 | |||||||
1,167,928 | 854,403 | ||||||||
Less: accumulated amortization | (277,815 | ) | (261,553 | ) | |||||
Intangible assets, net | $ | 890,113 | $ | 592,850 | |||||
As discussed in Note 4, “Acquisitions and Disposition”, the Company acquired $211.5 million and $119.5 million in intangible assets from the IMTT Acquisition during the third quarter of 2014 and Galaxy Acquisitions during the second quarter of 2014, respectively. | |||||||||
The goodwill balance as of September 30, 2014 is comprised of the following ($ in thousands): | |||||||||
Goodwill acquired in business combinations, net of disposals, at December 31, 2013 | $ | 637,694 | |||||||
Add: goodwill related to acquisitions | 1,432,672 | ||||||||
Less: goodwill associated with sold business | (17,946 | ) | |||||||
Less: accumulated impairment charges | (123,200 | ) | |||||||
Balance at September 30, 2014 | $ | 1,929,220 | |||||||
As discussed in Note 4, “Acquisitions and Disposition”, the Company recorded $1.4 billion and $82.5 million in goodwill from the IMTT Acquisition during the third quarter of 2014 and Galaxy Acquisitions during the second quarter of 2014, respectively. | |||||||||
The Company tests for goodwill impairment at the reporting unit level on an annual basis on October 1st of each year and between annual tests if a triggering event indicates impairment. There were no triggering events indicating impairment for the nine months ended September 30, 2014. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Long-Term Debt [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
7. Long-Term Debt | |||||||||
At September 30, 2014 and December 31, 2013, the Company's consolidated long-term debt comprised the following ($ in thousands): | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Hawaii Gas | $ | 180,000 | $ | 180,000 | |||||
IMTT | 797,908 | - | |||||||
Atlantic Aviation | 613,005 | 517,773 | |||||||
Contracted Power and Energy | 139,858 | 296,337 | |||||||
MIC Corporate | 350,000 | - | |||||||
Total | 2,080,771 | 994,110 | |||||||
Less: current portion | (19,954 | ) | (163,083 | ) | |||||
Long-term portion | $ | 2,060,817 | $ | 831,027 | |||||
MIC Corporate | |||||||||
On July 15, 2014, the Company completed an underwritten public offering of $350.0 million aggregate principal amount of convertible senior notes. The net proceeds of $341.3 million were used to partially fund the IMTT Acquisition and for general corporate purposes. The notes mature on July 15, 2019 and bear interest at a rate of 2.875% payable on January 15th and July 15th of each year, beginning January 15, 2015. The notes are convertible, at the holder's option, into the Company's shares, initially at a conversion rate of 11.7942 shares per $1,000 principal amount (equivalent to an initial conversion price of approximately $84.79 per share, subject to adjustment), at any time on or prior to the close of business on the second scheduled trading day immediately preceding the maturity date. The notes are the Company's unsecured obligations and rank equal in right of payment with all of the Company's existing and future senior unsecured indebtedness. | |||||||||
In July of 2014, the Company also entered into a senior secured revolving credit facility with a syndicate of banks. The senior secured revolving credit facility provides for a five-year, $250.0 million senior secured first lien revolving credit facility that bears interest at LIBOR plus 1.75% at September 30, 2014. This facility is guaranteed by MIC Inc. At September 30, 2014, the senior secured revolving credit facility remains undrawn. | |||||||||
IMTT | |||||||||
As discussed in Note 4, “Acquisitions and Disposition”, on July 16, 2014, the Company acquired the remaining 50% interest of IMTT that it did not previously own. Prior to this transaction, the investment in IMTT was accounted for under the equity method of accounting. As of the closing date, IMTT became consolidated into the Company's consolidated condensed balance sheet. The $1.0 billion of IMTT's debt as of the closing date was comprised of $512.8 million tax-exempt bonds, $486.0 million drawn on its revolving credit facilities and a $22.2 million loan from its previous shareholder, the Coleman Trust. In addition, $293.0 million of the revolving credit facility was used to back letters of credit. At September 30, 2014, the undrawn portion on the revolving credit facility was $745.2 million. | |||||||||
Revolving Credit Facility | |||||||||
The revolving credit facilities have been used primarily to fund IMTT's growth capital expenditures in the U.S. and Canada. The revolving credit facilities are unsecured, except for a pledge of 65% share in IMTT's two Canadian affiliates. The terms of IMTT's U.S. dollar and Canadian dollar denominated revolving credit facilities at September 30, 2014 are summarized in the table below. | |||||||||
USD Revolving Credit Facility | CAD Revolving Credit Facility | ||||||||
Total Committed Amount | $1,252.5 million | $50.0 million | |||||||
Amount outstanding at September 30, 2014 | $258.0 million | $6.3 million | |||||||
Maturity | 15-Feb-18 | 15-Feb-18 | |||||||
Amortization | Revolving, payable at maturity | Revolving, payable at maturity | |||||||
Interest Rate | LIBOR plus 2.00% at September 30, 2014 | Bankers' Acceptances (BA) Rate | |||||||
plus 2.00% at September 30, 2014 | |||||||||
Commitment Fees | 0.375% at September 30, 2014 | 0.375% at September 30, 2014 | |||||||
To partially hedge the interest rate risk associated with IMTT's current floating rate borrowings under the revolving credit agreement, IMTT entered into a 10 year fixed quarterly LIBOR swap, maturing in March of 2017, with a notional amount of $200.0 million as of September 30, 2014, that fixes the floating rate at 5.507%. | |||||||||
Gulf Opportunity Zone Bonds (“GO Zone Bonds”) | |||||||||
The key terms of the GO Zone Bonds at September 30, 2014 are summarized in the table below: | |||||||||
Facility Term | Gulf Opportunity Zone | Gulf Opportunity Zone | Gulf Opportunity | Gulf Opportunity | |||||
Bonds I | Bonds II | Zone | Zone | ||||||
Bonds III | Bonds IV | ||||||||
Amount outstanding at September 30, 2014 | $215.0 million | $85.0 million | $92.5 million | $83.2 million | |||||
Maturity | Jul-43 | Aug-46 | December 2040 | December 2040 | |||||
Amortization | Payable at maturity | Payable at maturity | Amortizes over | Amortizes over life of bond subject to tender in 2018 | |||||
life of bond subject to tender in 2018 | |||||||||
Interest Rate | Floating at | Floating at | 68% of 30 day LIBOR plus 1.39% at September 30, 2014 | 68% of 30 day LIBOR plus 1.39% at September 30, 2014 | |||||
tax-exempt bond weekly tender rates | tax-exempt bond weekly tender rates | ||||||||
Security | Secured (required to be supported at all times by bank letter of credit issued under the revolving credit facility) | Secured (required to be supported at all times by bank letter of credit issued under the revolving credit facility) | Unsecured | Unsecured | |||||
To partially hedge the interest rate risk associated with IMTT's current floating rate borrowings under the Gulf Opportunity Zone Bonds, IMTT entered into a 10 year fixed quarterly LIBOR swap, maturing in June of 2017, with a notional amount of $215.0 million as of September 30, 2014, that fixes the floating rate at 3.662%. | |||||||||
New Jersey Economic Development Authority Bonds (“NJEDA Bonds”) | |||||||||
The key terms of the NJEDA Bonds issued are summarized in the table below: | |||||||||
Facility Term | New Jersey Economic Development | New Jersey Economic Development | |||||||
Authority Dock Facility Revenue | Authority Variable-Rate Demand | ||||||||
Refund Bonds | Revenue Refunding Bond | ||||||||
Amount outstanding at September 30, 2014 | $30.0 million | $6.3 million | |||||||
Maturity | Dec-27 | Dec-21 | |||||||
Amortization | Payable at maturity | Payable at maturity | |||||||
Interest Rate | Floating at tax-exempt bond daily tender rates | Floating at tax-exempt bond daily tender rates | |||||||
Security | Secured (required to be supported at all times by bank letter of credit issued under the revolving credit facility) | Secured (required to be supported at all times by bank letter of credit issued under the revolving credit facility) | |||||||
Letter of Credit Facility | |||||||||
IMTT entered into a letter of credit agreement, which will allow IMTT to write letters of credit without utilizing availability under its revolving credit facilities. The letter of credit facility has $50.7 million of capacity which was fully utilized at September 30, 2014. | |||||||||
The key terms of the Letter of Credit Facility are summarized in the table below: | |||||||||
Facility Term | Letter of Credit Facility | ||||||||
Total Committed Amount at September 30, 2014 | $50.7 million | ||||||||
Maturity | 4-Dec-14 | ||||||||
Fees | 2.25% | ||||||||
In addition to the debt facilities discussed above, IMTT Holdings Inc. received loans from its previous shareholders, other than MIC, from 2006 to 2008. The shareholder loans have a fixed interest rate of 5.5% and will be repaid over 15 years by IMTT Holdings Inc. with equal quarterly amortization that commenced March 31, 2008. Shareholder loans of $21.6 million were outstanding as of September 30, 2014. | |||||||||
Atlantic Aviation | |||||||||
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 and January 22, 2014, the business entered into an incremental $50.0 million and $100.0 million, respectively, term loan under the AA Credit Agreement that provides the business with 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%, and these facilities mature in June of 2020. The floating rate has effectively been fixed for 6 years using interest rate swaps. At September 30, 2014, the outstanding balance on these term loan facilities totaled $608.2 million. 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%. This remains undrawn at September 30, 2014. | |||||||||
Atlantic Aviation also has stand-alone debt facilities used to fund construction at its FBOs. At September 30, 2014, the balances on the stand-alone facilities were $4.8 million. The Company has classified $563,000 relating to the stand-alone debt facilities in the current portion of long-term debt in the consolidated condensed balance sheet at September 30, 2014. | |||||||||
Contracted Power and Energy | |||||||||
As discussed in Note 4, “Acquisitions and Disposition”, on August 21, 2014, the Company completed the previously disclosed sale of its district energy business, within CP&E. Proceeds of the sale were partially used to repay the business' entire outstanding debt facility of $147.0 million prior to maturity in September of 2014. | |||||||||
At September 30, 2014, the contracted power generation businesses had $139.9 million of amortizing term loan debt outstanding, of which $6.0 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. The Brahms project acquired during July of 2014 does not have any debt outstanding at September 30, 2014. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||
8. Derivative Instruments and Hedging Activities | |||||||||||||||||
The Company and certain of 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 September 30, 2014, the Company had $2.1 billion of current and long-term debt, $1.1 billion of which was economically hedged with interest rate contracts and $977.6 million of which was unhedged. | |||||||||||||||||
As of July 16, 2014, the Company consolidates the financial statements of IMTT. The interest rate on IMTT's borrowings under the tax-exempt bonds and the revolving credit facility floats at LIBOR plus a fixed margin. At September 30, 2014, IMTT has two interest rate swap contracts that fix the floating rates on these facilities. The interest rate swap related to the tax-exempt bond has a $215.0 million notional value that expires in June of 2017 and fixes the floating rate at 3.662%. The interest rate swap related to the revolving credit facility has a $200.0 million notional value that expires in March of 2017 and fixes the floating rate at 5.507%. The fair value of the interest rate swaps for current and non-current liabilities at the date of acquisition were $17.2 million and $25.6 million, respectively. The fair value of the interest rate swaps for current and non-current liabilities at September 30, 2014 were $18.4 million and $20.3 million, respectively. See Note 7, “Long-Term Debt”, for further discussions. | |||||||||||||||||
As discussed in Note 7, “Long-Term Debt”, Atlantic Aviation entered into a $100.0 million senior secured first lien term loan facility credit agreement on January 22, 2014. The interest rate on this term loan facility floats at LIBOR plus 2.50%, with a minimum LIBOR of 0.75%. This term loan was fully drawn in April of 2014 in connection with the Galaxy Acquisitions. Effective May 30, 2014, Atlantic Aviation entered into an amortizing interest rate swap for $96.3 million notional that expires on July 31, 2019. This interest rate swap effectively fixes the interest rate on the term loan at 4.40%. The amortization on this interest rate swap is scheduled to equal the total principal balance on all of the term loan facilities under the AA Credit Agreement, resulting in the total outstanding principal balance on the term loans to be 100% hedged. The weighted average of the interest rate from the outstanding swaps under the AA Credit Agreement are effectively fixed at 4.63%. | |||||||||||||||||
The Company measures derivative instruments at fair value using the income approach which discounts the future net cash settlements expected under the derivative contracts to a present value. These valuations utilize primarily observable (“level 2”) inputs, including contractual terms, interest rates and yield curves observable at commonly quoted intervals. | |||||||||||||||||
The Company's fair value measurements of its derivative instruments and the related location of the assets and liabilities associated with the hedging instruments within the consolidated condensed balance sheets at September 30, 2014 and December 31, 2013 were as follows ($ in thousands): | |||||||||||||||||
Assets (Liabilities) at Fair Value (1) | |||||||||||||||||
Interest Rate Contracts | |||||||||||||||||
Not Designated as | |||||||||||||||||
Hedging Instruments | |||||||||||||||||
Balance Sheet Location | September 30, | 31-Dec-13 | |||||||||||||||
2014 | |||||||||||||||||
Fair value of derivative instruments - current assets (2)(3) | $ | 50 | $ | 1 | |||||||||||||
Fair value of derivative instruments - non - current assets (3) | 2,882 | 6,880 | |||||||||||||||
Total interest rate derivative contracts - assets (2)(3) | $ | 2,932 | $ | 6,881 | |||||||||||||
Fair value of derivative instruments - current liabilities (3) | $ | (26,734 | ) | $ | (13,027 | ) | |||||||||||
Fair value of derivative instruments - non-current liabilities (3) | (20,349 | ) | - | ||||||||||||||
Total interest rate derivative contracts - liabilities (3) | $ | (47,083 | ) | $ | (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 and nine months ended September 30, 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 Gain (Loss) | Amount of Loss | ||||||||||||||||
Recognized in | Recognized in | ||||||||||||||||
Interest Expense for the | Interest Expense for the | ||||||||||||||||
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Financial Statement Account | 2014(1) | 2013(2) | 2014(1) | 2013(2) | |||||||||||||
Interest expense - Interest rate cap | $ | - | $ | (38 | ) | $ | (1 | ) | $ | (91 | ) | ||||||
Interest expense - Interest rate swaps | 820 | (7,998 | ) | (13,130 | ) | (9,492 | ) | ||||||||||
Total | $ | 820 | $ | (8,036 | ) | $ | (13,131 | ) | $ | (9,583 | ) | ||||||
-1 | Interest expense for the quarter and nine months ended September 30, 2014 includes gains of $1.1 million and losses of $12.3 million, respectively, of derivative losses and $348,000 and $856,000, respectively, for amounts reclassified from accumulated other comprehensive loss for the interest rate swap contracts. | ||||||||||||||||
-2 | Interest expense for the quarter and nine months ended September 30, 2013 includes losses of $7.6 million and $8.3 million, respectively, of derivative losses and $344,000 and $1.2 million, respectively, for amounts reclassified from accumulated other comprehensive loss for interest rate swap contracts. | ||||||||||||||||
All of the Company's derivative instruments are collateralized by the assets of the respective businesses. |
Members_Equity
Members' Equity | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Members' Equity [Abstract] | ' | ||||||||||||||||||||||||
Members' Equity | ' | ||||||||||||||||||||||||
9. Members' Equity | |||||||||||||||||||||||||
LLC Interests, or Shares | |||||||||||||||||||||||||
The Company is authorized to issue 500,000,000 shares. Each outstanding share of the Company is entitled to one vote on any matter with respect to which holders of shares 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 shares 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 shares to participants in MIC Direct. At September 30, 2014, 996,441 shares 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. | |||||||||||||||||||||||||
Equity Offerings | |||||||||||||||||||||||||
On May 8, 2013, the Company completed an underwritten public offering and sale of 3,756,500 shares pursuant to the shelf. On May 16, 2013, the Company sold an additional 133,375 shares in this offering pursuant to the exercise of the underwriters' over-allotment option. The Manager, as selling stockholder, sold 3,182,625 shares as part of this offering. The proceeds from the offering were $217.8 million and $178.2 million, respectively, to the Company and to the Manager, net of underwriting fees and expenses. The Company used the proceeds of the offering to partially repay the existing term loan at Atlantic Aviation prior to the May 31, 2013 refinancing under the AA Credit Agreement. | |||||||||||||||||||||||||
On December 18, 2013, the Company completed an underwritten public offering and sale of 2,125,200 shares pursuant to the shelf and an additional 318,780 shares pursuant to the exercise of the underwriters' over-allotment option. The Company received proceeds from the offering of $123.2 million, net of underwriting fees and expenses. The Company used the proceeds to fund, in part, the Galaxy Acquisitions during April of 2014. | |||||||||||||||||||||||||
On July 15, 2014, the Company completed an underwritten public offering of 11,500,000 shares pursuant to the shelf. The net proceeds from the offering of $739.9 million were used to partially fund the IMTT Acquisition discussed in Note 4, “Acquisitions and Disposition”, and for general corporate purposes. | |||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||
The following represents the changes and balances to the components of accumulated other comprehensive loss for the nine months ended September 30, 2014 and 2013 ($ in thousands): | |||||||||||||||||||||||||
Cash Flow | Post-Retirement | Translation | Total Accumulated | Noncontrolling | Total Members' | ||||||||||||||||||||
Hedges, net of | Benefit Plans, net of | Adjustment, net of | Other Comprehensive | Interests | Accumulated Other | ||||||||||||||||||||
taxes(1) | taxes(2) | taxes(3) | Loss, net of taxes | Comprehensive Loss, net of | |||||||||||||||||||||
taxes | |||||||||||||||||||||||||
Balance at December 31, 2012 | $ | (1,538 | ) | $ | (20,466 | ) | $ | 514 | $ | (21,490 | ) | $ | 689 | $ | (20,801 | ) | |||||||||
Reclassification of realized losses of derivatives into earnings | 733 | - | - | 733 | (351 | ) | 382 | ||||||||||||||||||
Balance at September 30, 2013 | $ | (805 | ) | $ | (20,466 | ) | $ | 514 | $ | (20,757 | ) | $ | 338 | $ | (20,419 | ) | |||||||||
Balance at December 31, 2013 | $ | (636 | ) | $ | (8,021 | ) | $ | (46 | ) | $ | (8,703 | ) | $ | 258 | $ | (8,445 | ) | ||||||||
Reclassification of realized losses | 636 | - | - | 636 | (258 | ) | 378 | ||||||||||||||||||
of derivatives into earnings | |||||||||||||||||||||||||
Change in post-retirement benefit plan | - | 4,219 | - | 4,219 | - | 4,219 | |||||||||||||||||||
Translation adjustment | - | - | (987 | ) | (987 | ) | 360 | (627 | ) | ||||||||||||||||
Balance at September 30, 2014 | $ | - | $ | (3,802 | ) | $ | (1,033 | ) | $ | (4,835 | ) | $ | 360 | $ | (4,475 | ) | |||||||||
-1 | For the nine months ended September 30, 2014 and 2013, reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $856,000 and $1.2 million, respectively, and the related tax benefit of $340,000 and $463,000, respectively, recorded in the consolidated condensed statements of operations; (ii) pre-tax derivative losses of $185,000 and $47,000, respectively, as an adjustment to investment in unconsolidated business, and an adjustment to deferred taxes of $65,000 and $16,000, respectively, recorded in the consolidated condensed balance sheet. For the quarter ended September 30, 2014, the Company wrote-off $162,000 for the amount related to the investment in unconsolidated business and related taxes of $57,000, previously accounted for under the equity method of accounting in conjunction to the IMTT Acquisition. This write-off is recorded in gain from acquisition/divestiture of businesses in the consolidated condensed statement of operations. See Note 4, "Acquisitions and Disposition" for further discussions. | ||||||||||||||||||||||||
-2 | Change in post-retirement benefit plans represents write-off of the remaining balance of $6.5 million and the related taxes of $2.3 million previously accounted for under the equity method of accounting during the third quarter of 2014 related to the IMTT Acquisition. This write-off is recorded in gain from acquisition/divestiture of businesses in the consolidated condensed statement of operations. See Note 4, "Acquisitions and Disposition" for further discussions. | ||||||||||||||||||||||||
-3 | Translation adjustment of $1.4 million and its related taxes of $405,000 for the nine months ended September 30, 2014 includes a write-off of the remaining balance of $66,000 and the related taxes of $23,000 previously accounted for under the equity method of accounting during the third quarter of 2014 related to the IMTT Acquisition. This write-off is recorded in gain from acquisition/divestiture of businesses in the consolidated condensed statement of operations. See Note 4, "Acquisitions and Disposition" for further discussions. |
Reportable_Segments
Reportable Segments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Reportable Segments [Abstract] | ' | ||||||||||||||||||||||||
Reportable Segments | ' | ||||||||||||||||||||||||
10. Reportable Segments | |||||||||||||||||||||||||
At September 30, 2014, the Company's businesses consist of four reportable segments: IMTT, Hawaii Gas, Atlantic Aviation and CP&E. Prior to July 16, 2014, the Company had a 50% investment in IMTT, which was accounted for under the equity method of accounting. Effective the acquisition date, the Company consolidates the financial results of IMTT and IMTT became a reportable segment. | |||||||||||||||||||||||||
Financial information for IMTT's business as a whole is presented below for periods prior to July 16, 2014, where the Company accounted for the investment in IMTT under the equity method of accounting ($ in thousands): | |||||||||||||||||||||||||
As of, and for the | As of, and for the | ||||||||||||||||||||||||
Fifteen Days | Quarter | Period From | Nine Months | ||||||||||||||||||||||
Ended July | Ended | January 1, | Ended | ||||||||||||||||||||||
15, | September | 2014 through July | September | ||||||||||||||||||||||
2014(1) | 30, | 15, | 30, 2013 | ||||||||||||||||||||||
2013 | 2014(1) | ||||||||||||||||||||||||
Revenue | $ | 20,937 | $ | 126,447 | $ | 311,533 | $ | 383,753 | |||||||||||||||||
Net income | $ | 2,512 | $ | 19,559 | $ | 57,496 | $ | 67,873 | |||||||||||||||||
Interest expense, net | 429 | 9,376 | 16,375 | 17,099 | |||||||||||||||||||||
Provision for income taxes | 1,708 | 15,181 | 38,265 | 48,894 | |||||||||||||||||||||
Depreciation and amortization | 3,002 | 19,051 | 40,922 | 56,109 | |||||||||||||||||||||
Casualty losses, net | - | 200 | - | 6,700 | |||||||||||||||||||||
Other non-cash expenses | 865 | 253 | 4,366 | 429 | |||||||||||||||||||||
EBITDA excluding non-cash items(2) | $ | 8,516 | $ | 63,620 | $ | 157,424 | $ | 197,104 | |||||||||||||||||
Capital expenditures paid | $ | 5,975 | $ | 29,154 | $ | 59,868 | $ | 119,652 | |||||||||||||||||
Property, equipment, land and leasehold improvements, net | 1,289,245 | 1,256,643 | 1,289,245 | 1,256,643 | |||||||||||||||||||||
Total assets | 1,415,370 | 1,349,708 | 1,415,370 | 1,349,708 | |||||||||||||||||||||
-1 | Amounts represents financial position of IMTT business prior to July 16, 2014, the date of the IMTT Acquisition. | ||||||||||||||||||||||||
-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. | ||||||||||||||||||||||||
All of the business segments are managed separately and management has chosen to organize the Company around the distinct products and services offered. | |||||||||||||||||||||||||
IMTT provides bulk liquid terminal and handling services in North America through ten terminals located on the East, West, Gulf Coasts and the Great Lakes regions of the United States and partially owns 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. Revenue from the IMTT segment is included in service revenue. | |||||||||||||||||||||||||
The revenue from the Hawaii Gas segment is included in product revenues. 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 portion of revenues of Hawaii Gas reflects fuel adjustment clauses, 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 delivery and from other airport services, including de-icing and aircraft hangarage. All of the revenue of Atlantic Aviation is generated at airports in the U.S., of which there were 68 at September 30, 2014. Revenues from Atlantic Aviation are included in service revenue. | |||||||||||||||||||||||||
The Contracted Power and Energy business segment derives revenue from the contracted power generation and, through the date it was sold, the district energy businesses. Revenues from the contracted power generation businesses are included in product revenue. As of September 30, 2014, the Company has invested in five utility-scale solar photovoltaic power generation facilities and one wind power generation facility that are located in the southwest United States. The facilities that the Company consolidates have an aggregate generating capacity of 77 megawatts of wholesale electricity to utilities. The Company also has a 10% equity method investment in the IWP Project. This project has a generating capacity of 183 megawatts of electricity. Owners of these facilities sell substantially all of the electricity generated from these facilities, subject to agreed upon pricing formulas, to electric utilities pursuant to long-term (typically 20 – 25 years) PPAs. | |||||||||||||||||||||||||
Selected information by segment is presented in the following tables. The tables include financial data of IMTT since July 16, 2014. | |||||||||||||||||||||||||
Revenue from external customers for the Company's consolidated reportable segments was as follows ($ in thousands): | |||||||||||||||||||||||||
Quarter Ended September 30, 2014 | |||||||||||||||||||||||||
IMTT(1) | Hawaii Gas | Atlantic | Contracted | Total | |||||||||||||||||||||
Aviation | Power and | Reportable | |||||||||||||||||||||||
Energy | Segments | ||||||||||||||||||||||||
Service revenue | $ | 110,983 | $ | - | $ | 197,980 | $ | 8,952 | $ | 317,915 | |||||||||||||||
Product revenue | - | 64,494 | - | 5,850 | 70,344 | ||||||||||||||||||||
Financing and equipment lease income | - | - | - | 379 | 379 | ||||||||||||||||||||
Total revenue | $ | 110,983 | $ | 64,494 | $ | 197,980 | $ | 15,181 | $ | 388,638 | |||||||||||||||
-1 | Represents IMTT results subsequent to July 16, 2014, the date of the IMTT Acquisition. | ||||||||||||||||||||||||
Quarter Ended September 30, 2013 | |||||||||||||||||||||||||
Hawaii | Atlantic | Contracted | Total | ||||||||||||||||||||||
Gas | Aviation | Power and | Reportable | ||||||||||||||||||||||
Energy | Segments | ||||||||||||||||||||||||
Service revenue | $ | - | $ | 183,198 | $ | 15,586 | $ | 198,784 | |||||||||||||||||
Product revenue | 61,469 | - | 2,649 | 64,118 | |||||||||||||||||||||
Financing and equipment lease income | - | - | 817 | 817 | |||||||||||||||||||||
Total revenue | $ | 61,469 | $ | 183,198 | $ | 19,052 | $ | 263,719 | |||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
IMTT(1) | Hawaii Gas | Atlantic | Contracted | Total | |||||||||||||||||||||
Aviation | Power and | Reportable | |||||||||||||||||||||||
Energy | Segments | ||||||||||||||||||||||||
Service revenue | $ | 110,983 | $ | - | $ | 585,153 | $ | 29,487 | $ | 725,623 | |||||||||||||||
Product revenue | - | 202,979 | - | 15,338 | 218,317 | ||||||||||||||||||||
Financing and equipment lease income | - | - | - | 1,836 | 1,836 | ||||||||||||||||||||
Total revenue | $ | 110,983 | $ | 202,979 | $ | 585,153 | $ | 46,661 | $ | 945,776 | |||||||||||||||
(1) Represents IMTT results subsequent to July 16, 2014, the date of the IMTT Acquisition. | |||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Hawaii Gas | Atlantic | Contracted | Total | ||||||||||||||||||||||
Aviation | Power and | Reportable | |||||||||||||||||||||||
Energy | Segments | ||||||||||||||||||||||||
Service revenue | $ | - | $ | 541,840 | $ | 35,618 | $ | 577,458 | |||||||||||||||||
Product revenue | 193,088 | - | 7,167 | 200,255 | |||||||||||||||||||||
Financing and equipment lease income | - | - | 2,779 | 2,779 | |||||||||||||||||||||
Total revenue | $ | 193,088 | $ | 541,840 | $ | 45,564 | $ | 780,492 | |||||||||||||||||
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, base management and performance fees, if any, derivative gains and losses and adjustments for other non-cash items reflected in the statements of operations. The Company believes EBITDA excluding non-cash items provides additional insight into the performance of the operating businesses relative to each other and similar businesses without regard to their capital structure, and their ability to service or reduce debt, fund capital expenditures and/or support distributions to the holding company. EBITDA excluding non-cash items is reconciled to net income or loss. | |||||||||||||||||||||||||
EBITDA excluding non-cash items for the Company's consolidated reportable segments is shown in the tables below ($ in thousands). Allocations of corporate expenses, intercompany fees and the tax effect have been excluded as they are eliminated on consolidation. | |||||||||||||||||||||||||
Quarter Ended September 30, 2014 | |||||||||||||||||||||||||
IMTT(1) | Hawaii Gas | Atlantic | Contracted | Total | |||||||||||||||||||||
Aviation | Power and | Reportable | |||||||||||||||||||||||
Energy | Segments | ||||||||||||||||||||||||
Net income (loss) | $ | 13,726 | $ | 5,249 | $ | 13,751 | $ | (572 | ) | $ | 32,154 | ||||||||||||||
Interest expense, net | 5,129 | 1,589 | 4,689 | 2,422 | 13,829 | ||||||||||||||||||||
Provision for income taxes | 7,823 | 3,590 | 9,231 | 199 | 20,843 | ||||||||||||||||||||
Depreciation (2) | 22,926 | 1,997 | 7,203 | 4,795 | 36,921 | ||||||||||||||||||||
Amortization of intangibles | 1,578 | 311 | 9,290 | 190 | 11,369 | ||||||||||||||||||||
Loss on extinguishment of debt | - | - | - | 90 | 90 | ||||||||||||||||||||
Loss on disposal of assets | - | - | 6 | - | 6 | ||||||||||||||||||||
Loss from customer contract termination | - | - | - | 1,269 | 1,269 | ||||||||||||||||||||
Equity in loss of investee | - | - | - | 68 | 68 | ||||||||||||||||||||
Other non-cash expense (income) | 1,654 | 453 | 115 | (915 | ) | 1,307 | |||||||||||||||||||
EBITDA excluding non-cash items | $ | 52,836 | $ | 13,189 | $ | 44,285 | $ | 7,546 | $ | 117,856 | |||||||||||||||
-1 | Represents IMTT results subsequent to July 16, 2014, the date of the IMTT Acquisition. | ||||||||||||||||||||||||
-2 | Depreciation includes depreciation expense for the district energy business, a component of the CP&E segment, prior to the Company's divestiture of the business on August 21, 2014, which was reported in cost of services in the consolidated condensed statements of operations. | ||||||||||||||||||||||||
Quarter Ended September 30, 2013 | |||||||||||||||||||||||||
Hawaii | Atlantic | Contracted | Total | ||||||||||||||||||||||
Gas | Aviation | Power and | Reportable | ||||||||||||||||||||||
Energy | Segments | ||||||||||||||||||||||||
Net income | $ | 4,827 | $ | 7,569 | $ | 3,507 | $ | 15,903 | |||||||||||||||||
Interest expense, net | 2,097 | 11,481 | 2,172 | 15,750 | |||||||||||||||||||||
Provision for income taxes | 3,191 | 5,185 | 1,557 | 9,933 | |||||||||||||||||||||
Depreciation (1) | 1,849 | 6,094 | 3,716 | 11,659 | |||||||||||||||||||||
Amortization of intangibles | 311 | 7,978 | 329 | 8,618 | |||||||||||||||||||||
Other non-cash expense (income) | 604 | (1 | ) | (3,805 | ) | (3,202 | ) | ||||||||||||||||||
EBITDA excluding non-cash items | $ | 12,879 | $ | 38,306 | $ | 7,476 | $ | 58,661 | |||||||||||||||||
-1 | Depreciation includes depreciation expense for the district energy business, a component of the CP&E segment prior to the Company's divestiture of the business on August 21, 2014, which was reported in cost of services in the consolidated condensed statements of operations. | ||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
IMTT(1) | Hawaii Gas | Atlantic | Contracted | Total | |||||||||||||||||||||
Aviation | Power and | Reportable | |||||||||||||||||||||||
Energy | Segments | ||||||||||||||||||||||||
Net income (loss) | $ | 13,726 | $ | 17,738 | $ | 30,004 | $ | (833 | ) | $ | 60,635 | ||||||||||||||
Interest expense, net | 5,129 | 5,267 | 27,606 | 7,757 | 45,759 | ||||||||||||||||||||
Provision for income taxes | 7,823 | 11,709 | 18,001 | 1,414 | 38,947 | ||||||||||||||||||||
Depreciation (2) | 22,926 | 5,926 | 20,794 | 15,268 | 64,914 | ||||||||||||||||||||
Amortization of intangibles | 1,578 | 935 | 26,239 | 838 | 29,590 | ||||||||||||||||||||
Loss on extinguishment of debt | - | - | - | 90 | 90 | ||||||||||||||||||||
Loss on disposal of assets | - | - | 822 | - | 822 | ||||||||||||||||||||
Loss from customer contract termination | - | - | - | 1,269 | 1,269 | ||||||||||||||||||||
Equity in loss of investee | - | - | - | 68 | 68 | ||||||||||||||||||||
Other non-cash expense (income) | 1,654 | 1,585 | 271 | (3,805 | ) | (295 | ) | ||||||||||||||||||
EBITDA excluding non-cash items | $ | 52,836 | $ | 43,160 | $ | 123,737 | $ | 22,066 | $ | 241,799 | |||||||||||||||
-1 | Represents IMTT results subsequent to July 16, 2014, the date of the IMTT Acquisition. | ||||||||||||||||||||||||
-2 | Depreciation includes depreciation expense for the district energy business, a component of the CP&E segment prior to the Company's divestiture of the business on August 21, 2014, which was reported in cost of services in the consolidated condensed statements of operations. | ||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Hawaii Gas | Atlantic | Contracted | Total Reportable | ||||||||||||||||||||||
Aviation | Power and | Segments | |||||||||||||||||||||||
Energy | |||||||||||||||||||||||||
Net income | $ | 16,196 | $ | 26,613 | $ | 3,805 | $ | 46,614 | |||||||||||||||||
Interest expense, net | 5,040 | 20,206 | 5,914 | 31,160 | |||||||||||||||||||||
Provision for income taxes | 10,669 | 18,009 | 2,972 | 31,650 | |||||||||||||||||||||
Depreciation(1) | 5,573 | 17,983 | 10,195 | 33,751 | |||||||||||||||||||||
Amortization of intangibles | 935 | 23,934 | 997 | 25,866 | |||||||||||||||||||||
Loss on extinguishment of debt | - | 2,434 | - | 2,434 | |||||||||||||||||||||
Loss from customer contract termination | - | - | 1,626 | 1,626 | |||||||||||||||||||||
Loss on disposal of assets | - | 106 | - | 106 | |||||||||||||||||||||
Other non-cash expense (income) | 1,592 | (116 | ) | (6,142 | ) | (4,666 | ) | ||||||||||||||||||
EBITDA excluding non-cash items | $ | 40,005 | $ | 109,169 | $ | 19,367 | $ | 168,541 | |||||||||||||||||
-1 | Depreciation includes depreciation expense for the district energy business, a component of the CP&E segment prior to the Company's divestiture of the business on August 21, 2014, which was 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 | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Total reportable segments EBITDA excluding non-cash items | $ | 117,856 | $ | 58,661 | $ | 241,799 | $ | 168,541 | |||||||||||||||||
Interest income | 10 | 39 | 105 | 182 | |||||||||||||||||||||
Interest expense | (16,566 | ) | (15,767 | ) | (48,522 | ) | (31,190 | ) | |||||||||||||||||
Depreciation(1) | (36,921 | ) | (11,659 | ) | (64,914 | ) | (33,751 | ) | |||||||||||||||||
Amortization of intangibles | (11,369 | ) | (8,618 | ) | (29,590 | ) | (25,866 | ) | |||||||||||||||||
Loss on extinguishment of debt | (90 | ) | — | (90 | ) | (2,434 | ) | ||||||||||||||||||
Loss from customer contract termination | (1,269 | ) | — | (1,269 | ) | (1,626 | ) | ||||||||||||||||||
Loss on disposal of assets | (6 | ) | — | (822 | ) | (106 | ) | ||||||||||||||||||
Selling, general and administrative - corporate | (8,860 | ) | (1,278 | ) | (12,139 | ) | (4,987 | ) | |||||||||||||||||
Fees to manager | (130,501 | ) | (15,242 | ) | (153,990 | ) | (76,912 | ) | |||||||||||||||||
Gain from acquisition/divestiture of businesses | 1,027,054 | — | 1,027,054 | — | |||||||||||||||||||||
Equity in earnings and amortization charges of investees | 993 | 8,576 | 26,079 | 30,327 | |||||||||||||||||||||
Other (expense) income, net | (2,119 | ) | (634 | ) | (1,614 | ) | 1,070 | ||||||||||||||||||
Total consolidated net income before income taxes | $ | 938,212 | $ | 14,078 | $ | 982,087 | $ | 23,248 | |||||||||||||||||
-1 | Depreciation includes depreciation expense for the district energy business, a component of the CP&E segment prior to the Company's divestiture of the business on August 21, 2014, which was 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 | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
IMTT(1) | $ | 27,340 | $ | — | $ | 27,340 | $ | — | |||||||||||||||||
Hawaii Gas | 4,372 | 5,357 | 12,353 | 15,402 | |||||||||||||||||||||
Atlantic Aviation | 10,385 | 5,511 | 27,057 | 16,255 | |||||||||||||||||||||
Contracted Power and Energy | 3,762 | 2,116 | 15,162 | 19,778 | |||||||||||||||||||||
Total | $ | 45,859 | $ | 12,984 | $ | 81,912 | $ | 51,435 | |||||||||||||||||
-1 | Represents IMTT's capital expenditures subsequent to July 16, 2014, the date of the IMTT Acquisition. | ||||||||||||||||||||||||
Property, equipment, land and leasehold improvements, goodwill and total assets for the Company's reportable segments as of September 30th were as follows ($ in thousands): | |||||||||||||||||||||||||
Property, Equipment, | Goodwill | Total Assets | |||||||||||||||||||||||
Land and Leasehold | |||||||||||||||||||||||||
Improvements | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
IMTT | $ | 2,411,641 | $ | — | $ | 1,350,361 | $ | — | $ | 4,094,385 | $ | — | |||||||||||||
Hawaii Gas | 194,562 | 178,954 | 120,193 | 120,193 | 383,098 | 380,933 | |||||||||||||||||||
Atlantic Aviation | 320,527 | 259,010 | 458,666 | 375,800 | 1,541,020 | 1,315,977 | |||||||||||||||||||
Contracted Power and Energy | 289,331 | 339,103 | — | 17,946 | 336,651 | 430,421 | |||||||||||||||||||
Total | $ | 3,216,061 | $ | 777,067 | $ | 1,929,220 | $ | 513,939 | $ | 6,355,154 | $ | 2,127,331 | |||||||||||||
Reconciliation of reportable segments' total assets to consolidated total assets ($ in thousands): | |||||||||||||||||||||||||
As of September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Total assets of reportable segments | $ | 6,355,154 | $ | 2,127,331 | |||||||||||||||||||||
Investment in unconsolidated business | — | 86,554 | |||||||||||||||||||||||
Corporate and other | 22,444 | 35,289 | |||||||||||||||||||||||
Total consolidated assets | $ | 6,377,598 | $ | 2,249,174 |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Related Party Transactions | ' | |||||||||||||||
11. Related Party Transactions | ||||||||||||||||
Management Services | ||||||||||||||||
At September 30, 2014 and December 31, 2013, the Manager held 3,712,701 shares and 3,120,187 shares, respectively, of the Company. Pursuant to the terms of the management services agreement, or Management Agreement, the Manager may sell these shares at any time. As discussed in Note 9, “Members' Equity”, as part of the Company's equity offering completed in May of 2013, the Manager sold 3,182,625 of its shares and received proceeds of $178.2 million, net of underwriting fees and expenses. Under the Management Agreement, the Manager, at its option, may reinvest performance fees and base management fees in shares of the Company. | ||||||||||||||||
Since January 1, 2013, the Company paid the Manager cash dividends on shares held for the following periods: | ||||||||||||||||
Cash Paid | ||||||||||||||||
to Manager | ||||||||||||||||
Declared | Period Covered | $ per | Record Date | Payable Date | (in | |||||||||||
Share | thousands) | |||||||||||||||
October 27, 2014 | Third quarter 2014 | $ | 0.98 | November 10, 2014 | November 13, 2014 | $ | -1 | |||||||||
July 3, 2014 | Second quarter 2014 | $ | 0.95 | August 11, 2014 | August 14, 2014 | $ | 3,402 | |||||||||
April 28, 2014 | First quarter 2014 | $ | 0.9375 | May 12, 2014 | May 15, 2014 | $ | 3,180 | |||||||||
February 18, 2014 | Fourth quarter 2013 | $ | 0.9125 | March 3, 2014 | March 6, 2014 | $ | 2,945 | |||||||||
October 25, 2013 | Third quarter 2013 | $ | 0.875 | November 11, 2013 | November 14, 2013 | $ | 2,442 | |||||||||
July 29, 2013 | Second quarter 2013 | $ | 0.875 | August 12, 2013 | August 15, 2013 | $ | 2,744 | |||||||||
April 26, 2013 | First quarter 2013 | $ | 0.6875 | May 13, 2013 | May 16, 2013 | $ | 1,872 | |||||||||
-1 | The amount of dividend payable to the Manager for the third quarter of 2014 will be determined on November 10, 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 monthly base management fee based primarily on the Company's market capitalization, and potentially a quarterly performance fee, based on the performance of the Company's stock relative to a U.S. utilities index. For the quarter and nine months ended September 30, 2014, the Company recorded base management fees of $13.9 million and $32.4 million, respectively, and performance fees of $116.6 million and $121.5 million, respectively, payable to the Manager. Consistent with the Management Services Agreement, the Manager elected to reinvest these fees in additional shares of the Company. However, for the third quarter of 2014, the Board requested, and the Manager agreed, that $65.0 million of the performance fee be settled in cash using the proceeds from the sale of the district energy business in order to minimize dilution. The remainder of the fee of $51.6 million was reinvested in additional shares of MIC. For the quarter and nine months ended September 30, 2013, the Company incurred base management fees of $8.3 million and $23.5 million, respectively, and performance fees of $6.9 million and $53.4 million, respectively, payable to the Manager. Except for the portion of the third quarter of 2014 performance fee that was paid in cash in October of 2014, in all of the other periods listed below, the Manager elected to reinvest the base management and any performance fees in additional shares. | ||||||||||||||||
The unpaid portion of the base management fees and performance fees, if any, at the end of each reporting period are included in due to manager-related party in the consolidated condensed balance sheets.The following table shows the Manager's election to reinvest its base management fees and performance fees, if any, in additional shares: | ||||||||||||||||
Base Management | Performance | |||||||||||||||
Fee Amount | Fee Amount | Shares | ||||||||||||||
Period | ($ in thousands) | ($ in thousands) | Issued | |||||||||||||
2014 Activities: | ||||||||||||||||
Third quarter 2014 | $ | 13,915 | $ | 116,586 | 947,583 | -1 | ||||||||||
Second quarter 2014 | 9,535 | 4,960 | 243,329 | |||||||||||||
First quarter 2014 | 8,994 | - | 164,546 | |||||||||||||
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 | In October of 2014, the Board requested, and the Manager agreed, that $65.0 million of the performance fee be settled in cash using the proceeds from the sale of the district energy business in order to minimize dilution. The remainder of the fee of $51.6 million was reinvested in additional shares of MIC. The Company issued 947,583 shares, of which 816,053 shares were issued in October of 2014 for the September of 2014 base management fee and the portion of the third quarter of 2014 performance fee. The Company also paid the cash portion of the performance fee to the Manager during October of 2014. | |||||||||||||||
The Manager is not entitled to any other compensation and all costs incurred by the Manager, including compensation of seconded staff, are paid by the Manager out of its base management fee. However, the Company is responsible for other direct costs including, but not limited to, expenses incurred in the administration or management of the Company and its subsidiaries and investments, income taxes, audit and legal fees, acquisitions and dispositions and its compliance with applicable laws and regulations. During the quarter and nine months ended September 30, 2014, the Manager charged the Company $186,000 and $394,000, respectively, for reimbursement of out-of-pocket expenses compared with $137,000 and $426,000, for the quarter and nine months ended September 30, 2013, respectively. The unpaid portion of the out-of-pocket expenses at the end of the reporting period is included in due to manager-related party in the consolidated condensed balance sheets. | ||||||||||||||||
Other Services | ||||||||||||||||
The Company utilizes the resources of the Macquarie Group with respect to a range of advisory, procurement, insurance, hedging, lending and other services. Engagements involving members of the Macquarie Group are reviewed and approved by the Audit Committee of the Company's Board of Directors. Macquarie Group affiliates are engaged on an arm's length basis and frequently as a member of syndicate of providers whose other members establish the terms of the interaction. | ||||||||||||||||
Advisory Services | ||||||||||||||||
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. | ||||||||||||||||
The district energy business' credit facility was scheduled to 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. In August of 2014, the Company paid $1.6 million to MCUSA for such services upon closing of the sale of district energy business. See Note 4, “Acquisitions and Disposition”, for further discussions. | ||||||||||||||||
The Company completed underwritten public offerings and sales of shares 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. | ||||||||||||||||
In July of 2014, the Company completed underwritten public offerings of 11,500,000 shares and $350.0 million aggregate principal amount of convertible senior notes. In both transactions, MCUSA served as a joint book-running manager and an underwriter and received $3.0 million and $1.1 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 (“AA Credit Agreement”). 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. 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. | ||||||||||||||||
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. | ||||||||||||||||
MIC engaged MCUSA in connection with its ongoing initiative to bring Liquefied Natural Gas to the state of Hawaii. During the nine months ended September 30, 2013, 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 nine months ended September 30, 2014. | ||||||||||||||||
Long-Term Debt | ||||||||||||||||
As discussed in Note 7, “Long-Term Debt”, Atlantic Aviation entered into a credit agreement on May 31, 2013. The credit agreement provides for a seven-year, $465.0 million senior secured first lien term loan facility and a five-year, $70.0 million senior secured first lien revolving credit facility. The $70.0 million revolving credit facility is provided by various financial institutions, including MBL which provides $15.7 million. At September 30, 2014 and December 31, 2013, the revolving credit facility remained undrawn. For the quarter and nine months ended September 30, 2014, Atlantic Aviation incurred $27,000 and $79,000, respectively, in commitment fees related to MBL's portion of the revolving credit facility. For the quarter and nine months ended September 30, 2013, Atlantic Aviation incurred $18,000 and $27,000, respectively, in such fees. | ||||||||||||||||
In July of 2014, the Company entered into a credit agreement that provides a five-year, $250.0 million senior secured first lien revolving credit facility, of which $50.0 million is committed by MIHI LLC. Upon closing, the Company paid MIHI LLC $250,000 in fees. For the quarter and nine months ended September 30, 2014, the Company incurred $29,000 in commitment fees related to MIHI LLC'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 nine months ended September 30, 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 CP&E purchase and renew property and casualty insurance coverage on an ongoing basis from insurance underwriters who then pay commissions to MIF. For the nine months ended September 30, 2014 and 2013, no payments were made directly to MIF for property and casualty insurance. | ||||||||||||||||
In July of 2014, in connection with the acquisition of the remaining interest of IMTT, the Company purchased insurance from an insurance underwriter who then paid commission to MIF. No payments were made directly to MIF for representations and warranties insurance. | ||||||||||||||||
Atlantic Aviation entered into a copiers lease agreement with Macquarie Equipment Finance, or MEF, an indirect subsidiary of Macquarie Group Limited. For the quarter and nine months ended September 30, 2014, Atlantic Aviation incurred $6,000 and $18,000, respectively, in lease expense on these copiers as compared to $6,000 and $17,000 for the quarter and nine months ended September 30, 2013, respectively. As of September 30, 2014 and 2013, Atlantic Aviation had prepaid the October monthly payment to MEF for $2,000, which is included in prepaid expenses in the consolidated condensed balance sheets for respective periods. | ||||||||||||||||
Hawaii Gas entered into licensing agreements with Utility Service Partners, Inc. and America's Water Heater Rentals, LLC, both indirect subsidiaries of Macquarie Group Limited, to enable these entities to offer products and services to Hawaii Gas's customer base. No payments were made under these arrangements during the nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
12. Income Taxes | |
The Company expects to incur a federal consolidated taxable loss for the year ending December 31, 2014, which will increase the net operating loss carryforward. The Company believes that it will be able to utilize its federal prior year NOLs, except for approximately $13.3 million, of which $5.5 million was inherited in connection with the IMTT Acquisition. During the nine months ended September 30, 2014, the Company recorded an increase of approximately $2.0 million to the valuation allowance attributable to certain state NOLs. On July 16, 2014, the Company acquired the remaining 50% interest in IMTT and therefore becomes part of the consolidated group. As such, any taxable income earned by IMTT for the short period ending December 31, 2014 will be offset by MIC's NOL carryforwards, and any losses by IMTT would be eligible to be added to MIC's NOL carryforwards. On August 21, 2014, the Company sold its interest in the district energy business. This resulted in a taxable gain of $30.4 million, which was offset by the Company's NOLs. |
Legal_Proceedings_and_Continge
Legal Proceedings and Contingencies | 9 Months Ended |
Sep. 30, 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. | |
The Bayonne, New Jersey terminal, portions of which have been acquired and aggregated over a 30 year period, contain pervasive remediation requirements that were assumed at the time of purchase from the various former owners. One former owner retained environmental remediation responsibilities for a purchased site as well as sharing other remediation costs. These remediation requirements are documented in two memoranda of agreement and an administrative consent order with the state of New Jersey. Remediation efforts entail removal of free product, soil treatment, repair/replacement of sewer systems, and the implementation of containment and monitoring systems. These remediation activities are estimated to span a period of ten to twenty or more years at a cost ranging from $29.7 million to $51.3 million. The remediation activities at the terminal is estimated based on currently available information, in undiscounted U.S. dollars and is inherently subject to relatively large fluctuation. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
14. Subsequent Events | |
Dividend | |
On October 27, 2014, the Board of Directors declared a dividend of $0.98 per share for the quarter ended September 30, 2014, which is expected to be paid on November 13, 2014 to holders of record on November 10, 2014. |
Income_per_Share_Tables
Income per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Income per Share [Abstract] | ' | ||||||||||||||||
Schedule of Reconciliation of Income per Share | ' | ||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income attributable to MIC LLC | $ | 990,993 | $ | 10,407 | $ | 1,021,059 | $ | 15,430 | |||||||||
Interest expense attributable to convertible senior | 1,169 | - | 1,169 | - | |||||||||||||
notes, net of taxes | |||||||||||||||||
Diluted net income attributable to MIC LLC | $ | 992,162 | $ | 10,407 | $ | 1,022,228 | $ | 15,430 | |||||||||
Denominator: | |||||||||||||||||
Weighted average number of shares outstanding: basic | 68,005,171 | 53,043,185 | 60,354,086 | 50,525,617 | |||||||||||||
Dilutive effect of restricted stock unit grants | 12,525 | 12,910 | 12,675 | 15,896 | |||||||||||||
Dilutive effect of convertible senior notes | 3,499,801 | - | 1,179,420 | - | |||||||||||||
Weighted average number of shares outstanding: | 71,517,497 | 53,056,095 | 61,546,181 | 50,541,513 | |||||||||||||
diluted | |||||||||||||||||
Income per share: | |||||||||||||||||
Basic income per share attributable to MIC LLC | $ | 14.57 | $ | 0.2 | $ | 16.92 | $ | 0.31 | |||||||||
Diluted income per share attributable to MIC | $ | 13.87 | $ | 0.2 | $ | 16.61 | $ | 0.31 | |||||||||
LLC |
Acquisitions_and_Disposition_T
Acquisitions and Disposition (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Galaxy And Boca Aviation Acquisitions [Member] | ' | |||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||
Schedule of Assets Acquired and Liabilities Assumed | ' | |||||||||||||
Inventories | $ | 474 | ||||||||||||
Other current assets | 27 | |||||||||||||
Total current assets | 501 | |||||||||||||
Property, equipment, land and leasehold improvements | 29,328 | |||||||||||||
Intangible assets: | ||||||||||||||
Trade names(1) | 100 | |||||||||||||
Customer relationships(2) | 900 | |||||||||||||
Contractual arrangements(3) | 118,500 | |||||||||||||
Goodwill(4) | 82,463 | |||||||||||||
Total assets acquired | $ | 231,792 | ||||||||||||
Current liabilities | $ | 1,792 | ||||||||||||
Total liabilities assumed | $ | 1,792 | ||||||||||||
Net assets acquired | $ | 230,000 | ||||||||||||
-1 | Trade names are indefinite in life. | |||||||||||||
-2 | Customer relationships are being amortized over an eight year period. | |||||||||||||
-3 | Contractual arrangements are being amortized over a weighted average life of twenty five years. | |||||||||||||
-4 | Goodwill of $82.5 million is deductible for tax purposes. | |||||||||||||
International Matex Tank Terminals [Member] | ' | |||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||
Schedule of Assets Acquired and Liabilities Assumed | ' | |||||||||||||
Cash and cash equivalents | $ | 26,094 | ||||||||||||
Accounts receivable | 38,350 | |||||||||||||
Inventories | 7,054 | |||||||||||||
Other current assets | 43,664 | |||||||||||||
Total current assets | 115,162 | |||||||||||||
Property, equipment, land and leasehold improvements | 2,415,716 | |||||||||||||
Intangible assets: | ||||||||||||||
Software(1) | 8,300 | |||||||||||||
Customer relationships(2) | 203,200 | |||||||||||||
Goodwill(3) | 1,350,361 | |||||||||||||
Other noncurrent assets | 28,898 | |||||||||||||
Total assets acquired | $ | 4,121,637 | ||||||||||||
Accounts payable | $ | 26,072 | ||||||||||||
Accrued expenses | 48,512 | |||||||||||||
Current portion of long term debt | 7,237 | |||||||||||||
Other current liabilities | 43,960 | |||||||||||||
Total current liabilities | 125,781 | |||||||||||||
Long-term debt, net of current portion | 1,013,731 | |||||||||||||
Deferred income taxes | 813,183 | |||||||||||||
Other noncurrent liabilities | 100,595 | |||||||||||||
Total liabilities assumed | 2,053,290 | |||||||||||||
Noncontrolling interest | 14,723 | |||||||||||||
Net assets acquired | $ | 2,053,624 | ||||||||||||
Less: Write-off of equity method investment | (72,495 | ) | ||||||||||||
Less: Write-off of accumulated other comprehensive loss | (4,367 | ) | ||||||||||||
Less: Gain on remeasuring the equity method investment to fair value | (948,138 | ) | ||||||||||||
Net assets paid | $ | 1,028,624 | ||||||||||||
-1 | Software is being amortized over a five year period. | |||||||||||||
-2 | Customer relationships are being amortized over a weighted average life of twenty eight years. | |||||||||||||
-3 | Goodwill is not deductible for tax purposes. | |||||||||||||
Schedule of Pro Forma Results | ' | |||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Revenues | $ | 409,576 | $ | 390,166 | $ | 1,257,310 | $ | 1,164,245 | ||||||
Net income attributable to MIC LLC(1) | 1,649 | 16,481 | 44,530 | 37,643 | ||||||||||
-1 | The effective tax rate used to calculate net income attributable to MIC LLC was 44.99% and 39.12% for 2014 and 2013 periods, respectively. | |||||||||||||
Property_Equipment_Land_and_Le1
Property, Equipment, Land and Leasehold Improvements (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Equipment, Land and Leasehold Improvements [Abstract] | ' | ||||||||
Schedule of Property and Equipment | ' | ||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 271,500 | $ | 4,854 | |||||
Easements | 131 | 5,624 | |||||||
Buildings | 39,261 | 25,143 | |||||||
Leasehold and land improvements | 430,825 | 357,903 | |||||||
Machinery and equipment | 2,594,001 | 674,839 | |||||||
Furniture and fixtures | 23,697 | 11,416 | |||||||
Construction in progress | 117,927 | 35,637 | |||||||
Property held for future use | - | 1,975 | |||||||
3,477,342 | 1,117,391 | ||||||||
Less: accumulated depreciation | (261,281 | ) | (263,222 | ) | |||||
Property, equipment, land and leasehold improvements, net | $ | 3,216,061 | $ | 854,169 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Intangible Assets [Abstract] | ' | ||||||||
Schedule of Intangible Assets | ' | ||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Contractual arrangements | $ | 863,476 | $ | 746,231 | |||||
Non-compete agreements | 9,665 | 9,665 | |||||||
Customer relationships | 269,906 | 80,255 | |||||||
Leasehold rights | 350 | 2,121 | |||||||
Trade names | 15,771 | 15,671 | |||||||
Technology | 8,760 | 460 | |||||||
1,167,928 | 854,403 | ||||||||
Less: accumulated amortization | (277,815 | ) | (261,553 | ) | |||||
Intangible assets, net | $ | 890,113 | $ | 592,850 | |||||
Schedule of Goodwill | ' | ||||||||
Goodwill acquired in business combinations, net of disposals, at December 31, 2013 | $ | 637,694 | |||||||
Add: goodwill related to acquisitions | 1,432,672 | ||||||||
Less: goodwill associated with sold business | (17,946 | ) | |||||||
Less: accumulated impairment charges | (123,200 | ) | |||||||
Balance at September 30, 2014 | $ | 1,929,220 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Long-Term Debt [Abstract] | ' | ||||||||
Schedule of Long-Term Debt | ' | ||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Hawaii Gas | $ | 180,000 | $ | 180,000 | |||||
IMTT | 797,908 | - | |||||||
Atlantic Aviation | 613,005 | 517,773 | |||||||
Contracted Power and Energy | 139,858 | 296,337 | |||||||
MIC Corporate | 350,000 | - | |||||||
Total | 2,080,771 | 994,110 | |||||||
Less: current portion | (19,954 | ) | (163,083 | ) | |||||
Long-term portion | $ | 2,060,817 | $ | 831,027 | |||||
Revolving Credit Facility [Member] | ' | ||||||||
Debt Instrument [Line Items] | ' | ||||||||
Schedule of Key Terms | ' | ||||||||
USD Revolving Credit Facility | CAD Revolving Credit Facility | ||||||||
Total Committed Amount | $1,252.5 million | $50.0 million | |||||||
Amount outstanding at September 30, 2014 | $258.0 million | $6.3 million | |||||||
Maturity | 15-Feb-18 | 15-Feb-18 | |||||||
Amortization | Revolving, payable at maturity | Revolving, payable at maturity | |||||||
Interest Rate | LIBOR plus 2.00% at September 30, 2014 | Bankers' Acceptances (BA) Rate | |||||||
plus 2.00% at September 30, 2014 | |||||||||
Commitment Fees | 0.375% at September 30, 2014 | 0.375% at September 30, 2014 | |||||||
GO Zone Bonds [Member] | ' | ||||||||
Debt Instrument [Line Items] | ' | ||||||||
Schedule of Key Terms | ' | ||||||||
Facility Term | Gulf Opportunity Zone | Gulf Opportunity Zone | Gulf Opportunity | Gulf Opportunity | |||||
Bonds I | Bonds II | Zone | Zone | ||||||
Bonds III | Bonds IV | ||||||||
Amount outstanding at September 30, 2014 | $215.0 million | $85.0 million | $92.5 million | $83.2 million | |||||
Maturity | Jul-43 | Aug-46 | December 2040 | December 2040 | |||||
Amortization | Payable at maturity | Payable at maturity | Amortizes over | Amortizes over life of bond subject to tender in 2018 | |||||
life of bond subject to tender in 2018 | |||||||||
Interest Rate | Floating at | Floating at | 68% of 30 day LIBOR plus 1.39% at September 30, 2014 | 68% of 30 day LIBOR plus 1.39% at September 30, 2014 | |||||
tax-exempt bond weekly tender rates | tax-exempt bond weekly tender rates | ||||||||
Security | Secured (required to be supported at all times by bank letter of credit issued under the revolving credit facility) | Secured (required to be supported at all times by bank letter of credit issued under the revolving credit facility) | Unsecured | Unsecured | |||||
NJEDA Bonds [Member] | ' | ||||||||
Debt Instrument [Line Items] | ' | ||||||||
Schedule of Key Terms | ' | ||||||||
Facility Term | New Jersey Economic Development | New Jersey Economic Development | |||||||
Authority Dock Facility Revenue | Authority Variable-Rate Demand | ||||||||
Refund Bonds | Revenue Refunding Bond | ||||||||
Amount outstanding at September 30, 2014 | $30.0 million | $6.3 million | |||||||
Maturity | Dec-27 | Dec-21 | |||||||
Amortization | Payable at maturity | Payable at maturity | |||||||
Interest Rate | Floating at tax-exempt bond daily tender rates | Floating at tax-exempt bond daily tender rates | |||||||
Security | Secured (required to be supported at all times by bank letter of credit issued under the revolving credit facility) | Secured (required to be supported at all times by bank letter of credit issued under the revolving credit facility) | |||||||
Letter of Credit [Member] | ' | ||||||||
Debt Instrument [Line Items] | ' | ||||||||
Schedule of Key Terms | ' | ||||||||
Facility Term | Letter of Credit Facility | ||||||||
Total Committed Amount at September 30, 2014 | $50.7 million | ||||||||
Maturity | 4-Dec-14 | ||||||||
Fees | 2.25% |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | September 30, | 31-Dec-13 | |||||||||||||||
2014 | |||||||||||||||||
Fair value of derivative instruments - current assets (2)(3) | $ | 50 | $ | 1 | |||||||||||||
Fair value of derivative instruments - non - current assets (3) | 2,882 | 6,880 | |||||||||||||||
Total interest rate derivative contracts - assets (2)(3) | $ | 2,932 | $ | 6,881 | |||||||||||||
Fair value of derivative instruments - current liabilities (3) | $ | (26,734 | ) | $ | (13,027 | ) | |||||||||||
Fair value of derivative instruments - non-current liabilities (3) | (20,349 | ) | - | ||||||||||||||
Total interest rate derivative contracts - liabilities (3) | $ | (47,083 | ) | $ | (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 Gain (Loss) | Amount of Loss | ||||||||||||||||
Recognized in | Recognized in | ||||||||||||||||
Interest Expense for the | Interest Expense for the | ||||||||||||||||
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Financial Statement Account | 2014(1) | 2013(2) | 2014(1) | 2013(2) | |||||||||||||
Interest expense - Interest rate cap | $ | - | $ | (38 | ) | $ | (1 | ) | $ | (91 | ) | ||||||
Interest expense - Interest rate swaps | 820 | (7,998 | ) | (13,130 | ) | (9,492 | ) | ||||||||||
Total | $ | 820 | $ | (8,036 | ) | $ | (13,131 | ) | $ | (9,583 | ) | ||||||
-1 | Interest expense for the quarter and nine months ended September 30, 2014 includes gains of $1.1 million and losses of $12.3 million, respectively, of derivative losses and $348,000 and $856,000, respectively, for amounts reclassified from accumulated other comprehensive loss for the interest rate swap contracts. | ||||||||||||||||
-2 | Interest expense for the quarter and nine months ended September 30, 2013 includes losses of $7.6 million and $8.3 million, respectively, of derivative losses and $344,000 and $1.2 million, respectively, for amounts reclassified from accumulated other comprehensive loss for interest rate swap contracts. |
Members_Equity_Tables
Members' Equity (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Members' Equity [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||||||
Cash Flow | Post-Retirement | Translation | Total Accumulated | Noncontrolling | Total Members' | ||||||||||||||||||||
Hedges, net of | Benefit Plans, net of | Adjustment, net of | Other Comprehensive | Interests | Accumulated Other | ||||||||||||||||||||
taxes(1) | taxes(2) | taxes(3) | Loss, net of taxes | Comprehensive Loss, net of | |||||||||||||||||||||
taxes | |||||||||||||||||||||||||
Balance at December 31, 2012 | $ | (1,538 | ) | $ | (20,466 | ) | $ | 514 | $ | (21,490 | ) | $ | 689 | $ | (20,801 | ) | |||||||||
Reclassification of realized losses of derivatives into earnings | 733 | - | - | 733 | (351 | ) | 382 | ||||||||||||||||||
Balance at September 30, 2013 | $ | (805 | ) | $ | (20,466 | ) | $ | 514 | $ | (20,757 | ) | $ | 338 | $ | (20,419 | ) | |||||||||
Balance at December 31, 2013 | $ | (636 | ) | $ | (8,021 | ) | $ | (46 | ) | $ | (8,703 | ) | $ | 258 | $ | (8,445 | ) | ||||||||
Reclassification of realized losses | 636 | - | - | 636 | (258 | ) | 378 | ||||||||||||||||||
of derivatives into earnings | |||||||||||||||||||||||||
Change in post-retirement benefit plan | - | 4,219 | - | 4,219 | - | 4,219 | |||||||||||||||||||
Translation adjustment | - | - | (987 | ) | (987 | ) | 360 | (627 | ) | ||||||||||||||||
Balance at September 30, 2014 | $ | - | $ | (3,802 | ) | $ | (1,033 | ) | $ | (4,835 | ) | $ | 360 | $ | (4,475 | ) | |||||||||
-1 | For the nine months ended September 30, 2014 and 2013, reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $856,000 and $1.2 million, respectively, and the related tax benefit of $340,000 and $463,000, respectively, recorded in the consolidated condensed statements of operations; (ii) pre-tax derivative losses of $185,000 and $47,000, respectively, as an adjustment to investment in unconsolidated business, and an adjustment to deferred taxes of $65,000 and $16,000, respectively, recorded in the consolidated condensed balance sheet. For the quarter ended September 30, 2014, the Company wrote-off $162,000 for the amount related to the investment in unconsolidated business and related taxes of $57,000, previously accounted for under the equity method of accounting in conjunction to the IMTT Acquisition. This write-off is recorded in gain from acquisition/divestiture of businesses in the consolidated condensed statement of operations. See Note 4, "Acquisitions and Disposition" for further discussions. | ||||||||||||||||||||||||
-2 | Change in post-retirement benefit plans represents write-off of the remaining balance of $6.5 million and the related taxes of $2.3 million previously accounted for under the equity method of accounting during the third quarter of 2014 related to the IMTT Acquisition. This write-off is recorded in gain from acquisition/divestiture of businesses in the consolidated condensed statement of operations. See Note 4, "Acquisitions and Disposition" for further discussions. | ||||||||||||||||||||||||
-3 | Translation adjustment of $1.4 million and its related taxes of $405,000 for the nine months ended September 30, 2014 includes a write-off of the remaining balance of $66,000 and the related taxes of $23,000 previously accounted for under the equity method of accounting during the third quarter of 2014 related to the IMTT Acquisition. This write-off is recorded in gain from acquisition/divestiture of businesses in the consolidated condensed statement of operations. See Note 4, "Acquisitions and Disposition" for further discussions. |
Reportable_Segments_Tables
Reportable Segments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Schedule of Revenue From External Customers | ' | ||||||||||||||||||||||||
Quarter Ended September 30, 2014 | |||||||||||||||||||||||||
IMTT(1) | Hawaii Gas | Atlantic | Contracted | Total | |||||||||||||||||||||
Aviation | Power and | Reportable | |||||||||||||||||||||||
Energy | Segments | ||||||||||||||||||||||||
Service revenue | $ | 110,983 | $ | - | $ | 197,980 | $ | 8,952 | $ | 317,915 | |||||||||||||||
Product revenue | - | 64,494 | - | 5,850 | 70,344 | ||||||||||||||||||||
Financing and equipment lease income | - | - | - | 379 | 379 | ||||||||||||||||||||
Total revenue | $ | 110,983 | $ | 64,494 | $ | 197,980 | $ | 15,181 | $ | 388,638 | |||||||||||||||
-1 | Represents IMTT results subsequent to July 16, 2014, the date of the IMTT Acquisition. | ||||||||||||||||||||||||
Quarter Ended September 30, 2013 | |||||||||||||||||||||||||
Hawaii | Atlantic | Contracted | Total | ||||||||||||||||||||||
Gas | Aviation | Power and | Reportable | ||||||||||||||||||||||
Energy | Segments | ||||||||||||||||||||||||
Service revenue | $ | - | $ | 183,198 | $ | 15,586 | $ | 198,784 | |||||||||||||||||
Product revenue | 61,469 | - | 2,649 | 64,118 | |||||||||||||||||||||
Financing and equipment lease income | - | - | 817 | 817 | |||||||||||||||||||||
Total revenue | $ | 61,469 | $ | 183,198 | $ | 19,052 | $ | 263,719 | |||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
IMTT(1) | Hawaii Gas | Atlantic | Contracted | Total | |||||||||||||||||||||
Aviation | Power and | Reportable | |||||||||||||||||||||||
Energy | Segments | ||||||||||||||||||||||||
Service revenue | $ | 110,983 | $ | - | $ | 585,153 | $ | 29,487 | $ | 725,623 | |||||||||||||||
Product revenue | - | 202,979 | - | 15,338 | 218,317 | ||||||||||||||||||||
Financing and equipment lease income | - | - | - | 1,836 | 1,836 | ||||||||||||||||||||
Total revenue | $ | 110,983 | $ | 202,979 | $ | 585,153 | $ | 46,661 | $ | 945,776 | |||||||||||||||
(1) Represents IMTT results subsequent to July 16, 2014, the date of the IMTT Acquisition. | |||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Hawaii Gas | Atlantic | Contracted | Total | ||||||||||||||||||||||
Aviation | Power and | Reportable | |||||||||||||||||||||||
Energy | Segments | ||||||||||||||||||||||||
Service revenue | $ | - | $ | 541,840 | $ | 35,618 | $ | 577,458 | |||||||||||||||||
Product revenue | 193,088 | - | 7,167 | 200,255 | |||||||||||||||||||||
Financing and equipment lease income | - | - | 2,779 | 2,779 | |||||||||||||||||||||
Total revenue | $ | 193,088 | $ | 541,840 | $ | 45,564 | $ | 780,492 | |||||||||||||||||
Schedule of EBITDA for Reportable Segments | ' | ||||||||||||||||||||||||
Quarter Ended September 30, 2014 | |||||||||||||||||||||||||
IMTT(1) | Hawaii Gas | Atlantic | Contracted | Total | |||||||||||||||||||||
Aviation | Power and | Reportable | |||||||||||||||||||||||
Energy | Segments | ||||||||||||||||||||||||
Net income (loss) | $ | 13,726 | $ | 5,249 | $ | 13,751 | $ | (572 | ) | $ | 32,154 | ||||||||||||||
Interest expense, net | 5,129 | 1,589 | 4,689 | 2,422 | 13,829 | ||||||||||||||||||||
Provision for income taxes | 7,823 | 3,590 | 9,231 | 199 | 20,843 | ||||||||||||||||||||
Depreciation (2) | 22,926 | 1,997 | 7,203 | 4,795 | 36,921 | ||||||||||||||||||||
Amortization of intangibles | 1,578 | 311 | 9,290 | 190 | 11,369 | ||||||||||||||||||||
Loss on extinguishment of debt | - | - | - | 90 | 90 | ||||||||||||||||||||
Loss on disposal of assets | - | - | 6 | - | 6 | ||||||||||||||||||||
Loss from customer contract termination | - | - | - | 1,269 | 1,269 | ||||||||||||||||||||
Equity in loss of investee | - | - | - | 68 | 68 | ||||||||||||||||||||
Other non-cash expense (income) | 1,654 | 453 | 115 | (915 | ) | 1,307 | |||||||||||||||||||
EBITDA excluding non-cash items | $ | 52,836 | $ | 13,189 | $ | 44,285 | $ | 7,546 | $ | 117,856 | |||||||||||||||
-1 | Represents IMTT results subsequent to July 16, 2014, the date of the IMTT Acquisition. | ||||||||||||||||||||||||
-2 | Depreciation includes depreciation expense for the district energy business, a component of the CP&E segment, prior to the Company's divestiture of the business on August 21, 2014, which was reported in cost of services in the consolidated condensed statements of operations. | ||||||||||||||||||||||||
Quarter Ended September 30, 2013 | |||||||||||||||||||||||||
Hawaii | Atlantic | Contracted | Total | ||||||||||||||||||||||
Gas | Aviation | Power and | Reportable | ||||||||||||||||||||||
Energy | Segments | ||||||||||||||||||||||||
Net income | $ | 4,827 | $ | 7,569 | $ | 3,507 | $ | 15,903 | |||||||||||||||||
Interest expense, net | 2,097 | 11,481 | 2,172 | 15,750 | |||||||||||||||||||||
Provision for income taxes | 3,191 | 5,185 | 1,557 | 9,933 | |||||||||||||||||||||
Depreciation (1) | 1,849 | 6,094 | 3,716 | 11,659 | |||||||||||||||||||||
Amortization of intangibles | 311 | 7,978 | 329 | 8,618 | |||||||||||||||||||||
Other non-cash expense (income) | 604 | (1 | ) | (3,805 | ) | (3,202 | ) | ||||||||||||||||||
EBITDA excluding non-cash items | $ | 12,879 | $ | 38,306 | $ | 7,476 | $ | 58,661 | |||||||||||||||||
-1 | Depreciation includes depreciation expense for the district energy business, a component of the CP&E segment prior to the Company's divestiture of the business on August 21, 2014, which was reported in cost of services in the consolidated condensed statements of operations. | ||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
IMTT(1) | Hawaii Gas | Atlantic | Contracted | Total | |||||||||||||||||||||
Aviation | Power and | Reportable | |||||||||||||||||||||||
Energy | Segments | ||||||||||||||||||||||||
Net income (loss) | $ | 13,726 | $ | 17,738 | $ | 30,004 | $ | (833 | ) | $ | 60,635 | ||||||||||||||
Interest expense, net | 5,129 | 5,267 | 27,606 | 7,757 | 45,759 | ||||||||||||||||||||
Provision for income taxes | 7,823 | 11,709 | 18,001 | 1,414 | 38,947 | ||||||||||||||||||||
Depreciation (2) | 22,926 | 5,926 | 20,794 | 15,268 | 64,914 | ||||||||||||||||||||
Amortization of intangibles | 1,578 | 935 | 26,239 | 838 | 29,590 | ||||||||||||||||||||
Loss on extinguishment of debt | - | - | - | 90 | 90 | ||||||||||||||||||||
Loss on disposal of assets | - | - | 822 | - | 822 | ||||||||||||||||||||
Loss from customer contract termination | - | - | - | 1,269 | 1,269 | ||||||||||||||||||||
Equity in loss of investee | - | - | - | 68 | 68 | ||||||||||||||||||||
Other non-cash expense (income) | 1,654 | 1,585 | 271 | (3,805 | ) | (295 | ) | ||||||||||||||||||
EBITDA excluding non-cash items | $ | 52,836 | $ | 43,160 | $ | 123,737 | $ | 22,066 | $ | 241,799 | |||||||||||||||
-1 | Represents IMTT results subsequent to July 16, 2014, the date of the IMTT Acquisition. | ||||||||||||||||||||||||
-2 | Depreciation includes depreciation expense for the district energy business, a component of the CP&E segment prior to the Company's divestiture of the business on August 21, 2014, which was reported in cost of services in the consolidated condensed statements of operations. | ||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Hawaii Gas | Atlantic | Contracted | Total Reportable | ||||||||||||||||||||||
Aviation | Power and | Segments | |||||||||||||||||||||||
Energy | |||||||||||||||||||||||||
Net income | $ | 16,196 | $ | 26,613 | $ | 3,805 | $ | 46,614 | |||||||||||||||||
Interest expense, net | 5,040 | 20,206 | 5,914 | 31,160 | |||||||||||||||||||||
Provision for income taxes | 10,669 | 18,009 | 2,972 | 31,650 | |||||||||||||||||||||
Depreciation(1) | 5,573 | 17,983 | 10,195 | 33,751 | |||||||||||||||||||||
Amortization of intangibles | 935 | 23,934 | 997 | 25,866 | |||||||||||||||||||||
Loss on extinguishment of debt | - | 2,434 | - | 2,434 | |||||||||||||||||||||
Loss from customer contract termination | - | - | 1,626 | 1,626 | |||||||||||||||||||||
Loss on disposal of assets | - | 106 | - | 106 | |||||||||||||||||||||
Other non-cash expense (income) | 1,592 | (116 | ) | (6,142 | ) | (4,666 | ) | ||||||||||||||||||
EBITDA excluding non-cash items | $ | 40,005 | $ | 109,169 | $ | 19,367 | $ | 168,541 | |||||||||||||||||
-1 | Depreciation includes depreciation expense for the district energy business, a component of the CP&E segment prior to the Company's divestiture of the business on August 21, 2014, which was 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 | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Total reportable segments EBITDA excluding non-cash items | $ | 117,856 | $ | 58,661 | $ | 241,799 | $ | 168,541 | |||||||||||||||||
Interest income | 10 | 39 | 105 | 182 | |||||||||||||||||||||
Interest expense | (16,566 | ) | (15,767 | ) | (48,522 | ) | (31,190 | ) | |||||||||||||||||
Depreciation(1) | (36,921 | ) | (11,659 | ) | (64,914 | ) | (33,751 | ) | |||||||||||||||||
Amortization of intangibles | (11,369 | ) | (8,618 | ) | (29,590 | ) | (25,866 | ) | |||||||||||||||||
Loss on extinguishment of debt | (90 | ) | — | (90 | ) | (2,434 | ) | ||||||||||||||||||
Loss from customer contract termination | (1,269 | ) | — | (1,269 | ) | (1,626 | ) | ||||||||||||||||||
Loss on disposal of assets | (6 | ) | — | (822 | ) | (106 | ) | ||||||||||||||||||
Selling, general and administrative - corporate | (8,860 | ) | (1,278 | ) | (12,139 | ) | (4,987 | ) | |||||||||||||||||
Fees to manager | (130,501 | ) | (15,242 | ) | (153,990 | ) | (76,912 | ) | |||||||||||||||||
Gain from acquisition/divestiture of businesses | 1,027,054 | — | 1,027,054 | — | |||||||||||||||||||||
Equity in earnings and amortization charges of investees | 993 | 8,576 | 26,079 | 30,327 | |||||||||||||||||||||
Other (expense) income, net | (2,119 | ) | (634 | ) | (1,614 | ) | 1,070 | ||||||||||||||||||
Total consolidated net income before income taxes | $ | 938,212 | $ | 14,078 | $ | 982,087 | $ | 23,248 | |||||||||||||||||
-1 | Depreciation includes depreciation expense for the district energy business, a component of the CP&E segment prior to the Company's divestiture of the business on August 21, 2014, which was reported in cost of services in the consolidated condensed statements of operations. | ||||||||||||||||||||||||
Schedule of Capital Expenditures | ' | ||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
IMTT(1) | $ | 27,340 | $ | — | $ | 27,340 | $ | — | |||||||||||||||||
Hawaii Gas | 4,372 | 5,357 | 12,353 | 15,402 | |||||||||||||||||||||
Atlantic Aviation | 10,385 | 5,511 | 27,057 | 16,255 | |||||||||||||||||||||
Contracted Power and Energy | 3,762 | 2,116 | 15,162 | 19,778 | |||||||||||||||||||||
Total | $ | 45,859 | $ | 12,984 | $ | 81,912 | $ | 51,435 | |||||||||||||||||
-1 | Represents IMTT's capital expenditures subsequent to July 16, 2014, the date of the IMTT Acquisition. | ||||||||||||||||||||||||
Schedule of Assets of Reportable Segments | ' | ||||||||||||||||||||||||
Property, Equipment, | Goodwill | Total Assets | |||||||||||||||||||||||
Land and Leasehold | |||||||||||||||||||||||||
Improvements | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
IMTT | $ | 2,411,641 | $ | — | $ | 1,350,361 | $ | — | $ | 4,094,385 | $ | — | |||||||||||||
Hawaii Gas | 194,562 | 178,954 | 120,193 | 120,193 | 383,098 | 380,933 | |||||||||||||||||||
Atlantic Aviation | 320,527 | 259,010 | 458,666 | 375,800 | 1,541,020 | 1,315,977 | |||||||||||||||||||
Contracted Power and Energy | 289,331 | 339,103 | — | 17,946 | 336,651 | 430,421 | |||||||||||||||||||
Total | $ | 3,216,061 | $ | 777,067 | $ | 1,929,220 | $ | 513,939 | $ | 6,355,154 | $ | 2,127,331 | |||||||||||||
Schedule of Reconciliation of Assets of Reportable Segments | ' | ||||||||||||||||||||||||
As of September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Total assets of reportable segments | $ | 6,355,154 | $ | 2,127,331 | |||||||||||||||||||||
Investment in unconsolidated business | — | 86,554 | |||||||||||||||||||||||
Corporate and other | 22,444 | 35,289 | |||||||||||||||||||||||
Total consolidated assets | $ | 6,377,598 | $ | 2,249,174 | |||||||||||||||||||||
IMTT [Member] | ' | ||||||||||||||||||||||||
Schedule of Segment Information | ' | ||||||||||||||||||||||||
As of, and for the | As of, and for the | ||||||||||||||||||||||||
Fifteen Days | Quarter | Period From | Nine Months | ||||||||||||||||||||||
Ended July | Ended | January 1, | Ended | ||||||||||||||||||||||
15, | September | 2014 through July | September | ||||||||||||||||||||||
2014(1) | 30, | 15, | 30, 2013 | ||||||||||||||||||||||
2013 | 2014(1) | ||||||||||||||||||||||||
Revenue | $ | 20,937 | $ | 126,447 | $ | 311,533 | $ | 383,753 | |||||||||||||||||
Net income | $ | 2,512 | $ | 19,559 | $ | 57,496 | $ | 67,873 | |||||||||||||||||
Interest expense, net | 429 | 9,376 | 16,375 | 17,099 | |||||||||||||||||||||
Provision for income taxes | 1,708 | 15,181 | 38,265 | 48,894 | |||||||||||||||||||||
Depreciation and amortization | 3,002 | 19,051 | 40,922 | 56,109 | |||||||||||||||||||||
Casualty losses, net | - | 200 | - | 6,700 | |||||||||||||||||||||
Other non-cash expenses | 865 | 253 | 4,366 | 429 | |||||||||||||||||||||
EBITDA excluding non-cash items(2) | $ | 8,516 | $ | 63,620 | $ | 157,424 | $ | 197,104 | |||||||||||||||||
Capital expenditures paid | $ | 5,975 | $ | 29,154 | $ | 59,868 | $ | 119,652 | |||||||||||||||||
Property, equipment, land and leasehold improvements, net | 1,289,245 | 1,256,643 | 1,289,245 | 1,256,643 | |||||||||||||||||||||
Total assets | 1,415,370 | 1,349,708 | 1,415,370 | 1,349,708 | |||||||||||||||||||||
-1 | Amounts represents financial position of IMTT business prior to July 16, 2014, the date of the IMTT Acquisition. | ||||||||||||||||||||||||
-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. |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Schedule of Dividends | ' | |||||||||||||||
Cash Paid | ||||||||||||||||
to Manager | ||||||||||||||||
Declared | Period Covered | $ per | Record Date | Payable Date | (in | |||||||||||
Share | thousands) | |||||||||||||||
October 27, 2014 | Third quarter 2014 | $ | 0.98 | November 10, 2014 | November 13, 2014 | $ | -1 | |||||||||
July 3, 2014 | Second quarter 2014 | $ | 0.95 | August 11, 2014 | August 14, 2014 | $ | 3,402 | |||||||||
April 28, 2014 | First quarter 2014 | $ | 0.9375 | May 12, 2014 | May 15, 2014 | $ | 3,180 | |||||||||
February 18, 2014 | Fourth quarter 2013 | $ | 0.9125 | March 3, 2014 | March 6, 2014 | $ | 2,945 | |||||||||
October 25, 2013 | Third quarter 2013 | $ | 0.875 | November 11, 2013 | November 14, 2013 | $ | 2,442 | |||||||||
July 29, 2013 | Second quarter 2013 | $ | 0.875 | August 12, 2013 | August 15, 2013 | $ | 2,744 | |||||||||
April 26, 2013 | First quarter 2013 | $ | 0.6875 | May 13, 2013 | May 16, 2013 | $ | 1,872 | |||||||||
-1 | The amount of dividend payable to the Manager for the third quarter of 2014 will be determined on November 10, 2014, the record date. | |||||||||||||||
Schedule of Base Management Fees and Performance Fees | ' | |||||||||||||||
Base Management | Performance | |||||||||||||||
Fee Amount | Fee Amount | Shares | ||||||||||||||
Period | ($ in thousands) | ($ in thousands) | Issued | |||||||||||||
2014 Activities: | ||||||||||||||||
Third quarter 2014 | $ | 13,915 | $ | 116,586 | 947,583 | -1 | ||||||||||
Second quarter 2014 | 9,535 | 4,960 | 243,329 | |||||||||||||
First quarter 2014 | 8,994 | - | 164,546 | |||||||||||||
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 | In October of 2014, the Board requested, and the Manager agreed, that $65.0 million of the performance fee be settled in cash using the proceeds from the sale of the district energy business in order to minimize dilution. The remainder of the fee of $51.6 million was reinvested in additional shares of MIC. The Company issued 947,583 shares, of which 816,053 shares were issued in October of 2014 for the September of 2014 base management fee and the portion of the third quarter of 2014 performance fee. The Company also paid the cash portion of the performance fee to the Manager during October of 2014. |
Organization_and_Description_o1
Organization and Description of Business (Details) | 9 Months Ended | ||
Sep. 30, 2014 | Jul. 16, 2014 | Jul. 15, 2014 | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' |
Percentage of interest | ' | ' | 50.00% |
Equity interest acquired | 50.00% | 50.00% | ' |
Number of Airport Locations | 68 | ' | ' |
Number of solar projects | 5 | ' | ' |
Number of wind power generation facilities | 1 | ' | ' |
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] | ' | ' | ' |
Number of solar projects | 5 | ' | ' |
Income_per_Share_Schedule_of_R
Income per Share (Schedule of Reconciliation of Income per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income attributable to MIC LLC | $990,993 | $10,407 | $1,021,059 | $15,430 |
Interest expense attributable to convertible senior notes, net of taxes | 1,169 | ' | 1,169 | ' |
Diluted net income attributable to MIC LLC | $992,162 | $10,407 | $1,022,228 | $15,430 |
Denominator: | ' | ' | ' | ' |
Weighted average number of shares outstanding: basic | 68,005,171 | 53,043,185 | 60,354,086 | 50,525,617 |
Dilutive effect of restricted stock unit grants | 12,525 | 12,910 | 12,675 | 15,896 |
Dilutive effect of convertible senior notes | 3,499,801 | ' | 1,179,420 | ' |
Weighted average number of shares outstanding: diluted | 71,517,497 | 53,056,095 | 61,546,181 | 50,541,513 |
Income per share: | ' | ' | ' | ' |
Basic income per share attributable to MIC LLC | $14.57 | $0.20 | $16.92 | $0.31 |
Diluted income per share attributable to MIC LLC | $13.87 | $0.20 | $16.61 | $0.31 |
Income_per_Share_Narrative_Det
Income per Share (Narrative) (Details) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 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] | Restricted stock unit grants May 20, 2013 [Member] | Restricted stock unit grants May 20, 2013 [Member] | Restricted stock unit grants May 21, 2014 [Member] | Restricted stock unit grants May 21, 2014 [Member] | |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Potentially dilutive shares | 18,208 | 895 | 12,910 | 12,910 | 12,910 | 12,525 | 12,525 |
Acquisitions_and_Disposition_N
Acquisitions and Disposition (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 16, 2014 | Jul. 15, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Jul. 19, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 20, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Oct. 08, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 06, 2013 | Aug. 01, 2014 | Sep. 30, 2014 | 31-May-14 | Sep. 30, 2014 | Jul. 03, 2014 | Apr. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Jul. 15, 2014 | Jul. 16, 2014 | Jul. 15, 2014 | Sep. 30, 2014 | Aug. 21, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
MW | MW | United States- IMTT [Member] | Davis Monthan Air Force Base [Member] | Davis Monthan Air Force Base [Member] | 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] | Contracted Power Generation Facilities [Member] | Contracted Power Generation Facilities [Member] | Contracted Power Generation Facilities [Member] | Contracted Power Generation Facilities [Member] | Downtown Airport Kansas City, Missouri [Member] | Exergy Idaho Holdings [Member] | Exergy Idaho Holdings [Member] | Brahms Project [Member] | Brahms Project [Member] | Brahms Project [Member] | Galaxy And Boca Aviation Acquisitions [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | International Matex Tank Terminals [Member] | International Matex Tank Terminals [Member] | International Matex Tank Terminals [Member] | International Matex Tank Terminals [Member] | District Energy Business [Member] | District Energy Business [Member] | District Energy Business [Member] | ||||||
MW | MW | MW | Idaho Wind Partners [Member] | Idaho Wind Partners [Member] | Idaho Wind Partners [Member] | Idaho Wind Partners [Member] | MW | |||||||||||||||||||||||||||||||||
Till 2015 [Member] | 2016 to 2027 [Member] | After 2027 [Member] | MW | |||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Electricity generating capacity | 77 | ' | 77 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 7 | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 183 | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of solar projects | 5 | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11,000 | $9,500 | ' | ' | ' | $5,600 | ' | ' | $4,900 | ' | ' | ' | ' | ' | ' | $8,100 | ' | ' | ' | ' | ' | $230,000 | ' | ' | ' | $1,028,624 | ' | ' | ' | ' | ' |
Proceeds from sale of business, net of cash divested | ' | ' | 265,295 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cash paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 913,600 | ' | ' | ' | ' | ' |
Issuance of shares for acquisition of business | ' | ' | 115,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,000 | ' | ' | ' | ' | ' |
Issuance of shares for acquisition of businesses, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,729,323 | ' | ' | ' | ' | ' |
Purchase price adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for previous acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Investment Value | ' | ' | ' | ' | ' | ' | ' | ' | 2,100 | ' | ' | ' | ' | 3,300 | ' | ' | 4,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,900 | ' | ' | ' | ' | 6,800 | ' | ' | 6,100 | ' | ' | ' | ' | ' | ' | ' | 11,500 | ' | ' | ' | 10,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital contribution by noncontrolling co-investor | ' | ' | ' | 22,362 | ' | ' | ' | ' | ' | ' | ' | 23,000 | ' | ' | ' | 14,500 | ' | ' | 13,800 | ' | ' | ' | ' | ' | ' | ' | ' | 23,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital return from investment | ' | ' | ' | ' | ' | ' | ' | ' | 5,800 | ' | ' | ' | ' | 3,500 | ' | ' | 1,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Construction loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,400 | ' | ' | ' | ' | 10,200 | ' | ' | 10,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current and long-term debt | 2,080,771 | ' | 2,080,771 | ' | ' | ' | 994,110 | ' | ' | ' | ' | ' | 27,600 | 16,900 | ' | ' | 15,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800 | 2,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 923 | 680 | ' | ' | ' | 5,900 | ' | ' | ' |
Percentage of loss allocated to co-investor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.00% | ' | 1.00% | 95.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method ownership percentage | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity interest acquired | 50.00% | ' | 50.00% | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.00% | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Percentage of controlling interest in district energy business sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.01% | ' | ' |
Fair value gain on previously held interest in equity method investee recognised on business acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 948,138 | ' | ' | ' | ' | ' |
Number of marine terminals | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings and amortization charges of investees | 993 | 8,576 | 26,079 | 30,327 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100 | ' | 26,100 | ' | ' | ' | ' |
Fair value of wind turbines | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on disposal of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,900 | 78,900 |
Proceeds from sale of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $270,000 | ' | $59,600 |
Acquisitions_and_Disposition_S
Acquisitions and Disposition (Schedule of Assets Acquired and Liabilities Assumed) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Jul. 16, 2014 | Jul. 16, 2014 | Jul. 16, 2014 | |||||||
In Thousands, unless otherwise specified | Galaxy And Boca Aviation Acquisitions [Member] | Galaxy And Boca Aviation Acquisitions [Member] | Galaxy And Boca Aviation Acquisitions [Member] | Galaxy And Boca Aviation Acquisitions [Member] | IMTT [Member] | IMTT [Member] | IMTT [Member] | |||||||||
Contractual arrangements [Member] | Customer relationships [Member] | Trade names [Member] | Customer relationships [Member] | Software [Member] | ||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Cash and cash equivalents | ' | ' | ' | ' | ' | ' | $26,094 | ' | ' | |||||||
Accounts receivable | ' | ' | ' | ' | ' | ' | 38,350 | ' | ' | |||||||
Inventories | ' | ' | 474 | ' | ' | ' | 7,054 | ' | ' | |||||||
Other current assets | ' | ' | 27 | ' | ' | ' | 43,664 | ' | ' | |||||||
Total current assets | ' | ' | 501 | ' | ' | ' | 115,162 | ' | ' | |||||||
Property, equipment, land and leasehold improvements | ' | ' | 29,328 | ' | ' | ' | 2,415,716 | ' | ' | |||||||
Intangible assets | ' | ' | 119,500 | 118,500 | [1] | 900 | [2] | 100 | [3] | 211,500 | 203,200 | [4] | 8,300 | [5] | ||
Goodwill | 1,929,220 | 514,494 | 82,463 | [6] | ' | ' | ' | 1,350,361 | [7] | ' | ' | |||||
Other noncurrent assets | ' | ' | ' | ' | ' | ' | 28,898 | ' | ' | |||||||
Total assets acquired | ' | ' | 231,792 | ' | ' | ' | 4,121,637 | ' | ' | |||||||
Accounts payable | ' | ' | ' | ' | ' | ' | 26,072 | ' | ' | |||||||
Accrued expenses | ' | ' | ' | ' | ' | ' | 48,512 | ' | ' | |||||||
Current portion of long term debt | ' | ' | ' | ' | ' | ' | 7,237 | ' | ' | |||||||
Other current liabilities | ' | ' | ' | ' | ' | ' | 43,960 | ' | ' | |||||||
Total current liabilities | ' | ' | 1,792 | ' | ' | ' | 125,781 | ' | ' | |||||||
Long-term debt, net of current portion | ' | ' | ' | ' | ' | ' | 1,013,731 | ' | ' | |||||||
Deferred income taxes | ' | ' | ' | ' | ' | ' | 813,183 | ' | ' | |||||||
Other noncurrent liabilities | ' | ' | ' | ' | ' | ' | 100,595 | ' | ' | |||||||
Total liabilities assumed | ' | ' | 1,792 | ' | ' | ' | 2,053,290 | ' | ' | |||||||
Noncontrolling interest | ' | ' | ' | ' | ' | ' | 14,723 | ' | ' | |||||||
Net assets acquired | ' | ' | 230,000 | ' | ' | ' | 2,053,624 | ' | ' | |||||||
Less: Write-off of equity method investment | ' | ' | ' | ' | ' | ' | -72,495 | ' | ' | |||||||
Less: Write-off of accumulated other comprehensive loss | ' | ' | ' | ' | ' | ' | -4,367 | ' | ' | |||||||
Less: Gain on remeasuring the equity method investment to fair value | ' | ' | ' | ' | ' | ' | -948,138 | ' | ' | |||||||
Net assets paid | ' | ' | $230,000 | ' | ' | ' | $1,028,624 | ' | ' | |||||||
Finite Lived Intangible assets, useful life | ' | ' | ' | '25 years | '8 years | ' | ' | '28 years | '5 years | |||||||
[1] | Contractual arrangements are being amortized over a weighted average life of twenty five years. | |||||||||||||||
[2] | Customer relationships are being amortized over an eight year period. | |||||||||||||||
[3] | Trade names are indefinite in life. | |||||||||||||||
[4] | Customer relationships are being amortized over a weighted average life of twenty eight years. | |||||||||||||||
[5] | Software is being amortized over a five year period. | |||||||||||||||
[6] | Goodwill of $82.5 million is deductible for tax purposes. | |||||||||||||||
[7] | Goodwill is not deductible for tax purposes. |
Acquisitions_and_Disposition_S1
Acquisitions and Disposition (Schedule of Pro Forma Results) (Details) (International Matex Tank Terminals [Member], Pro Forma [Member], USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||||
International Matex Tank Terminals [Member] | Pro Forma [Member] | ' | ' | ' | ' | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ||||
Revenues | $409,576 | $390,166 | $1,257,310 | $1,164,245 | ||||
Net income attributable to MIC LLC | $1,649 | [1] | $16,481 | [1] | $44,530 | [1] | $37,643 | [1] |
Effective tax rate | 44.99% | 39.12% | 44.99% | 39.12% | ||||
[1] | The effective tax rate used to calculate net income attributable to MIC LLC was 44.99% and 39.12% for 2014 and 2013 periods, respectively. |
Property_Equipment_Land_and_Le2
Property, Equipment, Land and Leasehold Improvements (Schedule of Property and Equipment) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Equipment, Land and Leasehold Improvements [Abstract] | ' | ' |
Land | $271,500 | $4,854 |
Easements | 131 | 5,624 |
Buildings | 39,261 | 25,143 |
Leasehold and land improvements | 430,825 | 357,903 |
Machinery and equipment | 2,594,001 | 674,839 |
Furniture and fixtures | 23,697 | 11,416 |
Construction in progress | 117,927 | 35,637 |
Property held for future use | ' | 1,975 |
Property, equipment, land and leasehold improvements, gross | 3,477,342 | 1,117,391 |
Less: accumulated depreciation | -261,281 | -263,222 |
Property, equipment, land and leasehold improvements, net | $3,216,061 | $854,169 |
Property_Equipment_Land_and_Le3
Property, Equipment, Land and Leasehold Improvements (Narrative) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2014 | Jul. 16, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Contracted Power and Energy [Member] | Downtown Airport Kansas City, Missouri [Member] | Galaxy And Boca Aviation Acquisitions [Member] | IMTT [Member] | District Energy [Member] | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' |
Property, equipment, land and leasehold improvements acquired | ' | $45,300 | $13,800 | $29,328 | $2,415,716 | ' |
Number of solar projects | 5 | 3 | ' | ' | ' | ' |
Sale of property and equipment | ' | ' | ' | ' | ' | $128,500 |
Intangible_Assets_Schedule_of_
Intangible Assets (Schedule of Intangible Assets) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Intangible Assets [Abstract] | ' | ' |
Contractual arrangements | $863,476 | $746,231 |
Non-compete agreements | 9,665 | 9,665 |
Customer relationships | 269,906 | 80,255 |
Leasehold rights | 350 | 2,121 |
Trade names | 15,771 | 15,671 |
Technology | 8,760 | 460 |
Intangible assets, gross | 1,167,928 | 854,403 |
Less: accumulated amortization | -277,815 | -261,553 |
Intangible assets, net | $890,113 | $592,850 |
Intangible_Assets_Schedule_of_1
Intangible Assets (Schedule of Goodwill) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Intangible Assets [Abstract] | ' | ' |
Goodwill acquired in business combinations, net of disposals, at December 31, 2013 | ' | $637,694 |
Add: goodwill related to acquisitions | 1,432,672 | ' |
Less: goodwill associated with sold business | -17,946 | ' |
Less: accumulated impairment charges | -123,200 | ' |
Balance at September 30, 2014 | $1,929,220 | $514,494 |
Intangible_Assets_Narrative_De
Intangible Assets (Narrative) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Jul. 16, 2014 | ||
In Thousands, unless otherwise specified | Galaxy And Boca Aviation Acquisitions [Member] | International Matex Tank Terminals [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ||
Intangible assets | ' | ' | $119,500 | $211,500 | ||
Goodwill | $1,929,220 | $514,494 | $82,463 | [1] | $1,350,361 | [2] |
[1] | Goodwill of $82.5 million is deductible for tax purposes. | |||||
[2] | Goodwill is not deductible for tax purposes. |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt (Schedule of Long-Term Debt) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Current and long-term debt | $2,080,771 | $994,110 |
Less: current portion | -19,954 | -163,083 |
Long-term portion | 2,060,817 | 831,027 |
Hawaii Gas [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Current and long-term debt | 180,000 | 180,000 |
IMTT [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Current and long-term debt | 797,908 | ' |
Atlantic Aviation [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Current and long-term debt | 613,005 | 517,773 |
Contracted Power and Energy [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Current and long-term debt | 139,858 | 296,337 |
Less: current portion | -6,000 | ' |
MIC Corporate [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Current and long-term debt | $350,000 | ' |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 16, 2014 | Dec. 31, 2013 | Jul. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 16, 2014 | Sep. 30, 2014 | Jul. 16, 2014 | Sep. 30, 2014 | Jul. 16, 2014 | Jul. 16, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 21, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | 31-May-13 | 31-May-13 | Jan. 22, 2014 | Nov. 07, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Jul. 31, 2014 |
Convertible Debt [Member] | Davis Monthan Air Force Base [Member] | Valley Center [Member] | Ramona [Member] | IMTT [Member] | IMTT [Member] | IMTT [Member] | IMTT [Member] | IMTT [Member] | IMTT [Member] | IMTT [Member] | IMTT [Member] | IMTT [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] | Atlantic Aviation [Member] | Contracted Power and Energy [Member] | Contracted Power and Energy [Member] | Parent [Member] | |||||
Loan from previous shareholder [Member] | Loan from previous shareholder [Member] | Letter of Credit [Member] | Tax-exempt bonds [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | GO Zone Bonds [Member] | Stand-alone debt facility [Member] | Secured Debt [Member] | Revolving Credit Facility [Member] | Incremental Term Loan [Member] | Incremental Term Loan [Member] | Total Term Debt [Member] | Revolving Credit Facility [Member] | |||||||||||||||
LIBOR Swap [Member] | LIBOR Swap [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes | ' | ' | ' | ' | $350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from convertible bonds | 350,000 | ' | ' | ' | 341,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 465,000 | 70,000 | 100,000 | 50,000 | ' | ' | ' | 250,000 |
Letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,700 | ' | ' | 293,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 215,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.51% | 3.66% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives, expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Mar-17 | 1-Jun-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hedging instrument, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | '10 years | '10 years | ' | ' | ' | ' | '6 years | ' | '6 years | '6 years | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | 2.88% | 5.14% | 5.60% | 5.47% | ' | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity | ' | ' | ' | ' | 15-Jul-19 | 1-Dec-33 | 1-Sep-36 | 1-Sep-36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Sep-14 | ' | ' | ' | 1-Jun-20 | ' | 1-Jun-20 | 1-Jun-20 | ' | ' | ' | ' |
Conversion rate | ' | ' | ' | ' | 11.7942 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price | ' | ' | ' | ' | $84.79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | '5 years | ' | ' | ' | ' | ' | '5 years |
Equity interest acquired | 50.00% | ' | 50.00% | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt balance | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | 22,200 | ' | 512,800 | 486,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of long-term debt | 480,863 | 740,752 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 147,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current and long-term debt | 2,080,771 | ' | ' | 994,110 | ' | 27,600 | 16,900 | 15,900 | ' | 21,600 | ' | ' | ' | ' | ' | ' | ' | ' | 613,005 | 517,773 | 4,800 | ' | ' | ' | ' | 608,200 | 139,858 | 296,337 | ' |
Current portion of long-term debt | 19,954 | ' | ' | 163,083 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 563 | ' | ' | ' | ' | ' | 6,000 | ' | ' |
Fixed portion of interest rate component | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 2.50% | 2.50% | 2.50% | ' | ' | ' | 1.75% |
Term loan interest rate floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | 0.75% | 0.75% | ' | ' | ' | ' |
Undrawn portion of line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $745,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of share in affiliates pledged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Schedule_of_Key_
Long-Term Debt (Schedule of Key Terms) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Gulf Opportunity Zone Bonds One [Member] | Gulf Opportunity Zone Bonds Two [Member] | Gulf Opportunity Zone Bonds Three [Member] | Gulf Opportunity Zone Bonds Four [Member] | New Jersey Economic Development Authority Dock Facility Revenue Refund Bonds [Member] | New Jersey Economic Development Authority Variable Rate Demand Revenue Refunding Bonds [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | ||
United States- IMTT [Member] | Canada- IMTT [Member] | ||||||||||
Debt instruments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | $1,252,500 | $50,000 | $50,700 |
Line of credit, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 258,000 | 6,300 | ' |
Current and long-term debt | $2,080,771 | $994,110 | $215,000 | $85,000 | $92,500 | $83,200 | $30,000 | $6,300 | ' | ' | ' |
Maturity | ' | ' | 1-Jul-43 | 1-Aug-46 | 1-Dec-40 | 1-Dec-40 | 1-Dec-27 | 1-Dec-21 | 15-Feb-18 | 15-Feb-18 | 4-Dec-14 |
Percentage of 30-day LIBOR | ' | ' | ' | ' | 68.00% | 68.00% | ' | ' | ' | ' | ' |
Interest spread above LIBOR | ' | ' | ' | ' | 1.39% | 1.39% | ' | ' | 2.00% | 2.00% | ' |
Interest rate and fees, commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | 0.38% | ' |
Letter of Credit Facility Fees Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Jan. 22, 2014 | Nov. 07, 2013 | 31-May-13 | Sep. 30, 2014 | Jul. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | 31-May-14 | Sep. 30, 2014 | 30-May-14 | Jul. 16, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Parent [Member] | IMTT [Member] | IMTT [Member] | Contracted Power and Energy [Member] | Contracted Power and Energy [Member] | Interest Rate Contracts [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | ||
Incremental Term Loan [Member] | Incremental Term Loan [Member] | Revolving Credit Facility [Member] | Total Term Debt [Member] | Revolving Credit Facility [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | IMTT [Member] | IMTT [Member] | IMTT [Member] | IMTT [Member] | IMTT [Member] | ||||||||||
Other Current Liabilities [Member] | Other Long-term Liabilities [Member] | Revolving Credit Facility [Member] | Tax Exempt Bond [Member] | |||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt economically hedged with interest rate contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding debt hedged | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unhedged debt | 977,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current and long-term debt | 2,080,771 | 994,110 | 613,005 | 517,773 | ' | ' | ' | 608,200 | ' | 797,908 | ' | 139,858 | 296,337 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity | ' | ' | ' | ' | 100,000 | 50,000 | 70,000 | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed portion of interest rate component | ' | ' | ' | ' | 2.50% | 2.50% | 2.50% | ' | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan interest rate floor | ' | ' | ' | ' | 0.75% | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,300 | ' | ' | ' | 200,000 | 215,000 |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.40% | ' | ' | ' | 5.51% | 3.66% |
Weighted average interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.63% | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 19,954 | 163,083 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, net of current portion | 2,060,817 | 831,027 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of derivative instruments | 26,734 | 13,027 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,200 | ' | ' | ' | ' |
Fair value of derivative instruments | 20,349 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,600 | ' | ' | ' | ' |
Derivatives, expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jul-19 | ' | ' | ' | ' | ' | 31-Mar-17 | 30-Jun-17 |
Fair value of interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18,400 | $20,300 | ' | ' |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Schedule of Fair Value of Derivative Instruments) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative instruments - current liabilities | ($26,734) | ($13,027) | ||
Fair value of derivative instruments - non-current liabilities | -20,349 | ' | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Total interest rate derivative contracts - assets | 2,932 | [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 | [1],[2] | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative instruments - current assets | 50 | [1],[3] | ' | |
Fair value of derivative instruments - non-current assets | 2,882 | [1],[3] | 6,880 | [1],[3] |
Fair value of derivative instruments - current liabilities | -26,734 | [1],[3] | -13,027 | [1],[3] |
Fair value of derivative instruments - non-current liabilities | -20,349 | [1],[3] | ' | [1],[3] |
Total interest rate derivative contracts - liabilities | ($47,083) | [1],[3] | ($13,027) | [1],[3] |
[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. |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Schedule of Location of Hedging Activities) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Interest expense, losses on derivative instruments | $820 | ($8,000) | ($13,100) | ($9,600) | ||||
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | -348 | -344 | -856 | -1,200 | ||||
Not Designated as Hedging Instrument [Member] | Interest Expense [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Interest expense, losses on derivative instruments | 820 | [1] | -8,036 | [2] | -13,131 | [1] | -9,583 | [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] | -38 | [2] | -1 | [1] | -91 | [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 | 1,100 | -7,600 | -12,300 | -8,300 | ||||
Interest expense, losses on derivative instruments | 820 | [1] | -7,998 | [2] | -13,130 | [1] | -9,492 | [2] |
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | ($348) | ($344) | ($856) | ($1,200) | ||||
[1] | Interest expense for the quarter and nine months ended September 30, 2014 includes gains of $1.1 million and losses of $12.3 million, respectively, of derivative losses and $348,000 and $856,000, respectively, for amounts reclassified from accumulated other comprehensive loss for the interest rate swap contracts. | |||||||
[2] | Interest expense for the quarter and nine months ended September 30, 2013 includes losses of $7.6 million and $8.3 million, respectively, of derivative losses and $344,000 and $1.2 million, respectively, for amounts reclassified from accumulated other comprehensive loss for interest rate swap contracts. |
Members_Equity_Narrative_Detai
Members' Equity (Narrative) (Details) (USD $) | 0 Months Ended | 0 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Jul. 15, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 08, 2013 | Jul. 15, 2014 | Dec. 18, 2013 | 8-May-13 | Dec. 18, 2013 | 16-May-13 | 8-May-13 |
Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Manager [Member] | |||||
Over-Allotment Option [Member] | Over-Allotment Option [Member] | |||||||||
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 | ' | 996,441 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of votes for each outstanding LLC interest of the Company | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity offering, shares | 11,500,000 | ' | ' | ' | 11,500,000 | 2,125,200 | 3,756,500 | 318,780 | 133,375 | 3,182,625 |
Proceeds from equity offering | ' | ' | ' | ' | $739.90 | $123.20 | $217.80 | ' | ' | $178.20 |
Members_Equity_Schedule_of_Acc
Members' Equity (Schedule of Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Beginning Balance | ' | ' | ($8,445) | ($20,801) | ||||
Reclassification of realized losses of derivatives into earnings | -315 | [1] | -217 | [1] | -636 | [1] | -733 | [1] |
Change in post-retirement benefit plans | 4,219 | [2] | ' | [2] | 4,219 | [2] | ' | [2] |
Translation adjustment | -991 | [3] | ' | [3] | -987 | [3] | ' | [3] |
Ending Balance | -4,475 | -20,419 | -4,475 | -20,419 | ||||
Loss in accumulated other comprehensive income reclassifications for cash flow hedges from unconsolidated business | -162 | -15 | -185 | -47 | ||||
Reclassification of realized losses of derivatives into earnings from unconsolidated business, taxes | 57 | 5 | 65 | 16 | ||||
Translation adjustment | -1,400 | ' | -1,400 | ' | ||||
Translation adjustment, taxes | 407 | ' | 405 | ' | ||||
Change in post-retirement benefit plans, taxes | -2,300 | ' | -2,300 | ' | ||||
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | -348 | -344 | -856 | -1,200 | ||||
Reclassification of realized losses of derivatives into earnings, taxes | 138 | 137 | 340 | 463 | ||||
Change in post-retirement benefit plans, amount written off | 6,500 | ' | 6,500 | ' | ||||
IMTT Acquisition [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Loss in accumulated other comprehensive income reclassifications for cash flow hedges from unconsolidated business | -162 | ' | ' | ' | ||||
Reclassification of realized losses of derivatives into earnings from unconsolidated business, taxes | 57 | ' | ' | ' | ||||
Change in post-retirement benefit plans, amount written off | 6,500 | ' | 6,500 | ' | ||||
Translation adjustment | ' | ' | -66 | ' | ||||
Translation adjustment, taxes | ' | ' | 23 | ' | ||||
Change in post-retirement benefit plans, taxes | 2,300 | ' | 2,300 | ' | ||||
Cash Flow Hedges, net of taxes [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Beginning Balance | ' | ' | -636 | [4] | -1,538 | [4] | ||
Reclassification of realized losses of derivatives into earnings | ' | ' | 636 | [4] | 733 | [4] | ||
Change in post-retirement benefit plans | ' | ' | ' | [4] | ' | |||
Translation adjustment | ' | ' | ' | [4] | ' | |||
Ending Balance | ' | [4] | -805 | [4] | ' | [4] | -805 | [4] |
Post-Retirement Benefit Plans, net of taxes [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Beginning Balance | ' | ' | -8,021 | [5] | -20,466 | [5] | ||
Reclassification of realized losses of derivatives into earnings | ' | ' | ' | [5] | ' | [5] | ||
Change in post-retirement benefit plans | ' | ' | 4,219 | [5] | ' | |||
Translation adjustment | ' | ' | ' | [5] | ' | |||
Ending Balance | -3,802 | [5] | -20,466 | [5] | -3,802 | [5] | -20,466 | [5] |
Translation Adjustment, net of taxes [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Beginning Balance | ' | ' | -46 | [6] | 514 | [6] | ||
Reclassification of realized losses of derivatives into earnings | ' | ' | ' | [6] | ' | [6] | ||
Change in post-retirement benefit plans | ' | ' | ' | [6] | ' | |||
Translation adjustment | ' | ' | -987 | [6] | ' | |||
Ending Balance | -1,033 | [6] | 514 | [6] | -1,033 | [6] | 514 | [6] |
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 | ' | ' | 636 | 733 | ||||
Change in post-retirement benefit plans | ' | ' | 4,219 | ' | ||||
Translation adjustment | ' | ' | -987 | ' | ||||
Ending Balance | -4,835 | -20,757 | -4,835 | -20,757 | ||||
Noncontrolling Interests [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Beginning Balance | ' | ' | 258 | 689 | ||||
Reclassification of realized losses of derivatives into earnings | ' | ' | -258 | -351 | ||||
Change in post-retirement benefit plans | ' | ' | ' | ' | ||||
Translation adjustment | ' | ' | 360 | ' | ||||
Ending Balance | 360 | 338 | 360 | 338 | ||||
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 | ' | ' | 378 | 382 | ||||
Change in post-retirement benefit plans | ' | ' | 4,219 | ' | ||||
Translation adjustment | ' | ' | -627 | ' | ||||
Ending Balance | ($4,475) | ($20,419) | ($4,475) | ($20,419) | ||||
[1] | Reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $348,000 and $856,000, respectively, and the related tax benefit of $138,000 and $340,000, respectively, recorded in the consolidated condensed statements of operations; and (ii) pre-tax derivative losses of $162,000 and $185,000, respectively, as an adjustment to investment in unconsolidated business, and an adjustment to deferred taxes of $57,000 and $65,000, respectively, recorded in the consolidated condensed balance sheet for the quarter and nine months ended September 30, 2014, respectively. For the quarter and nine months ended September 30, 2013, reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $344,000 and $1.2 million, respectively, and the related tax benefit of $137,000 and $463,000, respectively, recorded in the consolidated condensed statements of operations; and (ii) pre-tax derivative losses of $15,000 and $47,000, respectively, as an adjustment to investment in unconsolidated business, and an adjustment to deferred taxes of $5,000 and $16,000, respectively, recorded in the consolidated condensed balance sheet. See Note 9, "Members' Equity" for further discussions. | |||||||
[2] | Change in post-retirement benefit plans is presented net of taxes of $2.3 million for the quarter and nine months ended September 30, 2014. See Note 9, "Members' Equity" for further discussions. | |||||||
[3] | Translation adjustment is presented net of taxes of $407,000 and $405,000, for the quarter and nine months ended September 30, 2014, respectively. See Note 9, "Members' Equity" for further discussions. | |||||||
[4] | For the nine months ended September 30, 2014 and 2013, reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $856,000 and $1.2 million, respectively, and the related tax benefit of $340,000 and $463,000, respectively, recorded in the consolidated condensed statements of operations; (ii) pre-tax derivative losses of $185,000 and $47,000, respectively, as an adjustment to investment in unconsolidated business, and an adjustment to deferred taxes of $65,000 and $16,000, respectively, recorded in the consolidated condensed balance sheet. For the quarter ended September 30, 2014, the Company wrote-off $162,000 for the amount related to the investment in unconsolidated business and related taxes of $57,000, previously accounted for under the equity method of accounting in conjunction to the IMTT Acquisition. This write-off is recorded in gain from acquisition/divestiture of businesses in the consolidated condensed statement of operations. See Note 4, "Acquisitions and Disposition" for further discussions. | |||||||
[5] | Change in post-retirement benefit plans represents write-off of the remaining balance of $6.5 million and the related taxes of $2.3 million previously accounted for under the equity method of accounting during the third quarter of 2014 related to the IMTT Acquisition. This write-off is recorded in gain from acquisition/divestiture of businesses in the consolidated condensed statement of operations. See Note 4, "Acquisitions and Disposition" for further discussions. | |||||||
[6] | Translation adjustment of $1.4 million and its related taxes of $405,000 for the nine months ended September 30, 2014 includes a write-off of the remaining balance of $66,000 and the related taxes of $23,000 previously accounted for under the equity method of accounting during the third quarter of 2014 related to the IMTT Acquisition. This write-off is recorded in gain from acquisition/divestiture of businesses in the consolidated condensed statement of operations. See Note 4, "Acquisitions and Disposition" for further discussions. |
Reportable_Segments_Narrative_
Reportable Segments (Narrative) (Details) | 9 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2014 | Jul. 15, 2014 | Sep. 30, 2014 | Jul. 15, 2014 | Aug. 01, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
MW | IMTT [Member] | IMTT [Member] | Exergy Idaho Holdings [Member] | Minimum [Member] | Maximum [Member] | United States- IMTT [Member] | Contracted Power and Energy [Member] | Idaho Wind Partners [Member] | ||
Exergy Idaho Holdings [Member] | ||||||||||
MW | ||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest | ' | 50.00% | 100.00% | 50.00% | 10.00% | ' | ' | ' | ' | 10.00% |
Number of Airport Locations | 68 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of marine terminals | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' |
Number of solar projects | 5 | ' | ' | ' | ' | ' | ' | ' | 5 | ' |
Electricity generating capacity | 77 | ' | ' | ' | ' | ' | ' | ' | ' | 183 |
Life of Power Purchase Agreements | ' | ' | ' | ' | ' | '20 years | '25 years | ' | ' | ' |
Number of wind projects | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable_Segments_Schedule_o
Reportable Segments (Schedule of Segment Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jul. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | ||||||||||
IMTT [Member] | IMTT [Member] | IMTT [Member] | IMTT [Member] | IMTT [Member] | IMTT [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Revenue | $388,638 | $263,719 | $945,776 | $780,492 | ' | $20,937 | [1] | $110,983 | [2] | $126,447 | $311,533 | [1] | $110,983 | [2] | $383,753 | ||||||
Net income | 990,993 | 10,407 | 1,021,059 | 15,430 | ' | 2,512 | [1] | 13,726 | [2] | 19,559 | 57,496 | [1] | 13,726 | [2] | 67,873 | ||||||
Interest expense, net | ' | ' | ' | ' | ' | 429 | [1] | 5,129 | [2] | 9,376 | 16,375 | [1] | 5,129 | [2] | 17,099 | ||||||
Provision for income taxes | -52,462 | [3] | 5,829 | [3] | -38,491 | [3] | 9,241 | [3] | ' | 1,708 | [1] | 7,823 | [2] | 15,181 | 38,265 | [1] | 7,823 | [2] | 48,894 | ||
Depreciation and amortization | ' | ' | ' | ' | ' | 3,002 | [1] | ' | 19,051 | 40,922 | [1] | ' | 56,109 | ||||||||
Casualty losses, net | ' | ' | ' | ' | ' | ' | [1] | ' | 200 | ' | [1] | ' | 6,700 | ||||||||
Other non-cash expenses | ' | ' | -1,884 | 743 | ' | 865 | [1] | 1,654 | [2] | 253 | 4,366 | [1] | 1,654 | [2] | 429 | ||||||
EBITDA excluding non-cash items | ' | ' | ' | ' | ' | 8,516 | [1],[4] | 52,836 | [2] | 63,620 | [4] | 157,424 | [1],[4] | 52,836 | [2] | 197,104 | [4] | ||||
Capital expenditures paid | ' | ' | 81,912 | 51,435 | ' | 5,975 | [1] | 27,340 | [2] | 29,154 | [2] | 59,868 | [1] | 27,340 | [2] | 119,652 | [2] | ||||
Property, equipment, land and leasehold improvements, net | 3,216,061 | ' | 3,216,061 | ' | 854,169 | 1,289,245 | [1] | 2,411,641 | 1,256,643 | 1,289,245 | [1] | 2,411,641 | 1,256,643 | ||||||||
Total assets | $6,377,598 | $2,249,174 | $6,377,598 | $2,249,174 | $2,500,865 | $1,415,370 | [1] | ' | $1,349,708 | $1,415,370 | [1] | ' | $1,349,708 | ||||||||
[1] | Amounts represents financial position of IMTT business prior to July 16, 2014, the date of the IMTT Acquisition. | ||||||||||||||||||||
[2] | Represents IMTT results subsequent to July 16, 2014, the date of the IMTT Acquisition. | ||||||||||||||||||||
[3] | Includes $138,000 and $340,000 of benefit for income taxes from accumulated other comprehensive loss reclassifications for the quarter and nine months ended September 30, 2014, respectively. For the quarter and nine months ended September 30, 2013, benefit for income taxes includes $137,000 and $463,000 from accumulated other comprehensive loss reclassifications, respectively. | ||||||||||||||||||||
[4] | 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 $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Jul. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Service revenue | ' | $317,915 | $198,784 | ' | $725,623 | $577,458 | ||||
Product revenue | ' | 70,344 | 64,118 | ' | 218,317 | 200,255 | ||||
Financing and equipment lease income | ' | 379 | 817 | ' | 1,836 | 2,779 | ||||
Total revenue | ' | 388,638 | 263,719 | ' | 945,776 | 780,492 | ||||
IMTT [Member] | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Service revenue | ' | 110,983 | [1] | ' | ' | 110,983 | [1] | ' | ||
Product revenue | ' | ' | [1] | ' | ' | ' | [1] | ' | ||
Financing and equipment lease income | ' | ' | [1] | ' | ' | ' | [1] | ' | ||
Total revenue | 20,937 | [2] | 110,983 | [1] | 126,447 | 311,533 | [2] | 110,983 | [1] | 383,753 |
Hawaii Gas [Member] | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Service revenue | ' | ' | ' | ' | ' | ' | ||||
Product revenue | ' | 64,494 | 61,469 | ' | 202,979 | 193,088 | ||||
Financing and equipment lease income | ' | ' | ' | ' | ' | ' | ||||
Total revenue | ' | 64,494 | 61,469 | ' | 202,979 | 193,088 | ||||
Atlantic Aviation [Member] | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Service revenue | ' | 197,980 | 183,198 | ' | 585,153 | 541,840 | ||||
Product revenue | ' | ' | ' | ' | ' | ' | ||||
Financing and equipment lease income | ' | ' | ' | ' | ' | ' | ||||
Total revenue | ' | 197,980 | 183,198 | ' | 585,153 | 541,840 | ||||
Contracted Power and Energy [Member] | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Service revenue | ' | 8,952 | 15,586 | ' | 29,487 | 35,618 | ||||
Product revenue | ' | 5,850 | 2,649 | ' | 15,338 | 7,167 | ||||
Financing and equipment lease income | ' | 379 | 817 | ' | 1,836 | 2,779 | ||||
Total revenue | ' | $15,181 | $19,052 | ' | $46,661 | $45,564 | ||||
[1] | Represents IMTT results subsequent to July 16, 2014, the date of the IMTT Acquisition. | |||||||||
[2] | Amounts represents financial position of IMTT business prior to July 16, 2014, the date of the IMTT Acquisition. |
Reportable_Segments_Schedule_o2
Reportable Segments (Schedule of EBITDA for Reportable Segments) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Jul. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Net income (loss) | ' | $990,993 | $10,407 | ' | $1,021,059 | $15,430 | ||||||
Provision for income taxes | ' | -52,462 | [1] | 5,829 | [1] | ' | -38,491 | [1] | 9,241 | [1] | ||
Depreciation | ' | ' | ' | ' | 64,914 | 33,751 | ||||||
Amortization of intangibles | ' | 11,369 | 8,618 | ' | 29,590 | 25,866 | ||||||
Loss on extinguishment of debt | ' | ' | ' | ' | 90 | 2,434 | ||||||
Loss on disposal of assets | ' | ' | ' | ' | 822 | 106 | ||||||
Loss from customer contract termination | ' | 1,269 | ' | ' | 1,269 | 1,626 | ||||||
Equity in loss of investee | ' | 993 | 8,576 | ' | 26,079 | 30,327 | ||||||
Other non-cash expense (income) | ' | ' | ' | ' | -1,884 | 743 | ||||||
IMTT [Member] | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Net income (loss) | 2,512 | [2] | 13,726 | [3] | 19,559 | 57,496 | [2] | 13,726 | [3] | 67,873 | ||
Interest expense, net | 429 | [2] | 5,129 | [3] | 9,376 | 16,375 | [2] | 5,129 | [3] | 17,099 | ||
Provision for income taxes | 1,708 | [2] | 7,823 | [3] | 15,181 | 38,265 | [2] | 7,823 | [3] | 48,894 | ||
Depreciation | ' | 22,926 | [3],[4] | ' | ' | 22,926 | [3],[4] | ' | ||||
Amortization of intangibles | ' | 1,578 | [3] | ' | ' | 1,578 | [3] | ' | ||||
Loss on extinguishment of debt | ' | ' | [3] | ' | ' | ' | [3] | ' | ||||
Loss on disposal of assets | ' | ' | [3] | ' | ' | ' | [3] | ' | ||||
Loss from customer contract termination | ' | ' | [3] | ' | ' | ' | [3] | ' | ||||
Equity in loss of investee | ' | ' | [3] | ' | ' | ' | [3] | ' | ||||
Other non-cash expense (income) | 865 | [2] | 1,654 | [3] | 253 | 4,366 | [2] | 1,654 | [3] | 429 | ||
EBITDA excluding non-cash items | 8,516 | [2],[5] | 52,836 | [3] | 63,620 | [5] | 157,424 | [2],[5] | 52,836 | [3] | 197,104 | [5] |
Hawaii Gas [Member] | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Net income (loss) | ' | 5,249 | 4,827 | ' | 17,738 | 16,196 | ||||||
Interest expense, net | ' | 1,589 | 2,097 | ' | 5,267 | 5,040 | ||||||
Provision for income taxes | ' | 3,590 | 3,191 | ' | 11,709 | 10,669 | ||||||
Depreciation | ' | 1,997 | [4] | 1,849 | [4] | ' | 5,926 | [4] | 5,573 | [4] | ||
Amortization of intangibles | ' | 311 | 311 | ' | 935 | 935 | ||||||
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ||||||
Loss on disposal of assets | ' | ' | ' | ' | ' | ' | ||||||
Loss from customer contract termination | ' | ' | ' | ' | ' | ' | ||||||
Equity in loss of investee | ' | ' | ' | ' | ' | ' | ||||||
Other non-cash expense (income) | ' | 453 | 604 | ' | 1,585 | 1,592 | ||||||
EBITDA excluding non-cash items | ' | 13,189 | 12,879 | ' | 43,160 | 40,005 | ||||||
Atlantic Aviation [Member] | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Net income (loss) | ' | 13,751 | 7,569 | ' | 30,004 | 26,613 | ||||||
Interest expense, net | ' | 4,689 | 11,481 | ' | 27,606 | 20,206 | ||||||
Provision for income taxes | ' | 9,231 | 5,185 | ' | 18,001 | 18,009 | ||||||
Depreciation | ' | 7,203 | [4] | 6,094 | [4] | ' | 20,794 | [4] | 17,983 | [4] | ||
Amortization of intangibles | ' | 9,290 | 7,978 | ' | 26,239 | 23,934 | ||||||
Loss on extinguishment of debt | ' | ' | ' | ' | ' | 2,434 | ||||||
Loss on disposal of assets | ' | 6 | ' | ' | 822 | 106 | ||||||
Loss from customer contract termination | ' | ' | ' | ' | ' | ' | ||||||
Equity in loss of investee | ' | ' | ' | ' | ' | ' | ||||||
Other non-cash expense (income) | ' | 115 | -1 | ' | 271 | -116 | ||||||
EBITDA excluding non-cash items | ' | 44,285 | 38,306 | ' | 123,737 | 109,169 | ||||||
Contracted Power and Energy [Member] | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Net income (loss) | ' | -572 | 3,507 | ' | -833 | 3,805 | ||||||
Interest expense, net | ' | 2,422 | 2,172 | ' | 7,757 | 5,914 | ||||||
Provision for income taxes | ' | 199 | 1,557 | ' | 1,414 | 2,972 | ||||||
Depreciation | ' | 4,795 | [4] | 3,716 | [4] | ' | 15,268 | [4] | 10,195 | [4] | ||
Amortization of intangibles | ' | 190 | 329 | ' | 838 | 997 | ||||||
Loss on extinguishment of debt | ' | 90 | ' | ' | 90 | ' | ||||||
Loss on disposal of assets | ' | ' | ' | ' | ' | ' | ||||||
Loss from customer contract termination | ' | 1,269 | ' | ' | 1,269 | 1,626 | ||||||
Equity in loss of investee | ' | 68 | ' | ' | 68 | ' | ||||||
Other non-cash expense (income) | ' | -915 | -3,805 | ' | -3,805 | -6,142 | ||||||
EBITDA excluding non-cash items | ' | 7,546 | 7,476 | ' | 22,066 | 19,367 | ||||||
Total reportable segments [Member] | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Net income (loss) | ' | 32,154 | 15,903 | ' | 60,635 | 46,614 | ||||||
Interest expense, net | ' | 13,829 | 15,750 | ' | 45,759 | 31,160 | ||||||
Provision for income taxes | ' | 20,843 | 9,933 | ' | 38,947 | 31,650 | ||||||
Depreciation | ' | 36,921 | [4] | 11,659 | [4] | ' | 64,914 | [4] | 33,751 | [4] | ||
Amortization of intangibles | ' | 11,369 | 8,618 | ' | 29,590 | 25,866 | ||||||
Loss on extinguishment of debt | ' | 90 | ' | ' | 90 | 2,434 | ||||||
Loss on disposal of assets | ' | 6 | ' | ' | 822 | 106 | ||||||
Loss from customer contract termination | ' | 1,269 | ' | ' | 1,269 | 1,626 | ||||||
Equity in loss of investee | ' | 68 | ' | ' | 68 | ' | ||||||
Other non-cash expense (income) | ' | 1,307 | -3,202 | ' | -295 | -4,666 | ||||||
EBITDA excluding non-cash items | ' | $117,856 | $58,661 | ' | $241,799 | $168,541 | ||||||
[1] | Includes $138,000 and $340,000 of benefit for income taxes from accumulated other comprehensive loss reclassifications for the quarter and nine months ended September 30, 2014, respectively. For the quarter and nine months ended September 30, 2013, benefit for income taxes includes $137,000 and $463,000 from accumulated other comprehensive loss reclassifications, respectively. | |||||||||||
[2] | Amounts represents financial position of IMTT business prior to July 16, 2014, the date of the IMTT Acquisition. | |||||||||||
[3] | Represents IMTT results subsequent to July 16, 2014, the date of the IMTT Acquisition. | |||||||||||
[4] | Depreciation includes depreciation expense for the district energy business, a component of the CP&E segment, prior to the Company's divestiture of the business on August 21, 2014, which was reported in cost of services in the consolidated condensed statements of operations. | |||||||||||
[5] | 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_o3
Reportable Segments (Schedule of Reconciliation of EBITDA for Reportable Segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ||||
Interest income | $10 | $39 | $105 | $182 | ||||
Interest expense | -16,566 | [1] | -15,767 | [1] | -48,522 | [1] | -31,190 | [1] |
Depreciation | ' | ' | -64,914 | -33,751 | ||||
Amortization of intangibles | -11,369 | -8,618 | -29,590 | -25,866 | ||||
Loss on extinguishment of debt | ' | ' | -90 | -2,434 | ||||
Loss from customer contract termination | -1,269 | ' | -1,269 | -1,626 | ||||
Loss on disposal of assets | ' | ' | -822 | -106 | ||||
Selling, general and administrative - corporate | -462,905 | -243,318 | -971,650 | -754,605 | ||||
Fees to manager | -130,501 | -15,242 | -153,990 | -76,912 | ||||
Gain from acquisition/divestiture of businesses | 1,027,054 | [2] | ' | [2] | 1,027,054 | [2] | ' | [2] |
Equity in earnings and amortization charges of investees | 993 | 8,576 | 26,079 | 30,327 | ||||
Total consolidated net income before income taxes | 938,212 | 14,078 | 982,087 | 23,248 | ||||
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 | 117,856 | [3] | 58,661 | 241,799 | [3] | 168,541 | ||
Interest income | 10 | [3] | 39 | 105 | [3] | 182 | ||
Interest expense | -16,566 | [3] | -15,767 | -48,522 | [3] | -31,190 | ||
Depreciation | -36,921 | [3],[4] | -11,659 | [4] | -64,914 | [3],[4] | -33,751 | [4] |
Amortization of intangibles | -11,369 | [3] | -8,618 | -29,590 | [3] | -25,866 | ||
Loss on extinguishment of debt | -90 | [3] | ' | -90 | [3] | -2,434 | ||
Loss from customer contract termination | -1,269 | [3] | ' | -1,269 | [3] | -1,626 | ||
Loss on disposal of assets | -6 | [3] | ' | -822 | [3] | -106 | ||
Selling, general and administrative - corporate | -8,860 | [3] | -1,278 | -12,139 | [3] | -4,987 | ||
Fees to manager | -130,501 | [3] | -15,242 | -153,990 | [3] | -76,912 | ||
Gain from acquisition/divestiture of businesses | 1,027,054 | ' | 1,027,054 | ' | ||||
Equity in earnings and amortization charges of investees | 993 | [3] | 8,576 | 26,079 | [3] | 30,327 | ||
Other (expense) income, net | -2,119 | [3] | -634 | -1,614 | [3] | 1,070 | ||
Total consolidated net income before income taxes | $938,212 | [3] | $14,078 | $982,087 | [3] | $23,248 | ||
[1] | Interest expense includes gains on derivative instruments of $820,000 and losses of $13.1 million for the quarter and nine months ended September 30, 2014, respectively, of which net losses of $348,000 and $856,000, respectively, were reclassified from accumulated other comprehensive loss. For the quarter and nine months ended September 30, 2013, interest expense includes losses on derivative instruments of $8.0 million and $9.6 million, respectively, of which net losses of $344,000 and $1.2 million, respectively, were reclassified from accumulated other comprehensive loss. | |||||||
[2] | Gain from acquisiton/divestiture of businesses represents the gain of $948.1 million from IMTT Acquisition from the remeasuring to fair value of the Company's previous 50% ownership interest and the gain of $78.9 million from the sale of the Company's interest in the district energy business. See Note 4, "Acquisitions and Disposition" for further discussion. | |||||||
[3] | Includes IMTT results subsequent to July 16, 2014, date of close. | |||||||
[4] | Depreciation includes depreciation expense for the district energy business, a component of the CP&E segment, prior to the Company's divestiture of the business on August 21, 2014, which was reported in cost of services in the consolidated condensed statements of operations. |
Reportable_Segments_Schedule_o4
Reportable Segments (Schedule of Capital Expenditures) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Jul. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Capital expenditures | ' | ' | ' | ' | $81,912 | $51,435 | ||||||
IMTT [Member] | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Capital expenditures | 5,975 | [1] | 27,340 | [2] | 29,154 | [2] | 59,868 | [1] | 27,340 | [2] | 119,652 | [2] |
Hawaii Gas [Member] | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Capital expenditures | ' | 4,372 | 5,357 | ' | 12,353 | 15,402 | ||||||
Atlantic Aviation [Member] | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Capital expenditures | ' | 10,385 | 5,511 | ' | 27,057 | 16,255 | ||||||
Contracted Power and Energy [Member] | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Capital expenditures | ' | 3,762 | 2,116 | ' | 15,162 | 19,778 | ||||||
Total reportable segments [Member] | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Capital expenditures | ' | $45,859 | $12,984 | ' | $81,912 | $51,435 | ||||||
[1] | Amounts represents financial position of IMTT business prior to July 16, 2014, the date of the IMTT Acquisition. | |||||||||||
[2] | Represents IMTT results subsequent to July 16, 2014, the date of the IMTT Acquisition. |
Reportable_Segments_Schedule_o5
Reportable Segments (Schedule of Assets of Reportable Segments) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Jul. 15, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
In Thousands, unless otherwise specified | IMTT [Member] | IMTT [Member] | IMTT [Member] | Hawaii Gas [Member] | Hawaii Gas [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Contracted Power and Energy [Member] | Contracted Power and Energy [Member] | Total reportable segments [Member] | Total reportable segments [Member] | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property, Equipment, Land and Leasehold Improvements | $3,216,061 | $854,169 | ' | $2,411,641 | $1,289,245 | [1] | $1,256,643 | $194,562 | $178,954 | $320,527 | $259,010 | $289,331 | $339,103 | $3,216,061 | $777,067 |
Goodwill | 1,929,220 | 514,494 | ' | 1,350,361 | ' | ' | 120,193 | 120,193 | 458,666 | 375,800 | ' | 17,946 | 1,929,220 | 513,939 | |
Total Assets | $6,355,154 | ' | $2,127,331 | $4,094,385 | ' | ' | $383,098 | $380,933 | $1,541,020 | $1,315,977 | $336,651 | $430,421 | $6,355,154 | $2,127,331 | |
[1] | Amounts represents financial position of IMTT business prior to July 16, 2014, the date of the IMTT Acquisition. |
Reportable_Segments_Schedule_o6
Reportable Segments (Schedule of Reconciliation of Assets of Reportable Segments) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets of reportable segments | $6,355,154 | ' | $2,127,331 |
Investment in unconsolidated business | 21,306 | 83,703 | ' |
Corporate and other | 22,444 | ' | 35,289 |
Total assets | 6,377,598 | 2,500,865 | 2,249,174 |
Reportable Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Investment in unconsolidated business | ' | ' | $86,554 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||||||||||||||
Jul. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jul. 15, 2014 | Jul. 31, 2014 | Dec. 31, 2013 | 31-May-13 | Jul. 31, 2014 | 31-May-13 | 8-May-13 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | 31-May-13 | 31-May-13 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 22, 2014 | Nov. 07, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 31, 2014 | Aug. 21, 2014 | Jul. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 16, 2014 | |
Convertible Debt [Member] | Equity Offering [Member] | Equity Offering [Member] | Equity Offering [Member] | Convertible Debt [Member] | Revolving Credit Facility [Member] | Manager [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | Atlantic Aviation [Member] | 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 Infrastructure Management (USA) Inc. [Member] | Macquarie Infrastructure Management (USA) Inc. [Member] | Macquarie Infrastructure Management (USA) Inc. [Member] | Macquarie Infrastructure Management (USA) Inc. [Member] | District Energy [Member] | District Energy [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | |||||
Macquarie Bank Limited [Member] | Secured Debt [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Incremental Term Loan [Member] | Incremental Term Loan [Member] | Equity Bridge Loan [Member] | Equity Bridge Loan [Member] | MIHI LLC [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | MIHI LLC [Member] | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of the Company held by Manager, a related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,712,701 | ' | ' | 3,120,187 | ' | ' | ' | 3,712,701 | ' | ' | ' | ' | ' | ' | ' |
Number of employees | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base management fees to be settled/settled in shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13,915,000 | $9,535,000 | $8,994,000 | $8,455,000 | $8,336,000 | $8,053,000 | $7,135,000 | $32,400,000 | $23,500,000 | ' | ' | ' | ' | ' | ' |
Performance fees to be settled/settled in shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 116,586,000 | 4,960,000 | ' | ' | 6,906,000 | 24,440,000 | 22,042,000 | 121,500,000 | 53,400,000 | ' | ' | ' | ' | ' | ' |
Reimbursement of out-of-pocket expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000 | ' | 186,000 | ' | ' | ' | 137,000 | ' | ' | 394,000 | 426,000 | ' | ' | ' | ' | ' | ' |
Advisory fees | ' | ' | ' | ' | ' | 3,000,000 | 2,600,000 | 2,400,000 | 1,100,000 | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | 16,000 | ' | ' | ' | ' | ' | 132,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' |
Lease expense on copiers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | 6,000 | 18,000 | 17,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid monthly payment | ' | 8,895,000 | ' | 10,132,000 | ' | ' | ' | ' | ' | ' | ' | 2,000 | 2,000 | 2,000 | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,700,000 | ' | ' | ' | ' | ' | ' | 465,000,000 | 70,000,000 | ' | ' | ' | ' | 100,000,000 | 50,000,000 | ' | 70,000,000 | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | 50,000,000 |
Commitment fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,000 | 18,000 | 79,000 | 27,000 | ' | ' | 88,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,000 | 29,000 | ' |
Maturity | ' | ' | ' | ' | 15-Jul-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jun-20 | ' | ' | ' | ' | ' | 1-Jun-20 | 1-Jun-20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Sep-14 | ' | ' | ' | ' |
Payment of long-term debt | ' | 480,863,000 | 740,752,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 147,000,000 | ' | ' | ' | ' |
Convertible senior notes | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity offering, shares | 11,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,182,625 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from equity offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 178,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 |
Performance fee settled in cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance fee reinvested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $51,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Sch
Related Party Transactions (Schedule of Dividends) (Details) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | |
Dividend One [Member] | ' | |
Dividends Payable [Line Items] | ' | |
Declared | 26-Apr-13 | |
Period Covered | 'First quarter 2013 | |
$ per Shares | $0.69 | |
Record Date | 13-May-13 | |
Payable Date | 16-May-13 | |
Cash Paid to Manager | $1,872 | |
Dividend Two [Member] | ' | |
Dividends Payable [Line Items] | ' | |
Declared | 29-Jul-13 | |
Period Covered | 'Second quarter 2013 | |
$ per Shares | $0.88 | |
Record Date | 12-Aug-13 | |
Payable Date | 15-Aug-13 | |
Cash Paid to Manager | 2,744 | |
Dividend Three [Member] | ' | |
Dividends Payable [Line Items] | ' | |
Declared | 25-Oct-13 | |
Period Covered | 'Third quarter 2013 | |
$ per Shares | $0.88 | |
Record Date | 11-Nov-13 | |
Payable Date | 14-Nov-13 | |
Cash Paid to Manager | 2,442 | |
Dividend Four [Member] | ' | |
Dividends Payable [Line Items] | ' | |
Declared | 18-Feb-14 | |
Period Covered | 'Fourth quarter 2013 | |
$ per Shares | $0.91 | |
Record Date | 3-Mar-14 | |
Payable Date | 6-Mar-14 | |
Cash Paid to Manager | 2,945 | |
Dividend Five [Member] | ' | |
Dividends Payable [Line Items] | ' | |
Declared | 28-Apr-14 | |
Period Covered | 'First quarter 2014 | |
$ per Shares | $0.94 | |
Record Date | 12-May-14 | |
Payable Date | 15-May-14 | |
Cash Paid to Manager | 3,180 | |
Dividend Six [Member] | ' | |
Dividends Payable [Line Items] | ' | |
Declared | 3-Jul-14 | |
Period Covered | 'Second quarter 2014 | |
$ per Shares | $0.95 | |
Record Date | 11-Aug-14 | |
Payable Date | 14-Aug-14 | |
Cash Paid to Manager | 3,402 | |
Dividend Seven [Member] | ' | |
Dividends Payable [Line Items] | ' | |
Declared | 27-Oct-14 | |
Period Covered | 'Third quarter 2014 | |
$ per Shares | $0.98 | |
Record Date | 10-Nov-14 | |
Payable Date | 13-Nov-14 | |
Cash Paid to Manager | ' | [1] |
[1] | The amount of dividend payable to the Manager for the third quarter of 2014 will be determined on November 10, 2014, the record date. |
Related_Party_Transactions_Sch1
Related Party Transactions (Schedule of Base Management Fees and Performance Fees) (Details) (Macquarie Infrastructure Management (USA) Inc. [Member], USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Macquarie Infrastructure Management (USA) Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common Stock Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Base management fees to be settled/settled in shares | $13,915 | $9,535 | $8,994 | $8,455 | $8,336 | $8,053 | $7,135 | $32,400 | $23,500 | |
Performance fee to be settled/settled in shares | 116,586 | 4,960 | ' | ' | 6,906 | 24,440 | 22,042 | 121,500 | 53,400 | |
Shares Issued | 947,583 | [1] | 243,329 | 164,546 | 155,943 | 278,480 | 603,936 | 522,638 | ' | ' |
Performance fee settled in cash | 65,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Performance fee reinvested | $51,600 | ' | ' | ' | ' | ' | ' | ' | ' | |
Shares Issued, subsequent base management and performance fees | 816,053 | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | In October of 2014, the Board requested, and the Manager agreed, that $65.0 million of the performance fee be settled in cash using the proceeds from the sale of the district energy business in order to minimize dilution. The remainder of the fee of $51.6 million was reinvested in additional shares of MIC. The Company issued 947,583 shares, of which 816,053 shares were issued in October of 2014 for the September of 2014 base management fee and the portion of the third quarter of 2014 performance fee. The Company also paid the cash portion of the performance fee to the Manager during October of 2014. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jul. 16, 2014 | Jul. 15, 2014 |
Income Taxes [Line Items] | ' | ' | ' |
Percentage of ownership in IMTT | ' | ' | 50.00% |
Equity interest acquired | 50.00% | 50.00% | ' |
Net operating loss carry-forwards | $13,300 | ' | ' |
Change in valuation allowance | 2,000 | ' | ' |
Taxable gain on sale of business | 30,400 | ' | ' |
IMTT [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Percentage of ownership in IMTT | 100.00% | ' | 50.00% |
Equity interest acquired | ' | 50.00% | ' |
Net operating loss carry-forwards | $5,500 | ' | ' |
Legal_Proceedings_and_Continge1
Legal Proceedings and Contingencies (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Legal Proceedings and Contingencies [Abstract] | ' |
Minimum number of years for remediation activities | '10 years |
Maximum number of years for remediation activities | '20 years |
Estimated minimum cost of remediation | $29,700 |
Esitmated maximum cost of remediation | $51,300 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | 1 Months Ended |
Oct. 27, 2014 | |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Cash dividend declared per share | $0.98 |
Cash dividend declared, date declared | 27-Oct-14 |
Cash dividend declared, date to be paid | 13-Nov-14 |
Cash dividend declared, date of record | 10-Nov-14 |